1. Which of the following statements is/are correct about Insolvency and Bankruptcy Code (IBC)?

1. IBC was intended to tackle the bad loan problems that were affecting the banking system.
2. Absence of any deadline is a major disadvantage leading to its failure.

Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Explanation:
Statement 1 is correct: The bankruptcy code is a one stop solution for resolving insolvencies, which previously was a long process that did not offer an economically viable arrangement. The code aims to protect the interests of small investors and make the process of doing business less cumbersome. The IBC has 255 sections and 11 Schedules.
 
IBC was intended to tackle the bad loan problems that were affecting the banking system.

Statement 2 is incorrect: Companies have to complete the entire insolvency exercise within 180 days under IBC. The deadline may be extended if the creditors do not raise objections on the extension. For smaller companies, including startups with an annual turnover of Rs 1 crore, the whole exercise of insolvency must be completed in 90 days and the deadline can be extended by 45 days. If debt resolution doesn't happen the company goes for liquidation.

Source:
https://www.thehindu.com/business/Industry/insolvency-code-has-strayed-from-intent-parliament-panel/article35709274.ece#:~:text=The%20panel%2C%20chaired%20by%20MP,the%20Code%20intended%20by%20Parliament
https://www.business-standard.com/about/what-is-ibc


2. Which of the following statements is/are correct about NBFC?

1. It is a company registered under the Companies Act, 1956 engaged in the business of loans and advances.
2. NBFC can accept demand deposits but not time deposits.

Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Explanation:
Statement 1 is correct: A Non-Banking Financial Company (NBFC) is a company registered under the Companies Act, 1956 engaged in the business of loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

Statement 2 is incorrect: NBFCs lend and make investments and hence their activities are akin to that of banks; however there are a few differences as given below:
i. NBFC cannot accept demand deposits;
ii. NBFCs do not form part of the payment and settlement system and cannot issue cheques drawn on itself;
iii. deposit insurance facility of Deposit Insurance and Credit Guarantee Corporation is not available to depositors of NBFCs, unlike in case of banks.

Source:
https://www.thehindu.com/business/Industry/asset-quality-pressure-to-persist-for-nbfcs/article35709326.ece#:~:text=The%20pressure%20on%20quality%20of,ICRA%20said%20in%20a%20report..
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=92

3. Which of the following statements is/are correct?

1. Debate over bills is an essential condition to pass a bill.
2. A bill must be referred to the standing committee before being considered for voting.

Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Explanation:
Statement 1 is incorrect: The Lok Sabha on Tuesday passed two key Bills without a debate, as the House once again witnessed protests by the Opposition over the Pegasus snooping controversy and farmers’ issues.

Statement 2 is incorrect: Speaker/Chairperson of respective houses may decide whether a bill should be referred to the standing committee or not. It is not an essential condition.

Source:
http://164.100.47.194/our%20parliament/How%20a%20bill%20become%20an%20act.pdf
https://www.thehindu.com/news/national/lok-sabha-passes-essential-defence-services-bill-amid-opposition-protests/article35697806.ece

4. Which of the following parameters are measured using the Periodic Labour Force Survey (PLFS)?

1. Employment
2. Unemployment

Select the correct answer using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2

Explanation: Option (c) is correct
The Periodic Labour Force Survey (PLFS) was designed with two major objectives for measurement of employment and unemployment. The first was to measure the dynamics in labour force participation and employment status in the short time interval of three months for only the urban areas in the Current Weekly Status (CWS). Second one was, for both rural and urban areas, to measure the labour force estimates on key parameters in both usual status (ps+ss) and Current Weekly Status.

Source:
https://mospi.gov.in/web/plfs
https://www.thehindu.com/opinion/lead/poverty-in-india-is-on-the-rise-again/article35709263.ece



5. ‘Makkalai Thedi Maruthuvam’ healthcare scheme has been launched by which state government?

(a) Odisha
(b) Karnataka
(c) Tamil Nadu
(d) Kerala

Explanation: Option (c) is correct
Makkalai Thedi Maruthuvam, the DMK government’s (Tamil Nadu) programme to deliver essential healthcare at the doorstep of the people was launched by Chief Minister M.K.Stalin in Samanapalli village in Krishnagiri.
Makkalai Thedi Maruthuvam will screen those above 45 years of age and others with infirmities through routine door-to-door check-ups and detect non-communicable diseases that are also seen to cause sudden mortalities and impact the quality of life. The scheme will hinge on women public health workers, women health volunteers(WHVs), physiotherapists and nurses, who will provide healthcare at the doorstep, the Chief Minister said.
Through the scheme, high blood pressure and diabetes, both of which go largely undetected in the villages will be screened and monthly medicines will be provided at the door-step.

Source: https://www.thehindu.com/news/national/tamil-nadu/tn-cm-launches-makkalai-thedi-maruthuvam-scheme/article35740145.ece