Daily UPSC Prelims Current Affairs – February 10, 2023 [Mock Test]
February 25, 2023 February 25, 2023
1. Consider the following terms:
- A sovereign wealth fund is a fixed income instrument that represents a loan made by an investor to a borrower.
- Bond is a state-owned investment fund composed of money generated by the government.
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: D [Neither 1 nor 2]
Notes:- When a company borrows money to be paid back at a future date with interest, it is known as debt financing.
- A sovereign wealth fund is a state-owned investment fund composed of money generated by the government, often derived from a country’s surplus reserves.
- Bond is a fixed income instrument that represents a loan made by an investor to a borrower. In simpler words, a bond acts as a contract between the investor and the borrower. Mostly Companies and Government issue bonds and investors buy those bonds as a savings and security option.
2. Which of the following statements with respect to the First Amendment Act is/are correct?
- Added four more grounds as reasonable restrictions in Article 19.
- It empowered the state to make special provisions for the advancement of socially and economically backward classes.
- Added Ninth Schedule to protect the land reforms and other laws included in it from the judicial review.
Choose the correct answer using the codes given below:
[A] Only 2
[B] Only 1 & 3
[C] Only 2 & 3
[D] 1, 2 & 3
Show Answer
Correct Answer: C [Only 2 & 3]
Notes:- The First Amendment was passed in 1951 by the Provisional Parliament, members of who had just finished drafting the Constitution as part of the Constitutional Assembly.
- The First Amendment Act amended articles 15, 19, 85, 87, 174, 176, 341, 342, 372 and 376.
- Provided for the saving of laws providing for the acquisition of estates, etc.
- Added Ninth Schedule to protect the land reforms and other laws included in it from the judicial review. After Article 31, Articles 31A and 31B were inserted.
- Added section 4 in Article 15, that empowered the state to make special provisions for the advancement of socially and economically backward classes.
- Added 3 more grounds as reasonable restrictions in Article 19, public order, friendly relations with foreign states and incitement to an offence.
3. With respect to the Mahatma Gandhi National Rural Employment Guarantee Scheme, consider the following statements:
- It guarantees the right to work.
- It provides employment for skilled and unskilled labour.
- A job seeker has completed 18 years of age at the time of application.
Which of the statements given above is/are correct?
[A] Only 1
[B] Only 2 & 3
[C] Only 1 & 3
[D] 1, 2 & 3
Show Answer
Correct Answer: C [Only 1 & 3]
Notes:- Mahatma Gandhi National Rural Employment Guarantee Scheme was introduced as a social measure that guarantees “the right to work”. The local government will have to legally provide at least 100 days of wage employment for each worker who volunteers for unskilled labour.
- One must be a Citizen of India to seek NREGA benefits. A job seeker has completed 18 years of age at the time of application. The applicant must be part of a local household (i.e. application must be made with a local Gram Panchayat).
