24-25 July 2022: Daily Current Affairs & GK Update (For HAS/HPAS & Allied Services)

24-25 July 2022: Daily Current Affairs & GK Update  (For HAS/HPAS & Allied Services)

1.  Consider the following statements regarding the Government e-Marketplace(GeM)

1.    It being implemented by the National E-Governance Division(NeGD).

2.    Currently, 100% of the government procurement is being done by the GeM.

Which of the above statements is/are correct?

a)       1 only

b)      2 only

c)       Both 1 and 2

d)      None of the above

Answer (A)

Explanation:

·         Government e-Marketplace (GeM): It is a not for profit special purpose vehicle(SPV) for procurement of goods and services done by the Government (+State)Ministries/Departments, PSUs, autonomous bodies etc. Therefore it is a unified National Procurement portal of India.

·         Implementation: Director general of supply & disposal(DGS&D) with technical support of National E-Governance Division(NeGD), MeITY has developed GeM portal for procurement of both Products & Services.

Features:

·         GeM is a completely paperless, cashless and system driven e-market place that enables procurement of common use goods and services with minimal human interface.

·         Goods & Services worth more than ₹5LCr annually is carried out through the online platform for transparency & to eliminate corruption.

·         Directly monitored by PMO.

·         Why in News: Recently Hon’ble Prime Minister has set a target of 75% procurement to be made through GeM by 15th of August and 100% procurement to be made through GeM by the end of the current financial year.

2.  Consider the following statements about the Ayush Mark Certification

1.    It recently launched by the Quality Council of India(QCI) after the formation of the AYUSH ministry.

2.    The AYUSH Premium Mark is based on the WHO's guidelines covering herbal medicines.

Which of the above statements is/are correct?

a)       1 only

b)      2 only

c)       Both 1 and 2

d)      None of the above

Answer (B)

Explanation:

·         Ayush Mark Certification Scheme is operated by Quality Council of India (QCI) since 2009. The salient features of the scheme are as follows:

·         It is a voluntary certification scheme for ASU&H products having two levels: Ayush Standard Mark and Ayush Premium Mark.

·         The Ayush Standard Mark is based on Good Manufacturing Practices (GMP) for Ayurvedic, Siddha and Unani medicines (ScheduleT) as per Drugs and Cosmetic Rules, 1945. AYUSH Premium Mark is based on WHO’s GMP guidelines covering herbal medicines.

·         For any manufacturer to qualify for AYUSH Mark Certification, compliance to the domestic regulations is a pre-requisite. The products are certified post regulatory approval given by State Licensing Authority of the state government concerned.

·         The rest of the details of the scheme can been accessed at the following link: https://qcin.org/voluntary-certification-scheme-for-ayush-products

3.    Which of the following are the provisions of the Indian Antarctic Bill, 2022?

1.    It seeks to give effect to the Antarctic Treaty, the Convention on the Conservation of Antarctic Marine Living Resources, and the Protocol on Environmental Protection to the Antarctic Treaty.

2.    It covers all islands to the south of 60°S latitude.

Which of the above statements is/are correct?

a)       1 only

b)      2 only

c)       Both 1 and 2

d)      None of the above

Answer (C)

Explanation:

·         The Indian Antarctic Bill, 2022 was passed by the Parliament recently.

·         The Bill seeks to give effect to the Antarctic Treaty, the Convention on the Conservation of Antarctic Marine Living Resources, and the Protocol on Environmental Protection to the Antarctic Treaty.  It also seeks to protect the Antarctic environment and regulate activities in the region. 

Key features of the Bill include:

·         Applicability: The provisions of the Bill will apply to any person, vessel or aircraft that is a part of an Indian expedition to Antarctica under a permit issued under the Bill.  Areas comprising of Antarctica include: (i) the continent of Antarctica, including its ice-shelves, and all areas of the continental shelf adjacent to it, and (ii) all islands (including their ice-shelves), seas, and air space south of 60°S latitude.

·         Central committee: The central government will establish a Committee on Antarctic Governance and Environmental Protection.  The Committee will be chaired by the Secretary of the Ministry of Earth Sciences.  10 members, not below the rank of joint secretary, will be nominated from various Ministries and organisations such as defence, external affairs, National Centre for Polar and Ocean Research, and National Security Council Secretariat.  In addition, two experts from Antarctic environment and geo-political fields will be nominated by the central government.

