Daily Current Affair Quiz: 27th December 2019
1. Which of the following statements are true?
1. Article 142 provides discretionary power to the Supreme Court as it states that the court in the exercise of its jurisdiction may pass such decree or make such order as is necessary for doing complete justice in any cause or matter pending before it.
2. Such decree shall be enforceable throughout the territory of India in such manner as may be prescribed by or under any law made by Parliament.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: c
Justification:
- Article 142 provides discretionary power to the Supreme Court as it states that the court in the exercise of its jurisdiction may pass such decree or make such order as is necessary for doing complete justice in any cause or matter pending before it.
- Such decree shall be enforceable throughout the territory of India in such manner as may be prescribed by or under any law made by Parliament.
- The provision vests sweeping powers in the Supreme Court for the end of ensuring “complete justice” and is usually used in cases involving human rights and environmental protection.
- Last month, it was also used during the Ayodhya judgment, making the first such case where it was invoked for a civil dispute over an immovable property that involved private parties.
2. The economic cost of food grains to the Food Corporation of India is Minimum Support Price and bonus (if any) paid to the farmers plus
(a) Transportation cost only
(b) Interest cost only
(c) Procurement incidentals and distribution cost
(d) Procurement incidentals and charges for godowns
Ans: c
Justification:
- The economic cost of food grains procured by the Food Corporation of India (FCI) is a total of Minimum Support Price and bonus (if any) paid to the farmers plus the procurement incidentals and distribution cost. The economic cost has three main components – procurement cost, procurement price, and distribution cost. The procurement incidentals are the initial costs incurred during procurement of foodgrains. The FCI buys foodgrains from the farmers at the pre-announced Minimum Support Price. The distribution costs include freight, handling charges, storage charges, losses during trasit and establishment cost.
3. Which of the following statements are true?
1. BrahMos is being produced by BrahMos Aerospace, a joint venture company set up by DRDO and Mashinostroyenia of Russia.
2. It is a cruise missile.
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: c
Justification:
- An amalgam of the names of the rivers Brahmaputra and Moskva, BrahMos is being produced by BrahMos Aerospace, a joint venture company set up by DRDO and Mashinostroyenia of Russia in 1998.
- The first version of the BrahMos supersonic cruise missile was inducted into the Indian Navy in 2005, meant to be fired from INS Rajput.
- It is a cruise missile, meaning it can be guided towards a pre-determined land- or sea-based target.
- With a capability to attain speeds 2.8 times that of sound (Mach 2.8), BrahMos is classified as supersonic cruise missile.
4. Which of the following statements are true?
1. Pradhan Mantri Vaya Vandana Yojana (PMVVY) is a pension scheme for senior citizens aged 60 or above.
2. It is s being implemented through Life Insurance Corporation of India (LIC).
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Ans: c
Justification:
- It is a pension scheme for senior citizens aged 60 or above. The scheme envisages an assured rate of return of 8% annually for 10 years. It is s being implemented through Life Insurance Corporation of India (LIC). PMVVY was announced in Union Budgets of 2017-18 and 2018-19, and in Budget 2018-19, the maximum limit under PMVVY was doubled to Rs.15 lakh per senior citizen. PMVVY is available for subscription till March 2020.
5. What was the purpose of Inter-Creditor Agreement signed by Indian banks and financial institutions recently?
(a) To lessen the Government of India’s perennial burden of fiscal deficit and current account deficit
(b) To support the infrastructure projects of Central and State Governments
(c) To act as independent regulator in case of applications for loans of Rs. 500 crore or more
(d) To aim at faster resolution of stressed assets of Rs. 500 crore or more which are-under consortium lending
Ans: d
Justification:
- Indian banks and financial institutions signed an Inter-Creditor Agreement (ICA) on July 23, 2018 to fast-track the resolution of stressed assets of Rs 500 crore or above that are under consortium lending. The ICA, a part of Project Sashakt, was signed by 22 public sector banks including SBI, India Post Payments Bank; 19 private sector banks; and 32 foreign banks.
