Current Affairs Quiz 11 August 2023
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Current Affairs Quiz 11 August 2023 for UPSC Prelims
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- Question 1 of 5
1. Question
Which of the folloing statements regarding Monetary Policy Committee are correct?
1. The Monetary Policy Committee (MPC) is a committee constituted by the Reserve Bank of India and led by the Governor of RBI.
2. Monetary Policy Committee was formed with the mission of fixing the benchmark policy interest rate (repo rate) to restrain inflation within the particular target level.CorrectAns;- c) Both 1 and 2
Explanation;-
• Both the statements are correct regarding Monetary Policy Committee
About Monetary Policy Committee
• The Monetary Policy Committee (MPC) is a committee constituted by the Reserve Bank of India and led by the Governor of RBI.
• Monetary Policy Committee was formed with the mission of fixing the benchmark policy interest rate (repo rate) to restrain inflation within the particular target level.
• Monetary Policy was implemented with an initiative to provide reasonable price stability, high employment, and a faster economic growth rate.
• The major four objectives of the Monetary Policy are mentioned below:
1. To stabilize the business cycle.
2. To provide reasonable price stability.
3. To provide faster economic growth.
4. Exchange Rate Stability.
• Monetary Policy Committee (MPC) was constituted as per Section 45ZB under the RBI Act of 1934 by the Central Government.
• The committee comprises six members – three officials of the Reserve Bank of India and three external members nominated by the Government of India.
• The current mandate of the committee is to maintain 4% annual inflation until 31 March 2021 with an upper tolerance of 6% and a lower tolerance of 2%.
• Decisions are taken by majority with the Governor having the casting vote in case of a tie.IncorrectAns;- c) Both 1 and 2
Explanation;-
• Both the statements are correct regarding Monetary Policy Committee
About Monetary Policy Committee
• The Monetary Policy Committee (MPC) is a committee constituted by the Reserve Bank of India and led by the Governor of RBI.
• Monetary Policy Committee was formed with the mission of fixing the benchmark policy interest rate (repo rate) to restrain inflation within the particular target level.
• Monetary Policy was implemented with an initiative to provide reasonable price stability, high employment, and a faster economic growth rate.
• The major four objectives of the Monetary Policy are mentioned below:
1. To stabilize the business cycle.
2. To provide reasonable price stability.
3. To provide faster economic growth.
4. Exchange Rate Stability.
• Monetary Policy Committee (MPC) was constituted as per Section 45ZB under the RBI Act of 1934 by the Central Government.
• The committee comprises six members – three officials of the Reserve Bank of India and three external members nominated by the Government of India.
• The current mandate of the committee is to maintain 4% annual inflation until 31 March 2021 with an upper tolerance of 6% and a lower tolerance of 2%.
• Decisions are taken by majority with the Governor having the casting vote in case of a tie. - Question 2 of 5
2. Question
Which of the following are correctly matched?
1. Repo Rate = is when the RBI borrows money from banks when there is excess liquidity in the market.
2. Reverse Repo Rate = is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds.CorrectExplanation;-
• Both the statements are reversed.
• Reverse Repo Rate is a mechanism to absorb the liquidity in the market, thus restricting the borrowing power of investors. Reverse Repo Rate is when the RBI borrows money from banks when there is excess liquidity in the market. The banks benefit out of it by receiving interest for their holdings with the central bank.
• Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation.
IncorrectExplanation;-
• Both the statements are reversed.
• Reverse Repo Rate is a mechanism to absorb the liquidity in the market, thus restricting the borrowing power of investors. Reverse Repo Rate is when the RBI borrows money from banks when there is excess liquidity in the market. The banks benefit out of it by receiving interest for their holdings with the central bank.
• Repo rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation.
- Question 3 of 5
3. Question
Which of the following provisions of the Constitution does India have a bearing on Education?
- Directive Principles of State Policy
- Rural and Urban Local Bodies
- Fifth Schedule
- Sixth Schedule
- Seventh Schedule
Select the correct answer using the codes given below:
CorrectAns- (d)
IncorrectAns- (d)
- Question 4 of 5
4. Question
Which of following countries does not boarder Mediterranean sea?
CorrectAnswer: D
IncorrectAnswer: D
- Question 5 of 5
5. Question
Which of the following statements regarding National Company Law Appellate Tribunal are correct?
- NCLAT, established under the Companies Act, 2013, serves as a quasi-judicial entity in India.
- It holds the status of the second-highest forum for company law disputes, following the Supreme Court.
Which of the statements given above is/are correct?
CorrectAnswer: C
National Company Law Appellate Tribunal (NCLAT)
- NCLAT, established under the Companies Act, 2013, serves as a quasi-judicial entity in India.
- It hears appeals against rulings issued by the National Company Law Tribunal (NCLT).
- Founded in 2016, the NCLAT’s headquarters is located in New Delhi.
- It holds the status of the second-highest forum for company law disputes, following the Supreme Court.
Jurisdiction and Authority:
- NCLAT’s decisions are binding and conclusive, and its orders can only be contested in the Supreme Court.
- It possesses the authority to entertain appeals pertaining to insolvency, bankruptcy, mergers, acquisitions, and various company law matters.
- NCLAT assumes the role of an Appellate Tribunal for Competition Commission of India (CCI) orders and National
- Financial Reporting Authority matters.
Composition:
- NCLAT is led by a Chairperson and comprises judicial and technical members, all appointed by the Central Government.
IncorrectAnswer: C
National Company Law Appellate Tribunal (NCLAT)
- NCLAT, established under the Companies Act, 2013, serves as a quasi-judicial entity in India.
- It hears appeals against rulings issued by the National Company Law Tribunal (NCLT).
- Founded in 2016, the NCLAT’s headquarters is located in New Delhi.
- It holds the status of the second-highest forum for company law disputes, following the Supreme Court.
Jurisdiction and Authority:
- NCLAT’s decisions are binding and conclusive, and its orders can only be contested in the Supreme Court.
- It possesses the authority to entertain appeals pertaining to insolvency, bankruptcy, mergers, acquisitions, and various company law matters.
- NCLAT assumes the role of an Appellate Tribunal for Competition Commission of India (CCI) orders and National
- Financial Reporting Authority matters.
Composition:
- NCLAT is led by a Chairperson and comprises judicial and technical members, all appointed by the Central Government.
