5 June to 11 June 2017: Quizzes for the week covers the most important happenings of the week. These quizzes will help you in revising the week at an ease, as it hosts the most important occurrences/happenings of the week that may be asked in the nearest competitive exam that will be faced by you. The quizzes covered in this weekly segment include exoplanet ‘KELT-9b’ discovered, Base Erosion and Profit Shifting (BEPS), and Safe Harbour Regime among others.
1. Consider the following statements with respect to exoplanet ‘KELT-9b’ discovered recently:
I. It is cooler than the most of the stars in the universe.
II. It has a day-side temperature of 4326 degree C which is only 926 degree Celsius cooler than Sun.
Choose the correct option
a) Only I
b) Only II
c) Both I and II
d) None of the above
2. India recently signed the multilateral convention in Paris to implement tax treaty-related measures to prevent Base Erosion and Profit Shifting (BEPS). The BEPS was launched by which of the following projects?
a) International Monetary Fund (IMF) project
b) Organisation for Economic Cooperation and Development (OECD) project
c) Group of 20 countries (G-20) project
d) Both (B) and (C)
3. What is the rate of gold fixed by Goods and Services Tax (GST) Council?
a) 3 percent
b) 4 percent
c) 2 percent
d) 1.5 percent
4. Which country has recently repealed a 334-year-old blasphemy law that forbids public insults of a religion?
5. Who of the following became the first Indian to be inducted in the Umpires and Referees Committee of the International Table Tennis Federation?
a) Ganeshan Neelakanta Iyer
b) Purav Raja
c) Abhishek Mukherjee
d) None of the above
6. Sher Bahadur Deuba was elected as the 40th Prime Minister of which nation?
7. Which among the following island nations is counting its islands to protect its territory and resources?
8. Who has authored the book titled "Ministry of Utmost Happiness"?
a) Kiran Desai
b) Arundhati Roy
c) Shashi Tharoor
d) Amitav Ghosh
9. Name the women who in June 2017 became the first female Sikh Member of Parliament in United Kingdom.
a) Preet Kaur Gill
b) Tanmanjeet Singh Dhesi
c) Seema Kaur
d) Preeti Patel
10. Name the Indian who has joined the United Nations initiative titled Super Dads’.
a) Sachin Tendulkar
b) Amitabh Bachchan
c) Rishi Kapoor
d) MS Dhoni
11. What is the name of the National Human Milk Bank and Lactation Counselling Centre that was inaugurated at the Lady Hardinge Medical College (LHMC), New Delhi by CK Mishra, Secretary Health and Family Welfare?
a) Vatsalya – Maitree Amrit Kosh
b) Vatsalya – Maitri Amrit Kosh
c) Vatsalya – Maa Amrit Kosh
d) Vatsalya – Maatri Amrit Kosh
12. Name the two nations who were included into the Shanghai Co-operation Organisation (SCO) as permanent member.
a) India & Pakistan
b) India & Nepal
c) Nepal & Pakistan
d) Myanmar and Pakistan
13. What is the current Repo Rate as per second Bi-monthly Monetary Policy 2017-18?
a) 6.25 per cent
b) 6.50 per cent
c) 6.55 per cent
d) 6.75 per cent
14. The Centre has passed the Prevention of Cruelty to Animals Bill 2017, legalising Kambala sport. The traditional racing sport involves which animal?
15. Central Board of Direct Taxes (CBDT) has notified new Safe Harbour Regime. Consider the following statements in context to the salient features of the notification.
I. The safe harbour regime is optional to taxpayers.
II. Assessees eligible under the present safe harbour regime up to AY 2017-18 shall also have the right to choose the safe harbour option most beneficial to them.
III. A new category of transactions being “Receipt of Low Value-Adding Intra-Group Services” has been introduced.
Which is/are correct?
a) Only III
b) Only I and II
c) Only I and III
d) I, II and III
1. (b) Only II
Scientists have discovered the hottest known planet KELT-9b located 650 light years from Earth, which is warmer than most stars in the universe and sports a giant, glowing gas tail like a comet. With a day-side temperature peaking at 4326 degree Celsius, it is the only exoplanet that is 926 degree Celsius cooler than Sun.
2. (d) Both (b) and (c)
India along with more than 65 countries signed the OECD multilateral convention that aims to check cross-border tax evasion by multinational companies (MNCs). The Multilateral Convention is an outcome of the OECD and G20 Project to tackle BEPS which is resorted to by MNCs through tax planning strategies by exploiting gaps and mismatches in tax rules.
