[MISSION 2022] INSIGHTS CURRENT AFFAIRS ( 14 September 2021) REVISION THROUGH MCQS

Ans: (b)

Explanation: What is the Battle of Saragarhi?

• The Battle of Saragarhi was fought on 12 September 1897. It is considered one of the finest last stands in the military history of the world.
• Twenty-one soldiers from British Army were pitted against over 8,000 Afridi and Orakzai tribals but they managed to hold the fort for seven hours.
• Though heavily outnumbered, the soldiers of 36th Sikhs platoon led by Havildar Ishar Singh, fought till their last breath, killing 200 tribals and injuring 600.

Refer: https://www.insightsonindia.com/2021/09/14/battle-of-saragarhi/

Ans: (d)

Explanation:

• S1: The National Financial Reporting Authority (NFRA) was constituted on 01st October, 2018 by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013.
• S2: As per Sub Section (2) of Section 132 of the Companies Act, 2013, the duties of the NFRA are to:
  • Recommend accounting and auditing policies and standards to be adopted by companies for approval by the Central Government;
  • Monitor and enforce compliance with accounting standards and auditing standards;
  • Oversee the quality of service of the professions associated with ensuring compliance with such standards and suggest measures for improvement in the quality of service;

Refer: https://www.insightsonindia.com/2021/09/14/national-financial-reporting-authority-nfra-2/

Ans: (d)

Explanation:

• Setting up of the Minorities Commission (MC) was envisaged in the Ministry of Home Affairs Resolution In 1978.
• National Commission for Minorities (NCM) was set up under the National Commission for Minorities Act, 1992.
• It Monitor the working of the safeguards for minorities provided in the Constitution and in laws enacted by Parliament and the state legislatures.
• Six religious communities, viz; Muslims, Christians, Sikhs, Buddhists, Zoroastrians (Parsis) and Jains have been notified in Gazette of India as minority communities by the Union Government all over India.

Refer: https://www.insightsonindia.com/2021/09/14/national-commission-for-minorities/

Ans: (d)

Explanation:

• S1: Insolvency and Bankruptcy Code (IBC) 2016 was implemented through an act of Parliament. It got Presidential assent in May 2016.
• S2: IBC was intended to tackle the bad loan problems that were affecting the banking system.
• S3: The IBC mandates a 330-day outer limit for conclusion of the corporate insolvency resolution process (CIRP).

Refer: https://www.insightsonindia.com/2021/09/14/insolvency-and-bankruptcy-code-ibc/

Ans: (d)

Explanation: What is Input Tax Credit (ITC)?

• It is the tax that a business pays on a purchase and that it can use to reduce its tax liability when it makes a sale.
• In simple terms, input credit means at the time of paying tax on output, you can reduce the tax you have already paid on inputs and pay the balance amount.
• Exceptions: A business under composition scheme cannot avail of input tax credit. ITC cannot be claimed for personal use or for goods that are exempt.

Refer: https://www.insightsonindia.com/2021/09/14/what-is-input-tax-credit-itc/

Ans: (d)

Explanation: Groundswell report on climate change

• The Report was recently released by the World Bank. It examined how the impacts of slow-onset climate change, such as water scarcity, decreasing crop productivity and rising sea levels, could lead to millions of what it describes as “climate migrants” by 2050.

Refer: https://www.insightsonindia.com/2021/09/14/groundswell-report-on-climate-change/

Ans: (b)

Explanation:

• S1: It was launched recently (13 SEP 2021).
• S2: The CAFMD is one of the two tracks of the India-U.S. Climate and Clean Energy Agenda 2030 partnership launched at the Leaders’ Summit on Climate in April 2021, by Prime Minister Shri Narendra Modi and US President Mr. Joseph Biden.
• S3: It will provide both India and the United States an opportunity to renew the collaborations on climate change while also addressing the financial aspects.

Refer: Facts for Prelims: https://www.insightsonindia.com/2021/09/14/mission-2022-insights-daily-current-affairs-pib-summary-14-september-2021/

Ans: (c)

Explanation:

• Securities and Exchange Board of India (SEBI) has offered T+1 settlement system for stock Market exchanges. If the stock exchange agrees to the proposal, investors will get money for shares they sold or bought in their accounts faster, and in a safer and risk-free environment.
• What Is T+1 (T+2, T+3) cycles?
  • T+1 (T+2, T+3) are abbreviations that refer to the settlement date of security transactions.
  • The “T” stands for transaction date, which is the day the transaction takes place.
  • The numbers 1, 2, or 3 denote how many days after the transaction date the settlement—or the transfer of money and security ownership—takes place.

Refer: Facts for Prelims: https://www.insightsonindia.com/2021/09/14/mission-2022-insights-daily-current-affairs-pib-summary-14-september-2021/

Ans: (b)

Explanation:

• S1: It receives water from six rivers: Mantha, Rupangarh, Khari, Khandela, Medtha and Samod.
• S2: Two rivers which feed the lagoon are the Arani River and the Kalangi River.
• S3: 52 streams including the Bhargavi, Daya, Makra, Malaguni and Luna rivers.

Refer: famous Lakes in India

Ans: (d)

Explanation:

• Recently, the World Sustainable Development Summit, the annual flagship event of The Energy and Resources Institute (TERI) was held.
• It was held under theme “Redefining our common future: Safe & Secure Environment for All”.

Refer: https://wsds.teriin.org/2021/