Q1. With reference to the International Financial Services Centre (IFSC), consider the following statements:

  1. Such centres deal with flows of finance, financial products and services across borders. 
  2. Gujarat International Finance Tec-City Co. Ltdis the India’s first international financial services centre (IFSC).                                

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. An IFSC caters to customers outside the jurisdiction of the domestic economy. Such centres deal with flows of finance, financial products and services across borders. 2. Gujarat International Finance Tec-City Co. Ltd is the India’s first international financial services centre (IFSC).                                           

https://www.livemint.com/Industry/XmEtCCZklNL5w0LmQ9K7lJ/What-is-an-IFSC-and-how-does-it-work.html

Q2. With reference to the International Labor Organization (ILO), consider the following statements:

  1. ILO became the first specialized agency of United Nations in 1946.
  2. It was established as an agency for the League of Nations following World War II.
  3. The Organization has played a role at key historical junctures viz; the Great Depression, decolonization and the victory over apartheid in South Africa.

Which of the Statements given above is/are correct?

(a) 1 and 3 only

 (b) 2 only

 (c) 2 and 3 only

 (d) 1, 2 and 3

Option A is correct.

Statement 1 is correct.  ILO became the first specialized agency of United Nations in 1946.                           

Statement 2 is incorrect. It was created in 1919, as part of theTreaty of Versailles that ended World War I, to reflect the belief that universal and lasting peace can be accomplished only if it is based on social justice.

Statement 3 is correct. The Organization has played a role at key historical junctures – the Great Depression, decolonization, the creation of Solidarność in Poland, the victory over apartheid in South Africa – and today in the building of an ethical and productive framework for a fair globalization.

https://www.ilo.org/global/about-the-ilo/history/lang--en/index.htm

Q3. Which of the following could be the possible implications of listing countries by Financial Action Task Force (FATF) on its grey list?

  1. Economic sanctions by the World Bank and IMF.
  2. Reduction in international trade.
  3. Loss of membership from the United Nations.

 Select the correct answer using the codes given below:

 (a) 1 only           

(b) 1 and 2 only

 (c) 3 only                   

(d) 1, 2 and 3

Option B is correct.

The so-called 'grey list' actually comprises countries that FATF thinks should be under "increased monitoring" even as they engage with FATF "to address strategic deficiencies in their regimes to counter money laundering, terrorist financing, and proliferation financing". As to the actual implications, being on the grey list could make it more difficult to raise money or loans in foreign markets while the flow of overseas investments into these countries may suffer as well. What suffers is also the perception regarding such a country among the international community.

https://www.firstpost.com/india/why-pakistan-continues-to-find-itself-in-the-black-hole-of-fatf-grey-list-9752121.html

Q4. Project Seabird, recently seen in news, is/was

(a) A project for humanitarian assistance by the Indian Army.      

(b) Aimed at mineral exploration in the Indian Ocean.

(c) Launched by the Indian Air Force to take the stranded Indians back to the country.

(d) The largest naval infrastructure project for India.

Option D is correct. The largest naval infrastructure project for India, it involves creation of a naval base at Karwar on the west coast of India.

https://aecom.com/projects/seabird-project/

Q5. With reference to the Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, consider the following statements:

  1. The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, allows intra-state and inter-state trade of farmers’ produce beyond the physical premises of APMC markets.
  2. It provides for a three-level dispute settlement mechanism, which includes the conciliation board, Sub-Divisional Magistrate and Appellate Authority.

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.

Statement 1 is correct. The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, 2020, allows intra-state and inter-state trade of farmers’ produce beyond the physical premises of APMC markets.

Statement 2 is correct. It provides for a three-level dispute settlement mechanism, which includes the conciliation board, Sub-Divisional Magistrate and Appellate Authority.           

https://www.prsindia.org/billtrack/farmers-produce-trade-and-commerce-promotion-and-facilitation-bill-2020

Ques  Ans:

1-(c)

2-(a)

3-(b)

4-(d)

5-(c)