Daily Current Affairs Quiz – Day 89

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#1. ) The term ‘Paris Pact Initiative’ was seen in the news recently. Which of the following statements correctly describes it?

Answer (b)

Paris Pact is a group of 58 countries and 23 International Organizations affected with drug trafficking of Afghan Opiates. Under the ambit of UNODC, Paris Pact Initiative has addressed the issue of drug problem related to opiates originating in Afghanistan, both at policy and implementation level. It has provided the platform for the Member Countries and International Organizations to coordinate and combat the trafficking and consumption of opiates on the principle of common and shared responsibility.

The Department of Revenue, Ministry of Finance recently hosted a Meeting of Expert Working Group on Paris Pact Initiative on Illicit Financial Flows deriving from the trafficking of Opiates originating in Afghanistan.

#2. With reference to Financial Stability and Development Council consider the following statements 1. Finance Minister is the chairperson of FSDC. 2. FSDC is a statutory body. Which of the statements given above is/are correct?

Answer (a)

The Finance Minister held the meeting of the Financial Stability and Development Council (FSDC) to review the current global and domestic economic situation and financial stability issues including, those concerning banking and NBFCs.

The Council was also apprised of the progress made towards setting-up of the Financial Data Management Centre (FDMC) to facilitate integrated data aggregation and analysis as also a Computer Emergency Response Team (CERT-Fin) towards strengthening the cybersecurity framework for the financial sector.

Financial Stability and Development Council (FSDC) is an apex-level body constituted by the government in 2010. It was decided to set up an autonomous body in order to deal with macro prudential and financial regularities in the entire financial sector of India. It is not a statutory body.

The council is headed by the finance minister and has the Reserve Bank of India (RBI) governor and chairpersons of the Securities and Exchange Board of India, Insurance Regulatory and Development Authority and Pension Fund Regulatory and Development Authority as other members along with finance ministry officials.

Functions

The new body envisages to strengthen and institutionalise the mechanism of maintaining financial stability, financial sector development, inter-regulatory coordination, financial literacy, financial inclusion and macro prudential supervision of the economy including the functioning of large financial conglomerates.

It also helps to coordinate India’s international interface with financial sector bodies like the Financial Action Task Force (FATF) and Financial Stability Board.

 

#3. Which of the following has the power to recommend inclusion of all excluded petroleum products like petrol and diesel, within the GST structure?

Answer (d)

Article 279A (5) of the Constitution provides that Goods and Services Tax Council shall recommend the date on which goods and services tax shall be levied on petroleum crude, high speed diesel, motor spirit, natural gas and aviation turbine fuel.

While, petroleum products are constitutionally included under GST, the date on which GST shall be levied on such goods, shall be as per the decision of the GST Council. As per the section 9(2) of the CGST Act, inclusion of all excluded petroleum products, including petrol and diesel in GST will require recommendation of the GST Council. Any decision regarding levy of GST on petroleum products has to be decided as per recommendation of the GST Council.

#4. ) With reference to Rashtriya Gokul Mission consider the following statements 1. Rashtriya Gokul Mission is implemented by Ministry of Rural Development 2. The Mission aims to aims to conserve and develop indigenous and exotic breeds in a focused and scientific manner Which of the statements given above is/are correct?

Answer: (d)

“Rashtriya Gokul Mission”, a focussed project under National Programme for Bovine Breeding and Dairy Development, aims to conserve & develop indigenous breeds in a focused & scientific manner.

Department of Animal Husbandry, Dairying & Fisheries, Ministry of Agriculture has been implementing the Mission through the State Implementing Agencies (SIA viz Livestock Development Boards).

The Mission has the following objectives

o Development and conservation of indigenous breeds

o Undertake breed improvement programmes for indigenous cattle breeds so as to improve the genetic makeup and increase the stock

o Enhance milk production and productivity

o Upgrade nondescript cattle using elite indigenous breeds like Gir, Sahiwal, Rathi, Deoni, Tharparkar, Red Sindhi

o Distribute disease free high genetic merit bulls for natural service.

Gokul Grams

The Mission also aims to establish Integrated Indigenous Cattle Centres or Gokul Grams in the breeding tracts of indigenous breeds.

They will act as centres for development of indigenous breeds and a dependable source for supply of high genetic breeding stock to the farmers in the breeding tract.

They will also function as state of the art in situ training centre for farmers and breeders.

The Gokul Gram will maintain milch and unproductive animals in the ratio of 60:40 and will have the capacity to maintain about 1000 animals.

#5. The RBI, recently issued guidelines relating to ‘Financial Benchmark Administrator (FBA)’. In this context consider the following statements. 1. Financial Benchmark Administrator can be a company incorporated in India as well as abroad. 2. All Financial Benchmark Administrator are required to maintain a minimum net worth of Rs. 100 crore at all times. 3. All FBAs are required to obtain authorization from the RBI to administer the significant benchmarks. Which of the statements given above is/are correct?

Answer (a)

As per the RBI guidelines, Financial Benchmark Administrator (FBA) will be a company incorporated in India and maintain a minimum net worth of Rs. 1 crore at all times. Benchmarks administered outside India do not fall under the scope of the guidelines.

No FBA would administer a ‘significant benchmark’ without obtaining authorization of the RBI.

The Reserve Bank of India (RBI) has issued guidelines for setting up of a financial benchmark administrator (FBA) for administering “significant benchmarks” in the markets for financial instruments.

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