Current Affairs Quiz 31 May 2022

WTO principle of non-discrimination:
• India revised its FDI policy making it difficult for companies from countries sharing land border with India to invest in the country.
• Non-discrimination is a key concept in WTO law and policy. There are two main principles of non-discrimination in WTO law The most-favoured-nation (MFN) treatment obligation and the national treatment obligation.
○ In simple terms, the MFN treatment obligation prohibits a country from discriminating between other countries.
○ The national treatment obligation prohibits a country from discriminating against other countries.

Trade Related Investment Measures (TRIMs)
• The Agreement on TRIMs of the WTO is based on the belief that there is strong connection between trade and investment. Restrictive measures on investment are trade distorting. Several restrictive measures on investment are prohibiting trade and hence are not allowable.
• According to the TRIMs provision, countries should not adopt the investment measures which restrict and distort trade.
• TRIMs instruct that WTO members may not apply any measure that discriminates against foreign investment that violates basic WTO principles.
• WTO gives a list of prohibited investment measures or TRIMs like local content requirement, export obligation, technology transfer requirement etc. that violates trade.
• Few exemptions to developing countries are also provided under TRIMs.

Solution: A
Justification: Gneiss usually forms by regional metamorphism at convergent plate boundaries. It is a highgrade metamorphic rock in which mineral grains recrystallized under intense heat and pressure associated with mountain building and volcanic activity. This alteration increases the size of the mineral grains and segregated them into bands, a transformation which made the rock and its minerals more stable in their metamorphic environment. Gneiss can form in several different ways. The most common path begins with shale, which is a sedimentary rock. Regional metamorphism can transform shale into slate, then phyllite, then schist, and finally into gneiss.

Solution: (d)
Learning: Frequently referred to as “black gold” in ancient India, on account of its demand and trade value mainly due to its high trade value, the Zamorin ruler of Malabar coast had a flourishing trade centre for export of pepper and other spices in Kerala. The main mercantile traders were Arabs and people from Middle East. The early Roman Empire got direct access to the Malabar Coast in India and its range of exotic spices after their conquest of Egypt in 30 BC. The prices of pepper were extremely high in the Middle Ages and the trade was completely dominated by the Romans.

Ans. C
• In times of a crisis, investors globally view gold as a safe haven just the way they treat US government bonds and currencies such as the US dollar, Japanese yen and the swiss franc.
• Analysts say the precious metal acts as an effective portfolio diversifier and serves as a store of value, besides being a shield against inflation and a lender of last resort during economic uncertainties.
• A weak rupee often pushes up gold prices, as India meets bulk of its gold demand from imports.
• According to the World Gold Council, many of the global dynamics seeded over the past few years will remain generally supportive for gold in 2020. In particular, financial and geopolitical uncertainty combined with low interest rates will likely bolster gold investment.

Answer: C

About PM CARES For Children scheme:
• Prime Minister had announced comprehensive support for children who have lost both their parents due to COVID 19 pandemic.
• The objective of the scheme is to ensure comprehensive care and protection of children who have lost their parent(s) to COVID pandemic, in a sustained manner, enable their wellbeing through health insurance, empower them through education and equip them for self-sufficient existence with financial support on reaching 23 years of age.
• The PM CARES for children scheme inter alia provides support to these children through convergent approach, gap funding for ensuring education, health, monthly stipend from the age of 18 years, and lump sum amount of Rs. 10 lakh on attaining 23 years of age.
• The Scheme is expected to continue till the year when every identified beneficiary shall turn 23 years of age.
• The eligibility criterion for the scheme will cover all children who have lost i) Both parents or ii) Surviving parent or iii) legal guardian/adoptive parents/single adoptive parent due to COVID 19 pandemic, starting from 11.03.2020 the date on which WHO has declared and characterized COVID-19 as pandemic till 31.12.2021, shall be entitled to benefits under this scheme. iv) Child should not have completed 18 years of age on the date of death of parents
• Child should not have completed 18 years of age on the date of death of parents