UPSC Current Affairs Quiz : 15 April 2024

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The Current Affairs Quiz is a daily quiz based on the DAILY CURRENT AFFAIRS AND PIB SUMMARY from the previous day, as posted on our website. It covers all relevant news sources and is designed to test your knowledge of current events. Solving these questions will help you retain both concepts and facts relevant to the UPSC IAS civil services exam.

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• Question 1 of 10 1. Question 1 points In India, which one of the following is mandated with facilitating monetization of non-core assets of government CPSEs under strategic disinvestment or closure and enemy property? (a) NITI Aayog (b) Reserve Bank of India (c) Department for Promotion of Industry and Internal Trade (d) Department of Investment and Public Asset Management Correct Ans: (d) Explanation: In India, the disinvestment process is overseen by the Department of Investment and Public Asset Management (DIPAM), operating under the Ministry of Finance. DIPAM’s main goal is to manage the government’s investments in public sector enterprises and supervise the disinvestment of government equity in these enterprises. Additionally, in 2005, the government established the National Investment Fund (NIF) to serve as a channel for the proceeds generated from the disinvestment of Central Public Sector Enterprises. The creation of NIF aimed to ensure transparent and efficient utilization of these funds for various developmental purposes. Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/ Incorrect Ans: (d) Explanation: In India, the disinvestment process is overseen by the Department of Investment and Public Asset Management (DIPAM), operating under the Ministry of Finance. DIPAM’s main goal is to manage the government’s investments in public sector enterprises and supervise the disinvestment of government equity in these enterprises. Additionally, in 2005, the government established the National Investment Fund (NIF) to serve as a channel for the proceeds generated from the disinvestment of Central Public Sector Enterprises. The creation of NIF aimed to ensure transparent and efficient utilization of these funds for various developmental purposes. Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/

#### 1. Question

In India, which one of the following is mandated with facilitating monetization of non-core assets of government CPSEs under strategic disinvestment or closure and enemy property?

• (a) NITI Aayog

• (b) Reserve Bank of India

• (c) Department for Promotion of Industry and Internal Trade

• (d) Department of Investment and Public Asset Management

Explanation:

• In India, the disinvestment process is overseen by the Department of Investment and Public Asset Management (DIPAM), operating under the Ministry of Finance. DIPAM’s main goal is to manage the government’s investments in public sector enterprises and supervise the disinvestment of government equity in these enterprises. Additionally, in 2005, the government established the National Investment Fund (NIF) to serve as a channel for the proceeds generated from the disinvestment of Central Public Sector Enterprises. The creation of NIF aimed to ensure transparent and efficient utilization of these funds for various developmental purposes.

Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/

Explanation:

Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/

• Question 2 of 10 2. Question 1 points Which of the following statements about an Initial Public Offering (IPO) is correct? (a) An IPO is a process where an established public company buys shares of a startup. (b) An IPO is a type of loan that a company takes from the public. (c) An IPO is the process of a company buying back its shares from the public. (d) An IPO occurs when a private company offers its shares to the public for the first time. Correct Ans: (d) Explanation: An Initial Public Offering (IPO) refers to the process by which a private company becomes a public company by offering its shares to the general public for the first time. This allows the company to raise capital from public investors. Option D correctly describes this process, making it the correct answer. The other options do not accurately describe what an IPO entails. Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/ Incorrect Ans: (d) Explanation: An Initial Public Offering (IPO) refers to the process by which a private company becomes a public company by offering its shares to the general public for the first time. This allows the company to raise capital from public investors. Option D correctly describes this process, making it the correct answer. The other options do not accurately describe what an IPO entails. Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/

#### 2. Question

Which of the following statements about an Initial Public Offering (IPO) is correct?

• (a) An IPO is a process where an established public company buys shares of a startup.

• (b) An IPO is a type of loan that a company takes from the public.

• (c) An IPO is the process of a company buying back its shares from the public.

• (d) An IPO occurs when a private company offers its shares to the public for the first time.

Explanation:

• An Initial Public Offering (IPO) refers to the process by which a private company becomes a public company by offering its shares to the general public for the first time. This allows the company to raise capital from public investors. Option D correctly describes this process, making it the correct answer. The other options do not accurately describe what an IPO entails.

Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/

Explanation:

Refer: https://www.insightsonindia.com/2024/04/13/disinvestment-in-india-a-key-agenda-for-the-next-government/

• Question 3 of 10 3. Question 1 points Which organization releases the Global Financial Stability Report? (a) International Monetary Fund (IMF) (b) World Bank (c) Organisation for Economic Co-operation and Development (OECD) (d) Bank for International Settlements (BIS) Correct Ans: (a) Explanation: Key findings: The IMF warns of rising cyber threats endangering macro-financial stability, with extreme losses reaching $2.5 billion. Cyberattacks have nearly doubled since the pandemic, with financial firms, especially banks, facing the brunt. India ranks 10th in cybercrime, with advance fee payment frauds being the most common, according to the World Cybercrime Index developed by the University of Oxford and UNSW Canberra Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/ Incorrect Ans: (a) Explanation: Key findings: The IMF warns of rising cyber threats endangering macro-financial stability, with extreme losses reaching $2.5 billion. Cyberattacks have nearly doubled since the pandemic, with financial firms, especially banks, facing the brunt. India ranks 10th in cybercrime, with advance fee payment frauds being the most common, according to the World Cybercrime Index developed by the University of Oxford and UNSW Canberra Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

#### 3. Question

Which organization releases the Global Financial Stability Report?

• (a) International Monetary Fund (IMF)

• (b) World Bank

• (c) Organisation for Economic Co-operation and Development (OECD)

• (d) Bank for International Settlements (BIS)

Explanation:

• Key findings: The IMF warns of rising cyber threats endangering macro-financial stability, with extreme losses reaching $2.5 billion. Cyberattacks have nearly doubled since the pandemic, with financial firms, especially banks, facing the brunt.

• India ranks 10th in cybercrime, with advance fee payment frauds being the most common, according to the World Cybercrime Index developed by the University of Oxford and UNSW Canberra

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

Explanation:

• India ranks 10th in cybercrime, with advance fee payment frauds being the most common, according to the World Cybercrime Index developed by the University of Oxford and UNSW Canberra

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

• Question 4 of 10 4. Question 1 points Plastic Overshoot Day 2024 Report was released by which organization? (a) World Health Organization (WHO) (b) United Nations Environment Programme (UNEP) (c) Plastic Pollution Coalition (d) Earth Action Correct Ans: (d) Explanation: Released by Earth Action Key Findings: In 2024, it’s projected for September 5th globally and April 23rd in India. There has been over 7% rise in global plastic waste since 2021, with 12 countries responsible for 60% of mismanaged plastic waste, including China, India, and Russia. India is categorized as a Low-Waste-Producing Polluter with a high Mismanaged Waste Index (MWI) Plastic Overshoot Day (similar to Earth Overshoot Day) marks when global plastic waste surpasses the world’s capacity to manage it, leading to pollution. Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/ Incorrect Ans: (d) Explanation: Released by Earth Action Key Findings: In 2024, it’s projected for September 5th globally and April 23rd in India. There has been over 7% rise in global plastic waste since 2021, with 12 countries responsible for 60% of mismanaged plastic waste, including China, India, and Russia. India is categorized as a Low-Waste-Producing Polluter with a high Mismanaged Waste Index (MWI) Plastic Overshoot Day (similar to Earth Overshoot Day) marks when global plastic waste surpasses the world’s capacity to manage it, leading to pollution. Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

#### 4. Question

Plastic Overshoot Day 2024 Report was released by which organization?

• (a) World Health Organization (WHO)

• (b) United Nations Environment Programme (UNEP)

• (c) Plastic Pollution Coalition

• (d) Earth Action

Explanation:

• Released by Earth Action

• Key Findings: In 2024, it’s projected for September 5th globally and April 23rd in India. There has been over 7% rise in global plastic waste since 2021, with 12 countries responsible for 60% of mismanaged plastic waste, including China, India, and Russia.

• India is categorized as a Low-Waste-Producing Polluter with a high Mismanaged Waste Index (MWI)

• Plastic Overshoot Day (similar to Earth Overshoot Day) marks when global plastic waste surpasses the world’s capacity to manage it, leading to pollution.

