Current Affairs Quiz 20 November 2023
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Current Affairs Quiz 20 November 2023 for UPSC Prelims
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- Question 1 of 5
1. Question
Consider the following statements about Pradhan Mantri Formalisation of Micro food
processing Enterprises (PM-FME):
1. It has been launched under the Aatmanirbhar Bharat Abhiyan.
2. It primarily focuses on the unorganized segment of the food processing industry.
3. It envisages enhancing minor forest produce in the tribal districts.
Which of the statements given above is/are correct?CorrectAnswer: D
All the statements are correctIncorrectAnswer: D
All the statements are correct - Question 2 of 5
2. Question
Consider the following statements regarding Juvenile Justice (Care and Protection of Children) Act, 2015
1. The Act changes the nomenclature from ‘juvenile’ to ‘child’ or ‘child in conflict with law’.
2. Central Adoption Resource Authority (CARA) was granted the status of a statutory body under this act.
Which of the statements given above is/are correct?CorrectAnswer: C
Juvenile Justice (Care and Protection of Children) Act, 2015
· The Juvenile Justice (Care and Protection of Children) Act, 2015 replaced the Juvenile Justice (Care and Protection of Children) Act, 2000 to comprehensively address children in conflict with law and children in need of care and protection.
· The Act changes the nomenclature from ‘juvenile’ to ‘child’ or ‘child in conflict with law’.
· Also, it removes the negative connotation associated with the word “juvenile”.
· It also includes several new and clear definitions such as orphaned, abandoned and surrendered children; and petty, serious and heinous offences committed by children.
· The 2015 law also included special provisions to tackle child offenders committing heinous offences in the age group of 16-18 years.
· It mandates setting up Juvenile Justice Boards and Child Welfare Committees in every district. Both must have at least one-woman member each.
· A separate new chapter on Adoption to streamline adoption procedures for an orphan, abandoned and surrendered children,
· Also, the Central Adoption Resource Authority (CARA) was granted the status of a statutory body to enable it to perform its function more effectively.
All Child Care Institutions, whether run by State Government or by voluntary or non-governmental organisations are to be mandatorily registered under the Act within 6 months from the date of commencement of the Act.IncorrectAnswer: C
Juvenile Justice (Care and Protection of Children) Act, 2015
· The Juvenile Justice (Care and Protection of Children) Act, 2015 replaced the Juvenile Justice (Care and Protection of Children) Act, 2000 to comprehensively address children in conflict with law and children in need of care and protection.
· The Act changes the nomenclature from ‘juvenile’ to ‘child’ or ‘child in conflict with law’.
· Also, it removes the negative connotation associated with the word “juvenile”.
· It also includes several new and clear definitions such as orphaned, abandoned and surrendered children; and petty, serious and heinous offences committed by children.
· The 2015 law also included special provisions to tackle child offenders committing heinous offences in the age group of 16-18 years.
· It mandates setting up Juvenile Justice Boards and Child Welfare Committees in every district. Both must have at least one-woman member each.
· A separate new chapter on Adoption to streamline adoption procedures for an orphan, abandoned and surrendered children,
· Also, the Central Adoption Resource Authority (CARA) was granted the status of a statutory body to enable it to perform its function more effectively.
All Child Care Institutions, whether run by State Government or by voluntary or non-governmental organisations are to be mandatorily registered under the Act within 6 months from the date of commencement of the Act. - Question 3 of 5
3. Question
Consider the following statements regarding Inland Waterways Authority of India
1. It is the statutory authority in charge of the waterways in India, constituted under IWAI Act-1985
2. It is headquartered in Mumbai.
Which of the statements given above is/are correct?CorrectAnswer: A
Inland Waterways Authority of India (IWAI)
· Inland Waterways Authority of India (IWAI) is the statutory authority in charge of the waterways in India, constituted under IWAI Act-1985 and headquartered in Noida, UP.
· It does the function of building the necessary infrastructure in these waterways, surveying the economic feasibility of new projects and also administration.
· The Authority primarily undertakes projects for development and maintenance of Inland Waterway Terminal infrastructure on National Waterways through grant received from Ministry of Ports, Shipping and Waterways, Road Transport and Highways.IncorrectAnswer: A
Inland Waterways Authority of India (IWAI)
· Inland Waterways Authority of India (IWAI) is the statutory authority in charge of the waterways in India, constituted under IWAI Act-1985 and headquartered in Noida, UP.
· It does the function of building the necessary infrastructure in these waterways, surveying the economic feasibility of new projects and also administration.
· The Authority primarily undertakes projects for development and maintenance of Inland Waterway Terminal infrastructure on National Waterways through grant received from Ministry of Ports, Shipping and Waterways, Road Transport and Highways. - Question 4 of 5
4. Question
Consider the following statements regarding Airports Economic Regulatory Authority of India
1. Airports Economic Regulatory Authority of India (AERA) is the Statutory body established under The Airports Economic Regulatory Authority of India Act, 2021.
2. AERA regulates tariffs and other charges for aeronautical services provided at civilian airports with annual traffic above 5 lakh passengers.Which of the statements given above is/are correct?
CorrectAnswer: D
Airports Economic Regulatory Authority of India (AERA)
· The Airports Economic Regulatory Authority of India Act, 2008 established the Statutory body – Airports Economic Regulatory Authority of India (AERA).
