Mint StatiCA – Daily News-Based Static MCQs April-2023

Ans: 5
Solution:
RBI issues various guidelines for directors of banks and also has powers to appoint additional directors on the board of a banking company. Commercial Banks (except PSBs) need prior approval of RBI for appointment/re-appointment/termination of Chairman, Whole-time Directors, Managing Director and CEO. RBI can appoint additional directors in commercial banks (except PSBs). RBI in consultation with Central Govt., can supersede the Board of Directors of Commercial Banks. Public Sector Banks (PSBs) are under dual regulation of Central Govt. and RBI. RBI’s powers are curtailed regarding PSBs, where RBI cannot remove directors and management, cannot supersede banks board and does not have the power to force a merger or trigger liquidation.RBI regulates the banks to maintain certain reserves in the form of CRR and SLR

Ans: 4
Solution:
The government had set a target of 13,000 km of highway construction in FY2022-23, but the speed of construction was affected by unfavorable weather conditions. The road ministry is likely to complete the construction of 11,000 km of national highways in the current financial year.

Ans: 4
Solution:
Alternative Investment Fund or AIF means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors. AIF does not include funds covered under the SEBI (Mutual Funds) Regulations, 1996, SEBI (Collective Investment Schemes) Regulations, 1999 or any other regulations of the Board to regulate fund management activities. Further, certain exemptions from registration are provided under the AIF Regulations to family trusts set up for the benefit of ‘relatives‘ as defined under Companies Act, 1956, employee welfare trusts or gratuity trusts set up for the benefit of employees, ‘holding companies‘ within the meaning of Section 4 of the Companies Act, 1956 etc.
Category III AIFs which employ diverse or complex trading strategies and may employ leverage including through investment in listed or unlisted derivatives.
“Angel fund” is a sub-category of Venture Capital Fund under Category I Alternative Investment Fund that raises funds from angel investors and invests in accordance with the provisions of Chapter III-A of AIF Regulations.

Ans: 1
Solution:
Recently, Union Home Minister Amit Shah was in Arunachal Pradesh for the launch of the ‘Vibrant Villages Programme’ (VVP) in the border village of Kibithoo. The constant threat along the country’s border amid the ongoing standoff with China has led to a concerted push to upgrade infrastructure in the border areas. To this end, the Union Cabinet on February 15 approved the allocation of Rs 4,800 crore for the Centre’s ‘Vibrant Villages Programme.

Ans: 1
Solution:
The insurance charges shall be included in the computation of APR only for the insurance which is linked/integrated in loan products as these charges are intrinsic to the nature of such digital loans.
The principle underlying the Digital Lending Guidelines is that a LSP should not be involved in handling of funds flowing from the lender to the borrower or vice versa. While entities offering only PA services shall remain out of the ambit of ‘Guidelines on Digital Lending’, any PA also performing the role of an LSP must comply with the Digital Lending Guidelines.
Reasonable one-time processing fee can be retained if the customer exits the loan during cooling-off period. This, if applicable, should be disclosed to the customer upfront in KFS. However, the processing fee has to be mandatorily included for the computation of APR.
Only those LSPs which have an interface with the borrowers would need to appoint a nodal Grievance Redressal Officer. However, it may be reiterated that the RE shall remain responsible for ensuring resolution of complaints arising out of actions of all LSPs engaged by them.

Ans: 5
Solution:
Indian National Space Promotion and Authorisation Centre (IN-SPACe) is a single-window, independent, nodal agency that functions as an autonomous agency in the Department of Space (DOS). It is formed following the Space sector reforms to enable and facilitate the participation of private players.
IN-SPACe is responsible to promote, enable authorize and supervise various space activities of non-governmental entities including building launch vehicles & satellites and providing space-based services; sharing space infrastructure and premises under the control of DOS/ISRO; and establishing of new space infrastructure and facilities.
The agency acts as an interface between ISRO and Non-Governmental Entities (NGEs) and assesses how to utilize India’s space resources better and increase space-based activities. It also assesses the needs and demands of private players, including educational and research institutions, and explores ways to accommodate these requirements in consultation with ISRO.
Antrix Corporation Limited (Antrix), incorporated on 28 September 1992 (under the Companies Act, 1956), is a wholly owned Government of India Company under the administrative control of Department of Space (DOS). Antrix is the commercial arm of Indian Space Research Organisation (ISRO).

