Insights Revision Through MCQs – 05 November 2019

Ans: (c)

Explanation:

• Ministry of Skill Development & Entrepreneurship launches Skills Build platform in Collaboration with IBM.
• Skills build Platform Launched by Directorate General of Training (not Directorate General of supplies), under the aegis of Ministry of Skill Development & Entrepreneurship (MSDE).
• Pradhan Mantri Kaushal Vikas Yojana (PMKVY) is a flagship scheme of the Ministry of Skill Development and Entrepreneurship (MSDE). It was launched with an objective of enabling a large number of youth in India to take up skill training that is relevant to specific industry, which would help them in securing a better livelihood.

Refer: https://www.insightsonindia.com/2019/11/05/skills-build-platform/

Ans: (d)

Explanation:

• Regional Comprehensive Economic Partnership is a free trade agreement originally devised to consist of 16 countries across the Asia-Pacific region.
• Preferential trade agreements (PTA) are economic agreements that give preferential access to certain products from the participating countries by reducing, but not eliminating, tariffs. Under the GATT-WTO, these agreements are valid only if they lead to free trade between the involved parties.

What’s the Difference?

• PTAs serve to reduce tariffs but not completely eliminate them – free trade agreements (FTAs) often eliminate tariffs completely
• PTAs are the starting point of economic integration between the two countries – FTAs are the final goal
• “PTAs can also involve agreements where one party is itself a PTA, such as in the case of various agreements signed between the [European Council (EC)] and several other European and Mediterranean countries. There can even be PTAs in which all parties are PTAs, such as the EC-MERCOSUR agreement under discussion”
• Generally, PTAs, unlike FTAs, do not cover all trade

Refer: Mind map on preferential trade agreements https://www.insightsonindia.com/wp-content/uploads/2016/08/Preferential-Trade-Agreements.jpg

https://www.insightsonindia.com/2019/11/05/regional-comprehensive-economic-partnership-rcep-6/

Ans: (b)

Explanation:

• India and Russia are finalising a defence agreement that will simplify interoperability and enable military platforms to receive support and supplies across bases in both nations– Agreement on Reciprocal Logistics Support (ARLS).
• Agreement on Reciprocal Logistics Support (ARLS): It is an arrangement that will allow access to India and Russia, to each other’s military facilities for supplies and fuel, expanding the logistics support and operational turnaround of the Indian military.

Refer: https://www.insightsonindia.com/2019/11/05/agreement-on-reciprocal-logistics-support-arls/

Ans: (d)

Explanation:

• A Non – Banking Financial Corporation is a company incorporated under the Companies Act 2013 or 1956 which is engaged in the business of Loans and Advances, Acquisition of stocks, equities, debt etc issued by the government or any local authority. The main objective of this type of a company is to accept deposits under any scheme or manner.
• According to section 45-I (c) of the RBI Act, a Non – Banking Company carrying on the business of a financial institution will be an NBFC. It is governed by the Ministry of Corporate Affairs as well as the Reserve Bank of India.
• What does conducting financial activity as “principal business” mean?
  • Financial activity as principal business is when a company’s financial assets constitute more than 50 per cent of the total assets and income from financial assets constitute more than 50 per cent of the gross income. A company which fulfils both these criteria will be registered as NBFC by RBI.
  • The term ‘principal business’ is not defined by the Reserve Bank of India Act.
• NBFCs are doing functions similar to banks. What is difference between banks & NBFCs?
  • NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:
  • NBFC cannot accept demand deposits;
  • NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;
  • Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

Refer: https://www.insightsonindia.com/2019/11/05/nbfc-liquidity-norms/

Ans: (a)

Explanation:

• Liquidity coverage ratio (LCR): It refers to the proportion of highly liquid assets held by companies to ensure their ongoing ability to meet short-term obligations.
• High Quality Liquid Assets (HQLAs):It mean liquid assets that can be readily sold or immediately converted into cash at little or no loss of value, or used as collateral to obtain funds in a range of stress scenarios
• Liquidity adjustment facility (LAF) is a tool used in monetary policy, primarily by the Reserve Bank of India (RBI) that allows banks to borrow money through repurchase agreements (repos) or for banks to make loans to the RBI through reverse repo agreements.

Refer: https://www.insightsonindia.com/2019/11/05/nbfc-liquidity-norms/

Ans: (d)

Explanation: Here Directive word is Not Correct!

