Indian Economy : Seventh Pay Commission Report - Developments, Issues and Concepts

Part-1

1) The central government has accepted most of the recommendations of Seventh Central Pay Commission (7th CPC).  Which of the following statements is/are correct in this regard?

a) Minimum entry level pay at the lowest level has been raised to Rs 18,000/- a month.
b) Minimum starting salary for a freshly recruited class-1 officer has been raised to Rs 56,100/- a month.
c) Both a and b
d) Neither a nor b

2) Which of the following statements is/are correct with respect to the new "gratuity ceiling" for central government employees?

a) Gratuity ceiling has been increased to Rs 12.5 lakh/-.
b) Rate of increment is retained at 3%.
c) Both a and b
d) Neither a nor b

3) Which of the following leaves has/have been subsumed under 'Work Related Illness and Injury Leave (WRILL)'?

a) Hospital leave
b) Special disability leave
c) Injury leave
d) All of the above

4) The central government has restructured some of the provisions of existing pay system. Which of the following statements is/are correct in this regard?

a) A new 'Pay Matrix' will replace existing system of 'Pay Bands and Grade Pay'.
b) Except 4 interest-free advances - medical treatment, tour/transfer, for family of deceased employees and travel concessions, all other advances have been abolished.
c) Both a and b
d) Neither a nor b

5) Which of the following could be the impact/impacts of 23.5% hike in salary for central government staff on the Indian economy?

a) Rise in inflation through direct or indirect channels.
b) Rise in consumption through increased spending from higher wages.
c) Pay hike along with capital expenditure by the government will push economic growth.
d) All of the above.

6) Which of the following authorities approves the constitution of the Central Pay Commission(CPC) in India?

a) Prime Minister
b) President
c) Finance Minister
d) Cabinet Secretary

7) Which of the following statements is incorrect with respect to Central Pay Commission(CPC)?

a) It is a statutory body.
b) It is constituted by the Prime Minister of India.
c) CPC gives its recommendations to Finance Minister of India.
d) Seventh CPC is headed by retired Supreme court judge, justice Alok Kumar Mathur.

Answers

1) c
2) b, Gratuity ceiling has been increased to Rs 20 lakh.
3) d
4) c
5) d
6) a
7) a, Neither statutory nor constitutional .

Note: Recommendations of CPC is applicable for central government employees and pensioners only. State governments usually sync the salary structure of their employees with their central counterpart.

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Part-2

1) Which of the following statement is incorrect with respect to 'occupational structure' under central government?

a) The central government employs 8.5% of India's organized workforce.
b) The central government's share in organized sector employment has gradually risen over the past 15 years.
c) The Armed Forces are the country's biggest employer.
d) Defence personnel constitute largest share among pensioners followed by railways.

Answers

1) b, The central government's share in organized sector employment has gradually fallen over the past 15 years.

Upcoming Summits : G20, BRICS

1) Which of the following countries will host G20 summit in September,2016?

a) China
b) Qatar
c) Islamabad
d) Seol

2) Which of the following countries will host BRICS summit in October,2016?

a) China
b) Brazil
c) India
d) Russia

3) Which of the following countries has assumed the 48 nations led Nuclear Supplier's Group chair this year?

a) Seol
b) Argentina
c) Switzerland
d) France

Answers

1) a
2) c, It will be held in Goa
3) c

Quote of the day.... Foreign Policy

"The welfare of a state depends on an active foreign policy, If the end can be achieved by not fighting, I would not advocate conflict."
            - Counselled by Chanakya in the Arthashastra

BREXIT and Related Concepts Part - 2

1) Which of the following statements is/are correct with respect to "Schengen Area"?

a)  Under this 26 countries have allowed free movement across borders.
b) Some EU and several non-EU countries are part of this area.
c) Britain and Ireland are not the part of this area.
d) All of the above are correct.

2) Which of the following statements is/are correct with respect to "European Economic Area(EEA)"?

a) The EEA permits free trade and promotes other forms of cooperation in all 28 members of the EU.
b) Iceland, Liechtenstein, Norway and Switzerland are members of EEA.
c) Both a and b
d) Neither a nor b

3) Which of the following statements is incorrect with respect to "Eurozone"?

a) It is a monetary union of several countries whose common currency is the EURO.
b) All EU or Schengen countries are part of the Eurozone.
c) The UK has been a member of the EU, but not of the Eurozone of the Schengen area.
d) Sweden, Denmark, Poland and the Czech Republic are part of the Schengen area but do not have Euro as their currency.

4) Consider the following statements with respect to "European Union":

i) It was created by six countries in 1958 as the European Economic Community(EEC).
ii) Before BREXIT, EU had 28 members.
iii) It is solely an economic union with no focus on policy areas like climate, health, security, justice and migration.

Which of the above statements is/are correct?

a) i and ii only
b) All of the above
c) ii and iii only
d) ii only

5) Which of the following statements is/are incorrect with respect to "NATO"?

a) It is a military alliance of 32 members.
b) United States and Turkey are members of this alliance.
c) All EU countries are member of this alliance.
d) Both a and c are incorrect.

