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Day-481
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Question 1 of 5
1. Question
2 points1. Consider the following statements regarding the Domestically Systemically Important Banks (D-SIBs):
1. A bank is declared as D-SIB if it has asset size of more than 1% of GDP.
2. It is declared by the Reserve Bank of India.
3. Currently, India has only one D-SIB.
How many of the above statements are correct?Correct
Answer: B
Explanation:
● Statement 1 is incorrect: It is declared as D-SIB if it has asset size of more than 2% of GDP.
● Statement 2 is correct: It is declared by RBI annually.
● Statement 3 is incorrect: Currently, there are 3 D-SIB in India. SBI, HDFC & ICICI are classified as D-SIB by RBI.
Additional information:
● D-SIBs are considered those institutions whose failure can lead to systemic and significant disruption to essential economic services across the country and can cause an economic panic. As a result of their importance, the government is expected to bail out these banks in times of economic distress to prevent widespread harm.
● The system of D-SIBs was adopted in the aftermath of the 2008 financial crisis where the collapse of many systemically important banks across various regions further fueled the financial downturn.
● Since 2015, the RBI has been releasing the list of all D-SIBs. They are classified into five buckets, according to their importance to the national economy. In order to be listed as a D-SIB, a bank needs to have assets that exceed 2 percent of the national GDP.Incorrect
Answer: B
Explanation:
● Statement 1 is incorrect: It is declared as D-SIB if it has asset size of more than 2% of GDP.
● Statement 2 is correct: It is declared by RBI annually.
● Statement 3 is incorrect: Currently, there are 3 D-SIB in India. SBI, HDFC & ICICI are classified as D-SIB by RBI.
Additional information:
● D-SIBs are considered those institutions whose failure can lead to systemic and significant disruption to essential economic services across the country and can cause an economic panic. As a result of their importance, the government is expected to bail out these banks in times of economic distress to prevent widespread harm.
● The system of D-SIBs was adopted in the aftermath of the 2008 financial crisis where the collapse of many systemically important banks across various regions further fueled the financial downturn.
● Since 2015, the RBI has been releasing the list of all D-SIBs. They are classified into five buckets, according to their importance to the national economy. In order to be listed as a D-SIB, a bank needs to have assets that exceed 2 percent of the national GDP. -
Question 2 of 5
2. Question
2 points2. Consider the following statements about the Food Safety and Standard Authority of India (FSSAI):
1. It is a statutory body under the National Food Security Act, 2013.
2. It is the nodal agency of the Ministry of Consumer Affairs, Food and Public Distribution.
3. The Chairperson of FSSAI is appointed by the Central Government.
How many of the above statements are correct?Correct
Answer: C
Explanation:
● Statement 1 is incorrect: It is a statutory body under the Food Safety and Standards Act, 2006.
● Statement 2 is incorrect: It is the nodal agency of the Ministry of Health & Family Welfare.
● Statement 3 is correct: The Chairperson of Food Safety and Standards Authority of India (FSSAI) is appointed by the Government of India. His/her tenure is of three years or till he/she attains the age of 65 years whichever is earlier.
Additional information:
● Food Safety and Standards Authority of India (FSSAI) established in 2008 is an institution related to food safety and regulation in India.
● FSSAI comprises of a Chairperson and twenty two members out of which one- third are to be women.
● FSSAI is responsible for protecting and promoting public health through the regulation and supervision of food safety.
● The FSSAI is headed by a non-executive chairperson, appointed by the Central Government, either holding or has held the position of not below the rank of Secretary to the Government of India.
● With the aim of benefiting industries involved in manufacturing, handling, packaging and selling of food items, FSSAI decided to grant perpetual licenses to restaurants and food manufacturers on the condition that they file their returns every year.
● Food Safety and Standards Authority of India License or Registration is required for any food business in India that manufactures, stores, transports, or distributes food. Depending on the size and nature of the company, FSSAI registration or license may be required.Incorrect
Answer: C
Explanation:
● Statement 1 is incorrect: It is a statutory body under the Food Safety and Standards Act, 2006.
● Statement 2 is incorrect: It is the nodal agency of the Ministry of Health & Family Welfare.
● Statement 3 is correct: The Chairperson of Food Safety and Standards Authority of India (FSSAI) is appointed by the Government of India. His/her tenure is of three years or till he/she attains the age of 65 years whichever is earlier.
Additional information:
● Food Safety and Standards Authority of India (FSSAI) established in 2008 is an institution related to food safety and regulation in India.
