Daily Current Affairs MCQs for UPSC IAS Prelims - 15 Mar 2023

Welcome to the RAYACADEMY Daily Current Affairs MCQs! Our focus is to provide you with engaging and informative questions that primarily revolve around current affairs, derived from reliable sources such as 'The Hindu', 'Indian Express', and 'PIB'. Our MCQs test your understanding of factual and conceptual knowledge, which is essential for cracking the UPSC IAS and State PCS prelim exams.

Below are some of Today's Current Affairs MCQs. We hope you make the most of this initiative and wish you all the best in your preparation.

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Q1.Which of the following statements is/are correct regarding Special Vostro Rupee Accounts (SVRAs)?

1)SVRAs are accounts opened by Indian banks for settling payments in Indian rupees.

2)Only banks from India are permitted by the Reserve Bank of India (RBI) to open SVRAs.

3)Banks from 18 countries have been permitted by the RBI to open SVRAs.

4)SVRAs are used for settling international trade transactions only.

A. 1 and 3 only

B. 1, 2, and 4 only

C. 2 and 4 only

D. 1, 3, and 4 only

Answer: A.

Explanation:

The correct statements regarding Special Vostro Rupee Accounts (SVRAs) are:

SVRAs are accounts opened by foreign banks for settling payments in Indian rupees.

Banks from countries other than India are permitted by the Reserve Bank of India (RBI) to open SVRAs.

Banks from 18 countries, including Botswana, Fiji, Germany, Guyana, Israel, Kenya, Malaysia, Mauritius, Myanmar, New Zealand, Oman, Russia, Seychelles, Singapore, Sri Lanka, Tanzania, Uganda and the United Kingdom” have been permitted by the RBI to open SVRAs.

SVRAs can be used for settling various types of transactions, including international trade transactions, remittances, and investments.

Q2.Which of the following statements is/are correct regarding end-to-end (E2E) encryption?

1)E2E encryption ensures that the intended recipient can only decrypt a message using a secure decryption key.

2)The decryption key used in E2E encryption is the same for each sender-recipient pair.

3)E2E encryption ensures that messages cannot be intercepted and read by anyone, including the service provider.

4)E2E encryption is used only for text messages and emails.

A. 1 and 3 only

B. 1, 2, and 3 only

C. 1 and 4 only

D. 1, 3, and 4 only

Answer: A.

Explanation:

The correct statements regarding end-to-end (E2E) encryption are:

E2E encryption ensures that the intended recipient can only decrypt a message using a secure decryption key unique to each sender-recipient pair and to each of their messages.

The decryption key used in E2E encryption is unique to each sender-recipient pair and to each of their messages, not the same for each pair.

E2E encryption ensures that messages cannot be intercepted and read by anyone, including the service provider.

E2E encryption can be used for various types of messages, including text messages, emails, voice messages, and video calls.

Q3.Which of the following statements is/are correct regarding the International Court of Justice (ICJ)?

1)The ICJ is the principal judicial organ of the United Nations (UN).

2)The ICJ was established in February 1922 by the League of Nations.

3)The ICJ's role is to settle legal disputes submitted to it by states and give advisory opinions on legal questions referred to by authorized UN organs and specialized agencies.

4)The ICJ's judgment is not subject to appeal.

A. 1 and 3 only

B. 1, 2, and 3 only

C. 1, 3, and 4 only

D. 1, 2, 3, and 4

Answer: A.

Explanation:

The correct statements regarding the International Court of Justice (ICJ) are:

The ICJ is the principal judicial organ of the United Nations (UN).

The ICJ was not established in February 1922 by the League of Nations. Instead, it is the successor to the Permanent Court of International Justice (PCIJ), which was brought into being through and by the League of Nations and held its inaugural sitting at the Peace Palace in The Hague, Netherlands, in February 1922.

The ICJ's role is to settle legal disputes submitted to it by states and give advisory opinions on legal questions referred to by authorized UN organs and specialized agencies.

The ICJ's judgment is technically binding on the parties to a case, and there is no provision for appeal. However, it can be subject to interpretation or, upon the discovery of a new fact, revision.

Q4.Which of the following statements is/are correct regarding the reservation system in India?

1)Vertical reservation refers to the reservation for Scheduled Castes, Scheduled Tribes, and Other Backward Classes and applies separately to each group specified under the law.

2)Horizontal reservation refers to the equal opportunity provided to beneficiaries such as women, veterans, the transgender community, and individuals with disabilities, cutting through the vertical categories.

3)The Constitution of India provides for reservation in educational institutions and government jobs for economically weaker sections (EWS) among upper castes.

4)Reservation in India is limited to educational institutions and government jobs only.

A. 1 and 2 only

B. 1, 2, and 3 only

C. 1, 2, and 4 only

D. 1, 2, 3, and 4

Answer: B.

Explanation:

The correct statements regarding the reservation system in India are:

Vertical reservation refers to the reservation for Scheduled Castes, Scheduled Tribes, and Other Backward Classes and applies separately to each group specified under the law.

Horizontal reservation refers to the equal opportunity provided to beneficiaries such as women, veterans, the transgender community, and individuals with disabilities, cutting through the vertical categories.

The Constitution of India provides reservations in educational institutions and government jobs for economically weaker sections (EWS) among upper castes.

Statement 4 is incorrect because reservation in India is not limited to educational institutions and government jobs only. The Constitution of India also provides for reservation in elections, with reserved seats for Scheduled Castes and Scheduled Tribes in the Lok Sabha and State Legislative Assemblies.

Q5.Which of the following statements is/are correct regarding the constitution of the Monetary Policy Committee (MPC) in India?

1)The MPC is a six-member committee responsible for determining the policy interest rate required to achieve the inflation target.

2)The RBI Governor serves as the ex officio chairperson of the MPC.

3)The Deputy Governor in charge of monetary policy is not a member of the MPC.

4)All six members of the MPC are appointed by the central government.

A. 1 only

B. 1 and 2 only

C. 2 and 4 only

D. 1, 2, and 4 only

Answer: B.

Explanation:

The correct statements regarding the constitution of the Monetary Policy Committee (MPC) in India are:

The MPC is a six-member committee responsible for determining the policy interest rate required to achieve the inflation target.

The RBI Governor serves as the ex officio chairperson of the MPC.

Statement 3 is incorrect because the Deputy Governor in charge of monetary policy is a member of the MPC.

Statement 4 is incorrect because only three members of the MPC are appointed by the central government, while the other three are ex officio members.