QUIZ – 2017: Insights Current Affairs Quiz, 10 July 2018
QUIZ – 2017: Insights Current Affairs Quiz
The following quiz will have 5-10 MCQs. The questions are mainly framed from The Hindu and PIB news articles.
This quiz is intended to introduce you to concepts and certain important facts relevant to UPSC IAS civil services preliminary exam 2018. It is not a test of your knowledge. If you score less, please do not mind. Read again sources provided and try to remember better.
Please try to enjoy questions, discuss the concepts and facts they try to test from you and suggest improvements.
Hope you enjoy this quiz. If you like it, then please share it. Thank you.
INSIGHTS CURRENT EVENTS QUIZ 2017
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The following Quiz is based on the Hindu, PIB and other news sources. It is a current events based quiz. Solving these questions will help retain both concepts and facts relevant to UPSC IAS civil services exam.
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Question 1 of 5
1. Question
1 pointsConsider the following statements about ‘Institutions of Eminence (IoE)’ scheme:
- Each institution selected as IoE will get financial assistance up to Rs. 1,000 crore over a period of five years.
- The aim of the scheme is to bring higher educational institutions selected as IoEs in top 500 of world ranking in the next 5 years.
Which of the statements given above is/are correct?
Correct
Solution: d.
The aim of the scheme is to bring higher educational institutions (both public and private) selected as IoEs in top 500 of world ranking in the next 10 years and in top 100 eventually overtime. The scheme has been launched with an objective to provide world class teaching and research facilities to Indian students within the country and enhance general level of education of the country.
Each public institution selected as ‘Institution of Eminence’ will get financial assistance up to Rs. 1000 Crore over the period of five years under this scheme.
Under this scheme, IoEs will have freedom to choose their own path to become world class institutions. Institutions shall be selected as IoEs by the Empowered Expert Committee (EEC), constituted for this purpose. The EEC shall conduct their appraisal based on their 15 years strategic vision plan and 5 years implementation plan as well as any other measure of demonstrated commitment to the cause of developing an IoE.
About IoEs: PIB;
In the news: PIB;
—
Incorrect
Solution: d.
The aim of the scheme is to bring higher educational institutions (both public and private) selected as IoEs in top 500 of world ranking in the next 10 years and in top 100 eventually overtime. The scheme has been launched with an objective to provide world class teaching and research facilities to Indian students within the country and enhance general level of education of the country.
Each public institution selected as ‘Institution of Eminence’ will get financial assistance up to Rs. 1000 Crore over the period of five years under this scheme.
Under this scheme, IoEs will have freedom to choose their own path to become world class institutions. Institutions shall be selected as IoEs by the Empowered Expert Committee (EEC), constituted for this purpose. The EEC shall conduct their appraisal based on their 15 years strategic vision plan and 5 years implementation plan as well as any other measure of demonstrated commitment to the cause of developing an IoE.
About IoEs: PIB;
In the news: PIB;
—
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Question 2 of 5
2. Question
1 pointsCIPET: Centre for Skilling & Technical Support (CSTS) comes under the
Correct
Solution: a.
In the news (PIB): Today CIPET operates from 31 locations spread across the country and CIPET: CSTS, Dehradun will be the 32nd centre.
CIPET, under the Department of Chemicals & Petrochemicals, Government of India, offers Diploma, Post Diploma, Post Graduate Diploma, Undergraduate, Post Graduate & Doctoral programmes in the entire gamut of plastics engineering and technology. With a strong alumni base of about 1,00,000 Professionals, CIPET has emerged as an Apex plastics technology institution, not only in India but also in Asia.
Incorrect
Solution: a.
In the news (PIB): Today CIPET operates from 31 locations spread across the country and CIPET: CSTS, Dehradun will be the 32nd centre.
CIPET, under the Department of Chemicals & Petrochemicals, Government of India, offers Diploma, Post Diploma, Post Graduate Diploma, Undergraduate, Post Graduate & Doctoral programmes in the entire gamut of plastics engineering and technology. With a strong alumni base of about 1,00,000 Professionals, CIPET has emerged as an Apex plastics technology institution, not only in India but also in Asia.
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Question 3 of 5
3. Question
1 pointsConsider the following statements about the Authority for Advance Rulings:
1.Its objective is to make a taxpayer aware of the treatment of a transaction in advance, so that there is full clarity at the outset itself.
2.Such a mechanism has been introduced for the first time in India under the GST regime.
- Apart from the centralised authority, there are only four regional authorities.
Which of the statements given above is/are correct?
Correct
Solution: a.
In a bid to avoid disputes with the revenue department, the provision of advance rulings was introduced under the GST law. It should be noted that this mechanism existed in the previous tax regime as well.
The objective of an advance ruling is to make a taxpayer aware of the treatment of a transaction in advance, so that there is full clarity at the outset itself. However, rising instances of contradictory verdicts on similar issues given by advance ruling authorities of various states is defeating the very purpose of the rulings.
Further, so far since implementation, more than 50 advance rulings have been filed and in most cases the decision has been in the favour of the revenue department, say tax experts.