Answers :

1) d, Non-European Members like Iceland, Liechtenstein, Norway and Switzerland are part of this group.
2) a, Switzerland is not the member of EEA
3) b, Only 19 countries are part of Eurozone.
4) a
5) d, NATO has 28 members. 6 EU states are not the members of this alliance.

Reference : BREXIT And Related Concepts Part-1

BREXIT and Related Concepts

1) Which of the following is not the part of 'Great Britain'?

a) Northern Ireland
b) Scotland
c) Wales
d) Britain

2) Which of the following statements is/are correct with respect to BREXIT?

a) BREXIT refers to a " popular Vote in United Kingdom to end 43 year old membership of the European Union".
b) Decision for BREXIT was taken through a Referendum.
c) Both a and b
d) Neither a nor b

3) What could be the possible reasons that might have prompted the citizens of United Kingdom to opt for the BREXIT?

i) Open immigration policy of European Union.
ii) EU Common markets that came at the cost of highly bureaucratized regulations.
iii) Rising tide of nationalist identity in Britain.
iv) Economic crisis in Britain and lack of effective measures by political leadership.

a) i, ii and iii only.
b) i, iii and iv only
c) i and ii only
d) i, ii, iii and iv

4) Which of the following statements is/are correct with respect to the procedures laid down for withdrawal of membership from the European Union (EU)?

a) Under "Article 50 of the EU's Lisbon Treaty", a member state wishing to leave the EU should first notify the European Council its decisions
b) Under Article 50, the member and the EU leadership negotiates the terms of departure and reach an agreement in 2 years.
c) Both a and b
d) Neither a nor b

5) Which of the following statements is incorrect with respect to 'Norway Model of EU Membership"?

a) Norway has access to the single market while staying out of EU.
b) It does not make any contributions to the EU budget.
c) Norway, along with Liechtenstein and Iceland, is member of the European Economic Area(EEA).
d) Separate secretariat in Brussels manage relationship between EU and EEA countries.

Answers:

1) a
2) c , United Kingdom consists of : Britain, Scotland, Wales and Northern Ireland
3) d
4) c , Note : UK is the second country to leave EU after Greenland
5) b

Reference : http://www.bbc.com/news/uk-politics-32810887

PSLV C-34 Launch By ISRO : A Milestone

1) For which of the following reasons does the launch of PSLV C-34 (XL) rocket holds significance?

a) Multiple satellite launches through a single rocket.
b) World record of maximum satellite launches in a single mission.
c) Both a and b
d) Neither a nor b

2) Which of the following statements is/are correct with respect to launch of multiple satellites through PSLV C-34 rocket?

a) The rocket has injected 20 satellites into Polar sun-synchronous orbits.
b) 17 foreign satellites were launched in this mission.
c) ISRO has ignited 4th stage of the rocket twice in this mission.
d) All of the above.

3) The Indian satellites launched through this missions were:

i) Cartosat-2
ii) Sathyabamasat
iii) Swayam
iv) LAPAN

a) i and iii only
b) All of the above
c) i, ii and iii only
d) i, ii and iv only

4) The 725.5 kg Cartosat-2 satellite was launched in this mission. Which of the following statements is correct with respect to Cartosat series satellites?

a) These are earth observation satellites.
b) The imagery of these satellites would be useful for cartographic application, coastal land use and regulation and road networking.
c) Both a and b
d) Neither a nor b

Answers

1) a. In 2014, Russian Dnepr rocket launched a record 37 satellites in a single mission.
2) d
3) c
4) c

Recent Polity Update : Office of Profit

1) Which of the following statements is incorrect with respect to an "Office of Profit"?

a) According to Indian Constitution, a person shall be disqualified for being a member of the house if he holds an "Office of Profit" under the central or state government.
b) There is no law which define the term "Office of Profit".
c) Indian Constitution elaborately defines the term "Office of Profit".
d) According to various Supreme Court's judgments, an office to which no salary or remuneration is attached or which is not capable of yielding a profit is not an "Office of Profit".

2) Which of the following institutions has laid down the conditions for deciding whether an office is an office of profit?

a) Supreme Court
b) Parliament
c) Prime Minister office
d) CAG

3) The concept of "Office of Profit" originated under/in which of the following acts/institutions?

a) House of Commons in England.
b) U.S. Congress
c) Government of India Act,1935
d) Representation of People Act,1951

4) Consider the following statements :

i) State Legislature and Parliament can legislate retrospectively.
ii) Parliament secretaries are appointed by the President of India.
iii) Constitution of India empowers every legislature in country to exempt any office from disqualifying its holder under the "Office of Profit" clause, by passing a law.

Which of the following statements is/are correct?

a) i and ii only
b) ii and iii only
c) All of the above
d) i and iii only

Answers

1) b
2) a
3) a
4) d, Parliament secretaries are appointed by the Governor of the state.

