Daily Current Affairs Quiz 2nd September 2022

Ans b)
Introduction of CBDC has the potential to provide significant benefits, such as reduced
dependency on cash, higher seigniorage due to lower transaction costs, reduced settlement
risk.

Ans b)

One Nation One Fertiliser Scheme

 The Ministry of Chemicals and Fertilisers has decided to implement One Nation One
Fertiliser Scheme.
 This is done by introducing a “Single Brand for Fertilisers and Logo” under the
fertiliser subsidy scheme named “Pradhanmantri Bhartiya Janurvarak Pariyojna”
(PMBJP).
 The single brand name for UREA, DAP, MOP and NPK etc. would be BHARAT UREA,
BHARAT DAP, BHARAT MOP and BHARAT NPK etc. respectively for all Fertiliser
Companies, State Trading Entities (STEs) and Fertiliser Marketing Entities (FMEs).
 A logo indicating Fertiliser subsidy scheme namely Pradhanmantri Bhartiya
Janurvarak Pariyojna will be used on said fertiliser bags.
 Under the new “One Nation One Fertiliser” scheme, companies are allowed to
display their name, brand, logo and other relevant product information only on one-
third space of their bags.
 On the remaining two-thirds space, the “Bharat” brand and Pradhanmantri Bharatiya
Jan Urvarak Pariyojana logo will have to be shown.
 The government gives subsidies to fertilizer companies under the PMBJP (Pradhan
Mantri Bhartiya Janurvarak Pariyojna) scheme, the benefits of which, the companies
would in turn pass on to farmers.

Ans b
LSD is caused by the lumpy skin disease virus (LSDV), which is a member of the capripoxvirus
genus in the poxviridae family.
Several states, including Gujarat and Rajasthan, have been battling the outbreak of Lumpy
Skin Disease (LSD), a viral infection of cattle.
The LSDV spreads through blood-sucking vectors like ticks and mites like houseflies,
mosquitoes, etc. It also spreads through contaminated water, fodder and feed.

Ans d
Automatic Number Plate Recognition (ANPR) Camera
 It is a highly accurate system capable of reading vehicle number plates without
human intervention.
 It uses optical character recognition on images to read vehicle registration plates to
create vehicle location data.
 It can use existing closed-circuit television, road-rule enforcement cameras, or
cameras specifically designed for the task.
ANPR in India
 The Road Transport and Highways Ministry is now moving ahead with a plan to
replace toll plazas with ANPR that could read number plates.
 The plan is to remove toll plazas on national highways and instead rely on ANPR
cameras, which will read vehicle number plates and automatically deduct toll from
the linked bank accounts of vehicle owners.
 The model is simple: Entry and exit of toll roads will have cameras capable of reading
number plates, and toll will be deducted based on these cameras.
 Not all number plates in India can be read, and only those that have come after 2019
will be registered by the cameras.
 The government, in 2019, had come up with a rule mandating passenger vehicle to
have company-fitted number plates, and only these number plates can be read by
cameras.
 The government plans to come up with a scheme to replace older number plates.

Ans d)
Falkland Islands, also called Malvinas Islands or Spanish Islas Malvinas, internally self-
governing overseas territory of the United Kingdom in the South Atlantic Ocean.
It lies northeast of the southern tip of South America and a similar distance east of the Strait
of Magellan.
It is a disputed Island between the UK and Argentina.

Ans b
Priority sector loans to the following borrowers will be considered as lending under Weaker
Sections category:

(i) Small and Marginal Farmers

(ii) Artisans, village and cottage industries where individual credit limits do not exceed
₹1 lakh
(iii) Beneficiaries under Government Sponsored Schemes such as National Rural
Livelihood Mission (NRLM), National Urban Livelihood Mission (NULM) and Self
Employment Scheme for Rehabilitation of Manual Scavengers (SRMS)
(iv) Scheduled Castes and Scheduled Tribes
(v) Beneficiaries of Differential Rate of Interest (DRI) scheme
(vi) Self Help Groups
(vii) Distressed farmers indebted to non-institutional lenders
(viii) Distressed persons other than farmers, with loan amount not exceeding ₹1 lakh per
borrower to prepay their debt to non-institutional lenders
(ix) Individual women beneficiaries up to ₹1 lakh per borrower (For UCBs, existing loans
to women will continue to be classified under weaker sections till their
maturity/repayment.)
(x) Persons with disabilities
(xi) Minority communities as may be notified by Government of India from time to time.

Ans a
The Hayabusa-2 mission was launched in December 2014 when the spacecraft was sent on a
six-year voyage to study the asteroid Ryugu by the Japan Aerospace Exploration Agency’s
(JAXA).

Ans d

Ans c
The Centre announces MSPs for 23 crops, including seven cereals (paddy, wheat, maize,
bajra, jowar, ragi and barley), five pulses (chana, tur/arhar, moong, urad and masur), seven
oilseeds (mustard-rapeseed, groundnut, soyabean, sunflower, sesamum, safflower and
nigerseed) and four commercial crops (sugarcane, cotton, copra and raw jute).
Farmers cannot demand MSP as a matter of right.

Ans a
The Competition (Amendment) Bill, 2022
 The Indian Competition Act was passed in 2002, but it came into effect only seven
years later.

 The Act establishes the Competition Commission of India (CCI) for regulating market
competition.
 The Competition Commission primarily pursues three issues of anti-competitive
practices in the market: anti-competitive agreements, abuse of dominance and
combinations.
 The dynamics of the market changes rapidly due to technological advancements,
artificial intelligence, and the increasing importance of factors other than price.
 Hence, it is necessary to sustain and promote market competition.
 Therefore, a review committee was established in 2019 which proposed several
major amendments.
The Amendments
 Section 5 currently says parties indulging in merger, acquisition, or amalgamation
need to notify the Commission of the combination only on the basis of ‘asset’ or
‘turnover’.
 The new Bill proposes to add a ‘deal value’ threshold.
 It will be mandatory to notify the Commission of any transaction with a deal value in
excess of 2,000 crore and if either of the parties has ‘substantial business operations
in India’.
 The Commission shall frame regulations to prescribe the requirements for assessing
whether an enterprise has ‘substantial business operations in India’.
 This change will strengthen the Commission’s review mechanism, particularly in the
digital and infrastructure space.
 A majority of such changes were not reported earlier, as the asset or turnover values
did not meet the jurisdictional thresholds.
Gun-Jumping
 Parties should not go ahead with a combination prior to its approval.
 If the combining parties close a notified transaction before the approval, or have
consummated a reportable transaction without bringing it to the Commission’s
knowledge, it is seen as gun-jumping.
 The penalty for gun-jumping was a total of 1% of the asset or turnover.
 This is now proposed to be 1% of the deal value.