Daily Current Affairs MCQ- August 19, 2022 - UPSC MCQ

The National Stock Exchange (NSE), the country's largest equities and derivatives exchange, was earlier this month fined for laxity in governance pertaining to actions taken during the tenure of its former MD and CEO Chitra Ramkrishna.

• Markets regulator SEBI (Securities and Exchange Board of India) in its order noted that the NSE was a systemically important market infrastructure institution (MII).
• A panel set up under the chairmanship of former RBI Governor Bimal Jalan — to examine issues in MIIs — in its 2010 report said: “The term ‘market infrastructure’ denotes such fundamental facilities and systems serving this market.
• Stock exchanges, depositories and clearing houses are all Market Infrastructure Institutions and constitute a key part of the nation's vital economic infrastructure.

What are the specific institutions in India that qualify as MIIs?

• Among stock exchanges, the SEBI lists seven, including the BSE, the NSE, the Multi Commodity Exchange of India and the Metropolitan Stock Exchange of India.
• There are two depositories — charged with the safekeeping of securities and enabling their trading and transfer — that are tagged MIIs: the Central Depository Services Ltd. and the National Securities Depository Ltd.
• The regulator also lists seven clearing houses including the Multi Commodity Exchange Clearing Corporation. Clearing houses, for their part, help validate and finalise securities trades and ensure that both buyers and sellers honour their obligations.

Hence both statements are correct.

Goa is celebrating its annual ‘Carnaval’ or carnival from February 26 to March 1.

• Carnival in Goa is also called "Carnaval", "Intruz", "Entrado", or (colloquially) "Viva Carnival".
• The colourful festival, a vestige of the state’s erstwhile Portuguese rulers, is a celebration before the month of Lent followed by Catholics in Goa.
• With float parades, music, dance and culinary delights, over the decades, the exuberant celebration has been an eagerly awaited annual event showcasing Goa’s vibrant culture.
• While carnival celebrations are held across the state by the Goa Department of Tourism, Panaji is the centre of action during the carnival.
• Like in other parts of the world, the celebration kicks off with an opening ceremony and has parades of floats in the streets. The streets are decorated with striking masks, colourful streamers, lights on its tree-lined streets.

King Momo:

• King Momo, or the king of Chaos, is a character derived from the Greek god Momus, the god of satire.
• Like in the many Latino Carnivals, the Goa Carnival also crowns a King Momo, usually “a large gentleman” who leads the carnival parade.

Hence both statements are correct.

Russia used its veto powers to block a United Nations Security Council (UNSC) resolution condemning its invasion of Ukraine and demanding an immediate withdrawal of its troops.

• Eleven out of the 15 permanent and non-permanent members — including the US, UK and France — voted in favour of the resolution, while India, China and the United Arab Emirates (UAE) chose to abstain.
• Indian Ambassador T. S. Tirumurti, who abstained, said that “dialogue is the only path forward,” no matter how daunting it might seem, and urged the Council to restore the difficult path forward.
• The United Nations Security Council "veto power" is the power of the five permanent members of the UN Security Council (China, France, Russia, the United Kingdom, and the United States) to veto any "substantive" resolution.
• However, a permanent member's abstention or absence does not prevent a draft resolution from being adopted.
• This veto power does not apply to "procedural" votes, as determined by the permanent members themselves.
• Hence only statement 1 is correct.

The ECGC Ltd. has decided to withdraw coverage for shipments to Russia with effect from February 25, which is a huge setback for exporters, industry body FIEO said.

• ECGC Ltd. has now put Russia in the Restricted Cover Category (RCC-I) from the earlier ‘open cover’ category. ‘Open cover’ category enables policyholders to obtain cover on a more liberalised basis.
• The ECGC Ltd. (Formerly Export Credit Guarantee Corporation of India Ltd) is a government owned export credit provider. It provides export credit insurance support to Indian exporters.
• It is under the ownership of Ministry of Commerce and Industry, Government of India.
• It is based in Mumbai.
• It was established in 1957.

Hence only statement 1 is correct.

The Union Cabinet approved changes to India’s foreign direct investment (FDI) policy to allow global investors to participate in the initial public offering of Life Insurance Corporation of India (LIC) shares expected to be launched soon.

• Foreign investors will now be able to invest up to 20% in LIC shares under the automatic approval route.
• FDI in insurance ventures is already allowed up to 74% under the automatic approval route, but the policy was silent on foreign equity investments into the country’s largest insurer LIC, a statutory corporation set up under an Act of Parliament.
• As per the present FDI policy, the FDI ceiling for public sector banks is 20% on government approval route, so it has been decided to allow foreign investment up to 20% for LIC and such other bodies corporate.
• The approval has been made automatic for LIC so as to expedite the capital raising plan.
• The amendments to the FDI policy come less than two weeks after the draft red herring prospectus (DRHP) was filed with the stock market regulator.

Hence both statements are correct.

Union Cabinet has approved offering of coal by coal companies through a common e-auction window instead of sector specific auctions.