Recent FDI Reforms

1) Which of the following statements is correct with respect to FDI in Aviation Sector?

a) 100% FDI is permitted under automatic route.
b) FDI under automatic route is permitted in greenfield airports only.
c) Both a and b
d) Neither a nor b

2) Which of the following statements is correct with respect to FDI in single brand retail segment?

a) 100% FDI is permitted under this segment of retail.
b) Companies with more than 51% foreign ownership must source 30% of the value of goods in India, preferably from MSME.
c) Both a and b
d) Neither a nor b

3) In which of the following sectors, FDI continues to be prohibited?

i) Lottery and gambling
ii) Atomic energy
iii) Multi brand retail
iv) Real Estate Investment Trusts (REITs)
v) Railway operation

a) All of the above
b) i, ii, iv and v only
c) i, iii, iv and v only
d) i, iii and v only

4) What are the caps and terms for FDI in Pharma sector?

a) 74% FDI is permitted under automatic route in brownfield projects.
b) FDI beyond 74% is permitted through government approval route.
c) Both a and b
d) Neither a nor b

5) Which of the following statements is incorrect with respect to FDI in Indian Defence Sector?

a) 49% FDI is permitted under automatic route.
b) FDI beyond 49% is permitted through government approval route.
c) Technology norms have been relaxed.
d) None of the above.

Answers

1) a, FDI under automatic route is permitted in brownfield airports (where funds are pumped into an existing airport).

2) c, Local sourcing norms have been relaxed for 3 years and a relaxed sourcing regime introduced for 5 years.

3) b

4) c

5) d

Blueprint For A New National Educational Policy and UGC

The report has highlighted various irregularities with functioning of UGC that has led to serious concerns about quality of education provided by large number of colleges and universities and approval given to large number of sub-standard colleges and deemed universities.

1) Which of the following is/are the correct recommendation of T.S.R Subramanium led panel tasked with drawing a blueprint for a new national educational policy?

a) When the new National Higher Education Act is enacted, the UGC Act should be allowed to lapse.
b) Subsuming UGC and AICTE with a bigger platform.
c) Both a and b
d) Neither a nor b

2) Which of the following statement is incorrect with respect to University Grants Commission (UGC)?

a) It was established under the UGC Act of 1956.
b) It was set up for management and regulation of higher educational institutions.
c) Both a and b
d) Neither a nor b

3) Which of the following mandates are covered by UGC?

i) Monitoring standards of education.
ii) Overseeing disbursement of grants to colleges.
iii) Recognising institutions and providing accreditation.
iv) Curriculum approval.
v) Permission to start colleges.

a) i, ii, iii and iv only.
b) All of the above
c) i, ii, iii, iv and v only
d) iv and v only

Answers  

1) a, Yashpal Committee had suggested subsuming UGC and AICTE with a bigger platform.
2) d
3) b 

Gravitational Waves Detection and Current Developments

Gravitational waves were detected from the merger of two black holes by the U.S based observatory on December 26, 2015 . This has confirmed that the merger of binary black holes on September 14, 2015 was not a chance discovery.

1) Which of the following statements is/are correct with respect to Gravitational Waves?

a) These waves ripples out from a cosmic supermassive collision.
b) These waves can be detected through the stretching and contracting of space and time.
c) a and b only
d) Gravitational waves can travel through space.

2) Which of the following statements is/are incorrect in context of recently detected 'Direct Gravitational Waves'?

a) These waves substantiates the prediction of Einstein's theory of 'General Relativity'.
b) The discovery would help in study of nature of black holes and the Big Bang theory.
c) Both a and b
d) Neither a nor b

3) Which of the following Gravitational Wave detectors and the country they belong to is/are correctly matched?

i) LIGO - United States
ii) VIRGO - China
iii) INDIGO - India

a) i only
b) i and iii only
c) All of the above
d) i and ii only

4) Recent discovery at LIGO facility marks which of the following milestones?

a) First direct detection of Gravitational Waves.
b) First detection of binary black holes.
c) Confirming that nature's black holes are objects predicted by Einstein's theory.
d) All of the above

5) Consider the following statements and mark the correct option?

a) Simultaneous operation of 2 LIGO detectors and VIRGO detector will improve the ability to locate the source of each new event.
b) As the arrival time of incoming gravitational wave signals increases, the precision of source location will further improve.
c) Both a and b
d) Neither a nor b

Answers

1) c
2) d
3) b, The VIRGO detector is located near Pisa, Italy . The LIGO detectors are located in Livingstone in Louisiana and Hanford in Washington.
4) d
5) c

References :

LIGO Scientific Collaboration: http://www.ligo.org/

Gravitational Waves: http://www.bbc.com/news/science-environment-35524440,http://www.economist.com/news/science-and-technology/21692851-gravitational-waves-at-LIGO-century-after-Albert-Einstein-predicted-them

"Vermin" : Killing of Wild Animals in India

1) Which of the following statements is/are correct with respect to an animal species declared as "vermin"?

