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

The derivatives are short-term financial contracts that are bought and sold in the market.

• Profits are made in the derivatives trade by predicting the price movements of the asset that underlies the contract.
• The derivatives trade can be in futures and options.
• In a futures contract, a supplier pledges to sell a certain quantity at a fixed price at a future date.
• An option is a derivative contract which gives the buyer (the owner or holder of the option) the right, but not the obligation, to buy or sell an underlying asset.
• Farmers can put fixed amounts of their products, which fit the quality standards of the exchange, to be sold at a fixed price — almost like price insurance.
• These contracts can be exited by either the producer or the trader by paying a margin price to the exchange.
• Agricultural commodities like cotton, paddy, soya bean, soya oil, mustard seed, etc., are traded on the National Commodities and Derivatives Exchange (NCDEX) and the Multi Commodity Exchange (MCX).

Hence both statements are correct.

The Securities Appellate Tribunal recently asked National Stock Exchange (NSE) to pay ₹100 crore towards SEBI’s (Securities and Exchange Board of India) investor protection fund for lapses in a case registered in May 2018 concerning an alleged co-location trading.

The Securities Appellate Tribunal

• It is a statutory body established under the provisions of Section 15K of the Securities and Exchange Board of India Act, 1992.
• It hears and disposes of appeals against orders passed by
  • The Securities and Exchange Board of India
  • Insurance Regulatory Development Authority of India
  • The Pension Fund Regulatory and Development Authority (PFRDA)

Hence both statements are correct.

According to a recent report by the World Health Organization (WHO), five billion people globally are exposed to harmful trans fat, which is increasing their heart disease and death risk.

• Trans fat, or trans-fatty acids, are unsaturated fatty acids that come from either natural or industrial sources.
• Naturally-occurring trans fat comes from ruminants (cows and sheep).
• Industrially-produced trans fat is formed in an industrial process that adds hydrogen to vegetable oil converting the liquid into a solid, resulting in “partially hydrogenated” oil (PHO).
• Partially hydrogenated oils (PHO) are solid at room temperature and prolong the shelf life of products. They are primarily used for deep frying and as an ingredient in baked goods.

What are the Initiatives taken to reduce trans fat intake?

• National Level: Foods Standards and Safety Authority of India (FSSAI)launched a “Trans Fat-Free” logo for voluntary labelling to promote TFA-free products.
• Global Level: World Health Organisation launched a REPLACE campaign in 2018 for the global-level elimination of trans-fats in industrially produced edible oils by 2023.

Hence only statement 1 is correct.

Recently, The planning meeting of the G20-Chief Science Advisers Roundtable (G20-CSAR) was held online mode, to discuss the agenda topics and planning for the proposed high-level roundtables.

• It is a government-to-government level initiative conceptualised through India’s G20-Presidency.
• It will be an effective platform to discuss and achieve solutions to some of the long pending as well as anticipated issues related to scientific research, technology development and deployment.
• Under this initiative, the Chief Science Advisers and their equivalents of G20 member countries, as well as the invited countries will discuss and develop collaborative frameworks for all involved countries.
• This initiative will also help in establishing an effective and coherent global science advice mechanism.
• The two high-level G20-CSAR meetings will be organised – the 1st G20-CSAR during 26-28 March 2023 at Hyderabad and the 2nd G20-CSAR during 27-29 Aug 2023 at Bengaluru. 

Hence both statements are correct.

An agreement was signed recently between DRDO’s Naval Materials Research Laboratory and Naval Group France to extend cooperation to enter into the detailed design phase for the integration of the indigenous Air Independent Propulsion (AIP) system in the Kalvari class submarines.

• Submarines are of two types: Conventional and Nuclear.
• Conventional submarines use a diesel-electric engine and must surface daily for oxygen for fuel combustion. 
• If these are fitted with an Air Independent Propulsion (AIP) system, the submarines need to take in oxygen only once a week.
• Air Independent Propulsion (AIP) system is a mechanism that allows the batteries to be charged even while the boat is submerged. 
• Even with this system, the submarine needs to surface every three weeks or so. 
• It has a force multiplier effect on the lethality of a diesel-electric submarine as it enhances the submerged endurance of the boat severalfold. 
•  It was indigenously developed by the Naval Materials Research Laboratory of the Defence Research and Development Organisation.

