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Current Affairs Quiz Today – 19th Jan 2021

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Current affairs quiz today – 19th Jan. 2021.
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Results

#1. Consider the following statements with respect to Indian Start Tortoise:

1. It is placed in the Convention on International Trade in Endangered Species of Wild Fauna and Flora Appendix-I.

2. It is classified as Near Threatened in the IUCN Red List.

3. It is found in dry areas and scrub forests of India, Pakistan and Sri Lanka.

Which of the given statement/s is/are INCORRECT?

ANS: (B) 2 only

Explanation:

  • Indian Start Tortoise is a threatened species that is found in dry areas and scrub forests of India, Pakistan and Sri Lanka.
  • It is classified as “Vulnerable” in the IUCN Red List.
  • The Indian star tortoise was upgraded to CITES Appendix I in 2019 (threatened with extinction) giving it the highest level of international protection from commercial trade.

#2. Consider the following statements about Rare Diseases:

1. More than half of the rare diseases are genetic in origin and hence mainly impact children.

2. Lysosomal storage disorder is a metabolic disease caused by excessive release of enzymes.

3. Duchenne Muscular Dystrophy (DMD) is a rare genetic disorder caused by alterations of protein in the body.

Which of the statements given above is/are correct?

ANS: (C) 1 and 3 only

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Explanation
  • A rare disease is a health condition of low prevalence that affects a small number of people compared with other prevalent diseases in the general population.
    • Though rare diseases are of low prevalence and individually rare, collectively they affect a considerable proportion of the population.
    • 80% of rare diseases are genetic in origin and hence disproportionately impact children. Hence, statement 1 is correct.
    • In India there are 56-72 million people affected by rare diseases.
  • Lysosomal storage disorder
    • It is an inherited metabolic disease that is characterized by an abnormal build-up of various toxic materials in the body’s cells as a result of enzyme deficiencies. Hence, statement 2 is not correct.
    • It may affect different parts of the body, including the skeleton, brain, skin, heart, and central nervous system.
    • There is currently no approved treatment for many lysosomal storage diseases.
  • Duchenne Muscular Dystrophy (DMD)
    • It is a genetic disorder characterized by progressive muscle degeneration and weakness due to the alterations of a protein called dystrophin that helps keep muscle cells intact. Hence, statement 3 is correct.
    • Symptoms:
      • Muscle weakness
      • Enlargement of the calves
      • A waddling gait
      • Lumbar lordosis (an inward curve of the spine)

#3. With reference to the Bad Bank, consider the following statements:

1. These are the banking institutions which are facing balance sheet problems.

2. The banks are restricted from getting involved in lending and taking deposits.

Which of the statements given above is/are correct?

ANS: (D) Neither 1 nor 2

Explanation
  • Recently, the Reserve Bank of India (RBI) Governor has agreed to look at a proposal for creating a Bad Bank.
  • A bad bank conveys the impression that it will function as a bank but has bad assets to start with.
    • Technically, a bad bank is an Asset Reconstruction Company (ARC) or an Asset Management Company (AMC) that takes over the bad loans of commercial banks, manages them and finally recovers the money over a period of time. Hence, statement 1 is not correct.
  • The bad bank is not involved in lending and taking deposits, but helps commercial banks clean up their balance sheets and resolve bad loans. Hence, statement 2 is not correct.
    • The takeover of bad loans is normally below the book value of the loan and the bad bank tries to recover as much as possible subsequently.
  • US-based Mellon Bank created the first bad bank in 1988, after which the concept has been implemented in other countries including Sweden, Finland, France and Germany.
    • The Troubled Asset Relief Programme (TARP) in the US.
    • In Ireland, the National Asset Management Agency was established in 2009 to respond to the financial crisis.

#4. With reference to the Central Vigilance Commission (CVC), consider the following statements:

1. The CVC was set up on the recommendations of the K. Santhanam Committee.

2. The CVC is an investigating agency under the Union Home Ministry.

Which of the statements given above is/are correct?

ANS: (A) 1 Only

Explanation
  • The Central Vigilance Commission (CVC) is the apex vigilance institution, free of control from any executive authority, monitoring all vigilance activity under the Central Government and advising various authorities in Central Government organizations in planning, executing, reviewing and reforming their vigilance work.
    • CVC is not an investigating agency. The CVC either gets the investigation done through the Central Bureau of Investigation or through Chief Vigilance Officers (CVO) in government offices. Hence, statement 2 is not correct.
  • The CVC was set up by the Government in 1964 on the recommendations of the Committee headed by Shri K. Santhanam. In 2003, the Parliament enacted CVC Act conferring statutory status on the CVC. Hence, statement 1 is correct.
  • The CVC receives complaints on corruption or misuse of office and to recommend appropriate action.
  • The Central Vigilance Commissioner or any Vigilance Commissioner can be removed from his office only by order of the President on the ground of proved misbehavior or incapacity after the Supreme Court, on a reference made to it by the President, has, on inquiry, reported that the Central Vigilance Commissioner or any Vigilance Commissioner, as the case may be, ought to be removed.

#5. With reference to Indian Railway Finance Corporation (IRFC), consider the following statements:

1. It is the dedicated market borrowing arm of the Indian Railways.

2. It could lease the railway infrastructure assets.

Which of the statements given above is/are correct?

ANS: (C) Both 1 and 2

Explanation
  • Indian Railway Finance Corporation (IRFC) is a subsidiary of the Indian Railways, it is the dedicated market borrowing arm of the Indian Railways. Hence, statement 1 is correct.
  • It follows a financial leasing model to finance the acquisition of rolling stock assets, which includes locomotives, coaches, wagons, trucks, flats, electric multiple units, containers, cranes, trollies, etc.
  • It plays a significant role in supporting the capacity enhancement of the Indian Railways by financing the majority proportion of their annual plan outlay which gives a long term business visibility, the brokerage feels.
  • It is also into leasing railway infrastructure assets and national projects of the Government of India (project assets) and lending to other entities under the Ministry of Railways (MoR). Hence, statement 2 is correct.
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