01. Consider the following statements with respect to Payment passkey service.
- Payment passkeys use device-based biometric authentication methods such as fingerprints or facial scans rather than uing Passwords and OTP’s
- Passkeys work using algorithms to encrypt data enhancing the security of data.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Answer: (c) Both 1 and 2
In News: Mastercard chooses India for world debut of Payment Passkey Service
Explanation:
- Payment passkeys use device-based biometric authentication methods such as fingerprints or facial scans, but for an entirely new purpose: to streamline online payment systems. Hence statement 1 is correct.
- By replacing traditional passwords and OTPs, the Mastercard Payment Passkey Service makes transactions not only faster, but also more secure against fraud and scams.
- With payment passkeys, consumers can say goodbye to the hassle of forgetting or accidentally sharing their passwords or One time passwords (OTPs).
- Passkeys work using algorithms to encrypt data so users can verify their identity fast and securely. Hence statement 2 is correct.
- It can work across devices from the same operating system, a passkey for an app or website on your phone can work if you log in from your laptop or tablet.
- “Today’s global launch of the Mastercard Payment Passkey Service pilot here in India reflects two things- recognition of India’s global leadership in tokenization
- By combining the tokenization of payment credentials with seamless biometric authentication, Mastercard is bringing EMVCo, World Wide Web Consortium and the FIDO Alliance industry standards together to speed up and secure the checkout experience.
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02. Consider the following statements:
- The Supreme Court is the guardian of the Constitution.
- The Supreme Court is the only Court of Record in India.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Answer: (d) Neither 1 nor 2
In News: Prime Minister Shri Narendra Modi releases commemorative postage stamp on 75 Years of Supreme Court.
Explanation:
- The Supreme Court of India is the highest judicial court and the final court of appeal under the Constitution of India, the highest constitutional court, with the power of judicial review. Hence statement 1 is incorrect. ( Article 60 of the constitution i.e Oath of the President states he shall preserve, protect and defend the constitution thus it is clear President of the guardian and protector of the Constitution )
- India is a federal State and has a single and unified judicial system with three tier structure, i.e. Supreme Court, High Courts and Subordinate Courts.
- The Indian constitution provides for a provision of Supreme Court under Part V (The Union) and Chapter 6 (The Union Judiciary).
- Articles 124 to 147 in Part V of the Constitution deal with the organisation, independence, jurisdiction, powers and procedures of the Supreme Court.
- The Jurisdiction of the Supreme Court of India can broadly be categorised into original jurisdiction, appellate jurisdiction and advisory jurisdiction. However, there are other multiple powers of the Supreme Court.
- As a Court of Record, the Supreme Court has two powers:
- The judgements, proceedings and acts of the Supreme Court are recorded for perpetual memory and testimony. These records are admitted to be of evidentiary value and cannot be questioned when produced before any court.
- They are recognised as legal precedents and legal references.
- It has power to punish for contempt of court, either with simple imprisonment for a term up to six months or with fine up to 2,000 or with both.
- In India both High courts and supreme court are the court of records. Hence statement 2 is incorrect.
Source:
https://pib.gov.in/PressReleasePage.aspx?PRID=2050470
03.Listeria infection recently seen in news is casused by
- Virus
- Bacteria
- Amoeba
- Fungus
Answer: (b) Bacteria
In News: Listeria outbreak biggest in US since 2011; linked to meat manufacturer Boar’s Head
Explanation:
- American health agency Centers for Disease Control and Prevention (CDC) has reported that a listeria surge has escalated,
- listeria is a bacteria that can survive on surfaces like meat slicers and in foods, even at refrigerated temperatures. Symptoms can take up to 10 weeks to appear after consuming contaminated food, which makes this outbreak particularly challenging to contain. Hence option 2 is correct.
- Symptoms such as fever, muscle aches, headaches, stiff neck, confusion, loss of balance, or seizures.
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04. Consider the following statements with respect to Foreign Portfolio Investment (FPI)
- FPI are part of the Country’s Current account in the Balance of Payments
- FPI is liquid, volatile and riskier.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Answer: (b) 2 only
In News: FPIs inflow in equities drops to ₹7,320 crore in August on higher valuations
Explanation:
- Foreign portfolio investment (FPI) consists of securities and other financial assets passively held by foreign investors. It does not provide the investor with direct ownership of financial assets and is relatively liquid depending on the volatility of the market.