a) These animals are listed in schedule 5 of The Wildlife Protection Act (WPA), 1972.
b) These animals can not be hunted.
c) Both a and b
d) Neither a nor b

2) Which of the following states and the animal species recently declared as "vermin" in that state is/are correctly matched?

i) Bihar : Nilgai Antelope
ii) Maharashtra : Wild Buffalo
iii) Himachal Pradesh: Rhesus Macaque
iv) Uttarakhand : Wild Boar

a) i, ii, iii and iv
b) ii, iii and iv only
c) ii and iii only
d) i only

3) Which of the following animal species has been listed for culling in all the states (except Himachal Pradesh) because its population is allegedly increasing and damaging crops?

a) Wild Pig
b) Nilgai Antelope
c) Rhesus Macaque
d) Wild Buffalo

4) Which of the following is the correct procedure for declaring an animal species as vermin?

i) Data collection by State Forest department.
ii) Vetting of the data by the State Wildlife Board.
iii) Recommendation to the Central government.
iv) Dispatching a team of the concerned Ministry to the State
v) Permission to declare specific bird and animals as vermin for a specified time and area.

a) ii, i, iii, iv and v
b) iv, i, ii, iii and v
c) i, ii, iv, iii and v
d) i, ii, iii, iv and v

5) Who of the following is empowered to authorize hunters to cull animals in a region where they are a proven nuisance?

a) Chairman of State Wildlife Board.
b) Union Minister of Environment and Forest.
c) Chief Wildlife Warden of state/UT
d) None of the above.

Answers

1) a , Crows and Fruit Bat fall in Schedule 5 of  The Wildlife Protection Act (WPA), 1972. Once declared vermin, that particular species (specific bird or animal) can be hunted without restriction. Those who kill these animals will not be subject to the jail terms and fines that hunting of these animals typically invite.

2) b, Nilgai Antelope in Maharashtra. The Ministry of Environment, Forest and Climate change (MoEFCC) is empowered to declare an animal species as "vermin" in a particular state or region though for a specific period only.

3) a

4) d

5) c , As per The Wildlife Protection Act (WPA), 1972.

Reference : The Hindu Link

National Civil Aviation Policy,2016 : The Government of India

1) Which of the following statements is not the correct feature of the national civil aviation policy unveiled recently by the government of India?

a) Replacing 5/20 overseas flying rule for domestic carrier with 0/20 rule.
b) "Open skies" with countries beyond 7000 km radius from Delhi.
c) Ceiling on air fares proportional to the flying hour.
d) Tax incentives for airlines for operating on hitherto unserved routes.

2) Which of the following features of National Civil Aviation Policy (NCAP,2016) strengthens the "Regional Connectivity Scheme (RCS)" of Government of India?

a) Development of 50 new frills airports.
b) Promoting connectivity in "unserved areas" through capping airfares for one-hour flight.
c) Viability gap funding to airlines
d) Exempting airlines from landing, parking and other charges on RCS airports.
e) All of the above

Answers :

1) b,  Newer airlines need to deploy 20 aircrafts or 20% of the total fleet size, whichever is higher, on domestic routes in order to secure international flying rights. The policy has also proposed an "Open skies" with countries beyond 5000 km radius from Delhi on reciprocal basis.
2) e

Glossary

1) Open Skies Policy : Under this there are no restrictions on flights or seats or routes from a particular country.

2) 5/20 Rule : This rule implies that a domestic airline needs to have a fleet of 20 aircraft and operational experience of 5 years to start international operations.

Traditional Knowledge Digital Library (TKDL)

1) Which of the following is/are the objectives of  Traditional Knowledge Digital Library?

a) To protect the ancient and traditional knowledge of the country from biopiracy and unethical patents.
b) To electronically document the ancient and traditional knowledge of the country.
c) Promotion of research in this field.
d) All of the above.

2) Traditional Knowledge Digital Library, set up in 2001, is a collaboration between which of the following organizations/ministries?

a) CSIR and Ministry of AYUSH.
b) Ministry of AYUSH and The Department of Electronics and Information Technology (DeitY).
c) Ministry of Health and Ministry of AYUSH.
d) IIT and Ministry of Rural Development.

3) Under TKDL, information in books related to Ayurveda, Unani, Siddha, and Yog has been translated to how many international languages?

a) 7
b) 5
c) English only
d) 3

Answers

1) d
2) a
3) b , English, German, French, Spanish and Japanese.

Reference : Wikipedia, TKDL website

Real Estate Investment Trusts (REITs)

1) Which of the following statements is incorrect with respect to Real Estate Investment Trusts (REITs)?

a) They allows one to invest in income-generating real estate assets.
b) Investor can purchase units of REITs through stock exchanges.
c) Minimum required to be put into an REIT is Rs 1 lakh.
d) Income to the unit holders come in form of dividends.

