INSIGHTS CURRENT AFFAIRS ( 13 October 2020) REVISION THROUGH MCQS

Ans: (d)

Explanation: Here the directive word is not correct!!

• About ADB:
  • It is a regional development bank.
  • established on 19 December 1966.
  • headquartered — Manila, Philippines.
  • official United Nations Observer.
• Who can be its members?
  • The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries.
  • ADB now has 68 members, 49 from within Asia.
• Voting rights:
  • It is modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
  • As of 31 December 2019, ADB’s five largest shareholders are Japan and the United States (each with 15.6% of total shares), the People’s Republic of China (6.4%), India (6.3%), and Australia (5.8%).

Refer: https://www.insightsonindia.com/2020/10/13/asian-development-bank-adb-3/

Ans: (a)

Explanation: About the Shanghai Cooperation Organisation (SCO):

• It is a permanent intergovernmental international organisation.
• It’s creation was announced on 15 June 2001 in Shanghai (China) by the Republic of Kazakhstan, the People’s Republic of China, the Kyrgyz Republic, the Russian Federation, the Republic of Tajikistan, and the Republic of Uzbekistan.
• It was preceded by the Shanghai Five mechanism.
• The Shanghai Cooperation Organisation Charter was signed during the St.Petersburg SCO Heads of State meeting in June 2002, and entered into force on 19 September 2003.
• The SCO’s official languages are Russian and Chinese.
• The SCO’s main goals are:
  • Strengthening mutual trust and neighbourliness among the member states.
  • Promoting their effective cooperation in politics, trade, the economy, research, technology and culture.
  • Making joint efforts to maintain and ensure peace, security and stability in the region.
  • Moving towards the establishment of a democratic, fair and rational new international political and economic order.
• Currently:
  • SCO comprises eight member states, namely the Republic of India, the Republic of Kazakhstan, the People’s Republic of China, the Kyrgyz Republic, the Islamic Republic of Pakistan, the Russian Federation, the Republic of Tajikistan, and the Republic of Uzbekistan.
  • SCO counts four observer states, namely the Islamic Republic of Afghanistan, the Republic of Belarus, the Islamic Republic of Iran and the Republic of Mongolia.
  • SCO has six dialogue partners, namely the Republic of Azerbaijan, the Republic of Armenia, the Kingdom of Cambodia, the Federal Democratic Republic of Nepal, the Republic of Turkey, and the Democratic Socialist Republic of Sri Lanka.

Refer: https://www.insightsonindia.com/2020/10/13/shanghai-cooperation-organisation-sco-2/

Ans: (d)

Explanation:

• The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog. The inter-governmental body sets international standards that aim to prevent these illegal activities and the harm they cause to society. As a policy-making body, the FATF works to generate the necessary political will to bring about national legislative and regulatory reforms in these areas.
• With more than 200 countries and jurisdictions committed to implementing them.  The FATF has developed the FATFRecommendations, or FATF Standards, which ensure a co-ordinated global response to prevent organised crime, corruption and terrorism. They help authorities go after the money of criminals dealing in illegal drugs, human trafficking and other crimes.  The FATF also works to stop funding for weapons of mass destruction.
• The FATF reviews money laundering and terrorist financing techniques and continuously strengthens its standards to address new risks, such as the regulation of virtual assets, which have spread as cryptocurrencies gain popularity.  The FATF monitors countries to ensure they implement the FATF Standards fully and effectively, and holds countries to account that do not comply.

Refer: https://www.insightsonindia.com/2020/10/13/what-is-the-enhanced-follow-up-list/

Ans: (c)

Explanation: About APG:

• The Asia/Pacific Group on Money Laundering (APG) is a FATF style regional inter-governmental (international) body, the members of which are committed to implement international standards against money laundering (AML), the financing of terrorism (CTF) and financing the proliferation of weapons of mass destruction.
• APG was founded in 1997 in Bangkok, Thailand, and currently consists of 41 member jurisdictions in the Asia-Pacific region and a number of observer jurisdictions and international/regional observer organisations.
• Jurisdictions that join the APG, either as members or as observers, commit to the Recommendations of the Financial Action Task Force (FATF).

Refer: https://www.insightsonindia.com/2020/10/13/what-is-the-enhanced-follow-up-list/

Ans: (d)

Explanation:

• Background:
  • Iran has been locked in an acrimonious relationship with Saudi Arabia, the other major West Asian power, over the war in Yemen, Iranian influence in Iraq and Saudi support for Washington’s sanctions on Tehran.
• What was the Nuclear deal all about?
  • Iran agreed to rein in its nuclear programme in a 2015 deal struck with the US, UK, Russia, China, France and Germany.
  • Under the Joint Comprehensive Plan of Action (JCPoA) Tehran agreed to significantly cut its stores of centrifuges, enriched uranium and heavy-water, all key components for nuclear weapons.
  • The JCPOA established the Joint Commission, with the negotiating parties all represented, to monitor implementation of the agreement
• Why has US pulled out of the deal?
  • Trump and opponents to the deal say it is flawed because it gives Iran access to billions of dollars but does not address Iran’s support for groups the U.S. considers terrorists, like Hamas and Hezbollah. They note it also doesn’t curb Iran’s development of ballistic missiles and that the deal phases out by 2030. They say Iran has lied about its nuclear program in the past.

