Daily UPSC Prelims Current Affairs – May 12, 2022 [Mock Test]
May 12, 2022 May 13, 2022
1. Which of the following countries follow ‘Daylight Saving Time”?
- Iran
- China
- Japan
- Argentina
- India
Choose the correct answer using the codes given below:
[A] Only 3 & 4
[B] Only 1, 3 ,4 & 5
[C] Only 1 & 4
[D] Only 2, 3 & 4
Show Answer
Correct Answer: C [Only 1 & 4]
Notes:- Daylight Saving Time (DST) is the practice of setting the clocks forward one hour from standard time during the summer months, and back again in the fall, in order to make better use of natural daylight. Clocks are set forward 1 hour for DST in the spring.
- All European Union countries and many European non-members continue to make the switch twice a year. Outside of Europe and North America, changing the clocks is also practiced in Iran, most of Mexico, Argentina, Paraguay, Cuba, Haiti, the Levant, New Zealand and parts of Australia.
- China, Japan, India and most countries near the equator don’t follow DST.
2. Which of the following tropical cyclones are associated with Indian Ocean?
- Asani
- Gulab
- Jawad
- Yaas
Select the correct answer using the codes given below:
[A] Only 1 & 4
[B] Only 4
[C] Only 1, 2 & 4
[D] 1, 2, 3 & 4
Show Answer
Correct Answer: D [1, 2, 3 & 4 ]
Notes:- Asani cyclone is formed over the Southeastern part of the Bay of Bengal. It is an intensified cyclone storm that hit Orissa and Andhra Pradesh as per the Indian meteorological department (IMD). The cyclone has been named Asani, which in Sri Lankan local language, Sinhalese means “wrath”.
- Cyclone Gulab was a deep depression formed in the Bay of Bengal that intensified into a cyclonic storm. The system hit the landmass between Kalingapatanam in Andhra Pradesh and Gopalpur in Odisha. Pakistan proposed the name Gulab.
- Cyclonic Storm Jawad was a weak tropical cyclone that caused major disruptions over Andhra Pradesh, Odisha and West Bengal in India. Saudi Arabia has given the cyclone its name ‘Jawad’. The meaning ‘Jawad’ is liberal or merciful.
- The cyclonic storm, Cyclone Yaas, formed in the Bay of Bengal and hit West Bengal and adjoining Odisha coasts in May 2021. The name of the cyclone is given by Oman.
3. With respect to the Alternative Investment Funds (AIF), consider the following statements:
- These are privately pooled investment funds.
- These include funds covered under the SEBI (Mutual Funds) Regulations, 1996.
- Hedge funds, PIPE funds are types of AIF.
Which of the statements given above are correct?
[A] Only 1 & 2
[B] Only 2 & 3
[C] Only 1 & 3
[D] 1, 2 & 3
Show Answer
Correct Answer: C [Only 1 & 3]
Notes:- Capital markets regulator Sebi has amended the rules pertaining to investment aspects of certain category of alternative investment funds (AIFs). Various types of funds such as hedge funds, PIPE Funds, etc. are registered as Category III AIFs.
- A hedge fund is a pool of money that takes both short and long positions, buys and sells equities, initiates arbitrage, and trades bonds, currencies, convertible securities, commodities and derivative products to generate returns at reduced risk. As the name suggests, the fund tries to hedge risks to investor’s capital against market volatility by employing alternative investment approaches.
- Private investment in public equity (PIPE) is the buying of shares of publicly traded stock at a price below the current market value (CMV) per share.
- As defined in Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, AIFs refer to any privately pooled investment fund, (whether from Indian or foreign sources), in the form of a trust or a company or a body corporate or a Limited Liability Partnership (LLP).
- AIF does not include funds covered under the SEBI (Mutual Funds) Regulations, 1996, SEBI (Collective Investment Schemes) Regulations, 1999 or any other regulations of the Board to regulate fund management activities.