Ans: 3
Solution:
In her first announcement regarding rebate, she proposed to increase the rebate limit to Rs.7 lakh in the new tax regime, which would mean that the persons in the new tax regime, with income up to Rs. 7 lakh will not have to pay any tax. Currently, those with income up to Rs. 5 lakh do not pay any income tax in both old and new tax regimes.
Providing relief to middle-class individuals, she proposed a change in the tax structure in the new personal income tax regime by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh.

Ans: 5
Solution:
It may be noted that the Kesavananda Bharati case is also known as the Fundamental Rights and Basic Structure case wherein the Apex Court, in a 7-6 decision, asserted its right to strike down amendments to the Constitution that were in violation of the fundamental architecture of the Constitution.

Ans: 3
Solution:
The Insolvency and Bankruptcy Code, 2016 (IBC) is an Indian law which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.

Ans: 3
Solution:
India is the world’s largest arms importer for the period between 2018-22, according to Stockholm International Peace Research Institute (SIPRI) despite a drop in overall imports.
Russia was the largest supplier of arms to India, but its share of total Indian arms imports fell from 64% to 45%.
The U.S. share of global arms exports increased from 33% to 40% while Russia’s fell from 22% to 16%.

Ans: 1
Solution:
Intra-group sales are excluded from the total turnover while computing threshold limit under Section 5 of the Act. The purpose of exclusion of intra-group turnover is to avoid double counting. However, when an overseas group entity makes further supply (supplied to it under intra-group export) outside India, the turnover relating to such subsequent sale is not counted as turnover in India. If one were to also exclude Intra Group Export Turnover, the economic value addition generated from India goes unaccounted for.
The Act does not specifically define merger or amalgamation. Merger is largely understood to mean where assets and liabilities of an entity are transferred to another entity and the first entity loses its existence. Amalgamation is largely understood to mean where two or more existing entities merge to form a new entity and existing entities lose their existence.
Acquisition of up to 25% shares where the acquirer does not acquire control and the acquisition is solely as an investment or in ordinary course of business, need not normally be notified to the CCI for prior approval. The acquisition of less than 10% of the total shares or voting rights of an enterprise shall be treated as solely as an investment. Provided that in relation to the said acquisition,-the Acquirer has ability to exercise only such rights that are exercisable by the ordinary shareholders of the target enterprise the extent of their respective shareholding; and the Acquirer is not a member of the board of directors of the target enterprise and does not have a right or intention to nominate a director on the board of directors of the such enterprise and does not intend to participate in the affairs or management of the such enterprise.

Ans: 2
Solution:
Jal Jeevan Mission is envisioned to provide safe and adequate drinking water through individual household tap connections by 2024 to all households in rural India. The programme will also implement source sustainability measures as mandatory elements, such as recharge and reuse through grey water management, water conservation, rainwater harvesting.

Ans: 3
Solution:
The basic objective of the 20-Point Programme is to eradicate poverty and to improve the quality of life of the poor and the under privileged population of the country. The programme covers various Socio-economic aspects like poverty, employment, education, housing, health, agriculture and land reforms, irrigation, drinking water, protection and empowerment of weaker sections, consumer protection, environment etc.
The monitoring of the programme at the centre has been assigned to the Ministry of Statistics and Programme Implementation, Government of India. The management information system relating to Twenty Point developed by the Ministry consists of a monthly Progress Report (MPR) and yearly Review of the Programme, Pointwise, Item-wise and State-wise. The monthly report covers progress on the implementation of the programme for 20 crucial points for which there is pre-set physical targets and the Yearly Review presents an analytical review of the performance of all the items under the programme.

Ans: 4
Solution:
Oligopoly is the market where there are few firms. Thus, it is known as the ‘Competition among few’. Also, as there are few sellers in the market, every seller influences the behaviour of the other firms and other firms influence it.

Ans: 1
Solution:
Individuals investing up to Rs. 2 lakhs in an IPO are categorized by the SEBI as retail investors. Such investors are usually small-time individuals with low net worth and without the backing of large corporations.

