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Daily Prelims Test – 23_September 2020

Consider the following statements regarding International Financial Services Centres Authority

1. It aims to regulate all financial services in International Financial Services Centres with headquarters in Gandhinagar

2. It consists of nine members and the term of all members of the IFSC Authority will be five years

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: (a) 1 only

Explanation:

In NEWS: IFSCA Committee submits interim report on development of global retail business

  • The International Financial Services Centres Authority (IFSCA) Expert Committee on international retail business development in the IFSC has submitted its interim report to the Chairperson of the IFSCA.
  • The interim report covers a number of suggestions aimed at swift and efficient development of international retail businesses in the IFSC, and focuses mainly on the banking vertical.

The committee suggests that the IFSC can aim at:

  • Becoming a gateway to India growth story for international investors and business.
  • Serving domestic residents availing liberalized remittance scheme.
  • Providing Indian diaspora and individuals from Asia and Africa with a comprehensive range of financial services from the IFSC.

About International Financial Services Centres Authority (IFSCA)

  • International Financial Services Centres Authority to regulate all financial services in International Financial Services Centres (IFSCs) with headquarters in Gandhinagar (Gujarat). Hence statement 1 is correct
  • They will regulate financial products such as securities, deposits or contracts of insurance, financial services, and financial institutions which have been previously approved by any appropriate regulator such as Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI) etc., in an IFSC.
  • They will also regulate any other financial products, financial services, or financial institutions in an IFSC, which may be notified by the Central Government.
  • They may also recommend to the central government any other financial products, financial services, or financial institutions, which may be permitted in an IFSC.
  • It consists of nine members, appointed by the central government.
  • It includes chairperson of the authority, a member each from the RBI, SEBI, the Insurance Regulatory and Development Authority of India (IRDAI), and the Pension Fund Regulatory and Development Authority (PFRDA); and two members from the Ministry of Finance. In addition, two other members will be appointed on the recommendation of a Selection Committee.
  • The term of all members of the IFSC Authority will be three years, subject to Reappointment. Hence statement 2 is incorrect

Source: https://www.thehindubusinessline.com/money-and-banking/ifsca-committee-submits-interim-report-o


Consider the following statements regarding India-based Neutrino Observatory (INO) Project

  1. It is a multi-institutional effort aimed at building a world-class underground laboratory with a rock cover of approx.1200 m for non-accelerator based high energy and nuclear physics research in India
  2. It is a mega-science project jointly funded by the Department of Atomic Energy (DAE) and the Department of Science and Technology

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: (c) Both 1 and 2

Explanation:

In NEWS: Government to set up Neutrino Observatory in the country: Dr.Jitendra Singh

  • Union Minister of State (Independent Charge), Development of North Eastern Region (DoNER) said in a written reply in Lok Sabha that Government has a proposal to set up Neutrino Observatory in the country.

About The India-based Neutrino Observatory (INO) Project

  • The India-based Neutrino Observatory (INO) Project is a multi-institutional effort aimed at building a world-class underground laboratory with a rock cover of approx. 1200 m for non-accelerator based high energy and nuclear physics research in India. Hence statement 1 is correct
  • The project is jointly funded by Dept. of Atomic Energy (DAE) and the Dept. of Science and Technology (DST), Govt. of India. Hence statement 2 is correct
  • India based Neutrino observatory (INO) will observe neutrinos produced in the atmosphere of the Earth.
  • This observation will tell us more about the properties of neutrino particles, whose main source is the Sun and the Earth’s atmosphere.
  • The neutrino detector will be a magnetized iron calorimeter, which will be the heaviest one made by any country. The site identified is in Bodi West Hills, in Theni district, Tamil Nadu.
  • setting up of an Inter Institutional Centre for High Energy Physics (IICHEP) at Madurai, for the operation and maintenance of the underground laboratory, human resource development and detector R&D along with its applications.

Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1657311


Consider the following statements regarding Indian Tsunami Early Warning Centre

  1. It has the responsibility to provide tsunami advisories to Indian Mainland and the Island regions.
  2. Intergovernmental Oceanographic Commission(IOC) of World Meteorological Organization has designated ITEWC as the Tsunami Service Provider (TSP) for the entire Indian Ocean Region.

