Daily Current Affairs MCQ- April 12, 2023 - UPSC MCQ

Recently one archaeologist from USA criticized Adopt a Heritage Scheme of India.

About Adopt a Heritage Scheme:

• The “Adopt a Heritage: Apni Dharohar, Apni Pehchaan” scheme was launched in 2017 on World Tourism Day
• It is a collaborative effort by the Ministry of Tourism, Ministry of Culture, Archaeological Survey of India.
• The project aims to encourage companies from public sector, private sector, corporate citizens, NGOs, individuals and other stakeholders to become ‘Monument Mitras’.
• They will take up the responsibility of developing and upgrading the basic and advanced tourist amenities at these sites as per their interest and viability in terms of a sustainable investment model under CSR.
• The Monument Mitras are selected by the ‘oversight and vision committee,’ co-chaired by the Tourism Secretary and the Culture Secretary.
• The oversight committee also has the power to terminate a memorandum of understanding in case of non-compliance or non-performance.

Hence only statement 2 is correct.

ISRO recently conducted a flight test of cryogenic engine for the Chandrayan-3 mission.

About CE-20 cryogenic engine:

• It has been designed and developed by the Liquid Propulsion Systems Centre (LPSC) , a subsidiary of ISRO.
• It will power the Cryogenic Upper Stage of the LVM3 launch vehicle for the Chandrayaan-3 mission.
• It is the first Indian cryogenic engine to feature a gas-generator cycle.
• It is one of the most powerful upper-stage cryogenic engines in the world.
• This engine develops a nominal thrust of 186.36 kN in vacuum.

What is a Cryogenic stage?

• The cryogenic stage is technically a very complex system due to its use of propellants at extremely low temperatures and the associated thermal and structural problems.
• It uses liquid fuels that are cooled to very low temperatures.
• A Cryogenic rocket stage is more efficient and provides more thrust for every kilogram of propellant it burns compared to solid and earth-storable liquid propellant rocket stages.

Chandrayaan-3 Mission:

• Chandrayaan-3 is India’s third moon mission and is a follow-on mission to Chandrayaan-2 to demonstrate end-to-end capability in safe landing and roving on the lunar surface.
• Chandrayaan-3 mission has three major modules — the Propulsion module, Lander module, and Rover.
• The mission is slated to be launched later this year by Launch Vehicle Mark 3 (LMV3) from the Satish Dhawan Space Centre at Sriharikota.

Hence both statements are correct.

The First Anti-Corruption Working Group Meeting (ACWG) of G-20 is set to take place in Gurugram, Haryana, from 1st to 3rd March 2023.

About the first G- 20 ACWG Meeting:

• It is under India’s chairpersonship, and Italy is the co-chair country.
• Over 90 delegates from 20 member countries, 10 Invitee countries, and 9 International Organizations will engage in detailed deliberations on strengthening International Anti-corruption mechanisms.
• Focus areas:
• Enhancing the effectiveness of asset-tracing and identification mechanisms;
• Developing mechanisms for rapid restrain of illicit assets;
• Promoting effective use of open-source information and asset recovery networks;
• The theme of India's G20 Presidency is - “VasudhaivaKutumbakam” or “One Earth. One Family, One Future”.

Background of ACWG:

• The G20 Anti-Corruption Working Group (ACWG) was set up in June 2010 at the Toronto Summit.
• G20 ACWG has been at the forefront of guiding the anti-corruption initiatives of G20 countries
• Primary Goal: To prepare "comprehensive recommendations for consideration by leaders on how the G20 could continue to make practical and valuable contributions to international efforts to combat corruption."
• ACWG will explore the proactive sharing of information, improving the existing Mutual Legal Assistance framework and simplifying mechanisms for sharing of information between domestic law enforcement authorities in criminal matters. 
• The ACWG actively works with the World Bank Group, OECD, UNODC, IMF, and FATF, as well as with Business 20 (B20) and the Civil Society 20 (C20).

Hence both statements are correct.

The Ministry of Electronics and Information Technology recently launched the Grievance Appellate Committee (GAC) portal under the IT Rules, 2021.

About Grievance Appellate Committee (GAC):

• The GAC was one of the provisions in the recently amended Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021.
• GAC will look into user complaints regarding unsatisfactory grievance redressal by social media intermediaries.
• Three such bodies have been constituted of professionals from various fields.
• Each GAC will comprise three government-appointed, full-time members, including a chairperson.
• Any user aggrieved by a decision of a platform's Grievance Officer can appeal to the GAC within 30 days of the receipt of communication from the Grievance Officer.
• The Committee has to dispose of the appeals within 15 days of receiving them.
• GAC’s decisions will be binding on the intermediary.

