Daily Current Affairs Quiz Test Solution

1. With reference to the United Nations Security Council (UNSC), consider the following statements:

1. The presidency of UNSC rotates every month among its members.

2. UNSC Sanctions Committee is the only UN body with the authority to issue binding
resolutions to member states.

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

Your Answer: (b)

Correct Answer: (c)

Solution:

Statement 1 is CORRECT:

The presidency of the United Nations Security Council is responsible for leading the United
Nations Security Council.
It rotates among the 15 member-states of the council monthly.
The head of the country's delegation is known as the President of the United Nations
Security Council.
The presidency has rotated every month since its establishment in 1946.

Statement 2 is CORRECT:

The United Nations Security Council (UNSC) can take action to maintain or restore
international peace and security, and for which the UNSC may establish subsidiary
bodies as needed for the performance of its functions.
The UNSC Sanctions Committee is a subsidiary body, which is mandated to oversee
sanction regimes imposed by the UNSC.
It is the only UN body with the authority to issue binding resolutions to member
states.

2. With reference to different species of Bustards found in India, consider the following statements:
1. Bengal floricans are the largest among all the species of Bustards found in India.
2. The Great Indian Bustard and Bengal Florican are included in Appendix I of the UN
Convention on Migratory Species.
3. MacQueen’s bustard is not found in India.

Which of the statements given above is/are correct?

(a) 1 and 2 only

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

Your Answer: (b)

Correct Answer: (b)

Solution:

Statement 1 is NOT CORRECT: The Great Indian Bustard (GIBs) is the largest among the
four bustard species found in India, the other three being MacQueen’s bustard, lesser florican and
the Bengal florican.
Statement 2 is CORRECT:

The Great Indian Bustard and Bengal Florican have been included in Appendix I of the
UN Convention on Migratory Species at the 13th Conference of the Parties (COP) to the
Convention on Migratory Species in India in 2020.
A migratory species may be listed in Appendix I provided that the best scientific evidence
available indicates that the species is endangered.

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 Statement 3 is NOT CORRECT: MacQueen’s bustard also known as the Asian Houbara
bustard is found in India.

3. The provisions of the Foreign Contribution Regulations Act (FCRA), 2010 shall apply to:
1. Citizens of India outside India.
2. Companies and their branches registered and working in India.
3. Overseas branches of companies registered or incorporated in India.

How many of the statements given above are correct?

(a) Only one

(b) Only two
(c) All three
(d) None

Your Answer: (c)

Correct Answer: (c)

Solution:

Option (c) is CORRECT:

As per Section 1(2) of the Foreign Contribution Regulations Act (FCRA), 2010, the
provisions of the Act shall apply to:
Whole of India
Citizens of India outside India; and
Associate Branches or subsidiaries, outside India, of companies or bodies corporate,
registered or incorporated in India.

4. India's forex reserves comprise which of the following components?

1. Foreign currency assets (FCAs)

2. Gold reserves
3. Special Drawing Rights (SDRs)
4. Country's reserve position with the International Monetary Fund (IMF)

Select the correct answer using the code given below:

(a) 1, 2 and 3 only

(b) 3 and 4 only
(c) 1, 2 and 4 only
(d) 1, 2, 3 and 4

Your Answer: (d)

Correct Answer: (d)

Solution:

Option (d) is CORRECT:

Foreign exchange reserves are assets held on reserve by a central bank in foreign
currencies.
These reserves are used to back liabilities and influence monetary policy.
India's forex reserves comprise of foreign currency assets (FCAs), gold reserves, special
drawing rights (SDRs), and the country's reserve position with the International
Monetary Fund (IMF).
Foreign Currency Assets (FCA) that is the most important component of the RBI’s
foreign exchange reserve are the assets like US Treasury Bills bought by the RBI using
foreign currencies.
The FCA is the largest component of the forex reserve.
A gold reserve is the gold held by a national central bank, intended mainly as a guarantee
to redeem promises to pay depositors, note holders (e.g. paper money), or trading peers
and also as a store of value, or to support the value of the national currency.
Special Drawing Rights (SDRs) are international reserve assets, created by the IMF in
1969 to supplement its member countries’ official reserves.
The SDR is neither a currency nor a claim on the IMF.
Rather, it is a potential claim on the freely usable currencies of IMF members.

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 SDRs can be exchanged for these currencies.
A reserve tranche is a portion of the required quota of currency each member country
must provide to the International Monetary Fund (IMF) that can be utilized for its own
purposes—without a service fee or economic reform conditions.

5. With reference to ‘Government e-Marketplace (GeM)’, consider the following statements:

1. It is a national public procurement platform developed by the Ministry of Corporate Affairs.

2. It facilitates online procurement of common use goods and services required by various
Government Departments.

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

Your Answer: (b)

Correct Answer: (b)

Solution:

Statement 1 is NOT CORRECT: GeM is a state-of-the-art national public procurement

platform of Ministry of Commerce and Industries that has used technology to remove entry
barriers for bonafide sellers and has created a vibrant e-marketplace with a wide range of goods
and services.
Statement 2 is CORRECT:

It facilitates online procurement of common use Goods & Services required by

various Government Departments / Organisations / PSUs.
GeM aims to enhance transparency, efficiency and speed in public procurement.

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