Current Affairs Quiz 16 December 2022
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Current Affairs Quiz 16 December 2022 for UPSC prelims
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- Question 1 of 5
1. Question
SURYA KIRAN is military training exercise of,
CorrectAnswer: B
IncorrectAnswer: B
- Question 2 of 5
2. Question
Which of the following ministry launched the ‘Swachhata Abhiyan’, a mobile application to identify and geotag insanitary latrines and manual scavengers?
CorrectAns;- c) Ministry of Social Justice and Empowerment
IncorrectAns;- c) Ministry of Social Justice and Empowerment
- Question 3 of 5
3. Question
Which of the following statements regarding Pradhan Mantri Garib Kalyan Anna Yojana are correct?
1. It is considered as world’s largest food security scheme, aims at ensuring sufficient food for the poor and needy during the coronavirus crisis
2. Priority Households (PHH) are to be identified by State Governments/Union Territory Administrations as per criteria evolved by them.
Select the correct answer using the code below.CorrectAnswer: c
Both the statements are correct.IncorrectAnswer: c
Both the statements are correct. - Question 4 of 5
4. Question
Which of the following statements regarding National Financial Reporting Authority are correct?
1. NFRA was constituted in 2018 under Companies Act, 2013.
2. NFRA Chairperson will be appointed by the Central Government.
Select the correct answer using the code below.CorrectAnswer: c
Both the statements are correct.• NFRA was constituted in 2018 under section 132 (1) of the Companies Act, 2013.
• It is an independent regulator for enforcement of auditing standards and ensuring the quality of audits so as to enhance investor and public confidence in financial disclosures of companies.
• It can probe listed companies and those unlisted public companies having paid-up capital of no less than Rs 500 crore or annual turnover of no less than Rs 1,000 crore. (while ICAI retains jurisdiction of small listed companies)
• It can even investigate professional misconduct committed by members of the Institute of Chartered Accountants of India (ICAI) for prescribed class of body corporate or persons.Composition:
The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members.IncorrectAnswer: c
Both the statements are correct.• NFRA was constituted in 2018 under section 132 (1) of the Companies Act, 2013.
• It is an independent regulator for enforcement of auditing standards and ensuring the quality of audits so as to enhance investor and public confidence in financial disclosures of companies.
• It can probe listed companies and those unlisted public companies having paid-up capital of no less than Rs 500 crore or annual turnover of no less than Rs 1,000 crore. (while ICAI retains jurisdiction of small listed companies)
• It can even investigate professional misconduct committed by members of the Institute of Chartered Accountants of India (ICAI) for prescribed class of body corporate or persons.Composition:
The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members. - Question 5 of 5
5. Question
Consider the following statements with reference to Sovereign Gold Bond Scheme:
1. Sovereign Gold Bond Scheme was introduced in the Union Budget 2020- 21
2. The minimum permissible investment limit will be 1000 grams of gold.
Which of the statements given above is/are correct?
CorrectAnswer: D
About Sovereign Gold Bond Scheme (SGB)
- The Sovereign Gold Bond Scheme was introduced in the Union Budget 2015-16 by the Union Cabinet which was chaired by PM Narendra Modi.
- It was launched to reduce the demand for physical gold and with an aim to invest a part of these physicals gold bars and coins that are purchased every year into financial savings in the form of gold bonds.
- Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.
- The Bond is issued by Reserve Bank on behalf of Government of India.
- Government introduced these bonds to help reduce India’s over dependence on gold imports.
- The move was also aimed at changing the habits of Indians from saving in physical form of gold to a paper form with Sovereign backing.
- The bonds will be restricted for sale to resident Indian entities, including individuals, Hindu Undivided Family (HUFs), trusts, universities and charitable institutions.
- The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
- The tenor will be for a period of 8 years with exit option from the 5th year to be exercised on the interest payment dates.
- The minimum permissible investment limit will be 1 gram of gold, while the maximum limit will be 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal (April-March) notified by the government from time to time.
- In case of joint holding, the investment limit of 4 kg will be applied to the first applicant only.
- Bonds can be used as collateral for loans.
- The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
IncorrectAnswer: D
About Sovereign Gold Bond Scheme (SGB)
- The Sovereign Gold Bond Scheme was introduced in the Union Budget 2015-16 by the Union Cabinet which was chaired by PM Narendra Modi.
- It was launched to reduce the demand for physical gold and with an aim to invest a part of these physicals gold bars and coins that are purchased every year into financial savings in the form of gold bonds.
- Investors have to pay the issue price in cash and the bonds will be redeemed in cash on maturity.
- The Bond is issued by Reserve Bank on behalf of Government of India.
- Government introduced these bonds to help reduce India’s over dependence on gold imports.
- The move was also aimed at changing the habits of Indians from saving in physical form of gold to a paper form with Sovereign backing.
- The bonds will be restricted for sale to resident Indian entities, including individuals, Hindu Undivided Family (HUFs), trusts, universities and charitable institutions.
- The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram.
- The tenor will be for a period of 8 years with exit option from the 5th year to be exercised on the interest payment dates.
- The minimum permissible investment limit will be 1 gram of gold, while the maximum limit will be 4 kg for individual, 4 kg for HUF and 20 kg for trusts and similar entities per fiscal (April-March) notified by the government from time to time.
- In case of joint holding, the investment limit of 4 kg will be applied to the first applicant only.
- Bonds can be used as collateral for loans.
- The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
