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Current Affairs for IAS Prelims Exam 2017: 2 May 2017

May 2, 2017 12:13 IST

    Current Affairs Quiz

    Current affairs quiz is given in this article created from the important events recently happened in India and around the world. The IAS aspirants must do the practice of such current affairs quizzes because there is always a possibility of asking such questions in IAS Prelims Exam.

    Current Affairs Weekly Quiz for IAS Prelims Exam- 15 to 21 April 2017

    1. Recently, the Central Board of Direct Taxes (CBDT) has entered into two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers. Consider the following statements regarding the APA:
    I. The APA Scheme was introduced in the Income-tax Act in 2012 and the Rollback provisions were introduced in 2014.
    II. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm’s length price of international transactions in advance for the maximum of five future years.
    III. Since its inception, the APA scheme has attracted tremendous interest among Multi-National Enterprises (MNEs) and that has resulted in more than 800 applications (both unilateral and bilateral) having been filed in just five years.

    Which of the following statement(s) is/are correct?
    a. Only I
    b. I and II
    c. II and III
    d. All of the above

    Answer: d

    Explanation:

    Recently, the Central Board of Direct Taxes (CBDT) has entered into two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the Government’s commitment to foster a non-adversarial tax regime. Both the agreements also have a “Rollback” provision in them.

    The 2 APAs signed yesterday pertain to Information Technology and Banking & Finance sectors of the economy. The international transactions covered in these agreements include Software Development services; IT enabled services and KPO services.

    The APA Scheme was introduced in the Income-tax Act in 2012 and the Rollback provisions were introduced in 2014. The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the arm’s length price of international transactions in advance for the maximum of five future years. Further, the taxpayer has the option to rollback the APA for four preceding years. Since its inception, the APA scheme has attracted tremendous interest among Multi-National Enterprises (MNEs) and that has resulted in more than 800 applications (both unilateral and bilateral) having been filed in just five years.

    Current Affairs for IAS Prelims 2017- March 2017

    2. Recently, the Committee on Allowances, constituted by the Ministry of Finance of India to examine the 7th CPC recommendations on Allowances, submitted its Report to the Union Ministry of Finance. Consider the following statements regarding the committee on allowances:
    I. The Committee was set-up in pursuance of the Union Cabinet decision on 29.06.2016 when approving the 7th CPC recommendations on pay, pensions and related issues were approved.
    II. The decision to set-up the Committee was taken in view of significant changes recommended by the 7th CPC in the allowances structure and a large number of representations received in this regard from various Staff Associations as well as the apprehensions conveyed by various Ministries/Departments.

    Which of the following statement(s) is/are correct?
    a. Only I
    b. Only II
    c. Both I and II
    d. Neither I nor II

    Answer: c

    Explanation:

    Recently, the committee on Allowances, constituted by the Ministry of Finance to examine the 7th CPC recommendations on Allowances, submitted its Report to the Union Finance Ministry. The Committee was headed by Ashok Lavasa, Finance Secretary and Secretary (Expenditure), M/o Finance, Government of India and had Secretaries of Home Affairs, Defence, Health & Family Welfare, Personnel & Training, Post and Chairman, Railway Board as its Members and Joint Secretary (Implementation Cell) as its Member Secretary.

    The Committee was set-up in pursuance of the Union Cabinet decision on 29.06.2016 when approving the 7th CPC recommendations on pay, pensions and related issues were approved. The decision to set-up the Committee was taken in view of significant changes recommended by the 7th CPC in the allowances structure and a large number of representations received in this regard from various Staff Associations as well as the apprehensions conveyed by various Ministries/Departments. The 7th CPC had recommended that of a total of 196 Allowances, 52 be abolished altogether and 36 be abolished as separate identities by subsuming them in another allowance.

