The Daily Current Affairs Quiz questions are based on various national and regional newspapers, including government news sources.
The questions are framed on happenings around you to enhance your competitiveness for news based concepts and facts.
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Question 1 of 5
1. Question
Which of the following statements is/are correct about the Most Favoured Nation (MFN) status under the World Trade Organization (WTO)?
1.MFN status means that a country must treat all WTO members equally in terms of trade.
2.MFN status allows countries to impose higher tariffs on goods from specific countries.
3.India has granted MFN status to all WTO members except Pakistan.
How many of the statements is/are correct?
Correct
(b) Only two statements are correct (1st and 3rd)
MFN status means that a country must treat all WTO members equally in terms of trade. MFN status ensures non-discriminatory trade practices among WTO members.
MFN status requires countries to apply the same tariffs to all WTO members. (2nd statement is incorrect)
India has granted MFN status to all WTO members except Pakistan. India has not granted MFN status to Pakistan due to political and security concerns.
Incorrect
(b) Only two statements are correct (1st and 3rd)
MFN status means that a country must treat all WTO members equally in terms of trade. MFN status ensures non-discriminatory trade practices among WTO members.
MFN status requires countries to apply the same tariffs to all WTO members. (2nd statement is incorrect)
India has granted MFN status to all WTO members except Pakistan. India has not granted MFN status to Pakistan due to political and security concerns.
Question 2 of 5
2. Question
With reference to India’s decision to levy an equalization tax of 6% on online advertisement services offered by non-resident entities, which of the following statements is/are correct?
1. It is introduced as a part of the Income Tax Act.
2. Non-resident entities that offer advertisement services in India can claim a tax credit in their home country under the “Double Taxation Avoidance Agreements”.
Which of these statements is/are correct?
Correct
(d) Neither 1 nor 2
Equalisation Levy is a tax on business transaction for online marketing in which any Indian pays a sum of more than Rs.1 lakh to non-residents entities such Google and Facebook etc.
It was first introduced by the Finance Act, 2016. It is aimed at taxing business to business transactions.
Since Equalisation Levy is outside the scope of tax treaties entered into by India with other countries, the foreign company cannot claim a tax credit in its home country.
The purpose of the levy is to ensure fair competition, reasonableness and exercise the ability of governments to tax businesses that have a close nexus with the Indian market through their digital operations
Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient.
The two conditions to be met to be liable to equalisation levy:
• The payment should be made to a non-resident service provider;
• The annual payment made to one service provider exceeds Rs. 1,00,000 in one financial year.
Services Covered Under Equalisation Levy:
Currently, not all services are covered under the ambit of equalisation Levy.
The following services covered:
• Online advertisement
• Any provision for digital advertising space or facilities/ service for the purpose of online advertisement
• As and when any other services are notified will be included with the aforesaid services.
Incorrect
(d) Neither 1 nor 2
Equalisation Levy is a tax on business transaction for online marketing in which any Indian pays a sum of more than Rs.1 lakh to non-residents entities such Google and Facebook etc.
It was first introduced by the Finance Act, 2016. It is aimed at taxing business to business transactions.
Since Equalisation Levy is outside the scope of tax treaties entered into by India with other countries, the foreign company cannot claim a tax credit in its home country.
The purpose of the levy is to ensure fair competition, reasonableness and exercise the ability of governments to tax businesses that have a close nexus with the Indian market through their digital operations
Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient.
The two conditions to be met to be liable to equalisation levy:
• The payment should be made to a non-resident service provider;
• The annual payment made to one service provider exceeds Rs. 1,00,000 in one financial year.
Services Covered Under Equalisation Levy:
Currently, not all services are covered under the ambit of equalisation Levy.
The following services covered:
• Online advertisement
• Any provision for digital advertising space or facilities/ service for the purpose of online advertisement
• As and when any other services are notified will be included with the aforesaid services.
Question 3 of 5
3. Question
Consider the following statements regarding Dhaincha (Sesbania bispinosa):
1.Dhaincha is primarily used as a green manure crop in India.
2.It is a leguminous plant that helps in nitrogen fixation in the soil.
3.The plant is also used for its medicinal properties in traditional medicine.
How many of the statements is/are correct?
Correct
(c) All three statements are correct
Dhaincha as Green Manure: Dhaincha is widely used as a green manure crop in India due to its ability to improve soil fertility and structure. It is plowed back into the soil to increase organic matter and nutrient content.
Nitrogen Fixation: Being a leguminous plant, Dhaincha has symbiotic relationships with nitrogen-fixing bacteria, which help in fixing atmospheric nitrogen into the soil, thereby enriching it.