2) Which of the following authorities regulates the functioning of Real Estate Investment Trusts (REITs)?

a) SEBI
b) RBI
c) Real Estate Regulatory Authority
d) Ministry of Finance

3) Which of the following statements is correct with respect to Real Estate Investment Trusts (REITs)?

a) Short term capital gains tax is applicable for unit holder at the rate of 15%.
b) REITs are exempted from dividend distribution tax.
c) Both a and b
d) Neither a nor b

Answers

1) c, Rs. 2 Lakh
2) a
3) c

Film Certification in India

1) Who of the following filmmakers has been appointed as head of the Central Board of Film Certification (CBFC) revamp committee?

a) Pahlaj Nihalani
b) Shyam Benegal
c) Anurag Kashyap
d) Mahesh Bhatt 

2) Which of the following statements is/are incorrect with respect to Central Board of Film Certification (CBFC)?

a) It is a statutory body.
b) It assigns certifications to films and TV shows only.
c) It comes under the Ministry of Culture.
d) Both b and c

3) Which of the following statements is incorrect with respect to Film Certification Appellate Tribunal (FCAT)?

a) It is statutory and a quasi-judicial body.
b) Its decisions are final and binding on the aggrieved party.
c) It comprises about five people, headed by a retired senior judge.
d) It hears appeals from any applicant who is aggrieved by an order of CBFC.

4) Film censorship in India can be done at which of the following levels?

a) Union level only.
b) State level only.
c) Union and state levels only.
d) Union, state and district levels.

5) As per the relevant section of Cinematograph Act, 1952, on which of the following grounds can certification be denied to a film?

i) Security of state
ii) Friendly relations with foreign states
iii) Public order, decency or morality
iv) Defamation
v) Contempt of court
vi) Sovereignty and integrity of India

a) All of the above
b) i, iii, iv and vi only
c) v and vi only
d) i, ii, iii, iv and vi only

6) Which of the following is/are the correct recommendations of Shyam Benegal Committee on reforming the CBFC's functioning?

a) CBFC should only act as a certification body.
b) Classification of films should be done on the basis of their suitability to different age groups.
c) Both a and b
d) Neither a nor b

Answers

1) b, he recommended that the Board should certify films instead of censoring them indiscriminately.

2) d, CBFC comes under Ministry of Information and Broadcasting. It is tasked with "regulating the public exhibition of films under the provisions of the Cinematograph Act 1952". It assigns certifications to films, television shows, television ads, and publications for exhibition, sale or hire in India. (Source: Wikipedia)

3) b, FCAT decisions can be challenged in the courts. Justice S.K. Mishra heads the FCAT.

4) c

5) a, As per Section 5B(1) of Cinematograph Act 1952.

6) c
 

Nuclear Diplomacy Part-2

1) Which of the following statements is correct with respect to Nuclear Non Proliferation Treaty (NPT),1968?

a) It defines "nuclear weapon states" as those that tested devices after January 1,1967.
b) India, Israel and Pakistan have refused to sign the treaty.
c) Both a and b
d) Neither a nor b

2) Which of the following is/are the key nuclear control regimes?

i) Nuclear Supplier Group
ii) Missile Technology Control Regime
iii) Wassenaar Arrangement
iv) Australian Group

a) i only
b) ii and iii only
c) i and ii only
d) All of the above

3) Which of the following countries is/are member of Missile Technology Control Regime ( MTCR)?

a) India
b) China
c) Pakistan
d) None of the above

4) Which of the following measures was not taken by India under the US-India Civil Nuclear Agreement,2005?

a) Ratifying nuclear non proliferation treaty.
b) Separation of civilian and military nuclear programmes.
c) Putting civilian nuclear programme under IAEA safeguards.
d) Modifying export laws to line up with key nuclear control regimes.

5) Which of the following statements is incorrect with respect to Nuclear Supplier Group (NSG)?

a) It seeks to contribute to the non-proliferation of nuclear weapons .
b) The 48 member group works on the basis of consensus.
c) India and China are the members of this group.
d) It was founded in response to the Indian Nuclear Test in May 1974 .

6) Which of the following statements is incorrect with respect to Missile Technology Control Regime (MTCR)?

a) It is a group of 34 states.
b) It aims to limit the spread of ballistic missiles and UAVs that could be used for chemical, biological, and nuclear attacks.
c) India and China are the members of this group.
d) It restricts the weight and range of missiles.

