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Daily Prelims Test – 08_December 2020

Consider the following statements regarding the Hampi Chariot

  • It was built in the 16th century by the orders of King Krishnadevaraya
  • It is a shrine dedicated to Garuda

Which of the statement(s) given above is/are correct?

  • 1 only
  • 2 only
  • Both 1 and 2
  • Neither 1 nor 2

Answer: (c) Both 1 and 2

Explanation:

In NEWS:Hampi stone chariot now gets protective ring

  • Tourists can no longer get too close to the iconic stone chariot in front of the Vijaya Vittala Temple in the UNESCO World Heritage site of Hampi
  • The architectural marvel has been cordoned off by a protective ring by the Archaeological Survey of India (ASI).
  • ASI put up the barrier aimed at preventing people from touching or climbing the monument, causing damage in any way.

Hampi Chariot:

  • It was built in the 16th century by the orders of King Krishnadevaraya, a Vijayanagara ruler who got fascinated with the Konark Sun temple chariot while fighting a battle in Odissa.Hence statement 1 is correct
  • Vijayanagara rulers reigned from 14th to 17th century CE.
  • The chariot is actually a shrine dedicated to Garuda, built inside the Vittala Temple Hence statement 2 is correct
  • The massive sculpture of Garuda, Lord Vishnu’s escort once was seated atop the chariot but it is empty at the present date.
  • The Hampi Chariot has earned its name among the other three famous stone chariots in India- One in Konark, Odissa, and the other in Mahabalipuram
  • Inspired by the Dravidian style of architecture, the chariot is a colossal structure which shows the skill of the earlier craftsmen and architects. The beauty of the chariot lies in the fact that it looks like one solid structure but in fact, has been built by slabs of granite whose linkages have been cleverly hidden with artistic designs.

Source: https://www.thehindu.com/news/national/karnataka/barricade-put-around-iconic-stone-chariot-at-hampi/article33264127.ece


Consider the following statements regarding the Trade Receivables and Discounting System (TReDS)

  • It is an electronic platform for facilitating the financing or discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers
  • Corporates, Government Departments, PSUs and any other entity can participate as buyers in TReDS.

Which of the statement(s) given above is/are correct?

  • 1 only
  • 2 only
  • Both 1 and 2
  • Neither 1 nor 2

Answer: (c) Both 1 and 2

Explanation:

In NEWS: TReDS platform back in action, MSME registrations rise as businesses reopen: RXIL MD

  • TReDS has so far processed over Rs 24,000 crore worth of invoices that helped over 14,000 MSMEs with better liquidity and access to funds on favourable terms since 2017.
  • Receivable Exchange of India (RXIL) — set up by SIDBI and the National Stock Exchange (NSE) in 2016 after the RBI allowed TReDS in 2014 — expects business of Rs 6,000 crore for 2020-21 despite the lockdown impact on MSMEs

About Trade Receivables and Discounting System (TReDS)

  • TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs).Hence statement 1 is correct
  • Sellers, buyers and financiers are the participants on a TReDS platform.
  • Corporates, Government Departments, PSUs and any other entity can participate as buyers in TReDS. Hence statement 2 is correct
  • Banks, NBFC – Factors and other financial institutions as permitted by the Reserve Bank of India (RBI), can participate as financiers in TReDS.

Broadly, following steps take place during financing / discounting through TReDS:

  • Creation of a Factoring Unit (FU) – standard nomenclature used in TReDS for invoice(s) or bill(s) of exchange – containing details of invoices / bills of exchange (evidencing sale of goods / services by the MSME sellers to the buyers) on TReDS platform by the MSME seller (in case of factoring) or the buyer (in case of reverse factoring);
  • Acceptance of the FU by the counterparty – buyer or the seller, as the case may be;
  • Bidding by financiers;
  • Selection of best bid by the seller or the buyer, as the case may be;
  • Payment made by the financier (of the selected bid) to the MSME seller at the agreed rate of financing / discounting;
  • Payment by the buyer to the financier on the due date.

