Welcome to this week’s current affairs quiz, where we’ll test your knowledge of the latest and most significant events happening around the world. In a rapidly changing global landscape, staying informed is essential. This quiz aims to challenge your understanding of the key developments in politics, science, technology, culture, and more. So, whether you’re a news enthusiast or just looking to keep up with the world’s happenings, join us as we delve into the headlines of the week and put your current affairs expertise to the test. Let’s get started!
Q 1. Consider the following statements
Statement-I: Bankruptcy is when a person or company is legally declared incapable of paying their due and payable bills.
Statement-II: Debt Recovery Tribunal (DRT) has jurisdiction over individuals and partnership firms other than Limited Liability Partnerships.
Which one of the following is correct in respect of the above statements?
(a) Both Statement-I and Statement-II are correct and Statement- II is the correct explanation for Statement- I
(b) Both Statement-I and Statement-II are correct and Statement- II is not the correct explanation for Statement-I.
(c) Statement-I is correct but Statement-II is incorrect
(d) Statement-I is incorrect but Statement-II is correct
Answer: (b)
Insolvency and Bankruptcy Code (IBC), 2016
About:
- The IBC, 2016 is the bankruptcy law of India that consolidates and amends the existing laws relating to insolvency and bankruptcy of corporate persons, partnership firms, and individuals.
- Insolvency is a state where the liabilities of an individual or an organization exceeds its asset and that entity is unable to raise enough cash to meet its obligations or debts as they become due for payment.
- Bankruptcy is when a person or company is legally declared incapable of paying their due and payable bills.
- The IBC aims to provide a time-bound and creditor-driven process for insolvency resolution and to improve the credit culture and business environment in the country.
- IBC resolves claims involving insolvent companies. This was intended to tackle the bad loan problems that were affecting the banking system.
Regulating Authority:
- The Insolvency and Bankruptcy Board of India (IBBI) was established under the Insolvency and Bankruptcy Code, 2016.
- It is a statutory body, responsible for making and implementing rules and regulations for insolvency and bankruptcy resolution of corporate persons, partnership firms, and individuals in India.
- The IBBI has 10 members, representing the Ministry of Finance, the Ministry of Corporate Affairs, and the Reserve Bank of India.
Adjudicating Authority:
- National Company Law Tribunal (NCLT) has jurisdiction over companies, other limited liability entities.
- Debt Recovery Tribunal (DRT) has jurisdiction over individuals and partnership firms other than Limited Liability Partnerships.
Q 2. Which of the following statements best describes the term ‘Scheme for Sustainable Structuring of Stressed Assets (S4A)’, recently seen in the news?
(a) It is a procedure for considering ecological costs of developmental schemes formulated by the Government.
(b) It is a scheme of RBI for reworking the financial structure of big corporate entities facing genuine difficulties.
(c) It is a disinvestment plan of the Government regarding Central Public Sector Undertakings.
(d) It is an important provision in ‘The Insolvency and Bankruptcy Code’ recently implemented by the Government.
Answer: (b)
In order to further strengthen the lenders’ ability to deal with stressed assets and to put real assets back on track by providing an avenue for reworking the financial structure of entities facing genuine difficulties, the Reserve Bank of India has today issued guidelines on a ‘Scheme for Sustainable Structuring of Stressed Assets’.
Resolution of large borrowal accounts which are facing severe financial difficulties may, inter-alia, require co-ordinated deep financial restructuring which often involves a substantial write-down of debt and/or making large provisions. Often such high write-downs act as a disincentive to lenders to effect a sustainable change in the liability structure of borrows facing stress. Banks have also represented for a regulatory framework which would facilitate lenders taking up the exercise of reworking of the liability structure of companies to which they have significant exposures, in the context of asset quality stress currently faced by them.