7) Which of the following is/are matched correctly?

i) Wassenaar Arrangement : For control of conventional weapons .
ii) Australian Group : For control of chemicals that could contribute to chemical and biological weapons.
iii) Fissile Material Cut-Off Treaty (FMCT) : Caps the military nuclear stockpile of all the countries.

a) iii only
b) i, ii and iii only
c) i and iii only
d) i and ii only

Answers

1) b,  It defines "nuclear weapon states" as those that tested devices before January 1,1967.
2) d
3) d
4) a
5) c, India is not the member of NSG
6) c, Neither India nor China is its member. It limits any aerial technology that is capable of carrying a 500 kg payload for at least 300 km.
7) b

Related Link : Nuclear Diplomacy Part-1

Trade Facilitation Agreement (TFA)

1) Trade Facilitation Agreement (TFA) has been recently in news . This agreement is related to which of the following organizations?

a) World Trade Organization
b) International Monetary Fund
c) World Bank
d) None of the above

2) In which of the following areas, the Trade Facilitation Agreement has been ratified at the global level?

a) Goods
b) Services
c) Investments
d) Both a and b

3) Which of the following statements is correct with respect to country specific proposals on Trade Facilitation Agreement?

a) The objective of proposed TFA in service by India is to ease flow of global service trade including temporary movement of skilled white collard professionals.
b) China has proposed TFA in investments at the WTO level.
c) Both a and b
d) Neither a nor b

Answers:

1) a
2) a
3) c

Note : According to WTO: The TFA contains provisions for expediting the movement, release and clearance of goods, including goods in transit. It also sets out measures for effective cooperation between customs and other appropriate authorities on trade facilitation and customs compliance issues. It further contains provisions for technical assistance and capacity building in this area.  The Agreement will help improve transparency, increase possibilities to participate in global value chains, and reduce the scope for corruption.

Current Affairs Today : India and the World

1) Which of the following statements is correct with respect to 'open skies' policy?

a) Under this there are no restrictions on flights or seats or routes from a particular country.
b) India has 'open skies' policy for the United States.
c) Both a and b
d) Neither a nor b

2) According the RBI Governor which of the following factors poses a significant challenge to sustaining India's economic momentum?

a) Contracting industrial activity and exports in United States.
b) Deflationary pressures in Japan.
c) Slowdown in China.
d) All of the above.

3) Which of the following statements is correct with respect to the ‘Afghan-India Friendship Dam’ or Salma Dam, which was recently inaugurated in Herat province of Afghanistan ?

a) It is a landmark infrastructure project undertaken by Government of India on river Hari Rud.
b) The project was executed and implemented by WAPCOS Ltd., a GoI Undertaking under Ministry of Water Resources, River Development and Ganga Rejuvenation .
c) Both a and b
d) Neither a nor b

4) Which of the following statements is correct with respect to India's oil consumption in 2015?

a) India is third largest oil consumer in the world after U.S. and Japan.
b) India has demand of 4.1 million barrels a day.
c) India accounts for 4.5% of world oil consumption.
d) All of the above

Answers

1) c
2) d
3) c , Reference : PIB Link
4) d, BP Statistical Review of World Energy,2015

FDI in Retail

1) Which of the following statements is correct with respect to FDI in single brand retail segment?

a) 100% FDI is permitted under this segment of retail.
b) Companies with more than 51% foreign ownership must source 30% of the value of goods in India, preferably from MSME.
c) Both a and b
d) Neither a nor b

2) Which of the following exemptions has/have been provided from the domestic sourcing norms with respect to FDI in single brand retail segment?

a)Products having state-of-the-art and cutting-edge technology
b) Where local sourcing is not possible.
c) Both a and b
d) Neither a nor b

Answers

1) c
2) c

Reference : The Hindu

The Goods and Service Tax(GST) : The Constitution 122nd Amendment Bill,2014

Part-1

1) Which of the following statements is correct with respect to Goods and Service Tax (GST)?

a) It will replace various indirect taxes with one simple nationwide tax.
b) It will be the tax on manufacture, sale and consumption of goods and services.
c) It will be levied and collected at each stage of sale or purchase of goods or services
d) All of the above

2) Which of the following statements is not the correct highlight of this bill?

a) Exemption of  Alcohol for human consumption from the purview of GST.
b) The GST Council to recommend the rates of tax.
c) Supreme powers with parliament to make laws on GST.
d) Integrated GST (IGST) on the interstate supply of goods and services, and imports to be levied by centre.

3) The GST Council will not consist of which of the following functionaries?

a) Union Finance Minister
b) Central Bank Governor
c) Union Minister of State for Revenue
d) state Finance Ministers.

4) The GST council will be constituted by :

a) President of India
b) Prime Minister
c) Union Finance Minister
d) Governor of RBI

5) What exclusive powers have been vested with the central government with respect to the GST bill, 2014?

a) To levy and collect GST on supplies in course of interstate trade and commerce.
b) Levying and collection of additional tax on supplies in course of interstate trade and commerce.
c) Both a and b
d) Neither a nor b

Answers

1) d
2) c, Parliament and state legislatures will have concurrent powers to make laws on GST.
3) b, The GST Council will recommend rates of tax, period of levy of additional tax, principles of supply, special provisions to certain states etc. 
4) a
5) c , Additional tax not to exceed 1%

--------------------------

Part-2

1) Which of the following legislative actions will be needed to pass this constitution amendment bill?

a) Special majority of both the houses of parliament.
b) Simple majority of both the houses of parliament.
c) Special majority of both the houses of parliament and ratification of minimum 50% of the states.
d)  Simple majority of Lok Sabha only.