    Current Affairs Quizzes of February 2017

    3. Recently, the EESL has collaborated with NITI Aayog for energy efficiency. Consider the following statements regarding this collaborated project of EESL and NITI Aayog:
    I. The total cost of the project is Rs 2.67 crore. EESL has retrofitted 3061 LED lighting, 591 energy efficient fans, 415 energy efficient air conditioners and installed 2 energy efficient chillers.
    II. After this engagement of NITI Aayog, ISI has certified NITI Aayog building with 5-star rating with Energy Performance Index of 72 (kWh/Sqm/annum).

    Which of the following statement(s) is/are correct?
    a. Only I
    b. Only II
    c. Both I and II
    d. Neither I nor II

    Answer: a

    Explanation:

    Energy Efficiency Services Limited (EESL) collaborated with NITI Aayog to retrofit LED lights, energy efficient ACs, Ceiling fans, Energy saver ACs, energy efficient Water Pumps and also installed chiller system in the NITI Aayog premises. This has resulted in an annual energy savings of 11.4 lakh kVAh, an annual monetary savings of Rs 1.02 crore and led to an annual CO2 reduction of 966 tonnes.

    The total cost of the project is Rs 2.67 crore. EESL has retrofitted 3061 LED lighting, 591 energy efficient fans, 415 energy efficient air conditioners and installed 2 energy efficient chillers. Additionally, other energy efficient appliances such as energy efficient water pumps, APFC control and CEMS (Central Energy Management Systems), which tracks the buildings energy consumption, has also been installed. With these interventions, BEE has certified NITI Aayog building with 5-star rating with Energy Performance Index of 72 (kWh/Sqm/annum).

    NITI Aayog initiated the energy efficiency interventions in March 2014 in consultation with EESL. EESL analysed the connected load of NITI Aayog building and based on the highest components of energy utilisation, target areas for interventions were identified. Additionally, monitoring and verification of the interventions were also carried out through physical verification of the replaced energy systems with wattage and operating hours by EESL.

    ECONOMIC SURVEY 2016-17 IMPORTANT QUESTIONS

    4. Which institute has proposed the introduction of a judicial performance index to reduce delays in cases?
    a. Judicial Appointment Committee
    b. Administrative Reform Committee
    c. Niti Aayog
    d. None of the above

    Answer: c

    Explanation:

    The NITI Aayog has proposed the introduction of a judicial performance index to reduce delays in a bid to fix a justice system that is in dire need of reform. The creation of a judicial performance index that could help High Courts and their chief justices keep track of the performance and processes at district courts and subordinate levels for reducing delay should be ‘the first step’ in judicial system reforms.

    The performance index for courts will entail fixing of non-mandatory timeframes for different types of cases to benchmark when a case has been delayed.

    Union Budget 2017 Questions for IAS Exam

    5. The index can also include certain progress on process steps already approved by High Courts and such an annual evaluation should give judges in High Courts a sense of where they are failing and what they need to fix. Consider the following statements regarding the South Asia satellite:
    1) SAS will be used purely as a communications satellite.
    2) Nepal, Bhutan, Maldives, Bangladesh, Afghanistan and Sri Lanka have agreed to be part of the mission.

    Which of the above statements is true?
    a. Only 1
    b. Only 2
    c. 1 and 2
    d. Neither 1 nor 2

    Answer: a

    Explanation:

    The South Asia Satellite is a proposed geosynchronous communications and meteorology satellite by the Indian Space Research Organization (ISRO) for the South Asian Association for Regional Cooperation (SAS) region.

    SAS will be used purely as a communications satellite. Nepal, Bhutan, Maldives, Bangladesh and Sri Lanka have agreed to be part of this mission. Afghanistan is on board and will soon ink the deal. That means all SAARC nations, except for Pakistan - which opted out - will benefit from the SAS satellite.

    Current Affairs Quizzes 2016 for IAS Prelims 2017

    DISCLAIMER: JPL and its affiliates shall have no liability for any views, thoughts and comments expressed on this article.

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