QUIZ – 2020: Insights Current Affairs Quiz, 11 June 2020

Solution: c)

Goods and Services Tax (Compensation to States) Act, 2017 provide for compensation to the States for the loss of revenue arising on account of implementation of the goods and services tax in pursuance of the provisions of the Constitution (One Hundred and First Amendment) Act, 2016.

Compensation cess was introduced as relief for States for the loss of revenues arising from the implementation of GST. States, in lieu of giving up their powers to collect taxes on goods and services after local levies were subsumed under the GST, were guaranteed a 14 per cent tax revenue growth in the first five years after GST implementation by the Central government. States’ tax revenue as of FY 2016 is considered as the base year for the calculation of this 14 per cent growth. Any shortfall against it is supposed to be compensated by the Centre using the funds specifically collected as compensation cess.

Compensation cess is levied on products considered to be ‘sin’ or luxury goods.

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Solution: b)

The Ministry of Health and Family Welfare has issued an order prohibiting the manufacture, sale and distribution of colistin and its formulations for food-producing animals, poultry, aqua farming and animal feed supplements.

Colistin is a valuable, last-resort antibiotic that saves lives in critical care units and in recent years, medical professionals have been alarmed by the number of patients who have exhibited resistance to the drug. Therefore, any move to ensure that arbitrary use of colistin in the food industry, particularly as growth supplements used in animals, poultry, aqua farms, would likely reduce the antimicrobial resistance within the country.

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Solution: c)

The inter-creditor agreement is aimed at the resolution of loan accounts with a size of ₹50 crore and above that are under the control of a group of lenders. It is part of the “Sashakt” plan approved by the government to address the problem of resolving bad loans. Over the last few years, Indian banks have been forced by the Reserve Bank of India to recognise troubled assets on their books, but their resolution has remained a challenge. According to banker Sunil Mehta, who headed a panel that recommended the plan, disagreement between joint lenders is the biggest problem in resolving stressed assets.

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Solution: d)

In a virtual autopsy, doctors use radiation to examine the innards to reach a conclusion about the cause of death. A CT or an MRI machine could be used, in the same way that they are used to scan a living human’s body.

“The All India Institute of Medical Science (AIIMS), New Delhi and Indian Council of Medical Research (ICMR) are working together on a technique for postmortem without incising/dissecting the body.”

A virtual autopsy is also faster than a traditional one — 30 minutes against 2½ hours, — and more cost-effective.

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Solution: c)

The first-ever India and U.S. armed forces tri-services exercise ‘Tiger Triumph’ was held off the Kakinada coast, East Godavari district.

This was the first tri-services exercise by both countries on humanitarian assistance and disaster relief (HADR).

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