QUIZ – 2017: Insights Current Affairs Quiz, 08 April 2019

Solution: c)

The government had set up the ₹40,000 crore NIIF in 2015 as an investment vehicle for funding commercially viable greenfield, brownfield and stalled infrastructure projects.

1. NIIF currently manages three funds each with its distinctive investment mandate. The funds are registered as Alternative Investment Fund (AIF) with the Securities and Exchange Board of India (SEBI).

The three funds are:

Master Fund: A fund focused on creating scalable sectoral platforms in core infrastructure and in collaboration with strong and reputed operating and financial partners.

Fund of Funds: A fund focused on anchoring and investing in credible and reputed third party managers with a strong track record across diversified sectors within infrastructure services and allied sectors.

Strategic Investment Fund:  A fund focused on investing in strategic assets and projects with longer term horizon across various stages of development.

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Solution: a)

An advance pricing agreement (APA) is an ahead-of-time agreement between a taxpayer and a tax authority on an appropriate transfer pricing methodology. An APA provides certainty with respect to the tax outcome of the tax payer’s international transactions.

An APA can be one of the three types – unilateral, bilateral and multilateral.

1. A Unilateral APA is an APA that involves only the taxpayer and the tax authority of the country where the taxpayer is located.
2. Bilateral APA (BAPA) is an APA that involves the tax payer, associated enterprise (AE) of the taxpayer in the foreign country, tax authority of the country where the taxpayer is located and the foreign tax authority.
3. Multilateral APA (MAPA) is an APA that involves the taxpayer, two or more AEs of the tax payer in different foreign countries, tax authority of the country where the taxpayer is located and the tax authorities of AEs.

The Central Board of Direct Taxes (CBDT) entered into 14 Unilateral Advance Pricing Agreements (UAPA) and 2 Bilateral Advance Pricing Agreements (BAPA) during the month of March, 2018.

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Solution: d)

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. “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. The Vision is to provide facility of seamless digital payment to all citizens of India in a convenient, easy, affordable, quick and secured manner.

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.

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.

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Solution: b)

The prime minister is usually always in charge/head of:

• Ministry of Personnel, Public Grievances and Pensions (as Minister of Personnel, Public Grievances and Pensions)
• Appointments Committee of the Cabinet
• Cabinet Committee on Security
• Cabinet Committee on Economic Affairs
• NITI Aayog
• Department of Atomic Energy
• Department of Space
• Nuclear Command Authority

The National Security Advisory Board (NSAB) consists of a group of eminent national security experts outside of the government. Members are usually senior retired officials, civilian as well as military, academics and distinguished members of civil society drawn from and having expertise in Internal and External Security, Foreign Affairs, Defence, Science & Technology and Economic Affairs. The National Security Advisory Board (NSAB) has been reconstituted with P S Raghavan, former Ambassador to Russia, as its head.

The National Security Council (NSC) of India is an executive government agency tasked with advising the Prime Minister’s Office on matters of national security and strategic interest.

Solution: a)

The exchange is done each year on January 1, under the Agreement on the Prohibition of Attack against Nuclear Installations and Facilities, also referred to as the Non-Nuclear Aggression Agreement.

The agreement, which was signed on December 31, 1988, and entered into force on January 27, 1991, provides that the two countries inform each other of nuclear installations and facilities to be covered under the pact on the first of January of every calendar year.

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