UPSC Current Affairs Quiz: May 3, 2025
May 3, 2025 May 3, 2025
1. With reference to India’s duty drawback scheme, consider the following statements:
- It refunds import duties on goods manufactured and exported from India.
- It is administered by the Ministry of Commerce and Industry.
- Recently, the duty drawback rate for gold jewellery was increased.
Which one of the statements given above is/are correct?
[A] 1 and 2 only
[B] 1 and 3 only
[C] 2 and 3 only
[D] 1, 2, and 3
Show Answer
Correct Answer: B [1 and 3 only]
Notes:- The duty drawback scheme does indeed refund import taxes on goods that are manufactured and then exported from India.
- The scheme is not managed by the Ministry of Commerce and Industry as the second statement suggests. Rather, it is administered by the Department of Revenue, which falls under the Ministry of Finance.
- The duty drawback rate for gold jewellery was recently revised, as indicated by the third statement. The rate was increased from approximately ₹335.5 per gram to roughly ₹405.4 per gram.
2. Consider the following reforms introduced to reduce administrative overreach in the GST registration process:
- Officers must obtain prior approval to request documents beyond the prescribed list
- Queries based on applicant’s residential address being in another state are now permissible
- Officers must upload GPS-tagged physical verification reports within the deadline
Which of the above statements is / are correct?
[A] 1, 2 and 3
[B] 1 and 3 only
[C] 2 and 3 only
[D] 1 and 2 only
Show Answer
Correct Answer: B [1 and 3 only]
Notes:- Statement 1 is correct: Prior approval is now required for demanding extra documents.
- Statement 2 is incorrect: Officers are explicitly told not to raise irrelevant queries, including on residential address location.
- Statement 3 is correct: Physical verification reports must include GPS-enabled photos and be uploaded on time.
3. Consider the following with respect to the e-NWR-based credit ecosystem:
- Loans against e-NWRs are now considered under priority-sector lending
- The credit guarantee scheme covers both the credit risk and the risk of warehouse operators
- Only public sector banks are eligible to participate in the scheme under NCGTC
- Banks have been asked to promote e-NWR-based loans through both offline and digital means
Which of the statements are correct?
[A] 1, 2, and 4 only
[B] 1 and 3 only
[C] 2, 3, and 4 only
[D] All of the above
Show Answer
Correct Answer: A [1, 2, and 4 only]
Notes:
Statement 1 is correct as the RBI includes e-NWR-backed loans under priority sector lending. Statement 2 is also correct as the scheme offers coverage for both credit and warehouseman risk. Statement 3 is incorrect as not just public sector banks, but also private banks are eligible to participate. Statement 4 is correct as banks are promoting this through both branch-level outreach and social media.
4. Consider the following about the upcoming NISAR satellite mission:
- It will capture high-resolution images during the day but not at night
- It is designed to study natural hazards such as earthquakes and volcanoes
- It will be launched aboard an Indian PSLV rocket
- The mission will provide crucial data for understanding climate change and vegetation dynamics
Which of the above statements is / are correct?
[A] 1 and 3 only
[B] 2 and 4 only
[C] 1, 3, and 4 only
[D] 2, 3, and 4 only
Show Answer
Correct Answer: B [2 and 4 only]
Notes:
Statement 1 is incorrect: NISAR is capable of capturing images both during day and night. Statement 2 and 4 are correct: The satellite will study natural hazards and provide data on climate change and vegetation dynamics. Statement 3 is incorrect: NISAR will be launched on a GSLV rocket, not PSLV.
5. Consider the following statements regarding the outcome of the pandemic agreement adopted by WHO in 2025:
- The agreement includes legally binding commitments on pandemic financing.
- The final agreement was accepted by consensus by all WHO member states.
- The WHO Director-General described the agreement as a historic step for global health equity.
- The agreement has already been fully implemented across member states.
Which of the statements given above are correct?
[A] Only 1, 2 and 3
[B] Only 2, 3 and 4
[C] All Are Correct
[D] Only 1 and 4
Show Answer
Correct Answer: A [Only 1, 2 and 3]
Notes:
The WHO’s pandemic agreement, which was finalized in 2025, has several key features. These include legally binding commitments from all member states, a unanimous agreement on the agreement, the WHO Director-General’s declaration of the agreement as a significant step towards global health equity and, finally, the agreement’s ongoing implementation across member states. However, the agreement has not been fully implemented and is a continuous process.
The above questions are part of Daily UPSC 20 Current Affairs MCQs Series in GKToday Android Application. This series can be subscribed in the app only for user friendly test with detailed answers and explanations.
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