We posted 7 questions in 10 PM Daily Quiz on 16th May, 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.
Q.1) Consider the statements regarding IDBI Bank:
- It is an Indian government-owned financial service company, formerly known as Industrial Development Bank of India.
- It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry.
Select the correct statement using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither are correct
Answer c
Explanation:
IDBI
- It is an Indian government-owned financial service company, formerly known as Industrial Development Bank of India, headquartered in Mumbai, India. It was established in 1964 by an Act of Parliament to provide credit and other financial facilities for the development of the fledgling Indian industry.
- Its original avatar, Industrial Development Bank of India (IDBI), was set up as a project finance institution in July 1964. Till early 1990s
- It was the largest term-lending institution, enjoying the privilege of receiving cheap long-term funds from the government which helped IDBI extend term loans at reasonable rates. Besides, it did not need to pay tax on its profits. It could also convert 20% of its loans given to a company into equity at par, after a few years.
Q.2) Consider the following statements:
- The southwest monsoon is a continuation of the southeast trade wind, deflected towards the Indian subcontinent after crossing the equator.
- A positive Southern Oscillation Index (SOI) indicates a good Indian monsoon.
- A negative SOI is often seen in the El-Nino years.
Select the correct statement using the codes given below:
a) 1 only
b) 2 and 3 only
c) 1 and 2 only
d) 1, 2 and 3
Answer d
Explanation:
The southwest monsoon is a continuation of the southeast trade wind, deflected towards the Indian subcontinent after crossing the equator.
The Southern Oscillation Index (SOI) is an index that is based on the difference in air pressure between Tahiti and Darwin. The SOI is closely related to the El Nino/La Nina climate phenomenon. A consistently negative SOI often indicates the presence of an El Nino. A consistently positive SOI often indicates the presence of a La Nina. This also indicates a good Indian monsoon.
Q.3) Consider the statements:
- If these three components are present then it may be an El Nino; Sea surface warms in the eastern equatorial Pacific, Trade winds weaken, SOI index is negative.
- Some difference between El nino and La Nina are: In La Niña, the trade winds strengthen, and in El Niño they slacken or reverse; Sea level rises at Easter Island during an El Niño; The warm pool is shifted to the west during La Niña.
Select the correct statement using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither are correct
Answer c
Explanation:- Both the statements are correct
Q.4) Which of the following statements fall under the definition of Money Bill
- A bill that contains provision for imposition, abolition, remission, alteration or regulation of any tax.
- A bill that contains provision for appropriation of moneys out of the consolidated Fund of India.
- A bill that provides for the imposition of fines or other pecuniary penalties.
Select the correct statement using the codes given below:
a) 1 and 2 only
b) 1 and 3 only
c) 2 and 3 only
d) 1, 2 and 3
Answer-a
Explanation:-
Article 110 in The Constitution Of India
- Definition of Money Bill
(1) For the purposes of this Chapter, a Bill shall be deemed to be a Money Bill if it contains only provisions dealing with all or any of the following matters, namely
(a) the imposition, abolition, remission, alteration or regulation of any tax;
(b) the regulation of the borrowing of money or the giving of any guarantee by the Government of India, or the amendment of the law with respect to any financial obligations undertaken or to be undertaken by the Government of India;
(c) the custody of the consolidated Fund or the Contingency Fund of India, the payment of moneys into or the withdrawal of moneys from any such Fund;
(d) the appropriation of moneys out of the consolidated Fund of India;
(e) the declaring of any expenditure to be expenditure charged on the Consolidated Fund of India or the increasing of the amount of any such expenditure;
(f) the receipt of money on account of the Consolidated Fund of India or the public account of India or the custody or issue of such money or the audit of the accounts of the Union or of a State; or
(g) any matter incidental to any of the matters specified in sub clause (a) to (f)
(2) A Bill shall not be deemed to be a Money Bill by reason only that it provides for the imposition of fines or other pecuniary penalties, or for the demand or payment of fees for licences or fees for services rendered, or by reason that it provides for the imposition, abolition, remission, alteration or regulation of any tax by any local authority or body for local purposes
(3) If any question arises whether a Bill is a Money Bill or not, the decision of the Speaker of the House of the People thereon shall be final
(4) There shall be endorsed on every Money Bill when it is transmitted to the Council of States under Article 109, and when it is presented to the President for assent under Article 111, the certificate of the Speaker of the House of the People signed by him that it is a Money Bill
Q.5) Consider the following statements regarding procedure for the passing of Money Bills
- 1. A Money shall not be introduced in the Council of States.
