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Daily Current Affairs for UPSC – 22 November 2022

 

Daily Current Affairs for UPSC 2022

Q) With reference to Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), Consider the following statements:

  1. PM-KISAN covers all farmers’ families, irrespective of landholding sizes.
  2. Land holding is the sole criteria to avail the benefit under the Scheme.
  3. The number of beneficiaries under PM-KISAN has steadily been rising since the start of the scheme.

Which of the statements given above are correct?

  1. 1 and 2 only
  2. 1 and 3 only
  3. 2 and 3 only
  4. 1, 2 and 3

Daily Current Affairs for UPSC – 21  November 2022

Explanation:

Statement 1 is correct: ln the beginning when the PM-KISAN Scheme was launched on 24 February, 2019, its benefits were admissible only to Small & Marginal Farmers’ families, with combined landholding upto 2 hectare. The Scheme was later on revised and extended to all farmer families irrespective of the size of their landholdings.

Statement 2 is correct: A landholder farmer’s family is defined as “a family comprising of husband, wife and minor children who own cultivable land as per the land records of the concerned State/UT”. Land holding is the sole criteria to avail the benefit under the Scheme. The land must be in the farmer’s own name. If the land ownership has been transferred in his / her name on account of succession then he / she will be eligible.

Statement 3 is incorrect: According to the Agriculture Ministry’s response to a Right to Information query, the number of farmers who received the 11th instalment of funds from the PM-KISAN has fallen by 67%. Only 3.87 crore farmers received the 11th installment of Rs 2,000 in their accounts in May-June 2022. This is a sharp drop from the 11.84 crore farmers who received the first installment back in February 2019, just before the Lok Sabha elections. There has been a decline in PM-KISAN payouts in almost every state, with Madhya Pradesh and West Bengal leading the way.

  • Q) With reference to Framework for Safeguarding Consumers from Fake Reviews, consider the following statements:
  • The framework for standards of reviews will be voluntary in nature.
  • The framework was developed by the Department of Consumer Affairs.
  • The standard also provides methods for verifying the review author.

Which of the statements given above is/are correct?

  1. 1 and 2 only
  2. 2 only
  3. 1 and 3 only
  4. 1, 2 and 3

Explanation:

Statement 1 is correct: To safeguard and protect consumer interest from fake and deceptive reviews on e-commerce platforms, the Framework for Safeguarding Consumers from Fake Reviews was recently launched. The standard will initially be voluntary for compliance by all e-commerce platforms. Once made mandatory, the violation of the standards by any entity may be considered as an unfair trade practice or violation of consumer rights and a consumer may submit such grievances to the National Consumer Helpline, Consumer Commissions or the CCPA.

Statement 2 is incorrect: Framework was prepared by the Bureau of Indian Standards (BIS). Indian Standard (IS) 19000:2022 ‘Online Consumer Reviews -Principles and Requirements for their Collection, Moderation and Publication. It will be applicable to every online platform which publishes consumer reviews. Guiding principles are integrity, accuracy, privacy, security, transparency, accessibility and responsiveness.

Statement 3 is correct: The standard also provides for methods for verification of the review author through email address, identification by telephone call or SMS, confirming registration by clicking on a link, using captcha system, etc., to check the traceability and genuineness of the review author. The standard is expected to benefit all stakeholders in the e-commerce ecosystem i.e., consumers, e-commerce platforms, sellers etc.

Q) With reference to Share Depositories, consider the following statements:

  1. At present, there are only two registered share depositories in India.
  2. A scheduled bank can become a depository participant.
  3. An individual can directly open a demat account with the depository.

which of the following statements is/are correct?

  1. 1 and 2 only
  2. 2 and 3 only
  3. 3 only
  4. 1, 2 and 3

Explanation:

Statement 1 is correct: Share depositories hold shares in an electronic or dematerialized form and enable securities transactions, playing a similar role as banks in handling cash and fixed deposits. While banks keep customers’ cash in electronic form, share depositories help consumers store shares in a dematerialized form. The Depository Act of 1996 regulates the establishment and operation of a depository in India. SEBI is the governing body that regulates the functioning of any depository. There are two depositories which are functional in India – National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CDSL).

