Current Affair MCQ 3: Jan 7-8, 2014

1. In which of the following years government of India constituted the Cauvery Water Dispute Tribunal?

[A]1986 [B]1990 [C]1995 [D]1994 

Answer: 1990 [The Cauvery Water Dispute Tribunal was constituted by government of India on 2nd June 1990 to adjudicate the water dispute regarding inter-state river Cauvery and the river valley thereof.]

2. Recently, which among the following has been granted the status of Qualified Central Counterparty (QCCP) by RBI? 

[A]Indian Clearing Corporation [B]MCX-SX Clearing Corporation [C]National Securities Clearing Corporation [D]Clearing Corporation of India

Answer: Clearing Corporation of India [The Reserve Bank of India granted the status of Qualified Central Counterparty to Clearing Corporation of India (CCIL). QCCP status means that CCIL now adheres to the principles for Financial Market Infrastructure an international standard to handle counterparty risk on derivatives.] 

3. The Mor committee on comprehensive financial services for small business and low-income households has recommended all Indians above 18 years of age should have full-service bank accounts by ___? 

[A]January 1, 2015 [B]January 1, 2016 [C]March 31, 2015 [D]March 31, 2016

Answer: January 1, 2016 [A committee headed by RBI board member Nachiket Mor has recommended all Indians above 18 years of age should have full-service bank accounts by January 1, 2016 and every account holder will have an electronic payment access point within 15 minutes of walk.]

4. The union government recently launched the nation’s first comprehensive adolescent health programme which will focus on adolescent sexual health. The programme has been named as___?

[A]Rastriya Kishor Swasthya Karyakram [B]Rastriya Sampoorna Swasthya Karyakram [C]Rastriya Kishor Evam Bal Swasthaya Yojana [D]National Adolescent Mission

Answer: Rastriya Kishor Swasthya Karyakram [The government launched the nation’s first comprehensive adolescent health programme named Rastriya Kishor Swasthya Karyakram, which will include a sharp focus on adolescent’s sexual health. The programme envisions that all adolescent in India are able to realize their full potential by making informed and responsible decisions related to their health and well-being.] 

Reunion Island

5. The Reunion Island is a small French island located in the _____ 

[A]Indian Ocean [B]Pacific Ocean [C]Arctic Ocean [D]Antarctic Ocean 

Answer: Indian Ocean [Reunion Island is a small French island in the Indian Ocean, near Mauritius. The Indian-origin population comprises 45 percent of the people on the island that has a population of over 837,000 inhabitants.]

6. Bankapura Peacock Sanctuary, which is only the second sanctuary in the country that is exclusively engaged in the conservation of peacocks, is located in ___?

[A]Karnataka [B]Andhra Pradesh [C]Gujarat [D]Rajasthan 

Answer: Karnataka [Bankapura Peacock Sanctuary is inside the Bankapura Fort in Bankapura in Haveri district of Karnataka. This sanctuary is the only second sanctuary in the country that is exclusively engaged in the conservation and breeding of peacocks.] 

7. The “Yellow rust” is a dreaded disease of wheat caused by ____? 

[A]Bacteria [B]Virus [C]Fungus [D]Virus & Fungus 

Answer: Fungus [Yellow rust is a fungal disease which turns crop’s leaves into yellowish colour and stops the photosynthesis activity. It is a dreaded disease of wheat which can cause tremendous losses in yield.]

8. The Prime Minister of which country will be the chief guest at this year’s India’s Republic Day parade? 

[A]China [B]Japan [C]Singapore [D]Australia 

Answer: Japan [Japanese Prime Minister Shinzo Abe is to be chief guest at this year’s Republic Day parade. It is the first time that a Japanese Prime Minister is to be chief guest at India’s Republic Day parade.] 

9. Who among the following has become the first woman to chair United Sates Central Bank (Federal Reserve)?

[A]Amelia Grace [B]Aimee Jayne [C]Janet Yellen [D]Margaret Chloe

Answer: Janet Yellen [The US Senate confirmed Janet Yellen as the new leader of the Federal Reserve, marking the first time a woman has headed the world’s most powerful central bank. Yellen, will replace current chairman Ben Bernanke, who steps down on January 31 after eight years in the job.]

10. The Registan Desert is located in which of the following countries? 

[A]Afghanistan [B]Kazakhstan [C]Pakistan [D]Russia 

Answer: Afghanistan The Registan Desert is an extremely arid plateau region located between Helmand and Kandahar provenances in south-western Afghanistan.

