Current Affairs MCQs for UPSC & State PSC Exams (11 May 2023)

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

Date: 11 May 2023

Q1. With reference to the issue of money laundering in India, consider the following statements.

1. The government has designated chartered accountants, cost accountants and company secretaries, lawyers, notaries and independent legal practitioners as reporting entities under the PMLA.
2. Trade in Virtual digital assets falls under the ambit of PMLA.
3. The PMLA empowered the Enforcement Directorate (ED) to control money laundering, confiscate property, and punish offenders.

Select the correct statements.

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

Answer: (B)

Explanation:

  • The government has recently designated chartered accountants, cost accountants and company secretaries as reporting entities under the PMLA.
  • But despite the FATF recommendation, lawyers, notaries and independent legal practitioners are not included in this list.
  • Therefore, statement 1 is NOT correct.
  • Some months ago, the Finance Ministry tweaked the anti-money laundering law (PMLA) by bringing cryptocurrencies and other virtual digital assets trade under the ambit.
  • Hence, statement 2 is correct.
  • Under Section 5 and 8(4) of the PMLA, the ED has discretionary powers to search and seize suspected property without any judicial permission.
  • So, statement 3 is also correct.

Q2. Which of the following statements is true regarding the World Trade Organization's Information Technology Agreement (ITA)?

a) The ITA is a multilateral trade agreement that eliminates tariffs on a wide range of information technology products.
b) The ITA is a trade agreement to promote the use of information technology products produced only by member countries.
c) The ITA is a trade agreement that exclusively covers digital services and e-commerce.
d) The ITA is a treaty that aims to regulate cross-border data flows between member countries.

Answer: (A)

Explanation:

  • The ITA is an agreement between WTO member countries aimed at eliminating tariffs on a wide range of information technology products.
  • It was signed in 1996 and currently has 82 participating countries, representing approximately 97% of the world trade in IT products.
  • The agreement covers a wide range of products, including computers, telecommunication equipment, semiconductors, and software.

Therefore, option (a) is the correct answer.

Q3. What is blue carbon? (UPSC 2021)

a) Carbon captured by oceans and coastal ecosystems.
b) Carbon sequestered in forest biomass and agricultural soils.
c) Carbon contained in petroleum and natural gas.
d) Carbon present in the atmosphere.

Answer: (A)

Explanation: Blue carbon refers to carbon dioxide (CO2) that is captured and stored by coastal and marine ecosystems, particularly mangroves, seagrasses, and salt marshes. These ecosystems have a remarkable capacity to absorb and store carbon from the atmosphere, playing a crucial role in mitigating climate change. Hence option a is correct.