Daily Quiz: UPSC Prelims Marathon – March 27, 2018

Statements 2, 3 and 4 are correct.

The Government has implemented the Niryat Bandhu Scheme with an objective to reach out to the new and potential exporters including exporters from Micro, Small & Medium Enterprises (MSMEs) and mentor them through orientation programmes, counselling sessions, individual facilitation, etc., on various aspects of foreign trade to enable them to get into international trade and boost exports from India.

Statement 1 is incorrect. Under Export Promotion Capital Goods (EPCG) Scheme and Duty Exemption/Remission Schemes, Advance Authorisation (AA), Duty Free Import Authorisation (DFIA), Duty Drawback (DBK), Advance Procurement/ Replenishment of Precious Metals from Nominated Agencies, Replenishment Authorisation for Gems, Replenishment Authorisation for Consumables and Advance Authorisation for precious metals are also available for MSME products.

Statement 1 is correct.  REITs are similar to mutual funds. While mutual funds provide for an opportunity to invest in equity stocks, REITs allow one to invest in income-generating real estate assets.

REITs raise funds from a large number of investors and directly invest that sum in income-generating real estate properties (which could be offices, residential apartments, shopping centres, hotels and warehouses).

The trusts are listed in stock exchanges so that investors can buy units in the trust. REITs are structured as trusts. Thus, the assets of an REIT are held by an independent trustee on behalf of unit holders.

Statement 2 is incorrect. The Securities and Exchange Board of India (Sebi) on 19 Sep, 2017 amended norms governing real estate investments trusts (REITs) and infrastructure investment trusts (InvITs), allowing them to raise funds through debt securities and also permitting single-asset REITs in a bid to boost the financial instruments.

Statement 1 is incorrect. National Investment and Infrastructure Fund (NIIF) is a fund created by the Government of India for enhancing infrastructure financing in the country.

This is different from the National Investment Fund. Its creation was announced in the Union Budget 2015-16.

The operational framework was approved on 20 August 2015.

Statement 2 is correct. NIIF got registered with SEBI as Category II Alternative Investment Fund (AIF) on December 28, 2015.

Statement 3 is correct. The National Investment and Infrastructure Fund (NIIF) makes its First Investment; NIIF has partnered with DP World to create an investment platform for ports, terminals, transportation and logistics businesses in India. DP World is the world’s fourth largest port operator.

A Collective investment scheme is any scheme or arrangement, which satisfies the conditions, referred to in sub-section (2) of section 11AA of the SEBI Act. Any scheme or arrangement made or offered by any company under which the contributions, or payments made by the investors, are pooled and utilised with a view to receive profits, income, produce or property, and is managed on behalf of the investors is a CIS.

Investors do not have day to day control over the management and operation of such scheme or arrangement.  Hence, statement 1 is incorrect.

Statement 2 is incorrect. A Collective Investment Management Company is a company incorporated under the provisions of the Companies Act, 1956 and registered with SEBI under the SEBI (Collective Investment Schemes) Regulations,

1999, whose object is to organize, operate and manage a Collective Investment Scheme.

Tax buoyancy is an indicator to measure efficiency and responsiveness of revenue mobilization in response to growth in the Gross domestic product or National income.

A tax is said to be buoyant if the tax revenues increase more than proportionately in response to a rise in national income or output.

Statement 1 is correct. The Pradhan Mantri Suraksha Bima Yojana is a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.
Statement 2 is incorrect. All individual (single or joint) bank account holders in the age 18 to 70 years in participating banks will be entitled to join in Pradhan Mantri Suraksha Bima Yojana.

All of the above expect working teachers at government schools (not retired) can be appointed as Business Correspondents (BCs).

The scheduled commercial banks including Regional Rural Banks (RRBs) and Local Area Banks (LABs) may engage Business Correspondents (BCs) subject to compliance with the following guidelines issued the Reserve Bank of India.