Daily Current Affairs MCQ- May 4, 2022 - UPSC MCQ

RBI has announced following set of measures to relieve stress faced by most vulnerable categories of borrowers – namely individuals, borrowers and MSMEs.

• Individuals, borrowers and MSMEs with aggregate exposure up to Rs. 25 crore, who have not availed restructuring under any previous frameworks, who were classified as standard on 31 March, 2021, will be eligible to be considered under Resolution Framework 2.0.
• Restructuring under new framework can be invoked till September 30, 2021 and will have to be implemented within 90 days after invocation.
• For individuals and small businesses who have availed restructuring of loans under Resolution Framework 1.0, where moratorium of less than 2 years was permitted, lending institutions can now increase the period and/or extend residual tenure up to a total period of 2 years.
• In respect of small businesses and MSMEs restructured earlier, lending institutions are now permitted to review working capital sanction limits, as a one-time measure.

Hence both statements are correct.

The RBI Governor Shaktikanta Das announced a series of measures to support the nation’s fight against the second wave of COVID-19 infections.

• Term Liquidity Facility of Rs. 50,000 crore with tenure of up to 3 years, at repo rate, to ease access to emergency health services, for ramping up COVID-related health infrastructure & services.
• Special Long Term Repo Operations for Small Finance Banks: In order to provide further support to micro, small and other unorganized sector entities, 3-year repo operations of Rs. 10,000 crore at repo rate, for fresh lending up to Rs 10 lakh per borrower; facility is available up to 31 October, 2021.
• Lending by Small Finance Banks (SFBs) to MFIs for on-lending to be classified as priority sector lending: In view of fresh challenges, SFBs are now permitted to regard fresh on-lending to MFIs with asset size up to Rs. 500 crore, as priority sector lending. This facility will be available up to 31 March, 2022.
• Credit flow to MSME Entrepreneurs: To further incentivize inclusion of unbanked MSMEs into banking system, exemption provided in February, 2021 wherein scheduled banks were allowed to deduct credit given to new MSME borrowers from Net Time & Demand Liabilities for calculation of CRR, is now extended to December 31, 2021.
• Rationalization of KYC norms for enhanced customer experience: Steps being proposed include –
  • Extending scope to video KYC for new customer categories such as proprietorship firms,
  • Conversion of limited KYC accounts to fully KYC compliant accounts,
  • Introduction of more customer-friendly options in KYC updating and
  • enabling the use of KYC Identifier of Centralised KYC Registry (CKYCR) for V-CIP and submission of electronic documents as identify proof
• Floating Provisions and Countercyclical Provisioning Buffer: Banks can now use 100% of floating provisions held by them, as on December 31, 2020, for making specific provisions for NPAs; such utilization is permitted up to March 31, 2022.
• Relaxation of overdraft facility for states: Maximum number of days of overdraft in a quarter for state governments has been increased from 36 to 50 days. The number of consecutive days of OD has been increased from 14 to 21 days; facility available up to September 30, 2021.

Hence, option (d) is the correct answer.

In a major boost to organic products exports from the country, first consignment of millets grown in Himalayas from snow-melt water of Ganges in Dev Bhoomi (Land of the God), Uttarakhand would be exported to Denmark.

• APEDA, in collaboration with Uttarakhand Agriculture Produce Marketing Board (UKAPMB) & Just Organik, an exporter, has sourced & processed ragi (finger millet), and jhingora (barnyard millet) from farmers in Uttarakhand for exports, which meets the organic certification standards of the European Union.
• Millets are gaining a lot of popularity globally because of high nutritive values and being gluten free also.
• Oil cake meal is a major commodity of the organic product exports from the country followed by oil seeds, fruit pulps and purees, cereals & millets, spices, tea, medicinal plant products etc.
• At present, organic products are exported provided they are produced, processed, packed and labelled as per the requirements of the National Programme for Organic Production (NPOP).
• The NPOP has been implemented by APEDA since its inception in 2001 as notified under the Foreign Trade (Development and Regulations) Act, 1992.
• NPOP has also been recognized by the Food Safety Standard Authority of India (FSSAI) for trade of organic products in the domestic market. Organic products covered under the bilateral agreement with NPOP need not to be recertified for import in India.

Hence, option (c) is the correct answer.

Ministry of Civil Aviation has granted conditional exemption from Unmanned Aircraft System {UAS) Rules, 2021 to 20 entities to conduct Beyond Visual Line of Sight (BVLOS) experimental flights of drones.

• The preliminary permission grant is envisioned to assist the supplementary framework development of subsequent UAV rules pertaining to Beyond Visual Line of Sight (BVLOS) drone operations.
• BVLOS trials will help create framework for future drone deliveries and other major applications using drones.
• The Central Government had constituted the 'BVLOS Experiment Assessment and Monitoring (BEAM) Committee' to invite Expression of Interest (EOI) to undertake BVLOS experimental flights of drones.
• An EOI notice was issued by the Directorate General of Civil Aviation (DGCA) for the aforementioned purpose. The BEAM Committee evaluated the 34 EOls received and selected 20 consortia ('Selected Consortia') for the experimental flights.
• These exemptions are subject to complete adherence to the requirements stated in the said EOI notice and the directions/ exemptions issued (or to be issued in future) by the BEAM Committee.
• This conditional exemption shall be valid for period of one year, or until further orders, whichever is earlier.

Hence only statement 1 is correct.

The Union Cabinet recently approves MoU between India and United Kingdom of Great Britain and Northern Ireland on Migration and Mobility Partnership.

