06 August 2022: Daily Current Affairs & GK for HAS/HPAS & Allied Services
1.
Which of the following statements is correct regarding the Monetary Policy
Committee (MPC) of RBI?
a)
It is a body constituted by RBI governor to help determine policy rates.
b)
The decision of the MPC is not binding on the RBI.
c)
MPC is chaired by the Union Finance Minister.
d)
Central government appoints 3 persons to the MPC, having knowledge and
experience in the field of economics or banking or finance or monetary policy.
ANSWER:
A
EXPLANATION: The 2016 amendment to the RBI Act, 1934, empowered the central government to constitute a six-member Monetary Policy Committee (MPC) to ‘determine the Policy Rate required to achieve the inflation target’.
- The decision of the MPC is binding on RBI.
- Composition: 6 members:
- RBI Governor as its ex officio chairperson,
- Deputy Governor in charge of monetary policy,
- An officer of the Bank to be nominated by the Central Board,
- Three persons to be appointed by the central government.
2.
In the context of data privacy and protection in India, which of the following
statements is/are correct?
1.
India currently has no specific Data Protection Law.
2.
Information and Technology Act, 2000 mandates data fiduciaries to keep a copy
of the data collected from Indian citizens on servers located inside Indian
territory.
Select
the correct option answer using the code given below:
a)
1 only
b)
2 only
c)
Both correct
d)
Neither correct
ANSWER:
A
EXPLANATION:
- Government recently withdrew the Personal Data Protection Bill, 2019 and intends to table a new bill on the same. India has no specific data protection law yet.
- IT Act, 2000 has no such provision for data localisation. The data privacy rules introduced in the Act in 2011 amendment, require firms to obtain written permission from customers before collecting and using their personal data.
3. Which of the following
statements is not one of the Intended Nationally Determined Contributions
(INDC) of India?
a)
India to meet 50 per cent of its energy requirements till 2030 from renewable
energy.
b)
40% of the installed capacity for electricity by 2030 will be from non-fossil
fuel sources.
c)
India to reduce the emissions intensity of the GDP by one third by 2030.
d)
Create carbon sink of 2.5 to 3 billion tonnes of carbon dioxide equivalent
through additional forest and tree cover by 2030.
ANSWER:
A
EXPLANATION: INDC are (intended) reductions in greenhouse gas emissions under the United Nations Framework Convention on Climate Change (UNFCCC). Signatory countries to UNFCCC submit their climate action commitments under UNFCCC in line of their Paris Agreement 2015 target of containing global temperature rise to 1.5 to 2°C by the end of the century.
- India’s current INDC, to be achieved by 2030:
- 40% of the installed capacity for electricity will be from non-fossil fuel sources.
- To reduce the emissions intensity of the GDP by one third.
- Adding a carbon sink of 2.5 to 3 billion tonnes of carbon dioxide equivalent through additional forest and tree cover
4. Which of the following
statements is/are correct regarding Parliamentary Privileges?
1.
These privileges are created and governed by Rules of procedure and Conduct of
Business rules of each House of the Parliament.
2.
Indian Constitution mentions no specific privilege for Members of Parliament
(MPs).
3.
One of the Parliamentary Privileges is that MPs can refuse to give evidence and
appear as a witness in a case pending in a court when Parliament is in session.
Select
the correct option answer using the code given below:
a)
1 only
b)
2 and 3 only
c)
3 only
d)
1 and 3 only
ANSWER:
C
EXPLANATION: Parliamentary Privileges are certain rights and immunities enjoyed by members of Parliament, individually and collectively, so that they can “effectively discharge their functions”.
- Article 105 of the Constitution mentions two privileges:
- Freedom of speech in Parliament and right of publication of its proceedings.
- Apart from this, the Code of Civil Procedure, CPC 1908, provides for freedom from arrest and detention of members under civil process during the continuance of the meeting of the House or of a committee thereof and 40 days before its commencement and 40 days after its conclusion.
5. Which of the following
statements is/are correct regarding Competition Commission of India (CCI) ?
1.
It’s an executive, non-statutory body.
2.
It comes under the control of Ministry of Commerce and Industries.
3.
CCI is empowered to adjudicate on cases of anti- competitive practices
(anti-trust cases), mergers and acquisitions etc.
Select
the correct option answer using the code given below:
a)
1 and 2 only
b)
3 only
c)
1, 2 and 3 only
d)
None of the above
ANSWER:
B
EXPLANATION: CCI is a statutory body and an independent regulator, established under the Competition Act 2002. Its objectives are to prevent practices that harm competition in the market, to promote and sustain competition, to protect the interests of consumers, and ensure freedom of trade in India.