● FSSAI comprises of a Chairperson and twenty two members out of which one- third are to be women.
● FSSAI is responsible for protecting and promoting public health through the regulation and supervision of food safety.
● The FSSAI is headed by a non-executive chairperson, appointed by the Central Government, either holding or has held the position of not below the rank of Secretary to the Government of India.
● With the aim of benefiting industries involved in manufacturing, handling, packaging and selling of food items, FSSAI decided to grant perpetual licenses to restaurants and food manufacturers on the condition that they file their returns every year.
● Food Safety and Standards Authority of India License or Registration is required for any food business in India that manufactures, stores, transports, or distributes food. Depending on the size and nature of the company, FSSAI registration or license may be required. -
Question 3 of 5
3. Question
2 points3. These are types of taxes imposed on imported goods in order to compensate for the difference between their export price and their normal value. It is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value. This avoids the process wherein a company exports a product at a price that is significantly lower than the price it normally charges in its domestic market.
Which of the following duties is described in the above paragraph?Correct
Answer: A
Explanation:
● Anti-Dumping duty are types of taxes imposed on imported goods in order to compensate for the difference between their export price and their normal value. It is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value. This avoids the process wherein a company exports a product at a price that is significantly lower than the price it normally charges in its domestic market.
Additional information:
● Countervailing Duties (CVDs) are tariffs levied on imported goods to offset subsidies made to producers of these goods in the exporting country. CVDs are meant to level the playing field between domestic producers of a product and foreign producers of the same product who can afford to sell it at a lower price because of the subsidy they receive from their government.
● Stamp Duty is a legal document with significance that may be presented as evidence in court. Payment of the obligation must be made before, at the time of, or within one working day after the legal instrument is completed. The buyer of the property is usually the one who makes the payment.
● Safeguard Duty is a tariff barrier imposed by the government on commodities to ensure that imports in excessive quantities do not harm the domestic industry. It is mainly a temporary measure undertaken by the government in defence of the domestic industry which is harmed or has potential threat getting hard due to sudden cheap surge in imports.Incorrect
Answer: A
Explanation:
● Anti-Dumping duty are types of taxes imposed on imported goods in order to compensate for the difference between their export price and their normal value. It is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value. This avoids the process wherein a company exports a product at a price that is significantly lower than the price it normally charges in its domestic market.
Additional information:
● Countervailing Duties (CVDs) are tariffs levied on imported goods to offset subsidies made to producers of these goods in the exporting country. CVDs are meant to level the playing field between domestic producers of a product and foreign producers of the same product who can afford to sell it at a lower price because of the subsidy they receive from their government.
● Stamp Duty is a legal document with significance that may be presented as evidence in court. Payment of the obligation must be made before, at the time of, or within one working day after the legal instrument is completed. The buyer of the property is usually the one who makes the payment.
● Safeguard Duty is a tariff barrier imposed by the government on commodities to ensure that imports in excessive quantities do not harm the domestic industry. It is mainly a temporary measure undertaken by the government in defence of the domestic industry which is harmed or has potential threat getting hard due to sudden cheap surge in imports. -
Question 4 of 5
4. Question
2 points4. Which one of the following statements is correct regarding the objectives of the Mission Vatsalya?
Correct
Answer: C
Explanation:
● The objective of Mission Vatsalya is to secure a healthy and happy childhood for each and every child in India, ensure opportunities to enable them to discover their full potential and assist them in flourishing in all respects, in a sustained manner, foster a sensitive, supportive and synchronized ecosystem for development of children.
● Mission Vatsalya promotes family-based non-institutional care of children in difficult circumstances based on the principle of institutionalization of children as a measure of last resort. It aims to achieve child protection priorities with emphasis on child rights with strengthening of the juvenile justice care and protection system.
Additional information:
● The Ministry of Women and Child Development is implementing a Centrally Sponsored Scheme “Mission Vatsalya” erstwhile Child Protection Services (CPS) Scheme, since 2009-10 for the welfare and rehabilitation of children.
● Components under Mission Vatsalya include- Improve functioning of statutory bodies; Strengthen service delivery structures; Upscale institutional care/services; Encourage non-institutional community-based care; emergency outreach services; Training and capacity building.
● All the States/UTs have signed the Memorandum of Undertaking (MoU) with the Ministry for implementation of the Scheme. Mission Vatsalya will be implemented as a centrally sponsored scheme as per prescribed cost sharing ratio between the Centre and State/UT Governments.
