[Mission 2022] QUIZ – 2021: Insights Current Affairs Quiz , 13 May 2022

Solution: c)

Broadly, the FCRA requires every person or NGO seeking to receive foreign donations to be (i) registered under the Act, (ii) to open a bank account for the receipt of the foreign funds in State Bank of India, Delhi, and (iii) to utilise those funds only for the purpose for which they have been received and as stipulated in the Act.

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Solution: b)

InSight is not looking for life on Mars, but is studying what Mars is made of, how its material is layered, and how much heat seeps out of it.

Some missions studying the possibility of life on Mars include UAE’s Hope, China’s Tianwen-1, and NASA’s Perseverance.

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Solution: b)

The rupee’s exchange rate vis-a-vis a particular currency, say the US dollar, tells us how many rupees are required to buy a US dollar. To buy (import) a US product or service, Indians need to first buy the dollars and then use those dollars to buy the product. The same holds true for Americans buying something from India.

If the rupee’s exchange rate “falls”, it implies that buying American goods would become costlier. At the same time, Indian exporters may benefit because their goods now are more attractive (read cheaper) to the American customers.

In a free-market economy, the exchange rate is decided by the supply and demand for rupees and dollars.

Imagine that in the beginning, one rupee was equal to one dollar. After a year, Indians demand more dollars in comparison to Americans demanding the rupee. In such a case, the exchange rate will “fall” or “weaken” for rupee and “rise” or “strengthen” for dollar.

However, in India, the exchange rate is not fully determined by the market. From time to time, the RBI intervenes in the foreign exchange (forex) market to ensure that the rupee “price” does not fluctuate too much or that it doesn’t rise or fall too much all at once.

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Solution: d)

The Preamble in the Constitution gives prominent importance to liberty of belief, faith and worship to all citizens.

The concepts of faith, belief and worship are the foundations of Articles 25 and 26 of the Constitution of India. 

The Supreme Court under Article 142 of the Constitution can pass any order to carry out for doing complete justice being in the public interest, while upholding the Constitution of India.

Solution: c)

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.