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Current Affairs for IAS Prelims Exam 2017: 23 May 2017

May 23, 2017 12:57 IST
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Current Affairs Quiz 17 May

Online IAS preparation has become a common practice among the IAS aspirants. For aspirants who are more techno-friendly and love to study online for IAS Exam, we are continuously providing IAS study material for them. Here, in this article, we have provided sets of current affairs quizzes which are completely based on current events.

Current Affairs for IAS Prelims Exam: 13 to 19 May 2017

1. Recently, two Unilateral Advance Pricing Agreements (APAs) have been signed. Consider the following statements regarding the APA Scheme:
I. The APA 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.
II. The two APAs signed pertain to chip design/development of embedded software and Information technology (software development) sectors of the economy which has been 4 in the current financial year now.
III. The progress of the APA Scheme strengthens the Government’s commitment to foster a non-adversarial tax regime.

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:

The Central Board of Direct Taxes (CBDT) has entered into two Unilateral Advance Pricing Agreements (APAs) on 04th May 2017 and 11th May 2017 respectively, with Indian taxpayers. One of the Agreements also has “Rollback” provision.

The two APAs signed pertain to chip design/development of embedded software and Information technology (software development) sectors of the economy. The number of APAs signed in the current financial year now is four. The CBDT expects more APAs to be signed in the near future. The progress of the APA Scheme strengthens the Government’s commitment to foster a non-adversarial tax regime.

The APA 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 roll-back the APA for four preceding years, as a result of which, total nine years of tax certainty is provided. Since its inception, the APA scheme has attracted tremendous interest among Multi-National Enterprises (MNEs).

Current Affairs for IAS Prelims 2017- April 2017

2. Recently, the scientists of which of the following space organisation have named a new organism discovered by them after the A.P.J. Abdul Kalam?
a. ISRO
b. NASA
c. BARC
d. Vikram Sarabhai Space Centre

Answer: b

Explanation:

The scientists at NASA have named a new organism discovered by them after A.P.J. Abdul Kalam. Till date, the new organism — a form of bacteria — has been found only on the International Space Station (ISS) and has not been found on earth. Researchers at the Jet Propulsion Laboratory (JPL), the foremost lab of NASA for work on interplanetary travel, discovered the new bacteria on the filters of the International Space Station (ISS) and named it Solibacillus kalamii to honour the late President, who was a renowned aerospace scientist.

The filter on which the new bug was found remained on board the ISS for 40 months. Called a high-efficiency particulate arrestance filter or HEPA filter, this part is the routine housekeeping and cleaning system on board the international space station.

Current Affairs for IAS Prelims 2017- March 2017

3. Recently, Hillary Step was in news. Consider the following statements regarding the Hillary Step:
I. The Hillary Step was a 12-metre-tall rocky outcrop on the south-east ridge of the Alps Mountain in Europe.
II. Hillary Step was named after Edmund Hillary who was the first to scale Everest in 1953.

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:

Mountaineers confirmed on Sunday that the notorious Hillary Step on Mount Everest has collapsed, possibly during the earthquake in Nepal in 2015.

The Hillary Step was a 12-metre-tall rocky outcrop on the south-east ridge of the mountain. The near vertical outcrop is named after Edmund Hillary who was the first to scale Everest in 1953. The Step was considered one of the trickiest parts of climbing the world’s highest peak. It is said that the scaling of the 40-feet rock face pushed Sir Edmund Hillary to the limit. Located at 8,790 metres, the Step is considered by climbers to be the last obstacle before the summit, which is at 8,848 metres. However, a few years earlier, the ascent and descent of the step were made easier with the help of ropes usually fixed by the first ascending team of the season.

ECONOMIC SURVEY 2016-17 IMPORTANT QUESTIONS

4. Recently, the commercial development of the globe’s huge reserves of a frozen fossil fuel known as “combustible ice” has moved closer to reality after Japan and China successfully extracted the material from the South China Sea floor off their coastlines. Consider the following statements regarding the combustible ice:
I. Combustible ice is a frozen mixture of water and concentrated natural gas, technically known as methane hydrate.
II. Methane hydrate has been found beneath seafloors and buried inside Arctic permafrost and beneath Antarctic ice.
III. The combustible ice can be lit on fire in its frozen state and is believed to comprise one of the world’s most abundant fossil fuels.

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:

Commercial development of the globe’s huge reserves of a frozen fossil fuel known as “combustible ice” has moved closer to reality after Japan and China successfully extracted the material from the sea floor off their coastlines.

But experts said on Friday that large-scale production remains many years away and if not done properly could flood the atmosphere with climate-changing greenhouse gases. Combustible ice is a frozen mixture of water and concentrated natural gas. Technically known as methane hydrate, it can be lit on fire in its frozen state and is believed to comprise one of the world’s most abundant fossil fuels.

Union Budget 2017 Questions for IAS Exam

5. Recently, the National Green Tribunal (NGT) has banned open defecation and dumping of waste on the floodplains of which of the following rivers?
a. Ganga
b. Yamuna
c. Brahmaputra
d. Kosi

Answer: b

Explanation:

The National Green Tribunal (NGT) on Friday banned open defecation and dumping of waste on the floodplains of the Yamuna River and announced an environment compensation of Rs. 5,000 for those violating the diktat.

A Bench headed by NGT Chairperson Justice Swatanter Kumar also constituted a committee headed by the Delhi Jal Board CEO to oversee the execution of work pertaining to the cleaning of the river and asked it to submit reports at regular intervals.

The green panel noted that almost 67% of the pollution reaching the Yamuna would be treated by the two sewage treatment plants (STP) located at the Delhi Gate and Najafgarh under Phase 1 of the ‘Maili se Nirmal Yamuna Revitalisation Project 2017’.

The panel, on May 1, ordered the inspection of the STPs at the Delhi Gate and Okhla Multi-National ensure that wastewater arresting before it reached the Yamuna. It had sought a report with regard to the functioning of these plants.

Current Affairs Quizzes 2016 for IAS Prelims 2017

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