Daily Current Affairs MCQ- August 26, 2023 - UPSC MCQ

Recently, the Competition Commission of India (CCI) imposed a penalty on Platinum Trust for Gun Jumping.

• It is essentially means acting before the appropriate time and refers to situations where a party or parties to a combination (M&A deal) consummate a transaction before CCI approves the transaction, thereby, violating standstill obligations.
• It is all about competition and merger control.
• Gun Jumping in competition jurisprudence occurs when parties to Mergers and acquisitions deal consummate the transaction without keeping the competition authorities informed.
• Most competition regimes, including India, requires pre-merger notification (in India it is the CCI)
• The concept of gun-jumping has not been expressly defined in the Competition Act, 2002.
• The law requires parties to a deal satisfying certain monetary thresholds, to first notify the CCI about the impending transaction.
• Parties are then obligated to conform to the standstill provisions — wait for 210 days from the date of notifying or till CCI approval happens, whichever is earlier.
• During the standstill period, the parties are required to continue to operate their businesses as independent entities.
• If the parties fail to notify CCI before the consummation of the deal or violate standstill obligations, this is typically referred to as gun jumping.
• Penalties:
• The Competition Commission of India (CCI) has the power to penalise parties for Gun Jumping under Section 43A of the Competition Act 2002.
• The penalty can be as high as 1 per cent of the total turnover or 1 per cent of the assets, whichever is higher, of the combination. 

Hence both statements are correct.

Recently, during the BRICS meeting Prime Minister of India gifted Gond painting to the Brazilian president Lula da Silva.

• It is a famous folk art of the Gond tribal community of central India.
• It is done to preserve and communicate the culture of the Gond tribal community.
• Themes: Gond tribes are highly interlinked with nature and this appears in their paintings too they include animals, mahua tree, mythological stories, Hindu gods, Local deities and folktales etc.
• The artist uses his distinctive pattern and style to fill the images these style signatures are used in collage to make a complete picture such as Dots, fine Lines, Curved Lines, Dashes Fish Scales etc.

Key facts about Gond Tribe

• The Gonds are the largest Adivasi Community in India and can be traced to the pre-Aryan era.
• The word Gond comes from Kond, which means green mountains.
• They are a heterogeneous group spreading over large areas from the Godavari gorges in the south to the Vindhya Mountains in the north.
• They live in the states of Madhya Pradesh, Maharashtra, Telangana, Andhra Pradesh, Bihar, and Odisha.
• The majority speak various mutually unintelligible dialects of Gondi.

Hence only statement 1 is correct.

Recently, researchers unveiled alarming insights into the potential impact of the clethodim on male reproductive health.

• It is an oxime O-ether resulting from the formal conversion of the acyclic keto group of oxime with chloroallyl group.
• It is used as herbicide to control annual and perennial grasses.
• It is highly soluble in water and has a low volatility.
• It tends not to be persistent in soil or aquatic systems.
• It is moderately toxic to birds, fish, aquatic plants, honeybees and earthworms but is less toxic to aquatic invertebrates and algae.
• It is moderately toxic to mammals and while it is a skin irritant no evidence of it causing more serious health effects have been found.
• Effects on human health
• Exposure to this herbicide will impact male reproductive function and early embryonic development.
• Also it causes reduction in testicular weight, a decrease in germ cell population, lower levels of serum testosterone, abnormalities in sperm, and compromised pre-implantation embryo development.

Hence both statements are correct.

The Securities and Exchange Board of India (SEBI) recently proposed allowing increased participation from NRIs and Overseas Citizens of India (OCIs) in the Indian securities market through the Foreign Portfolio Investor (FPI) route.

About Foreign Portfolio Investment (FPI):

• FPI refers to the purchase and holding of a wide array of foreign financial assets by investors seeking to invest in a country outside their own.
• Foreign portfolio investors have access to a range of investment instruments such as stocks, bonds, mutual funds, derivatives, fixed deposits, etc.
• FPI generally intends to invest money into the foreign country’s stock market to generate a quick return.
• Who regulates FPI in India?
• In India, foreign portfolio investment is regulated by the Securities and Exchange Board of India (SEBI). 
• FPI in India refers to investment groups or FIIs (foreign institutional investors) and QFIs (qualified foreign investors).
• Advantages:
• It offers investors the freedom to diversify their portfolios internationally.
• A portfolio investor can also take advantage of exchange rate differences. Thus, an investor from an economically challenged country can invest heavily in a foreign country that has a much stronger currency, thereby making sizeable profits.

