10 PM Current Affairs Quiz: November 3,2020

Statement 1 is correct. Base effect is often a term used in relation to economic indicators such as inflation and GDP data which are primarily based on the base effect of last year.
For inflation, Base effect refers to the distortion in monthly inflation figures from a sudden spike or decline in them during a short period of time. They are caused by seasonal or monthly variations.
Statement 2 is incorrect. It is usually a result of volatility rather than consistency in an economy.

Both statements are incorrect.
Rs 1,05,155 crore of gross GST revenue have been collected in the month of October 2020. The revenues for the month are 10% higher than the GST revenues in the same month last year.

Statement 1 is correct. Through the 42nd Amendment to the Constitution, 1976 Five subjects were transferred from State to Concurrent List: Education, Forests, Weights & Measures, Protection of Wild Animals and Birds, and Administration of Justice.
Statement 2 is correct. National Education Commission also known as Kothari Commission (1964-1966) was an ad hoc commission set up by the Government of India to examine all aspects of the educational sector in India, to evolve a general pattern of education and to advise guidelines and policies for the development of education in India.

Both statements are correct.
Serological surveys are conducted to assess the prevalence of a disease in a population. It is done by detecting the presence of specific antibodies that are produced against the virus.
A serological survey generally includes the IgG Enzyme-Linked Immunosorbent Assay (ELISA) test. It estimates the proportion of the population exposed to an infection.
The human body produces Immunoglobulin M (IgM) and Immunoglobulin G (IgG) antibodies to fight against a pathogen.

Statement 1 is correct. Post liberalization in the early nineties there was a paradigm shift from a regime of command and control to a facilitating regime with increased reliance on market forces.
It also led to the enactment of the Competition Act 2002 and establishment of the Competition Commission of India to lay the foundation of a competition ecosystem in the country. It replaced its predecessor the Monopolies and Restrictive Trade Practices Act, 1969.
Statement 2 is correct. The Commission functions as a market regulator by preventing and regulating anti-competitive practices in the country. It also carries out advisory and advocacy functions. The objectives of the Commission as given under Section 18 of the Act are:
–to prevent practices having adverse effect on competition,
–to promote and sustain competition in markets,
–to protect the interests of consumers, and
–to ensure freedom of trade carried on by other participants in markets in India.

As part of the Government of India outreach amidst the ongoing COVID-19 pandemic, Indian Naval Ship Kesari has departed for Maldives, Mauritius, Seychelles, Madagascar and Comoros, to provide Food Items, COVID related Medicines including HCQ Tablets and Special Ayurvedic Medicines with Medical Assistance Teams embarked, on 10 May 20.
This deployment as ‘Mission Sagar’, is in line with India’s role as the first responder in the region and builds on the excellent relations existing between these countries to battle the COVID-19 pandemic and its resultant difficulties.
Mission Sagar-II, follows the first ‘Mission Sagar’ undertaken in May-June 2020, Indian Naval Ship Airavat will deliver food aid to Sudan, South Sudan, Djibouti and Eritrea.

Statement 1 is incorrect. Aero India exhibition is organized every alternate year. It is one of the major exhibitions for aerospace and defence industries with a public air show. It enables industry professional to gain market insights, announce new developments and gain media coverage. Aero India offers a unique platform to international aviation sector to bolster business.
Aero India 2021 is the 13th edition of Aero India being organised at Bengaluru, Karnataka from 03-07 February 2021.
Statement 2 is incorrect. Foreign Exhibitors are allowed at Aero India exhibition. The 2019 edition had 165 Foreign Exhibitors.
# An Indian company cannot exhibit products developed outside India.
# The logo for Aero India is inspired by the Tejas Light Combat Aircraft (LCA) design.

Statement 1 is correct. The GST e-invoice system was launched on 1st October, 2020 for the businesses with aggregate turnover of more than Rs. 500 Crores in the financial year.
Note: The Government is planning to reduce the aggregate turnover cut off to Rs 100 Crores for generation of IRN by the tax payers in coming days.
Statement 2 is correct. Each Invoice uploaded by the tax payer will get the unique number called as Invoice Reference Number (IRN). IRN is of 64 Characters length.
This IRN is unique number in the GST system, irrespective of tax payer, financial year and document type. It is hash of Supplier GSTIN + Fin. Year + Doc Type + Doc Number.

Both statements are correct.
The Emergency Credit Line Guarantee Scheme (ECLGS) was announced as part of the Aatma Nirbhar Bharat Package (ANBP).
A 100% guarantee would be provided by National Credit Guarantee Trustee Company (NCGTC) to Member Lending Institutions (MLIs), and which will be extended in the form of additional working capital term loan facility in case of Scheduled Commercial Banks (SCBs) and Financial Institutions (FIs), and additional term loan facility in case of Non-Banking Financial Companies (NBFCs), to eligible MSMEs/ Business Enterprises, individual borrowers in case of the original loan having been for own business and interested Pradhan Mantri Mudra Yojana (PMMY) borrowers.
# The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier.

Antigens are substances that cause an immune response in the body by identifying substances in or markers on cells. The human body produces antibodies to fight antigens, or harmful substances, and tries to eliminate them.

# An antigen may be a substance from the environment, such as chemicals, bacteria, viruses, or pollen.