08 January 2022
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08 January 2022 Static Quiz for UPSC Prelims
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Question 1 of 10
1. Question
2 pointsGAFA tax recently seen in news is related to
Correct
• Solution:
(C)o French finance minister Bruno Le Maire announced the introduction of a GAFA tax—named after Google, Apple, Facebook, Amazon—on large technology and internet companies in France from 1 January 2019.
o The French proposal is set to target only those profitable companies that have heavy annual global revenue.
o The rationale behind devising a separate framework to tax online service providers is this: existing tax norms that are framed envisaging brick and mortar business models are not suitable to regulate online services.
o This is because the digital economy is characterized by a unique system of value creation resulting from a combination of factors such as sales functions, algorithms and personal information of users.
o What distinguishes technology companies from traditional businesses is user participation in creating value, which, in turn, translates into revenue.
o Although using consumer data to improve businesses is not exclusive to the digital economy, the unique ability of digital businesses lies in their power to analyse big data collected via constant user interaction and data miningIncorrect
• Solution:
(C)o French finance minister Bruno Le Maire announced the introduction of a GAFA tax—named after Google, Apple, Facebook, Amazon—on large technology and internet companies in France from 1 January 2019.
o The French proposal is set to target only those profitable companies that have heavy annual global revenue.
o The rationale behind devising a separate framework to tax online service providers is this: existing tax norms that are framed envisaging brick and mortar business models are not suitable to regulate online services.
o This is because the digital economy is characterized by a unique system of value creation resulting from a combination of factors such as sales functions, algorithms and personal information of users.
o What distinguishes technology companies from traditional businesses is user participation in creating value, which, in turn, translates into revenue.
o Although using consumer data to improve businesses is not exclusive to the digital economy, the unique ability of digital businesses lies in their power to analyse big data collected via constant user interaction and data mining -
Question 2 of 10
2. Question
2 pointsConsider the following statements about Fugitive Economic Offender:
1) A person is declared a Fugitive Economic Offender by a ‘Special Court’ set up under the Prevention of Money-laundering Act (PMLA), 2002
2) The property of a fugitive economic offender, including benami property, can be confiscated once he is declared so by the Special Court.
3) Properties abroad are not liable for confiscation.Which of the above statements is/are correct
Correct
• Solution:
(C)o A fugitive economic offender is an individual who has committed some specified offence(s) involving an amount of one hundred crore rupees or more and has absconded from India or refused to come back to India to avoid or face criminal prosecution in India.
o The property of a fugitive economic offender, resulting from the proceeds of crime, including benami property, can be confiscated once he is declared so by the Court.
o Properties abroad are also liable for confiscation. Further, he would be disentitled from defending any civil claim.
o An Administrator will be appointed to manage and dispose of the confiscated property.Incorrect
• Solution:
(C)o A fugitive economic offender is an individual who has committed some specified offence(s) involving an amount of one hundred crore rupees or more and has absconded from India or refused to come back to India to avoid or face criminal prosecution in India.
o The property of a fugitive economic offender, resulting from the proceeds of crime, including benami property, can be confiscated once he is declared so by the Court.
o Properties abroad are also liable for confiscation. Further, he would be disentitled from defending any civil claim.
o An Administrator will be appointed to manage and dispose of the confiscated property. -
Question 3 of 10
3. Question
2 pointsRBI’s Prompt Corrective Action (PCA) Framework is applicable to:
1) Commercial banks
2) Co-operative banks
3) Non-banking financial companies (NBFCs)Which of the above statements is/are correct
Correct
• Solution: (A)
o RBI’s Prompt Corrective Action (PCA) Framework is a set of guidelines for banks that are weak in terms of identified indicators including – poor asset quality, insufficient capital and insufficient profit or losses.
o The PCA is an early intervention package or resolution guideline by the RBI when a bank turns weak in terms of the identified indicators.
o The Reserve Bank has specified certain regulatory trigger points, as a part of prompt corrective action (PCA) Framework, in terms of three parameters, i.e. capital to risk weighted assets ratio (CRAR), net non-performing assets (NPA) and Return on Assets (RoA), for initiation of certain structured and discretionary actions in respect of banks hitting such trigger points.
o The PCA framework is applicable only to commercial banks and not extended to co-operative banks, non-banking financial companies (NBFCs) and FMIs.Incorrect
• Solution: (A)
o RBI’s Prompt Corrective Action (PCA) Framework is a set of guidelines for banks that are weak in terms of identified indicators including – poor asset quality, insufficient capital and insufficient profit or losses.
o The PCA is an early intervention package or resolution guideline by the RBI when a bank turns weak in terms of the identified indicators.
o The Reserve Bank has specified certain regulatory trigger points, as a part of prompt corrective action (PCA) Framework, in terms of three parameters, i.e. capital to risk weighted assets ratio (CRAR), net non-performing assets (NPA) and Return on Assets (RoA), for initiation of certain structured and discretionary actions in respect of banks hitting such trigger points.