Media reports state that the government is planning to revamp the advance ruling mechanism and may consider setting up either a centralized authority or four regional authorities. But there is no clarity on the timeline as yet. Presently, there is one Advance Ruling Authority (as also the Appellate Authority) in every State.
PIB;
Incorrect
Solution: a.
In a bid to avoid disputes with the revenue department, the provision of advance rulings was introduced under the GST law. It should be noted that this mechanism existed in the previous tax regime as well.
The objective of an advance ruling is to make a taxpayer aware of the treatment of a transaction in advance, so that there is full clarity at the outset itself. However, rising instances of contradictory verdicts on similar issues given by advance ruling authorities of various states is defeating the very purpose of the rulings.
Further, so far since implementation, more than 50 advance rulings have been filed and in most cases the decision has been in the favour of the revenue department, say tax experts.
Media reports state that the government is planning to revamp the advance ruling mechanism and may consider setting up either a centralized authority or four regional authorities. But there is no clarity on the timeline as yet. Presently, there is one Advance Ruling Authority (as also the Appellate Authority) in every State.
PIB;
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Question 4 of 5
4. Question
1 pointsIn India, different derivatives instruments are permitted and regulated by
1.Reserve Bank of India
2.Securities and Exchange Board of India
3.Insurance Regulatory and Development Authority
Select the correct answer using the code given below:
Correct
Solution: b.
In India, different derivatives instruments are permitted and regulated by various regulators, like Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Forward Markets Commission (FMC; now merged with SEBI). Broadly, RBI is empowered to regulate the interest rate derivatives, foreign currency derivatives and credit derivatives.
Definition:- A derivative is a financial instrument:
- whose value changes in response to the change in a specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or similar variable (sometimes called the ‘underlying’);
- that requires no initial net investment or little initial net investment relative to other types of contracts that have a similar response to changes in market conditions; and
- that is settled at a future date.
In the news (TH): Currency derivatives are exchange-based futures and options contracts that allow one to hedge against currency movements. Simply put, one can use a currency future contract to exchange one currency for an another at a future date at a price decided on the day of the purchase of the contract. In India, one can use such derivative contracts to hedge against currencies like dollar, euro, U.K. pound and yen. Corporates, especially those with a significant exposure to imports or exports, use these contracts to hedge against their exposure to a certain currency.
—
Incorrect
Solution: b.
In India, different derivatives instruments are permitted and regulated by various regulators, like Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI) and Forward Markets Commission (FMC; now merged with SEBI). Broadly, RBI is empowered to regulate the interest rate derivatives, foreign currency derivatives and credit derivatives.
Definition:- A derivative is a financial instrument:
- whose value changes in response to the change in a specified interest rate, security price, commodity price, foreign exchange rate, index of prices or rates, a credit rating or credit index, or similar variable (sometimes called the ‘underlying’);
- that requires no initial net investment or little initial net investment relative to other types of contracts that have a similar response to changes in market conditions; and
- that is settled at a future date.
In the news (TH): Currency derivatives are exchange-based futures and options contracts that allow one to hedge against currency movements. Simply put, one can use a currency future contract to exchange one currency for an another at a future date at a price decided on the day of the purchase of the contract. In India, one can use such derivative contracts to hedge against currencies like dollar, euro, U.K. pound and yen. Corporates, especially those with a significant exposure to imports or exports, use these contracts to hedge against their exposure to a certain currency.
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Question 5 of 5
5. Question
1 pointsConsider the following statements about the National Testing Agency, to be set up as a society registered under the Indian Societies Registration Act, 1860:
1.NTA would initially conduct those entrance examinations which are currently being conducted by the CBSE.
2.The entrance examinations will be conducted in computer-based mode.
3.In order to serve the requirements of the rural students, NTA will establish a network of test practice centres for them.
Which of the statements given above is/are correct?
Correct
Solution: d.
The NTA will conduct entrance examinations for higher educational Institutions from next academic sessions onwards starting with UGC-NET Examination in December this year. The JEE (Main) and NEET (UG) will be conducted twice before admissions in the next academic session.
The examinations for all candidates will be conducted in computer based mode only (Starting from next exam UGC-NET exam).
NTA will establish a network of test practice centres for students of rural areas so that everyone will have an opportunity to practice before the exam. Schools/engineering colleges with computer centres would be identified and kept open on Saturdays/Sundays. Any student can use the facility free of charge.
Source/improvisation: PIB;
From 2017: PIB;
TH;
—
Incorrect
Solution: d.
The NTA will conduct entrance examinations for higher educational Institutions from next academic sessions onwards starting with UGC-NET Examination in December this year. The JEE (Main) and NEET (UG) will be conducted twice before admissions in the next academic session.
The examinations for all candidates will be conducted in computer based mode only (Starting from next exam UGC-NET exam).
NTA will establish a network of test practice centres for students of rural areas so that everyone will have an opportunity to practice before the exam. Schools/engineering colleges with computer centres would be identified and kept open on Saturdays/Sundays. Any student can use the facility free of charge.
Source/improvisation: PIB;
From 2017: PIB;
TH;
—