Daily Current Affairs MCQs: 17th March 2025 - Bank Exams MCQ

The Customs Act, 1962 is a crucial law that regulates the import and export of goods in India, including gold. It provides the framework for customs procedures, duties, and enforcement against smuggling activities. Given India's position as the second-largest gold consumer in the world, effective regulation through this act is essential to curb illegal trade and ensure compliance with international trade laws. Interestingly, the surge in gold prices globally has led to an increase in smuggling activities, highlighting the challenges faced in maintaining lawful trade practices.

Indian men are allowed to bring in a maximum of 20 grams of gold duty-free when returning from abroad. This limit is set to regulate gold imports and ensure compliance with customs regulations. Additionally, the value of this gold must not exceed ₹50,000. Understanding these regulations helps travelers avoid penalties and ensures that they are compliant with customs laws. It's also interesting to note that these regulations are designed to manage the country's gold import levels effectively, balancing trade and economic interests.

Section 135 of the Customs Act, 1962, stipulates that individuals involved in smuggling goods, including gold, can face imprisonment of up to 7 years if the value of the smuggled goods exceeds ₹1 lakh. This provision underscores the seriousness with which the government treats illegal imports, aiming to deter smuggling activities and protect the economy. An interesting fact is that strict enforcement of such regulations is crucial for maintaining fair trade practices and preventing significant economic losses.

Switzerland is the largest source of gold imports for India, contributing 40% of the total gold imported. This significant percentage highlights Switzerland's role as a key player in the global gold market, known for its high-quality gold refining and trading practices. Understanding the dynamics of gold imports is essential for grasping the broader economic implications, as fluctuations in gold supply from major sources can affect market prices and trade balance.

The Budget 2024 introduced a reduction in the gold import duty from 15% to 6%. This strategic move was aimed at combating smuggling and stabilizing the gold trade in India. Lowering import duties can make legal imports more attractive, thereby reducing the incentive for smuggling. This change is significant as it reflects the government's efforts to regulate the gold market and support legitimate trade practices, contributing to economic stability.

The main aim of the government's incentive policy is to significantly boost domestic value addition in the electronic components manufacturing sector. By increasing the value addition from the current 15-20% to between 30-40%, the policy seeks to enhance the competitiveness of Indian manufacturers and reduce reliance on imports. This initiative is critical for establishing India as a stronger player in the global electronics market while fostering local employment and production capabilities. An interesting fact is that the sector is projected to grow from a valuation of $101 billion in 2023 to $300 billion by 2025-26, showcasing the potential impact of this policy on the economy.

The existing criteria for classifying Scheduled Tribes in India have been criticized for being obsolete and overly simplistic. Critics argue that these criteria do not adequately capture the rich diversity and historical contexts of various tribal communities. The move towards a more nuanced approach, such as the proposed "spectrum of tribalness," aims to better recognize the complexities inherent in the identities of these communities. This proposal suggests using a wider array of indicators, reflecting cultural, social, and governance aspects, rather than relying solely on rigid classifications. An interesting fact is that as of the 2011 Census, Scheduled Tribes make up about 8.6% of India's population, highlighting the importance of understanding their diverse identities.

The Supreme Court of India has emphasized the principle of linguistic secularism, which advocates for the respect and recognition of the linguistic diversity present in the country. This principle is crucial in ensuring that various language speakers can preserve their linguistic identities without being subjected to the imposition of a single language. Linguistic secularism promotes inclusivity and harmony in India's multilingual society, aligning with the constitutional provisions that protect the rights of linguistic minorities. An interesting fact is that linguistic secularism plays a significant role in shaping educational policies, ensuring that no single language is forced upon students, thereby fostering an environment of voluntary language adoption.

The Saksham Anganwadi and POSHAN 2.0 initiatives are specifically designed to address malnutrition and enhance early childhood care. By focusing on these areas, the programs aim to improve the nutritional status of children and mothers, which is crucial for the healthy development of future generations. Interestingly, these initiatives reflect a broader understanding that nutrition plays a vital role not only in health but also in education and economic productivity, illustrating the interconnected nature of social issues.

The primary aim of the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) is to provide reimbursement for hospitalization expenses. While it has improved financial protection for hospital-based treatments, it inadvertently diverts attention from essential outpatient services and community-based preventive care. This focus can lead to increased reliance on costly tertiary care, which may not be sustainable for low-income households. An interesting fact about AB-PMJAY is that it is one of the largest health insurance schemes in the world, aiming to cover over 500 million people in India, showcasing the scale of health care challenges in the country.