Accordingly, the Reserve Bank, after due consultation with lenders, has formulated the ‘Scheme for Sustainable Structuring of Stressed Assets’ (S4A) as an optional framework for the resolution of large stressed accounts. The S4A envisages determination of the sustainable debt level for a stressed borrower, and bifurcation of the outstanding debt into sustainable debt and equity/quasi-equity instruments which are expected to provide upside to the lenders when the borrower turns around. In order to make sure that that the entire exercise is carried out in a transparent and prudent manner, S4A envisages that the resolution plan will be prepared by credible professional agencies, while an Overseeing Committee, set up by the Indian Banks Association, in consultation with the RBI, comprising of eminent experts will independently review the processes involved in preparation of the resolution plan, under the S4A, for reasonableness and adherence to the provisions of these guidelines, and opine on it.
Q 3. Consider the following statements:
- The Constitution does not make a provision for Special Category Status.
- Special Category Status was done on the recommendations of the 10th Finance Commission in 1969.
- Special Category Status was first accorded to Jammu and Kashmir, Assam and Nagaland in 1969.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
Answer: (b)
Recently, the Bihar Cabinet has passed a resolution seeking the grant of Special Category Status (SCS) to Bihar.
The demand comes in the backdrop of the findings from the “Bihar Caste-based Survey, 2022”, which revealed that nearly one-third of Bihar’s population continues to live in poverty.
Special Category Status
About:
- SCS is a classification given by the Centre to assist development of states that face geographical and socio-economic disadvantages.
- The Constitution does not make a provision for SCS and this classification was later done on the recommendations of the 5th Finance Commission in 1969. (Statement 1 is correct and 2 is not correct)
- Status was first accorded to Jammu and Kashmir, Assam and Nagaland in 1969. (Statement 3 is correct)
- SCS for plan assistance was granted in the past by the National Development Council of the erstwhile Planning Commission.
- Eleven States including Assam, Nagaland, Himachal Pradesh, Manipur, Meghalaya, Sikkim, Tripura, Arunachal Pradesh, Mizoram, Uttarakhand and Telangana have been accorded the special category state status.
- Telangana, the newest State of India, was accorded the status as it was carved out of another state Andhra Pradesh.
- SCS is different from Special status which imparts enhanced legislative and political rights, while SCS deals with only economic and financial aspects.
- For instance, J&K used to have Special status before Article 370 was repealed.
Q 4. How many of the following given parameters for special category status states are based on Gadgil Formula?
- Hilly Terrain
- Low Population Density
- Strategic Location
- Economic and Infrastructure Backwardness
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) Only three
(d) All four
Answer: (d)
Parameters (Based on Gadgil Formula):
- Hilly Terrain;
- Low Population Density and/or Sizeable Share of Tribal Population;
- Strategic Location along Borders with Neighbouring Countries;
- Economic and Infrastructure Backwardness; and
- Nonviable Nature of State finances.
Q 5. Consider the following statements:
- The Election Commission of India is a five-member body.
- Union Ministry of Home Affairs decides the election schedule for the conduct of both general elections and bye-elections.
- The Election Commission resolves the disputes relating to splits/mergers of recognised political parties.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
Answer: (a)
The Election Commission of India (ECI) is an autonomous constitutional authority responsible for administering Union and State election processes in India. It was established in accordance with the Constitution on 25th January 1950 (celebrated as national voters’ day). The secretariat of the commission is in New Delhi.
The body administers elections to the Lok Sabha, Rajya Sabha, and State Legislative Assemblies in India, and the offices of the President and Vice President in the country. Article 324 to 329 of the constitution deals with powers, function, tenure, eligibility, etc of the commission and the member. The election commission has three election commissioners, one Chief Election Commissioner and two Election Commissioners. Statement 1 is not correct.
The President appoints Chief Election Commissioner and Election Commissioners. They have a fixed tenure of six years, or up to the age of 65 years, whichever is earlier. They enjoy the same status and receive salary and perks as available to Judges of the Supreme Court of India. The Chief Election Commissioner can be removed from office only through a process of removal similar to that of a Supreme Court judge for by Parliament Election commission decides the election schedule for the conduct of both general elections and bye-elections. Statement 2 is not correct.
It also decides the disputes relating to splits/mergers of recognized political parties. Statement 3 is correct.