·         The functions of the Committee include: (i) granting permits for various activities, (ii) implementing and ensuring compliance of relevant international laws for protection of Antarctic environment, (iii) obtaining and reviewing relevant information provided by parties to the Treaty, Convention, & Protocol, & (iv) negotiating fees/charges with other parties for activities in Antarctica.

·         Need for permit: A permit by the Committee or written authorisation from another party to the Protocol (other than India) will be required for various activities such as: (i) an Indian expedition to enter or remain in Antarctica, (ii) a person to enter or remain in an Indian station in Antarctica, (iii) a vessel or aircraft registered in India to enter or remain in Antarctica, (iv) a person or vessel to drill, dredge or excavate for mineral resources, or collect samples of mineral resources, (v) activities which may harm native species, and (vi) waste disposal by a person, vessel or aircraft in Antarctica.

·         Before a permit is granted by the Committee, the applicant has to carry out an environmental impact assessment of the proposed activities.  Moreover, a permit must not be granted unless a waste management plan has been prepared for the expedition by the Committee.

·         Prohibited activities: The Bill prohibits certain activities in Antarctica including: (i) nuclear explosion or disposal of radioactive wastes, (ii) introduction of non-sterile soil, and (iii) discharge of garbage, plastic or other substance into the sea which is harmful to the marine environment.

·         Offences and penalties: The Bill specifies penalties for contravention of its provisions.  For instance, conducting a nuclear explosion in Antarctica will be punishable with an imprisonment of 20 years which may extend to life imprisonment and a fine of at least Rs 50 crore.  Drilling for mineral resources or introducing non-native animals or plants in Antarctica without a permit will be punishable with imprisonment up to seven years and a fine between Rs 10 lakh and Rs 50 lakh.   The central government may notify one or more Sessions Courts to be the Designated Court under the Bill and specify its territorial jurisdiction to try offences punishable under the Bill. 

4.  Depreciation of rupee increases which of the following?

1.    Cost of imports

2.    Cost of dollar denominated External commercial borrowings (ECBs)

3.    Current account Deficit

4.    Fiscal deficit

Which of the above statements are correct?

a)       1, 2 and 3 only

b)      1 and 2 only

c)       2, 3 and 4 only

d)      All of the above

Answer (B)

Explanation:

·         Option 1 is true, as rupee depreciation directly increases the cost of import.

·         Existing External Commercial borrowing (ECBs) have payments in dollars, the interest amount of which would increase if Rupee depreciates. In this context, Rupee denominated Masala bonds are much more resilient.

·         Current account Deficit is the cause of rupee depreciation and not its effect. Thus 3 is not true.

5.  Which of the following can be an impact of selling of foreign exchange by RBI in exchange of Rupee?

a)       Strengthening of Rupee in the short term

b)      Stability of Rupee against high external borrowing

c)       Depreciation in the Dollars

d)      None of the above

Answer (A)

Explanation:

·         Why in News: WITH THE rupee remaining under pressure, India’s foreign exchange reserves fell by another $7.54 billion to $572.71 billion during the weekended July15. The RBI is prepared to sell a sixth of its foreign exchange reserves to defend the rupee against a rapid depreciation after it plumbed record lows in recent weeks, as reported in the news.

·         Selling of foreign exchange in exchange of Rupees reduces the Rupee supply in the market thereby preventing depreciation in the short run. Similarly increasing interest rates too decreases the supply of rupee in the market.

6.  Consider the following statements:

1.    An asset management company (AMC) invests pooled funds from clients into a variety of securities and assets.

2.    AMCs also manage hedge funds and pension plans to better serve smaller investors.

3.    AMCs have a larger pool of resources than the individual investor could access on their own, hence they provide investors with more diversification and investing options.

Which of the above statements are correct?

a)       1 and 2

b)      2 and 3

c)       1 and 3

d)      1, 2 and 3

Answer (D)

Explanation:

·         Statements 1 and 2 are correct: An asset management company (AMC) is a firm that invests pooled funds from clients, putting the capital to work through different investments including stocks, bonds, real estate, and more. Along with high-net-worth individual (HNWI) portfolios, AMCs manage hedge funds and pension plans, and to better serve smaller investors create pooled structures such as mutual funds, index funds, or exchange-traded funds (ETFs), which they can manage in a single centralized portfolio.