RBI permits firms to issue debt to non-residents as bonus

January 11' 2014

The Reserve Bank of India (RBI) has granted permission to Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders from their general reserves as bonus. This facility will also include the depositories that act as trustees for the ADR/GDR holders. The issue of preference shares (excluding non-convertible/redeemable preference shares) and convertible debentures (except optionally convertible or partially convertible debentures) would be subject to Foreign Direct Investment Scheme.

Why has the RBI allowed company to issue non-convertible debentures to non-resident Indians?

As per the notification issued by the RBI, the step has been taken with a view to rationalize and simplify the norms following references from some Indian companies to issue non-convertible or redeemable bonus preference shares or debentures to non-resident shareholders from the general reserve under a scheme of arrangement by a court, under the provisions of the Companies Act.   Until now, RBI was granting permission for such issuances on a case-to-case basis.

Scientists spot rare Indian Pitta after 60 years

Indian Pitta, a bird endemic to the Himalayan foothills and Western Ghats, was spotted at Aravalli Biodiversity Park near Vasant Kunj in Delhi recently. As per ornithologists, Indian Pitta, a small and colourful bird which is mainly seen in closed-canopy forests, was spotted in Delhi after 60 years.

Why sighting of Indian Pitta is special for scientists?

The sighting of Indian Pitta or ‘Navaratna’ was last reported by ornithologist Usha Ganguli in her book-A Guide to the Birds of Delhi. But for scientists, the spotting of the bird in national capital after 60 years is special because it was seen in the mining pits which they have converted in to moist forests. As an experiment, scientists planted evergreen species in these despoiled pits of Aravalis which was a wasteland earlier. The bird discovered the type of atmosphere it needs at this location.

Current Affair MCQ 2: Jan 3rd 2014 to Jan 6th 2014

1. Who among the following has won men’s Chennai Open Tennis Trophy 2013?

[A]Somdev Burman [B]Roger Vasselin [C]Stanislas Wawrika [D]David Federer

Answer: Stanislas Wawrika [Top seed Stanislas Wawrika lifted his fifth ATP world tour title and second Chennai open trophy after a convincing straight sets win over Edouard Roger Vasselin in the final.]

2. The Loser festival is the most important festival celebrated in___?

[A]Ladakh [B]Leh [C]Shimla [D]Srinagar

Answer:Ladakh The Loser festival marks the beginning of the New Year in Ladakh and China's Tibet and considered to be the most important festival of the region. During this festival the Ladakhi Buddhists make religious offering before their deities in the domestic shrines or in the Gompas. 

3. Recently, which among the following has announced to launch of an All Woman’s Insurance branch?

[A]Bajaj Allianz [B]Tata AIG General [C]ICICI Lombard [D]Reliance General 

Answer:Bajaj Allianz [Private General Insurer Bajaj Allianz general insurance announced the launch of an All Women Branch at their headquarters in Pune. As the name suggests this branch will have only women employees and recruit and train women agents and intermediaries. Bajaj Allianz is one of the first insurers to come up with such an initiative in the general insurance space.] 

4. In which one of the following states, Tata Consultancy Services (TCS) has decided to set up world’s largest corporate learning and development centre? 

[A]Kerala [B]Punjab [C]Maharashtra [D]Karnataka 

Answer:Kerala [Tata Consultancy Services, India’s largest software services exporter has decided to set up the world’s largest corporate learning and development centre in Thiruvananthapuram, Kerala. The proposed centre will have capacity to train 15,000 professionals at one time and 50,000 professionals annually.]

5. Who among the following has been chosen for Portugal highest honor “Order of Prince Henry”? 

[A]Cristiano Ronaldo [B]Lopes Anthony [C]Alves Bruno [D]Costa Ricardo 

Answer:Cristiano Ronaldo [Cristiano Ronaldo is to be granted one of Portugal’ highest honors by the country’s President. The Real Madrid forward, named FIFA player of the year in 2008, is Portugal’s most famous athlete.]

6. The Strait of Gibraltar connects the Atlantic Ocean to the ___?

[A]Indian Ocean [B]Mediterranean Sea [C]Arctic Ocean [D]Pacific Ocean 

Answer:Mediterranean Sea [The strait of Gibraltar is a narrow strait that connects the Atlantic Ocean to the Mediterranean Sea and separates Gibraltar and Spain in Europe from Morocco in Africa.]

7. According to latest Green 500 supercomputers list, PARAM Yuva II has been raked no.1 power efficient supercomputer in India. PARAM computer was developed by__? 

