02 JULY CURRENT AFFAIRS (MCQ)

Q1. Consider the following statements in context of the Insolvency and Bankruptcy
Code (IBC):

1. The provisions of this code shall apply to companies and individuals in
   relation to their insolvency.
2. Systemically important financial service providers are not covered under the
   code.
   Which of the statements given above is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Solution: a)

Explanation:
The 2016 Insolvency Bankruptcy Code applies to companies and individuals. It
provides for a time-bound process to resolve insolvency. When a default in
repayment occurs, creditors gain control over debtor’s assets and must take
decisions to resolve insolvency within a 180-day period. Statement 1 is correct.
The corporate affairs ministry has notified the Insolvency and Bankruptcy Rules,

2019. It will provide a generic framework for insolvency and liquidation proceedings
      of systemically important Financial Service Providers (FSPs) other than
      banks. Statement 2 is incorrect.
      Financial service provider means bank, banking company, non-banking financial
      company, asset management company and such other entities as may be identified
      by the Bank for the purposes of these directions, from time to time.

Q2. Consider the following statements about Transgender Persons (Protection of
Rights) Act, 2019:

1. It states that transgender persons will have the right to “self-perceived”
   gender identity.
2. Change of gender identity in documents cannot be done without a
   certification by the District Magistrate.
   Which of the above statements is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Solution: c)
Explanation:
Both statements are correct.
Transgender Persons (Protection of Rights) Act, 2019
 The Act defines a trans person as someone whose gender does not match
the one assigned at birth. It prohibits discrimination against them in
employment, education, housing, healthcare and other services.
 It states that transgender persons will have the right to “self-perceived”
gender identity.
 But it mandates that each person would have to be recognised as
‘transgender’ on the basis of a certificate of identity issued by a district
magistrate.
 Change of gender identity in documents cannot be done without a
certification by the District Magistrate after proof of a sex reassignment
surgery is provided.
 It prohibits discrimination against a transgender person, including denial
of service or unfair treatment.

Q3. Which one of the following suggests that there is ‘jobless growth’ in the
economy?
a) Employment growth rate of a country is very high in comparison to the GDP
growth rate.
b) Labour force participation of women is decreasing.
c) The economy of the country is going towards informalization.
d) The GDP growth rate of a country is very high in comparison to the employment
growth rate.

Solution: d)
Explanation:
Growth of employment and GDP
During the period 1950–2010, Gross Domestic Product (GDP) of India grew
positively and was higher than the employment growth. However, there was always
fluctuation in the growth of GDP. During this period, employment grew at the rate
of not more than 2 per cent.
Another disheartening development in the late 1990s: During these years, we also
find a widening gap between the growth of GDP and employment. This phenomenon
is called jobless growth.

Q4. Consider the following statements:

1. River Ganga originates from Gangotri Glacier in Himachal Pradesh.
2. Ganga is joined by Yamuna at Allahabad.
3. Before entering the Bay of Bengal, the Ganga, along with the Brahmaputra,
   forms the largest delta of the world between the Bhagirathi/Hugli and
   the Padma/Meghna
   Which of the above statements is/are incorrect?

a) 1 and 2 only
b) 2 and 3 only
c) 1 only
d) 3 only

Solution: c)
Explanation:
 The Ganga originates as Bhagirathi from the Gangotri glacier in
Uttarkashi District of Uttarakhand at an elevation of 7,010 m.
 Alaknanda River joins Bhagirathi at Devaprayag.
 From Devapryag the river is called as Ganga.
o Ganga debouches [emerge from a confined space into a wide, open
area] from the hills into plain area at
o It is joined by the Yamuna at Allahabad.
o Near Rajmahal Hills it turns to the south-east.
o At Farraka, it bifurcates into Bhagirathi-Hugli in West
Bengal and Padma-Meghna in Bangladesh (it ceases to be known as
the Ganga after Farraka).

o Brahmaputra (or the Jamuna as it is known here) joins Padma-
Meghna at

o The total length of the Ganga river from its source to its mouth
(measured along the Hugli) is 2,525 km.

 Before entering the Bay of Bengal, the Ganga, along with the Brahmaputra,
forms the largest delta of the world between the Bhagirathi/Hugli and
the Padma/Meghna covering an area of 58,752 sq km.
 The coastline of delta is a highly indented area.
 The delta is made of a web of distributaries and islands and is covered by
dense forests called the
 A major part of the delta is a low-lying swamp which is flooded by marine
water during high tide.

Q5. Consider the following statements about Ethanol Blended Petrol
(EBP) programme:

1. It was launched in 2013 by the Ministry of Petroleum and Natural Gas.
2. Currently, the bioethanol blending stands at 5%.
3. The government has targeted to achieve 20% ethanol blending of petrol by
   2023.
4. India is the third-largest oil importer in the world.
   Which of the above statements are correct?
   a) 1 and 3 only
   b) 2, 3 and 4 only
   c) 1 and 4 only
   d) 1, 2 and 3

Solution: b)
Explanation:
The Ethanol Blended Petrol (EBP) programme was launched in January, 2003 by
the Ministry of Petroleum & Natural Gas (MoP&NG) . Hence, statement 1 is
correct.

 The EBP seeks to achieve blending of Ethanol with Petrol with a view
to reducing pollution, conserving foreign exchange and increasing value
addition in the sugar industry enabling them to clear cane price arrears of
farmers.
 The Oil Marketing Companies (OMCs) are to procure ethanol from domestic
sources at remunerative prices fixed by the government.
 Currently, the bioethanol blending in petrol stands at 5%. Hence,
statement 2 is correct.
 India is the world’s third-biggest oil importer, relying on foreign suppliers to
meet over 85 percent of its demand. Hence, statement 4 is correct.
 The government has brought forward the target date for achieving 20 per
cent ethanol-blending with petrol by two years to 2023 to help reduce India’s
dependence on costly oil imports. Earlier this year, the target for 20 per cent
blending was brought forward to 2025. And now, it has been further
advanced to April 2023.

