Daily Current Affairs MCQ- May 8, 2022 - UPSC MCQ

Freedom fighter and veteran of the erstwhile Indian National Army (INA) Lalti Ram passed away. He was 100.

• In 2019, Lalti Ram had presented a cap of the pre-Independence INA to Prime Minister Narendra Modi at an event to mark the 75th anniversary of the proclamation of the ‘Azad Hind Sarkar’ by freedom fighter Subhas Chandra Bose.
• The Provisional Government of Free India (Arzi Hakumat-e-Azad Hind) or, more simply, Azad Hind, was an Indian Provisional government established in Japanese occupied Singapore during World War II.
• It was created in October 1943 and supported by – as well as largely dependent on – the Empire of Japan.
• It was established by Indian nationalists in exile during the latter part of the Second World War in Singapore with monetary, military and political assistance from Imperial Japan.
• the government was inspired by the concepts of Subhas Chandra Bose who was also the leader of the government and Head of State.
• Its army, the Indian National Army (Azad Hind Fauj), went into action against the British Indian Army and the allied forces as part of the Imperial Japanese Army in the Imphal-Kohima sector.
• The INA had its first major engagement at the Battle of Imphal where, under the command of the Japanese Fifteenth Army, it breached the British defences in Kohima, reaching the salient of Moirang before suffering a catastrophic defeat.
• The death of Bose is seen as the end of the entire Azad Hind Movement.

Hence both statements are correct.

Central Board of Secondary Education (CBSE) has launched a new mobile application for psycho social wellness of students and parents.

• The new app namely CBSE Dost for Life has been designed for students of classes 9 to 12 and it can be used for counselling sessions from 10th of this month.
• Making a departure from the existing practice of counselling through toll free number across the country, board has designed this facility for the ease, convenience and utility of students and parents with in the safe home environment.
• Through this app, live counselling sessions will be conducted free of cost on Monday, Wednesday and Friday by the trained counsellors.
• The app will also provide students information on suggestive course guides after ten plus two, tips on mental health and well-being, a corona guide and rap songs.

Hence both statements are correct.

Markets regulator Securities and Exchange Board of India (SEBI) proposed to rationalise the definition of ‘promoter group’ and move to the concept of ‘person in control’ as well as lower the minimum lock-in periods for promoters and other shareholders after an IPO.

• SEBI has suggested rationalising the definition of ‘promoter group’ as the current definition focusses on encompassing holdings by a common group of individuals or persons and often results in including unrelated companies with common financial investors.
• The regulator has proposed to do away with the current definition of promoter group as the deletion would rationalise the disclosure burden and bring it in line with the post listing disclosure requirement.
• Citing the changing investor landscape, SEBI said there was a need to revisit the concept of ‘promoter’ to a concept of ‘person in control’ and a period of three years has been proposed for such a shift over in a smooth and progressive manner without causing disruption.
• With regard to lock-in periods, SEBI has proposed that if the objective of the issue involves offer for sale or financing other than for capital expenditure for a project, then the minimum promoters’ contribution of 20% should be locked-in for one year from the date of allotment in the Initial Public Offer (IPO). Currently, the lock-in period is three years.
• SEBI has sought comments from the public on the proposals, the window being open till June 10.

Hence both statements are correct.

Justice Prafulla Chandra Pant, a former Supreme Court judge, has been appointed the Acting Chairperson of the National Human Rights Commission (NHRC) with effect from April 25, the commission said on Monday.

• NHRC was established in 1993. It is in conformity with the Paris Principles, adopted at the first international workshop on national institutions for the protection of human rights held in Paris in 1991.
• Status: It is a statutory organization established under the Protection of Human Rights Act (PHRA), 1993.
• It is headquartered in New Delhi.
• Functions:
  • The purpose of the NHRC is, suo moto or through the petition of a person, to investigate the violation of human rights or the failures of the state or other to prevent a human rights violation.
  • The commissions may also take on research about human rights, create awareness campaigns through various mediums, and encourage the work of NGOs.
• Composition:
  • The Commission consists of a Chairperson, four full-time Members and four deemed Members.
  • The statute lays down qualifications for the appointment of the Chairperson and Members of the Commission. A Chairperson, should be retired Chief Justice of India.
• Justice Pant was appointed a member of the NHRC on April 22, 2019.
• The post of Chairperson has been vacant since the former Chief Justice of India H.L. Dattu completed his tenure on December 2.

Hence, option (b) is the correct answer.

Prominent German philosopher Juergen Habermas had turned down the Sheikh Zayed Book Award over its ties “with the existing political system” in the UAE, a hereditarily ruled country long criticised for its suppression of dissent.

• The Sheikh Zayed Book Award is a literary award begun in the UAE.
• The award is named after Sheikh Zayed bin Sultan Al Nahyan, the first president of the UAE when the federation of seven sheikhdoms became a country in 1971.
• While describing itself as an “independent” initiative, the prize is administered by Abu Dhabi culture and tourism authorities.
• The "Cultural Person of the Year" is the premier category, it includes an award of one million Dirhams (around $300,000) while the other categories receive around $200,000 each.
• Mr. Habermas was named the Cultural Personality of the Year, a distinction that carries a cash prize of 1 million dirhams.
• Mr. Habermas’ influential writings on human rights, morality and democracy, among other topics, have stirred debate in Germany and beyond.

