QUIZ – 2020: Insights Current Affairs Quiz, 28 May 2020

Solution: c)

Electoral Bond is a bearer Banking Instrument to be used for funding eligible Political Parties. An eligible Political Party is the one registered under Section 29A of the Representation of the People Act, 1951 (43 of 1951) and secured not less than one per cent of the votes polled in the last General Election to the House of the People or the Legislative Assembly.

The Electoral Bonds shall be valid for Fifteen Days from the Date of Issue ie: An Electoral Bond issued on 1^st  March 2018 will be valid upto 15^th March 2018.

The Electoral Bonds can be redeemed only by an eligible Political Party by depositing the same in their Designated Bank Account maintained with Authorised Bank.

The Electoral Bonds under this Scheme may be purchased by a Person, who is a Citizen of India or Incorporated or Established in India.

The Electoral Bonds shall be issued in the denomination of Rs1000, Rs 10,000, Rs 1,00,000, Rs 10,00,000 and Rs 1,00,00,000.

The extant instructions issued by the Reserve Bank of India regarding Know Your Customer norms of a Bank’s customer shall apply for all Applicants of the Electoral Bonds. However, SBI as Authorised Bank may call for any additional Know Your Customer documents, if it deems necessary.

The minimum amount for donation in Electoral Bonds is Rs 1000. There is no maximum limit for Donation.

SBI is the Sole Authorized Bank by the Government of India for selling Electoral Bonds.

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Solution: a)

Gini coefficient is a measure of statistical dispersion intended to represent the income or wealth distribution of a nation’s residents, and is the most commonly used measurement of inequality.

Gini coefficient does not depend on either high income or low income. It also does not look at absolute incomes.

A Gini coefficient of zero expresses perfect equality, where all values are the same (for example, where everyone has the same income). A Gini coefficient of one (or 100%) expresses maximal inequality among values (e.g., for a large number of people, where only one person has all the income or consumption, and all others have none, the Gini coefficient will be very nearly one).

Solution: b)

Department of Consumer Affairs administers ‘The Essential Commodities Act, 1955 (EC Act)’ and ‘Prevention of Blackmarketing and Maintenance of Supplies of Essential Commodities Act, 1980 (PBMMSEC Act)’.

The Essential Commodities Act is an act of Parliament of India which was established to ensure the delivery of certain commodities or products, the supply of which if obstructed owing to hoarding or blackmarketing would affect the normal life of the people.

Additionally, the government can also fix the maximum retail price (MRP) of any packaged product that it declares an “essential commodity”.

The Centre can include new commodities as and when the need arises, and take them off the list once the situation improves.

The Central Government is consistently following the policy of removing all unnecessary restrictions on movement of goods across the State boundaries as part of the process of globalization simultaneously with the pruning of the list of essential commodities under the said Act to promote consumer interest and free trade.

The act empowers Central and State Governments concurrently to control production, supply and distribution of certain commodities in view of rising pricing. When difference arise between Centre and States, the act specifies that the Centre will prevail.

At present, the commodities scheduled under the EC Act, 1955 as essential.

• Drugs;
• Fertilizer, whether inorganic, organic or mixed;
• Foodstuffs, including edible oilseeds and oils;
• Hank yarn made wholly from cotton;
• Petroleum and petroleum products;
• Raw jute and jute textile;
• seeds of food-crops and seeds of fruits and vegetables;
  • seeds of cattle fodder; and
  • jute seeds;
  • cotton seed

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Solution: d)

Carbon offsetting allows a country to help reach its own emissions reduction targets by funding emission reductions in another country. Companies are also increasingly using carbon credits to offset their emissions.

The first major offsetting scheme, the U.N.s clean development mechanism (CDM), was set up under the 1997 Kyoto Protocol, in which 190 countries agreed country-by-country emission reduction targets.

The scheme was designed to help fund emission reduction projects in developing countries, while also providing offset credits to the developed world to help meet its Kyoto targets.

Carbon offset schemes cover all greenhouse gases but are measured in terms of carbon dioxide equivalent and can be awarded carbon credits.

More than 8,100 projects in 111 countries have registered with the CDM scheme, which has handed out over 2 billion carbon credits, called Certified Emission Reductions (CERs), representing 2 billion tonnes of carbon dioxide reduction.

Projects registered under the scheme range from capturing and using methane gasses in pig manure to create electricity to replacing traditional wood and coal burning cookstoves with cleaner alternatives such as ethanol. Offsets can be bought by individuals, companies or countries.

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Solution: c)

The Government of India is implementing One Stop Centre (OSC) scheme for setting up One Stop Centre since 1st April 2015 to support women affected by violence.

Popularly known as Sakhi, Ministry of Women and Child Development (MWCD) has formulated this Centrally Sponsored Scheme.

It is a sub – scheme of Umbrella Scheme for National Mission for Empowerment of women including Indira Gandhi Mattritav Sahyaog Yojana.

Under the scheme, One Stop Centres are being established across the country to provide integrated support and assistance under one roof to women affected by violence, both in private and public spaces in phased manner.

Target group: The OSC will support all women including girls below 18 years of age affected by violence, irrespective of caste, class, religion, region, sexual orientation or marital status.

The Scheme will be funded through Nirbhaya Fund. The Central Government will provide 100% financial assistance to the State Government /UT Administrations under the Scheme.

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