GAC portal:

• The GAC will be a virtual Digital platform that will operate only online and digitally — wherein the entire appeal process, from the filing of the appeal to the decision thereof, shall be conducted digitally through the new portal https://gac.gov.in.

Hence only statement 1 is correct.

RBI recently announced its plan to launch a pilot project to assess the functioning of QR-code based coin vending machines (QCVM).

About QR-Code based Coin Vending Machine (QCVM):

• QCVM is a cashless coin dispensation machine that would dispense coins with the requisite amount being debited from the customer’s account using United Payments Interface (UPI).
• It will eliminate the need for physical tendering of banknotes and their authentication.
• It will be launched with an aim to promote the distribution of coins and enhance the accessibility to coins.
• Customers will also have the option to withdraw coins in required quantity and denominations in QCVMs.
• The pilot project is planned to be initially rolled out at 19 locations in 12 cities across the country.

These vending machines are intended to be installed at public places such as railway stations, shopping malls, and marketplaces to enhance ease and accessibility.

Hence both statements are correct.

Supreme Court recently said that legislators facing disqualification under the anti-defection law cannot participate in the floor test.

About Anti-defection law :

• It was introduced in India in 1985 through the 52nd amendment to the Constitution of India.
• This amendment added the Tenth Schedule to the Constitution, which lists out the provisions related to defection.
• It lays down the process by which legislators may be disqualified on grounds of defection by the Presiding Officer of a legislature based on a petition by any other member of the House.
• This schedule applies to both Central and State legislature.
• Grounds of disqualification: A member of any state or central legislature can be disqualified from being a member if,
• He voluntarily gives up his membership of a political party.
• He disobeys the directions of his political party or votes or does not vote in the legislature contrary to the directions of his political party.
• After the election, he joins another political party.
• If a nominated member joins any political party after 6 months from the day, he becomes a member of the legislature.
• Exemptions:
• Disqualification of a member is not applied in case of a merger, provided that this merger with or into another party shall be done with the consent of at least two-thirds of its legislators. In such a scenario, neither the members who decide to merge nor the ones who stay with the original party will face disqualification.
• It exempts the speaker, chairman, and deputy chairman of various legislative houses from disqualification on the ground of defection.
• Deciding authority:
• The decision to disqualify a member under the anti-defection law is taken by the presiding officer of the house. ( Speaker or Chairman accordingly).
• The law does not specify a time period for the Presiding Officer to decide on a disqualification plea.
• The decisions of the Speaker or Chairman in anti-defection cases are subject to judicial review.
• However, there can not be any judicial intervention until the Presiding Officer gives his order.

Hence both statements are not correct.

A group of 16 countries led by Vanuatu - an island country in the South Pacific Ocean, recently launched an effort to fight the problem of climate change at the United Nations (UN), and the group seeks an advisory opinion from the International Court of Justice (ICJ) on the issue of climate change.

About the International Court of Justice (ICJ):

• The ICJ, also known as the World Court, is the principal judicial organ of the UN.
• It was established in June 1945 by the Charter of the United Nations and began work in April 1946.
• The seat of the Court is at the Peace Palace in The Hague (Netherlands).
• Of the six principal organs of the United Nations, it is the only one not located in New York, United States.
• The hearings of the ICJ are always public.
• French and English are the official languages of the Court.
• Powers and Functions:
• The Court may entertain two types of cases: legal disputes between States submitted to it by them (contentious cases) and requests for advisory opinions on legal questions referred to it by United Nations organs and specialized agencies (advisory proceedings).
• Only States (which are members of the United Nations and other States which have become parties to the Statute of the Court or which have accepted its jurisdiction under certain conditions) may be parties to contentious cases.
• Advisory proceedings before the Court are only open to five organs of the United Nations and 16 specialized agencies of the United Nations family or affiliated organizations.
• The court's judgments in contentious cases are final and binding on the parties to a case and without appeal.
• Unlike the Court’s judgments, advisory opinions are not binding.
• Composition:
• The Court is composed of 15 judges, all from different countries, who are elected for terms of office of nine years by the United Nations General Assembly (UNGA) and the Security Council (UNSC).
• To be elected, a candidate must receive an absolute majority of the votes in both UNGA and UNSC. 
• One-third of the composition of the Court is renewed every three years. 
• Judges are eligible for re-election.  
• Once elected, a member of the Court is a delegate neither of the government of his own country nor of any other State.
• Members of the Court act as independent judges.

