Current Affairs Quiz 16 February 2023
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Current Affairs Quiz 16 February 2023 for UPSC Prelims
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- Question 1 of 5
1. Question
Consider the following statements with reference to Law Commission:
1. Law Commission is a statutory body constituted by the Government of India.
2. The first law commission in Independent India was established in 1955 with M. C. Setalvad as its chairman.
3. No Law Commission has been constituted since the year 2018.
Which of the statements given above is/are correct?CorrectAnswer: C
The Law Commission of India is a non-statutory body and is constituted by a notification of the Government of India, Ministry of Law & Justice, Department of Legal AffairsThe 22nd Commission has been constituted two and a half years after it was approved by the Union Cabinet on February 19, 2020, just before the outbreak of the Covid-19 pandemic. A petition had been moved in the Supreme Court subsequently against the delay in constituting the 22nd Commission. Hence statement 3 is not correct.
IncorrectAnswer: C
The Law Commission of India is a non-statutory body and is constituted by a notification of the Government of India, Ministry of Law & Justice, Department of Legal AffairsThe 22nd Commission has been constituted two and a half years after it was approved by the Union Cabinet on February 19, 2020, just before the outbreak of the Covid-19 pandemic. A petition had been moved in the Supreme Court subsequently against the delay in constituting the 22nd Commission. Hence statement 3 is not correct.
- Question 2 of 5
2. Question
Consider the following statements regarding windfall tax.
1. Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event — for instance, the energy price-rise as a result of the Russia-Ukraine conflict.
2. Governments typically levy this as a one-off tax retrospectively over and above the normal rates of tax.
Which of the statements given above is/are correct?CorrectAns: C
What is a windfall tax?
• Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event — for instance, the energy price-rise as a result of the Russia-Ukraine conflict.
• These are profits that cannot be attributed to something the firm actively did, like an investment strategy or an expansion of business.
○ The U.S. Congressional Research Service (CRS) defines a windfall as an “unearned, unanticipated gain in income through no additional effort or expense”.
• Governments typically levy this as a one-off tax retrospectively over and above the normal rates of tax.
• One area where such taxes have routinely been discussed is oil markets, where price fluctuation leads to volatile or erratic profits for the industry.
• There have been varying rationales for governments worldwide to introduce windfall taxes, from redistribution of unexpected gains when high prices benefit producers at the expense of consumers, to funding social welfare schemes, and as a supplementary revenue stream for the government.IncorrectAns: C
What is a windfall tax?
• Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event — for instance, the energy price-rise as a result of the Russia-Ukraine conflict.
• These are profits that cannot be attributed to something the firm actively did, like an investment strategy or an expansion of business.
○ The U.S. Congressional Research Service (CRS) defines a windfall as an “unearned, unanticipated gain in income through no additional effort or expense”.
• Governments typically levy this as a one-off tax retrospectively over and above the normal rates of tax.
• One area where such taxes have routinely been discussed is oil markets, where price fluctuation leads to volatile or erratic profits for the industry.
• There have been varying rationales for governments worldwide to introduce windfall taxes, from redistribution of unexpected gains when high prices benefit producers at the expense of consumers, to funding social welfare schemes, and as a supplementary revenue stream for the government. - Question 3 of 5
3. Question
Consider the following statements regarding Vibrant Village Programme
1. The program’s goal is to enhance infrastructure in villages along India’s Pakistan border.
2. Residential and tourism centres will be built as part of the programme.
Which of the statements given above is/are correct?CorrectAns: B
About Vibrant Village Programme• The program’s goal is to enhance infrastructure in villages along India’s China border.
• In states like Uttarakhand, Himachal Pradesh, and Arunachal Pradesh, infrastructure will be enhanced.
• Residential and tourism centres will be built as part of the programme.
• It will also facilitate the development of decentralised renewable energy sources and increase road connectivity.
• Aside from that, there will be direct access to Doordarshan and educational channels. A source of income will be offered.Focus areas
• It emphasises the generation of livelihoods, road connectivity, housing, rural infrastructure, renewable energy, television, and broadband connections.
• This goal will be achieved by improving infrastructure in villages near the Line of Actual Control (LAC).IncorrectAns: B
About Vibrant Village Programme• The program’s goal is to enhance infrastructure in villages along India’s China border.
• In states like Uttarakhand, Himachal Pradesh, and Arunachal Pradesh, infrastructure will be enhanced.
• Residential and tourism centres will be built as part of the programme.
• It will also facilitate the development of decentralised renewable energy sources and increase road connectivity.
• Aside from that, there will be direct access to Doordarshan and educational channels. A source of income will be offered.Focus areas
• It emphasises the generation of livelihoods, road connectivity, housing, rural infrastructure, renewable energy, television, and broadband connections.
• This goal will be achieved by improving infrastructure in villages near the Line of Actual Control (LAC). - Question 4 of 5
4. Question
The term ‘synNotch’ is sometimes seen in the news with reference to
CorrectAnswer: A
IncorrectAnswer: A
- Question 5 of 5
5. Question
The Crypto-Asset Reporting Framework (CARF) for reporting and exchange of information with respect to crypto-assets was released by
CorrectAnswer: D
IncorrectAnswer: D