3. (a) 3 percent
The GST Council has fixed the rate of tax on gold at 3 percent, which is lower than the lowest slab of 5 percent under the new regime to be implemented from 1 July 2017 and is closer to the current tax incidence of about 2 percent.
4. (c) Denmark
Danish lawmakers in the first week of June 2017 repealed a 334-year-old blasphemy law that forbids public insults of a religion, such as the burning of holy books. Denmark was the only Scandinavian country with a blasphemy law, which called for up to four months in prison upon conviction, although most people were fined instead.
5. (a) Ganeshan Neelakanta Iyer
Ganeshan Neelakanta Iyer in the first week of June 2017 became the first Indian to be nominated as a member of the Umpires and Referees Committee (URC). URC is the technical arm of the ITTF. It looks after all technical issues involving the sport. The mandate of the committee is to oversee the training, certification, appointment and performance of umpires and referees.
6. (b) Nepal
Sher Bahadur Deuba was elected as the 40th Prime Minister of Nepal on 6 June 2017. This would be his fourth term in the post. He won an overwhelming majority in the parliamentary vote by securing 388 votes out of the total 558 votes cast. The 70-year-old would be succeeding Maoist leader, Pushpa Kamal Dahal , who resigned last month to honour a power-sharing deal.
7. (b) Indonesia
Indonesia has so many islands that it has never been able to fully count or name them. A 1996 law estimated the number of islands in the world's biggest archipelago at 17,508 but the government is now hoping to get a definite number and register them all with the UN to protect the country’s vast territory and rich fishing resources.
8. (b) Arundhati Roy
The book titled ‘Ministry of Utmost Happiness’ has been written by Booker-prize winning Indian author, Arundhati Roy. It was launched on June 6, 2017. It is the second novel from Arundhati Roy. Her first novel was ‘The God of Small Things’, which was published in 1997 and went ahead to win the Booker Prize.
9. (a) Preet Kaur Gill
Labour's Preet Kaur Gill who became the first female Sikh MP in the United Kingdom has won her Birmingham Edgbaston seat by polling 24124 votes, defeating her Conservative party rival by 6917 votes.
10. (a) Sachin Tendulkar
Cricketing legend Sachin Tendulkar will be joining the likes of Noval Djokovic and David Beckham for a United Nations campaign/initiative titled Super Dads. The UNICEF initiative Super Dad highlights the critical role played by fathers in children’s early development. The initiative that was launched on 6 June 2017, few days ahead of the Father’s Day (18 June), will celebrate fatherhood by highlighting the importance of love, play, protection and good nutrition for the healthy development of young children’s brains.
11. (d) Vatsalya – Maatri Amrit Kosh’
CK Mishra, Secretary Health and Family Welfare, on 7 June 2017 inaugurated the ‘Vatsalya – Maatri Amrit Kosh’, a National Human Milk Bank and Lactation Counselling Centre at the Lady Hardinge Medical College (LHMC), New Delhi.
12. (a) India & Nepal
India & Nepal became a full member of the Shanghai Co-operation Organisation (SCO) on 9 June 2017. All members described India's accession to SCO as historic and said it would strengthen security and promote regional cooperation among member countries.
13. (a) 6.25 per cent
As per second bi-monthly monetary and credit policy review for 2017-18 of the Reserve Bank of India (RBI), the Policy Repo Rate under the Liquidity Adjustment Facility (LAF) remained unchanged at 6.25 per cent. Consequently, the Reverse Repo Rate under the LAF remained at 6 per cent.
14. (c) Buffalo
The Union Ministry of Law and Justice has cleared the Prevention of Cruelty to Animals (Karnataka Amendment) Bill 2017, legalising Kambala, a traditional race involving buffaloes. The bill will now be sent to the President for his assent, after which it would become a law. Prime Minister Narendra Modi and the Bharatiya Janata Party have been in huge favour of sports such as Kambala that have a strong link with the local culture.
15. (d) I, II and III
In order to reduce transfer pricing disputes, to provide certainty to taxpayers, to align safe harbour margins with industry standards and to enlarge the scope of safe harbour transactions, the Central Board of Direct Taxes (CBDT) has notified a new safe harbour regime based on the report of the Committee set up in this regard.