Daily Current Affairs MCQ- May 23, 2023 - UPSC MCQ

Capital markets regulator the Securities and Exchange Board of India (SEBI) recently proposed that asset management companies (AMCs) should set up surveillance and internal control systems for the deterrence of possible market abuse and fraudulent transactions.

About Asset Management Companies (AMCs):

• It is a firm that invests the funds pooled from individual investors in securities with the objective of optimal return for investors in exchange for a fee.
• AMC maintains the diversity of portfolio by investing in both high-risk and low-risk securities such as stock, debt, real- estate, shares, bonds, pension funds, etc.
• Because they have a larger pool of resources than the individual investor could access on their own, AMCs provide investors with more diversification and investing options. 
• AMCs are colloquially referred to as money managers or money management firms.
• Those that offer public mutual funds or ETFs are also known as investment companies or mutual fund companies. 
• SEBI is the Indian Capital Market Regulator which governs and controls every AMC in India.

Hence only statement 1 is correct.

Canadian researchers have recently identified how vitamin K helps prevent diabetes.

About Vitamin K:

• It is a fat-soluble vitamin that comes in two forms.
• The main type is called phylloquinone, found in green leafy vegetables like collard greens, kale, and spinach. 
• The other type, menaquinones, are found in some animal foods and fermented foods. Menaquinones can also be produced by bacteria in the human body. 
• Vitamin K helps to make various proteins that are needed for blood clotting and the building of bones.
• Vitamin K is found throughout the body including the liver, brain, heart, pancreas, and bone.
• It is broken down very quickly and excreted in urine or stool. Because of this, it rarely reaches toxic levels in the body even with high intakes, as may sometimes occur with other fat-soluble vitamins.

Hence only statement 2 is correct.

Border Roads Organisation (BRO) recently rescued 76 tourists including seven children stranded at Baralacha La Pass.

About Baralacha La Pass:

• Location:  
• It is a high mountain pass located along the Leh-Manali highway that connects Leh district in Ladakh and Lahaul district in Himachal Pradesh.
• It is situated in the Zanskar range.
• It lies close to River Bhaga, which originates from the Surya Taal Lake & is a tributary of the River Chenab.
• Elevation: It is located at the height of 16,040 feet above the sea level and is one of the highest motorable passes in India.
• It also finds mention in Rudyard Kipling's celebrated novel 'Kim', wherein the source of the Suraj Tal is used by the novel's character Lama to enter into India from Tibet. 

Hence both statements are correct.

Minister of State for Science and Technology, recently announced that 231 stolen antiques have been repatriated to India in the last nine years.

What is an antiquity?

• The Antiquities and Art Treasures Act, 1972, implemented on April 1, 1976, defined “antiquity” as “any coin, sculpture, painting, epigraph or other work of art or craftsmanship; any article, object or thing detached from a building or cave; any article, object or thing illustrative of science, art, crafts, literature, religion, customs, morals or politics in bygone ages; any article, object or thing of historical interest” that “has been in existence for not less than one hundred years.”
• For “manuscript, record or other document which is of scientific, historical, literary or aesthetic value”, this duration is “not less than seventy-five years.”

What do Indian laws say?

• In India, Item-67 of the Union List, Item-12 of the State List, and Item-40 of the Concurrent List of the Constitution deal with the country’s heritage.
• Before Independence, an Antiquities (Export Control) Act had been passed in April 1947 to ensure that “no antiquity could be exported without license.” In 1958, The Ancient Monuments and Archaeological Sites and Remains Act was enacted.
• Then in 1971, Parliament saw an uproar over the theft of a bronze idol from Chamba and some important sandstone idols from other places.
• This, along with the UNESCO convention, prompted the government to enact The Antiquities and Art Treasures Act, 1972 (AATA), implemented from April 1, 1976.
• The AATA states-
  • It shall not be lawful for any person, other than the Central Government or any authority or agency authorised by the Central Government in this behalf, to export any antiquity or art treasure…
  • No person shall, himself or by any other person on his behalf, carry on the business of selling or offering to sell any antiquity except under and in accordance with the terms and conditions of a licence.”
• This licence is granted by the Archaeological Survey of India (ASI). After the AATA was implemented, the Centre asked traders in antiquities and art objects to declare their possessions of antiquities by June 5, 1976, and individual owners by July 5, 1976.

Hence both statements are correct.

The Indian Navy is all set to receive the six-member crew of INSV Tarini, including 2 women officers at the "flag in" ceremony on May 23 at the Indian Naval Watermanship Training Centre (INWTC), INS Mandovi, Goa.

Why in news?

• INSV Tarini is returning home after successfully completing the 17000-nautical miles trans-ocean inter-continental voyage in seven months.
• The ‘flag in’ event will showcase the exemplary valour, courage and perseverance of the crew, especially the two women officers, who participated in the entire expedition. The two women officers undertook the voyage from Goa to Rio de Janerio via Cape Town and back, spanning over 188 days of sailing on the vessel.
• The current sailing expedition of INSV Tarini is part of the run-up towards the Navy's next big project to send a woman to circumnavigate the globe solo.
• The officers that participated in this expedition were shortlisted from volunteers after rigorous selection at the Ocean Sailing Node (OSN).
  • Ocean Sailing Node was established on 24 Aug 2016 with the aim of promoting and undertaking ocean sailing activities and is located at INS Mandovi.

What is INS Tarini?

• It is the second sailboat of Indian Navy after INSV Mhedi.
• It is known for circumnavigating the globe with an all-women officer crew in the historic expedition titled 'Navika Sagar Parikrama' in 2017.

Hence both statements are correct.

Recently, Prime minister of India meets with Pacific Island nation leaders on sidelines of FIPIC Summit in Papua New Guinea.

