QUIZ – 2020: Insights Current Affairs Quiz, 21 September 2020

Solution: b)

The Ministry of Home Affairs (MHA) recently notified new rules for administration in the Union Territory of Jammu and Kashmir that specify the functions of the Lieutenant Governor (LG) and the Council of Ministers.

According to the transaction of business rules, “police, public order, All India Services and anti-corruption,” will fall under the executive functions of the LG, implying that the Chief Minister or the Council of Ministers will have no say in their functioning.

Source

Solution: c)

Specified financial transactions are certain high-value transactions undertaken by citizens that the Government proposes to track with an intent to curb black money and widen the tax base in India.

The government recently proposed to expand the scope of reporting of SFTs by including new high-value transactions, such as domestic business-class air travel/foreign travel; payment of educational fee/donations; purchase of jewellery, white goods, paintings, marble and electricity consumption above ₹1 lakh; payment of life insurance policy above ₹50,000; hotel spends; and payment of health insurance premium more than ₹20,000.

As per the I-T department’s notification in May 2020, SFTs will be part of the new Form 26AS.

This SFT information will be of immense use to the taxman to cross-verify suspicious transactions.

Source

Solution: d)

The Budget For 2019-20 (Apr-Mar) Proposed To Amend The Factoring Regulation Act To Allow All Non-banking Finance Companies To Directly Participate On The TReDS Platform.

TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs).

Sellers, buyers and financiers are the participants on a TReDS platform.

Only MSMEs can participate as sellers in TReDS.

Corporates, Government Departments, PSUs and any other entity can participate as buyers in TReDS.

Banks, NBFC – Factors and other financial institutions as permitted by the Reserve Bank of India (RBI), can participate as financiers in TReDS.

Solution: c)

The Union Ministry of Health and Family Welfare launched Mission Parivar Vikas for improved family planning services in 146 High Focus districts in seven states. The objective of mission is to accelerate access to high quality family planning choices based on information, reliable services and supplies within a rights-based framework. The goal is to reduce the Total Fertility Rate and to bring it to 2.1 by 2025 in these districts.

These districts are located in the seven high focus states of Uttar Pradesh, Bihar, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand and Assam.

They are having the highest total fertility rates and constitute 44% of the country’s population.

Source

Solution: d)

The Central Asian Flyway (CAF) is a flyway covering a large continental area of Eurasia between the Arctic Ocean and the Indian Ocean and the associated island chains.

The CAF comprises several important migration routes of waterbirds, most of which extend from the northernmost breeding grounds in Siberia to the southernmost non-breeding wintering grounds in West Asia, India, the Maldives and the British Indian Ocean Territory.