Daily Quiz 19 November 2024
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Question 1 of 5
1. Question
1 pointsConsider the following statements with respect to the Corporate Social Responsibility (CSR) and its governance in India:
- The Companies Act, 2013, is the primary legislation governing CSR in India.
- The companies are required to spend at least 2% of their average annual net profit on CSR activities.
- If a company fails to utilize its CSR funds, the unspent amount must be transferred to a separate bank account to be used within three years.
Which of the statements given above is/are correct?
Correct
Answer: C
Explanation:Corporate Social Responsibility (CSR) is a self-regulating business practice where companies integrate social, environmental, and ethical concerns into their operations and decision-making processes.
- Statement 1 is correct:The Companies Act, 2013, is the primary legislation governing CSR in India. Section 135 of the Act deals with CSR obligations for certain companies based on their financial thresholds. It was introduced to encourage businesses to contribute to the nation’s social, economic, and environmental well-being.
- Statement 2 is incorrect:CSR provisions are applicable to companies that meet one or more of the following criteria:
- Net worth of ₹500 crore or more.
- Turnover of ₹1000 crore or more.
- Net profit of ₹5 crore or more during the immediately preceding financial year.
The companies are required to spend at least 2% of their average net profit during the three immediately preceding financial years on CSR activities.
Statement 3 iscorrect:If a company fails to meet the CSR spending target, it must disclose the reasons for the shortfall in its annual report. If a company fails to utilize its CSR funds, the unspent amount must be transferred to a separate bank account to be used within three years. After this period, the amount is transferred to a fund specified under Schedule VII.
Incorrect
Answer: C
Explanation:Corporate Social Responsibility (CSR) is a self-regulating business practice where companies integrate social, environmental, and ethical concerns into their operations and decision-making processes.
- Statement 1 is correct:The Companies Act, 2013, is the primary legislation governing CSR in India. Section 135 of the Act deals with CSR obligations for certain companies based on their financial thresholds. It was introduced to encourage businesses to contribute to the nation’s social, economic, and environmental well-being.
- Statement 2 is incorrect:CSR provisions are applicable to companies that meet one or more of the following criteria:
- Net worth of ₹500 crore or more.
- Turnover of ₹1000 crore or more.
- Net profit of ₹5 crore or more during the immediately preceding financial year.
The companies are required to spend at least 2% of their average net profit during the three immediately preceding financial years on CSR activities.
Statement 3 iscorrect:If a company fails to meet the CSR spending target, it must disclose the reasons for the shortfall in its annual report. If a company fails to utilize its CSR funds, the unspent amount must be transferred to a separate bank account to be used within three years. After this period, the amount is transferred to a fund specified under Schedule VII.
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Question 2 of 5
2. Question
1 pointsA five-judge Constitution Bench, led by Chief Justice of India delivered its judgement regarding the eligibility criteria for selection of candidates to public services. With respect to this, consider the following statements:
- The process of selection and appointment for selecting candidates, cannot be altered after the recruitment process has begun.
- If a candidate is placed on the select list, it provides an indefeasible right to be appointed to the position, if vacancies are available.
Which of the statements given above is/are correct?
Correct
Answer: A
Explanation:
- Statement 1 is correct:The process of selection and appointment for selecting candidates,cannot be altered after the recruitment process has begun.Laws, rules and procedures for recruitment to public services—both for the Union and States—must align with the fundamental principles of equality and non-discrimination under Articles 14 (right to equality) and 16 (equal opportunity in public employment) of the Constitution. Any changes to the eligibility criteria must also satisfy the test of non-arbitrariness, ensuring that the process remains fair and just.
Statement 2 is incorrect: Even if a candidate is placed on the select list, it does not guarantee an indefeasible right to be appointed to the position, even if vacancies are available. However, State or its instrumentalities cannot arbitrarily deny appointment to a selected candidate. It would be the State’s responsibility to justify such a denial.
Incorrect
Answer: A
Explanation:
- Statement 1 is correct:The process of selection and appointment for selecting candidates,cannot be altered after the recruitment process has begun.Laws, rules and procedures for recruitment to public services—both for the Union and States—must align with the fundamental principles of equality and non-discrimination under Articles 14 (right to equality) and 16 (equal opportunity in public employment) of the Constitution. Any changes to the eligibility criteria must also satisfy the test of non-arbitrariness, ensuring that the process remains fair and just.
Statement 2 is incorrect: Even if a candidate is placed on the select list, it does not guarantee an indefeasible right to be appointed to the position, even if vacancies are available. However, State or its instrumentalities cannot arbitrarily deny appointment to a selected candidate. It would be the State’s responsibility to justify such a denial.
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Question 3 of 5
3. Question
1 pointsConsider the following statements with respect to the Commision for Air Quality Management (CAQM):
- It is a statutory body established to address air quality issues in the National Capital Region (NCR) and surrounding states.
- It can issue binding directions to state governments and local authorities.
- It can shut down industries or cut their water and power supply if they don’t comply with regulations.
Which of the statements given above is/are correct?
Correct
Answer: D
Explanation:
- Statement 1 iscorrect: CAQM is a statutory Body establsihed under the Commission for Air Quality Management in National Capital Region and Adjoining Areas Act, 2021. It aims to address air quality issues in the National Capital Region (NCR) and surrounding states, including Haryana, Punjab, Rajasthan and Uttar Pradesh. It comprises of Chairperson + 5 ex-officio members from member states + 6 other members + Technical members from CPCB, ISRO and NITI Aayog.