It prepares electoral roll, issues Electronic Photo Identity Card (EPIC). It grants recognition to political parties & allots election symbols to them along with settling disputes related to it. It issues the Model Code of Conduct in the election for political parties and candidates. It sets limits of campaign expenditure per candidate to all the political parties.
Q 6. With reference to the recent developments in science, which one of the following statements is correct?
- Functional chromosomes can be created by joining segments of DNA taken from cells of different species.
- Pieces of artificial functional DNA can be created in laboratories.
- A piece of DNA taken out from an animal cell can be made to replicate outside a living cell in a laboratory.
- Cells taken out from plasma and animals can be made to undergo cell division in laboratory petri dishes.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) Only three
(d) All four
Answer: (c)
- In 2017, US researchers were successful in developing new semi-synthetic strain of E. coli bacteria that is a living organism that incorporates both natural and artificial DNA and is capable of creating entirely new, synthetic proteins
- A wide variety of double stranded DNA templates are replicated extensively in an in-vitro DNA replication system containing purified proteins.
- Through micro propagation, plants can be developed in the laboratory, for instance, chlamydomnas cells can be replicated in culture through light variations.
Q 7. Which of the following crop can be cultivated for ethanol?
(a) Jatropha
(b) Maize
(c) Pongamia
(d) Sunflower
Answer: (b)
Option (b) is correct: Maize crop can be cultivated for ethanol. Maize contains a good amount of starch, is thus favorable for the production of ethanol. Maize is hydrolyzed and enzymatically treated which results in the production of syrups, mainly high fructose corn syrup, which is a sweetener; and it can be fermented and distilled to produce grain alcohol.
Q 8. International Labour Organization’s Conventions 138 and 182 are related to:
(a) Child Labour
(b) Adaptation of agricultural practices to global climate change
(c) Regulation of food prices and food security
(d) Gender parity at the workplace
Answer: (a)
- In 2017, the Union Cabinet, GoI approved ratification of the Minimum Age Convention, 1973 (No. 138) and the Worst Forms of Child Labour Convention, 1999 (No. 182) of the International Labour Organization (ILO).
- Convention No. 138: India is the 170th ILO Member state to ratify Convention No. 138, which requires state parties to set a minimum age under which no one shall be admitted to employment or work in any occupation, except for light work and artistic performances.
- Convention No. 182: India also became the ILO’s 181st Member state to ratify Convention No. 182. This calls for the prohibition and elimination of the worst forms of child labour, including slavery, forced labour and trafficking; the use of children in armed conflict; the use of a child for prostitution, pornography and in illicit activities (such as drug trafficking); and hazardous work.
- These all are in line with the Child Labour (Prohibition and Regulation) Amendment Act, 2016, which completely prohibits employment or work of children below 14 years in any occupation or process and also prohibits the employment of adolescents (14 to 18 years) in hazardous occupations and processes.
- Additionally, the Child Labour (Prohibition and Regulation) Central Rules, as recently amended, for the first time provide for a broad and a specific framework for the prevention, prohibition, rescue and rehabilitation of child and adolescent workers.
- With ratification of the two core ILO Conventions, India has ratified six out of eight core ILO Conventions. Four other conventions relate to abolition of forced labour, equal remuneration and no discrimination between men and women in employment and occupation.
Q 9. A satellite is said to be in geostationary orbit when:
- The orbit is geosynchronous.
- The orbit is circular.
- The orbit lies in the plane of the Earth’s equator.
- The orbit is at an altitude of 22,236 km.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) Only three
(d) All four
Answer: (c)
A satellite is said to be in geostationary orbit when:
- The orbit is geosynchronous.
- The orbit is circular.
- The orbit lies in the plane of the Earth’s equator.
Q 10. Night Sky Sanctuary was recently mentioned in the news, it is going to be establish in which of the Indian state/UTs?
- Ladakh
- Arunachal Pradesh
- Sikkim
- Jammu and Kashmir
Answer: (a)
The Government of India, recently announced the upcoming establishment of South East Asia’s first Night Sky Sanctuary in Ladakh.
- Night Sky Sanctuary in Ladakh will be located at Hanle village in Eastern Ladakh as a part of Changthang Wildlife Sanctuary.