• IRNSS is an independent regional (not global) navigation satellite system being developed by India. It is designed to provide accurate position information service to users in India as well as the region extending up to 1500 km from its boundary, which is its primary service area
• IRNSS will provide two types of services, namely, Standard Positioning Service (SPS) which is provided to all the users and Restricted Service (RS), which is an encrypted service provided only to the authorised users. The IRNSS System is expected to provide a position accuracy of better than 20 m in the primary service area.
• Some applications of IRNSS are:
  • Terrestrial, Aerial and Marine Navigation
  • Disaster Management
  • Vehicle tracking and fleet management
  • Integration with mobile phones
  • Precise Timing
  • Mapping and Geodetic data capture
  • Terrestrial navigation aid for hikers and travellers
  • Visual and voice navigation for drivers
• The IRNSS space segment consists of 7 satellites (3 GEO and 4 GSO)
• Three of these will be geostationary over the Indian Ocean, i.e., they will appear to be stationary in the sky over the region, and four will be geosynchronous – appearing at the same point in the sky at the same time every day.

Refer: https://www.insightsonindia.com/2019/11/05/navic-2/

Ans: (c)

Explanation:

• ICEDASH is an Ease of Doing Business (EoDB) monitoring dashboard of the Indian Customs helping public see the daily Customs clearance times of import cargo at various ports and airports. With ICEDASH, Indian Customs has taken a lead globally to provide an effective tool that helps the businesses compare clearance times across ports and plan their logistics accordingly. This dashboard has been developed by CBIC in collaboration with NIC(not C-DAC). ICEDASH can be accessed through the CBIC website.
• With ATITHI, CBIC has introduced an easy to use mobile app for international travelers to file the Customs declaration in advance. Passengers can use this app to file declaration of dutiable items and currency with the Indian Customs even before boarding the flight to India.

Refer: Facts for prelims: https://www.insightsonindia.com/2019/11/05/insights-daily-current-affairs-pib-05-november-2019/

Ans: (b)

Explanation:

Refer: Facts for prelims: https://www.insightsonindia.com/2019/11/05/insights-daily-current-affairs-pib-05-november-2019/

Ans: (d)

Explanation: Color Code of Biotechnology

• The life science sector of biotechnology is occasionally described as a rainbow with each sector having its own color code.
• Biotechnology is symbolized majorly by four colours.
  • Red biotechnology is for the health and medical sector including diseases & diagnostics
  • Green biotechnology refers to the agriculture or food, plant and environment
  • white or grey biotechnology indicates the industrial sector
  • Blue biotechnology is for aquaculture and marine

Ans: (a)

Explanation: ISRO evolution, milestones and rise as a space power

• India decided to go to space when Indian National Committee for Space Research (INCOSPAR) was set up by the Government of India in 1962. With the visionary Dr Vikram Sarabhai at its helm, INCOSPAR set up the Thumba Equatorial Rocket Launching Station (TERLS) in Thiruvananthapuram for upper atmospheric research.
• First Indian-made satellite was the Rohini-75 (RH-75). It was launched from TERLS in 1967.
• ISRO built its first satellite in 1975 and named it Aryabhatta. This was launched by the Soviet Union.
• The first Indian-built launch vehicle was SLV-3 and it was used to launch the Rohini satellite in 1980.
• ISRO launched the first INSAT in 1988. It was a communication satellite.
• ISRO also launched the first IRS (remote-sensing satellite) in 1988.
• ISRO has developed three types of launch vehicles (or rockets) namely, the PSLV (Polar Satellite Launch Vehicle), the GSLV (Geosynchronous Satellite Launch Vehicle) and Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mark III or LVM).
• ISRO launched its first lunar mission Chandrayaan I in 2008.
• It also launched the Mars Orbiter Mission or the Mangalyaan in 2014. With this, India became the first country to achieve success in putting a satellite on the Mars orbit in its maiden attempt and the fourth space agency and the first Asian agency to do so.
• In 2017, ISRO created another world record by launching 104 satellites in a single rocket. It launched its heaviest rocket yet, the Geosynchronous Satellite Launch Vehicle-Mark III and placed the GSAT 19 in orbit. There are future plans for a human spaceflight (Gaganyaan), interplanetary probes and a solar mission as well.

Refer: https://www.isro.gov.in/about-isro/isros-timeline-1960s-to-today