Ans: 3
Solution:
The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, today approved the National Quantum Mission (NQM) at a total cost of Rs.6003.65 crore from 2023-24 to 2030-31, aiming to seed, nurture and scale up scientific and industrial R&D and create a vibrant & innovative ecosystem in Quantum Technology (QT). This will accelerate QT-led economic growth, nurture the ecosystem in the country and make India one of the leading nations in the development of Quantum Technologies & Applications (QTA).
The new mission targets developing intermediate-scale quantum computers with 50-1000 physical qubits in 8 years in various platforms like superconducting and photonic technology. Satellite-based secure quantum communications between ground stations over a range of 2000 kilometers within India, long-distance secure quantum communications with other countries, inter-city quantum key distribution over 2000 km as well as multi-node Quantum networks with quantum memories are also some of the deliverables of the Mission.
The mission will help develop magnetometers with high sensitivity in atomic systems and Atomic Clocks for precision timing, communications, and navigation. It will also support the design and synthesis of quantum materials such as superconductors, novel semiconductor structures, and topological materials for the fabrication of quantum devices. Single photon sources/detectors, and entangled photon sources will also be developed for quantum communications, sensing, and metrological applications.
Four Thematic Hubs (T-Hubs) will be set up in top academic and National R&D institutes in the domains – Quantum Computing, Quantum Communication, Quantum Sensing & Metrology, and Quantum Materials & Devices. The hubs will focus on the generation of new knowledge through basic and applied research as well as promote R&D in areas that are mandated to them.
NQM can take the technology development ecosystem in the country to a globally competitive level. The mission would greatly benefit communication, health, financial and energy sectors as well as drug design, and space applications. It will provide a huge boost to National priorities like digital India, Make in India, Skill India and Stand-up India, Start-up India, Self-reliant India, and Sustainable Development Goals (SDG).

Ans: 1
Solution:
The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India. The Securities and Exchange Board of India was established as a statutory body in the year 1992 and the provisions of the Securities and Exchange Board of India Act, 1992 (15 of 1992) came into force on January 30, 1992.

Ans: 2
Solution:
“Anchor Investor” means a qualified institutional buyer who makes an application for a value of at least ten crore rupees in a public issue on the main board made through the book building process in accordance with these regulations or makes an application for a value of at least two crore rupees for an issue made in accordance with the SEBI Regulations.

Ans: 2
Solution:
Excluded Projects are • Projects involving new or existing extraction, production and distribution of fossil fuels, including improvements and upgrades; or where the core energy source is fossil-fuel based • Nuclear power generation • Direct waste incineration • Alcohol, weapons, tobacco, gaming, or palm oil industries • Renewable energy projects generating energy from biomass using feedstock originating from protected areas • Landfill projects • Hydropower plants larger than 25 MW.
Ministry of Finance has constituted a “Green Finance Working Committee” (GFWC) with representation from relevant line ministries and chaired by Chief Economic Adviser, Government of India. GFWC will meet at least twice a year to support Ministry of Finance with selection and evaluation of projects and other relevant work related to the Framework. Initial evaluation of the project will be the responsibility of the concerned Ministry/Department in consultation with experts.
The proceeds will be deposited to the Consolidated Fund of India (CFI) in line with the regular treasury policy, and then funds from the CFI will be made available for eligible green projects. For the purposes of ensuring that the proceeds’ allocation and accounting is transparent, clear and beyond doubt, a separate account will be created and maintained by the Ministry of Finance Government of India

Ans: 2
Solution:
The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

Ans: 1
Solution:
SEBI is a statutory body established on April 12, 1992, in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
Before SEBI came into existence, the Controller of Capital Issues was the regulatory authority; it derived authority from the Capital Issues (Control) Act, of 1947.
The headquarters of SEBI is situated in Mumbai. The regional offices of SEBI are located in Ahmedabad, Kolkata, Chennai, and Delhi.

Ans: 3
Solution:
Revamped Distribution Sector Reform Scheme (RDSS)
It aims to improve the operational efficiencies and financial sustainability of discoms (excluding Private Sector DISCOMs).
It will provide conditional financial assistance to strengthen the supply infrastructure of discoms.
Half of the outlay is for better feeder and transformer metering and pre-paid smart consumer metering. The remaining half, 60% of which will be funded by central government grants, will be spent on power loss reduction and strengthening networks.
It is an umbrella programme merging all the existing power sector reforms schemes – Integrated Power Development Scheme, DDU Gram Jyoti Yojana, and Pradhan Mantri Sahaj Bijli Har Ghar Yojana will be merged into this umbrella program.
Rural Electrification Corporation and Power Finance Corporation are the nodal agencies for the implementation of this programme.

