Q1. Which of the following statements is/are correct?

  1. Arbitration is particularly a means of dispute resolution in the commercial sphere.
  2. Arbitration is a legal process, which takes place outside the courts, but still results in a final and legally binding decision similar to a court judgment.

 Select the correct answer using the codes given below:

 (a) 1 only           

(b) 2 only

 (c) Both 1 and 2       

(d) Neither 1 nor 2

Option C is correct.

Both statements are correct. Arbitration is particularly a means of dispute resolution in the commercial sphere. Arbitration is a legal process, which takes place outside the courts, but still results in a final and legally binding decision similar to a court judgment.

http://www.legalservicesindia.com/article/433/Arbitral-Award-Its-Challenge-&-Enforcement.html

 

Q2. Consider the following statements regarding the Non-Banking Financial Company (NBFC), often seen in the news:

  1. A company which fulfils the criteria in which company’s financial assets constitute more than 50 per cent of the total assets and income from financial assets constitute more than 50 per cent of the gross income, will be registered as NBFC by RBI.
  2. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is also available to depositors of NBFCs, as in case of banks.

Which of the Statements given above is/are correct?

(a) 1 only            

(b) 2 only

 (c) Both 1 and 2       

(d) Neither 1 nor 2

Option A is correct.

Statement 1 is correct. A company which fulfils the criteria in which company’s financial assets constitute more than 50 per cent of the total assets and income from financial assets constitute more than 50 per cent of the gross income, will be registered as NBFC by RBI.            

Statement 2 is incorrect. Deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

Https://www.rbi.org.in/Scripts/FAQView.aspx?Id=92#:~:text=A%20Non%2DBanking%20Financial%20Company%20(NBFC)%20is%20a%20company,leasing%2C%20hire%2Dpurchase%2C%20insurance

 

Q3. ‘Tour of Duty’ model of recruitment, which is often seen in the news, allowed young individuals to voluntarily serve for a temporary period of three years in the service. It was introduced by

(a) Ministry of External Affairs   

(b) Indian Army

(c) DRDO

(d)  Indian Air Force

Option B is correct. ‘Tour of Duty’ model of recruitment, which is often seen in the news, allowed young individuals to voluntarily serve for a temporary period of three years. It was introduced by Indian Army.

https://theprint.in/defence/armys-proposed-tour-of-duty-recruitment-model-could-be-expanded-to-navy-and-iaf-too/571843/

Q4. With reference to the Foreign Direct Investment (FDI), consider the following statements:

  1.  A 10% stake in the foreign company’s voting stockis necessary to define FDI. 
  2. 100 per cent FDI is allowed for Direct-to-Home (DTH) broadcasting services in India.

Which of the Statements given above is/are correct?

(a) 1 only            

(b) 2 only

 (c) Both 1 and 2       

(d) Neither 1 nor 2

Option C is correct.

Both statements are correct. A 10% stake in the foreign company’s voting stock is necessary to define FDI.  The Union Cabinet has recently approved revised guidelines for Direct-to-Home (DTH) broadcasting services, allowing 100 per cent foreign direct investment (FDI) as well as increasing the licence period to 20 years. 

https://indianexpress.com/article/india/cabinet-approves-100-fdi-in-dth-services-7117600/

corporatefinanceinstitute.com/resources/knowledge/economics/foreign-direct-investment-fdi/#:~:text=Foreign%20direct%20investment%20(FDI)%20is,borrow%20money%20from%20financial%20institutions.

Q5. Mount Kilauea, which erupted recently, is located in

(a) South pacific Ocean 

 (b) Indian Ocean

 (c) Caribbean islands

 (d) Hawaii island

Option D is correct. Mount Kilauea, which erupted recently, is located in Hawaii island.

https://indianexpress.com/article/trending/trending-globally/kilauea-volcano-eruption-hawaii-big-island-7115417/

Q6. With reference to the G-20 countries, consider the following statements:

  1. G-20 was formed following the Asian financial crisis, as a forum for finance ministers and central bank governors from the major developed and emerging economies.
  2. It accounts for roughly 50%of the world economy and around half of global trade.

Which of the Statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Option A is correct.

Statement 1 is correct. G-20 was formed following the Asian financial crisis, as a forum for finance ministers and central bank governors from the major developed and emerging economies.

Statement 2 is incorrect. G-20 accounts for roughly 85% of the world economy and around three-quarters of global trade.

https://www.weforum.org/agenda/2016/09/what-you-need-to-know-about-the-g20/

Q7. Consider the following statements about National Disaster Management Authority (NDMA):

  1. National Disaster Management Authority (NDMA) is headed by the Home minister.
  2. It is a statutory body, mandated to lay down the policies, plans and guidelines for the Disaster Management.

Which of the Statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Option B is correct.

Statement 1 is incorrect. The National Disaster Management Authority has been constituted under the Disaster Management Act 2005 (Statutory body), with the Prime Minister of India as its Chairman. Hence, statement 2 is correct.

https://vikaspedia.in/social-welfare/disaster-management-1/disaster-management-in-india

Q8. Consider the following statements:

He was a senior leader of the Indian National Congress. He founded the ‘Servants of India Society’, which was dedicated to inspire nationalistic feelings among his fellow countrymen. He was instrumental in the formation of the Minto-Morley Reforms of 1909. He was also the political mentor of Mahatma Gandhi.

Which one of the following personalities has been mentioned above?

(a) Surendranath Banerjee

(b) Lala Lajpat Rai 

(c) Mahadev Govind Ranade

(d) Gopal Krishna Gokhale

Option D is correct. Gopal Krishna Gokhale was a senior leader of the Indian National Congress. He founded the ‘Servants of India Society’, which was dedicated to inspire nationalistic feelings among his fellow countrymen. He was instrumental in the formation of the Minto-Morley Reforms of 1909. He was also the political mentor of Mahatma Gandhi.

https://www.culturalindia.net/leaders/gopal-krishna-gokhale.html

Ques  Ans:

1-(c)

2-(a)

3-(b)

4-(c)

5-(d)

6-(a)

7-(b)

8-(d)