Refer: https://www.insightsonindia.com/2020/10/13/what-was-the-iran-nuclear-deal/

Ans: (d)

Explanation:

• What is Goods and Services Tax (GST)?
  • It is a destination based tax on consumption of goods and services. It is proposed to be levied at all stages right from manufacture up to final consumption with credit of taxes paid at previous stages available as set off. In a nutshell, only value addition will be taxed and burden of tax is to be borne by the final consumer.
• What exactly is the concept of destination based tax on consumption?
  • The tax would accrue to the taxing authority which has jurisdiction over the place of consumption which is also termed as place of supply.
• Which of the existing taxes are proposed to be subsumed under GST?
  • The GST would replace the following taxes:
  • Taxes currently levied and collected by the Centre:
    • Central Excise duty
    • Duties of Excise (Medicinal and Toilet Preparations)
    • Additional Duties of Excise (Goods of Special Importance)
    • Additional Duties of Excise (Textiles and Textile Products)
    • Additional Duties of Customs (commonly known as CVD)
    • Special Additional Duty of Customs (SAD)
    • Service Tax
    • Central Surcharges and Cesses so far as they relate to supply of goods and services
  • State taxes that would be subsumed under the GST are:
    • State VAT
    • Central Sales Tax
    • Luxury Tax
    • Entry Tax (all forms)
    • Entertainment and Amusement Tax (except when levied by the local bodies)
    • Taxes on advertisements
    • Purchase Tax
    • Taxes on lotteries, betting and gambling
    • State Surcharges and Cesses so far as they relate to supply of goods and services
    • The GST Council shall make recommendations to the Union and States on the taxes, cesses and surcharges levied by the Centre, the States and the local bodies which may be subsumed in the GST.
  • Taxes NOT subsumed under GST:
    • Central Excise on Petroleum Products
    • VAT on alcohol for human consumption
    • Stamp Duty
    • Property Tax (levied by local bodies)
    • Basic Custom Duty
    • Anti-Dumping Duty
    • Professional Tax etc.

Refer: https://www.insightsonindia.com/2020/10/13/gst-compensation/

Ans: (a)

Explanation:

• Context:
  • Delhi, Male ink $400-mn pact for connectivity.
  • The line of credit (LoC) will fund the Greater Male Connectivity Project (GMCP).
• What is Line of Credit (LOC)?
  • The Line of Credit is not a grant but a ‘soft loan’ provided on concessional interest rates to developing countries, which has to be repaid by the borrowing government.
  • The LOCs also helps to promote exports of Indian goods and services, as 75% of the value of the contract must be sourced from India.

Refer: https://www.insightsonindia.com/2020/10/13/what-is-line-of-credit-2/

Ans: (b)

Explanation: About the Rashtriya Kamdhenu Aayog:

• Constituted in 2019, the Aayog is a high powered permanent apex advisory body with the mandate to help the Central Government to develop appropriate programmes for conservation, sustainable development and genetic upgradation of indigenous breeds of cows.
• It comes under the Ministry of Fisheries, Animal Husbandry and Dairying.
• Rashtriya Kamdhenu Aayog will function as an integral part of Rashtriya Gokul Mission.

Refer: https://www.insightsonindia.com/2020/10/13/rashtriya-kamdhenu-aayog-2/

Ans: (d)

Explanation:

• Context:
  • Released recently by the UN Office for Disaster Risk Reduction.
• Key findings:
  • Climate change is largely to blame for a near doubling of natural disasters in the past 20 years.
  • 7,348 major disaster events had occurred between 2000 and 2019, affecting 4.2 billion people and costing the global economy some $2.97 trillion.
• About UNISDR:
  • The United Nations Office for Disaster Risk Reduction (UNISDR), created in December 1999, is the successor to the secretariat of the International Decade for Natural Disaster Reduction.
  • It was established to ensure the implementation of the International Strategy for Disaster Reduction.

Refer: https://www.insightsonindia.com/2020/10/13/the-human-cost-of-disasters-2000-2019-report/

Ans: (d)

Explanation:

Gausatva Kavach:

• It is a ”chip” made of cow dung.
• Manufactured by Rajkot-based Shrijee Gaushala.
• It is claimed that this clip reduces radiation from mobile handsets.

Read: What is Bhabha Kavach?

Refer: facts for prelims: https://www.insightsonindia.com/2020/10/13/insights-daily-current-affairs-pib-summary-13-october-2020/