Ans: 4
Solution:
Monetary policy refers to the policy of the central bank with regard to the use of monetary instruments under its control to achieve the goals specified in the Act.
The primary objective of the RBI’s monetary policy is to maintain price stability while keeping in mind the objective of growth.
Price stability is a necessary precondition to sustainable growth.
The amended RBI Act, 1934 also provides for the inflation target (4% +-2%) to be set by the Government of India, in consultation with the Reserve Bank, once in every five years.
Under Section 45ZB of the amended (in 2016) RBI Act, 1934, the central government is empowered to constitute a six-member Monetary Policy Committee (MPC).
Objective: Further, Section 45ZB lays down that “the Monetary Policy Committee shall determine the Policy Rate required to achieve the inflation target”.
The decision of the Monetary Policy Committee shall be binding on the Bank.

Ans: 4
Solution:
Starting 1 October, iron, steel and aluminum exports to the European Union from across the world will face added scrutiny after the European Parliament earlier this week passed the Carbon Border Adjustment Mechanism (CBAM).

Ans: 2
Solution:
FAME India is a part of the National Electric Mobility Mission Plan. The main thrust of FAME is to encourage electric vehicles by providing subsidies.
The FAME India Scheme is aimed at incentivizing all vehicle segments.
Phase I: started in 2015 and was completed on 31st March, 2019
The scheme covers Hybrid & Electric technologies like Mild Hybrid, Strong Hybrid, Plug in Hybrid & Battery Electric Vehicles.
Monitoring Authority: Department of Heavy Industries, the Ministry of Heavy Industries and Public Enterprises.
Fame India Scheme has four focus Areas:
-Technology development
-Demand Creation
-Pilot Projects
-Charging Infrastructure

Ans: 3
Solution:
Vedanta-Foxconn Semiconductors, the joint venture between India’s Vedanta group and Taiwanese contract manufacturer Foxconn, aims to begin generating revenue from its semiconductor fabrication unit in India from FY27. Vedanta-Foxconn JV finalises Gujarat’s Dholera for India’s first semiconductor plant.

Ans: 1
Solution:
Prospective adoptive parents (PAP): – who are physically, mentally, and emotionally stable, financially capable and who do not have any life-threatening medical conditions are eligible to adopt. The minimum age difference between the child and PAP/s shall not be less than twenty-five years.
Married couples with at least 2 years of stable marital relationship. Both spouses must consent for adoption in case of a married couple. The composite age of the married couple does not exceed 110 years.
A single female can adopt a child of any gender. A single male is not eligible to adopt a girl child. Age of a single parent does not exceed 55 years. Must have less than four children unless they are adopting a child with special needs, a hard to-place child, a relative’s child, or a stepchild.

Ans: 3
Solution:
Every scheduled bank, small finance bank and payments bank shall maintain minimum CRR of not less than ninety per cent of the required CRR on all days during the reporting fortnight, in such a manner that the average of CRR maintained daily shall not be less than the CRR prescribed by the Reserve Bank.

Ans: 4
Solution:
CPSEs fulfilling the following criteria are eligible to be considered for grant of Maharatna status:
Having Navratna status.
Listed on the Indian stock exchange, with a minimum prescribed public shareholding under SEBI regulations.
An average annual turnover of more than Rs. 20,000 crores during the last three years.
An average annual net worth of more than Rs.10,000 crores during the last three years.
An average annual net profit of more than Rs. 2,500 crores during the last 3 years.
Significant global presence or international operations.