· AERA was established to ensure that private airport operators do not misuse their monopoly, the need for an independent tariff regulator in the airport sector was felt.
· AERA regulates tariffs and other charges for aeronautical services provided at civilian airports with annual traffic above 15 lakh passengers.
· It also monitors the performance standard of services across these airportsIncorrectAnswer: D
Airports Economic Regulatory Authority of India (AERA)
· The Airports Economic Regulatory Authority of India Act, 2008 established the Statutory body – Airports Economic Regulatory Authority of India (AERA).
· AERA was established to ensure that private airport operators do not misuse their monopoly, the need for an independent tariff regulator in the airport sector was felt.
· AERA regulates tariffs and other charges for aeronautical services provided at civilian airports with annual traffic above 15 lakh passengers.
· It also monitors the performance standard of services across these airports - Question 5 of 5
5. Question
Which of the following about Insolvency and Bankruptcy Code, 2016?
1. Bankruptcy is a situation where individuals or companies are unable to repay their outstanding debt.
2. The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
3. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December 2015.CorrectAns;- b) Only 2 and 3
Explanation;-
• The 1st statement is incorrect because Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
About Insolvency and Bankruptcy Code, 2016
• Insolvency and Bankruptcy Code, 2016 provides a time-bound process for resolving insolvency in companies and among individuals.
• Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
• Bankruptcy, on the other hand, is a situation whereby a court of competent jurisdiction has declared a person or other entity insolvent, having passed appropriate orders to resolve it and protect the rights of the creditors. It is a legal declaration of one’s inability to pay off debts.
• The Government implemented the Insolvency and Bankruptcy Code (IBC) to consolidate all laws related to insolvency and bankruptcy and to tackle Non-Performing Assets (NPA), a problem that has been pulling the Indian economy down for years.
• The Code is quite different from the earlier resolution systems as it shifts the responsibility to the creditor to initiate the insolvency resolution process against the corporate debtor.
• The recently proposed amendments aim to remove bottlenecks, streamline the corporate insolvency resolution process, and protect the last mile funding in order to boost investment in financially distressed sectors.
• Ring-fencing the companies resolved under the IBC from regulatory actions during past management can make the IBC process attractive for investors and acquirers.About Objectives of IBC
• To consolidate and amend all existing insolvency laws in India.
• To simplify and expedite the Insolvency and Bankruptcy Proceedings in India.
• To protect the interest of creditors including stakeholders in a company.
• To revive the company in a time-bound manner.
• To promote entrepreneurship.
• To get the necessary relief to the creditors and consequently increase the credit supply in the economy.
• To work out a new and timely recovery procedure to be adopted by the banks, financial institutions or individuals.
• To set up an Insolvency and Bankruptcy Board of India.
• Maximization of the value of assets of corporate persons.
Salient features of the Insolvency and Bankruptcy Code, 2016
• Covers all individuals, companies, Limited Liability Partnerships (LLPs) and partnership firms.
• Adjudicating authority:
• National Company Law Tribunal (NCLT) for companies and LLPs
• Debt Recovery Tribunal (DRT) for individuals and partnership firmsIncorrectAns;- b) Only 2 and 3
Explanation;-
• The 1st statement is incorrect because Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
About Insolvency and Bankruptcy Code, 2016
• Insolvency and Bankruptcy Code, 2016 provides a time-bound process for resolving insolvency in companies and among individuals.
• Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
• Bankruptcy, on the other hand, is a situation whereby a court of competent jurisdiction has declared a person or other entity insolvent, having passed appropriate orders to resolve it and protect the rights of the creditors. It is a legal declaration of one’s inability to pay off debts.
• The Government implemented the Insolvency and Bankruptcy Code (IBC) to consolidate all laws related to insolvency and bankruptcy and to tackle Non-Performing Assets (NPA), a problem that has been pulling the Indian economy down for years.
• The Code is quite different from the earlier resolution systems as it shifts the responsibility to the creditor to initiate the insolvency resolution process against the corporate debtor.
• The recently proposed amendments aim to remove bottlenecks, streamline the corporate insolvency resolution process, and protect the last mile funding in order to boost investment in financially distressed sectors.
• Ring-fencing the companies resolved under the IBC from regulatory actions during past management can make the IBC process attractive for investors and acquirers.About Objectives of IBC
• To consolidate and amend all existing insolvency laws in India.
• To simplify and expedite the Insolvency and Bankruptcy Proceedings in India.
• To protect the interest of creditors including stakeholders in a company.
• To revive the company in a time-bound manner.
• To promote entrepreneurship.
• To get the necessary relief to the creditors and consequently increase the credit supply in the economy.
• To work out a new and timely recovery procedure to be adopted by the banks, financial institutions or individuals.
• To set up an Insolvency and Bankruptcy Board of India.
• Maximization of the value of assets of corporate persons.
Salient features of the Insolvency and Bankruptcy Code, 2016
• Covers all individuals, companies, Limited Liability Partnerships (LLPs) and partnership firms.
• Adjudicating authority:
• National Company Law Tribunal (NCLT) for companies and LLPs
• Debt Recovery Tribunal (DRT) for individuals and partnership firms