• The Union Cabinet has approved the signing of MoU on Migration and Mobility Partnership between India and Great Britain and Northern Ireland.
• The MoU is aimed at Liberalising issuance of visas promoting mobility of students, researchers and skilled professionals and strengthen cooperation on issues related to irregular migration and human trafficking between the two sides.
• The MoU would benefit Indian students, academics, and researchers, migrants for professional and economic reasons and those willing to contribute through various projects to the economic development of both countries without consideration of caste, creed, religion or gender.
• This MoU can support the innovation ecosystem in both countries by facilitating free flow of talent.
• Ministry of External Affairs would closely monitor the effective implementation of the MoU through Joint Working Group mechanism.

Hence both statements are correct.

The Union Cabinet has given ex-post facto approval to the signing of MoU between the Ministry of External Affairs of India and Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom on Global Innovation Partnership (GIP).

• Through this MoU, India and UK agree to launch the Global Innovation Partnership.
• GIP will support Indian innovators to scale up their innovations in third countries thereby helping them explore new markets and become self-sustainable. It will also foster the innovative ecosystem in India.
• GIP innovations will focus on Sustainable Development Goals (SDG) related sectors thereby assisting recipient countries achieve their SDGs.
• Through seed funding, grants, investments and technical assistance, the Partnership will support Indian entrepreneurs and innovators to test, scale up and take their innovative development solutions to select developing countries.
• GIP will also develop an open and inclusive e-market place (E-BAAZAR) for cross border innovation transfer and will focus on results based impact assessment thereby promoting transparency and accountability.

Hence only statement 2 is correct.

The Prime Minister, Shri Narendra Modi has congratulated Ms Mamata Banerjee on taking oath as West Bengal’s Chief Minister.

• Mamata Banerjee (born 1955) is serving as the 8th and current Chief Minister of West Bengal since 2011, the first woman to hold the office.
• She founded the All India Trinamool Congress (AITC or TMC) party in 1998 after separating from the Indian National Congress, and became its first chairperson.
• Banerjee previously served twice as Minister of Railways, the first woman to do so.
• She is also the first female Minister of Coal, and Minister of Human Resource Development, Youth Affairs and Sports, Women and Child Development in the cabinet of the Indian government.

Hence, option (d) is the correct answer.

The Supreme Court ordered the Central government to decide on the mercy petition of Balwant Singh Rajoana, sentenced to death for the assassination of Punjab Chief Minister Beant Singh, preferably within two months.

• As per the Constitutional framework in India, mercy petition to the President is the last constitutional resort a convict can take when he is sentenced by the court of law.
• A convict can present a mercy petition to the President of India under Article 72 of the Constitution of India.
• Similarly, the power to grant pardon is conferred upon the Governors of States under Article 161 of the Constitution of India.
• Previously, the governor cannot pardon the death sentence, which only the Indian President can do. But recently on 3rd August 2021, the Supreme Court held that the Governor of a State can pardon prisoners, including death row ones, even before they have served a minimum of 14 years of a prison sentence.
• The recent judgement regarding the Governor’s power to pardon overrides a provision in the Code of Criminal Procedure (Section 433A) which mandates that a prisoner’s sentence can be remitted only after 14 years of jail.

Hence only statement 1 is correct.

On May 1, 2022 Delhi University marked the beginning of its centennial celebrations.

• The idea for the university began taking shape in 1911 when it was decided to shift the capital of India to Delhi from Calcutta. The onset of World War I, differences over the nature of the would-be university, and lack of funds kept the idea from coming to fruition for another 11 years.
• On January 16, 1922, the Delhi University Bill was introduced in the Imperial Legislative Assembly with the objective of establishing a unitary teaching and residential university in the capital of British India.
• At that time, Delhi had three arts colleges — St Stephen’s College, which was founded in 1882 by the Cambridge Mission; Hindu College, which was founded in 1899; and Ramjas College which was founded in 1917 — and Lady Hardinge Medical College.
• These three colleges were to become the first constituent colleges of the university.
• The Bill was passed by the Assembly on February 22, and by the Council of States on February 28. The Viceroy gave his assent on April 6, and the DU Act came into force on May 1, 1922, with Viceroy Lord Reading as the first Chancellor and Hari Singh Gour as the first Vice-Chancellor.
• DU began with just two faculties — arts and science — and eight departments — English, history, economics, Sanskrit, Arabic, Persian, physics, and chemistry.

Hence only statement 2 is correct.

Agriculture Minister Narendra Singh Tomar has said that the government is providing a 50 percent subsidy to SC-ST, small and marginal, women and farmers of north-eastern states to buy drones.

• Mr Tomar said this while addressing the conference on Promoting Kisan Drones organized as part of 'Azadi Ka Amrit Mahotsav' in New Delhi. The government is promoting the use of Kisan Drone for crop assessment, digitization of land records, and spraying of pesticides and nutrients.
• He said, for other farmers, financial assistance will be given up to 40 percent or a maximum of four lakh rupees to buy drones.
• Financial assistance @ 100 % cost of drone is extended under Sub-Mission on Agricultural Mechanization (SMAM) to the Farm Machinery Training & Testing Institutes, Institutions of Indian Council of Agricultural Research, Krishi Vigyan Kendra (KVK) and State Agricultural Universities (SAUs) for its demonstration on the farmer’s fields.
• Farmers Producers Organizations (FPOs) are provided grants @ 75% for purchase of drones for its demonstration on the farmers’ fields.

Hence both statements are correct.