[A]CSIR [B]C-DAC [C]IITM [D]ISRO 

Answer:C-DAC [India’s supercomputer PARAM Yuva II, developed by the Centre for Development of Advanced Computing (C-DAC), has bagged 44th rank among the world’s most power efficient computer systems, according to a Green500 list announced at the supercomputing conference in Denver, US. The PARAM Yuva II supercomputer has been ranked no.1 and no.9 in the Asia Pacific Region.] 

8. Which among the following has created the India’s first most comprehensive “Financial Inclusion Index”, recently? 

[A]RBI [B]CRISIL [C]ICRA [D]CIBIL 

Answer:CRISIL [CRISIL has developed “Inclusix” India’s most comprehensive financial inclusion index for measuring the progress of financial inclusion in the country, down to district level. Inclusix, whose methodology is similar to other global indices, such as UNDP’s Human Development Index, measures financial inclusion on the three critical parameters of basic banking services-branch penetration, deposit penetration and credit penetration.]

9. World Braille Day is observed on which of the following days?

[A]December 30 [B]December 31 [C]January 4 [D]January 6 

Answer:January 4 

10. Football legend “Eusebio Silva Ferreira” who passed away recently, belongs to which country?

[A]France [B]Portugal [C]Egypt [D]Spain 

Answer:Portugal [ Eusebio da Silva Ferreira, commonly known simply as Eusebio, was a Mozambican born Portuguese football player. He is considered one of the greatest footballers of all time. During his professional career, he scored 733 goals in 745 matches.]

11. India and which one of the following countries has recently agreed to hold third “2 plus 2” dialogue?

 [A]USA [B]Japan [C]China [D]Australia 

Answer:Japan [India and Japan agreed to hold the third “2 plus 2” dialogue and the fourth defence policy dialogue in Delhi in 2014. It was decided in the defence minister level talks between the two sides recently.] 

12. In international banking system, what does the TIBOR stands for ___? 

[A]Tokyo Interbank Offered Rate [B]Taiwan Interbank Offered Rate [C]Thailand Interbank Offered Rate [D]Tongling Interbank Offered Rate 

Answer:Tokyo Interbank Offered Rate [TIBOR stands for the Tokyo Interbank Offered Rate and is a daily reference rate based on the interest rates at which banks offer to lend unsecured funds to other banks in Japan wholesale money market. TIBOR is published by the Japanese Bankers Associations.]

13. According to the 2010-12 Sample Registration Survey report, which one of the following states registered lowest mortality rate in the country?

[A]Mizoram [B]Goa [C]Kerala [D]Gujarat Kerala 

Answer:Kerala has once again gained the position of being the state with the lowest maternal mortality rate in the country. The MMR stands at 66 per one lakh live births according to the 2010-12 Sample Registration Survey report published by the centre. 

14. Which among the following parties has gain majority in the 10th Parliamentary elections held in Bangladesh, recently? 

[A]Awami League Party [B]Bangladesh Worker’s Party [C]Jatiyo Samjtantrik Dal [D]Bangladesh Nationalist Party 

Answer:Awami League Party [Prime Minister Sheikh Hasina’s Awami League party has won 104 seats of the 147 contested in the 10th parliamentary elections concluded recently. Having won 127 seats uncontested, the Awami league has 231 seats, which gives it a clear three-fourth majority in the 10 parliament.]

15. Which of the following is the theme of Pravasi Bharatiya Divas 2014?

[A]Engaging Diaspora: Connecting Across Generation [B]Sharing a Common Heritage: The Emotional Connect [C]Engaging Diaspora: Connecting All Indians [D]One India: One World

Answer:Engaging Diaspora: Connecting Across Generation [ Engaging Diaspora: Connecting Across Generation is the theme of Pravasi Bharatiya Divas 2014 which kicks off in New Delhi.]

16. Recently, India and Nepal decided to work together for joint conservation efforts for the endangered ____? 

[A]Bengal Tiger [B]Asian Elephant [C]South Asian Rover Dolphin [D]Rhinoceros 

Answer:Bengal Tiger [India and Nepal is working for joint conservation efforts for the endangered tigers. The aim is to get the most accurate data on tiger population in all 11 protected areas along Nepal-India border. This will be the first time that Nepalese and Indian conservation authorities are matching the tiger populations in their respective tiger reserves. ]

17. Who among the following is the new chairman of NASSCOM? 

[A]R Chandrashekar [B]Naveen Patnaik [C]Kushal Mittal [D]Aditya Birla 

Answer:R Chandrashekar [Former telecom secretary R Chandrashekar took over as president of NASSCOM a body representing the $ 108 billion Indian IT-BPM industry. He succeeds Som Mittal who served as the president of Nasscom from 2007-13.]

