We posted 7 questions in 10 PM Daily Quiz on 7th 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) The Income Declaration Scheme offers people with undisclosed income to declare it by paying a penal tax rate of what % on such income?
a) 50 %
b) 45%
c) 40%
d) 70%
Answer-b
Explanation:- Penal tax rate
- The Income Declaration Scheme offers people with undisclosed income to declare it by paying a penal tax rate of 45 per cent on such income.
- The final version of the Finance Bill okayed by the Lok Sabha has imported Section 138 of the Income Tax Act into the declaration scheme’s ambit.
Q.2) Recently “Swiss Challenge” was in news, it refers to
a) A form of public procurement
b) Challenge faced by developing nations like India to bring back the black money
c) It is a challenge faced by Switzerland political parties to get access to European Union membership.
d) It deals with problems faced by the tax havens
Answer-a
Explanation:-What is Swiss challenge model?
- A Swiss challenge is a form of public procurement in some (usually lesser developed) jurisdictions which requires a public authority (usually an agency of government) which has received an unsolicited bid for a public project (such as a port, road or railway) or services to be provided to government, to publish the bid and invite third parties to match or exceed it.
- Under the Swiss challenge model, any bidder can offer to improve upon a project proposal submitted by another player.
- However, the project developer, who had originally submitted the plan, is given an opportunity to match the bid amount.
- To keep the ticket prices affordable, the Viability Gap Funding is also being looked at. It will be a variant of the Swiss challenge model.
- Here, airlines will not develop the airport infrastructure but only bid for subsidy to recover operational losses.
Q.3) Regional Connectivity Fund is related to which of the following sectors?
a) Railways
b) Road
c) Airport
d) Seaways
Answer-c
Explanation:- Central subsidy
- The Centre will provide 80 per cent of the subsidy to airlines by setting up a regional connectivity fund (RCF).
Q.4) Consider the following statements regarding GDP deflator
- The GDP deflator is the ratio of real GDP to nominal GDP in country.
- While the GDP deflator reflects the prices of goods, it does not account for the quantities of goods for the economy.
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:-
GDP Deflator
The GDP deflator is used to measure economic conditions throughout history. Essentially, The GDP deflator is the ratio of nominal GDP to real GDP in country. It is used to reflect the prices of goods and services sold within the country. While the GDP deflator reflects the prices of goods, it does not account for the quantities of goods for the economy. This is an important distinction between the GDP deflator and CPI, as CPI accounts for quantities. The equation below is the GDP deflator.
GDP Deflator = Nominal GDP ÷ Real GDP × 100
Q.5) Consider the following statement
1) Best growing conditions for palm trees exist in a small band around the Tropical region.
2) India and China are the largest producer of palm oil.
Select the correct answer from the codes given below
a) 1 only
b) 2 only
c) Both
d) None
Answer d
Explanation:- Best growing conditions for palm trees exist in a small band around the equatorial region.
Indonesia and Malaysia are the two major palm oil producers globally, producing nearly 85 per cent of the global output.
Q.6) Consider the following statement
1) Palm oil has been declared as a plantation crop in India.
2) 100 per cent FDI is allowed in oil palm plantation.
Select the correct answer from the codes given below
a) 1 only
b) 2 only
c) Both
d) None
Answer b
Explanation:- The industry wants the government to declare palm oil as a plantation crop to move it out of the Land Ceiling Act but it has not been declared yet.
Q.7) Consider the following statement
- The Purpose of the National Investment and Infrastructure Fund (NIIF) fund was to receive disinvestment proceeds of central public sector enterprises.
- Objective of NIIF would be to maximize economic impact mainly through infrastructure development in commercially viable projects, both greenfield and brownfield, including stalled projects.
Select the correct answer from the codes given below
a) 1 only
b) 2 only
c) Both
d) None
Answer b
Explanation:– 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. The Purpose of the fund was to receive disinvestment proceeds of central public sector enterprises and to invest the same to generate earnings without depleting the corpus.
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