Q1. Recently which of the following committee was constituted by RBI to address the issues related to the transfer of surplus funds from RBI to government
A. Urjit Patel Committee
B. Y. Venugopal Reddy Committee
C. Bimal Jalan Committee
D. L K Jha Committee
Answer Option: C
1. The Reserve Bank of India (RBI) constituted an expert committee headed by former governor Bimal Jalan to review its economic capital framework, and whether the central bank needs to hold as much reserves as it currently does. o The expert committee would examine if the central bank’s reserves were adequate, going by the global standards, and if in excess, how much money could be transferred to the government.
Q2. GAFA tax recently seen in news is related to:
A. Tax on new start-ups with annual turn-over of more than 1 crore
B. Tax on Renewable energy products
C. Tax on large technology and internet companies
Answer Option: C
1. French finance minister Bruno Le Maire announced the introduction of a GAFA tax—named after Google, Apple, Facebook, Amazon—on large technology and internet companies in France from 1 January 2019. o The French proposal is set to target only those profitable companies that have heavy annual global revenue. o The rationale behind devising a separate framework to tax online service providers is this: existing tax norms that are framed envisaging brick and mortar business models are not suitable to regulate online services. o This is because the digital economy is characterized by a unique system of value creation resulting from a combination of factors such as sales functions, algorithms and personal information of users What distinguishes technology companies from traditional businesses is user participation in creating value, which, in turn, translates into revenue. o Although using consumer data to improve businesses is not exclusive to the digital economy, the unique ability of digital businesses lies in their power to analyse big data collected via constant user interaction and data mining.
Q3. RBI’s Prompt Corrective Action (PCA) Framework is applicable to:
1) Commercial banks
2) Co-operative banks
3) Non-banking financial companies (NBFCs)
Answer Option: A
1. RBI’s Prompt Corrective Action (PCA) Framework is a set of guidelines for banks that are weak in terms of identified indicators including – poor asset quality, insufficient capital and insufficient profit or losses. o The PCA is an early intervention package or resolution guideline by the RBI when a bank turns weak in terms of the identified indicators. o The Reserve Bank has specified certain regulatory trigger points, as a part of prompt corrective action (PCA) Framework, in terms of three parameters, i.e. capital to risk weighted assets ratio (CRAR), net non-performing assets (NPA) and Return on Assets (RoA), for initiation of certain structured and discretionary actions in respect of banks hitting such trigger points. o The PCA framework is applicable only to commercial banks and not extended to co-operative banks, non-banking financial companies (NBFCs) and FMIs.
Q4. Consider the following statements about Fugitive Economic Offender:
1) A person is declared a Fugitive Economic Offender by a ‘Special Court’ set up under the Prevention of Money-laundering Act (PMLA), 2002
2) The property of a fugitive economic offender, including benami property, can be confiscated once he is declared so by the Special Court.
Answer Option: Both
1. A fugitive economic offender is an individual who has committed some specified offence(s) involving an amount of one hundred crore rupees or more and has absconded from India or refused to come back to India to avoid or face criminal prosecution in India. o The property of a fugitive economic offender, resulting from the proceeds of crime, including benami property, can be confiscated once he is declared so by the Court. o Properties abroad are also liable for confiscation. Further, he would be disentitled from defending any civil claim. o An Administrator will be appointed to manage and dispose of the confiscated property.
Q5. Promotion of Digital Transactions including Digital Payments, is the responsibility of:
B. Ministry of Finance
C. Ministry of Electronics & Information Technology (MeitY)
Answer Option: C
The Digital India programme is a flagship programme of the Government of India with a vision to transform India into a digitally empowered society and knowledge economy. o “Faceless, Paperless, Cashless” is one of professed role of Digital India. Promotion of digital payments has been accorded highest priority by the Government of India to bring each and every segment of our country under the formal fold of digital payment services. o The Vision is to provide facility of seamless digital payment to all citizens of India in a convenient, easy, affordable, quick and secured manner. o Ministry of Electronics & Information Technology (MeitY) has been entrusted with the responsibility of leading this initiative on “Promotion of Digital Transactions including Digital Payments”. MeitY is working on various strategies, ideation with multiple stakeholders including Banks, Central Ministries/Departments and States, to create an ecosystem to enable digital payments across the country. o MeitY is working on strengthening of Digital Payment infrastructure and creating awareness through promotions of digital payments with all the stakeholders to achieve Government’s vision of making citizens of this country digitally empowered.
