10 PM Current Affairs Quiz : February 27, 2018

Statement 1 is correct. The FATF is an international policy-making body that sets international anti-money laundering standards and counter-terrorist financing measures.  

The Financial Action Task Force (FATF) is an inter-governmental body established in 1989 by the Ministers of its Member jurisdictions.

Statement 2 is incorrect.It was not formed under the principles of the United Nations Global Programme against Money Laundering. However, the UN Global Programme against Money Laundering is carried out in cooperation with other international, regional and national organizations which include the Financial Action Task Force.

Statement 3 is correct. The FATF has developed a series of Recommendations that are recognised as the international standard for combating of money laundering and the financing of terrorism and proliferation of weapons of mass destruction.  

They form the basis for a co-ordinated response to these threats to the integrity of the financial system and help ensure a level playing field.  First issued in 1990, the FATF Recommendations were revised in 1996, 2001, 2003 and most recently in 2012 to ensure that they remain up to date and relevant, and they are intended to be of universal application.

A new initiative known as ‘RISE’ was announced by the Finance Minister today in Union Budget 2017-18.

RISE stands for Revitalising of Infrastructure and Systems in Education.  It aims to lend low-cost funds to government higher educational institutions. Under it, all centrally-funded institutes (CFIs), including central universities, IITs, IIMs, NITs and IISERs can borrow from a Rs 1,00,000 crore corpus over next 4 years to expand and build new infrastructure.

It will be financed via restructured Higher Education Financing Agency (HEFA), a non-banking financial company.

Both the statements are correct. MILAN is a congregation of littoral navies conducted biennially by Indian Navy at the Andaman and Nicobar Islands, under the aegis of the Andaman and Nicobar Command.

MILAN made modest beginnings more than two decades ago when it was first held in 1995. The first edition saw participation of four littoral navies.

MILAN 2018 is being held at Port Blair from 06 March to 13 March 2018. With the underlying theme of ‘Friendship Across the Seas’, MILAN 2018 will witness a diverse mix of professional exercises and seminars, social events and sporting fixtures. The interactions during MILAN encompass sharing of views and ideas on maritime good – order and enhancing regional cooperation for combating unlawful activities at sea.

Statement 1 is correct. Bal Aadhaar literally means Kid’s Aadhaar. It will have blue colour to differentiate it with regular Aadhaar. It will be linked with one of parent’s Aadhaar card. No biometric details will be captured.

Statement 2 is incorrect. Biometrics are not developed for children before 5 years of age. Hence, during Aadhar enrolment child’s Aadhaar data does not include biometric info like fingerprints and Iris scan. However, once the kid crosses 5 years of age, then regular Aadhaar will be issued, which will have the biometric details.

Nostro accounts refer to a bank’s overseas accounts in other banks. Nostros, a term derived from the Latin word for “ours,” are frequently used to facilitate foreign exchange and trade transactions.

The statement (b) correctly describes the term ‘digital profiling’.

Digital profiling is the process of gathering and analyzing information about an individual that exists online. A digital profile can include information about personal characteristics, behaviors, affiliations, connections and interactions.

Digital profiling is used in marketing, enterprise security, criminal justice and recruitment, among other areas.

Original Jurisdiction are the areas or power of a high court to hear disputes in the first instance, not by way of appeal. It extends to the following:

(a) Matters of admirality, will, marriage, divorce, company laws and contempt of court.

(b) Disputes relating to the election of members of Parliament and state legislatures.

(c) Regarding revenue matter or an act ordered or done in revenue collection.

(d) Enforcement of fundamental rights of citizens.

(e) Cases ordered to be transferred from a subordinate court involving the interpretation of the

Constitution to its own file.

(f) The four high courts (i.e., Calcutta, Bombay, Madras and Delhi High Courts) have original civil jurisdiction in cases of higher value.