[Solution] – The 10 PM Daily Quiz – 4 July, 2016

We posted 6 questions in 10 PM Daily Quiz on 4 July, 2016. Thanks for the amazing response. These questions will help you polish concepts based on current affairs. In case you have not attempted them, please attempt them by clicking below.

• 10 PM Daily Quiz – 4 July, 2016

Q.1) Consider the following statements regarding Fertiliser Policy in India

1. Phosphatic and Potassic fertilizers are controlled fertilizers.
2. The difference between the cost of production and the selling price/MRP is paid as subsidy/concession to manufacturers.

Select the correct answer using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is true

Answer-b

Explanation:-Fertiliser Policy in India

• For sustained agricultural growth and to promote balanced nutrient application, it is imperative that fertilizers are made available to farmers at affordable prices.
• With this objective, urea being the only controlled fertilizer, is sold at statutory notified uniform sale price, and decontrolled Phosphatic and Potassic fertilizers are sold at indicative maximum retail prices (MRPs).
• The problems faced by the manufactures in earning a reasonable return on their investment with reference to controlled prices, are mitigated by providing support under the New Pricing Scheme for Urea units and the concession Scheme for decontrolled Phosphatic and Potassic fertilizers.
• The statutorily notified sale price and indicative MRP is generally less than the cost of production of the irrespective manufacturing unit.
• The difference between the cost of production and the selling price/MRP is paid as subsidy/concession to manufacturers
• As the consumer prices of both indigenous and imported fertilizers are fixed uniformly, financial support is also given on imported urea and decontrolled Phosphatic and Potassic fertilizers.

Q.2) Which is the only state in India to have a Uniform Civil Code?
a) Sikkim
b) Mizoram
c) Nagaland
d) Goa

Answer-d

Explanation:-

Goa is the only state in India which has a uniform civil code. The Goa Family Law, is the set of civil laws, originally the Portuguese Civil Code, continued to be implemented after its annexation in 1961.

Q.3) Consider the following statements regarding insurance of nuclear plants

1. The policy complies with all the provisions of the Civil Liability for Nuclear Damage Act.
2. The policy would cover the liability towards public as a consequence of any nuclear accident in the plants covered under the policy , but it does not includes the right of recourse of NPCIL against equipment suppliers.

Select the correct answer using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is true

Answer-a

Explanation:– Click here.

Q.4) Consider the following statements regarding International Solar Alliance

1.  ISA will be India’s first international and inter-governmental organization headquartered in India.
2. It will be headquartered at Gurgaon, Haryana.

Select the correct answer using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is true

Answer-c

Explanation:-

• ISA will be India’s first international and inter-governmental organization headquartered in in National Institute of Solar Energy (NISE), Gwalpahari, Gurgaon.
• ISA has been envisioned as a specialized platform and will contribute towards the common goal of increasing utilization and promotion of solar energy and solar applications in its member countries.
• The Paris declaration on International Solar Alliance states that the countries share the collective ambition to undertake innovative and concerted efforts for reducing the cost of finance and cost of technology for immediate deployment of competitive solar generation, financial instruments to mobilise more than 1000 Billion US Dollars of investments needed by 2030 for the massive deployment of affordable solar energy and to pave the way for future solar generation, storage and good technologies for countries’ individual needs.

Q.5) Consider the following statements regarding Monetary Policy Committee (MPC)

1. Reserve Bank of India Act, 1934 (RBI Act) has been amended to bring the provisions regarding MPC.
2.  Three Members of MPC will be appointed by the Central Government, on the recommendations of a Search-cum-Selection Committee, which will be headed by Finance Minister.
3. The meetings of the MPC shall be held at least 4 times a year and it shall publicise its decisions after each such meeting.

Select the correct answer using the codes given below:
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3

Answer-c

Explanation:-

• With a view to maintain price stability, while keeping in mind the objective of growth, the Reserve Bank of India Act, 1934 (RBI Act) has been amended by the Finance Act, 2016 to provide for a statutory and institutionalised framework for a Monetary Policy Committee (MPC). A Committee-based approach will add lot of value and transparency to monetary policy decisions.
• Out of the six Members of MPC, three Members will be from the Reserve Bank of India (RBI), including the Governor, who will be the ex-officio Chairperson, the Deputy Governor, RBI and one officer of RBI.
• The other three Members of MPC will be appointed by the Central Government, on the recommendations of a Search-cum-Selection Committee, which will be headed by the Cabinet Secretary.
• These three Members of MPC will be experts in the field of economics or banking or finance or Monetary policy and will be appointed for a period of 4 years and shall not be eligible for re-appointment.
• The meetings of the MPC shall be held at least 4 times a year and it shall publicise its decisions after each such meeting.

Q.6) India’s first Commercial Court and Commercial Disputes Resolution Centre has been inaugrated at
a) Ahmedabad
b) Lucknow
c) Chennai
d) Raipur

Answer-d

Explanation:-

• India’s first Commercial Court and Commercial Disputes Resolution Centre was inaugurated at Raipur, capital of Chhattisgarh.
• The first Commercial Court and Commercial Disputes Resolution Centre complex has ultra-modern facilities like e-Court, e-Library, e-Filing, Video-conferencing and e-Summons.
• It will help in improving the judicial system and the investors and business world. It will also facilitate the investors in their commercial dealings.
• The court also consists of arbitration centre and a mediation centre.