Soil Suitability: Dhaincha is versatile and can be grown in various types of soils, including saline, alkaline, and waterlogged soils. It is not restricted to saline soils alone.
Medicinal Uses: Dhaincha has been used in traditional medicine for its various medicinal properties, including anti-inflammatory and antimicrobial effects.
Incorrect
(c) All three statements are correct
Dhaincha as Green Manure: Dhaincha is widely used as a green manure crop in India due to its ability to improve soil fertility and structure. It is plowed back into the soil to increase organic matter and nutrient content.
Nitrogen Fixation: Being a leguminous plant, Dhaincha has symbiotic relationships with nitrogen-fixing bacteria, which help in fixing atmospheric nitrogen into the soil, thereby enriching it.
Soil Suitability: Dhaincha is versatile and can be grown in various types of soils, including saline, alkaline, and waterlogged soils. It is not restricted to saline soils alone.
Medicinal Uses: Dhaincha has been used in traditional medicine for its various medicinal properties, including anti-inflammatory and antimicrobial effects.
Question 4 of 5
4. Question
Consider the following statements regarding Waste-to-Energy technologies:
1.Pyrolysis and gasification are thermal treatment technologies used in Waste-to-Energy processes.
2.Biogas production from organic waste is an example of a biological treatment technology.
3.Waste-to-Energy plants can only process biodegradable waste.
Which of the statements given above is/are correct?
Correct
(a) Only 1st and 2nd statements are correct
Pyrolysis and gasification are indeed thermal treatment technologies used in Waste-to-Energy processes. Pyrolysis involves decomposing organic materials at high temperatures in the absence of oxygen, while gasification converts organic materials into carbon monoxide, hydrogen, and carbon dioxide at high temperatures with a controlled amount of oxygen.
Biogas production from organic waste is a biological treatment technology. It involves the anaerobic digestion of organic matter by bacteria to produce biogas, which mainly consists of methane.
Waste-to-Energy plants can process both biodegradable and non-biodegradable waste. Non-recyclable dry waste, such as low-grade plastics and rags, can also be used to generate energy (Statement 3 is incorrect)
Incorrect
(a) Only 1st and 2nd statements are correct
Pyrolysis and gasification are indeed thermal treatment technologies used in Waste-to-Energy processes. Pyrolysis involves decomposing organic materials at high temperatures in the absence of oxygen, while gasification converts organic materials into carbon monoxide, hydrogen, and carbon dioxide at high temperatures with a controlled amount of oxygen.
Biogas production from organic waste is a biological treatment technology. It involves the anaerobic digestion of organic matter by bacteria to produce biogas, which mainly consists of methane.
Waste-to-Energy plants can process both biodegradable and non-biodegradable waste. Non-recyclable dry waste, such as low-grade plastics and rags, can also be used to generate energy (Statement 3 is incorrect)
Question 5 of 5
5. Question
Consider the following statements regarding the Quad Cancer Moonshot initiative:
1.The Quad Cancer Moonshot is a collaborative effort between the India, Israel, United Arab Emirates and United States
2.The initiative aims to reduce cancer death rates by 50% by the year 2047.
3.One of the key focus areas of the initiative is to improve access to cancer screenings and early detection in the Indo-Pacific region.
How many of the statements is/are correct?
Correct
(b) Only two statements are correct (2nd and 3rd)
The Quad Cancer Moonshot is indeed a collaborative effort between the United States, India, Japan, and Australia. This initiative is part of the broader Quad partnership aimed at addressing global challenges. (Statement 1 is incorrect)
The initiative has set an ambitious goal to reduce cancer death rates by 50% by the year 2047. This aligns with the long-term vision of significantly improving cancer outcomes.
One of the key focus areas of the Quad Cancer Moonshot is to enhance access to cancer screenings and early detection, particularly in the Indo-Pacific region, where healthcare access can be limited.
Incorrect
(b) Only two statements are correct (2nd and 3rd)
The Quad Cancer Moonshot is indeed a collaborative effort between the United States, India, Japan, and Australia. This initiative is part of the broader Quad partnership aimed at addressing global challenges. (Statement 1 is incorrect)
The initiative has set an ambitious goal to reduce cancer death rates by 50% by the year 2047. This aligns with the long-term vision of significantly improving cancer outcomes.
One of the key focus areas of the Quad Cancer Moonshot is to enhance access to cancer screenings and early detection, particularly in the Indo-Pacific region, where healthcare access can be limited.