Daily Current Affairs MCQs – 23-06-2020

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1) Consider the following statements with respect to Delhi Urban Art Commission (DUAC)

  1. It is a statutory body established through an Act of Parliament in 1973.
  2. It was mandated to advise the Government of India in the matter of preserving, developing and maintaining the aesthetic quality of urban and environmental design within Delhi.
  3. Its recommendations are final and binding on the Central and Delhi Government.

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

a.  2 only

b.  1 and 2 only

c.  2 and 3 only

d.  1, 2 and 3

Answer : b

  • The Centre’s proposal to construct a new Parliament building in time for Independence Day 2022 was not approved by the Delhi Urban Art Commission (DUAC) in a meeting held recently.

Delhi Urban Art Commission (DUAC)

  • It is a statutory body established by the Delhi Urban Art Commission Act, 1973.
  • It is an advisory body.
  • The DUAC is meant to advise the Centre on matters of preservation, development and maintenance of the aesthetic quality of the Capital’s urban and environmental design.

2) Consider the following statements with respect to International Transport Forum (ITF)

  1. It is an intergovernmental organization at the Organisation for Economic Co-operation and Development (OECD).
  2. India has been a member of ITF since 2008.
  3. It acts as a think tank for transport policy and organizes the Annual Summit of transport ministers.

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

a.  3 only

b.  1 and 2 only

c.  1 and 3 only

d.  1, 2 and 3

Answer : d

  • The International Transport Forum at the OECD is an intergovernmental organisation with 60 member countries.
  • India has been a member of ITF since 2008.
  • It acts as a think tank for transport policy and organises the Annual Summit of transport ministers.
  • ITF is the only global body that covers all transport modes. 
  • The ITF is administratively integrated with the OECD, yet politically autonomous.

3) “Waterfall Mechanism”, often seen in the news recently, is associated with which of the following?

a.  The Code on Wages

b.  Goods and Services Tax

c.  Insolvency and Bankruptcy Code

d.  Real Estate Regulation and Development Act

Answer : c

Waterfall Mechanism

  • Section 53 of Insolvency and Bankruptcy Code (IBC) deals with the waterfall mechanism, which gives priority to secured financial creditors over unsecured financial creditors.
  • The mechanism says that if a company is being liquidated, these secured financial creditors must be first paid the full extent of their admitted claim, before any sale proceedings are distributed to any other unsecured creditor.
  • The top most priority, however, is given to costs related to the liquidation process and dues of workmen of the corporate debtor.
  • The dues of the workmen include all their salaries, provident, pension, retirement and gratuity fund, as well as any other funds maintained for the welfare of the workmen.

Types of creditors

  • Secured creditor is generally a bank or other asset-based lender that holds a fixed or floating charge over a business asset or assets.
  • When a business becomes insolvent, sale of the specific asset over which security is held provides repayment for this category of creditor.
  • Unsecured creditor is an individual or institution that lends money without obtaining specified assets as collateral.
  • This poses a higher risk to the creditor because it will have nothing to fall back if the borrower default on the loan.

Insolvency and Bankruptcy Code

  • Insolvency and Bankruptcy Code, 2016 was enacted for reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of the value of assets.
  • The Ecosystem of IBC is based on:
  1. Adjudicating authority (AA) – would be the National Company Law Tribunal (NCLT) for corporate insolvency.
  • It will entertain or dispose of any insolvency application, approve/ reject resolution plans, decide in respect of claims or matters of law/ facts thereof.
  1. Debt Recovery Tribunal (DRT) has jurisdiction over individuals and partnership firms other than Limited Liability Partnerships.
  2. The Insolvency and Bankruptcy Board of India (IBBI) – apex body for promoting transparency & governance in the administration of the IBC.
  • It will be involved in setting up the infrastructure and accrediting IPs (Insolvency Professionals (IPs) & IUs (Information Utilities).

4) Consider the following statements with respect to Virtual Healthcare & Hygiene EXPO, 2020

  1. It is India’s first ever Virtual Healthcare & Hygiene EXPO.
  2. The Expo has been organized by the Ministry of Health and Family Welfare.

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

a.  1 only

b.  2 only

c.  Both 1 and 2

d.  Neither 1 nor 2

Answer : a

  • The Ministry of Chemicals & Fertilisers has recently inaugurated India’s one the largest 1st Virtual Healthcare & Hygiene EXPO 2020.
  • The Expo has been organised by FICCI
  • This is the first ever largest virtual exhibition in India making a new beginning.
  • This is the new norm, wherein business will happen virtually as Digital India is now making a way forward.

5) Ambubachi Mela is an annual festival celebrated in which of the following states?

a.  Assam

b.  Odisha

c.  Telangana

d.  West Bengal

Answer : a

  • Ambubachi, the festival marking the annual ‘menstruation’ of the presiding Goddess, began recently at the Kamakhya temple in Assam without mendicants, hermits and devotees for the first time in almost 500 years.