Q6. Consider the following statements:

1. The General Agreement on Tariffs and Trade was replaced by the World
   Trade Organization.
2. While the GATT mainly dealt with trade in goods, the WTO and its
   agreements also cover trade in services and intellectual property.
   Which of the statements given above is/are correct?
   a) 1 only
   b) 2 only
   c) Both 1 and 2
   d) Neither 1 nor 2

Solution: c)
Explanation:
 GATT came into effect on 1 January 1948 and was refined over eight rounds
of negotiations (Uruguay Round was the 8th Round), leading to the creation
of the World Trade Organization (WTO), which replaced GATT in 1995. GATT
was focused on trade in goods and aimed to liberalize trade by reducing
tariffs and removing quotas among member countries.
 The WTO’s creation on 1 January 1995 marked the biggest reform of
international trade since the end of the Second World War. Whereas the
GATT mainly dealt with trade in goods, the WTO and its agreements also
cover trade in services and intellectual property. The birth of the WTO also
created new procedures for the settlement of disputes. Hence, statements
1 and 2 are correct.

Q7. Financial Stability Report is released by-
a) NITI Aayog

b) Ministry of Finance
c) Reserve Bank of India
d) Ministry of Commerce and Industry

Solution: c)
Explanation:
Recently, the Reserve Bank of India (RBI) released its Financial Stability Report
(FSR) for the month of July 2020.
The FSR reflects the collective assessment of the Sub-Committee of the Financial
Stability and Development Council (FSDC – headed by the Governor of RBI) on risks
to financial stability and the resilience of the financial system.
The Report also discusses issues relating to development and regulation of the
financial sector.

Q8. With reference to the Whiteflies, consider the following statements:

1. Whiteflies are Hemipterans that typically feed on the undersides of plant
   leaves.
2. They comprise the family Aleyrodidae, the only family in the superfamily
   Aleyrodoidea.
3. Bt cotton is resistant against white flies.
   Which of the statements given above are correct?

a) 1 and 2 only
b) 2 and 3 only
c) 1 and 3 only
d) 1, 2 and 3

Solution: a)

Explanation:
 Whiteflies are Hemipterans that typically feed on the undersides of plant
leaves. They comprise the family Aleyrodidae, the only family in the
superfamily Aleyrodoidea. Statement 1 and 2 is correct.
 In warm or tropical climates and especially in greenhouses, whiteflies present
major problems in crop protection.
 Whiteflies are one of the top ten devastating pests in the world that damage
more than 2000 plant species and also function as vectors for some 200-
plant viruses.
 Cotton is one of the worst hit crops by these. Bt cotton is not resistant against
white flies. Statement 3 is not correct.
 Other invasive whiteflies were also found to expand their host range on
valuable plants species, especially coconut, banana, mango, sapota, guava,
cashew, oil palm, and ornamental plants such as bottle palm, false bird of
paradise, butterfly palm and important medicinal plants.
 The whiteflies are difficult to control by using synthetic insecticides, and
hence currently naturally occurring insect predators, parasitoids and
entomopathogenic fungi (fungi that can kill insects) are being used.

Q9. With reference to the National Disaster Management Authority (NDMA),
consider the following statements:

1. NDMA is a statutory body for disaster management in India.
2. The Prime Minister is the ex-officio chairperson of the NDMA, who chairs a
   9-member board.
   Which of the statements given above is/are correct?
   a) 1 only
   b) 2 only
   c) Both 1 and 2
   d) Neither 1 nor 2

Solution: c)

Explanation:
NDMA:
 Parent body: Ministry of Home Affairs.
 Primary Objective: To coordinate response to natural or man-made
disasters and for capacity-building in disaster resiliency and crisis response.
 HQ: Delhi.
 Origin: NDMA was established through the Disaster Management Act
enacted by the Government of India in 2005.
 Organisation setup:
o The Prime Minister is the ex-officio chairperson of the NDMA, who
chairs a 9-member board.
o The remainder of the board consists of members nominated based on
their expertise in areas such as, planning, infrastructure management,
communications, meteorology etc.
o The day-to-day management of the agency is overseen by the office of
the Vice Chair.

Q10. With reference to the National Portal for Transgender Persons, consider the
following statements:

1. The Portal would help a transgender person in applying for a Certificate and
   Identity card digitally from anywhere in the country.
2. It is an initiative of the Union Ministry of Social Justice and &
   Empowerment.
   Which of the statements given above is/are correct?
   a) 1 only
   b) 2 only
   c) Both 1 and 2
   d) Neither 1 nor 2

Solution: c)
Explanation:
 In November 2020, Union Minister for Social Justice & Empowerment
launched a ‘National Portal for Transgender Persons’.
 It has been developed within 2 months of Notification of Transgender Persons
(Protection of Rights) Rules, 2020 on 29 September, 2020.
 This Portal would help a transgender person in applying for a Certificate and
Identity card digitally from anywhere in the country.

 The most important benefit is that it helps the transgender person to get the
I-Card without any physical interface and without having to visit any office.
Through the Portal, they can monitor the status of their application that
ensures transparency in the process.
 Getting Transgender Certificate and Identity Cards as per their self-perceived
identity is an important provision of The Transgender Persons (Protection of
Rights) Act, 2019. Hence statements 1 and 2 are correct.