Current Affairs Quiz 14 October 2022
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Current Affairs Quiz 14 October 2022 for UPSC Prelims
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- Question 1 of 5
1. Question
Which of the following about Insolvency and Bankruptcy Code, 2016?
1. Bankruptcy is a situation where individuals or companies are unable to repay their outstanding debt.
2. The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
3. The Insolvency and Bankruptcy Code, 2015 was introduced in Lok Sabha in December 2015.
Which of the statement(s) given above is/are correct?CorrectAns;- b) Only 2 and 3
About Insolvency and Bankruptcy Code, 2016
• Insolvency and Bankruptcy Code, 2016 provides a time-bound process for resolving insolvency in companies and among individuals.
• Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
• Bankruptcy, on the other hand, is a situation whereby a court of competent jurisdiction has declared a person or other entity insolvent, having passed appropriate orders to resolve it and protect the rights of the creditors. It is a legal declaration of one’s inability to pay off debts.
• The Government implemented the Insolvency and Bankruptcy Code (IBC) to consolidate all laws related to insolvency and bankruptcy and to tackle Non-Performing Assets (NPA), a problem that has been pulling the Indian economy down for years.
• The Code is quite different from the earlier resolution systems as it shifts the responsibility to the creditor to initiate the insolvency resolution process against the corporate debtor.
• The recently proposed amendments aim to remove bottlenecks, streamline the corporate insolvency resolution process, and protect the last mile funding in order to boost investment in financially distressed sectors.
• Ring-fencing the companies resolved under the IBC from regulatory actions during past management can make the IBC process attractive for investors and acquirers.About Objectives of IBC
• To consolidate and amend all existing insolvency laws in India.
• To simplify and expedite the Insolvency and Bankruptcy Proceedings in India.
• To protect the interest of creditors including stakeholders in a company.
• To revive the company in a time-bound manner.
• To promote entrepreneurship.
• To get the necessary relief to the creditors and consequently increase the credit supply in the economy.
• To work out a new and timely recovery procedure to be adopted by the banks, financial institutions or individuals.
• To set up an Insolvency and Bankruptcy Board of India.
• Maximization of the value of assets of corporate persons.Salient features of the Insolvency and Bankruptcy Code, 2016
• Covers all individuals, companies, Limited Liability Partnerships (LLPs) and partnership firms.
• Adjudicating authority:
• National Company Law Tribunal (NCLT) for companies and LLPs
• Debt Recovery Tribunal (DRT) for individuals and partnership firmsIncorrectAns;- b) Only 2 and 3
About Insolvency and Bankruptcy Code, 2016
• Insolvency and Bankruptcy Code, 2016 provides a time-bound process for resolving insolvency in companies and among individuals.
• Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
• Bankruptcy, on the other hand, is a situation whereby a court of competent jurisdiction has declared a person or other entity insolvent, having passed appropriate orders to resolve it and protect the rights of the creditors. It is a legal declaration of one’s inability to pay off debts.
• The Government implemented the Insolvency and Bankruptcy Code (IBC) to consolidate all laws related to insolvency and bankruptcy and to tackle Non-Performing Assets (NPA), a problem that has been pulling the Indian economy down for years.
• The Code is quite different from the earlier resolution systems as it shifts the responsibility to the creditor to initiate the insolvency resolution process against the corporate debtor.
• The recently proposed amendments aim to remove bottlenecks, streamline the corporate insolvency resolution process, and protect the last mile funding in order to boost investment in financially distressed sectors.
• Ring-fencing the companies resolved under the IBC from regulatory actions during past management can make the IBC process attractive for investors and acquirers.About Objectives of IBC
• To consolidate and amend all existing insolvency laws in India.
• To simplify and expedite the Insolvency and Bankruptcy Proceedings in India.
• To protect the interest of creditors including stakeholders in a company.
• To revive the company in a time-bound manner.
• To promote entrepreneurship.
• To get the necessary relief to the creditors and consequently increase the credit supply in the economy.
• To work out a new and timely recovery procedure to be adopted by the banks, financial institutions or individuals.
• To set up an Insolvency and Bankruptcy Board of India.
• Maximization of the value of assets of corporate persons.Salient features of the Insolvency and Bankruptcy Code, 2016
• Covers all individuals, companies, Limited Liability Partnerships (LLPs) and partnership firms.
• Adjudicating authority:
• National Company Law Tribunal (NCLT) for companies and LLPs
• Debt Recovery Tribunal (DRT) for individuals and partnership firms - Question 2 of 5
2. Question
Which of the statements are correct about MGNREGA?
1. The scheme was introduced as a social measure that guarantees “the right to work”.
2. The key tenet of this social measure and labour law is that the local government will have to legally provide at least 200 days of wage
employment in rural India to enhance their quality of life.
Which of the statement(s) given above is/are correct?CorrectAns;- a) Only 1
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
• Mahatma Gandhi National Rural Employment Guarantee Act, MGNREGA, is an Indian labour law and social security measure that aims to guarantee the ‘right to work’. This act was passed in September 2005.
• It aims to enhance livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work.
• It covers all districts of India except the ones with 100% urban population.
• MGNREGA is to be implemented mainly by gram panchayats (GPs). The involvement of contractors is banned.
