We posted 7 questions in 10 PM Daily Quiz on 6 June, 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 statement regarding India and Qatar affairs:
- Both the countries have decided to work together to combat global terror financing.
- Felt the need to isolate the sponsors and supporters of terrorism and to disrupt terrorist movements.
- An MoU was also signed between the two countries that would facilitate foreign investment from the gas-rich Gulf state.
- An agreement was also signed between on cooperation and mutual assistance in custom matters.
- The two sides decided to constitute an inter-ministerial high-level joint committee to regularly review all bilateral matters, as well as regional and global issues of mutual interest.
Select the correct statement using the codes given below:
a) 1 and 2 only
b) 2 and 3 only
c) 3 and 4 only
d) All of the above
Answer: d
Explanation:- Click here
Q.2) Consider the statement regarding Pakistani Sindhi Hindus:
- According to all India Sindhi-Hindu Society nearly 35,000 Sindhis from Pakistan were living as refugees in M.P.
- The Centre will set up a four-day camp to grant Indian citizenship to the Sindhi Hindus who migrated to India from Pakistan between 1971 and 2009.
Select the correct statement using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is correct
Answer c
Explanation:- Click here
Q.3) Consider the following statement regarding Index of Industrial Production (IIP) and Wholesale Price Index (WPI):
- Government will revise IIP and WPI indices by the end of this year.
- With a new base year of 2011-12.
Select the correct statement using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is correct
Answer c
Explanation:- Click here
Q.4) Consider the following statement regarding cross-border insolvency law
1. The Insolvency and Bankruptcy Code passed by Parliament recently provides a framework to deal with issues involving cross-border insolvency.
2. India have adopted the United Nations Commission on International Trade Law’s Model Law of Cross Border Insolvency.
Select the correct statement using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is correct
Answer-d
Explanation:-
The Insolvency and Bankruptcy Code passed by Parliament recently does not provide a framework to deal with issues involving cross-border insolvency.
Many countries have adopted the United Nations Commission on International Trade Law’s Model Law of Cross Border Insolvency.
But there is no effective mechanism for cooperation by Indian courts with courts of other countries, or for administration of cross-border insolvencies and treatment of stakeholders, in the event insolvency proceedings start in any foreign jurisdiction involving assets or creditors in India.
Q.5) Consider the following statement regarding Stilwell road
1. It routed military supplies from India to Myanmar during World War-II.
2. The Stilwell road is now the backbone of proposed Bangladesh-China-India-Myanmar (BCIM) economic corridor.
Select the correct statement using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is correct
Answer-b
Explanation:-
GIIC became well known for building a tunnel that established Guizhou’s new link with the famed Stilwell road, which once routed military supplies from India to Chongqing (China)during World War-II.
The Stilwell road is now the backbone of proposed Bangladesh-China-India-Myanmar (BCIM) economic corridor.
Q.6) Which of the following terms are used to refer Black Economy?
1. Parallel Economy
2. Underground Economy
3. Shadow Economy
Select the correct answer using the codes given below:
a) 1 and 2 only
b) 1 and 3 only
c) 2 and 3 only
d) All of the above
Answer-d
Explanation:-
What is Black economy?
- The term ‘black economy’ typically refers to the economic activities outside formal banking channels and include cash transactions in high-value assets like gold and real estate.
- Usually untraceable, and hence untaxable, business dealings that are not reflected in a country’s gross domestic product (GDP) computations.
- An integral part of most third-world and many first-world economies, it is a cash based system in which transaction records are kept in secret account books (called ‘number two’ accounts).
- Though it employs illegal (and even criminal) methods, it is a survival practice in repressive tax regimens or where legitimate expression of entrepreneurial activity is made unnecessarily difficult by a maze of regulations.
- Black economy and black money go hand in hand. Also called parallel economy, shadow economy, or underground economy.
Q.7) The Government has taken various steps to curb black money, but it has also resulted into some unintended consequences for the economy. Which of the following are such consequences?
1. An increase in the preference for cash in physical form
2. Notable increase in the usage of formal banking channels
3. Increase in lending rates in the black economy
Select the correct answer using the codes given below:
a) 1 and 2 only
b) 1 and 3 only
c) 2 and 3 only
d) All of the above
Answer-b
Explanation:-
‘Unintended consequences’
- Due to various measures taken by the government to tighten the noose around black money, there has been a clear drop in the prices of land and real estate and a decline in the appetite in gold.
- The crackdown has, however, also resulted in
- An increase in the preference for cash in physical form :-
- Physical savings instruments have been historically preferred to financial savings instruments in India because purchase of physical assets can be funded using black money, while the purchase of financial assets can not be funded in such a manner due to a strong paper trail.
- Notable decline in the usage of formal banking channels:-
- It is substantiated by the decline in bank deposits as well as usage of debit cards
- Increase in lending rates in the black economy:-
- As banks are unwilling to lend to sub-investment grade creditors owing to their own NPA troubles, this credit demand has shifted entirely to informal channels of lending.
- This, in turn, has driven to as high as about 34 per cent per annum.
Leave a Reply