● The Ministry has issued detailed guidelines of the Mission Vatsalya Scheme and State Governments/UT Administrations have been asked to prepare their financial proposal and plans for the year 2022-23 under Mission Vatsalya Scheme on the basis of financial norms of Guidelines. The norms of Mission Vatsalya scheme will be applicable from 01 April, 2022.Incorrect
Answer: C
Explanation:
● The objective of Mission Vatsalya is to secure a healthy and happy childhood for each and every child in India, ensure opportunities to enable them to discover their full potential and assist them in flourishing in all respects, in a sustained manner, foster a sensitive, supportive and synchronized ecosystem for development of children.
● Mission Vatsalya promotes family-based non-institutional care of children in difficult circumstances based on the principle of institutionalization of children as a measure of last resort. It aims to achieve child protection priorities with emphasis on child rights with strengthening of the juvenile justice care and protection system.
Additional information:
● The Ministry of Women and Child Development is implementing a Centrally Sponsored Scheme “Mission Vatsalya” erstwhile Child Protection Services (CPS) Scheme, since 2009-10 for the welfare and rehabilitation of children.
● Components under Mission Vatsalya include- Improve functioning of statutory bodies; Strengthen service delivery structures; Upscale institutional care/services; Encourage non-institutional community-based care; emergency outreach services; Training and capacity building.
● All the States/UTs have signed the Memorandum of Undertaking (MoU) with the Ministry for implementation of the Scheme. Mission Vatsalya will be implemented as a centrally sponsored scheme as per prescribed cost sharing ratio between the Centre and State/UT Governments.
● The Ministry has issued detailed guidelines of the Mission Vatsalya Scheme and State Governments/UT Administrations have been asked to prepare their financial proposal and plans for the year 2022-23 under Mission Vatsalya Scheme on the basis of financial norms of Guidelines. The norms of Mission Vatsalya scheme will be applicable from 01 April, 2022. -
Question 5 of 5
5. Question
2 points5. With reference to Rashtriya Gram Swaraj Abhiyaan, consider the following statements:
1. It is a Centrally Sponsored Scheme (CSS).
2. It will cover institutions of rural local government in all parts of the country except for the areas where Part IX of the constitution is not applicable.
Which of the statements given above is/are correct?Correct
Answer: A
Explanation:
● Statement 1 is correct: It is a Centrally Sponsored Scheme (CSS) under the Ministry of Panchayati Raj.
● Statement 2 is incorrect: It will cover institutions of rural local government in all parts of the country and even cover the area where Part IX of the constitution is not applicable.
Additional information:
● Rashtriya Gram Swaraj Abhiyaan is a unique scheme proposed to develop and strengthen the Panchayati Raj System across India in the rural areas.
● Programmes covered are Pradhan Mantri Ujjwala Yojana, Saubhagya, Ujala scheme, Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Mission Indradhanush.
● It is a core Centrally Sponsored Scheme (CSS). It is co-terminus with XV Finance Commission period and extends to all States and UTs of the country.
● It aims to Develop governance capabilities of PRIs to deliver on the SDGs. It will enhance capabilities of Panchayats for inclusive local governance with focus on optimum utilization of available resources and convergence with other schemes to address issues of national importance.
● It will Strengthen Gram Sabhas to function effectively as the basic forum of people’s participation, transparency and accountability within the Panchayat system. It will Develop a network of institutions of excellence to support capacity building and handholding for PRIs.Incorrect
Answer: A
Explanation:
● Statement 1 is correct: It is a Centrally Sponsored Scheme (CSS) under the Ministry of Panchayati Raj.
● Statement 2 is incorrect: It will cover institutions of rural local government in all parts of the country and even cover the area where Part IX of the constitution is not applicable.
Additional information:
● Rashtriya Gram Swaraj Abhiyaan is a unique scheme proposed to develop and strengthen the Panchayati Raj System across India in the rural areas.
● Programmes covered are Pradhan Mantri Ujjwala Yojana, Saubhagya, Ujala scheme, Pradhan Mantri Jan Dhan Yojana, Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Mission Indradhanush.
● It is a core Centrally Sponsored Scheme (CSS). It is co-terminus with XV Finance Commission period and extends to all States and UTs of the country.
● It aims to Develop governance capabilities of PRIs to deliver on the SDGs. It will enhance capabilities of Panchayats for inclusive local governance with focus on optimum utilization of available resources and convergence with other schemes to address issues of national importance.
● It will Strengthen Gram Sabhas to function effectively as the basic forum of people’s participation, transparency and accountability within the Panchayat system. It will Develop a network of institutions of excellence to support capacity building and handholding for PRIs.