- It is being set up with the help of Indian Institute of Astrophysics Bengaluru, which is affiliated to the Department of Science & Technology, Govt of India.
- Spread over 1,073 square kilometers, it is adjacent to the Indian Astronomical Observatory, the second-highest optical telescope in the world.
- It will boost Astro-tourism in India and will be one of the world’s highest-located sites for optical, infra-red, and gamma-ray telescopes.
Q 11. Consider the following statements:
- Coal sector was nationalized by the Government of India under Indira Gandhi.
- Now, coal blocks are allocated on lottery basis.
- Till recently, India imported coal to meet the shortages of domestic supply, but now India is self-sufficient in coal production.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
Answer: (a)
Coal sector was nationalised in two phases under Indira Gandhi Government in 1972. Hence, statement 1 is correct.
The coal blocks are allocated through auctions and not on a lottery basis. Hence, statement 2 is not correct.
The coal sector is the monopolistic sector in India. India holds 5th biggest coal reserves in the world, but due to the incapacity of coal production by monopolistic firms, it imports coal to meet the shortages of domestic supply. Hence, statement 3 is not correct.
Q 12. Lieda and Tarragona was recently mentioned in news, these are located in:
- Syria
- Spain
- Morocco
- Algeria
Answer: (b)
Q 13. How many countries share land border with Germany?
- Italy
- Austria
- Hungary
- Poland
Select the correct answer using the code given below:
(a) Only one
(b) Only two
(c) Only three
(d) All four
Answer: (b)
Q 14. Pristina, Mitrovica, and Zvecan was recently mentioned in the news, these are located in which region?
- Kosovo region
- Nagorno-Karabakh
- Tigray Region
- Sahel Region
Answer: (a)
Q 15. Raqqa was recently mentioned in news, it is located in:
- Iran
- Turkey
- Iraq
- Israel
Answer: (b)
Q 16. Consider the following Countries:
- Cambodia
- Vietnam
- China
How many of the above countries share border with Lao PDR?
(a) Only one
(b) Only two
(c) All three
(d) None
Answer: (c)
Q 17. Which of the following country is not a land-locked countries?
- Namibia
- Zambia
- Malawi
- Botswana
Answer: (a)
Q 18. Agadir is located in which of the following country?
- Morocco
- Algeria
- Spain
- France
Answer: (a)
Q 19. Tigray region is between which of the following country?
- Eritrea and Ethiopia
- Yemen and Somalia
- Sudan and South Sudan
- Ethiopia and Kenya
Answer: (a)
Q 20. Consider the following location in news:
- Bayda
- Derna
- Tukara
How many of the above are located in Libya?
(a) Only one
(b) Only two
(c) All three
(d) None
Answer: (c)
FAQs on Weekly Current Affairs
Q: What are weekly current affairs, and why are they important?
A: Weekly current affairs refer to the most significant events and developments in the world during the past week. They are important because they help individuals stay informed about what’s happening globally, enabling them to make informed decisions and engage in discussions on relevant topics.
Q: How can I stay updated with weekly current affairs?
A: You can stay updated with weekly current affairs by reading newspapers, watching news broadcasts, following credible news websites, or subscribing to news apps and newsletters. Weekly news summaries and quizzes can also help you stay informed.
Q: What types of topics are typically covered in weekly current affairs?
A: Weekly current affairs cover a wide range of topics, including politics, economics, science, technology, sports, culture, and more. They may include international and national news, as well as regional and local stories that have garnered significant attention.
Q: Are there any recommended sources for reliable weekly current affairs updates?
A: Reliable sources for weekly current affairs include established news organizations like BBC, CNN, The New York Times, and The Guardian, as well as trusted magazines and websites dedicated to current affairs analysis, such as The Economist and Foreign Affairs.
Q: How can I use weekly current affairs to enhance my knowledge and engage in meaningful discussions?
A: To make the most of weekly current affairs, consider participating in discussions, forums, or social media platforms that focus on these topics. Additionally, you can use the knowledge gained from weekly current affairs to engage in debates, contribute to informed decision-making, and expand your overall awareness of global issues.
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