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: (a) 1 only

Explanation:

In NEWS: Indian Tsunami Early Warning Centre provides services to 25 Indian Ocean nations: Centre

  • The Indian Tsunami Early Warning Centre (ITEWC) provides tsunami services to 25 Indian Ocean nations as part of the Intergovernmental Oceanographic Commission (IOC) of UNESCO framework

About Indian Tsunami Early Warning Centre (ITEWC)

  • The Indian Tsunami Early Warning Centre (ITEWC) was established at Indian National Centre for Ocean Information Services (INCOIS), Hyderabad.
  • It is an autonomous body under Ministry of Earth Sciences.
  • The Indian Tsunami Early Warning Centre (ITEWC) kept the watch of all tsunamigenic earthquakes in and around the Indian Ocean and issued appropriate messages in the event of any threats from potential tsunamis.
  • It has the responsibility to provide tsunami advisories to Indian Mainland and the Island regions. Hence statement 1 is correct
  • Acting as one of the Regional Tsunami Advisory service Providers(RTSPs) for the Indian Ocean Region, ITEWS also provide tsunami advisories to the Indian Ocean rim countries along with Australia & Indonesia.
  • ITEWC comprises a real-time seismic monitoring network of broadband seismic stations.
  • ITEWC is also receiving data in real time from 350 seismic stations, 50 tsunami buoys and 300 tide gauges established in the Indian as well as the other oceans by other countries and international agencies.
  • Intergovernmental Oceanographic Commission(IOC) of UNESCO has designated ITEWC as the Tsunami Service Provider (TSP) for the entire Indian Ocean Region. Hence statement 2 is incorrect
  • Since 2012, ITEWC is providing tsunami advisories and related services to about 25 countries.

Source: https://zeenews.india.com/india/indian-tsunami-early-warning-centre-provides-services-to-25-indian-ocean-nations-centre-2311362.html


Consider the following statements regarding Extratropical cyclones 

  1. These are active above the mid-latitudinal region between 35° and 65° latitude in both the hemispheres
  2. The direction of movement is from west to east and it is pronounced mostly in summer seasons.

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: (a) 1 only

Explanation:

In NEWS: Human-induced climate change could increase ‘Medicanes’, say experts

Extra tropical storm ‘Ianos’ slammed into Greece recently, killing three people

About Extra tropical storm

  • The systems developing in the mid and high latitude (35° latitude and 65° latitude in both hemispheres), beyond the tropics are called the Temperate Cyclones or Extra Tropical Cyclones or Mid-Latitude Cyclones or Frontal Cyclones or Wave Cyclones. Hence statement 1 is correct
  • The temperate cyclones occur mostly in winter, late autumn and spring. They are generally associated with rainstorms and cloudy weather. Hence statement 2 is incorrect
  • During summer, all the paths of temperate cyclones shift northwards and there are only few temperate cyclone over sub-tropics and the warm temperate zone
  • The origin and development of temperate cyclones is best explained by the Polar Front theory.
  • According to this theory, the warm-humid air masses from the tropics meet the dry-cold air masses from the poles and thus a polar front is formed.
  • The cold air mass is denser and heavier and due to this reason, warm air mass is pushed up.
  • Temperate cyclone can last for a duration of 15 to 20 days
  • They can originate over the land and sea and cover a larger area.

Source: https://www.downtoearth.org.in/news/climate-change/human-induced-climate-change-could-increase-medicanes-say-experts-73478


 Consider the following statements regarding Medicanes

  1. They are extra-tropical hurricanes observed over the Mediterranean Sea.
  2. They occur in colder regions as compared to tropical cyclones and are usually formed during winter season

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: (c) Both 1 and 2

Explanation:

In NEWS: Human-induced climate change could increase ‘Medicanes’, say experts

  • Extra tropical storms in the Mediterranean Sea, known as ‘Medicanes’ or ‘Mediterranean Hurricanes’, could become more frequent due to human-induced climate change
  • Even though many media outlets reported it to be a rare occurrence and one of the strongest such storms on record, scientists said medicanes are not as rare but might become more frequent owing to global warming due to anthropogenic climate change.