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

Explanation:

• Released by Earth Action

• India is categorized as a Low-Waste-Producing Polluter with a high Mismanaged Waste Index (MWI)

• Plastic Overshoot Day (similar to Earth Overshoot Day) marks when global plastic waste surpasses the world’s capacity to manage it, leading to pollution.

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

• Question 5 of 10 5. Question 1 points Which one of the following statements is not correct? (a) Hepatitis B virus is transmitted much like HIV. (b) Hepatitis B, unlike Hepatitis C, does not have a vaccine. (c) Globally, the number of people infected with Hepatitis B and C viruses are several times more than those infected with HIV. (d) Some of those infected with Hepatitis B and C viruses do not show the symptoms for many years. Correct Ans: (b) Explanation: Global hepatitis report 2024 Released by WHO India accounted for over 11% of the global burden of hepatitis B & C cases, ranking second after China. Hepatitis is liver inflammation caused by various factors, such as drugs, alcohol, and autoimmune disorders. Symptoms can range from jaundice and fever to chronic illness. The five main strains are A, B, C, D, and E, with B and C leading to chronic disease, liver cirrhosis, cancer, and death. While a vaccine exists for type B, none is available for type C Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/ Incorrect Ans: (b) Explanation: Global hepatitis report 2024 Released by WHO India accounted for over 11% of the global burden of hepatitis B & C cases, ranking second after China. Hepatitis is liver inflammation caused by various factors, such as drugs, alcohol, and autoimmune disorders. Symptoms can range from jaundice and fever to chronic illness. The five main strains are A, B, C, D, and E, with B and C leading to chronic disease, liver cirrhosis, cancer, and death. While a vaccine exists for type B, none is available for type C Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

#### 5. Question

Which one of the following statements is not correct?

• (a) Hepatitis B virus is transmitted much like HIV.

• (b) Hepatitis B, unlike Hepatitis C, does not have a vaccine.

• (c) Globally, the number of people infected with Hepatitis B and C viruses are several times more than those infected with HIV.

• (d) Some of those infected with Hepatitis B and C viruses do not show the symptoms for many years.

Explanation:

• Global hepatitis report 2024 Released by WHO India accounted for over 11% of the global burden of hepatitis B & C cases, ranking second after China. Hepatitis is liver inflammation caused by various factors, such as drugs, alcohol, and autoimmune disorders. Symptoms can range from jaundice and fever to chronic illness. The five main strains are A, B, C, D, and E, with B and C leading to chronic disease, liver cirrhosis, cancer, and death. While a vaccine exists for type B, none is available for type C

• Released by WHO

• India accounted for over 11% of the global burden of hepatitis B & C cases, ranking second after China.

• Hepatitis is liver inflammation caused by various factors, such as drugs, alcohol, and autoimmune disorders. Symptoms can range from jaundice and fever to chronic illness. The five main strains are A, B, C, D, and E, with B and C leading to chronic disease, liver cirrhosis, cancer, and death. While a vaccine exists for type B, none is available for type C

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

Explanation:

• Released by WHO

• India accounted for over 11% of the global burden of hepatitis B & C cases, ranking second after China.

