Current Affairs Quiz , 02 Nov 2018

1) What are the minimum and maximum age limits for joining Atal Pension Yojana?

a) 18-40
b) 15-60
c) 1-unlimited
d) 18-55

Answer: a
• Easy to Explain Benefits drive Atal Pension Yojana (APY) backed by Government of India’s Guarantee.
• Atal Pension Yojana (APY) addresses the old age income security of the working poor and the longevity risks among the workers in the unorganised sector.
• It encourages the workers in the unorganised sector to voluntarily save for their retirement.
• The Government had launched the scheme with effect from 1st June 2015.
• The scheme replaces the Swavalamban Yojana / NPS Lite scheme.
• Benefits of APY:
o Fixed pension for the subscribers ranging from Rs.1000 to Rs. 5000, if she/he joins and contributes between the age of 18 years and 40 years.
o The same pension is payable to Spouse after the death of the Subscriber.
o Return of indicative pension wealth to nominees after the death of the spouse.
o Contributions to the Atal Pension Yojana (APY) is eligible for tax benefits similar to the National Pension System (NPS). The tax benefits include the additional deduction of Rs 50,000 under section 80CCD(1).
• Eligibility:
o Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
o Any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or undergo enrolment under Aadhaar authentication.
o An APY subscriber will have to get the Aadhaar number recorded in his or her APY pension account and also in his/ her savings account where the periodic pension contribution installments are debited and government co-contribution is to be credited.
• Age of joining:
o The minimum age of joining APY is 18 years and maximum age is 40 years.

2) ‘Generalized Scheme of Preferences’ is a preferential tariff system of which of the following organisations?

a) IMF
b) World Economic Forum
c) WTO
d) EBRD

Answer: c
• The Generalized Scheme of Preferences, or GSP, is a preferential tariff system which provides for a formal system of exemption from the more general rules of the World Trade Organization (WTO), (formerly, the General Agreement on Tariffs and Trade or GATT.
• Specifically, it is a system of exemptions from the Most Favored Nation principle (MFN) that obliges WTO member countries to treat the imports of all other WTO member countries no worse than they treat the imports of their “most favored” trading partner.
• In essence, MFN requires WTO member countries to treat imports coming from all other WTO member countries equally, that is, by imposing equal tariffs on them.
• GSP exempts WTO member countries from MFN for the purpose of lowering tariffs for the least developed countries, without also lowering tariffs for rich countries.

3) The National Entrepreneurship Awards are instituted by which ministry/organisation?

a) NITI Aayog
b) Ministry of Women and Child Development
c) Ministry of Skill Development
d) Ministry of MSME

Answer: c
• The National Entrepreneurship Awards have been instituted by the Ministry of Skill Development and Entrepreneurship (MoSDE) in 2016 to encourage a culture of entrepreneurship across the country.
• These premier awards seek to recognise and honour entrepreneurs and entrepreneurship ecosystem builders for their outstanding efforts.
• The National Entrepreneurship Awards seek to recognise the efforts and achievements of exceptional entrepreneurs and those individuals and organisations who are working in the field of entrepreneurship development.
• The Awards also seek to highlight models of excellence for others to emulate and improve upon.

4) The Cabinet Committee on Economic Affairs is headed by

a) Union Minister for Finance
b) RBI Governor
c) Finance Secretary
d) Prime Minister of India

Answer: d
• Cabinet Committee on Economic Affairs (CCEA) is one of the standing committees of cabinet constituted by the government of India.
• The major function of the Cabinet Committee on Economic Affairs (CCEA) is to review economic trends on a continuous basis, as also the problems and prospects, with a view to evolving a consistent and integrated economic policy framework for the country.
• Matters regarding fixation of prices of agricultural products as well as reviewing the progress of activities related to rural development including those concerning small and marginal farmers are in CCEA’s competence.
• Price controls of industrial raw materials and products, industrial licensing policies including industrial licensing cases for establishment of Joint Sector Undertakings, reviewing performance of Public Sector Undertakings including their structural and financial restructuring are also within the purview of CCEA, as are all matters relating to disinvestment including cases of strategic sale, and pricing of Government shares in Public Sector Undertakings (except to the extent entrusted to an Empowered Group of Ministers).
• CCEA facilitates finalization of factual reports on the accomplishments of the Ministries, Agencies and Public Sector Undertakings involved in the implementation of prioritized schemes or projects for evaluation by the Prime Minister. The CCEA also considers cases of increase in the firmed up cost estimates/revised cost estimates for projects etc. in respect of the business allocated to the CCEA.

5) Which of the following aircraft carriers have been converted into a floating museum recently?

a) INS Vikramaditya
b) INS Viraat
c) INS Vikrant
d) INS Vishal

Answer: b
• The Maharashtra state cabinet cleared the decks for the Navy’s longest-serving aircraft carrier, INS Viraat, now retired, to be converted into India’s first-ever moored maritime museum-cum-marine adventure centre.
• As per the Maharashtra government’s Rs 852-crore plan for Viraat, the ship’s conversion will be on public-private-partnership (PPP) basis.
• The ship is the world’s oldest aircraft carrier, according to the Indian Navy, which bought it in 1986 and recommissioned it a year later. At present, Viraat is at Mumbai’s Naval dockyard after its decommissioning in 2017.