2) Which of the following statements is correct with respect to Goods and Service Tax (GST)?

a) GST will be the destination based tax.
b) GST council will be set up the Parliament of India.
c) Both a and b
d) Neither a nor b

Answers

1) b
2) a , GST council will be set up the President of India.

Reference : Business Standard Link , PRS Link , www.ey.com

Heat Islands

1) What are "heat islands"?

a) Islands of pacific ocean where marine temperature is 1-3 degree Celsius warmer.
b) Built up areas in the city that are hotter than nearby rural areas.
c) Zones in earth atmosphere where the ozone layer is thinnest.
d) Terrestrial areas where land temperature exceeds 40 degree Celsius.

2) Which of the following statements is incorrect with respect to heat islands?

a) Temperature of heat island in a city can be 1-3 degree Celsius warmer than its surroundings.
b) Temperature difference with respect to surroundings in evening can be much higher.
c) Both a and b
d) Neither a nor b

3) Which of the following is/are the sources of heat that result in creation of urban heat islands in the cities?

i) Vehicular emission
ii) Heat trapped in pavements and concrete surfaces.
iii) Heat absorbed by multi storey buildings.
iv) Use of air-conditioners.

a) i, ii and iii only
b) i and ii only
c) i and iv only
d) i, ii , iii and iv

4) What are the heat islands? Analyze the role played by rapid urbanization in creation of heat islands in million plus cities. What measures can be taken to minimize the effect of heat islands?

Answers

1) b
2) d
3) d
4) Check the reference material

Reference : The Indian Express

Current Affairs Based Objective Questions

1) Government of India is aiming at 100GW of solar power generation by 2022. However the industry is facing certain issues that has led to increase in their operational cost. Which of the following problems is/are been faced by the solar industry?

i) Alluvial or dry dust condition.
ii) Shortage of skilled workforce
iii) Hardness of water
iv) High temperatures

a) ii only
b) i and ii only
c) i, ii, iii and iv
d) i, ii and iii only

2) 'Desert Eagle - II' is a bilateral air force exercise between which of the following countries or groups?

a) India and European Union
b) UAE and European Union
c) India and South Africa
d) India and UAE

3) Which of the following countries has recently rejected the proposal to introduce a guaranteed basic income for everyone living in the country?

a) Switzerland
b) Norway
c) Dubai
d) France

Answers

1) c , The current ( Financial Year16) capacity of solar power generation is 6.7GW
2) d
3) a

Reference : Solar Power (The Hindu Link)

Disaster Risk Reduction

1) Which of the following statements is correct with respect to National Disaster Management Plan?

a) This is the first ever national plan prepared in the country. 
b) The plan is based on the four priority themes of the “Sendai Framework”.
c) Both a and b
d) Neither a nor b

2) Which of the following statements is incorrect with respect to 'Sendai Framework'?

a) It is a 15-year non-binding agreement for disaster risk reduction (2015-30)
b) It was adopted during third UN World Conference on Disaster Risk Reduction in Sendai City, Japan.
c) It is a post 2015 development agenda with seven targets and four priorities for action.
d) It recognizes the sole responsibility of State to reduce disaster risk.

Answers

1) c , Reference : PIB link , Sendai Framework
2) d

Foreign Affairs : Update

Part-1

1) Which of the following statements is incorrect with respect to ' The Hague Code of Conduct (HCoC)' ?

a) It aims at preventing the spread of ballistic missiles.
b) It is a voluntary and legally non- binding multilateral body.
c) India has recently joined this body.
d) None of the above

2) Shangri-La Dialogue is related to which of the following options?

a) Defence and security issues.
b) Non proliferation of nuclear weapons.
c) Asia pacific free trade agreement.
d) Conservation of marine ecosystem.

3) The 'Broad Based Bilateral Trade and Investment Agreement' refers to official Free Trade Agreement (FTA) talks between which of the following countries?

a) India and European Union
b) European Union and United States
c) India and APEC countries
d) United States and China

4) The ‘Joint Comprehensive Plan of Action or JCPOA – often seen in the news – refers to which of the following options?

a) The agreement between Iran and P5+1 on Iran’s nuclear programme.
b) A common roadmap to jointly guide and strengthen the India-EU Strategic Partnership.
c) Non-lethal arms supply agreement between India and the United States.
d) None of the above.

5) With respect to India-EU foreign relations, ‘Agenda for Action – 2020’, is related to which of the following areas?

a) Climate Change
b) Business-to-business linkages.
c) Defence manufacturing and procurement.
d) Cultural contact.

6) Which of the following statements is correct with respect to 'One In One Out' deal signed recently between European Union and Turkey?

a) Europe will resettle one Libyan refugee in the continent for every Syrian refugee returned to turkey from the Greek islands.
b) Europe will resettle one Syrian refugee in the continent for every Libyan refugee returned to turkey from the Greek islands.
c) Europe will resettle one Syrian refugee in the continent for every Syrian refugee returned to turkey from the Greek islands.
d) Europe will resettle one Libyan refugee in the continent for every Libyan refugee returned to turkey from the Greek islands.

