The following quiz will have 5-10 MCQs. The questions are mainly framed from The Hindu and PIB news articles.
This quiz is intended to introduce you to concepts and certain important facts relevant to UPSC IAS civil services preliminary exam 2021. It is not a test of your knowledge. If you score less, please do not mind. Read again sources provided and try to remember better.
Please try to enjoy questions, discuss the concepts and facts they try to test from you and suggest improvements.
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INSIGHTS CURRENT AFFAIRS QUIZ 2020
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The following Quiz is based on the Hindu, PIB and other news sources. It is a current events based quiz. Solving these questions will help retain both concepts and facts relevant to UPSC IAS civil services exam.
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Question 1 of 5
1. Question
1 pointsConsider the following statements regarding Currency chests.
- Currency chest is a place where Banks stock the money meant for ATMs.
- Currency chests are administrated by the RBI.
- The security of currency chests is the responsibility of the bank in which they are situated.
Which of the above statements is/are correct?
Correct
Solution: b)
Currency chest is a place where the Reserve Bank of India (RBI) stocks the money meant for banks and ATMs. These chests are usually situated on the premises of different banks but administrated by the RBI.
The money present in the currency chest belongs to the RBI and the money, kept in the strong room outside the currency chest belongs to the bank.
How is the loss recovered in case of a crime resulting in loss of cash?
As per the set guidelines, the bank, in which the currency chest is situated is liable to fulfill the loss of the currency chest.
The security of currency chests is the subject of the bank in which chests are situated. The Reserve Bank of India (RBI) reimburses the security expenses to the bank as per the set norms.
Incorrect
Solution: b)
Currency chest is a place where the Reserve Bank of India (RBI) stocks the money meant for banks and ATMs. These chests are usually situated on the premises of different banks but administrated by the RBI.
The money present in the currency chest belongs to the RBI and the money, kept in the strong room outside the currency chest belongs to the bank.
How is the loss recovered in case of a crime resulting in loss of cash?
As per the set guidelines, the bank, in which the currency chest is situated is liable to fulfill the loss of the currency chest.
The security of currency chests is the subject of the bank in which chests are situated. The Reserve Bank of India (RBI) reimburses the security expenses to the bank as per the set norms.
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Question 2 of 5
2. Question
1 pointsWhich of the following countries are members of both BIMSTEC and ASEAN?
- Myanmar
- Cambodia
- Thailand
- Bhutan
Select the correct answer code:
Correct
Solution: c)
The BIMSTEC member states – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
Incorrect
Solution: c)
The BIMSTEC member states – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
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Question 3 of 5
3. Question
1 pointsMaitri Setu, recently seen in news is a link between
Correct
Solution: c)
Prime Minister Narendra Modi virtually inaugurated the India-Bangladesh Friendship Bridge (Maitri Setu) over the Feni river at Sabroom in south Tripura.
Incorrect
Solution: c)
Prime Minister Narendra Modi virtually inaugurated the India-Bangladesh Friendship Bridge (Maitri Setu) over the Feni river at Sabroom in south Tripura.
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Question 4 of 5
4. Question
1 pointsConsider the following statements regarding Election Commission of India.
- It is the constitutional duty of the ECI to ensure that the elections held are free and fair.
- If the chief election commissioner and other election commissioners differ in opinion on any matter, such matter shall be decided according to the opinion of the majority.
Which of the above statements is/are correct?
Correct
Solution: c)
Elections bring the Election Commission of India (ECI) into sharp focus as this constitutional body superintends, directs and controls the conduct of elections.
It is the constitutional duty of the ECI to ensure that the elections held are free and fair.
The chief election commissioner and the two other election commissioners have equal powers and receive equal salary, allowances and other perquisites, which are similar to those of a judge of the Supreme Court. In case of difference of opinion amongst the Chief election commissioner and/or two other election commissioners, the matter is decided by the Commission by majority.
Incorrect
Solution: c)
Elections bring the Election Commission of India (ECI) into sharp focus as this constitutional body superintends, directs and controls the conduct of elections.
It is the constitutional duty of the ECI to ensure that the elections held are free and fair.
The chief election commissioner and the two other election commissioners have equal powers and receive equal salary, allowances and other perquisites, which are similar to those of a judge of the Supreme Court. In case of difference of opinion amongst the Chief election commissioner and/or two other election commissioners, the matter is decided by the Commission by majority.
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Question 5 of 5
5. Question
1 pointsSpecial Drawing Rights (SDR) can be used to
- Supplementing IMF member countries’ official reserves.
- Settle Balance of Payment transactions
- Bridge fiscal deficit and fund infrastructure projects
Select the correct answer code:
Correct
Solution: b)
The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. SDRs can be exchanged for these currencies. It cannot be used to fund infrastructure projects as it is not a currency. Same goes for settling domestic financial bills of the government.
SDR allocations can play a role in providing liquidity and supplementing member countries’ official reserves.
IMF member countries can borrow SDRs from its reserves at favorable interest rates, mostly to adjust their balance of payments to favorable positions.
Incorrect
Solution: b)
The SDR is neither a currency nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members. SDRs can be exchanged for these currencies. It cannot be used to fund infrastructure projects as it is not a currency. Same goes for settling domestic financial bills of the government.
SDR allocations can play a role in providing liquidity and supplementing member countries’ official reserves.
IMF member countries can borrow SDRs from its reserves at favorable interest rates, mostly to adjust their balance of payments to favorable positions.
