Daily Quiz 28 September 2023

Explanation:

In 2021, Non-Fungible Tokens (NFTs) were quite popular, with some selling for millions and people seeing them as a new way to own and invest in digital assets. However, currently many NFTs have become worthless.

• Statement 1 is correct: Non-Fungible Tokens are mainly used to confirm ownership because it’s hard to find and prove who owns digital work, making it easy for others to copy and devalue it. NFTs can have only one owner at a time. NFT owners can also digitally sign their artwork and store specific information in their NFTs metadata which will be only viewable to the individual who bought the NFT.
• Statement 2 is correct: NFTs are digital assets that can be used to establish the ownership and value of an underlying digital asset, such as an original image, video or audio. Anything that can be converted into a digital form can be an NFT like photos, videos, GIF, music, in-game items, selfies etc. NFT works on blockchain as it gives users complete ownership of a digital asset. For instance, a sketch artist can convert his digital asset to an NFT by getting a proof of ownership which cannot be edited or modified by anyone, powered by Blockchain. Terra Nulius was the first NFT on Ethereum Blockchain.
• Hence statement-II gives the correct explanation for Statement-I

Explanation:

Amnesty International has accused Indian authorities of using FATF recommendations to suppress activists and civil society groups, obstructing their work.

• Statement 1 is correct: FATF Plenary is FATF’s decision-making body and meets three times per year. The FATF President is a senior official appointed by the FATF Plenary from among its members for a two-year period. Financial Action Task Force (FATF) is an inter-governmental body that has developed standards to prevent and combat money laundering and terror financing. It was established in 1989 during the G7 Summit in Paris to develop policies against money laundering.
• Statement 2 is correct: FATF members include 39 countries, including US, India, China, Saudi Arabia, UK, Germany, France, European Commission and Gulf Co-operation Council. India became a member of FATF in 2010. FATF aims to establish international standards, and to develop and promote policies, both at national and international levels, to combat money laundering and the financing of terrorism.
• Statement 3 is incorrect: Countries knowns as Non-Cooperative Countries or Territories (NCCTs) are put on the blacklist. These countries support terror funding and money laundering activities. The FATF revises the blacklist regularly, adding or deleting entries. Three countries North Korea, Iran, and Myanmar are currently in FATF’s blacklist. Countries that are considered a safe haven for supporting terror funding and money laundering are put on the FATF grey list. This inclusion serves as a warning to the country that it may enter the blacklist.

Explanation:

• Statement 1 is incorrect: Indo-Pacific Armies Chiefs Conference (IPACC) is a forum for military leaders from the Indo-Pacific region to discuss security challenges and cooperation. It was initiated in 1999 by the United States Army. IPACC is a biennial event co-hosted by the United States Army with the co-host country. This year, the Indian Army is the co-host of IPACC. India and the United States jointly hosted the 13th edition of the Indo-Pacific Army Chiefs Conference (IPACC) in New Delhi. The conference brought together top military officials from 30 countries in the Indo-Pacific region, marking the largest-ever participation.
• Statement 2 is correct: The strategic maritime chokepoints such as the Gulf of Aden, Bab-el-Mandeb, and Mozambique Channel are located in the region. Factors like sea-borne terrorism, maritime piracy, maritime disputes, and flashpoints like the South China Sea (SCS) in the Indo-Pacific make it an important region to ensure Maritime Security. The Indo-Pacific region runs parallel to India’s increasing outreach to African countries and supports the Indian Navy’s role as a regional security partner.
• Statement 3 is incorrect: Indo-Pacific Oceans Initiative (IPOI) is an open, non-treaty-based initiative launched by India in 2019, to promote maritime cooperation in the Indo-Pacific region. On the economic side, India has decided to join the Indo-Pacific Economic Framework (IPEF). IPEF is a US-led trade initiative meant to counter China’s aggressive expansion in the region. It includes seven out of 10 members of the Association of South East Asian Nations (ASEAN), all four Quad countries, and New Zealand, represents about 40% of global GDP.

Explanation:

The Union Government has extended support under RoDTEP scheme till 2024 from earlier 2023 deadline. The extension has been done as global economic challenges have led to a slowdown in major economies, affecting India’s exports.

• Statement 1 is correct: Remission of Duties and Taxes on Exported Products (RoDTEP Scheme) provides a mechanism to reimburse taxes, duties and levies at the central, State and local level that are incurred by exporters in the production and distribution process and are not refunded under any other mechanism. RoDTEP Scheme aims to boost the domestic exports and replace the export incentive scheme Merchandise Exports from India (MEIS) scheme.
• Statement 2 is incorrect: RoDTEP Scheme is a WTO compliant It follows the global principle that the taxes/duties should not be exported. All exporters of goods are eligible to take benefit under this scheme. There is no turnover limit criterion for claiming the benefit under the Scheme. It is now extended to steel, pharmaceuticals, organic and inorganic chemicals sectors that were earlier excluded from the scheme.

Explanation:

• Option (3) is incorrect: United Nations Group of Friends for Digital Cooperation initiative aims to lead global support and sustainable growth for the digital economy, enabling prosperity and social inclusivity for all on a global scale. It will boost global digital economy efforts by launching initiatives, projects, and events. Members of the group are Saudi Arabia, Bahrain, Cyprus, Pakistan, and Rwanda. Five member states of the Digital Cooperation Organization (DCO) have launched the “United Nations Group of Friends for Digital Cooperation” on the sidelines of the 78th UN General Assembly meetings.