- After a Money Bill has been passed by the House of the People it shall be transmitted to the Council of States for its recommendations and the Council of States shall within as period of twenty days from the date of receipt of the Bill return the Bill to the House of the people with its recommendations.
- If the House of the People does not accept any of the recommendations of the Council of States the Money Bill shall be deemed to have been passed by both Houses in the form in which it was passed by the House of the People without any of the amendments recommended by the Council of States.
Select the correct statement using the codes given below:
a) 1 and 2 only
b) 1 and 3 only
c) 2 and 3 only
d) 1, 2 and 3
Answer-b
Explanation:-
Procedure for the passing of Money Bills
Article 109 of the Constitution laid down the special procedure in respect of Money Bills . The following is the procedure for the passing of Money Bills in Parliament :
- A Money shall not be introduced in the Council of States.
- After a Money Bill has been passed by the House of the People it shall be transmitted to the Council of States for its recommendations and the Council of States shall within as period of fourteen days from the date of receipt of the Bill return the Bill to the House of the people with its recommendations.
- If the House of the people accepts any of the recommendations of the Council of the States , the Money Bill shall be deemed to have been passed by both Houses with the amendments recommended by the Council of States and accepted by the House of the People.
- If the House of the People does not accept any of the recommendations of the Council of States the Money Bill shall be deemed to have been passed by both Houses in the form in which it was passed by the House of the People without any of the amendments recommended by the Council of States.
- If a Money Bill passed by the House of the People and transmitted to the Council of States for its recommendations and is not returned to the House of the People within the said period of fourteen days, it shall be deemed to have been passed by both houses at the expiration of the said period in the form in which it was passed by the House of the People .
Q.6) Government of India maintains buffer stocks for which of the following
- Wheat
- Rice
- Pulses
- Sugarcane
Select the correct statement using the codes given below:
a) 1 and 3
b) 2 and 4
c) 1 and 2
d) 3 and 4
Answer-c
Explanation:-
Buffer Stock
- A buffer stock scheme (commonly implemented as intervention storage, the “ever-normal granary”) is an attempt to use commodity storage for the purposes of stabilising prices in an entire economy or, more commonly, an individual (commodity) market.
- Specifically, commodities are bought when there is a surplus in the economy, stored, and are then sold from these stores when there are economic shortages in the economy.
Right now, this is limited to just rice and wheat — where the problem is really of too much of stocks with government agencies — while practically non-existent in pulses, sugar, onions, potatoes or milk powder.
Q.7) Consider the following statements regarding Foreign Contribution Regulation Act
- The main objective of the Act is to consolidate the law to regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individuals or associations or companies.
- Ministry of External Affairs is responsible for the implementation of FCRA so that Sovereignty, Democracy and Republican Nature of the Indian Government is preserved.
Select the correct statement using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither are correct
Answer-a
Explanation:-
Foreign Contribution Regulation Act
The main objective of the Act is to consolidate the law to regulate the acceptance and utilization of foreign contribution or foreign hospitality by certain individuals or associations or companies and to prohibit acceptance and utilization of foreign contribution or foreign hospitality for any activities detrimental to the national interest, national integrity and national safety.
Ministry of Home Affairs is responsible for the implementation of FCRA so that Sovereignty, Democracy and Republican Nature of the Indian Government is preserved.
The acceptance and utilization of foreign contribution is monitored by the Government and action is taken in the case of violations of the Act.
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