Hence only statement 2 is correct.

With an aim to boost listing of start-ups, markets regulator SEBI has notified a slew of relaxations to norms, including reducing holding period for pre-issue capital and allowing discretionary allotment to eligible investors.

• The changes have been made to the framework for listing on the Innovators Growth Platform (IGP).
• This comes after the board of SEBI approved a proposal in March in this regard.
• Other relaxations include easing delisting requirements and relaxation in guidelines for migrating to the main board.
• This is aimed at making the platform more accessible to companies in view of the evolving start-up ecosystem.
• The regulator has reduced the period of holding of 25 per cent of pre-issue capital of the issuer company by eligible investors to one year from the current requirement of two years.
• The term 'Accredited Investor' for the purpose of IGP is renamed as 'Innovators Growth Platform Investors'. Such investor's pre-issue shareholding would be considered for entire 25 per cent of the pre-issue capital of the issuer company against the present limit of only 10 per cent.
• In 2015, Sebi introduced the Institutional Trading Platform (ITP) with a view to facilitate listing of new age start-ups. However, the ITP framework failed to evince interest. Last year, Sebi renamed it as the Innovators Growth Platform.

Hence both statements are correct.

Puducherry has become the ‘Har Ghar Jal’ Union Territory by ensuring that every rural home gets a household tap connection.

• Puducherry has now become the fourth state or UT after Goa, Telangana and Andaman and Nicobar Islands to provide assured tap water supply to every rural home under Central Government’s flagship programme, Jal Jeevan Mission, JJM.
• JJM is a flagship programme of the Union Government, which aims to provide tap water connection to every rural household of the country by 2024.
• Under Jal Jeevan Mission, in 2021-22, in addition to Rs 50,011 Crore budgetary allocation for JJM, there is also Rs 26,940 Crore assured fund available under the 15th Finance Commission tied-grant to RLB/ PRIs for water & sanitation, matching State share and externally aided as well as State funded projects.

Hence only statement 1 is correct.

Regulator SEBI came out with disclosure requirements under business responsibility and sustainability reporting, covering environmental, social and governance perspectives, which will be applicable on the top 1,000 listed entities by market capitalisation.

• The new report -- Business Responsibility and Sustainability Report (BRSR)-- will replace the existing Business Responsibility Report (BRR).
• The move is expected to bring in greater transparency and enable market participants to identify and assess sustainability-related risks and opportunities.
• Under BRSR, listed entities need to disclose about an overview of the entity's material ESG (environmental, social and governance) risks and opportunities, approach to mitigate or adapt to the risks along with financial implications of the same.
• In addition, sustainability related goals and targets and performance against the same need to mentioned in the report, it added.
• Environment related disclosures cover aspects such as resource usage (energy and water), air pollutant emissions, green-house (GHG) emissions, transitioning to circular economy, waste generated and waste management practices, bio-diversity.
• Social related disclosures would cover the workforce, value chain, communities and consumers.
• At communities level, listed entities will have to make disclosures on Social Impact Assessments (SIA), Rehabilitation and Resettlement, Corporate Social Responsibility, among others.
• The BRSR will be applicable on the top 1,000 listed entities by market capitalization.
• SEBI said the reporting would be on voluntary basis for financial year 2021-22 and on a mandatory basis from 2022-23.
• The filing of the BRR containing ESG disclosures was first introduced for listed entities in 2012 and since then, a number of developments have taken place.
• With the adoption of the Paris Agreement on climate change and UN sustainable development goals, adapting to and mitigating climate change impact and transitioning to sustainable economies have emerged as major issues globally.

Hence both statements are correct.

National Technology Day was observed in India on May 11, 2021.

• The day is celebrated every year on the 11th of May to highlight the achievements of engineers and scientists in the field of technology and science.
• Former Prime Minister Late Atal Bihari Vajpayee coined this term to celebrate the contributions made by Indian scientists.
• This day marks the anniversary of the 1998 Pokhran nuclear tests, which gave India a new strength and presence across the globe.
• Hence, option (a) is the correct answer.

The Union Cabinet has approved signing of MoU between Institute of Chartered Accountants of India (ICAI) and Qatar Financial Centre Authority (QFCA).

• The MoU would enhance cooperation between the Institutes to work together to strengthen the Accounting profession and entrepreneurship base in Qatar. This MoU will benefit Ministry of Corporate Affairs, Institute of Chartered Accountants of India and Qatar Financial Centre Authority.
• ICAI has an active Chapter in Doha, Qatar which was established in the year 1981 and is the oldest among the 36 overseas Chapters of the ICAI. Qatar (Doha) Chapter is amongst the most vibrant Chapters of ICAI.
• The Institute of Chartered Accountants of India (ICAI) is a statutory body established by an Act of Parliament of India, The Chartered Accountants Act, 1949', to regulate the profession of Chartered Accountancy in India.
• Qatar Financial Centre Authority (QFCA) an independent legal entity established pursuant to Law No. (7) of 2005,is responsible for the development and promotion of the QFC as a world-class on-shore financial and business centre in the State of Qatar.

Hence both statements are correct.