INSIGHTS CURRENT AFFAIRS (09 DECEMBER 2019) REVISION THROUGH MCQS

Ans: (d)

Explanation:

• Pre-dating what has been popularly regarded as the first war of independence in 1857, the Paika Bidroha (Paika Rebellion) of 1817 in Odisha briefly shook the foundations of British rule in the eastern part of India.
• Paikas were essentially the peasant militias of the Gajapati rulers of Odisha who rendered military service to the king during times of war while taking up cultivation during times of peace.
• They unfurled the banner of rebellion against the British under the leadership of Baxi Jagandhu Bidyadhara as early as 1817 to throw off the British yoke.
• The British were not comfortable with these aggressive, warlike new subjects and set up a commission under Walter Ewer to look into the issue.
• The commission recommended that the hereditary rent-free lands granted to the Paikas be taken over by the British administration and this recommendation was zealously adhered to. They revolted against the British.
• However, the rebellion also had several other underlying causes – like the rise in the price of salt, abolition of the cowrie currency for payment of taxes and an overtly extortionist land revenue policy.

Refer: https://www.insightsonindia.com/2019/12/09/paika-rebellion-3/

Ans: (a)

Explanation:

• From now on, Private industries and factories in Karnataka must accord priority to Kannadigas in recruitments to their clerical and shop floor jobs.
• The state government on Saturday issued a notification revising rules governing recruitments in industries under the Karnataka Industrial Employment (Standing Orders) Rules 1961 directing companies to give priority to Kannadigas in private sector jobs.

Refer: https://www.insightsonindia.com/2019/12/09/kannadigas-to-get-priority-in-the-private-sector/

Ans: (a)

Explanation:

• The ‘means-test and creamy layer’ first finds expression in the Supreme Court’s landmark judgment in Indra Sawhney versus Union of India, delivered by a nine-judge Bench on November 16, 1992.
• ‘Creamy layer’ are “some members of a backward class who are highly advanced socially as well as economically and educationally.

Refer: https://www.insightsonindia.com/2019/12/09/creamy-layer-principle-in-sc-st-quota-for-promotion/

Ans: (b)

Explanation:

• In M Nagaraj Case, The court upheld the constitutional validity of the 77th, 81st, 82nd, and 85th Amendments. It, however, ruled that if the state “wish(ed) to exercise their discretion and make
  • Provision (for reservation in promotions for SCs/STs
  • The State has to collect quantifiable data showing backwardness of the class and inadequacy of representation of that class in public employment in addition to compliance of Article 335
  • Also, “even if the State has compelling reasons… (it) will have to see that its reservation provision does not… breach the ceiling-limit of 50% or obliterate the creamy layer or extend the reservation indefinitely”.

Refer: https://www.insightsonindia.com/2019/12/09/creamy-layer-principle-in-sc-st-quota-for-promotion/

Ans: (c)

Explanation: What are the services an IFSC can provide?

• Fund-raising services for individuals, corporations and governments.
• Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds.
• Wealth management.
• Global tax management and cross-border tax liability optimization, which provides a business opportunity for financial intermediaries, accountants and law firms.
• Global and regional corporate treasury management operations that involve fund-raising, liquidity investment and management and asset-liability matching.
• Risk management operations such as insurance and reinsurance.
• Merger and acquisition activities among trans-national corporations.

Refer: https://www.insightsonindia.com/2019/12/09/international-financial-services-centres-authority-bill-2019/

Ans: (d)

Explanation: THE SPECIAL ECONOMIC ZONES ACT, 2005 to  provide  for  the  establishment,  development  and  management  of  the  Special  Economic  Zones  for  the  promotion  of  exports  and  for  matters  connected  therewith  or  incidental thereto.

• The main objectives of the SEZ Act are:
  • generation of additional economic activity
  • promotion of exports of goods and services
  • promotion of investment from domestic and foreign sources
  • creation of employment opportunities
  • development of infrastructure facilities
• The SEZ Act 2005 envisages key role for the State Governments in Export Promotion and creation of related infrastructure. A Single Window SEZ approval mechanism has been provided through a 19 member inter-ministerial SEZ Board of Approval (BoA). The applications duly recommended by the respective State Governments/UT Administration are considered by this BoA periodically. All decisions of the Board of approvals are with consensus.
• Approval mechanism
  • The developer submits the proposal for establishment of SEZ to the concerned State Government. The State Government has to forward the proposal with its recommendation within 45 days from the date of receipt of such proposal to the Board of Approval. The applicant also has the option to submit the proposal directly to the Board of Approval.
  • The Board of Approval has been constituted by the Central Government in exercise of the powers conferred under the SEZ Act. All the decisions are taken in the Board of Approval by consensus.
• Administrative set up
  • The functioning of the SEZs is governed by a three tier administrative set up. The Board of Approval is the apex body and is headed by the Secretary, Department of Commerce. The Approval Committee at the Zone level deals with approval of units in the SEZs and other related issues. Each Zone is headed by a Development Commissioner, who is ex-officio chairperson of the Approval Committee.

Refer: https://www.insightsonindia.com/2019/12/09/international-financial-services-centres-authority-bill-2019/

Ans: (c)

Explanation:

• It is the world’s first solar-powered remote survey device that can be installed at any frog pond and which receives a 3G or 4G cellular network.
• These devices also allow for monitoring of local frog populations more frequently than before, which is important because these populations are recognised as indicators of environmental health.

Refer: Facts for Prelims: https://www.insightsonindia.com/2019/12/09/insights-daily-current-affairs-pib-summary-09-december-2019/

Ans: (a)

Explanation: Victoria Falls

Refer: Facts for Prelims: https://www.insightsonindia.com/2019/12/09/insights-daily-current-affairs-pib-summary-09-december-2019/

Ans: (a)

Explanation: Shadow Puppetry

• Tholpavakoothu – Kerala
• Ravanachhaya – Odisha
• Tholu Bommalata – Andhra Pradesh
• Togalu Gombeyatta – Karnataka

Mamallapuram stone sculptures – Tamil Nadu

Refer: https://www.thehindu.com/entertainment/art/puppetry-in-odisha-who-is-pulling-the-strings/article20781988.ece

Ans: (b)

Explanation: It is published by World Bank. The Global Financial Development Report 2019/2020 provides new data and evidence on the regulatory remedies adopted to prevent future financial instability and sheds light on ongoing policy debates.

Main Messages

• Developing countries have increased their minimum capital requirements to help curb risks, but greater information disclosure and supervisory capacity are needed.
• Effective regulation and supervision need to harness the power of market discipline to curb excessive risk-taking by private parties.
• Bank regulations need to be compatible with incentives, but designing and enforcing such regulations are complex tasks.
• Less complex regulations may mean more effective enforcement by supervisors and better monitoring by stakeholders.
• Globalization and technological change are important trends that make it even more challenging to provide effective oversight of banks.