INSIGHTS CURRENT AFFAIRS ( 4 January 2021) REVISION THROUGH MCQS

Ans: (d)

Explanation:

• Context:
  • The Food Safety and Standards Authority of India (FSSAI) has capped the amount of trans fatty acids (TFA) in oils and fats to 3% for 2021 and 2% by 2022 from the current permissible limit of 5% through an amendment to the Food Safety and Standards (Prohibition and Restriction on Sales) Regulations.
• Background:
  • The revised regulation applies to edible refined oils, vanaspati (partially hydrogenated oils), margarine, bakery shortenings and other mediums of cooking such as vegetable fat spreads and mixed fat spreads.
• What are Trans fats?
  • Trans fatty acids (TFAs) or Trans fats are the most harmful type of fats which can have much more adverse effects on our body than any other dietary constituent.
  • These fats are largely produced artificially but a small amount also occurs naturally. Thus in our diet, these may be present as Artificial TFAs and/ or Natural TFAs.
  • Artificial TFAs are formed when hydrogen is made to react with the oil to produce fats resembling pure ghee/butter.
  • In our diet the major sources of artificial TFAs are the partially hydrogenated vegetable oils (PHVO)/vanaspati/ margarine while the natural TFAs are present in meats and dairy products, though in small amounts.

Refer: https://www.insightsonindia.com/2021/01/04/fssai-slashes-limit-for-transfat-levels-in-foods/

Ans: (a)

Explanation:

• S1: The FSSAI Act took 8 older acts into one umbrella including Prevention of Food Adulteration Act, 1954 Ministry of Health & Family Welfare, Government of India is the Administrative Ministry for the implementation of FSSAI
• S2: The Chairperson and Chief Executive Officer of Food Safety and Standards Authority of India (FSSAI) is appointed by Government of India. The Chairperson is in the rank of Secretary to Government of India. It is not under the charge of Director General of Health services.

Refer: https://www.insightsonindia.com/2021/01/04/fssai-slashes-limit-for-transfat-levels-in-foods/

Ans: (b)

Explanation:

• S2: The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system.
• S1: It was established after the G20 London summit in April 2009 as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies, FSF members, and the European Commission. Hosted and funded by the Bank for International Settlements, the board is based in Basel, Switzerland.
• Context:
• The International Financial Services Centres Authority (IFSCA) has become an Associate Member of the International Organization of Securities Commissions (IOSCO).
• IFSC in India:
  • The first International Financial Services Centre (IFSC) in the country has been set up at the Gujarat International Finance Tec-City (GIFT) in Gandhinagar.
  • To regulate such institutions, the government established IFSCA on April 27 last year with its head office in Gandhinagar.
  • In December 2019, Parliament passed a bill to set up a unified authority for regulating all financial activities at IFSCs in the country.
• About IOSCO:
  • It is the international body that brings together the world’s securities regulators and is recognized as the global standard setter for the securities sector.
  • IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation.
  • It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda.

Refer: https://www.insightsonindia.com/2021/01/04/international-organization-of-securities-commissions-iosco/

Ans: (b)

Explanation:

• Context:
  • In a significant development, the Drug Controller General of India (DCGI) has formally approved Serum Institute and Bharat Biotech vaccines for restricted emergency use against COVID-19 in India.
• Drugs Controller General of India (DCGI) is a department of the Central Drugs Standard Control Organization of the Government of India responsible for approval of licences of specified categories of drugs such as blood and blood products, IV fluids, vaccines, and sera in India.
  • Drugs Controller General of India, comes under the Ministry of Health & Family Welfare.
  • DCGI also sets standards for manufacturing, sales, import, and distribution of drugs in India.

Refer: https://www.insightsonindia.com/2021/01/04/serum-institutes-covishield-vs-bharat-biotechs-covaxin/

Ans: (b)

Explanation:

• S1: In India, the Central Drugs Standard Control Organisation (CDSCO) is the national regulatory body for Indian pharmaceuticals and medical devices.
  • Within the CDSCO, the Drug Controller General of India (DCGI) regulates pharmaceutical and medical devices, under the gamut of Ministry of Health and Family Welfare. The DCGI is advised by the Drug Technical Advisory Board (DTAB) and the Drug Consultative Committee (DCC).
  • What is National Pharmaceutical Pricing Authority and its role ?
    • https://www.insightsonindia.com/2019/05/20/nppa-caps-prices-of-9-non-scheduled-drugs/

• S2: What is the “Drugs (Prices Control) Order (DPCO)”? 
  • The Drugs Prices Control Order is an order issued by the Government of India under 3 of Essential Commodities Act, 1955to regulate the prices of drugs.
  • The Order interalia provides the list of price controlled drugs, procedures for fixation of prices of drugs, method of implementation of prices fixed by Govt., penalties for contravention of provisions etc.
  • For the purpose of implementing provisions of DPCO, powers of Govt. have been vested in NPPA.