About Medicanes

  • Medicanes are extra-tropical hurricanes observed over the Mediterranean Sea. Hence statement 1 is correct
  • Medicanes might increase threat from storms for already vulnerable populations living in North Africa, possibly triggering human migration.
  • They could also be a menace for European countries like Italy and Greece.
  • Medicanes occur more in colder waters than tropical cyclones, hurricanes and typhoons. Hence, the cores of these storms are also cold, as compared to the warm cores of tropical cyclones. Hence statement 2 is correct
  • Warmer cores tend to carry more moisture (hence rainfall), are bigger in size and have swifter winds.
  • Sometimes, warm-cored tropical cyclones transform into cold-cored extratropical cyclones and in rare cases, the opposite can also happen.

Source: https://www.downtoearth.org.in/news/climate-change/human-induced-climate-change-could-increase-medicanes-say-experts-73478


Recently, the Special Report on Sustainable Recovery is launched by which of the following organisation?

  1. World Bank and International Atomic Energy Agency
  2. International Energy Agency and NITI Aayog
  3. International Solar Alliance and Bureau of Energy Efficiency
  4. United Nations Framework Convention on Climate Change

Answer: (b) International Energy Agency and NITI Aayog

Explanation:

In NEWS: IEA and NITI Aayog launch Special Report on Sustainable Recovery Post Covid-19

  • Against the backdrop of the ongoing Covid-19 crisis, International Energy Agency (IEA), in collaboration with NITI Aayog, presented a ‘Special Report on Sustainable Recovery’. Hence option (b) is correct
  • Part of IEA’s flagship World Energy Outlook series, the report proposes a number of actions that could be taken over the next three years to revitalize economies and boost employment while making energy systems cleaner and more resilient.
  • According to report, Post the 2008–09 financial crisis, green measures accounted for around 16% of the total stimulus measures. To recover from the pandemic, we must be even more ambitious and decisive towards clean investments.
  • The report mentions key sectors for creating jobs: electricity, transportation, buildings, industry and sustainable biofuels and innovations.

Source: https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1657430


Consider the following statements

  1. Commission for Agricultural Costs and Prices is a non- statutory body
  2. S. Swaminathan committee had recommended that the MSP should be at least 50 percent more than the weighted average cost of production.
  3. Currently, MSP is decided on the basis of the formula of A2+FL.

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

  1. 1 and 3 only
  2. 2 and 3 only
  3. 1 and 2 only
  4. 1,2 and 3

Answer: (b) 2 and 3 only

Explanation:

In NEWS: Don’t sell pulses below MSP during procurement

The Commission for Agricultural Costs and Prices (CACP) recommended that the Centre fix a reserve price for sale of pulses and oilseeds by Nafed and not sell them in the open market during the procurement season.

About Minimum Support Price

  • Minimum Support Price (MSP) is a form of market intervention by the Government of India to insure agricultural producers against any sharp fall in farm prices.
  • The minimum support prices are announced by the Government of India at the beginning of the sowing season for certain crops on the basis of the recommendations of the Commission for Agricultural Costs and Prices (CACP).
  • According to the formula prescribed by the Swaminathan Committee, there are three variables that determine production cost: Hence statement 33is correct
  • A2– A2 includes out-of-pocket expenses borne by farmers, such as term loans for machinery, fertilisers, fuel, irrigation, cost of hired labour and leasing land.
  • A2+FL- A2 + unpaid family labour.
  • C2 – Rental + interest on owned land / fixed capital assets other than A2 +FL.
  • Although the National Commission on Farmers (NCF) headed by MS Swaminathan opted for the 3rd method plus 50% margin to calculate MSP, presently MSP is decided on the basis of the formula of A2+FL. Hence statement 2 is correct

About Commission for Agricultural Cost and Prices (CACP)

  • It is a statutory panel under the Ministry of Agriculture. Hence statement 1 is incorrect
  • It came into existence in January 1965.
  • Currently, CCEA comprises Chairman, Member Secretary, one Member (Official) and two Members (Non-Official).
  • The non-official members are representatives from farming community and usually have active association with farming community.
  • Its suggestions are not binding on the government.