Hence only statement 1 is correct.

Thousands of Indian IT professionals who have lost their jobs due to the recent layoffs in the United States(US) are now struggling to find new employment within the stipulated period under their work visas.

About H1B Visa:

• It is a multiple entry non-immigrant visa which allows foreign workers employed by US companies to work in the United States.
• The workers under H1B visas should be engaged in specialised occupations such as science, medicine, engineering and mathematics.
• H1B applicants must have at least a US bachelor's degree or equivalent.
• Generally this visa is granted for a period of three years and can be extended for an additional three years for special circumstances.
• H-1B visa requires the employer to apply on the person’s behalf.
• Holders of H1B visas can sell or buy property and invest in the stock market in the United States.

Hence only statement 1 is correct.

The Air Quality Index (AQI) in the national capital was recorded 381 recently, as per the System of Air Quality and Weather Forecasting and Research (SAFAR) and the air quality remained in the 'very poor category'.

About SAFAR system:

• It stands for System of Air Quality Forecasting and Research.
• SAFAR is an air quality monitoring system.
• It was introduced by the Ministry of Earth Sciences (MoES) to provide location specific information on air quality in near real time and its forecast upto 3 days in India.
• It is developed by Indian Institute of Tropical Meteorology (IITM), Pune, along with India Meteorological Department (IMD) and National Centre for Medium Range Weather Forecasting (NCMRWF).
• Objective: To increase awareness among the general public regarding the air quality changes in their city well in advance so that appropriate mitigation measures and systematic action can be taken up for betterment of air quality and related health issues.
• The World Meteorological Organization has recognised SAFAR as a prototype activity on the basis of the high quality control and standards maintained in its implementation.

Hence only statement 2 is correct.

Chestnut-winged cuckoo was recently being sighted in newer spots around the Chennai city while it makes its way down the Coromandel Coast towards its wintering habitats further south and in Sri Lanka

About Chestnut-winged cuckoo:

• Scientific Name: Clamator coromandus
• The chestnut-winged cuckoo is a small bird, measuring 35 to 45 cm in length and weighing 60 to 90 grams.
• Distribution: India, Nepal, Bhutan, Bangladesh, Myanmar, southeast China, Laos, Thailand, Vietnam, Sri Lanka, , Malaysia, Indonesia and Philippines.
• Habitat : Includes tropical and temperate deciduous/evergreen forests.
• They are brood parasites, laying their eggs in the nests of other birds.
• They are mostly migratory and breed during summer in north India, Nepal, Bhutan, Bangladesh, Myanmar, southeast China, Laos, Thailand and Vietnam.
• They winter in south India, Sri Lanka, Andaman Islands (India), Malaysia, Indonesia and Philippines.
• IUCN Status: "Least Concern"

Hence both statements are not correct.

The Prime Minister recently named the 21 largest unnamed islands of the Andaman & Nicobar Islands after 21 Param Vir Chakra awardees.

About Param Vir Chakra:

• It is India's highest military decoration awarded for the highest degree of valour or self-sacrifice in the presence of the enemy.
• The Param Vir Chakra was introduced on January 26, 1950, on the first Republic Day with retrospective effect from 15 August 1947.
• Literally, Param Vir Chakra means 'Wheel (or Cross) of the Ultimate Brave'.
• It can be awarded posthumously.
• It is similar to the British Victoria Cross, US Medal of Honor, or French Legion of Honor or Russian Cross of St. George.
• First winner: Major Somanth Sharma, from the Kumaon regiment.
• Till now, only 21 people had been given the Param Vir Chakra award of which 14 are posthumous.

Hence only statement 2 is correct.

The Election Commission of India is celebrating the 13th National Voters’ Day on 25th January 2023.

• National Voters’ Day has been celebrated on January 25 every year since 2011, all across the country to mark the foundation day of the Election Commission of India, i.e. 25th January 1950.
• The main purpose of the celebration is to create electoral awareness amongst citizens and encourage them to participate in the electoral process.
• Dedicated to the voters of the country, National Voters' Day is also used to facilitate the enrolment of voters, especially the newly eligible young voters.
• The theme for 2023: Nothing Like Voting, I Vote for Sure.

Hence both statements are correct.