Current Affairs Quiz 19 September 2024
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Current Affairs Quiz 19 September 2024 for UPSC Prelims
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- Question 1 of 5
1. Question
Consider the following statements with reference to Law Commission:
1. Law Commission is a statutory body constituted by the Government of India.
2. The first law commission in Independent India was established in 1955 with M. C. Setalvad as its chairman.
3. No Law Commission has been constituted since the year 2018.
Which of the statements given above is/are correct?CorrectAnswer: C
The Law Commission of India is a non-statutory body and is constituted by a notification of the Government of India, Ministry of Law & Justice, Department of Legal AffairsThe 22nd Commission has been constituted two and a half years after it was approved by the Union Cabinet on February 19, 2020, just before the outbreak of the Covid-19 pandemic. A petition had been moved in the Supreme Court subsequently against the delay in constituting the 22nd Commission. Hence statement 3 is not correct.
IncorrectAnswer: C
The Law Commission of India is a non-statutory body and is constituted by a notification of the Government of India, Ministry of Law & Justice, Department of Legal AffairsThe 22nd Commission has been constituted two and a half years after it was approved by the Union Cabinet on February 19, 2020, just before the outbreak of the Covid-19 pandemic. A petition had been moved in the Supreme Court subsequently against the delay in constituting the 22nd Commission. Hence statement 3 is not correct.
- Question 2 of 5
2. Question
Consider the following statements regarding windfall tax.
1. Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event — for instance, the energy price-rise as a result of the Russia-Ukraine conflict.
2. Governments typically levy this as a one-off tax retrospectively over and above the normal rates of tax.
Which of the statements given above is/are correct?CorrectAns: C
What is a windfall tax?
• Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event — for instance, the energy price-rise as a result of the Russia-Ukraine conflict.
• These are profits that cannot be attributed to something the firm actively did, like an investment strategy or an expansion of business.
○ The U.S. Congressional Research Service (CRS) defines a windfall as an “unearned, unanticipated gain in income through no additional effort or expense”.
• Governments typically levy this as a one-off tax retrospectively over and above the normal rates of tax.
• One area where such taxes have routinely been discussed is oil markets, where price fluctuation leads to volatile or erratic profits for the industry.
• There have been varying rationales for governments worldwide to introduce windfall taxes, from redistribution of unexpected gains when high prices benefit producers at the expense of consumers, to funding social welfare schemes, and as a supplementary revenue stream for the government.IncorrectAns: C
What is a windfall tax?
• Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event — for instance, the energy price-rise as a result of the Russia-Ukraine conflict.
• These are profits that cannot be attributed to something the firm actively did, like an investment strategy or an expansion of business.
○ The U.S. Congressional Research Service (CRS) defines a windfall as an “unearned, unanticipated gain in income through no additional effort or expense”.
• Governments typically levy this as a one-off tax retrospectively over and above the normal rates of tax.
• One area where such taxes have routinely been discussed is oil markets, where price fluctuation leads to volatile or erratic profits for the industry.
• There have been varying rationales for governments worldwide to introduce windfall taxes, from redistribution of unexpected gains when high prices benefit producers at the expense of consumers, to funding social welfare schemes, and as a supplementary revenue stream for the government. - Question 3 of 5
3. Question
Consider the following statements with respect to the Telecom Regulatory Authority of India
1. The Telecom Regulatory Authority of India Ac 2020, created the Telecom Regulatory Authority of India (TRAI)
2. The recommendations of the TRAI are binding upon the Central Government.
Which of the statement(s) given above is/are correct?CorrectAnswer : d
About TRAI:
• In 1997, the Telecom Regulatory Authority of India Act, 1997, created the Telecom Regulatory Authority of India (TRAI).
• The Telecom Regulatory Authority of India (TRAI) has its headquarters in New Delhi.
• Two full-time members, two part-time members, and the chairperson of the TRAI are all chosen by the Indian government.Functions of TRAI:
• The function of the TRAI is to make recommendations to the central government on matters related to service providers, Revocation of license for non-compliance , Measures to facilitate competition and promote efficiency in the operation of telecommunication services to facilitate their growth etc.
• Laying down the standards of quality of service to be provided by the service providers.
• Timely and officially notifying the rates at which the telecommunication services within India and outside India shall be provided under the TRAI Act, 1997.
• The recommendations of the TRAI are not binding upon the Central Government.IncorrectAnswer : d
About TRAI:
• In 1997, the Telecom Regulatory Authority of India Act, 1997, created the Telecom Regulatory Authority of India (TRAI).
• The Telecom Regulatory Authority of India (TRAI) has its headquarters in New Delhi.
• Two full-time members, two part-time members, and the chairperson of the TRAI are all chosen by the Indian government.Functions of TRAI:
• The function of the TRAI is to make recommendations to the central government on matters related to service providers, Revocation of license for non-compliance , Measures to facilitate competition and promote efficiency in the operation of telecommunication services to facilitate their growth etc.
• Laying down the standards of quality of service to be provided by the service providers.
• Timely and officially notifying the rates at which the telecommunication services within India and outside India shall be provided under the TRAI Act, 1997.
• The recommendations of the TRAI are not binding upon the Central Government. - Question 4 of 5
4. Question
Which of the following statements regarding National Tiger Conservation Authority (NTCA) are correct?
1. The National Tiger Conservation Authority is set up under the Chairmanship of the Minister for Environment and Forests.
2. Every 4 years the National Tiger Conservation Authority (NTCA) conducts a tiger census across India.Select the correct answer using the code below.
CorrectAnswer: C
IncorrectAnswer: C
- Question 5 of 5
5. Question
The Crypto-Asset Reporting Framework (CARF) for reporting and exchange of information with respect to crypto-assets was released by
CorrectAnswer: D
IncorrectAnswer: D
