Current Affairs Quiz 10 August 2024
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Current Affairs Quiz 10 August 2024 for UPSC Prelims
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- Question 1 of 5
1. Question
Consider the following statements regarding Monetary policy
1. Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy
and it is explicitly mandated under the Reserve Bank of India Act, 1934.
2. The Financial Market Committee (FMC) determines the policy interest rate required to
achieve the inflation target.
Which of the statements given above is/are correct?CorrectCorrect Answer : A
The Financial Market Committee (FMC) meets daily to review the liquidity conditions so as
to ensure that the operating target of monetary policy (weighted average lending rate) is kept
close to the policy repo rate. Hence, statement 2 is incorrect.IncorrectCorrect Answer : A
The Financial Market Committee (FMC) meets daily to review the liquidity conditions so as
to ensure that the operating target of monetary policy (weighted average lending rate) is kept
close to the policy repo rate. Hence, statement 2 is incorrect. - Question 2 of 5
2. Question
Consider the following statements about the Positive Indigenisation List (PIL):
1. The PIL is a list of defense items that the Indian armed forces are required to purchase exclusively from domestic manufacturers, including both private sector companies and Defence Public Sector Undertakings (DPSUs).
2. The PIL was introduced under the Defence Acquisition Procedure (DAP) 2018, with the objective of focusing on import substitution for major defense systems, platforms, and weapon systems.
Which of the statements given above is/are correct?CorrectAnswer: (a) 1 only
Explanation:
• Statement 1 is correct. The PIL is indeed a list of items that Indian armed forces must procure from domestic sources, including both private sector companies and Defence Public Sector Undertakings (DPSUs).
• Statement 2 is incorrect. The PIL was introduced under the Defence Acquisition Procedure (DAP) 2020, not 2018, and focuses on import substitution for major defense systems, platforms, and weapon systems.IncorrectAnswer: (a) 1 only
Explanation:
• Statement 1 is correct. The PIL is indeed a list of items that Indian armed forces must procure from domestic sources, including both private sector companies and Defence Public Sector Undertakings (DPSUs).
• Statement 2 is incorrect. The PIL was introduced under the Defence Acquisition Procedure (DAP) 2020, not 2018, and focuses on import substitution for major defense systems, platforms, and weapon systems. - Question 3 of 5
3. Question
Consider the following statements regarding RTGS System
1. It is an electronic fund transfer system that operates on a Deferred Net Settlement (DNS)
basis which settles transactions in batches.
2. The RTGS system is primarily meant for large value transactions.
Which of the statements given above is/are correct?CorrectCorrect Answer : B
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order-by- order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time; ‘Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction-by- instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable. Hence, statement 1 is incorrect.
IncorrectCorrect Answer : B
The acronym ‘RTGS’ stands for Real Time Gross Settlement, which can be defined as the continuous (real-time) settlement of funds transfers individually on an order-by- order basis (without netting). ‘Real Time’ means the processing of instructions at the time they are received rather than at some later time; ‘Gross Settlement’ means the settlement of funds transfer instructions occurs individually (on an instruction-by- instruction basis). Considering that the funds settlement takes place in the books of the Reserve Bank of India, the payments are final and irrevocable. Hence, statement 1 is incorrect.
- Question 4 of 5
4. Question
With reference to the Interest Equalisation Scheme (IES), consider the following statements:
1. The scheme was first implemented on 1st April 2015 to provide pre- and post-shipment export credit to exporters in rupees.
2. The scheme is implemented by the Directorate General of Foreign Trade (DGFT).
3. The scheme offers an interest equalisation benefit at a rate of 3% to all merchant exporters.
Which of the statements given above is/are correct?CorrectAnswer and Explanation:
Answer: (c) 1 only
Explanation:
• Statement 1 is correct. The scheme was first implemented on 1st April 2015 to provide pre- and post-shipment export credit to exporters in rupees.
• Statement 2 is incorrect. The scheme is implemented by the RBI through various public and non-public sector banks, not by the Directorate General of Foreign Trade (DGFT).
• Statement 3 is incorrect. The scheme offers an interest equalisation benefit at a rate of 2% on pre- and post-shipment rupee export credit to merchant and manufacturer exporters of 410 identified tariff lines at the 4-digit level, and 3% to all MSME manufacturer exporters, not to all merchant exporters.
Therefore, the correct answer is (c) 1 only.IncorrectAnswer and Explanation:
Answer: (c) 1 only
Explanation:
• Statement 1 is correct. The scheme was first implemented on 1st April 2015 to provide pre- and post-shipment export credit to exporters in rupees.
• Statement 2 is incorrect. The scheme is implemented by the RBI through various public and non-public sector banks, not by the Directorate General of Foreign Trade (DGFT).
• Statement 3 is incorrect. The scheme offers an interest equalisation benefit at a rate of 2% on pre- and post-shipment rupee export credit to merchant and manufacturer exporters of 410 identified tariff lines at the 4-digit level, and 3% to all MSME manufacturer exporters, not to all merchant exporters.
Therefore, the correct answer is (c) 1 only. - Question 5 of 5
5. Question
Microbial fuel cells are considered a source of sustainable energy. Why?
1. They use living organisms as catalysts to generate electricity from certain substrates.
2. They use a variety of inorganic materials as substrates.
3. They can be installed in waste water treatment plants to cleanse water and produce electricity.
Which of the statements given above is/are correct?CorrectAns: (d)
IncorrectAns: (d)