- FPIs include stocks, bonds, mutual funds, exchange traded funds, American Depositary Receipts (ADRs), and Global Depositary Receipts (GDRs).
- FPI is part of a country’s capital account and is shown on its Balance of Payments (BOP) i.e The BOP measures the amount of money flowing from one country to other countries over one monetary year. Hence statement 1 is incorrect.
- FPI is often referred to as “hot money” because of its tendency to flee at the first signs of trouble in an economy. FPI is more liquid, volatile and therefore riskier than FDI. Hence statement 2 is correct
- A Foreign Direct Investment (FDI) is an investment made by a firm or individual in one country into business interests located in another country. FDI lets an investor purchase a direct business interest in a foreign country.
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05. Consider the following statements:
- The use of anti-dumping measures as an instrument of fair competition is permitted by the World Trade Organization (WTO)
- In India, the Ministry of Commerce and Industries makes the final decision on whether to impose anti-dumping duties.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Answer: (a) 1 only
In News: Trade ministry proposes anti-dumping duty on Chinese aluminium foil imports
Explanation:
- Anti-Dumping Duty is a protectionist tariff that a domestic government imposes on foreign imports that it believes are priced below fair market value.
- Dumping is a process wherein a company exports a product at a price that is significantly lower than the price it normally charges in its home (or its domestic) market.
- The duty is priced in an amount that equals the difference between the normal costs of the products in the importing country and the market value of similar goods in the exporting country or other countries that produce similar products.
- It is imposed to protect local businesses and markets from unfair competition by foreign imports. Thus, the purpose of anti-dumping duty is to rectify the trade distortive effect of dumping and re-establish fair trade.
- The use of anti-dumping measures as an instrument of fair competition is permitted by the World Trade Organization (WTO). The government must show that dumping took place, the extent of the dumping in terms of costs, and the injury or threat to cause injury to the domestic market. Hence statement 1 is correct.
- In India, the Ministry of Finance makes the final decision on whether to impose anti-dumping duties. Hence statement 2 is incorrect.
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06. Consider the following statements with respect to Paris Agreement
- It aims to combat climate change and limit global warming to well below 2* C above pre-industrial levels, with an ambition to limit warming to 1.5* C.
- It complemented the Kyoto Protocol which was an earlier agreement to deal with climate change.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Answer: (a) 1 only
In News: EU’s 2030 emission targets ‘alarmingly off-track’ from Paris Agreement’s 1.5°C goal
Explanation:
- It is a legally binding global agreement under the United Nations Framework Convention on Climate Change (UNFCCC) that was adopted in 2015. It was adopted in UNFCCC COP21.
- It aims to combat climate change and limit global warming to well below 2* C above pre-industrial levels, with an ambition to limit warming to 1.5* C. Hence statement 1 is correct.
- It replaced the Kyoto Protocol which was an earlier agreement to deal with climate change. Hence statement 2 is incorrect.
- The Paris Agreement sets out a framework for countries to work together to reduce greenhouse gas emissions, adapt to the impacts of climate change, and provide support to developing countries in their efforts to address climate change.
- Under the Paris Agreement, each country is required to submit and update their NDCs every 5 years, outlining their plans for reducing greenhouse gas emissions and adapting to climate change.
- NDCs are pledges made by countries to reduce their greenhouse gas emissions and to adapt to the impacts of climate change.
- The agreement talks about 20/20/20 targets, i.e.
- Carbon Dioxide emissions reductions by 20%,
- Work on increasing the renewable energy market share by 20%
- Target to increase energy efficiency by 20%
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07. Which of the following statements with respect to PMLA Act.
- Preventing money laundering.
- Combating the channelising of money into illegal activities and economic crimes.
- Providing for the confiscation of property derived from or involved in money laundering.
- Providing for any other matters connected with or incidental to the act of money laundering.
How many of the above statements are correct?
- Only one
- Only two
- Only three
- All four
Answer: (d) All four
In News: How Supreme Court has centred rights of the accused in recent PMLA cases
Explanation:
- The PMLA was enacted in 2002 and it came into force in 2005. The chief objective of this legislation is to fight money laundering, that is, the process of converting black money into white.