Composition of CCI:
- 1 chairperson and up to 3 members.
- Members of the CCI are appointed by the Central Government.
- The eligibility for the Commission: The Chairperson and every other Member shall be a person of ability, integrity, and who, has been, or is qualified to be a judge of a High Court, or, has special knowledge of, and professional experience of not less than fifteen years in international trade, economics, business, commerce, law, finance, accountancy, management, industry, public affairs, administration or in any other matter which, in the opinion of the Central Government, may be useful to the Commission.
6.
‘One country, two systems’ of China is related to which territorial areas
1.
Hongkong
2.
Taiwan
3.
Macau
Select
the correct answer using the code given below:
a)
1 only
b)
1 and 3 only
c)
1 and 2 only
d)
1, 2 and 3
ANSWER:
B
EXPLANATION:
One country, two
systems" is a constitutional principle of the People's Republic of China
describing the governance of Hong Kong and Macau, while ‘One China policy’ is
related to Taiwan.
7.
Arrange the following water bodies from North to south
1.
Yellow Sea
2.
South China sea
3.
East China sea
4.
Celebes Sea
Select
the correct answer using the code given below:
a)
3-2-4-1
b)
1-2-3-4
c)
1-3-2-4
d)
2-3-4-1
8. Which of the following
measures of Monetary Policy Committee (MPC) will help in controlling the
Inflation in the economy?
1.
Increase in Cash Reserve Ratio (CRR)
2.
Increase in Bank rate
3.
Decrease in Repo Rate
Select
the correct answer using the code:
a)
1 and 2 only
b)
3 only
c)
2 and 3 only
d)
1, 2 and 3
ANSWER:
B
EXPLANATION:
Statement
1 is correct: in order yo combat inflation, the RBI raises the CRR. As a result
of it, banks are required to keep a
larger amount of cash with the RBI. As a result, the bank's ability to lend to
the market declines, lending rates rise
Statement
2 is correct: During periods of high inflation, the RBI raises the bank rate to
reduce the flow of money in the economy. A rise in the bank rate
disincentivizes banks from borrowing from the RBI. As a result, market
liquidity decreases.
Statement
3 is not correct: At the time of high inflation, the RBI raises the repo rate
which disincentivizes banks from borrowing from the RBI. As a result, market
liquidity decreases.
9. Tenth schedule of Indian
constitution is related to:
a)
Disqualification of member of Parliaments on ground of defection
b)
Allocation of seats in the Council of States.
c)
Administration and Control of Scheduled Areas and Scheduled Tribes.
d)
Lists the official languages of India
ANSWER:
A
EXPLANATION:
Option
1 is correct: Tenth schedule of India constitution talks about the
Disqualification of member of Parliaments on ground of defection which was
added through 52 constitutional amendment 1985.
Eighth
Schedule to the constitution of India lists the official languages of India. It
recognizes 22 languages as the official languages.
The
fourth Schedule contains provisions as to the allocation of seats in the
Council of States (Rajya Sabha).
The
fifth Schedule contains provisions as to the Administration and Control of
Scheduled Areas and Scheduled Tribes.
10. Consider the following
statements, with respect to Bureau of Energy Efficiency (BEE)
1.
It is a statutory body which was established under Energy Conservation Act of
2001
2.
It regulates the renewable energy certificate (REC)
3.
PAT (Perform, Achieve and Trade) is an initiative of it.
Select
the correct answer using the code given below:
a)
1 only
b)
2 and 3 only
c)
1 and 2 only
d)
1 and 3 only
ANSWER:
D
EXPLANATION:
Statement
1 is correct: Bureau of Energy Efficiency (BEE) is a statutory body which aims
to promote the use of more efficient processes and equipment in order to save
energy.
The
star ratings on various household appliances and the largescale shift to LED
bulbs were some of the successful initiatives of BEE that have resulted in
massive energy savings over a period of time
Statement
3 is correct: Perform, Achieve and Trade (PAT) scheme is a flagship initiative
of Bureau of Energy Efficiency (BEE) and Ministry of Power (MoP). The objective
behind the scheme is energy efficiency improvements in energy intensive
industries by notifying Specific Energy Consumption (SEC) reduction targets
Statement 2 is not correct: Central Electricity Regulatory Commission (CERC) regulate the renewable energy certificate (REC). CERC is a statutory body which is established under Electricity Act 2003.
