Test: Monthly Current Affairs January- 2 - UPSC MCQ

The food corporation of India (FCI), the nodal central agency of the Government of India, along with other state agencies undertake procurement of wheat and paddy under the price support scheme. Coarse grains are procured by the state government agencies for the central pool, as per the directions issued by the Government of India, from time to time. It is a statutory body under the Ministry of Consumer Affairs, Food and Public Distribution, Government of India. Its top official is designated as Chairman. It was set up in 1965 with its Initial headquarters at Chennai.

In News: The RBI has introduced the Legal Entity Identifier (LEI) for Large Value Transactions in Centralised Payment Systems.
Option B is correct: The LEI is a 20-digit number used to uniquely identify parties to financial transactions worldwide. The objective is to improve the quality and accuracy of financial data systems for better risk management post the Global Financial Crisis. The RBI has now decided to introduce the LEI system for all payment transactions of value Rs.50 crore and above undertaken by entities (non-individuals) using RBIrun Centralised Payment Systems viz. Real-Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT). In India, LEI can be obtained from Legal Entity Identifier India Ltd. (LEIL), which is also recognised as an issuer of LEI by the Reserve Bank under the Payment and Settlement Systems Act, 2007.

In News: The High Court ordered notice to the Ministry of Law and Justice in response to a PIL filed challenging the constitutional validity of Section 2(c)(i) of the Contempt of Courts Act, 1971.
Option C is correct: Contempt of court is clearly mentioned in constitution Article 129 and Article 215 of the constitution of India empowers the Supreme Court and high court respectively to punish people for their respective contempt. A reasonable restriction on freedom of speech and expression under 19 includes contempt of court along with elements like public order and defamation. The contempts of court act 1971 defines contempt of court in two kinds Civil contempt: that is willful disobedience of a court order and judgment or willful breach of an undertaking given to the court. Criminal, that is written or spoken words or any act that scandalizes the court or lowers its authority or prejudices or interferes with the due course of a judicial proceeding or interferes/obstructs the administration of justice.

In News: The forest fire in Dzukou valley on Nagaland-Manipur border has been doused and no fresh fire or smoke was visible 
Option A is correct: The Dzüko Valley is a valley located at the borders of the states of Nagaland and Manipur in Northeast India. This valley is well known for its natural environment, seasonal flowers and flora & fauna. It is popularly known as the ‘valley of flower’. There are no human habitations within the forests, but they are home to rare and ‘vulnerable’. The valley is home to the Angami people.

In News: Lumpy skin disease in cattle worries livestock farmers in India.
Option A is correct: The Lumpy skin disease (LSD) is caused by infection of cattle or water buffalo with the poxvirus Lumpy skin disease virus (LSDV). The virus is one of three closely related species within the genus capripoxvirus, the other two species being Sheeppox virus and Goatpox virus. It appears as nodules of two to five-centimetre diameter all over the body, particularly around the head, neck, limbs, udder and genitals. The lumps gradually open up like large and deep wounds. The disease spreads through blood transmission by mosquitoes, flies and lice. 

In News: Ministry of Statistics and Programme Implementation(MoSPI) is organising the Natural Capital Accounting and Valuation of the Ecosystem Services (NCAVES) India Forum-2021.
Option A is correct: The project has been launched by the United Nations Statistics Division, the United Nations Environment Programme, the Secretariat of the Convention on Biological Diversity and the European Union. It will assist the five participating partner countries, namely Brazil, China, India, Mexico and South Africa, to advance the knowledge agenda on environmental-economic accounting, in particular ecosystem accounting. The project is funded by the European Union(EU) and will have a duration until the end of 2021. NCAVES India Forum is being organized by MoSPI in collaboration with the United Nations Statistics Division (UNSD), European Union and UN Environment.