Ans: 1
Solution:
​​PAN stands for Permanent Account Number. PAN is a ten-digit unique alphanumeric number issued by the Income Tax Department. PAN is issued in the form of a laminated plastic card (commonly known as PAN card).
​PAN enables the department to link all transactions of the assessee with the department. These transactions include tax payments, TDS/TCS credits, returns of income, specified transactions, correspondence and so on. It facilitates easy retrieval of information of assessee and matching of various investments, borrowings, and other business activities of assessee.​
​​​A Permanent Account Number has been made compulsory for every transaction with the Income-tax Department. It is also mandatory for numerous other financial transactions such as opening of bank accounts, in bank account, deposit of cash in bank account, opening of Demat account, transaction of immovable properties, dealing in securities, etc. A PAN card is a valuable means of photo identification accepted by all Government and non-Government institutions in the country.​
The applicant must pay a fee of Rs. 93 + GST as applicable, per PAN application. In case, the PAN card is to be dispatched outside India then the fee for processing PAN application is Rs. 864 (Rs. 93 application fees and Rs. 771 dispatch charges)/- will have to be paid by applicant. (plus GST as applicable)​​.

A. In the revised WPI basket, the number of items has been increased from 676 to 697.
B. WPI basket the weight of Primary Articles group has increased from 20.1 per cent to 22.6 per cent, whereas the weight of Fuel and Power group has declined from 14.9 per cent to 13.2 per cent.
C. The current revision of WPI is based on the recommendations of Working Group constituted under the chairmanship of Late Dr. Saumitra Chaudhuri.
1) Only A
2) All A, B and C
3) Both B and C
4) Only B
5) Only C
Ans: 2
Solution:
The current revision is the seventh since its regular introduction. The current revision of WPI is based on the recommendations of Working Group constituted under the chairmanship of Late Dr. Saumitra Chaudhuri, Ex Member, erstwhile Planning Commission which submitted its report in March 2014.
In the new WPI series significant improvement in concept, coverage and methodology has been made. In the revised WPI basket, the number of items has been increased from 676 to 697. Efforts have been made to 5 enhance the number of quotations from 5482 to 8331. The increase in number of quotations has been done across the major groups to ensure comprehensive coverage and representativeness. New definition of wholesale price index does not include taxes to remove impact of fiscal policy.

Ans: 5
Solution:
MUDRA, which stands for Micro Units Development & Refinance Agency Ltd., is a financial institution set up by Government of India for development and refinancing of micro units enterprises. It was announced by the Hon’ble Finance Minister while presenting the Union Budget for FY 2016. The purpose of MUDRA is to provide funding to the non-corporate small business sector through various Last Mile Financial Institutions like Banks, NBFCs and MFIs.
Under the aegis of Pradhan Mantri MUDRA Yojana (PMMY), MUDRA has already created its initial products / schemes. The interventions have been named ‘Shishu’, ‘Kishor’ and ‘Tarun’ to signify the stage of growth / development and funding needs of the beneficiary micro unit / entrepreneur and also to provide a reference point for the next phase of graduation / growth to look forward to. The financial limit for these schemes are:-
Shishu : covering loans upto 50,000/-
Kishor : covering loans above 50,000/- and upto 5 lakh
Tarun : covering loans above 5 lakh to 10 lakh

Ans: 5
Solution:
SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors must pay the issue price in cash and the bonds will be redeemed in cash on maturity. The Bond is issued by Reserve Bank on behalf of Government of India. Joint holding is allowed. The Bonds are issued in denominations of one gram of gold and in multiples thereof. Minimum investment in the Bond shall be one gram with a maximum limit of subscription of 4 kg for individuals, 4 kg for Hindu Undivided Family (HUF) and 20 kg for trusts and similar entities notified by the government from time to time per fiscal year (April – March). The Bonds bear interest at the rate of 2.50 per cent (fixed rate) per annum on the amount of initial investment. Interest will be credited semi-annually to the bank account of the investor and the last interest will be payable on maturity along with the principal.

Ans: 2
Solution:
Credit bureaus in India are regulated by the Reserve Bank of India (RBI). The RBI has established guidelines for the operation of credit bureaus, including the types of information that can be included in credit reports and the ways in which this information can be used.
Whereas Credit Rating Agencies are regulated by the SEBI.

Ans: 3
Solution:
Ministry of Power, GoI launched Ujwal DISCOM Assurance Yojana (UDAY) which was approved by Union Cabinet on 5th November, 2015.
The scheme envisages:
Financial Turnaround
Operational improvement
Reduction of cost of generation of power
Development of Renewable Energy
Energy efficiency & conservation