Hence only statement 1 is correct.

The Press Council of India (PCI) recently issued an advisory to the print media on ‘paid news’.

About the Press Council of India (PCI):

• The PCI was first set up in 1966 by the parliament on the recommendations of the First Press Commission under the chairmanship of Justice J.R Mudholkar.
• The present council functions under the Press Council Act 1978.
• It is a statutory, quasi-judicial body that acts as a watchdog of the press in India.
• Composition:
• It consists of a Chairman and 28 other members.
• The Chairman is nominated by a committee consisting of Chairman of Rajya Sabha, the Speaker of Lok Sabha, and one representative of the council member.
• The Chairman, by convention, has been a retired judge of the Supreme Court.
• The term of the Chairman and the members of the Council is 3 years.
• Primary Function: To check the media practice and to keep an eye on the freedom of the press.
• Powers:
• It adjudicates the complaints either against the Press for violation of journalistic ethics or by the Press for interference with its freedom.
• The council shall have the same powers throughout India as are vested in a Civil court while trying a suit under the Code of Civil Procedure, 1908.
• Every inquiry held by the council shall be deemed to be a judicial proceeding under sections 193 and 228 of the Indian Penal Code.
• The decision of the council is final and can not be challenged in any court of law.

Hence both statements are correct.

Credit rating agency India Ratings and Research recently said that banks would have adequate time and financial strength to absorb the impact of transition to expected credit loss regime.

Why in News?

• The Reserve Bank of India (RBI) recently proposed to move the banking system to an expected credit loss-based provisioning approach from an “incurred loss” approach.

What is a loan-loss provision?

• The RBI defines a loan loss provision as an expense that banks set aside for defaulted loans.
• Banks set aside a portion of the expected loan repayments from all loans in their portfolio to cover the losses either completely or partially. 
• In the event of a loss, instead of taking a loss in its cash flows, the bank can use its loan loss reserves to cover the loss.
• The level of loan loss provision is determined based on the level expected to protect the safety and soundness of the bank.

What is the Expected Credit Loss (ECL) regime?

• Under this practice, a bank is required to estimate expected credit losses based on forward-looking estimations rather than wait for credit losses to be actually incurred before making corresponding loss provisions.
• As per the proposed framework, banks will need to classify financial assets (primarily loans) as Stage 1, 2, or 3, depending on their credit risk profile, with Stage 2 and 3 loans having higher provisions based on the historical credit loss patterns observed by banks.
• This will be in contrast to the existing approach of incurred loss provisioning, whereby step-up provisions are made based on the time the account has remained in the Non-Performing Asser (NPA) category.
• Benefits of the ECL regime:
• It will result in excess provisions as compared to a shortfall in provisions, as seen in the incurred loss approach.
• It will further enhance the resilience of the banking system in line with globally accepted norms.

What is the problem with the incurred loss-based approach?

• It requires banks to provide for losses that have already occurred or been incurred.
• The delay in recognizing loan losses resulted in banks having to make higher levels of provisions which affected the bank's capital. This affected banks’ resilience and posed systemic risks.
• The delays in recognizing loan losses overstated the income generated by the banks, which, coupled with dividend payouts, impacted their capital base.

Hence both statements are not correct.

Scientists have recently found a previously undiscovered moai statue on Easter Island.

About Moai statues:

• They are massive megalithic stone-carved human-shaped statues found at Easter Island.
• They are famous for their carved heads and "Pukao," a hat-like covering made from a soft red stone.
• They were built in approximately 1400 - 1650 A.D. by the natives of this island known as Rapa Nui.
• There are around 1000 Moai statues which are made up of volcanic tuff, the tallest of them being 33 feet.
• On average, they weigh between 3 to 5 tons, but the heaviest ones can weigh up to 80.
• The tools used for carving the moai statues are called toki, and are simple handheld chisels. 
• What do moais represent?
• They were built to honor chieftains or other important people who had passed away.
• They were placed on rectangular stone platforms called ahu, which are tombs for the people that the statues represented.
• The moais were intentionally made with different characteristics since they were intended to keep the appearance of the person they represented.

Hence only statement 1 is correct.