Source: https://indianexpress.com/article/business/market/treds-platform-back-in-action-msme-registrations-rise-as-businesses-reopen-rxil-md-7093283/


Consider the following statements regarding the C40

  • It is a network of the world’s megacities committed to addressing climate change
  • It encourages cities to develop and implement a climate action plan for keeping the global average temperatures below 1.5 degrees Celsius and reducing emissions by 2030 as per the Paris Agreement.

Which of the statement(s) given above is/are correct?

  • 1 only
  • 2 only
  • Both 1 and 2
  • Neither 1 nor 2

Answer: (c) Both 1 and 2

Explanation:

In NEWS: Mumbai joins C40 cities to fight climate change

  • The leaders of these cities use a science-based approach and there is an exchange of best practices to take effective action for keeping the global average temperatures below 1.5 degrees Celsius and reducing emissions by 2030 as per the Paris Agreement
  • Mumbai has become the sixth Indian city to be chosen as a member of the C40 cities – a global network of cities committed to tackling climate change.
  • C40 is a network of the world’s megacities committed to addressing climate change. C40 supports cities to collaborate effectively, share knowledge and drive meaningful, measurable and sustainable action on climate change.Hence statement 1 is correct
  • C40 connects 97 of the world’s largest and most influential cities.
  • C40 membership encourages cities to develop and implement a climate action plan compatible with the Paris Agreement goal. Hence statement 2 is correct
  • The leaders of these cities use a science-based approach and there is an exchange of best practices to take effective action for keeping the global average temperatures below 1.5 degrees Celsius and reducing emissions by 2030 as per the Paris Agreement.
  • Representing 700+ million citizens and one quarter of the global economy, mayors of the C40 cities are committed to delivering on the most ambitious goals of the Paris Agreement at the local level, as well as to cleaning the air we breathe.
  • C40 member cities’ list from India: Mumbai, Bengaluru, Chennai, the National Capital Territory (NCT) of Delhi, Jaipur and Kolkata.
  • Its 2019 annual report recognised Delhi NCT, Dubai and Dhaka as the most active cities in the South and West Asia region.

Source: https://www.hindustantimes.com/mumbai-news/mumbai-joins-c40-cities-to-fight-climate-change/story-v7RLfDWeu2q2kJQjYzEoSK.html#:~:text=Mumbai%20has%20become%20the%20sixth,announcement%20on%20Twitter%20on%20Friday.&text=C40%20connects%2097%20of%20the%20world’s%20largest%20and%20most%20influential%20cities.


Consider the following statements regarding Bryde’s whale

  • They are found only in coastal of Atlantic Oceans
  • It is listed as a Least Concern in the International Union for Conservation of Nature Red List of Threatened Species

Which of the statement(s) given above is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Answer: (b) 2 only

Explanation:

In NEWS:Thai researchers unearth rare Bryde’s whale skeleton

  • Thai researchers have unearthed a rare partially fossilised skeleton belonging to a Bryde’s whale believed to be around 5,000 years old at an inland site west of bangkok
  • The 12.5-metre-long (41 feet) skeleton was found by a cyclist, who spotted part of the vertebrae coming out of the ground
  • A part of the vertebrae coming out of the ground, were spotted by a cyclist in early November

About Bryde’s whales

  • Bryde’s whales, sometimes known as tropical whales for their preference for warmer waters, are found in coastal waters in parts of the Indian, Pacific and Atlantic Oceans, including in the Gulf of Thailand. Hence statement 1 is incorrect
  • IUCN status: Least Concern (LC). Hence statement 2 is correct
  • Wildlife (Protection) Act 1972: Schedule I

Source: https://www.thehindu.com/sci-tech/energy-and-environment/thai-researchers-unearth-rare-brydes-whale-skeleton/article33258869.ece


Which of the following statement is not correct regarding the protection of Elephant corridor?

  1. The movement of elephants is essential to ensure that their populations are genetically viable.
  2. It also helps to regenerate forests on which other species, including tigers, depend.
  3. Nearly 70% of elephant reserves are vulnerable, as they are not within protected parks and sanctuaries
  4. Forests that have turned into farms and unchecked tourism are blocking animals’ paths.