Q6. Consider the following statements about Small Farmers’ Agri-Business Consortium (SFAC):
1) SFAC has pioneered the formation of Farmer Producer Organizations/Farmer Producer Companies.
2) It offers Credit Guarantee Fund Scheme to FPCs to improve availability of working capital.
3) It implements e-Nam
Answer Option: (1, 2, 3)
1. SFAC is an exclusive Society focused on increasing incomes of small and marginal farmers through aggregation and development of agribusiness. o SFAC has pioneered the formation and growth of Farmer Producer Organizations/Farmer Producer Companies. o SFAC offers Schemes like Equity Grant and Credit Guarantee Fund Scheme to FPCs to improve availability of working capital and development of business activities. o SFAC is also implementing the National Agriculture Market Electronic Trading (e-Nam) platform.
Q7. Consider the following statements about Initial Coin Offerings (ICO):
1) ICOs are a type of crowdfunding tool conducted entirely on the blockchain.
2) There is no regulator for this kind of crowd sourcing in India.
3) ICO can be purchased with fiat or virtual currency.
Answer Option: (1, 2, 3)
1. ICOs are a type of crowdfunding or crowd investing tool conducted entirely on the blockchain. o Unlike an IPO, which is governed by SEBI regulations, there is no regulator for this kind of crowd sourcing in India. o In an ICO, a quantity of cryptocurrency is sold in the form of “tokens” (“coins”) to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ethereum.
Q8. Which of the following are Critically Endangered birds/ animals found in India:
1) Great Indian Bustard
2) Clouded leopard
3) Pondicherry shark
Answer Option (1, 3)
1. Since 2008, Clouded leopard is listed as Vulnerable on the IUCN Red List. o The lion-tailed macaque is listed as endangered in IUCN red list.
Q9. Blue Flag Certification is awarded to:
A. Countries having Nuclear Submarine
B. Quality export of Fisheries products
C. Beaches with high environmental and quality standards
Answer Option: C
1. Blue Flag certification — the tag given to environment-friendly and clean beaches, equipped with amenities of international standards for tourists. o The Chandrabhaga beach on the Konark coast of Odisha is the first in Asia to get the Blue Flag certification. o The Blue Flag is a certification by the Foundation for Environmental Education (FEE) that a beach, marina, or sustainable boating tourism operator meets its stringent standards. o FEE is a not-for-profit non-governmental organization consisting of 65 organisations in 60 member countries. o FEE's Blue Flag criteria include standards for quality, safety, environmental education and information, the provision of services and general environmental management criteria. o The Blue Flag is sought for beaches, marinas, and sustainable boating tourism operators as an indication of their high environmental and quality standards.
Q10. Consider the following statements about Mobilise Your City (MYC) programme:
1) The MYC aims to reduce Green House Gas (GHG) emissions related to urban transport
2) India and France have signed an implementation agreement on “MOBILISE YOUR CITY” (MYC)
3) It was launched at 24th Conference of Parties (COP24) meeting in Katowice, Poland.
Answer Option: (1, 2)
1. Mobilise Your City (MYC) was launched at 21st Conference of Parties (COP21) meeting in December, 2015. o India and France have signed an implementation agreement on “MOBILISE YOUR CITY” (MYC). o The MYC aims to reduce the Green House Gas (GHG) emissions related to urban transport by implementing urban mobility plans at local level and to help India at national level to improve their sustainable transport policy.