Daily Current Affairs (MCQ's) | 14-02-2023

Daily Current Affairs (MCQ's) | 14-02-2023

Daily Current Affairs (MCQ's) | 14-02-2023

Q1. Which of the following documents are included in the Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech?

1. Annual Financial Statement (AFS)

2. Demands for Grants (DG)

3. Finance Bill

4. Macro-Economic Framework Statement

Select the correct answer using the code given below

a. 1 and 2 only

b. 3 and 4 only

c. 1, 2 and 3 only

d. 1, 2, 3 and 4

Answer (d)

Explanation:

The list of Budget documents presented to the Parliament, besides the Finance Minister’s Budget Speech, is given below:

A. Annual Financial Statement (AFS)

B. Demands for Grants (DG)

C. Finance Bill

D. Fiscal Policy Statements mandated under FRBM Act: i. Macro- Economic Framework Statement ii. Medium-Term Fiscal Policy cum Fiscal Policy Strategy Statement

E. Expenditure Budget

F. Receipt Budget

G. Expenditure Profile

H. Budget at a Glance

I. Memorandum Explaining the Provisions in the Finance Bill

J. Output Outcome Monitoring Framework

K. Key Features of Budget 2023-24

L. Implementation of Budget Announcements, 2022-2023

Q2. Consider the following statements with regard to Electronic Voting Machines (EVMs)

1. EVM is a microcontroller-based portable instrument designed to modernise the election procedure

2. EVMs require electricity.

3. EVM consists of two Units – a Control Unit and a Balloting Unit. These units are connected by bluetooth connection now a days

Which of the above statements is/are correct?

a. 1 and 3 only

b. 1 only

c. 2 and 3 only

d. 1, 2 and 3

Answer (b)

Explanation:

EVM is a microcontroller-based portable instrument designed to modernise the election procedure of conducting elections.

• EVM consists of two Units – a Control Unit and a Balloting Unit. These units are joined together by a cable.

• EVMs do not require electricity. EVMs run on an ordinary battery assembled by Election Commission (EC) in collaboration with two Public Sector undertakings: Bharat Electronics Ltd (BEL)., Bangalore (Ministry of Defence), Electronic Corporation of India Ltd (ECIL)., Hyderabad (Department of Atomic Energy).

Q3. Arrange the following events happened in Post independence India in chronological order

1. Establishment of Food Corporation of India

2. Nationalisation of Air India

3. Abolishment of the Fundamental Right to Property Select the correct answer from codes given below

a. 1, 2, 3

b. 3, 2, 1

c. 2, 1, 3

d. 3, 1, 2

Answer (c)

Explanation:

Nationalisation of Air India, 1953 Food Corporation of India, 1965

Abolishment of the Fundamental Right to Property 1978

Q4. Consider the following statements with regard to Electronic Voting Machines (EVMs)

1. There is no legal basis for use of EVMs

2. An EVM by ECI can record a maximum of 20,000 votes.

Which of the above statements is/are correct?

a. 1 only

b. 2 only

c. Both 1 and 2

d. Neither 1 nor 2

Answer (d)

Explanation:

• EVMs in were first used Parur Assembly Constituency of Kerala in the year 1982. Use of EVMs in an election is legal.

• In 1988, a new Section 61A was inserted in the Representation of the People Act, 1951 empowering ECI to use electronic voting machines. An EVM by ECI can record a maximum of 2,000 votes.

Q5. Consider the following statements with respect to states fiscal management

1. The constitution requires State Governments indebted to the Central Government to seek the consent of the Central Government before raising further borrowings.

2. As per budget 2023-24 states will be allowed a fiscal deficit of 4.5 per cent of GSDP of which 0.5 per cent will be tied to power sector reforms.

Which of the above statements is/are correct?

a. 1 only

b. 2 only

c. Both 1 and 2

d. Neither 1 nor 2

Answer (a)

Explanation:

Article 293 (3) requires State Governments that are indebted to the Central Government to seek the consent of the Central Government before raising further borrowings.

• Fifty-year interest free loan to States: The entire fifty-year loan to states has to be spent on capital expenditure within 2023-24. Most of this will be at the discretion of states, but a part will be conditional on states increasing their actual capital expenditure. Parts of the outlay will also be linked to, or allocated for, the following purposes:

• Scrapping old government vehicles,

• Urban planning reforms and actions,

• Financing reforms in urban local bodies to make them creditworthy for municipal bonds,

• Housing for police personnel above or as part of police stations,

• Constructing Unity Malls,

• Children and adolescents’ libraries and digital infrastructure, and

• State share of capital expenditure of central schemes.

• Fiscal Deficit of States: States will be allowed a fiscal deficit of 3.5 per cent of GSDP of which 0.5 per cent will be tied to power sector reforms.

• Centre fiscal deficit: The Revised Estimate of the fiscal deficit for 2022-2023 is 6.4 percent of GDP, adhering to the Budget Estimate.