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[Solution] – The 10 PM Daily Quiz – 20 April, 2016

We posted 7 questions in 10 PM Daily Quiz on 20th April, 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) The lower house of the National Congress of Brazil is known as

a) House of the Nation
b) House of Representatives
c) Chamber of Deputies
d) National Assembly

Answer-c
Explanation:- The Chamber of Deputies (Portuguese: Câmara dos Deputados) is a federal legislative body and the lower house of the National Congress of Brazil. The chamber comprises 513 deputies, who are elected by proportional representation to serve four-year terms. The current president of the Chamber is deputy Eduardo Cunha (PMDB-RJ).


Q.2) Which of the following  “foundational” defence sector agreements has been signed between between the U.S. and India ?

a) Logistics Exchange Memorandum of Agreement (LEMOA)
b) Communications Interoperability and Security Memorandum of Agreement (CISMOA)
c)  Basic Exchange and Cooperation Agreement (BECA)
d) General Security of Military Information Agreement (GSOMIA)

Answer-d

Explanation:-  Washington and New Delhi have already signed one  foundational agreement, the General Security of Military Information Agreement (GSOMIA). The others are yet to be signed.

U.S. Defence Secretary Ashton Carter made the visit to India, and both the countries have agreed “in-principle” to sign the LEMOA, but it is yet to be signed.


Q.3) Consider the following statements regarding Foreign Exchange Intervention?

  1. A foreign exchange intervention is a fiscal policy tool in which the government takes an active participatory role in influencing the monetary funds transfer rate of the national currency.
  2. A reduced rate of the national currency can be achieved through the purchase of foreign currency; increased rate is achieved through foreign currency sales.

Select the correct answer using the codes given below:

a) 1 only
b) 2 only
c) Both are true
d) Neither is true

Answer-b

Explanation:- Refer article. Click here


Q.4) which of the following is not covered by Employees provident fund and miscellaneous provisions act, 1952?
a)Pension
b) Provident fund
c) Deposit linked insurance
d)Injury compensation

Answer d

Explanation:-

The Employees’ Provident Fund Organisation (abbreviated to EPFO), is a statutory body of the Government of India under the Ministry of Labour and Employment. It administers a compulsory contributory Provident Fund Scheme, Pension Scheme and an Insurance Scheme. It is also the nodal agency for implementing Bilateral Social Security Agreements with other countries on a reciprocal basis. The schemes cover Indian workers as well as International workers (for countries with which bilateral agreements have been signed. As of now 15 Social Security Agreements are operational). It is one of the largest social security organisations in India in terms of the number of covered beneficiaries and the volume of financial transactions undertaken.The EPFO’s apex decision making body is the Central Board of Trustees (CBT).

The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 came into effect on 4 March 1952. The organisation is administered by a Central Board of Trustees, composed of representatives of the Government of India, provincial governments, employers and employees. The board is chaired by the Union Labour Minister of India. The Chief Executive of the EPFO, the Central Provident Fund Commissioner, reports to the Union Labour Minister through the Permanent Secretary in the ministry. The headquarters of the organisation is in New Delhi.

Act seeks to provide the financial social security to the employees in the form of provident fund, pension and deposit-linked insurance.


Q.5) Consider the following statements :

  1. The right to education Act, 2009 makes elementary education a fundamental right under Article 21 (A) of the Constitution.
  2. As per the Act, Private educational institutions should reserve 33% seats for children from the weaker sections of Society.

Which of the above statements is/ are incorrect ?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Answer c

Explanation

86th amendment act  2002 makes elementary education a fundamental right under Article 21 (A) of the Constitution.

As per the Act, Private educational institutions should reserve 25% seats for children from the weaker sections of Society.


Q.6) Consider the following statements?

  1. Regional Comprehensive Economic Partnership(RCEP) is a trade agreement between ASEAN and EU
  2. Eleventh round of RCEP took place at Brunei
  3. RCEP comprises of ASEAN plus Japan and South Korea

Select the correct answer using the codes below

a) 1 and 2 only
b) 2 only
c) 2 and 3 only
d) 1, 2, 3

Answer – b

Explanation

Regional Comprehensive Economic Partnership (RCEP

  • Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) between members of ASEAN and six Countries with which ASEAN has FTAs
  • RCEP is one among three huge FTA’s in the world, others are:
  1. Trans Pacific Partnership(TPP) led by US
  2. Trans Atlantic Trade and Investment partnership(TTIP) between US and EU
  • RCEP comprises of 46% of world population
  • It accounts for 40% world trade
  • 11th round happened in February in Brunei
  • 12th round will happen at Perth, Australia in April

ASEAN(Brunei, Myanmar, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, Vietnam)

Six others- Australia, China, India, Japan, South Korea and New Zealand.


Q.7)  CPEC in its 11th round had asked which country to leave the talks on FTAs?

a) South Korea
b) India
c) New Zealand
d) China

Answer – b

Explanation

What is RCEP

  • Regional Comprehensive Economic Partnership (RCEP) is a free trade agreement (FTA) between members of ASEAN and six Countries with which ASEAN has FTAs

India had been asked to leave RCEP or eliminate tariffs in 11th round held in February

Why has CPEC objected

  • The trading bloc sees India as obstructing with having a defensive strategy in opening up trade which is delaying the negotiation in FTA’s
  • Unhappy and disappointed of India because India only focusing only services or manpower export and not in liberalising trade in goods and also in investment

 

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