What is Foreign Direct Investment (FDI)?

• It is a category of cross-border investment in which an investor resident in one economy establishes a lasting interest in and a significant degree of influence over an enterprise resident in another economy.
• It is an ownership stake in a foreign company or project made by an investor, company, or government from another country.
• FDI is a key element in international economic integration because it creates stable and long-lasting links between economies.

FPI vs. FDI:

• FDI seeks an ownership stake in a foreign company or project made by an investor, company, or government from another country.
• FPI is a form of investment in the assets of a foreign enterprise, such as stocks or bonds. It does not offer any form of control over the entity and hence offers no ownership of the entity.
• Unlike FDIs, an FPI does not require any transfer of IP, technology, or know-how. There is no need to enter a joint venture with a partner company.
• FDI comprise significantly larger sums, and any tie-ups or operations tend to last longer than portfolio investments.
• Portfolio investments typically have a shorter time frame for investment return than direct investments. 
• FDIs are usually the domain of major players in the industry, venture capital ecosystems, and investment branches of globally-recognised financial institutions. Most Financial Portfolio Investment examples include smaller players who invest in a foreign country’s assets and securities for short-term profits. 

Hence only statement 1 is correct.

Scientists recently said that up to 10,000 young Emperor penguin chicks were reportedly killed in the Antarctic late last year when the sea ice underneath them broke off.

About Emperor Penguin:

• It is the largest of the world's penguin species found only in Antarctica.
• Scientific Name: Aptenodytes forsteri
• Distribution:
• They are found throughout the Antarctic continent and sub-Antarctic islands.
• In breeding months (April to November), emperor penguin colonies are found between 66° and 78° south latitude along the Antarctic coastline.
• Habitat:
• It is the most ice-adapted of any penguin species, inhabiting pack ice and surrounding marine areas.
• They spend their entire lives on Antarctic ice and in its waters.
• Features:
• They are approximately 120cm tall and weigh in at around 40 kg.
• They gain and lose weight rapidly during breeding and feeding seasons. On average, females tend to weigh 18 kg less than males.
• They have a gray back, white belly, and orange markings behind their eyes and at the top of their chest.
• They have large stores of insulating body fat and several layers of scale-like feathers that protect them from icy winds. 
• They also huddle close together in large groups to keep themselves and each other warm.
• Breeding:
• They breed in the winter.
• After a courtship of several weeks, a female emperor penguin lays one single egg and then leaves.
• Each penguin egg's father balances it on his feet and covers it with his brood pouch, a very warm layer of feathered skin designed to keep the egg cozy. 
• There, the males stand for about 65 days through icy temperatures, cruel winds, and blinding storms.
• Finally, after about two months, the females return from the sea, bringing food they regurgitate or bring up to feed the now hatched chicks. 
• Conservation Status:
• IUCN Red List: Near Threatened

Hence only statement 1 is correct.

Recently, the Southern Bench of the National Green Tribunal (NGT) has withheld the environmental clearance granted for fishing harbours at Alamparaikuppam and Azhagankuppam, located in the intertidal area of Kaliveli bird sanctuary, Tamil Nadu.

• This wetland is the second-largest brackish water lake in South India after Pulicat lake.
• The first declaration was issued by the Villupuram District Administration under Section 18 of the Wildlife Protection Act, 1972 for setting up this sanctuary.
• The Kaliveli lake is connected to the Bay of Bengal by the Uppukalli Creek and the Edayanthittu sanctuary and is visited for nesting by migratory birds on the Central Asian flyway.
• The southern part of the wetland since 2001.
• The lake has a feeding ground for long-distance migrants from the cold subarctic regions of Central Asia and Siberia including Black-tailed Godwits, Eurasian Curlew, White Stork, Ruff and Dublin.

Hence option (b) is the correct answer.

Indian Prime Minister recently gifted Bidri work pair of 'Surahi' from Telangana to South African President Cyril Ramaphosa.