Answers

1) d
2) a , Reference : Click Here
3) a
4) a
5) b
6) c

Reference : Shangri-La Dialogue (PIB link)
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Part-2

1) India is not the member or signatory to which of the following organizations or treaty?

i) APEC
ii) Nuclear Supplier Group (NSG)
iii) Non Proliferation Treaty ( NPT)
iv) G8

a) All of the above
b) iii and iv only
c) i,iii and iv only
d) i,ii and iv only

Answers

1) a

Current Affairs Based Objective Questions

1) The 'Broad Based Bilateral Trade and Investment Agreement' refers to official Free Trade Agreement (FTA) talks between which of the following countries?

a) India and European Union
b) European Union and United States
c) India and APEC countries
d) United States and China

2) Which of the following is the longest and deepest rail tunnel that has been opened recently?

a) Seikan tunnel
b) Gotthard tunnel
c) Qazigund tunnel 
d) None of the above

3) 'Office of the future' , the world's first fully functional '3D printed office' has been unveiled in which of the following countries?

a) China
b) New York
c) Dubai
d) Australia

Answers

1) a
2) b , 152 km of tunnel provides a rail link under the Swiss Alps between northern and southern part of Europe.
3) c

Business Correspondent Agents/Bank Mitras (BCAs/BMs) and Payment Banks (PB)

1) Which of the following statements is incorrect in context of Payment Banks?

a) They can raise deposits and pay interest on these balances.
b) They are not allowed to offer loans.
c) They can not issue debit and ATM cards.
d) They can provide forex cards to travelers.

2) What reasons have been cited by the corporate houses who dropped their plan to start a payment bank?

a) Long gestation period.
b) Limited revenue stream
c) Competition from mobile application based offerings by other commercial banks.
d) All of the above.

3) What is/are the facility/facilities the beneficiaries can get from the services of Bank Mitras?

i) Account opening
ii) Cash deposit and withdrawal
iii) Fund transfer (Remittances)
iv) insurance and pension related services.

a) i, ii, iii and iv
b) i, ii and iii
c) i and ii
d) i, iii and iv

4) Which of the following statements is incorrect with respect to India Post Payment Bank (IPPB)?

a) It is public limited company under the Department of Posts.
b) Government of India has 51% equity in it.
c) It can accept deposits of up to Rs 1 lakh.
d) It can sell insurance, pension and mutual fund products.

5) Which of the following services is/are been offered by the India Post?

a) Domestic remittance service.
b) Small savings deposits.
c) Providing ATM/debit cards.
d) All of the above.

6) What is/are the facility/facilities that payment banks provide to the beneficiaries?

i) Accepting demand deposits
ii) Providing cash withdrawal
iii) Remittance service
iv) Providing term loans

a) All of the above
b) i and ii only
c) i, ii and iii only
d) ii and iii only

7) Which of the following statements is correct regarding the difference between Non Banking Finance Companies (NBFCs) and Payment Banks(PB)?

a) NBFCs can not accept demand deposits but Payment Banks can accept such deposits.
b) NBFCs are in the business of lending money whereas Payment Banks can't offer loans.
c) Both a and b
d) Neither a nor b

Answers

1) c
2) d
3) a
4) b, 100% equity
5) d
6) c
7) c

Reference

1) The Hindu Link 1
2) The Hindu Link 2
3) Bank Mitras
4) India Post Payment Bank
5) PIB Link

Note : Payment Banks are the form of Niche banks, regulated by RBI, that play a significant role in promoting financial inclusion in the country.

Income Declaration Scheme- Income Tax Department

1) Tax, surcharge and penalty are payable at what percentage of income declared under the scheme?

a) 55%
b) 45%
c) 33%
d) 15%

2) Which of the following immunities has/have been given to a person who discloses his undisclosed income under this scheme?

a) Assets declared will be exempted from Wealth Tax.
b) Immunity from prosecution under Income-tax/Wealth-tax Act.
c) Immunity from Benami Transactions (prohibition) Act, 1988.
d) All of the above.

Answers

1) b
2) d

Note : Under the Scheme, such income as declared by the eligible persons, would be taxed at the rate of 30% plus a ‘Krishi Kalyan Cess’ of 25% on the taxes payable and a penalty at the rate of 25% of the taxes payable, thereby totaling to 45% of the income declared under the scheme.

Reference : PIB Link

India's Military Might

1) Which of the following statements is correct with respect to the Central Ammunition Depot (CAD) of India?

a) It is the second largest ammunition store in Asia.
b) It is located in Pulgaon, Nagpur.
c)  It stores ammunitions like Brahmos missile, mines, tank shells among others.
d) All of the above.

2) According to a CAG report, India had (as of March 2013) ammo supply to last for how many days of intense fighting?

a) 40 days
b) 20 days
c) 100 days
d) 7 days

Answers

1) d , CAD serves as a massive warehouse for the country's military might .
2) b , The norm says supplies should be adequate for 40 days.