Answer: c) Nearly 70% of elephant reserves are vulnerable, as they are not within protected parks and sanctuaries

Explanation:

In News: NGK seeks action plan on elephant corridor

  • Elephant corridors are narrow strips of land that connect two large habitats of elephants. Elephant corridors are crucial to reduce animal fatalities due to accidents and other reasons. So fragmentation of forests makes it all the more important to preserve migratory corridors.
  • Why we protect Elephant corridor?
    • The movement of elephants is essential to ensure that their populations are genetically viable. It also helps to regenerate forests on which other species, including tigers, depend.
    • Nearly 40% of elephant reserves are vulnerable, as they are not within protected parks and sanctuaries. Also, the migration corridors have no specific legal protection. Hence option (c) is not the correct answer.
    • Forests that have turned into farms and unchecked tourism are blocking animals’ paths. Animals are thus forced to seek alternative routes resulting in increased elephant-human conflict.
    • Weak regulation of ecotourism is severely impacting important habitats. It particularly affects animals that have large home ranges, like elephants.

Source: https://epaper.thehindu.com/Home/ShareArticle?OrgId=GI681PLT5.1&imageview=0


Consider the following statements

Reserve Bank of India (RBI) announced the introduction of risk-based internal audit norms for large urban cooperative banks (UCBs) and non-banking financial companies (NBFCs), as part of measures aimed at improving governance and assurance functions at supervised entities.

The RBI also moved to harmonies the guidelines on appointment of statutory auditors for commercial banks, UCBs and NBFCs in order to improve the quality of financial reporting.

With a view to deepening financial markets, regional rural banks would be allowed to access the liquidity adjustment facility (LAF) and marginal standing facility (MSF) of the RBI, as also the call/notice money market.

Select the correct answer using the code given below

  • 1 only
  • 1 and 2 only
  • 1 and 3 only
  • 1, 2 and 3

Answer: d) 1, 2 and 3

Explanation:

In NEWS: RBI tightens oversight of NBFCs and UCBs

  • The Reserve Bank of India (RBI) announced the introduction of risk-based internal audit norms for large urban cooperative banks (UCBs) and non-banking financial companies (NBFCs), as part of measures aimed at improving governance and assurance functions at supervised entities. Hence statement 1 is correct.
  • The RBI also moved to harmonies the guidelines on appointment of statutory auditors for commercial banks, UCBs and NBFCs in order to improve the quality of financial reporting. Hence statement 2 is correct.
  • The growing significance of NBFCs and their interlinkages with different parts of the financial system had made it imperative to enhance the sector’s resilience. Thus it had been decided to put in place transparent criteria for the declaration of dividends by different categories of NBFCs.
  • With a view to deepening financial markets, regional rural banks would be allowed to access the liquidity adjustment facility (LAF) and marginal standing facility (MSF) of the RBI, as also the call/notice money market. Hence statement 3 is correct.
  • To significantly improve the ecosystem of digital payment channels with robust security and convenience for users, the RBI has proposed to issue Digital Payment Security Controls directions for the regulated entities.

Source: https://www.thehindu.com/business/Industry/rbi-tightens-oversight-of-nbfcs-ucbs/article33252974.ece


Consider the following statements regarding Drugs Controller General of India (DCGI)

  • DCGI is a department of the Central Drugs Standard Control Organization of the Government of India responsible for approval of licenses of specified categories of drugs such as blood and blood products, IV fluids, vaccines, and sera in India
  • DCGI also sets standards for manufacturing, sales, import, and distribution of drugs in India.
  • DCGI comes under the Ministry of chemical and Fertilizers

Which of the statement(s) given above is/are correct?