Refer: https://www.insightsonindia.com/2021/01/04/serum-institutes-covishield-vs-bharat-biotechs-covaxin/

Ans: (a)

Explanation:

• Context:
  • The scheme was recently reviewed by the Ministry of Earth Sciences.
• ACROSS Scheme: provide a reliable weather and climate forecast for betterment of society, the scheme will aim at improving skill of weather and climate forecast through sustained observations, intensive R & D.
• Option ‘b’ : O-SMART Scheme: Develop High-resolution models for the ocean forecast and reanalysis systems
• Option ‘c’: Monsoon Mission of India: To improve Seasonal and Intra-seasonal Monsoon Forecast.

Refer: https://www.insightsonindia.com/2021/01/04/atmosphere-climate-research-modelling-observing-systems-services-across-scheme-2/

Ans: (d)

Explanation: Mannathu Padmanabhan:

• He was an Indian social reformer and freedom fighter from Kerala.
• He lived from January 2, 1878 – February 25, 1970.
• He took part in anti-untouchability agitations and advocated opening temples for people of all castes.
• He also participated in the Vaikom Satyagraha.
• He is also known for his founding of the Nair Service Society (NSS).
• S1: He became a member of the Indian National Congress in 1946 and took part in the agitation against Sir C. P. Ramaswamy Iyer’s administration in Travancore. As the first president of Travancore Devaswom Board he revitalised many temples which had almost ceased to function.
• S2: He fought for social equality, the first phase being the Vaikom Satyagraha, demanding the public roads near the temple at Vaikom be opened to low caste Hindus. He took part in the Vaikom(1924) and Guruvayoor(1931) temple-entry Satyagrahas; the anti-untouchability agitations. He opened his family temple for everyone, irrespective of caste distinction.
• S3: In 1964 he was instrumental in the formation of Kerala Congress, the first regional party in India.

Refer: facts for Prelims: https://www.insightsonindia.com/2021/01/04/insights-daily-current-affairs-pib-summary-4-january-2021/

Ans: (d)

Explanation:

• WHO released REPLACE, a step-by-step guide for the elimination of industrially-produced trans-fatty acids from the global food supply.

Refer: https://www.insightsonindia.com/2021/01/04/fssai-slashes-limit-for-transfat-levels-in-foods/

Ans: (d)

Explanation: About the International Financial Services Centres Authority:

• It is a statutory body established in 2020.
• It works under the Department of Economic Affairs, Ministry of Finance.
• Headquartered in Gandhinagar, Gujarat.
• The Authority will function as a unified regulator and is empowered to exercise the powers of RBI, SEBI, IRDAI and PFRDA in respect of financial services, financial products and financial institutions performed/located in the international financial services centres in the country.
• Besides the Chairman, IFSCA has a member each nominated from RBI, IRDAI, SEBI and PFRDA. There are also two members from the Central Government and full-time or part time members in the Authority.

Refer: https://www.insightsonindia.com/2021/01/04/international-organization-of-securities-commissions-iosco/

Ans: (c)

Explanation:

• A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country. SEZs are located within a country’s national borders, and their aims include increased trade balance, employment, increased investment, job creation and effective administration.
• The main objectives of the SEZ Scheme is generation of additional economic activity, promotion of exports of goods and services, promotion of investment from domestic and foreign sources, creation of employment opportunities along with the development of infrastructure facilities. All laws of India are applicable in SEZs unless specifically exempted as per the SEZ Act/ Rules.Sales in the Domestic Tariff Area from the SEZ units are treated as if the goods are being imported and are subject to payment of applicable customs duties.
• SEZs were introduced to India in 2000, following the already successful SEZ model used in China. Prior to their introduction, India relied on export processing zones (EPZs) which failed to make an impact on foreign investors. By 2005, all EPZs had been converted to SEZs.
• The SEZ Act 2005 envisages key role for the State Governments in Export Promotion and creation of related infrastructure.
• S3: Exemption from Minimum Alternate tax (MAT) was withdrawn w.e.f. 1.4.2012.
  • Govt plans to remove minimum alternate tax on SEZs, boost exports: https://www.business-standard.com/article/economy-policy/govt-plans-to-remove-minimum-alternate-tax-on-sezs-boost-exports-119102501495_1.html

Refer: https://www.insightsonindia.com/2021/01/04/international-organization-of-securities-commissions-iosco/