Daily UPSC Prelims Current Affairs – March 5-6, 2023 [Mock Test]
March 23, 2023 March 23, 2023
1. With respect to the National Financial Reporting Authority, consider the following statements:
- It is a regulatory body under Ministry of Finance.
- It is tasked to investigate audit of Listed and Unlisted companies with annual turnover not less than Rs 500 crore.
- Union Minister of Finance is the ex-officio chairman of NFRA.
Which of the statements given above is/are correct?
[A] Only 2
[B] Only 3
[C] Only 1 & 3
[D] None of the above
Show Answer
Correct Answer: D [None of the above ]
Notes:- National Financial Reporting Authority is a regulatory body constituted by the Government of India under Sub Section (1) of section 132 of the Companies Act, 2013 to oversee compliance with Accounting and Auditing Standards by companies that can be described as Public Interest Entities (PIEs). It works under Ministry of Corporate affairs.
- The Companies Act requires the NFRA to have a chairperson who will be appointed by the Central Government and a maximum of 15 members.
- The NFRA is tasked to investigate audit of Listed Companies and Unlisted companies with net worth not less than Rs 500 crore or paid-up capital of not less than Rs 500 crore or annual turnover not less than Rs 1,000 crore as on March 31 of immediately preceding financial year, and companies having securities listed outside India.
- The Centre further has the power to refer the entities for investigation where public interest would be involved. The rest are regulated by ICAI.
2. Consider the following statements:
- India’s first multimodal logistics park will be built in Gujarat.
- MMLP is officially defined as a freight-handling facility with a minimum area of 100 acres.
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: B [Only 2]
Notes:- Reliance Industries Ltd (RIL) has been awarded the project to build India’s first multimodal logistics park (MMLP) in Chennai, Tamil Nadu.
- MMLP is officially defined as a freight-handling facility with a minimum area of 100 acres, with various modes of transport access, mechanized warehouses, specialized storage solutions such as cold storage, facilities for mechanized material handling and inter-modal transfer container terminals (roads, railways, and inland waterways).
- Under the National Logistics Policy (NLP) and PM-GatiShakti, it wants to bring down logistics costs to under 10 per cent of the GDP (from the current 14%) in a bid to make exports competitive and supply chains more efficient.
3. With respect to the illegal, unreported and unregulated (IUU) fishing, India is a signatory of which of the following international agreements?
- Cape Town Agreement on IUU fishing
- Agreement on Ports State Measures
- United Nations Convention on the Law of the Sea
Choose the correct answer using the codes given below:
[A] Only 2
[B] Only 3
[C] Only 1 & 3
[D] 1, 2 & 3
Show Answer
Correct Answer: B [Only 3]
Notes:- Illegal, unreported and unregulated (IUU) fishing depletes fish stocks, destroys marine habitats, puts fishermen at disadvantage and impacts coastal communities, especially in developing countries.
- As per the United Nations Convention on the Law of the Sea (UNCLOS), coastal nations are responsible for addressing IUU fishing issues within their respective EEZ.
- There are two main regulations globally on IUU fishing, the Cape Town Agreement and the Agreement on Ports State Measures. So far, India is not a signatory of either agreement.
- In July 2022, Agreement on Fisheries Subsidies (AFS) was concluded at WTO ministerial meeting and it prohibited subsidies from being provided for IUU fishing and overfished stocks.