• Apart from providing economic security and creating rural assets, NREGA can help in protecting the environment, empowering rural women, reducing rural-urban migration and fostering social equity, among others.How MGNREGA came to be?
• In 1991, the P.V Narashima Rao government proposed a pilot scheme for generating employment in rural areas with the following goals:
○ Employment Generation for agricultural labour during the lean season.
○ Infrastructure Development
○ Enhanced Food Security
• This scheme was called the Employment Assurance Scheme which later evolved into the MGNREGA after the merger with the Food for Work Programme in the early 2000s.Features of MGNREGA
• It gives a significant amount of control to the Gram Panchayats for managing public works, strengthening Panchayati Raj Institutions.
• Gram Sabhas are free to accept or reject recommendations from Intermediate and District Panchayats.
• It incorporates accountability in its operational guidelines and ensures compliance and transparency at all levels.Objectives of MGNREGA
• Provide 100 days of guaranteed wage employment to rural unskilled labour
• Increase economic security
• Decrease migration of labour from rural to urban areas.IncorrectAns;- a) Only 1
Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA)
• Mahatma Gandhi National Rural Employment Guarantee Act, MGNREGA, is an Indian labour law and social security measure that aims to guarantee the ‘right to work’. This act was passed in September 2005.
• It aims to enhance livelihood security in rural areas by providing at least 100 days of wage employment in a financial year to every household whose adult members volunteer to do unskilled manual work.
• It covers all districts of India except the ones with 100% urban population.
• MGNREGA is to be implemented mainly by gram panchayats (GPs). The involvement of contractors is banned.
• Apart from providing economic security and creating rural assets, NREGA can help in protecting the environment, empowering rural women, reducing rural-urban migration and fostering social equity, among others.How MGNREGA came to be?
• In 1991, the P.V Narashima Rao government proposed a pilot scheme for generating employment in rural areas with the following goals:
○ Employment Generation for agricultural labour during the lean season.
○ Infrastructure Development
○ Enhanced Food Security
• This scheme was called the Employment Assurance Scheme which later evolved into the MGNREGA after the merger with the Food for Work Programme in the early 2000s.Features of MGNREGA
• It gives a significant amount of control to the Gram Panchayats for managing public works, strengthening Panchayati Raj Institutions.
• Gram Sabhas are free to accept or reject recommendations from Intermediate and District Panchayats.
• It incorporates accountability in its operational guidelines and ensures compliance and transparency at all levels.Objectives of MGNREGA
• Provide 100 days of guaranteed wage employment to rural unskilled labour
• Increase economic security
• Decrease migration of labour from rural to urban areas. - Question 3 of 5
3. Question
Bijoe Emmanuel case is related to,
CorrectAnswer: A
IncorrectAnswer: A
- Question 4 of 5
4. Question
Consider the following statements regarding the Permanent Court of Arbitration:
1. The Permanent Court of Arbitration is an agency of the United Nations.
2. It has the jurisdiction to prosecute individuals for crimes of genocide, war crimes and crimes of aggression.
Which of the above statements is/are correct?CorrectAnswer: D
Statement 1 is incorrect. The Permanent Court of Arbitration (PCA) is an intergovernmental organization located in The Hague, Netherlands. provides services of arbitral tribunal to resolve disputes that arise out of international agreements between member states, international organizations or private parties. The organization is not a United Nations agency, but the PCA is an official United Nations Observer.
Statement 2 is incorrect: The International Criminal court is the first and only permanent international court with jurisdiction to prosecute individuals for the international crimes of genocide, crimes against humanity, war crimes and the crime of aggression
IncorrectAnswer: D
Statement 1 is incorrect. The Permanent Court of Arbitration (PCA) is an intergovernmental organization located in The Hague, Netherlands. provides services of arbitral tribunal to resolve disputes that arise out of international agreements between member states, international organizations or private parties. The organization is not a United Nations agency, but the PCA is an official United Nations Observer.
Statement 2 is incorrect: The International Criminal court is the first and only permanent international court with jurisdiction to prosecute individuals for the international crimes of genocide, crimes against humanity, war crimes and the crime of aggression.
- Question 5 of 5
5. Question
Consider the following statement regarding the Inner Line Permit system
1. The Inner Line Permit is the official permit issued by the Union Government to limit the entry to specific states.
2. The permit is issued under the Foreigners (Protected Areas) Order 1958.
3. At present, the Inner Line Permit system is present in Arunachal Pradesh, Nagaland, Mizoram and Manipur.
Which of the above statements are correct?CorrectAnswer: D
Statement 1 is incorrect. Inner Line Permit is the official permit issued by the state government to allow entry of persons from other states of India for limited time period. It is regulated through the Bengal Eastern Frontier Regulation Act 1873.
Statement 2 is incorrect. Protected Area Permit is issued under the Foreigners (Protected Areas) Order 1958. It is issued by the Ministry of Home Affairs.
IncorrectAnswer: D
Statement 1 is incorrect. Inner Line Permit is the official permit issued by the state government to allow entry of persons from other states of India for limited time period. It is regulated through the Bengal Eastern Frontier Regulation Act 1873.
Statement 2 is incorrect. Protected Area Permit is issued under the Foreigners (Protected Areas) Order 1958. It is issued by the Ministry of Home Affairs.
