1. With respect to data localization in India, consider the following statements:
- Srikrishna Committee Report recommended that at least one copy of personal data will need to be stored on servers located within India.
- India supported the Osaka Track on the digital economy.
- Data localization provides data sovereignty.
Which of the statements given above is/are correct?
[A] Only 1 & 3
[B] Only 2 & 3
[C] Only 1 & 2
[D] 1, 2 & 3
Show Answer
Correct Answer: A [Only 1 & 3]
Notes:- Data localisation refers to policy initiatives that limit data flows by restricting the physical storage and processing of data inside the boundaries of a specific jurisdiction.
- Data localisation secures citizens’ data and provides data privacy and data sovereignty from foreign surveillance.
- Data localisation will result in greater accountability from firms like Google, Facebook etc. about the end use of data.
- Srikrishna Committee Report recommended at Least one copy of personal data will need to be stored on servers located within India. Transfers outside the country will need to be subject to safeguards. Critical personal data will only be stored and processed in India.
- At the G20 summit 2019, India boycotted the Osaka Track on the digital economy. The Osaka Track pushed hard for the creation of laws that would allow data flows between countries and the removal of data localisation.
2. Consider the following statements regarding the Methane Alert and Response System (MARS):
- MARS was launched at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change.
- MARS is a data-to-action initiative specifically set up to curb methane emissions.
Which of the statements given above is/are correct?
[A] Only 1
[B] Only 2
[C] Both 1 and 2
[D] Neither 1 nor 2
Show Answer
Correct Answer: C [Both 1 and 2]
Notes:
The Methane Alert and Response System (MARS) was launched at COP27 (the 27th Conference of the Parties to the UNFCCC). It is designed as a data-to-action platform to identify and curb methane emissions by providing timely information to relevant stakeholders. Both statements are thus correct according to official UN reports and COP27 proceedings.
3. Which of the following statements is/are correct about Financial Stability Board?
- It was established by the G7 finance ministers and central bank governors.
- It is headquartered in Basel.
- It is established as a not-for-profit association under Swiss law.
Choose the correct answer using the codes given below:
[A] Only 1
[B] Only 2 & 3
[C] Only 1 & 2
[D] 1, 2 & 3
Show Answer
Correct Answer: B [Only 2 & 3]
Notes:- Financial Stability Board was established after the G20 London summit in April 2009 as a successor to the Financial Stability Forum (FSF).
- The Financial Stability Board is headquartered in Basel, Switzerland.
- It is hosted and funded by the Bank for International Settlements, and is established as a not-for-profit association under Swiss law.
- The Board includes all G20 major economies, FSF members, and the European Commission.
- The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system.
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