In News: India has recently released the Draft Arctic Policy which ensures that the Arctic resources are explored and used sustain-ably.
Statement 1 is correct: The Arctic Council was established by the eight Arctic States — the countries whose territories fall in the Arctic region — through the Ottawa Declaration of 1996. The eight Arctic States — Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden and the United States — are the only members of the Arctic Council.
Statement 2 is not correct: The Arctic Council is not a treaty-based international legal entity like the UN bodies or trade, military or regional groupings like WTO, NATO or ASEAN. It is only an intergovernmental ‘forum’ to promote cooperation in regulating the activities in the Arctic region. It is a much more informal grouping.
Statement 3 is correct: India was given the Observer status in 2013, along with five other countries — China, Italy, Japan, South Korea, and Singapore. Prior to this, only France, Germany, the Netherlands, Poland, Spain and the United Kingdom were granted Observer status. 

Statement 1 is correct: BIMSTEC is a regional group of seven members named Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal, established in 1997 through Bangkok Declaration. Bangladesh, India, Sri Lanka and Thailand are the founding members. The main objectives of the group are to strengthen and improve the economic, international trade, and foreign direct investment cooperation.
Statement 2 is not correct: The Eastern Economic Forum(EEF) was established by a decree of the President of the Russian Federation, Vladimir Putin, in 2015, with the aim of supporting the economic development of Russia’s Far East and to expand international cooperation in the Asia-Pacific region.
Statement 3 is not correct: The Mekong-Ganga Cooperation (MGC) is an initiative by six countries – India and five ASEAN countries, namely, Cambodia, Laos, Myanmar, Thailand and Vietnam (Mekong passes through these five countries along with China). It is not an initiative of all ASEAN countries. Hence, statement 3 is not correct.

Statement 1 is not correct: The 'Paradox Of Thrift' theory states that individuals try to save more during an economic recession, which essentially leads to a fall in aggregate demand and hence in economic growth. Such a situation is harmful for everybody as investments give lower returns than normal.
Statement 2 is correct: It was popularized by the renowned economist John Maynard Keynes.

In News: Recently, Russia decided to withdraw from the Open Skies Treaty following the US decision to exit the pact in the year 2020.
Option C is correct: The Open Skies Treaty permits each state-party to conduct short-notice, unarmed, reconnaissance flights over the others' entire territories to collect data on military forces and activities. It was signed on March 24, 1992. Kyrgyzstan has signed, but not ratified the treaty. India is not a member of this treaty. Russia has argued that the US withdrawal will erode global security by making it more difficult for governments to interpret the intentions of other nations, particularly amid Russia-West tensions after the Russian annexation of Ukraine's Crimea in 2014.

The Union Minister for Science & Technology dedicated an Innovation Portal, developed by National Innovation Foundation (NIF) – India to the nation. The Innovation Portal in coming days could be one of the significant contributions amongst all of our digital progress so far and would act as a bridge between people who are looking for innovative solutions and those who had been at the helm of their evolution. National Innovation Foundation (NIF) is an autonomous body of the Department of Science and Technology (DST), Government of India. It was set up in February 2000 at Ahmedabad, Gujarat to provide institutional support for scouting, spawning, sustaining and scaling up the grassroots innovations across the country. It is India’s national initiative to strengthen grassroots technological innovations and outstanding traditional knowledge. Its mission is to help India become a creative and knowledge-based society by expanding policy and institutional space for grassroots technological innovators. 

In News: Recently, the archaeologists have discovered the world’s oldest known cave art in the limestone cave of Leang Tedongnge cave in a remote valley on the island of Sulawesi, Indonesia.
Option C is correct: The cave is in a valley that is enclosed by steep limestone cliffs and is only accessible by a narrow cave passage in the dry season, as the valley floor is completely flooded in the wet season. Sulawesi warty pig painting was first discovered in 2017 as part of surveys the team was carrying out with the Indonesian authorities. It is a life-sized picture of a wild pig that was painted at least 45,500 years ago and consists of a figurative depiction of a warty pig, a wild boar that is endemic to this Indonesian island. It shows a pig with a short crest of upright hairs and a pair of horn-like facial warts in front of the eyes, a characteristic feature of adult male Sulawesi warty pigs.

In News: Maharashtra archaeology department takes up restoration of Dharashiv cave rains caused damage to the sixth-century structure.
Option B is correct: The caves are located around eight km from Osmanabad city in Balaghat mountains and have artistic carvings which attract tourists to the area. They were carved in the sixth century and are located near Ter, which was a bustling trade centre during the Satavahana period (230 BC to 200 AD). The caves were also mentioned in a book by archaeologist James Burgess. It is believed that these caves were originally Buddhist, but later some caves were converted to Jain caves.