o The PCA framework is applicable only to commercial banks and not extended to co-operative banks, non-banking financial companies (NBFCs) and FMIs. -
Question 4 of 10
4. Question
2 pointsRecently which of the following committee was constituted by RBI to address the issues related to the transfer of surplus funds from RBI to government
Correct
• Solution: (C)
oThe Reserve Bank of India (RBI) constituted an expert committee headed by former governor Bimal Jalan to review its economic capital framework, and whether the central bank needs to hold as much reserves as it currently does.
oThe expert committee would examine if the central bank’s reserves were adequate, going by the global standards, and if in excess, how much money could be transferred to the government.Incorrect
• Solution: (C)
oThe Reserve Bank of India (RBI) constituted an expert committee headed by former governor Bimal Jalan to review its economic capital framework, and whether the central bank needs to hold as much reserves as it currently does.
oThe expert committee would examine if the central bank’s reserves were adequate, going by the global standards, and if in excess, how much money could be transferred to the government. -
Question 5 of 10
5. Question
2 pointsThe Democracy Index has been released by
Correct
• Solution: (B)
o Democracy Index 2019 has been released.
o The report ranks 165 independent states and two territories, covering almost the entire population of the world.
o It is released annually by The Economist Intelligence Unit.
o It provides a snapshot of the state of world democracy for 165 independent states and two territories.
o The Index is based on five categories:
o Electoral process and pluralism.
o Civil liberties.
o Functioning of government.
o Political participation.
o Political culture.
o India’s Rank: 51Incorrect
• Solution: (B)
o Democracy Index 2019 has been released.
o The report ranks 165 independent states and two territories, covering almost the entire population of the world.
o It is released annually by The Economist Intelligence Unit.
o It provides a snapshot of the state of world democracy for 165 independent states and two territories.
o The Index is based on five categories:
o Electoral process and pluralism.
o Civil liberties.
o Functioning of government.
o Political participation.
o Political culture.
o India’s Rank: 51 -
Question 6 of 10
6. Question
2 pointsOne of the implications of equality in society is the absence of
Correct
• Solution: (A)
oArticle 18 of the constitution justifies this. Under Right to equality, A18 abolishes titular privileges (except military or academic) granted to citizens of India
Incorrect
• Solution: (A)
oArticle 18 of the constitution justifies this. Under Right to equality, A18 abolishes titular privileges (except military or academic) granted to citizens of India
-
Question 7 of 10
7. Question
2 pointsRecognition of Prior Learning Scheme’ is sometimes mentioned in the news with reference to:
Correct
•Solution: (A)
oThe ‘Recognition of Prior Learning’ scheme — underway across construction sites in five states — to certify skills acquired by workers through traditional learning channels.Incorrect
•Solution: (A)
oThe ‘Recognition of Prior Learning’ scheme — underway across construction sites in five states — to certify skills acquired by workers through traditional learning channels. -
Question 8 of 10
8. Question
2 pointsWhich of the following Indian cities are part of UNESCO Creative Cities Network (UCCN):
1) Jaipur
2) Varanasi
3) Chennai
4) MumbaiCorrect
•Solution: (D)
o As of now, there are five Indian cities in UNESCO Creative Cities Network (UCCN) as follows:
o Jaipur-Crafts and Folk Arts (2015).
o Varanasi-Creative city of Music (2015).
o Chennai-Creative city of Music(2017).
o Mumbai – Film (2019).
o Hyderabad – Gastronomy (2019).Incorrect
•Solution: (D)
o As of now, there are five Indian cities in UNESCO Creative Cities Network (UCCN) as follows:
o Jaipur-Crafts and Folk Arts (2015).
o Varanasi-Creative city of Music (2015).
o Chennai-Creative city of Music(2017).
o Mumbai – Film (2019).
o Hyderabad – Gastronomy (2019). -
Question 9 of 10
9. Question
2 pointsGlobal Wealth Report is released by
Correct
• Solution: (D)
oThe Credit Suisse Group, a Switzerland-based multinational investment bank, has released the 10th edition of its annual Global Wealth Report
Incorrect
• Solution: (D)
oThe Credit Suisse Group, a Switzerland-based multinational investment bank, has released the 10th edition of its annual Global Wealth Report
-
Question 10 of 10
10. Question
2 pointsInternational Religious Freedom (IRF) Report is released by
Correct
• Solution: (A)
oInternational Religious Freedom (IRF) Report is released by US Commission on International Religious Freedom (USCIRF).
Incorrect
• Solution: (A)
oInternational Religious Freedom (IRF) Report is released by US Commission on International Religious Freedom (USCIRF).
Leaderboard: 08 January 2022
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