QUIZ – 2017: Insights Current Affairs Quiz, 02 June 2019

Solution: D

All the statements are correct.

A day after a group of journalists was told that India’s access to preferential trade terms under the U.S.’s Generalized System of Preferences (GSP) was on its way out, U.S. President Donald Trump issued a proclamation ending the trade benefits effective June 5.

“I have determined that India has not assured the United States that India will provide equitable and reasonable access to its markets. Accordingly, it is appropriate to terminate India’s designation as a beneficiary developing country effective June 5, 2019,” Mr. Trump’s proclamation read.

The GSP is a programme that seeks to aid developing countries by giving some of their products non­reciprocal, duty­free access to U.S. markets. In 2018, some $ 6.3 billion of Indian merchandise exports to the U.S. were covered by GSP, according to the Congressional Research Service.

In News: Trump ends concessions for Indian exports under GSP

Solution: B

Directorate of Enforcement is a multi-disciplinary Organization mandated with the task of enforcing the provisions of two special fiscal laws – Foreign Exchange Management Act, 1999 (FEMA) and Prevention of Money Laundering Act, 2002 (PMLA).

Besides directly recruiting personnel, the Directorate also draws officers from different Investigating Agencies, viz., Customs & Central Excise, Income Tax, Police, etc. on deputation. On 11th March, 2011, after the approval of Government the Directorate underwent a massive restructuring becoming a force of 2067 Officers/Staff from 758, simultaneously raising number of its offices from 21 to 49 across India. However, process is still underway to have a full contingent of work force and to have all the 49 offices functional.

The origin of this Directorate goes back to 1st May, 1956, when an ‘Enforcement Unit’ was formed, in Department of Economic Affairs, for handling Exchange Control Laws violations under Foreign Exchange Regulation Act, 1947 (FERA ’47).

It works under Ministry of Finance.

In News: ED summons Praful on Air India’s route sharing deal with 3 airlines

Solution: C

The Kartarpur gurdwara is located in Pakistan’s Narowal district across the Ravi River. The construction of the Kartarpur corridor on the Indian side will be completed by September 30, said Punjab PWD Minister Vijay Inder Singla on Saturday.

The corridor will link Dera Baba Nanak shrine in Gurdaspur in Punjab in India with Gurdwara Darbar Sahib at Kartarpur in Pakistan.

“The construction of the passage will be accomplished by September 30, well in time before the 550th Parkash Parb (birth anniversary) celebrations of Sikhism founder Guru Nanak Dev,” said Mr. Singla.

The corridor will facilitate passage to the historic gurdwara in Kartarpur, the final resting place of Guru Nanak Dev. The Kartarpur gurdwara is located in Pakistan’s Narowal district across the Ravi, about four kilometres from the Dera Baba Nanak shrine in Punjab in India.

Pakistan will build the corridor up to the Indian border from the gurdwara in Kartarpur.

Solution: C

Both the statements are correct.

In News: NCLT rejects proposal of former EPJL promoters

Solution: B

Reaffirming the dominance of Indian­Americans, a record seven Indian­origin students were among eight who jointly won the prestigious 2019 Scripps National Spelling Bee, taking home more than $50,000 in cash and prizes in an “unprecedented” competition.

In News: Spelling Bee ends in historic tie