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

Solution: c)

The Financial Stability and Development Council (FSDC) was constituted in December, 2010. The FSDC was set up to strengthen and institutionalise the mechanism for maintaining financial stability, enhancing inter-regulatory coordination and promoting financial sector development.

An apex-level FSDC is not a statutory body.

Composition:

The Council is chaired by the Union Finance Minister and its members are Governor, Reserve Bank of India; Finance Secretary and/or Secretary, Department of Economic Affairs; Secretary, Department of Financial Services; Chief Economic Adviser, Ministry of Finance; Chairman, Securities and Exchange Board of India; Chairman, Insurance Regulatory and Development Authority and Chairman, Pension Fund Regulatory and Development Authority. It also includes the chairman of the Insolvency and Bankruptcy Board (IBBI).

Recently, the government through a gazette notification, had included ministry of electronics and information technology (MeitY) secretary in the FSDC in view of the increased focus of the government on digital economy.

Responsibilities:

• Financial Stability
• Financial Sector Development
• Inter-Regulatory Coordination
• Financial Literacy
• Financial Inclusion
• Macro prudential supervision of the economy including the functioning of large financial conglomerates
• Coordinating India’s international interface with financial sector bodies like the Financial Action Task Force (FATF), Financial Stability Board (FSB) and any such body as may be decided by the Finance Minister from time to time.

Source

Solution: a)

The National Anti-Profiteering Authority (NAA) has been constituted under Section 171 of the Central Goods and Services Tax Act, 2017.

It is to ensure the reduction in rate of tax or the benefit of input tax credit is passed on to the recipient by way of commensurate reduction in prices.

The Authority’s core function is to ensure that the benefits of the reduction is GST rates on goods and services made by GST Council and proportional change in the Input tax credit passed on to the ultimate consumers and recipient respectively by way of reduction in the prices by the suppliers.

Composition:

The National Anti-profiteering Authority shall be headed by a senior officer of the level of a Secretary to the Government of India and shall have four technical members from the Centre and/or the States.

Powers and functions of the authority:

• In the event the National Anti-profiteering Authority confirms the necessity of applying anti-profiteering measures, it has the power to order the business concerned to reduce its prices or return the undue benefit availed along with interest to the recipient of the goods or
• If the undue benefit cannot be passed on to the recipient, it can be ordered to be deposited in the Consumer Welfare
• In extreme cases the National Anti-profiteering Authority can impose a penalty on the defaulting business entity and even order the cancellation of its registration under

Source

Solution: b)

• Banks Board Bureau (BBB) was set up in February 2016 as an autonomous body– based on the recommendations of the RBI-appointed PJ Nayak Committee to improve governance of Public Sector Banks (PSBs).
• It was the part of Indradhanush Plan of government.
• It had replaced Appointments Board of Government.
• Its broad agenda is to improve governance at state-owned lenders. Its mandate also involved advising the government on top-level bank appointments and assisting banks with capital-raising plans as well as strategies to deal with bad
• It guides banks on mergers and consolidations and governance issues to address bad loans problem among other issues.

Source

Solution: d)

What is ENA?

It is a byproduct of the sugar industry.

Formed from molasses that are a residue of sugarcane processing.

It is the primary raw material for making alcoholic beverages.

Features:

It is colourless food-grade alcohol that does not have any impurities.

It has a neutral smell and taste and typically contains over 95 per cent alcohol by volume.

Other applications of ENA:

An essential ingredient in the manufacture of cosmetics and personal care products such as perfumes, toiletries, hair spray, etc.

Utilized in the production of some lacquers, paints and ink for the printing industry, as well as in pharmaceutical products such as antiseptics, drugs, syrups, medicated sprays.

Source

Solution: b)

Bacteriophages are the viruses that can kill the bacteria.

They are comprised of a protein capsule around an RNA or DNA genome.

They are ubiquitous viruses, found wherever bacteria exist. 

They are seen as a possible therapy against multi-drug-resistant strains of many bacteria.

Source