• The third forum for India-Pacific islands co-operation (FIPIC Summit), which was held today at Port Moresby was jointly hosted with Papua New Guinea.
• Prime minister of India co- chaired the summit with PM of Papua New Guinea.
• The discussions encompassed various areas of cooperation, including commerce, technology, healthcare, and climate change.

About FIPIC:

• Forum for India-Pacific Islands cooperation (FIPIC) is a multinational grouping for cooperation between India and 14 Pacific Islands nations.
• It include 14 islands named- Cook Islands, Fiji, Kiribati, Marshall Islands, Micronesia, Nauru, Niue, Samoa, Solomon Islands, Palau, Papua New Guinea, Tonga, Tuvalu and Vanuatu.
• All Head of state/head of government of the above countries met in Suva, Fiji in November 2014 for the first time where the annual summit was conceptualised.
• The FIPIC initiative marks a serious effort to expand India's engagement in the Pacific region.
• A major part of India's engagement with these countries is through development assistance under South-South Cooperation, mainly in capacity building (training, scholarships, grant-in-aid and loan assistance) and community development projects.
• In 2015, FIPIC Trade Office at Federation of Indian Chambers of Commerce & Industry (FICCI) to promote Trade & Investment opportunities between India & Pacific Island Countries.

Hence only statement 1 is correct.

The Environment and Climate Sustainability Working Group (ECSWG) meeting under India's G20 Presidency is underway in Mumbai. 

• The meeting is a critical step in fostering the efforts of the G20 countries, invitee countries, and international organizations towards a sustainable and resilient future.
• On the first day of the meeting, a beach clean-up campaign was organised at the Juhu Beach in Mumbai followed by the Ocean 20 Dialogue aimed at promoting a sustainable and climate-resilient Blue Economy.
• The Ocean 20 platform, launched during the Indonesia Presidency Dialogue is aimed to advance ideation and action for ocean solutions.
• It aims to facilitate sustainability in the maritime domain, ocean governance, building capacities to facilitate sustainable ocean practices and equitable distribution of benefits from traditional and new blue economy sectors.

Hence both statements are correct.

New Mega Textile Park at Dhar district will strengthen Make in India and will create new job opportunities: PM Modi

• The Parks will come up in Tamil Nadu, Telangana, Gujarat, Karnataka, Madhya Pradesh, Uttar Pradesh and Maharashtra.
• It is under PM Mega Integrated Textile Regions and Apparel (PM MITRA) scheme.
• It will offer the opportunity to create an Integrated Textiles Value Chain right from spinning, weaving, processing/dyeing and printing to garment manufacturing etc. at one location and will reduce the logistics cost of the Industry.
• A Special Purpose Vehicle owned by the Centre and State Government will be set up for each park which will oversee the implementation of the project.
• Funding:
  • The Central government’s budget outlay for the scheme, which is ₹4,445 crore, is to be spent till 2027-28.
  • Special purpose vehicles, with a 51% equity shareholding of the State government and 49% of the Centre, will be formed for each park.
  • The State governments will provide the land, be part of the SPV, and give the required clearances.
  • The Central government will disburse Development Capital Fund of ₹500 crore in two tranches for each of the seven facilities.
  • This is for the creation of core and support infrastructure.
  • It will also give a Competitive Incentive Support of ₹300 crore per park to be provided to the manufacturing units.
• Nodal Ministry: Ministry of Textiles

Hence both statements are correct.

India Meteorological Department has issued a heat wave warning for Delhi and adjoining areas for May 22, 2023 after maximum temperatures in several parts of the capital were recorded above 45 degrees Celsius.

• A Heat Wave is a period of abnormally high temperatures, more than the normal maximum temperature that occurs during the summer season in the North-Western parts of India.
• Duration: Heat Waves typically occur between March and June, and in some rare cases even extend till July.
• Criteria: According to the Indian Meteorological Department (IMD), when actual maximum temperature remains 45*C or more irrespective of normal maximum temperature, heat waves should be declared.
• Reasons for heat waves:
  • Extreme weather conditions like Heat Waves in summer, Cold Waves in winter and extreme rainfall when it is least expected have almost become the norm due to climate change.
  • In India, some climatic reasons probably make heat waves on the east coast deadlier.
  • In May and June, the Bay of Bengal often witnesses Anti-Cyclonic Circulations which work towards trapping the heat in the lower atmosphere.
• Health Impacts: The health impacts of Heat Waves typically involve dehydration, heat cramps, heat exhaustion and/or heat stroke. Heat Wave conditions can result in physiological strain, which could even result in death.

Hence both statements are correct.

Andhra Pradesh Chief Minister will inaugurate the Machilipatnam port construction works at Manginapudi in Krishna district.

About Machilipatnam Port:

• Location:
• It is a proposed deep sea port on the coast of Bay of Bengal.
• It is located at Machilipatnam, the District Headquarters of Krishna district in Andhra Pradesh.
• The port is developed by the State Government under the landlord model at a cost of Rs 5,156 crore.
• The project is being implemented by Machilipatnam Port Development Corporation Limited (MPDCL), a special purpose vehicle floated by the State government. 
• The port is expected to have a capacity of 35 million tonnes in phase one, with four berths, including three general berths and one for coal. 
• It would cater to exports of fertilizers, coal, cooking oil, containers, agricultural products, cement, granite, cement clinker, iron ore from Andhra Pradesh and neighbouring Telangana.

What is Landlord Port Model?

• In this model, the publicly governed port authority acts as a regulatory body and as landlord while private companies carry out port operations—mainly cargo-handling activities.
• Here, the port authority maintains ownership of the port while the infrastructure is leased to private firms that provide and maintain their own superstructure and install their own equipment to handle cargo.
• In return, the landlord port gets a share of the revenue from the private entity.

Hence only statement 1 is correct.