The Cabinet Committee on Economic Affairs approved the following:

• Offering of all the non-linkage coal by coal companies through one e-auction window of CIL (CIL) / Singareni Collieries Company Limited (SCCL).
• This e-auction will cater to all the Sectors namely Power Sector and Non Regulated Sector (NRS) including traders and coal would be offered through this auction in place of the present system of sector specific auctions.
• The above will be subject to CIL / SCCL meeting the coal linkage requirements against existing linkages and do not impact the current linkages to power and non-power consumers at contracted prices.
• Coal offered through the single e-auction window shall be transport mode agnostic with default option being through Rail mode. However, coal may be lifted by the consumers through the road mode/other modes depending upon their choice and suitability without paying any additional charges or discount to the coal companies.
• Long term allotment of coal by CIL/SCCL, without affecting the supplies against existing coal linkages, to their own gasification plants shall be allowed at prices as may be decided by the coal company. However, the taxes, duties, royalty etc shall be paid by the coal companies on the notified prices of coal for power sector.

Major impact:

• Market distortions would be removed and single rate for all the consumers will evolve in the e-auction market. It shall increase operational efficiencies and lead to an increase in domestic coal demand by efficiency in domestic coal market.

Hence both statements are correct.

The Union Cabinet has approved the national roll-out of Central Sector Scheme, Ayushman Bharat Digital Mission (ABDM) of Ministry of Health and Family Welfare, Government of India, with a budget of Rs.1,600 crore for five years.

• The National Health Authority (NHA) will be the implementing agency of Ayushman Bharat Digital Mission (ABDM).
• Under the ABDM, citizens will be able to create their ABHA (Ayushman Bharat Health Account) numbers, to which their digital health records can be linked.
• This will enable creation of longitudinal health records for individuals across various healthcare providers, and improve clinical decision making by healthcare providers.

Present status

• The pilot of ABDM was completed in the six Union Territories of Ladakh, Chandigarh, Dadra & Nagar Haveli and Daman & Diu, Puducherry, Andaman and Nicobar Islands and Lakshadweep with successful demonstration of technology platform developed by the NHA.
• As on 24th February 2022, 17,33,69,087 Ayushman Bharat Health Accounts have been created and 10,114 doctors and 17,319 health facilities have been registered in ABDM.

Hence only statement 1 is correct.

Union Minister for Micro, Small & Medium Enterprises (MSME) inaugurated Coir Board Regional Office at Kankavali in Sindhudurg, Maharashtra.

Union Minister for Micro, Small & Medium Enterprises (MSME) inaugurated Coir Board Regional Office at Kankavali in Sindhudurg, Maharashtra.

• Coir Board is implementing several programmes to develop coir industry in the Konkan Zone. With the opening of this regional office, Coir Board will bring more programmes to the region.
• The Coir Board is a statutory body established by the Government of India under the Coir Industry Act 1953 for the promotion and development of the coir (coconut fibre) industry in India.
• The head office of the Coir Board is in Kochi.
• The board functions under the Ministry of Micro, Small and Medium Enterprises.

Hence only statement 2 is correct.

Three days before he invaded Ukraine, President Vladimir Putin described Russia’s southwestern neighbour as a bogus country with no history, identity, or “stable traditions of real statehood”.

• Ukraine is in the east of Europe, and is bound by Russia to its northeast, east, and southeast, and the Black Sea in the south. In the southwest, west, and north, Ukraine shares borders, in the anticlockwise direction, with Moldova, Romania, Hungary, Slovakia, Poland, and Belarus.
• It is the largest country in Europe after Russia itself.
• In July 2021, Ukraine’s population was estimated at 43.7 million. Of this, 77.8% was of Ukrainian ethnicity and 17.3% was Russian.
• Ukraine is the poorest country in Europe in terms of gross domestic product and gross national income per capita. It has deposits of iron ore and coal, and exports corn, sunflower oil, iron and iron products, and wheat.

Ukraine as part of USSR

• Months after the Bolsheviks took power in the October Revolution of 1917, an independent Ukrainian People’s Republic was proclaimed, but a civil war continued between various claimants to power, including Ukrainian factions, anarchists, Tsarists, and Poland.
• In 1922, Ukraine became part of the Union of Soviet Socialist Republics (USSR).
• In 1991, the USSR was dissolved and the parliament of Ukraine adopted the country’s Act of Independence.

India and Ukraine

• India is Ukraine’s largest export destination in the Asia Pacific region.
• The country’s major export to India is sunflower oil, followed by inorganic chemicals, iron and steel, plastics, and chemicals.
• Ukraine’s major import from India is pharmaceutical products.

Hence both statements are correct.

Aviation and defence colossus Boeing delivered India’s 12th maritime surveillance and anti-submarine warfare P-8I aircraft on February 24.

• The first of these aircraft was inducted in 2013, and it made India the first country outside the United States to get one. The Navy has been receiving them regularly since.
• The first aircraft produced by Boeing flew in 2009, and has been in service with the US Navy since 2013, the same year as the Indian Navy. Apart from India and the US, it has been chosen by six other militaries in the world.
• The aircraft has two variants —
  • The P-8A Poseidon, which is flown by the US Navy, the United Kingdom’s Royal Air Force, the Royal Australian Air Force, and the Royal Norwegian Air Force. It has also been selected by the Royal New Zealand Air Force, the Republic of Korea Navy, and the German Navy.
  • The aircraft for the Indian Navy are called P-8I, and have replaced the ageing Soviet/Russian Tupolev Tu-142s.
• The P-8Is are capable of anti-submarine; intelligence, surveillance and reconnaissance (ISR); patrolling, coastline defence, and other operations.

Hence only statement 2 is correct.