18. The “Araku Valley” known for its rich biodiversity is located in ___? [A]Assam [B]Tripura [C]Andhra Pradesh [D]Odisha 

Answer:Andhra Pradesh [The Araku Valley is a hill station in Visakapatnam district of Andhra Pradesh. It is a valley in the Eastern Ghats inhabited by different tribes. The Anantagiri and Sunkarimetta Reserved forest which are part of Araku valley are rich in biodiversity.]

19. Which one of the following committees was set up by RBI to study the various issues relating to financial benchmarks? 

[A]Umesh Chandra [B]Vijaya Bhaskar [C]Urjit Patel [D]Subbu Rao 

Answer:Vijaya Bhaskar [The RBI had set up a committee under its Executive Director P Vijaya Bhaskar on June 28,2013 with a mandate to study the various issues relating to financial benchmarks. The committee has recommended a change in the way of determining the money market benchmarks so as to remove any possible scope for manipulation along with some other recommendations.]

20. What is the name of India’s satellite-based flight navigation system which has been certified by aviation regulator DGCA, recently? 

[A]GAGAN [B]BHUVAN [C]BHOOMI [D]PRITHVI 

Answer:GAGAN [GPS Aided Geo Augmented Navigation (GAGAN) system is the India’s ambitious navigation system. GAGAN would enable aircraft fitted with satellite-based augmentation equipment to use its signals in space for en route navigation and precision approach without vertical guidance over the huge air space. GAGAN is jointly developed by Airports Authority of India and ISRO.]

CAG can audit Telecom firms’ accounts: Delhi HC

As per the ruling of the Delhi High Court, the Comptroller and Auditor-General (CAG) can audit the accounts of mobile companies on a condition that the audit has to be only an audit relating to the receipts (revenues) and nothing else.

The Association of Unified Telecom Service Providers of India and Cellular operators had argued in its plea to the court that that under Article 149 of the Constitution, CAG is empowered only to audit the accounts of the Union and of the State governments and such authorities or bodies as may be prescribed by or under any law made by Parliament. They also argued that if a constitutional provision (Article 149) imposed restrictions on the power of a constitutional authority, no law made by Parliament could widen that power.

What is the issue?

The Association of Unified Telecom Service Providers of India and Cellular petitioners had moved the Court following issuance of three letters to all telecom service providers; one by the Telecom Regulatory Authority of India (TRAI) and the other two by the Director General of Audit, Post & Telecommunications requiring all the telecom firms to produce their books of accounts and other documents having a bearing on the verification of the revenue to the Comptroller and Auditor General of India from 2006-07 onwards.

Addressing judges lord, lordship, your honour not mandatory: Apex Court

The Supreme Court observed that addressing judges “my lord”, “your lordship” or “your honour” in courts is not mandatory. The judge expects to be called only in a respectful and dignified manner.

The court was hearing a petition filed advocate Shiv Sagar Tiwari demanding abolishing the use of such terms and ordering the courts that the judges should not be addressed in such a traditional manner.

As per the petition, addressing judges as “my lord or your lordship” in courts is a relic of colonial era and a sign of slavery.

The court refused to accept the plea and said that it is for the lawyer to choose how he addresses the judge and the judge does not take exception if he/she is called ‘Sir’. However, the court declined to order the courts to abolish the use of the conventional terms.

Janet Yellen becomes the first wome chief of Federal Reserve Bank of US

January 8:

Janet Yellen (67) has been confirmed as the new chief of the Federal Reserve Bank of the US. With this, she has become the first woman to head the world’s most powerful central bank. 

Yellen who was earlier nominated by President Barack Obama was elected with the 56-26 vote in the US senate voting.

Yellen will replace current chairman Ben Bernanke, who steps down on January 31, 2014 after 8 years in this service, during which the pair tackled the country’s worst economic crisis since the Great Depression.

Research: “Canine Distemper Virus” killing endangered Tigers, Red Pandas and Lions

January 8:

As per researchers at Indian Veterinary Research Institute (IVRI) in Bareilly, the infection caused by the Canine Distemper Virus (CDV) is killing endangered tigers, red pandas and lions in the country. The disease has been detected in Dudhwa Tiger Reserve, Patna Zoo and many areas of West Bengal and Darjeeling.

What is Canine Distemper Virus(CDV)?

Canine Distemper Virus(CDV) is a disease causing virus common in domestic dogs and ferrets, although it can infect wild animals as well.

