[Mission 2023] QUIZ : Insights Current Affairs Quiz , 1 August 2022

Solution: a)

The offence under this law is mainly the laundering of money made through a crime. It has a three-part schedule of offences (or ‘predicate offences’) listing the various crimes such as terrorism, drug-trafficking, corruption and cheating that give rise to tainted money. 

The Supreme Court recently upheld the constitutional validity of the Prevention of Money Laundering Act, 2002.

The Court also upheld the “twin-conditions” for bail in Section 45 of the PMLA Act.

The Enforcement Directorate under the PMLA Act is not considered “police” and hence does not follow provisions of the CrPC for search, seizure, arrest, attachment of properties.

The Supreme Court rejected the argument that the ED should be obligated to follow the CrPC while conducting investigations.

Solution: c)

The clearest signal that a recession is under way, economists say, would be a steady rise in job losses and a surge in unemployment. 

Many economists also monitor changes in the interest payments, or yields, on different bonds for a recession signal known as an “inverted yield curve.” This occurs when the yield on the 10-year Treasury falls below the yield on a short-term Treasury, such as the 3-month T-bill. That is unusual. Normally, longer-term bonds pay investors a richer yield in exchange for tying up their money for a longer period.

Inverted yield curves generally mean that investors foresee a recession that will compel the Fed to slash rates. Inverted curves often predate recessions.

Source

Solution: d)

The Reserve Bank of India (RBI) regulates and supervises Public Sector and Private Sector Banks. The powers of RBI are wide-ranging and comprehensive to deal with various situations that may emerge in all banks, irrespective of ownership i.e. the Public Sector and the Private Sector owned Banks.

Solution: a)

The NGT has the power to hear all civil cases relating to environmental issues and questions that are linked to the implementation of laws listed in Schedule I of the NGT Act. These include the following:

• The Water (Prevention and Control of Pollution) Act, 1974;
• The Water (Prevention and Control of Pollution) Cess Act, 1977;
• The Forest (Conservation) Act, 1980;
• The Air (Prevention and Control of Pollution) Act, 1981;
• The Environment (Protection) Act, 1986;
• The Public Liability Insurance Act, 1991;
• The Biological Diversity Act, 2002.

This means that any violations pertaining only to these laws, or any order / decision taken by the Government under these laws can be challenged before the NGT. Importantly, the NGT has not been vested with powers to hear any matter relating to the Wildlife (Protection) Act, 1972, the Indian Forest Act, 1927 and various laws enacted by States relating to forests, tree preservation etc. Therefore, specific and substantial issues related to these laws cannot be raised before the NGT.

Solution: d)

The Nile River empties into the Mediterranean Sea in northern Egypt.