Current Affairs 16 August 2023

Daily Current Affairs - Quiz Section

Current Affairs Quiz: 16 August 2023

August 16, 2023 Current Affairs MCQs

Specially Designed for UPSC-related exams, and State Level Group-1 & Group-2 Exams

Also Useful for SSC-CGL, SSC CHSL, SSC MTS, CDS, RRB, and all other Competitive Exams

1Q) Recently, Prime Minister Shri Narendra Modi was conferred with the Grand Cross of the Legion of Honour. This is which of the following country's highest award?

(A) USA

(B) Italy

(C) Egypt

(D) France

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⇨ Prime Minister Shri Narendra Modi was conferred with the Grand Cross of the Legion of Honour. It is France's highest award.

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PIB   Click Here

2Q) Which of the following statement is correct regarding Atlantic Menhaden?

(1) It is commercial Atlantic Ocean fish.

(2) Atlantic Menhaden is found in coastal and estuarine waters from Nova Scotia to northern Florida.

(3) They are a major source of omega-3 fatty acids.

(4) It is listed as a Least Concern fish species in the red list of IUCN.

(A) 1 and 2 Only

(B) 2 and 3 Only

(C) 1 and 3 Only

(D) 1, 2, 3, and 4

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⇨ Important points about Atlantic Menhaden:

⇨ It is commercial Atlantic Ocean fish.

⇨ Atlantic Menhaden is found in coastal and estuarine waters from Nova Scotia to northern Florida.

⇨ They are a major source of omega-3 fatty acids.

⇨ It is listed as a Least Concern fish species in the red list of IUCN.

⇨ Depletion of the population of Atlantic menhaden affected the breeding of ospreys.

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Indian Express   Click Here

3Q) The African Union (AU) initiated in which of the following year?

(A) 2002

(B) 2005

(C) 2010

(D) 2016

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⇨ The African Union (AU) is a continental body consisting of the 55 member states that make up the countries of the African Continent. It was officially launched in 2002 as a successor to the Organisation of African Unity (OAU, 1963-1999).

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au.int   Click Here

The Hindu   Click Here

4Q) Regional Anti-Terrorist Structure (RATS) is a permanent body of which of the following?

(A) UN

(B) ASEAN‎

(C) NATO

(D) SCO

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⇨ The Executive Committee of the Regional Anti-Terrorist Structure (RATS) of the Shanghai Cooperation Organisation (SCO) is the permanent body of the SCO RATS based in Tashkent, the capital of Uzbekistan.

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Indian Express   Click Here

mea.gov.in   Click Here

5Q) Recently, there has been a concern over the short supply of a group of elements called "rare earth metals". Why?

(1) China, which is the largest producer of these elements, has imposed some restrictions on their export.

(2) Other than China, Australia, Canada, and Chile, these elements are not found in any country.

(3) Rare earth metals are essential for the manufacture of various kinds of electronic items and there is a growing demand for these elements.

(A) 1 only

(B) 2 and 3 only

(C) 1 and 3 only

(D) 1, 2 and 3

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⇨ China, which is the largest producer of rare earth metals elements, has imposed some restrictions on their export.

⇨ Rare earth metals are essential for the manufacture of various kinds of electronic items and there is a growing demand for these elements.

⇨ According to the latest data from US Geological Survey, the following 10 countries mined the most rare earth metals in 2019:

⇨ China; The US; Myanmar; Australia; India; Russia; Madagascar; Thailand; Brazil; and Vietnam.

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6Q) Which of the following statement is correct regarding Wholesale Price Index (WPI)?

(1) The WPI is produced by the Indian Ministry of Commerce and Industry.

(2) 2011-2012 is the base year for the Wholesale Price Index (WPI).

(A) 1 Only

(B) 2 Only

(C) Both 1 and 2

(D) Neither 1 Nor 2

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⇨ About Wholesale Price Index (WPI):

⇨ The WPI is produced by the Indian Ministry of Commerce and Industry.

⇨ Inflation rates are based on WPI which is released by the Office of Economic Advisor under the Ministry of Commerce and Industry.

⇨ The data are collected at the first point of bulk sale in the domestic market.

⇨ The WPI measures the prices of products at the factory or farm gate, prior to their sale to consumers in retail markets.

⇨ The WPI also covers a broad range of goods, from raw materials to finished manufactures, but notably excludes services.

⇨ The WPI is calculated using the Laspeyres formula, which measures the change in the cost of purchasing the same basket of items in the current period as was purchased in a specified earlier period.

⇨ 2011-2012 is the base year for the Wholesale Price Index (WPI).

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The Hindu   Click Here

7Q) Recently, the 50th meeting of the GST Council recommends Casino, Horse Racing and Online gaming to be taxed at the uniform rate of 28% on full face value. In this context, the first meeting of the GST Council was held in which of the following year?

(A) 2015

(B) 2016

(C) 2017

(D) 2018

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⇨ Important points about GST COUNCIL:

⇨ As per Article 279A (1) of the amended Constitution, the GST Council has to be constituted by the President within 60 days of the commencement of Article 279A.

⇨ The notification for bringing into force Article 279A with effect from 12th September 2016 was issued on 10th September 2016.

⇨ The GST Council is a constitutional body responsible for making recommendations on issues related to the implementation of the Goods and Services Tax (GST) in India.

⇨ The first meeting of the GST Council was held on September 22-23, 2016, and since then, the Council meets periodically to deliberate and decide on various issues related to GST.

⇨ Note: The GST was launched at midnight on 1 July 2017 by the President of India, and the Government of India.

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PIB   Click Here

gstcouncil.gov.in   Click Here

8Q) Which of the following statement is correct regarding European Free Trade Association (EFTA)?

(1) EFTA was founded by the Stockholm Convention in 1960.

(2) EFTA comprises Iceland, Liechtenstein, Norway, and Switzerland.

(A) 1 Only

(B) 2 Only

(C) Both 1 and 2

(D) Neither 1 Nor 2

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⇨ About European Free Trade Association (EFTA):

⇨ EFTA is an intergovernmental organization that was established in 1960.

⇨ The European Free Trade Association (EFTA) was established by a Convention signed in Stockholm on 4 January 1960.

⇨ EFTA comprises Iceland, Liechtenstein, Norway, and Switzerland.

⇨ EFTA is India's 9th largest trading partner.

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9Q) In which of the following year both houses passed the Armed Forces (Special Powers) Bill?

(A) 1952

(B) 1958

(C) 1962

(D) 1968

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⇨ The Armed Forces (Special Powers) Bill was passed by both Houses of Parliament and it received the assent of the President on 11th September 1958.

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The Hindu   Click Here

10Q) National Asset Reconstruction Company (NARCL) was established in which of the following year?

(A) 2014

(B) 2016

(C) 2021

(D) 2023

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⇨ About National Asset Reconstruction Company (NARCL):

⇨ The Government of India started the National Asset Reconstruction Company in July 2021 under the leadership of our Finance Minister.

⇨ It has been made a part of the Companies Act.

⇨ During Phase I, the asset reconstruction company has been tasked with picking up bad loans worth 2 lakh crores.

⇨ It is established as a "bad bank" to help dispose of the stressed assets of commercial banks.

⇨ NARCL is intended to resolve stressed loan assets above ₹500 crore each amounting to about ₹2 lakh crore.

⇨ In phase-I, fully provisioned assets of about Rs. 90,000 crores are expected to be transferred to NARCL, while the remaining assets with lower provisions would be transferred in phase-II.

⇨ Public Sector Banks maintain 51% ownership in NARCL.

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Economic Times   Click Here

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