10 PM Current Affairs Quiz: August 8, 2020

RBI had recently announced a loan recast window for companies. It has further announced a committee chaired by KV Kamath, former chief of New Development Bank.

The committee will recommend on the required financial parameters, along with the sector specific benchmark ranges which need to be factored into the resolution plans. The expert committee will also undertake the process validation for the resolution plans to be implemented under this framework.

Both statements are correct.

As per the article 148 of the Constitution, the Comptroller and Auditor-General of India shall only be removed from office in like manner and on the like grounds as a Judge of the Supreme Court.

A Judge of the Supreme Court cannot be removed from his/her office except by an order of the President passed after an address by each House of Parliament supported by a majority of the total membership of that House and by a majority of not less than two-thirds of the members of that House present and voting has been presented to the President in the same session for such removal on the ground of proved misbehavior or incapacity.

As per clause (4) of article 148, the Comptroller and Auditor-General shall not be eligible for further office either under the Government of India or under the Government of any State after he has ceased to hold his office.

‘Bharat Mata’ is Abanindranath Tagore’s work (1905) depicting a saffron clad woman, dressed like a sadhvi, holding a book, sheaves of paddy, a piece of white cloth and a garland in her four hands.

‘Darjeeling and Fog’ was created in 1945 by Nandalal Bose.

The ‘Descent of the Ganges’ or ‘Arjuna’s Penance’ are portrayed in stone at the Pallava heritage site in Mahabalipuram.

‘Shakuntala looking for Dushyanta’ (1870) is an epic painting by celebrated Indian painter, Raja Ravi Verma.

Statement 1 is correct. Handloom Mark is the Government of India’s initiative to provide a collective identity to the handloom products in India and can be used not only for popularizing the hand-woven products but can also serve as a guarantee for the buyer that the product being purchased is genuinely hand woven from India.

Statement 2 is correct. Handloom Mark Scheme is run by the Office of the Development Commissioner (Handloom) and is implemented by Textiles Committee.

The Textiles Committee is a statutory body under the Textiles Committee Act, 1963 with main objective to ensure the quality of textiles and textile machinery both for internal consumption and export purposes.

Both statements are correct.

Objectives of Rashtriya Gram Swaraj Abhiyan (RGSA):

-Develop governance capabilities of PRIs to deliver on the SDGs.

-Enhance capabilities of Panchayats for inclusive local governance with focus on optimum utilization of available resources

-Enhance capabilities of Panchayats to raise their own sources of revenue.

-Promote devolution of powers and responsibilities to Panchayats according to the spirit of the Constitution and PESA Act 1996.

-Promote e-governance and other technology driven solutions to enable good governance in Panchayats for administrative efficiency and improved service delivery.

-Recognize and incentivize PRIs based on performance.

Recently Rockefeller Foundation has selected Naandi Foundation, Hyderabad-based non-profit, as one of the ‘Top 10 Visionaries’ in the world for the Food Vision 2050 Prize.

Naandi’s vision titled “Arakunomics” is based on work with tribal farmers in Araku for nearly 20 years. Arakunomics is a new integrated economic model that ensures Profits for farmers, Quality for consumers through Regenerative Agriculture (PQR).

Both statements are correct.

The Code on Wages, 2019 replaced the four laws: (i) the Payment of Wages Act, 1936, (ii) the Minimum Wages Act, 1948, (iii) the Payment of Bonus Act, 1965, and (iv) the Equal Remuneration Act, 1976.

As per the Code, the central government will fix a floor wage, taking into account living standards of workers. It may set different floor wages for different geographical areas. Before fixing the floor wage, the central government may obtain the advice of the Central Advisory Board and may consult with state governments.

The Code prohibits employers from paying wages less than the minimum wages.  Minimum wages will be notified by the central or state governments. Further, the minimum wages decided by the central or state governments must be higher than the floor wage.

Option 1 is correctly matched. Falkland Islands is the internally self-governing overseas territory of the United Kingdom in the South Atlantic Ocean. Its sovereignty status is part of an ongoing dispute between Argentina and the United Kingdom.

Option 2 is correctly matched. Jaffna is the capital city of the Northern Province of Sri Lanka. During the civil war, the rebel Liberation Tigers of Tamil Eelam (LTTE) occupied Jaffna in 1986.

Option 3 is incorrectly matched. Ascension Island is an isolated volcanic island in the South Atlantic Ocean. It is governed as part of the British Overseas Territory of Saint Helena, Ascension and Tristan da Cunha.

Kavkaz 2020, also referred to as Caucasus-2020 is a Russian strategic military command-post exercise scheduled for September 2020.

The invitation for participation to Kavkaz 2020 has been extended to at least 18 countries including China, Iran, Pakistan and Turkey apart from other Central Asian Republics part of the SCO.

Indian military contingent recently marched at the Victory Day Parade at Red Square in Moscow to mark the 75th anniversary of World War II.

Statement 1 is correct. The primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth. Price stability is a necessary precondition to sustainable growth.

In May 2016, the Reserve Bank of India (RBI) Act, 1934 was amended to provide a statutory basis for the implementation of the flexible inflation targeting framework.

The amended RBI Act also provides for the inflation target to be set by the Government of India, in consultation with the Reserve Bank, once in every five years.

Central Government has notified in the Official Gazette 4 per cent Consumer Price Index (CPI) inflation as the target for the period from 2016 to 2021 with the upper tolerance limit of 6 per cent and the lower tolerance limit of 2 per cent.

Statement 2 is correct. Section 45ZB of the amended RBI Act, 1934 provides for an empowered six-member monetary policy committee (MPC).

The Monetary Policy Committee consists of the following Members:

-Governor of the Bank—Chairperson, ex officio;

-Deputy Governor of the Bank, in charge of Monetary Policy—Member, ex officio;

-One officer of the Bank to be nominated by the Central Board—Member, ex officio; and

-Three persons to be appointed by the Central Government—Members