1. The share of direct taxes in India’s tax kitty peaked in 2009-10 at 60% and thereafter, it has consistently fallen. Which of the following is the most appropriate reason for the same?
[A] There was a substantial reduction in direct tax rates in the country
[B] The consumption pattern and economic growth were affected by economic recession
[C] The share of indirect taxes increased substantially
[D] None of the above is an appropriate reason
Show Answer
Correct Answer: C [The share of indirect taxes increased substantially ]
Notes:
In October 2018, a Time series data released by the Central Board of Direct Taxes (CBDT) showed that the share of direct taxes in total taxes rose every year through the first decade of this century — going from 36.31% in 2000-01 to 60.78% in 2009-10. Thereafter it has fallen mainly because of rise of “service tax” collections in the country. Service Tax is now subsumed in GST.
Indirect taxes are said to be regressive in nature as they do not distinguish between poor and rich, and therefore, higher proportion of indirect taxes in total tax collection is not considered ideal.
2. India’s first dedicated Medical Device Park has been proposed to be set up in which state?
[A] Uttarakhand
[B] Gujarat
[C] Andhra Pradesh
[D] Tamil Nadu
Show Answer
Correct Answer: C [ Andhra Pradesh ]
Notes:
Recently, Chief Minister of Andhra Pradesh, Chandrababu Naidu, has proposed to develop a dedicated 200 acre industrial park for the manufacture of medical devices in his state. The Park will be having a Common Manufacturing Facility Centre to act as a Hub for SME Sector to enable it to flourish as a Cluster. Focus will be on creating an Eco System for High End Medical Device Manufacturing and Import Substitution with an eye for Export Market. Though the Medical Device Park has been proposed to be set up in three states viz. Gujarat, Maharashtra and Andhra Pradesh, but Andhra Pradesh has become the first to implement the programme. The proposed medical devices park will have ‘Centre of Excellence’ in which research for medical device will be conducted.
3. The newly proposed 0/10 and 0/20 rules are associated to which ministry?
[A] Ministry of Civil Aviation
[B] Ministry of Railways
[C] Ministry of Shipping
[D] Ministry of Steel
Show Answer
Correct Answer: A [ Ministry of Civil Aviation ]
Notes:
The 5/20 rule is a norm of the Indian Aviation Ministry according to which under which national carriers are required to have five years of operational experience and a fleet of minimum 20 aircraft to fly overseas. Recently, the Cabinet gave its approval for partial abolition of the 5/20 rule, which will enable new carriers like Vistara and Air Asia to start international operations sooner. The government has decided to scrap a requirement that mandated airlines to have five years of domestic operations to be eligible to fly overseas. However, an airline will have to allocate 20 aircraft or 20% of their total fleet of aircraft, whichever is higher, to the domestic sector if they wish to fly overseas. So in place of 5/20 rule, the new proposed options are like 0/10 and 0/20.
4. The recently proposed “Non-lapsable Capital Fund Account” is for which of the following?
[A] Development of infrastructure in the North Eastern Region
[B] Capital Acquisitions in Indian Defence
[C] Expedite the completion of Bharatmala Pariyojana
[D] Rescuing of public sector banks with recapitalisation
Show Answer
Correct Answer: B [Capital Acquisitions in Indian Defence ]
Notes:
Almost every year, maximum part of the sum of money allotted to the Defence Ministry for capital acquisition lapses and return backs to government. To cope of with the issue, the Defence Ministry sent a proposal to Finance Ministry for creation of “Non-lapsable Capital Fund Account” for capital acquisitions of Indian defence.
5. Operation Olive Branch, sometimes seen in news, is associated to which of the following countries?
[A] Turkey
[B] Ukraine
[C] Britain
[D] Netherlands
Show Answer
Correct Answer: A [Turkey]
Notes:
In January 2018, the Turkish military began an operation in the Kurdish- majority Afrin Canton and the Tel Rifaat Area of Shahba Canton in Northern Syria. Turkey code-named the operation as Operation Olive Branch.
6. The recently launched “SWIFT” initiative of the government aims to:
[A] motivate people to use digitally enabled cashless economic systems for transfer of fund
[B] speed up customs clearances for consignments
[C] promote direct research in the premier institutions into areas of social relevance
[D] provide logistic and transport solutions to companies across multiple industries
Show Answer
Correct Answer: B [speed up customs clearances for consignments]
Notes:
SWIFT stands for Single Window Interface for Facilitating Trade (SWIFT). It has been launched by the Central Board of Excise and Customs (CBEC) as an initiative to speed up customs clearances for consignments and improve ‘ease of doing business. It provides a single-point interface for clearance and is expected to reduce documentation and costs. It is expected to cover and benefit over 97 per cent of India’s imports. The single window connects over 50 offices of six government agencies with the Indian customs department. These are the Food Safety Standards Authority of India (FSSAI); Department of Plant Protection, Quarantine and Storage; Drug Controller; Animal Quarantine; Wild Life Crime Control Bureau and Textile Committee
7. Which country’s government recently withdrew its largest banknote 100-bolivar from circulation in its latest attempt to tackle the world’s worst inflation crisis?
[A] Greece
[B] Canada
[C] Venezuela
[D] Indonesia
Show Answer
Correct Answer: C [Venezuela]
Notes:
The Venezuelan government withdrew its largest banknote 100-bolivar from circulation in its latest attempt to tackle the world’s worst inflation crisis.
8. Recently, the Madras High Court has issued an order for the removal of ‘Seemai Karuvelam’ trees across the Madurai district. What is the reason for the removal of “Seemai Karuvelam”?
[A] The tree is mainly responsible for infernos and is not good for biodiversity
[B] The tree has long overhanging branches over highways & roads which causes danger to vehicles and pedestrians
[C] The seeds of this tree cause respiratory problems
[D] The tree is believed to deplete groundwater reserves
Show Answer
Correct Answer: D [The tree is believed to deplete groundwater reserves]
Notes:
The tree Seemai Karuvelam is said to take a lot of water from the groundwater table and thus depletes groundwater and could turn water poisonous. Recently, the Madurai Bench of Madras High Court ordered the removal of Seemai Karuvelam trees across the Madurai district to prevent water scarcity in the district.
9. The BBIN initiative, sometimes seen in news, is associated to:
[A] allow visa-free stay
[B] enhance road connectivity
[C] reduce trade barriers and promote free trade
[D] enhance the scientific and technical work on disaster risk reduction
Show Answer
Correct Answer: B [enhance road connectivity]
Notes:
Under the Bangladesh, Bhutan, India, Nepal (BBIN) initiative, the government aims for road connectivity between Bangladesh, Bhutan, Nepal and India. Under the BBIN initiative, the Asian Development Bank (ADB) has identified over two dozen road projects worth $8 billion to be developed over the next five years to fill and upgrade critical connections in the BBIN area. The project would help develop the north-eastern region of India through cross-border cooperation, strengthen trade relations with eastern (Bangladesh) and north-eastern (Bhutan and Nepal) neighbouring countries and improve sub-regional connectivity with Southeast Asia.
10. Which state became the first in the country to draft its own internal security act?
[A] Assam
[B] Maharashtra
[C] Tamil Nadu
[D] Uttar Pradesh
Show Answer
Correct Answer: B [Maharashtra]
Notes:
Maharashtra is the first State in the country to draft its own internal security act- the Maharashtra Protection of Internal Security Act (MPISA), 2016.
