Daily UPSC Prelims Current Affairs – October 05-06, 2022 [Mock Test]
October 6, 2022 October 7, 2022
1. With respect to the Marburg Virus Disease (MVD), consider the following statements:
- Rousettus fruit-bats are considered the natural hosts for it.
- There is WHO approved antiviral treatment or vaccine for MVD.
- Marburg, like Corona, is a filovirus.
Which of the statements given above is/are correct?
[A] Only 1
[B] Only 3
[C] Only 1 & 2
[D] 1, 2 & 3
Show Answer
Correct Answer: A [Only 1]
Notes:- Marburg virus disease (MVD), earlier known as Marburg haemorrhagic fever, is a severe, often fatal hemorrhagic fever, according to the WHO.
- Marburg, like Ebola, is a filovirus; and both diseases are clinically similar.
- Rousettus fruit-bats are considered the natural hosts for Marburg virus. However, African green monkeys imported from Uganda were the source of the first human infection.
- It was first detected in 1967 after simultaneous outbreaks in Marburg and Frankfurt in Germany; and in Belgrade, Serbia.
- There is no approved antiviral treatment or vaccine for MVD as of now.
2. Consider the following statements:
- Exporters and importers can now use a Special Vostro Account linked to the correspondent bank of the partner country for receipts and payments denominated in rupees.
- Nostro and vostro are terms used to describe the same bank account.
Which of the statements given above is/are correct?
[A] Only 1
[B] Only 2
[C] Both 1 & 2
[D] Neither 1 nor 2
Show Answer
Correct Answer: C [Both 1 & 2]
Notes:- RBI has decided to put in place an additional arrangement of international trade for invoicing, payment, and settlement of exports / imports in INR.
- Banks acting as authorised dealers for such transactions would have to take prior approval from the regulator to facilitate this.
- All exports and imports under the invoicing arrangement may be denominated and invoiced in Rupee.
- Exchange rate between the currencies of the two trading partner countries may be market determined.
- Exporters and importers can now use a Special Vostro Account linked to the correspondent bank of the partner country for receipts and payments denominated in rupees.
- Nostro and vostro are terms used to describe the same bank account; the terms are used when one bank has another bank’s money on deposit.
- They are used to differentiate between the two sets of accounting records kept by each bank.
- Nostro comes from the Latin word for “ours,” as in “our money that is on deposit at your bank.”
- Vostro means “yours”, as in “your money that is on deposit at our bank”.
3. Which of the following statements about Non-Residential External (NRE) and Non-Resident Ordinary (NRO) Account is/are correct?
- An NRO account is a bank account opened in India in the name of an NRI, to park his foreign earnings.
- An NRE account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. These incomes include rent, dividend, pension, interest, etc.
Select the correct answer using the codes given below:
[A] Only 1
[B] Only 2
[C] Both 1 & 2
[D] Neither 1 nor 2
Show Answer
Correct Answer: D [Neither 1 nor 2]
Notes:- NRIs can open an NRE (Non-Residential External) account, introduced in 1970, with funds remitted to India through a bank abroad. This is a repatriable account and transfer from another NRE accountor FCNR(B) account is also permitted.
- NRO (Non-Resident Ordinary) accounts may be opened / maintained in the form of savings, recurring or fixed deposit accounts. These are Rupee accounts opened for the purpose of depositing income earned in India. These accounts can be held jointly with NRI / resident Indians.
- An FCNR (Foreign Currency Non-Resident) account is a term deposit account that can be maintained by NRIs and PIOs in foreign currency. Thus, FCNRs are not savings accounts but fixed deposit accounts.
- An NRE account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an NRO account is a bank account opened in India in the name of an NRI, to manage the income earned by him in India. These incomes include rent, dividend, pension, interest, etc.