Statements 2 and 3 are correct:CAQM issues binding directions to state governments and local authorities. It has the power for imposing penalties for non-compliance, including imprisonment of up to five years or fines up to ₹1 crore. (Under section-14). It monitors the actions taken by states to prevent stubble burning. CAQM can shut down industries or cut their water and power supply if they don’t comply with regulations.
Incorrect
Answer: D
Explanation:
- Statement 1 iscorrect: CAQM is a statutory Body establsihed under the Commission for Air Quality Management in National Capital Region and Adjoining Areas Act, 2021. It aims to address air quality issues in the National Capital Region (NCR) and surrounding states, including Haryana, Punjab, Rajasthan and Uttar Pradesh. It comprises of Chairperson + 5 ex-officio members from member states + 6 other members + Technical members from CPCB, ISRO and NITI Aayog.
Statements 2 and 3 are correct:CAQM issues binding directions to state governments and local authorities. It has the power for imposing penalties for non-compliance, including imprisonment of up to five years or fines up to ₹1 crore. (Under section-14). It monitors the actions taken by states to prevent stubble burning. CAQM can shut down industries or cut their water and power supply if they don’t comply with regulations.
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Question 4 of 5
4. Question
1 pointsConsider the following statements with respect to these free trade agreements:
- Regional Comprehensive Economic Partnership (RCEP) is the world’s largest free trade agreement by members’ GDP.
- Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is a free trade agreement (FTA) between is Pacific countries, African union and United States.
- India is a founding member of CPTPP but has withdrawn from the RCEP.
Which of the statements given above is/are correct?
Correct
Answer: A
Explanation:
- Statement 1 is correct: RCEP is a free trade agreement between 15 Asia-Pacific countries that aims to create a modern, mutually beneficial economic partnership
Members: 10 ASEAN group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and 6 FTA partners — China, Japan, South Korea, Australia and New Zealand.
It is the world’s largest free trade agreement by members’ GDP.
- Statement 2 is incorrect: CPTPP is a free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, Vietnam and United Kingdom (UK will accede to the CPTPP on December 15, 2024). It was initially known as the Trans-Pacific Partnership (TPP) but was renamed after the United States withdrew from the agreement in 2017.
Statement 3 is incorrect:India was a founding member of the RCEP. but in 2019, India decided to withdraw from the RCEP negotiations based on concerns about the impact on its domestic economy. India is not a member of the Trans-Pacific Partnership. The CEO of NITI Aayog has stated that India should consider joining the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Incorrect
Answer: A
Explanation:
- Statement 1 is correct: RCEP is a free trade agreement between 15 Asia-Pacific countries that aims to create a modern, mutually beneficial economic partnership
Members: 10 ASEAN group members (Brunei, Cambodia, Indonesia, Malaysia, Myanmar, Singapore, Thailand, the Philippines, Laos and Vietnam) and 6 FTA partners — China, Japan, South Korea, Australia and New Zealand.
It is the world’s largest free trade agreement by members’ GDP.
- Statement 2 is incorrect: CPTPP is a free trade agreement (FTA) between Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, New Zealand, Singapore, Vietnam and United Kingdom (UK will accede to the CPTPP on December 15, 2024). It was initially known as the Trans-Pacific Partnership (TPP) but was renamed after the United States withdrew from the agreement in 2017.
Statement 3 is incorrect:India was a founding member of the RCEP. but in 2019, India decided to withdraw from the RCEP negotiations based on concerns about the impact on its domestic economy. India is not a member of the Trans-Pacific Partnership. The CEO of NITI Aayog has stated that India should consider joining the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
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Question 5 of 5
5. Question
1 pointsConsider the following statements with respect to the Directorate of Revenue Intelligence (DRI):
- It was constituted in 2001 for dealing exclusively with the work relating to the collection and study of information on revenue collection and distribution.
- It works under the Central Board of Indirect Taxes & Customs, Ministry of Finance.
- It is the lead agency for the Anti-Smuggling National Coordination Centre (SCord).
Which of the statements given above is/are correct?
Correct
Answer: B
Explanation: The Supreme Court has ruled that Directorate of Revenue Intelligence (DRI) officers have the authority to issue notices and recover dues under the Customs Act, 1962.
- Statement 1 is incorrect: The Directorate of Revenue Intelligence was constituted on 4th December 1957, for dealing exclusively with the work relating to the collection and study of information on smuggling activities and the deployment of all anti-smuggling resources at the all India level, besides arranging training for the intelligence and Investigation officers of the Custom Houses and Central Excise Collectorates deployed on similar work.
Statements 2 and 3 are correct: DRI is India’s premier agency for combating smuggling, trade-based money laundering, and customs-related offences. It works under the Central Board of Indirect Taxes & Customs, Ministry of Finance. DRI is the lead agency for the Anti-Smuggling National Coordination Centre (SCord).
Incorrect
Answer: B
Explanation: The Supreme Court has ruled that Directorate of Revenue Intelligence (DRI) officers have the authority to issue notices and recover dues under the Customs Act, 1962.
- Statement 1 is incorrect: The Directorate of Revenue Intelligence was constituted on 4th December 1957, for dealing exclusively with the work relating to the collection and study of information on smuggling activities and the deployment of all anti-smuggling resources at the all India level, besides arranging training for the intelligence and Investigation officers of the Custom Houses and Central Excise Collectorates deployed on similar work.
Statements 2 and 3 are correct: DRI is India’s premier agency for combating smuggling, trade-based money laundering, and customs-related offences. It works under the Central Board of Indirect Taxes & Customs, Ministry of Finance. DRI is the lead agency for the Anti-Smuggling National Coordination Centre (SCord).
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