17 Feb 2024 : Daily Current Affairs Quiz
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Daily MCQ: February 17, 2024.
- Which of the following is the primary legislation in India regulating foreign exchange and payments, aimed at facilitating external trade and payments?
Select the correct option from the following:
- Companies Act
- Income Tax Act
- Foreign Contribution (Regulation) Act
- Foreign Exchange Management Act (FEMA)
Answer:Â Option D – Foreign Exchange Management Act (FEMA)
Explanation:
- FEMA is the primary legislation in India that governs foreign exchange and payments.
- Enacted in 1999, FEMA aims to facilitate external trade and payments, regulate foreign exchange transactions, and promote the orderly development and maintenance of the foreign exchange market in the country.
- It replaced the Foreign Exchange Regulation Act (FERA) and has since been instrumental in managing India’s foreign exchange reserves and fostering a conducive environment for international trade and investment.
- In the context of Minimum Support Price (MSP) in India, what is the primary purpose of the Price Support Scheme?
Select the correct option from the following:
- To regulate the prices of agricultural commodities in the open market.
- To provide financial assistance to farmers for crop diversification.
- To facilitate export of agricultural produce to international markets.
- To ensure that farmers get a minimum assured price for their produce when market prices fall below the MSP.
Answer:Â Option D – To ensure that farmers get a minimum assured price for their produce when market prices fall below the MSP.
Explanation:
- The Price Support Scheme (PSS) in India is designed to provide a safety net to farmers by ensuring that they receive a minimum assured price for their agricultural produce when market prices fall below the Minimum Support Price (MSP).
- Under this scheme, the government intervenes in the market to procure the agricultural commodities at MSP, thereby supporting farmers and stabilizing prices during periods of market fluctuations.
- This mechanism aims to safeguard farmers from market uncertainties and ensure a minimum income for their produce.
- What is the primary motivation behind India’s investment in the development of the Chabahar port and associated infrastructure?
Select the correct option from the following:
- To compete with China’s Belt and Road Initiative in the region
- To exclusively boost India’s maritime trade with European countries
- To counteract the influence of the Gulf Cooperation Council (GCC) in the Middle East
- To establish a strategic trade route and provide access to Afghanistan and Central Asia while bypassing Pakistan
Answer:Â Option D – To establish a strategic trade route and provide access to Afghanistan and Central Asia while bypassing Pakistan
Explanation:
- India’s investment in the development of the Chabahar port is primarily motivated by the strategic aim of creating an alternative trade route to Afghanistan and Central Asia that bypasses Pakistan.
- This initiative aims to provide India with access to the landlocked regions, particularly Afghanistan, reducing dependence on routes through Pakistan.
- While other considerations may play a role, the key focus is on establishing a reliable and secure trade corridor for regional connectivity and economic development.
- What does Compulsory Licensing primarily enable governments to do in the context of patents?
Select the correct option from the following:
- Force all companies to obtain licenses for their inventions.
- Automatically grant licenses for all intellectual property.
- Mandate licensing of trademarks for consumer protection.
- Grant permission to produce essential medicines during public health emergencies without the patent holder’s consent.
Answer:Â Option D – Grant permission to produce essential medicines during public health emergencies without the patent holder’s consent.
Explanation:
- Compulsory Licensing allows governments to grant licenses to third parties to produce essential medicines, especially during public health emergencies, without the need for the patent holder’s agreement.
- This provision aims to ensure timely access to crucial medications, promoting public health, and addressing situations where the normal patent process might hinder the availability of life-saving treatments.
- Under which constitutional article is the provision for the National Commission for Scheduled Castes explicitly outlined?
Select the correct option from the following:
- Article 338
- Article 342
- Article 330
- Article 335
Answer:Â Option A – Article 338
Explanation:
- Article 338 of the Indian Constitution explicitly outlines the provision for the National Commission for Scheduled Castes.
- This constitutional article empowers the government to establish a commission to investigate and monitor matters related to the welfare of Scheduled Castes and to safeguard their rights and interests.
- The National Commission for Scheduled Castes plays a crucial role in addressing issues concerning the socio-economic development and protection of the rights of Scheduled Castes in India.
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