In News: The third phase of Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 3.0 began on January 15 in 600 districts of India.
Option C is correct: PMVYK 3.0 is launched by the Minister of Skills Development and Entrepreneurship. Pradhan Mantri Kaushal Vikas Yojana (PMKVY), launched in 2015, is the flagship scheme of the Ministry of Skill Development & Entrepreneurship (MSDE) that is implemented by National Skill Development Corporation. The government had revamped the scheme in 2016 to impart skills to one crore persons by 2020 at an allocation of Rs 12,000 crore. On the basis of the learning gained from PMKVY 1.0 and PMKVY 2.0, the Ministry has improved the newer version of the scheme to match the current policy doctrine and energize the skilling ecosystem affected due to the COVID-19 pandemic.

In News: Mount Semeru has erupted recently in East Java, Indonesia.
Option D is correct: Semeru is also known as "The Great Mountain" - is the highest volcano in Java and one of the most active volcano. Indonesia sits on the Pacific "Ring of Fire" where tectonic plates collide, causing frequent volcanic activity as well as earthquakes.

In News: Recently, the Union Minister for Road Transport & Highways & MSME launched an innovative new paint named Khadi Prakritik Paint.
Option B is correct: Khadi Prakritik paint is India’s first cow dung paint developed by Khadi and Village Industries Commission. It is an eco-friendly, non-toxic paint. It is a first-of-its-kind product, with antifungal, anti-bacterial properties. It is based on cow dung as its main ingredient, the paint is cost-effective and odourless, and has been certified by the Bureau of Indian Standards. It will boost local manufacturing and will create sustainable local employment through technology transfer. It will strengthen the rural economy and protect cows (cows will become a source of income even if they are non-milching cows.) It will increase consumption of cow dung as a raw material for eco-friendly products and will generate additional revenue to farmers and gaushalas.

In News: RBI makes Legal Entity Identifier mandatory for transactions over Rs 50 lakhs in CPS from April 1, 2021.
Option C is correct: The Reserve Bank of India recently introduced the Legal Entity Identifier (LEI) for large value transactions over Rs 50 lakhs in Centralised Payment Systems, which will be effective from April 1, 2021. The 20-digit LEI number is used to uniquely identify parties to financial transactions worldwide while improving the quality and accuracy of financial data systems for better risk management post the global financial crisis. In India, LEI can be obtained from Legal Entity Identifier India Ltd., recognised as an issuer of LEI by RBI under the Payment and Settlement Systems Act, 2007. 

The Reverse Repo Rate is an important Monetary Policy tool used by the Reserve Bank of India (RBI) to control liquidity and inflation in the economy. The interest rate at which the RBI borrows money from banks for the short term is defined as Reverse Repo Rate. The Reverse Repo Rate helps the RBI get money from the banks in times of need. In return, the RBI offers attractive interest rates to them. The banks also voluntarily park excess funds with the central bank as it provides them with an opportunity to earn higher interest on surplus money lying idle.

Statement 1 is correct: Kolleru Lake is one of the largest freshwater lakes in India located in the Andhra Pradesh.
Statement 2 is correct: It is located between Krishna and Godavari deltas.
Statement 3 is correct: The lake was declared as a wildlife sanctuary in November 1999 under India's Wildlife Protection Act of 1972, and designated a wetland of international importance in November 2002 under the international Ramsar Convention. 

In News: A stranded wild elephant was rescued in Nugu reservoir, close to Bandipur Tiger Reserve in Karnataka.
Option D is correct: Bandipur National Park established in 1974 as a tiger reserve under Project Tiger, is a national park located in the Indian state of Karnataka, which is the state with the second highest tiger population in India. It was once a private hunting reserve for the Maharaja of the Kingdom of Mysore but has now been upgraded to Bandipur Tiger Reserve. Bandipur is known for its wildlife and has many types of biomes, but dry deciduous forest is dominant.