QUIZ – 2017: Insights Current Affairs Quiz, 05 November 2019

Solution: b)

7 October was observed as World Cotton Day, an initiative of the so-called Cotton Four (Benin, Burkina Faso, Chad and Mali), supported by the WTO and a few United Nations (UN) organizations.

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Solution: d)

September 4, 2019 was the 194th birth anniversary of Dadabhai Naoroji, the “Grand Old Man of India”, who was among the first leaders who stirred national consciousness in the country.

He served as the first Indian member of the British parliament.

• In 1865 and 1866, Naoroji helped found the London Indian Society and the East India Association. The two organisations sought to bring nationalist Indians and sympathetic Britons on one platform.
• As the secretary of the East India Association, Naoroji travelled in India to gather funds and raise national awareness.
• In 1885, Naoroji became a vice-president of the Bombay Presidency Association, was nominated to the Bombay legislative council by Governor Lord Reay, and helped form the Indian National Congress.
• He was Congress president thrice, in 1886, 1893, and 1906.

Solution: c)

As per the World Gold Council’s (WGC) data, India has 618.2 tonnes of the yellow metal as holdings, which is 6.9 per cent of the share held in gold in total foreign reserves. United States (US) has the largest holding with 8133.5 tonnes, followed by Germany with 3366 tonnes and the International Monetary Fund (IMF) with 2814 tonnes.

India has pipped the Netherlands to move into the list of top ten countries in terms of total gold reserves.

In terms of individual countries, India actually ranks ninth since the International Monetary Fund (IMF) occupies the third position after the U.S. and Germany.

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Solution: a)

The Central Board of Direct Taxes (CBDT) has entered into 26 Advance Pricing Agreements (APAs) in the first 5 months of the financial year (April to August, 2019).

An advance pricing agreement (APA) is an ahead-of-time agreement between a taxpayer and a tax authority on an appropriate transfer pricing methodology. An APA provides certainty with respect to the tax outcome of the tax payer’s international transactions.

An APA can be one of the three types – unilateral, bilateral and multilateral.

• A Unilateral APA is an APA that involves only the taxpayer and the tax authority of the country where the taxpayer is located.
• Bilateral APA (BAPA) is an APA that involves the tax payer, associated enterprise (AE) of the taxpayer in the foreign country, tax authority of the country where the taxpayer is located and the foreign tax authority.
• Multilateral APA (MAPA) is an APA that involves the taxpayer, two or more AEs of the tax payer in different foreign countries, tax authority of the country where the taxpayer is located and the tax authorities of AEs.

Solution: a)

Centre Government had recently notified e-Assessment scheme to facilitate faceless assessment of income tax returns through completely electronic communication between tax officials and tax payers.

There would be a National e-Assessment Centre (NeAC) in Delhi to be headed by Principal Chief Commissioner of Income Tax (Pr.CCIT).

There are 8 Regional e-Assessment Centres (ReAC) set up at Delhi, Mumbai, Chennai, Kolkata Ahmedabad, Pune, Bengaluru and Hyderabad which would comprise Assessment unit, Review unit, Technical unit and Verification units.

Each ReAC will be headed by Chief Commissioner of Income Tax (CCIT).

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