About Bidriware:

• It is a form of metal handicraft that has Persian influences and has been made for centuries by artisans from Karnataka’s Bidar district.
• It is renowned for its intricate, handcrafted designs.
• Origin:
• The origin of Bidriware as a craft is attributed mostly to the Bahamani Sultans who ruled the region during the 14th and 15th centuries. 
• It was first brought to India by the noted Sufi Khwaja Moinuddin Hasan Chisti in the form of utensils. 
• The art form developed in the kingdom was a mix of Turkish, Persian and Arabic influences, which were intermingled with the local styles, and thus a unique style of its own was born.
• This native art form has obtained a Geographical Indications (GI) registry.
• Bidar in Karnataka and Hyderabad in Telangana are the most vibrant centers of Bidriware.
• How is Bidriware made? 
• Bidri Ware is manufactured from an alloy of copper and zinc (in the ratio 1:16) by casting. 
• The zinc content gives the alloy a deep black colour.
• The craftsman uses small chisels to engrave the design over the freehand etching.
• Fine wire or flattened strips of pure silver are then carefully hammered into these grooves. 
• A special variety of soil, which is available only in the unlit portions of the Bidar fort, is used for the final blackening process. It is mixed with ammonium chloride and water to produce a paste, which is then rubbed onto a heated Bidri surface. The paste selectively darkens the body while it has no effect on the silver inlay.
• The product then undergoes a process called buffing to smoothen the surface.

Hence option c is the correct answer.

A team of researchers recently identified a new genus and species of colubrid snakes named ‘Sahyadriophis uttaraghati’ within the biodiverse Western Ghats.

About Sahyadriophis uttaraghati:

• The new genus has been named Sahyadriophis, a combination of the Sanskrit word for the Western Ghats ‘Sahyadri’ and the Greek word for snakes ‘Ophis’.
• The new species, located in the northern part of the Western Ghats, is called Sahyadriophis uttaraghati or Northern Sahyadri keelback. 
• Features:
• These snakes are mostly active during monsoons and are often found near streams.
• Their diet primarily consists of frogs and their eggs. 
• These snakes are gentle in nature and rarely bite when handled.
• The juveniles bear a big blotch or a collar mark on the nape, which distempers as the animal grows. 
• It can be differentiated from its southern counterpart—Sahyadriophis beddomei (Beddome’s Sahyadri keelback)—by a longer tail and higher number of scales on the tail's underside, known as subcaudals.

Hence option b is the correct answer.

Recently, researchers have devised a Diversity for Restoration (D4R) tool that enables appropriate agroforestry and aids systematic ecosystem restoration.

• It is developed with information on 237 socio-economically important native trees from the Western Ghats.
• It is devised by Bioversity International.
• The team from Ashoka Trust for Research in Ecology and the Environment (ATREE), with the help of Bioversity International, modified it to promote restoration programmes in India.

Features

• The researchers have claimed the tool will help improve the effectiveness of restoration programmes by providing manifold benefits to interested stakeholders while promoting sustainable development.
• The online tool precisely aims to help better decision-making and bring the best outcome for those plantation programmes.
• It could improve socio-ecological perspectives and help stakeholders in decision-making.
• The tool helps the user in identifying species that match their restoration objectives.
• It further helps identify species that can resist local stresses and adapt to evolving environmental conditions.
• It also helps pinpoint areas and regions to procure the seeds for the required species.
• The tool has information about 100 plant functional traits that have been considered to offer the best possible solution.

Hence only statement 2 is correct.

Recently, marine scientists have discovered a new Octopus nursery off the coast of Costa Rica.

• It is a marine mollusk and a member of the class Cephalopoda, more commonly called cephalopods.
• Cephalopoda means “head foot” in Greek, and in this class of organisms the head and feet are merged.
• A ring of eight equally-long arms surround the head. They use their arms to "walk" on seafloor.
• The undersides of the arms are covered with suction cups that are very sensitive to touch and taste.
• The sack-like body is perched atop the head, which has two complex and sensitive eyes, while the mouth is on the underside.
• They have three functioning hearts.
• Two of the hearts work exclusively to move blood to the gills, while the third pumps blood through the rest of the body.
• Their blood is copper-based which is more efficient at transporting oxygen at low temperatures and makes their blood blue in color.
• They are solitary creatures excellent at camouflaging and concealing themselves.
• They are about 90 percent muscle, and because they lack bones, they can fit through very small spaces.
• Their skin contains cells called chromatophores that allow the octopus to change color and pattern.
• They are found in every ocean of the world.

Hence both statements are correct.