Kamakhya Temple

  • It is one of 51 Shaktipeeths or holy sites for the followers of the Shakti cult, each representing a body part of the Sati, Lord Shiva’s companion.
  • The temple’s sanctum sanctorum houses the yoni.
  • The attainment of womanhood of girls in Assam is celebrated with a ritual called ‘Tuloni Biya’, meaning small wedding.
  • Ambubachi Mela was also an occasion to promote menstrual hygiene through the use of sanitary pads.
  • A similar custom is followed at the Devi temple at Chengannur town in Alappuzha district of Kerala.
  • The temple is shut for the days the Goddess there is believed to undergo her period.

6) Consider the following statements with respect to the Ahom Kingdom

  1. Chaolung Sukapha, founded the Ahom kingdom that ruled Assam for six centuries. 
  2. Ahom kingdom had their own language and followed their own religion.

Which of the statement(s) given above is/are not correct?

a.  1 only

b.  2 only

c.  Both 1 and 2

d.  Neither 1 nor 2

Answer : d

  • Recently, Assam Chief Minister ordered the arrest of a Kolkata-based political commentator, who had described Chaolung Sukapha as a Chinese invader.
  • Chaolung Sukapha, was a 13th century ruler who founded  the Ahom kingdom that ruled Assam for six centuries.
  • Sukapha was a leader of the Ahoms.
  • He reached Brahmaputra valley in Assam from upper Burma with around 9,000 followers.
  • Ahoms also subjugated many other tribes. Due to this, the Ahoms had built a kind of a large state and during the 1530’s.
  • The founders of the Ahom kingdom had their own language and followed their own religion.
  • Over the centuries, the Ahoms accepted the Hindu religion and the Assamese language.
  • Sukapha’s significance, especially in today’s Assam lies in his successful efforts towards assimilation of different communities and tribes.
  • He is widely referred to as the architect of “Bor Asom” or “greater Assam”.

7) Consider the following statements with respect to The Eurasian group on combating money laundering and financing of terrorism (EAG)

  1. It is a FATF-style body which is an associate member of the Shanghai Cooperation Organization (SCO).
  2. India, Pakistan and China are the members of EAG.

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

a.  1 only

b.  2 only

c.  Both 1 and 2

d.  Neither 1 nor 2

Answer : d

  • Recently, Indian officials attend virtual EAG plenary meet.
  • The virtual 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting, was held under the aegis of the Financial Action Task Force (FATF).
  • The EAG is an FATF-style regional body.
  • It was established in 2004 and is currently an associate member of the FATF.
  • The EAG has 9 member countries, India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus.
  • 15 states and 23 international and regional organizations have observer status within the Eurasian group.

8) Consider the following statements with respect to Initial Public Offering (IPO)

  1. IPOs provide companies with an opportunity to obtain capital by offering shares through the secondary market.
  2. Through IPOs, the company gets its name listed on the stock exchange.

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

a.  1 only

b.  2 only

c.  Both 1 and 2

d.  Neither 1 nor 2

Answer : b

  • The Government has started the process to launch the Initial Public Offer (IPO) of Life Insurance Corporation (LIC).
  • An Initial Public Offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance. 
  • Initial public offering is the process by which a private company can go public by sale of its stocks to general public.
  • It could be a new, young company or an old company which decides to be listed on an exchange and hence goes public.
  • IPOs provide companies with an opportunity to obtain capital by offering shares through the Primary market.
  • Through the IPO, the company gets its name listed on the stock exchange.

9) River Ambarnaya which was in news is located in?

a.  Russia

b.  Norway

c.  Brazil

d.  New Zealand

Answer : a

  • Recently, Russian President declared state of emergency  due to Oil spill in Arctic Circle.
  • Approximately 20,000 tonnes of diesel spilled into the Ambarnaya river in Siberia, above the Arctic Circle.
  •  The spill of the oil has turned the surface of the river into crimson red colour.
  • The river is part of a network that flows into the environmentally sensitive Arctic Ocean.

10) Consider the following statements with respect to Kaziranga National Park

  1. It is a UNESCO World Heritage Site and an Important Bird Area.
  2. Kaziranga is crisscrossed by River Diphlu.
  3. The park boasts one of the highest density of tigers in India.

Which of the statements given above are correct?

a.  1 and 2 only

b.  1 and 3 only

c.  2 and 3 only

d.  1, 2 and 3

Answer : d

  • The Kaziranga National Park is bracing to mitigate human-wildlife conflict and animal deaths due to annual monsoon flooding.
  • Kaziranga National Park is located in Nagaon and Golaghat districts in the state of Assam.
  • It is inhabited by the world’s largest population of one-horned rhinoceroses, as well as many mammals, including tigers, elephants, panthers and bears, and thousands of birds.
  • It is a UNESCO World Heritage Site, an Important Bird Area and a Tiger Reserve
  • Kaziranga is crisscrossed by four main rivers, Brahmaputra, Diphlu, Mora Diphlu and Mora Dhansiri.
  • The park boasts one of the highest density of tigers in India with 21 tigers per 100 sq km.
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