  • 1 and 2 only
  • 2 and 3 only
  • 1 and 3 only
  • 1, 2 and 3

Answer: (a) 1 and 2 only

Explanation:

In NEWS: After SII, Bharat Biotech seeks DCGI approval

  • DCGI is a department of the Central Drugs Standard Control Organization of the Government of India responsible for approval of licences of specified categories of drugs such as blood and blood products, IV fluids, vaccines, and sera in India Hence statement 1 is correct.
  • DCGI also sets standards for manufacturing, sales, import, and distribution of drugs in India. Hence statement 2 is correct.
  • DCGI comes under the Ministry of Health and Family Welfare. Hence statement 3 is incorrect.

Source: https://www.thehindu.com/sci-tech/health/coronavirus-serum-institute-seeks-emergency-use-approval-for-covishield-in-india/article33265921.ece/amp/


Consider the following statements

  • Coal is the most important and abundant fossil fuel in India.
  • Assam is the largest coal reserve state in India
  • As per the present import policy, coal can be freely imported (under Open General Licence) by the consumers themselves considering their needs based on their commercial prudence.

Select the correct answer using the code given below

  • 1 and 2 only
  • 2 and 3 only
  • 1 and 3 only
  • 1, 2 and 3

Answer: (c) 1 and 3 only

Explanation:

In NEWS: Assam coal traders under I-T scanner

  • Coal is the most important and abundant fossil fuel in India. It accounts for 55% of the country’s energy needs. The country’s industrial heritage was built upon indigenous coal. Hence statement 1 is correct.
  • The current per capita commercial primary energy consumption in India is about 350 kgoe/year which is well below that of developed countries.
  • As per the present import policy, coal can be freely imported (under Open General Licence) by the consumers themselves considering their needs based on their commercial prudence. Hence statement 3 is correct
  • As a result of exploration carried out up to the maximum depth of 1200 m, a cumulative total of 319.02 Billion tonnes of Geological Resources of Coal have so far been estimated in the country till April, 2018.
  • Hard coal deposit spread over 27 major coalfields, are mainly confined to eastern and south central parts of the country. The lignite reserves stand at a level around 36 billion tonnes, of which 90% occur in the southern State of Tamil Nadu.
  • Top 5 States in terms of total coal reserves in India are: Jharkhand> Odisha > Chhattisgarh > West Bengal > Madhya Pradesh. Hence statement 2 is incorrect.

Source


Consider the following statements regarding National Company Law Appellate Tribunal

  • It was constituted under the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal.
  • NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI).

Select the correct answer using the code given below

  • 1 only
  • 2 only
  • Both 1 and 2
  • Neither 1 nor 2

Answer: (c) Both 1 and 2

Explanation:

In News: NCLT to hear Jet revival plan on Dec 11

  • It was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal. Hence statement 1 is correct.
    • NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC).
    • NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
  • NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI). hence statement 2 is correct.

Source: https://www.thehindubusinessline.com/economy/logistics/nclt-to-hear-jet-airs-resolution-plan-on-dec-11/article33233933.ece


Consider the following statements:

  • Jet streams occur in the Northern Hemisphere only.
  • Only some cyclones develop an eye.
  • The temperature inside the eye of a cyclone is nearly 10°C lesser than that of the surroundings.

Which of the statements given above is/are correct?

  • 1 only
  • 2 and 3 only
  • 2 only
  • 1 and 3 only

Answer: (c) 2 only

Explanation:

  • Statement 1 is not correct: Jet streams occur in both the Northern and Southern Hemispheres. The actual appearance of jet streams result from the complex interaction between many variables – such as the location of high and low pressure systems, warm and cold air, and seasonal changes.
  • Statement 2 is correct: The hurricane’s center is a relatively calm, generally clear area of sinking air and light winds that usually do not exceed 15 mph (24 km/h) and is typically 20-40 miles (32-64 km) across. An eye will usually develop when the maximum sustained wind speeds go above 74 mph (119 km/h) and is the calmest part of the storm.
  • Statement 3 is not correct: The eye is the region of lowest surface pressure and warmest temperatures aloft – the eye temperature may be 10°C warmer or more at an altitude of 12 km than the surrounding environment, but only 0-2°C warmer at the surface in the tropical cyclone

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