10 PM Current Affairs Quiz : March 3, 2018

Statement 1 is correct. Nag is an Anti-Tank Guided Missiles (ATGM).

A guided missile is a missile that is directed by remote control or by internal equipment.

Statement 2 is incorrect. NAG has been indigenously developed by Defence Research and Development Organisation (DRDO).

An APA is an agreement between a corporate taxpayer and the tax authority on its transfer pricing methodology and the tax rate applicable to inter-company transactions.

The concept of Advanced Pricing Agreement (APA) was introduced in India via the Finance Act 2012.

All the statements are correct.

National Agricultural Cooperative Marketing Federation of India Ltd.(NAFED) was established on the auspicious day of Gandhi Jayanti on 2nd October 1958.

Nafed is registered under the Multi State Co-operative Societies Act. Nafed was setup with the object to promote co-operative marketing of Agricultural Produce to benefit the farmers.

Agricultural farmers are the main members of Nafed, who have the authority to say in the form of members of the General Body in the working of Nafed.

The NAFED may set up storage units for storing various commodities and goods, by itself or in collaboration with any other agency in India or abroad.

Tanzania and Uganda do not share border with Ethiopia.

Ethiopia is located in the Horn of Africa. It is bordered by Eritrea to the north, Djibouti and Somalia to the east, Sudan and South Sudan to the west, and Kenya to the south.

As per the latest amendment to the Insolvency and Bankruptcy Code (IBC) 2016, all are prohibited from submitting a resolution plan, provided that the person shall be eligible to submit a resolution plan if such person makes payment of all overdue amounts with interest thereon and charges relating to non-performing asset accounts before submission of resolution plan.

The latest amendment to the Insolvency and Bankruptcy Code (IBC), 2016; prohibits certain persons from submitting resolution plan in case of defaults. These include:

(i) wilful defaulters,

(ii) promoters or management of the company if it has outstanding non-performing debt for over year and

(iii) disqualified directors, among others.

Parliament has passed Insolvency and Bankruptcy Code (Amendment) Bill, 2017 after it was passed by both the houses. The Bill amends Insolvency and Bankruptcy Code (IBC), 2016, and replaces Ordinance promulgated in November 2017 to pave way for tightening loopholes in existing code and make resolution process more effective.

“29A. A person shall not be eligible to submit a resolution plan, if such person, or any other person acting jointly or in concert with such person—

(a) is an undischarged insolvent;

(b) is a wilful defaulter in accordance with the guidelines of the Reserve

Bank of India issued under the Banking Regulation Act, 1949;

(c) has an account, or an account of a corporate debtor under the management or control of such person or of whom such person is a promoter, classified as non-performing asset in accordance with the guidelines of the Reserve Bank of India issued under the Banking Regulation Act, 1949 and at least a period of one year has lapsed from the date of such classification till the date of commencement of the corporate insolvency resolution process of the corporate debtor:

Internet of Birds (IoB) is the first platform to identify birds from the Indian subcontinent through the power of Artificial Intelligence, Deep Learning and Image Recognition.

The persons eligible for getting free legal services include:

1. Women and Children
2. Members of SC/ST
3. Industrial workers
4. Victims of mass disaster, violence, flood, drought, earthquake, industrial disaster
5. Disabled person
6. Persons in custody
7. Persons whose annual income does not exceed Rs.1 lakh
8. Victims of trafficking in human beings or begar