Refer: https://www.insightsonindia.com/2024/04/13/reports-in-news-4/

• Question 6 of 10 6. Question 1 points Consider the following statements: DTAA is an agreement between two countries to avoid double taxation of income earned in both countries by a resident of either country. DTAA only applies to individuals and not to companies. DTAA provides for exemption, credit, or deduction in the country of residence for taxes paid in the source country. How many of the above statements about Double Taxation Avoidance Agreement (DTAA) is/are correct? (a) Only one (b) Only two (c) All three (d) None Correct Ans: (b) Explanation: Context: India and Mauritius amended their double taxation avoidance agreement (DTAA) to include a principal purpose test (PPT) aimed at curbing tax avoidance. However, the amended protocol has not been ratified or notified by the Income Tax Department. There were concerns that investments through Mauritius might face increased scrutiny by tax authorities, potentially affecting past investments as well. Double taxation occurs when the same income is taxed twice in two different jurisdictions before it becomes net income. To address this issue and encourage international economic activities, countries sign Double Taxation Avoidance Agreements (DTAAs). These agreements establish agreed-upon tax rates and jurisdictions for specific types of income received by tax residents of one country from another country. DTAA aims to prevent international double taxation and promote capital investment, trade, and economic activities between the signatory nations. The agreements may cover various categories of income, depending on the types of businesses and holdings citizens have in each other’s countries. S1 is Correct: DTAA is an agreement between two countries to avoid double taxation of income earned in both countries by a resident of either country. S3 is Correct: DTAA provides for exemption, credit, or deduction in the country of residence for taxes paid in the source country. Refer: https://www.insightsonindia.com/2024/04/13/india-mauritius-tax-treaty/ Incorrect Ans: (b) Explanation: Context: India and Mauritius amended their double taxation avoidance agreement (DTAA) to include a principal purpose test (PPT) aimed at curbing tax avoidance. However, the amended protocol has not been ratified or notified by the Income Tax Department. There were concerns that investments through Mauritius might face increased scrutiny by tax authorities, potentially affecting past investments as well. Double taxation occurs when the same income is taxed twice in two different jurisdictions before it becomes net income. To address this issue and encourage international economic activities, countries sign Double Taxation Avoidance Agreements (DTAAs). These agreements establish agreed-upon tax rates and jurisdictions for specific types of income received by tax residents of one country from another country. DTAA aims to prevent international double taxation and promote capital investment, trade, and economic activities between the signatory nations. The agreements may cover various categories of income, depending on the types of businesses and holdings citizens have in each other’s countries. S1 is Correct: DTAA is an agreement between two countries to avoid double taxation of income earned in both countries by a resident of either country. S3 is Correct: DTAA provides for exemption, credit, or deduction in the country of residence for taxes paid in the source country. Refer: https://www.insightsonindia.com/2024/04/13/india-mauritius-tax-treaty/

#### 6. Question

Consider the following statements:

• DTAA is an agreement between two countries to avoid double taxation of income earned in both countries by a resident of either country. DTAA only applies to individuals and not to companies. DTAA provides for exemption, credit, or deduction in the country of residence for taxes paid in the source country.

• DTAA is an agreement between two countries to avoid double taxation of income earned in both countries by a resident of either country.

• DTAA only applies to individuals and not to companies.

• DTAA provides for exemption, credit, or deduction in the country of residence for taxes paid in the source country.

How many of the above statements about Double Taxation Avoidance Agreement (DTAA) is/are correct?

• (a) Only one

• (b) Only two

• (c) All three

Explanation:

• Context: India and Mauritius amended their double taxation avoidance agreement (DTAA) to include a principal purpose test (PPT) aimed at curbing tax avoidance. However, the amended protocol has not been ratified or notified by the Income Tax Department. There were concerns that investments through Mauritius might face increased scrutiny by tax authorities, potentially affecting past investments as well.

• However, the amended protocol has not been ratified or notified by the Income Tax Department.

• There were concerns that investments through Mauritius might face increased scrutiny by tax authorities, potentially affecting past investments as well.

• Double taxation occurs when the same income is taxed twice in two different jurisdictions before it becomes net income. To address this issue and encourage international economic activities, countries sign Double Taxation Avoidance Agreements (DTAAs). These agreements establish agreed-upon tax rates and jurisdictions for specific types of income received by tax residents of one country from another country. DTAA aims to prevent international double taxation and promote capital investment, trade, and economic activities between the signatory nations. The agreements may cover various categories of income, depending on the types of businesses and holdings citizens have in each other’s countries.

• To address this issue and encourage international economic activities, countries sign Double Taxation Avoidance Agreements (DTAAs).

• These agreements establish agreed-upon tax rates and jurisdictions for specific types of income received by tax residents of one country from another country.

• DTAA aims to prevent international double taxation and promote capital investment, trade, and economic activities between the signatory nations.

• The agreements may cover various categories of income, depending on the types of businesses and holdings citizens have in each other’s countries.

• S1 is Correct: DTAA is an agreement between two countries to avoid double taxation of income earned in both countries by a resident of either country.

• S3 is Correct: DTAA provides for exemption, credit, or deduction in the country of residence for taxes paid in the source country.

Refer: https://www.insightsonindia.com/2024/04/13/india-mauritius-tax-treaty/