How does Canine Distemper Virus(CDV) affects animals?

CDV impacts different systems of the body including nervous and respiratory system in these animals. It shatters the immunity system and causes various secondary bacterial infections.

As this disease damages the brain of the animal, it severely affects their decision making power. Due to this, the animals go beyond their natural habitat and enter human settlements. It renders them easy prey for poachers.

How does the infection of Canine Distemper Virus(CDV) occur?

Activities of direct contact like licking are the major source of CDV transmission among tigers, lions and red pandas. Besides this, eating dogs infected with the virus, drinking water from same source are some other modes of transmission of infection.

Can Canine Distemper Virus(CDV) be checked?

Yes. If all the dogs in the buffer zone of forest are vaccinated, it can stop the spread of disease.

Presidential assent to Lokpal and Lokayuktas Bill 2013

January 8:

President of India Mr. Pranab Mukherjee has given his assent to the Lokpal and Lokayuktas Bill, 2013. This approval renders the Bill to turn into an Act. The Bill provides for setting up an anti-graft watchdog that will bring within its ambit even the office of the Prime Minister with certain safeguards. As per the Bill, an institution of Lokpal at Centre and Lokayuktas in the states will be established within 1 year from the date of its coming into effect.

Key features of the Lokpal and Lokayuktas Bill, 2013:

Provision of an institution of Lokpal at the centre level and Lokayuktas at the states levels.

• A Lokpal consist of a Chairperson and a maximum of 8 members, of which 50% should be of judicial members.
• 50% of the total members of the Lokpal should be from SC/ST/OBCs, minorities and women.
  For the appointment of the Chairperson and members of the Lokpal, there will be a selection panel which will include the Prime Minister,Lok Sabha Speaker, Lok Sabha’s leader of opposition, the Chief Justice of India or the Judge of the Supreme Court nominated by the Chief Justice. Then the President of India will nominate the eminent Jurist on the basis of the suggestions of the first four members of the selection panel.
• Prime Minister within the ambit of the Lokpal
• All categories of the public servants will be under the jurisdiction of the Lokpal
• Any/all entities receiving donations from a foreign source more than Rs. 10 lakh will be covered under this act in terms of Foreign Contribution Regulation Act (FCRA).
• Honest and upright public servants will be given protection.
• Lokpal will have the right to supervise and direct any investigation agency including the CBI on the cases, which will be referred to them from the Lokpal itself.
• The high power committee headed by the Prime Minister of India will recommend the Director of the CBI.
• The Director of Prosecution, CBI will be recommended by theCentral Vigilance Commission.
• Transfer/s of the officer/s of CBI, who are investigating the cases referred by the Lokpal will need prior approval from the Lokpal.
• Property gained by corrupt means is liable to be attached and confiscated even if the prosecution of the case remains pending.
• Time-bound preliminary enquiry and trial. Besides, special courts may be set up towards the end of the legal proceedings.
• States must set up Lokayukta institution through enactment of a law by the State Legislature within 365 days from the date on which the Act comes into effect.

“CRISIL Inclusix”- Financial Inclusion Index rises 2.7 % in 2012

The Credit Rating Information Services of India Limited (CRISIL) stated that financial inclusion gained momentum in India with a significant rise in new savings accounts, increase in agriculture credit accounts and expansion of bank branches in deeper geographies.

India’s overall CRISIL Inclusix score has risen by 2.7% in financial year 2012 (the highest annual increase since 2009)

Key points of CRISIL Inclusix, the financial inclusion index:

• Based on data (March 31, 2012) provided by the Reserve Bank of India. The index measures financial inclusion up to the level of each of the 638 districts in India.
• Agricultural credit accounts increased by 11.1%, which is the most since fiscal 2009.
• The number of bank branches in the bottom 100 districts increased by 6%, faster than the all-India growth of 5.6%.
• New deposit accounts in three regions – north, south and east, contributed 42% to the rise in CRISIL Inclusix.
• The overall Inclusix score remained relatively low at 42.8 on a scale of 100, the score reflects under-penetration of formal banking in the country.
• Just one in two Indians has a bank savings account and one in seven approach to bank credit. There are wide disparities in access to financial services, too. While India’s six largest cities have 10% of India’s bank branches, the bottom 50 districts have merely 2% of bank branches.

Note: To speed up inclusion, financial services need to flow beyond the south and the large cities. The policy makers will have to incentivise expansion of banking services in the districts that have low CRISIL Inclusix scores through an increase in branch network and partnerships with other players.