Source: https://www.thehindubusinessline.com/economy/agri-business/dont-notold-not-to-nosell-pulses-below-msp-during-procurement/article32671134.ece


What is “ABHYAS”, sometimes seen in the news?

  1. A defence collaboration between Japan and india
  2. An Russian anti-missile system
  3. An Israeli radar system
  4. A high-speed Expendable Aerial Target missile

Answer: (d) A high-speed Expendable Aerial Target missile

Explanation:

In NEWS: India conducts successful flight test of ABHYAS from Odisha test range

  • India successfully conducted the flight test of ABHYAS – High-speed Expendable Aerial Target (HEAT) vehicles from a test range in Odisha. Hence option (d) is correct
  • ABHYAS has been designed and developed by the Aeronautical Development Establishment (ADE) of the DRDO.
  • The air vehicle is launched using twin underslung boosters. It is powered by a small gas turbine engine and has an Inertial Navigation System (INS) along with a Flight Control Computer (FCC) for guidance and control.
  • The vehicle is programmed for fully autonomous flight. The check out of air vehicle is done using laptop-based Ground Control Station (GCS).
  • During the test campaign, the user requirement of 5 km flying altitude, vehicle speed of 0.5 mach, the endurance of 30 minutes and 2g turn capability of the test vehicle were successfully achieved.
  • Abhyas’s radar cross-section (RCS), as well as its visual and infrared signatures, can be augmented to simulate a variety of aircraft for air-defence weapon practices.
  • It can also function as a jammer platform and decoy.
  • The HEAT system is utilized to do away with the post-launch recovery mode, which is time-consuming and difficult in a scenario as the sea.

Source: https://www.hindustantimes.com/india-news/india-conducts-successful-flight-test-of-abhyas-from-odisha-test-range/story-wCHOdhkIkkfN6J3VekAkQJ.html


Consider the following statements regarding One-horned rhinos

  1. Sikkim is the home to the largest population of one-horned rhinos.
  2. It is included in the Schedule – I of Wildlife (Protection) Act, 1972.

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: India is home to largest number of Greater One-Horned Rhinoceros: Prakash Javadekar

  • India is home to the largest number of Greater One-Horned Rhinoceros in the world with population in the range of 3000 animals in Assam, West Bengal and UP.
  • Environment Ministry has launched a National Conservation Strategy for Indian One-Horned Rhino. He added that the conservation initiatives for rhino has also enriched the grassland management which help in reducing the negative impacts of climate change through carbon sequestration.
  • The National Rhino Conservation Strategy for India was launched last year to conserve the greater one-horned rhinoceros. This is a first of its kind for the species in India which aims to work for the conservation of the species under five objectives.
  • The objectives include strengthening protection, expanding the distribution range, research and monitoring, and adequate and sustained funding.

About One-Horned Rhinoceros

  • One-horned rhinoceros is the largest of the Asian Rhinos.
  • It has been listed as Vulnerable on the IUCN Red List of Threatened Species.
  • Its preferred habitat is alluvial flood plains and areas containing tall grasslands along the foothills of the Himalayas.
  • It is included in the Schedule – Iof Wildlife (Protection) Act, 1972Hence statement 2 is correct
  • Formerly, they were extensively distributed in the Gangetic plains, but now they are restricted to small habitats in Indo-Nepal terai and North Bengal, and Assam.
  • They are found in Kaziranga, Orang, Pobitara, Jaldapara (in Assam), Dudhwa (UP) National Park. Hence statement 1 is incorrect
  • Kaziranga National Park hosts two-thirds of the world’s Great One-horned rhinoceros (68% of worldwide population).

Source: http://newsonair.com/Main-News-Details.aspx?id=400467


 Consider the following rivers :

  1. Vamsadhara
  2. Indravati
  3. Pranahita
  4. Pennar

Which of the above are tributaries of Godavari ?

  1. 1, 2 and 3
  2. 2, 3 and 4
  3. 1, 2 and 4
  4. 2 and 3 only

Answer: (d) 2 and 3 only

Explanation:

The Penganga, the Indravati, the Pranhita, and the Manjra are principal tributaries of the Godavari . Hence option (d) is correct