·         Statement 3 is correct: Because they have a larger pool of resources than the individual investor could access on their own, AMCs provide investors with more diversification and investing options. Buying for so many clients allow AMCs to practice economies of scale, often getting a price discount on their purchases.

7.  Consider the following statements regarding the Vice-President of India:

1.    The Constitution of India states that a person shall not be eligible for election as Vice-President if he holds any office of profit under the Government of India or the Government of any State.

2.    Vice-President may leave office before the end of his term by submitting a resignation letter to the Deputy Speaker of the Rajya Sabha.

3.    All doubts and disputes arising in connection with the election of the Vice-President shall be decided by the Supreme Court whose decision shall be final.

Which of the above statements is/are correct?

a)       1 and 2

b)      1 only

c)       1 and 3

d)      3 only

Answer (C)

Explanation:

·         Statement 1 is correct: Under Article 66(4), “A person shall not be eligible for election as Vice-President if he holds any office of profit under the Government of India or the Government of any State or under any local or other authority subject to the control of any of the said Governments.”

·         Statement 2 is incorrect: The Vice-President may leave office before the end of his term by resigning to the President, or he “may be removed by a resolution of the Council of States passed by a majority of all the then members of the Council and agreed to by the House of the People. “

·         Statement 3 is correct: Article 71 of the Constitution deals with “Matters relating to, or connected with, the election of a President or Vice-President”. It says that “all doubts and disputes arising out of or in connection with the election of a President or Vice-President shall be inquired into and decided by the Supreme Court whose decision shall be final”.

8. Consider the following statements regarding Anti-defection law in India:

1.    If a nominated member joins any political party before six months from the date on which he takes a seat in the house becomes disqualified.

2.    If an independent member joins any political party after six months from the date on which he takes a seat in the house becomes disqualified.

Which of the above statements is/are correct?

a)       1 only

b)      2 only

c)       Both 1 and 2

d)      Neither 1 nor 2

Answer (D)

Explanation:

·         Statement 1 is incorrect: According to the provisions of anti-defection law, a nominated member of a house becomes disqualified for being a member of the house if he joins any political party after the expiry of six months from the date on which he takes his seat in the house.

·         Statement 2 is incorrect: When a legislator who has won his or her seat as an independent candidate joins any political party after the election becomes disqualified.

9.  ‘Tanjore Paintings’ belong to which of the following states?

a)       Karnataka

b)      Kerala

c)       Tamil Nadu

d)      Andhra Pradesh

Answer (C)

Explanation: Thanjavur painting

·         Thanjavur painting is a classical South Indian painting style, which was inaugurated from the town of Thanjavur in Tamil Nadu.

·         The Thanjavur or Tanjore School is famous for the special style of decorative paintings. It was probably the result of the defeat of Thanjavur Nayakas by Marathas and the fall of Vijayanagara empire.

·         The Maratha rulers immensely patronised them during the 18th century. These paintings are unique as they are mostly created on glass and wooden planks (Palagai padam) instead of cloth and vellum as preferred in North India. They are unique because of the use of brilliant colour patterns and the liberal use of gold leaf.

·         It has been recognised as Geographical Indication (GI) by Government of India. They used many types of gemstones and cut glasses for embellishments to create larger than life images. Most of the paintings depict smiling Krishna in various poses and various major events in his life.

·         These paintings reached their zenith under the patronage of Maharaja Serfoji II of Maratha dynasty who was a great patron of art. Currently, this school is still operational but they have moved towards experimenting with diverse subjects like birds, animals, buildings, etc.

10.  Global Innovation Index (GII) is published by which of the following?

a)       World Intellectual Property Organization

b)      World Economic Forum

c)       World Bank

d)      World Trade Organization

Answer (A)

Explanation:

·         The GII is launched by the World Intellectual Property Organization (WIPO), a specialized agency of the United Nations. The GII aims to capture the multi-dimensional facets of innovation ranking and rich analysis referencing around 132 economies.

·         It is published in partnership with the Portulans Institute and other corporate partners viz., the Brazilian National Confederation of Industry (CNI), Confederation of Indian Industry (CII), Ecopetrol (Colombia) and the Turkish Exporters Assembly (TIM).

·         Indicators: The index ranks world economies according to their innovation capabilities and consists of roughly 80 indicators grouped into innovation inputs and outputs.

·         Innovation inputs: Institutions; Human capital and research; Infrastructure; Market sophistication; Business sophistication.

·         Innovation outputs: Knowledge and technology outputs; Creative outputs.