- The Act enables government authorities to confiscate property and/or assets earned from illegal sources and through money laundering.
- Under the PMLA, the burden of proof lies with the accused, who has to prove that the suspect property/assets have not been obtained through proceeds of crime.
- The basic objectives of the PMLA are:
- Preventing money laundering.
- Combating the channelising of money into illegal activities and economic crimes.
- Providing for the confiscation of property derived from or involved in money laundering.
- Providing for any other matters connected with or incidental to the act of money laundering.
- Offences mentioned under Part A and C of the Schedule of this Act will attract its provisions.
- Part A includes offences under acts namely:
- Indian Penal Code, Prevention of Corruption Act, Narcotics Drugs and Psychotropic Substances Act, Antiquities and Art Treasures Act, Trademark Act, Wildlife Protection Act, Copyright Act and Information Technology Act.
- Part B includes offences that are mentioned in Part A, but are of a value of Rs 1 crore or more.
- Part C includes trans-border crimes.
- Various actions can be initiated against persons found to be guilty of money laundering, such as:
- Freezing or seizing of property and records, and/or attachment of property obtained through crime proceeds.
- Money laundering is punishable with:
- Rigorous imprisonment for a minimum of 3 years and a maximum of 7 years.
- Fine.
- If the crime of money laundering is involved with the Narcotic Drugs and Psychotropic Substances Act, 1985, the punishment can go up to 10 years, along with fine.
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08. Consider the following statements with respect to e-DRS Scheme
- Cases under consideration are when the disputed amount does not exceed Rs. 10 lakh and the taxpayer’s income for the relevant year is below Rs. 50 lakh.
- This initiative is established under section 245 MA of the Income-tax Act, 1961.
Which of the statements given above is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Answer: (c) Both 1 and 2
In News: CBDT rolls out Dispute Resolution Scheme (e-DRS)
Explanation:
- The Dispute Resolution Scheme aims to reduce litigation and provide a faster and more cost-effective resolution for taxpayers.
- This initiative, established under section 245MA of the Income-tax Act, 1961, will allow taxpayers to resolve disputes electronically through Dispute Resolution Committees (DRCs).Hence statement 2 is correct
- Eligibility:
- Taxpayers who meet certain conditions specified in section 245MA can apply for dispute resolution.
- This includes cases where the disputed amount does not exceed Rs. 10 lakh and the taxpayer’s income for the relevant year is below Rs. 50 lakh. Hence statement 1 is correct.
- The dispute must not involve information from searches or international agreements.
- The DRC, established in all 18 regions across the country, can modify orders, reduce penalties, or waive prosecution. They are required to decide within six months of receiving the application.
Source:
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=2050261
09. Which of the following countries share boundaries with Namibia:
- Angola
- Zambia
- South Africa
- Botswana
How many of the above statements are correct?
- Only one
- Only two
- Only three
- All four
Answer: (d) All four
In News: Why Namibia plans to kill hundreds of its majestic wild animals for meat
Explanation:
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10. Consider the following statements: (2023)
Statement -I:
India accounts for 3.2% of global export of goods.
Statement -II:
Many local companies and some foreign companies operating in India have taken advantage of India’s ‘Production-linked Incentive’ scheme.
Which one of the following is correct in respect of the above statements?
- Both Statement – I and Statement – II are correct and Statement – II is the correct explanation for Statement – I
- Both Statement – I and Statement – II are correct and Statement – II is not the correct explanation for Statement – I
- Statement – I is correct but Statement – II is incorrect
- Statement – I is incorrect but Statement – II is correct
Answer: (d) Statement – I is incorrect but Statement – II is correct
Explanation:
- According to the recent WTO’S Global Trade Outlook and Statistics report, India accounts for 1.8 % of global exports of goods. Hence, statement 1 is incorrect.
- The ‘Production Linked Initiative’ (PLI) scheme offers companies incentives on incremental sales from products manufactured in India. It aims to attract foreign companies to set up units in India while encouraging local companies to expand their manufacturing units, generate more employment, and reduce the country’s reliance on imports. Hence, Statement 2 is correct.