QUIZ – 2020: Insights Current Affairs Quiz, 10 August 2020

Solution: c)

The U.S. Department of State has approved the potential sale of a $1.867 billion Integrated Air Defence Weapon System (IADWS) to India.

The Integrated Air Defence Weapon System, also known as the National Advanced Surface to Air Missile System (NASAMS), provides integrated air missile defence and is currently deployed around Washington, DC.

The IADWS system includes radar, launchers, targeting, and guidance systems, advanced medium-range air-to-air missile (AMRAAM) and Stinger missiles, and related equipment and support.

Source

Solution: b)

Financial Action Task Force(FATF) was established in 1989 on the initiative of the G7.  It is a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in various areas. The FATF Secretariat is housed at the OECD headquarters in Paris.

Objectives: The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

There are currently 39 members of the FATF; 37 jurisdictions and 2 regional organisations (the Gulf Cooperation Council and the European Commission). These 39 Members are at the core of global efforts to combat money laundering and terrorist financing. There are also 31 international and regional organisations which are Associate Members or Observers of the FATF and participate in its work.

Although the Gulf Cooperation Council (GCC) is a full Member of the FATF, the individual Member countries of the GCC (of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) are not.

Functions: The FATF monitors the progress of its members in implementing necessary measures, reviews money laundering and terrorist financing techniques and counter-measures and promotes the adoption and implementation of appropriate measures globally. In collaboration with other international stakeholders, the FATF works to identify national-level vulnerabilities with the aim of protecting the international financial system from misuse.

FATF maintains two different lists of countries: those that have deficiencies in their Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) regimes, but they commit to an action plan to address these loopholes, and those that do not end up doing enough. The former is commonly known as grey list and latter as blacklist.

Once a country is blacklisted, FATF calls on other countries to apply enhanced due diligence and counter measures, increasing the cost of doing business with the country and in some cases severing it altogether.

Solution: b)

A big part of the Union government spending comes from outside the budget which is referred as extra-budgetary resources.

IEBR constitutes the resources raised by the PSUs through profits, loans and equity.

Solution: a)

The Agricultural and Processed Food Products Export Development Authority (APEDA) was established by the Government of India under the Agricultural and Processed Food Products Export Development Authority Act 1985.

The Authority replaced the Processed Food Export Promotion Council (PFEPC).

APEDA, under the Ministry of Commerce and Industries, promotes export of agricultural and processed food products from India.

A Farmer Connect Portal has also been set up by APEDA on its website for providing a platform for Farmer Producer Organisations (FPOs) and Farmer Producer Companies (FPCs) to interact with exporters.

Solution: d)

The Arctic Circle passes through the Arctic Ocean, the Scandinavian Peninsula, North Asia, Northern America, and Greenland. The land within the Arctic Circle is divided among eight countries: Norway, Sweden, Finland, Russia, the United States (Alaska), Canada (Yukon, Northwest Territories, and Nunavut), Denmark (Greenland), and Iceland (where it passes through the small offshore island of Grímsey).