Current Affairs MCQs for UPSC & State PSC Exams (05 February 2022)

Current Affairs MCQs Quiz for UPSC, IAS, UPPSC/UPPCS, MPPSC. BPSC, RPSC & All State PSC Exams

Date: 05 February 2022

Q1. Consider the following statements about cooperative Banks.

1. The cooperative Banks are registered and setup under the Banking Laws (Co-operative Societies) Act, 1955.
2. The Co-operative banks are regulated by the Reserve Bank of India (RBI).

Which of the statement/s given above is/are correct?

a) 1 only
b) 2 only
c) Both1 and 2
d) None of these

Answer: (B)

Explanation:

  • Co-operative banks operate in both urban and non-urban areas. All banks registered under the Cooperative Societies Act, 1912 are considered co-operative banks.
  • The Co-operative banks are regulated by the Reserve Bank of India (RBI).

Q2. With reference to Lok Adalat, consider the following statements:

1. Lok Adalat can deal only with civil matters, not criminal matters.
2. Lok Adalat was first set up in Gujarat.
3. Only judicial officers can be appointed in the Lok Adalat.

Select the correct statements:

A. 1 and 2
B. 2 only
C. 2 and 3
D. All of the above

Answer: (B)

Explanation: Lok Adalats (the term literally translates into “people’s Courts) were first set up in Gujarat. Usually, retired or serving judges as well as judicial officers are appointed to the benches at Lok Adalats. Sometimes, other eminent personalities are appointed as well.

Q3. In which of the following judgements Supreme Court of India upheld the 27% quota for backward classes:

A. Kesavananda Bharati & Ors. Vs State of Kerala & Anr, 1973
B. Indra Sawhney & Others vs Union of India, 1992
C. S. R. Bommai v. Union of India, 1994
D. Lily Thomas v. Union of India, 2013

Answer: (B)

Explanation: In Indra Sawhney & Others vs Union of India, 1992, Supreme Court while upholding the 27% quota for backward classes, struck down the government notification reserving 10% government jobs for economically backward classes among the higher castes.

The court also upheld the principle that the combined reservation beneficiaries should not exceed 50% of India’s population.

The concept of ‘creamy layer’ also gained currency through this judgment.

Q4. Australia, the U.K. and the U.S. have announced a new trilateral security partnership for the Indo-Pacific called AUKUS. Consider the following statements in this regard:

1. It will replace the existing QUAD 'Quadrilateral Security Dialogue'
2. Under this Australia will supply nuclear powered submarines to the U.K. to ensure peace.
3. AUKUS will also involve cooperation across emerging technologies like applied AI, quantum technologies

Select the correct options:

A. 1 and 2
B. 2 and 3
C. Only 3
D. Only 2

Answer: (C)

Explanation:

  • Australia, the U.K. and the U.S. have announced a new trilateral security partnership for the Indo-Pacific called AUKUS.
  • As part of this, Australia will acquire nuclear powered submarines with help from the U.K. and the U.S.
  • AUKUS will also involve a new architecture of meetings and engagements between the three countries, as well as cooperation across emerging technologies like applied AI, quantum technologies and undersea capabilities.

Q5. Consider the following statements regarding the Farm Subsidies:

(I) The farm subsidies of developed countries are higher than developing countries like India.
(II) World Bank has put some ceilings on the amount of subsidies being provided by various developing and developed nations.

Which of the statements given above is/are correct?

(A) I only
(B) II only
(C) I and II only
(D) Neither I nor II

Answer: (A)

Explanation:

  • Farm subsidies form an integral part of the government’s budget.
  • In the case of developed countries, the agricultural or farm subsidies compose nearly 40 per cent of the total budgetary outlay, while in India’s case it is much lower (around 7.8 per cent of GDP) and of different nature.
  • It is World Trade Organization (WTO),not World Bank . WTO has put some ceilings on the amount of direct and indirect subsidies being provided by the various developing and developed nations due to the fact that these subsidies distort the free market forces which have their own implications.

Q6. Consider the following statements about insolvency and bankruptcy in India.

1. Insolvency is a situation wherein application is made to an authority declaring insolvency and seeking to be declared as bankrupt, which will continue until discharge.
2. Insolvency and Bankruptcy Code, 2016 provide a sufficient procedure to regulate cross-border insolvency proceedings in India.
3. In India, the primary legislation governing insolvency and bankruptcy is the Insolvency and Bankruptcy Code, 2016.

Which of the statement/s given above is/are correct?

a) 1 and 2only
b) 1 and 3only
c) 2 only
d) 3 only

Answer: (D)

Explanation:

  • Bankruptcy is a situation wherein application is made to an authority declaring insolvency and seeking to be declared as bankrupt, which will continue until discharge.
  • Insolvency process in India, it does not account for a sufficient procedure to regulate cross-border insolvency proceedings
  • In India, the primary legislation governing insolvency and bankruptcy is the Insolvency and Bankruptcy Code, 2016.

Q7. Consider the following statements.

1) Parivesh portal is for environmental clearances to promote Ease of Doing Business
2) For FY 2022, states will be allowed the Fiscal deficit 3% of GSDP

Which of the above statements is/are are correct?

A) 1 only
B) 2 only
C) Both are correct
D) None of the above

Answer: (A)

Explanation: For 2022-23 States will be allowed a fiscal deficit of 4% of GSDP of which 0.5% will be tied to power sector reforms