Statement 2 is correct: The Depositories Act, 1996 and SEBI (Depositories & Participants) Regulations, 1996 provide the list of entities who are eligible to become a Depository Participant such as a Public Financial Institutions; Scheduled Banks including Foreign Banks approved by the Reserve Bank of India (RBI); State Financial Corporation established under the State Financial Corporations Act, 1951; Institutions engaged in granting financial services, promoted by the entities mentioned above, jointly or severally; learing House or Clearing; Corporation of a Stock  Exchange; a stock broker who is granted Certificate of Registration under the SEBI Act, 1992; a Non-Banking Financial Company having a net worth of not less than

Statement 3 is incorrect: A Demat account cannot be opened directly with a depository. It has to be opened only through a Depository Participant (DP) of the depository. Depository Participant (‘DP’) is the agent or the registered stockbroker of a depository.A depository is an institution or organisation which holds the securities of an investor through the depository participant and also provides services in relation to these securities. It holds the securities of the investors in the form of shares, debentures, Government securities, bonds, mutual fund units, etc. in an electronic form. It acts as a link between the companies which issue shares and its shareholders.A person cannot contact the depository directly. Through the DP, a person can open and maintain a Demat account. They are the link between the depository and the investors.

Q) With reference to Barren Island, Consider the following statements:

  1. The Barren Island is a composite volcano made up of Andesitic type of lava flows.
  2. It is the only active volcano among all the volcanoes located from Sumatra to Myanmar.

Which of the statements given above is/are not correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Explanation:

Statement 1 is correct: Barren Island is an island located in the Andaman Sea. It is a part of the Indian Union territory of Andaman and Nicobar Islands, and lies about 138 km (86 mi) northeast of the territory’s capital, Port Blair. It is a stratovolcano composed of lava, rock fragments, and volcanic ash. Stratovolcanoes are also called composite volcanoes. Stratovolcanoes have relatively steep sides and are more cone-shaped than shield volcanoes. They are formed from Andesitic viscous, sticky lava that does not flow easily. The lava therefore builds up around the vent forming a volcano with steep sides. Stratovolcanoes are more likely to produce explosive eruptions due to gas building up in the viscous magma.

Statement 2 is correct: Barren Island is the only confirmed active volcano in the Indian subcontinent, and the only active volcano along a chain of volcanoes from Sumatra to Myanmar. This volcanic island stands in the midst of a volcanic belt on the edge of the Indian and Burmese tectonic plates. It is the northern-most volcano in the Indonesian arc. On the west side of the island is a caldera formed by an explosive eruption in the Pleistocene era.

Q) With reference to the process of loan write-off, which of the following statements is/are correct?

  1. It means complete cancellation of loan recovery by the lender bank and no legal action will be taken against the borrower.
  2. The loan can be written off when it becomes a Non-Performing Asset due to repayment defaults for at least 3 consecutive quarters.

Select the correct answer using the code given below:

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Explanation:

Statement 1 is incorrect: In case of loan-write off, the loan will be written off by the lender bank, to have a clean balance sheet. But it does not mean the complete cancellation of loan recovery. The loan is not closed by the bank/lender. They will try to recover the outstanding loan amount with the help of a legal authority. On the other hand, in the case of loan-waiver the borrower need not pay the outstanding loan amount. The individual is free from the burden of repaying the outstanding loan amount. It means complete cancellation of loan recovery by the lender. Bank will take no legal action against the borrower. The loan stops.

Statement 2 is correct: It is a tool used by banks to clean up their balance-sheets. It is applied in the cases of bad loans or non-performing assets (NPA). Any loan provided by a bank can turn into an NPA if the principal or interest payment for the same has not been paid for over 3 months. The loan can be written off if it becomes bad on the account of the repayment defaults for at least 3 consecutive quarters. A loan write-off doesn’t imply that a debt is forgiven. According to a RTI reply by RBI, Scheduled commercial banks have written off loans worth about Rs 10 lakh crore in the last five financial years.

 

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