Current Affairs MCQs Quiz for UPSC, IAS, UPPSC/UPPCS, MPPSC. BPSC, RPSC & All State PSC Exams
Date: 10 June 2022
Q1. Consider the following statements about WTO:
1. It is the only global international organization dealing with the rules of
trade between nations.
2. The Ministerial Conference is the top decision-making body in WTO.
3. Ministerial conferences usually meet after every three years.
Which of the statement/s given above is/are correct?
a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) All of these
Answer: (A)
Explanation:
- It is the only global international organization dealing with the rules of trade between nations. The WTO is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1947.
- The Uruguay Round (1986-94) of the GATT led to the WTO's creation. WTO began operations on 1st January, 1995.The primary purpose of the WTO is to open trade for the benefit of all.
- The WTO's top decision-making body is the Ministerial Conference. Below this is the General Council and various other councils and committees. Ministerial conferences usually take place every two years.
Q2. Which of the following organisations has released the Environmental Performance Index 2022?
a) World Bank
b) Yale Center for Environmental Law and Policy
c) Germanwatch
d) UN Environment Programme
Answer: (B)
Explanation: The EPI, a biennial index, was started in 2002 as Environmental Sustainability Index by the World Economic Forum in collaboration with the Yale Center for Environmental Law and Policy and the Columbia University Center for International Earth Science Information Network.
Q3. Consider the following statements regarding the State food safety index 2022:
1. It is developed by NITI Ayog.
2. Tamil Nadu has topped the list among larger States category.
3. Delhi has topped the list among Union Territories.
Which of the statements given above is/are correct?
a) 1 and 2 only
b) 2 only
c) 3 only
d) 2 and3 only
Answer: (B)
Explanation:
- It is developed by the Food Safety and Standards Authority of India (FSSAI).
- Tamil Nadu topped the list among larger states, followed by Gujarat and Maharashtra.
- Among smaller states, Goa was the winner, followed by Manipur and Sikkim.
- Jammu and Kashmir emerged top among Union Territories, followed by Delhi and Chandigarh.
Q4. Consider the following statements:
1. A Non Performing Asset (NPA) is a loan or advance for
which the principal or interest payment can remain overdue for a period of 180
days.
2. Assets which has remained NPA for a period less than or equal to 12 months is
termed as substandard assets.
Which of the above statements is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Answer: (B)
Explanation:
- A non performing asset (NPA) is a loan or advance for which the principal or interest payment remained overdue for a period of 90 days.
- Banks are required to classify NPAs further into Substandard, Doubtful and Loss assets.
- Substandard assets: Assets which has remained NPA for a period less than or equal to 12 months.
- Doubtful assets: An asset would be classified as doubtful if it has remained in the substandard category for a period of 12 months.
- Loss assets: As per RBI, “Loss asset is considered uncollectible and of such little value that its continuance as a bankable asset is not warranted, although there may be some salvage or recovery value.”
Q5. Consider the following statements regarding GST Council:
1. It is a statutory body.
2. It is chaired by the Union Finance Minister.
3. The Goods and Services Tax (GST) Council only have persuasive value, and its
decisions cannot be binding on the Centre and states.
Choose the correct answer using the code given below:
a) 1 and 2 only
b) 2 and 3 only
c) 2 only
d) 1, 2 and 3
Answer: (B)
Explanation:
- Article 279A - GST Council to be formed by the President to administer & govern GST. Its chairman is the Union Finance Minister of India with ministers nominated by the state governments as its members.
- The Supreme Court, while deciding the correctness of the levy of IGST on ocean freight in the case of Union of India vs Mohit Minerals, has held that the decision of the GST Council is not binding and carries only a persuasive value. Hence, both the Centre and the states retain their independence to legislate GST laws.
