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Current Affairs for IAS Prelims Exam 2017: 1 March 2017

Mar 1, 2017 10:45 IST

    Current Affairs Quiz

    Through this article, we have provided current affairs quizzes for the preparation of IAS Prelims Exam 2017. The given current affairs questions are very important for IAS Prelims Exam and also the questions have the same pattern of UPSC IAS Prelims Exam.

    Current Affairs for IAS Prelims Exam 2017- 28th February 2017

    1. Central Board of Direct Taxes (CBDT) signs ten (10) more Advance Pricing Agreements (APAs) pertaining to various sectors of the economy like Telecom, Pharmaceutical, Banking & Finance, Steel, Retail and Information Technology etc. Consider the following statements regarding the APA Scheme:
    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 setting the prices of international transactions in advance.
    III. The total number of APAs entered into by the CBDT has reached 140 which includes 10 Bilateral APAs and 130 Unilateral APAs.

    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 10 more Advance Pricing Agreements (APAs) over the last one week, including 7 Unilateral APAs signed on 28th February alone. Two of these ten agreements are Bilateral APAs with the United Kingdom and Japan. Seven of these Agreements have Rollback provisions in them.  With this, the total number of APAs entered into by the CBDT has reached 140. This includes 10 Bilateral APAs and 130 Unilateral APAs. In the current financial year, a total of 76 APAs (7 Bilateral APAs and 61 Unilateral APAs) have already been entered into. The CBDT expects more APAs to be concluded and signed before the end of the current fiscal.

    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 setting the prices of international transactions in advance. Since its inception, the APA scheme has evinced a lot of interest from taxpayers and that has resulted in more than 700 applications (both unilateral and bilateral) being filed so far in about five years.

    Current Affairs for IAS Prelims Exam 2017- February Week 4

    2. The OECD Economic Survey of India 2017 has been launched recently in Delhi. Consider the following statements regarding the OECD Economic Survey of India 2017:
    I. The OECD Economic Survey of India 2017 hails India’s recent growth rate of more than 7 percent annually as the strongest among G-20 countries.
    II. It identifies priority areas for future action, including continuing plans to maintain macroeconomic stability and further reduce poverty, additional comprehensive tax reforms and new efforts to boost productivity and reduce disparities between India’s various regions.

    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:

    The Indian economy is expanding at a fast pace, boosting living standards and reducing poverty nationwide. Further reforms are now necessary to maintain strong growth and ensure that all Indians benefit from it, according to a new report from the OECD.

    The latest OECD Economic Survey of India 2017 finds that the acceleration of structural reforms and the move toward a rule-based macroeconomic policy framework are sustaining the country’s longstanding rapid economic expansion.

    The Survey, launched in New Delhi recently by OECD Secretary-General Mr Angel Gurria and Secretary, Department of Economic Affairs, Ministry of Finance, Govt. of India, Shaktikanta Das, hails India’s recent growth rate of more than 7 percent annually as the strongest among G-20 countries. It identifies priority areas for future action, including continuing plans to maintain macroeconomic stability and further reduce poverty, additional comprehensive tax reforms and new efforts to boost productivity and reduce disparities between India’s various regions.

    Current Affairs Quizzes for IAS Prelims Exam 2017- February Week 3

    3. Recently, the government of India has signed $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor with which of the following international organisations?
    a. Asian Development Bank
    b. International Monetary Fund
    c. World Bank
    d. OECD

    Answer: a

    Explanation:

    Recently, the Asian Development Bank (ADB) and the Government of India signed here $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor, which is the First Phase of a planned 2,500–kilometer long East Coast Economic Corridor (ECEC). The Corridor is expected to spur development on India’s eastern coast in line with the Government of India’s Make in India policy to stimulate manufacturing, and Act East policy to integrate the Indian economy with Asia’s dynamic global production networks.

    The signing event was held on 23rd February 2017 followed the ADB approval of $631 million in loans and grants in September 2016 to develop the Visakhapatnam-Chennai Industrial Corridor. ADB’s approved loans comprise a $500 million multi-tranche facility to build key infrastructure in the four main centres along the corridor – Visakhapatnam, Kakinada, Amaravati, and Yerpedu-Srikalahasti in the State of Andhra Pradesh. The First Tranche of $245 million was signed today that will finance sub-projects to develop high-quality internal infrastructure in 2 of the 4 nodes of the corridor–Visakhapatnam and Yerpedu-Srikalahasti.

    Current Affairs Quizzes for IAS Prelims Exam 2017- February Week 2

    4. India’s trade with the CLMV countries has grown from USD 1.5 bn to more than USD 10 bn in the last 10 years and India-CLMV concave was recently held to boost ties. Which of the following statements is true regarding the CLMV countries?
    I. Cambodia, Lao PDR, Myanmar and Vietnam collectively, are the third largest economy in ASEAN.
    II. India is looking to boost trade and investment with the CLMV region as part of the ‘Act East’ policy.

    Codes:
    a. Only I
    b. Only II
    c. Both I and II
    d. Neither I nor II

    Answer: c

    Explanation:

    Cambodia, Lao PDR, Myanmar and Vietnam collectively, are the third largest economy in ASEAN, followed by Indonesia and Thailand.  Due to close proximity, India is looking to boost trade and investment with the CLMV region as part of the ‘Act East’ policy AS announced during the 12th India – ASEAN Summit in 2013.

    The CLMV conclave is an annual feature which provides an opportunity for Indian business leaders to interact with government and business stakeholders representing the four countries. The conclave facilitates to create and provide a platform for the decision makers from CLMV countries to interact with a range of Indian business companies involved in trading, manufacturing, processing, engineering, consultancy, construction etc.

    A complete set of Current Affairs Quizzes- January 2017

    5. Recently, the Ministry of Railways flagged off the first Antyodaya clan of trains from which stations?
    a. Between Ernakulam and Howrah
    b. Between Chennai and Howrah
    c. Between Delhi and Howrah
    d. Between Mumbai and Howrah

    Answer: a

    Explanation:

    Indian Railways introduced the first Antyodaya Express between Ernakulam and Howrah that is the Ernakulam-Howrah Antyodaya Express (Weekly). The train service was inaugurated by Minister of Railways through video conferencing from Rail Bhawan.  As announced in Railway Budget 2016-17, Antyodaya Express is long-distance, fully unreserved, superfast train service, for the common man to be operated on dense routes.  The one way distance is around 2307 Kms.

    The stoppages includes Kharagpur, Balasore, Bhadrak, Cuttack, Bhubaneswar, Khurda Road, Brahmapur, Palasa, Srikakulam Road, Vizianagaram, Duvvada, Rajahmundry, Vijaywada, Ongole, Renigunta, Katpadi, Jolarpettai, Salem, Erode, Coiambatore, Palakkad and Thrisur.

    Complete study material of Current Affairs Quizzes for IAS Prelims 2017

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