1.    With reference to ‘National Financial Reporting Authority (NFRA)’, consider the following statements:

1.    It was constituted under the Companies Act, 2013.

2.    It can undertake investigation related to the companies whose securities are listed on any stock exchange in India only.

3.    It can undertake investigation related to unlisted public companies having paid-up capital of not less than Rs. 1000 crores.
Which of the statements given above is/are correct?
(a)    1 only

(b)    1 and 2 only

(c)    2 and 3 only

(d)    3 only
Explanation
Statement 1 is correct: National Financial Reporting Authority (NFRA) was constituted in 2018 by the Government of India under section 132 (1) of the Companies Act, 2013. It is an audit regulator.
It can undertake investigation related to the following class of companies and bodies corporate called Public Interest Entities:
Statement 2 is incorrect: Companies whose securities are listed on any stock exchange in India or outside India.
Statement 3 is incorrect: Unlisted public companies having paid-up capital of not less than Rs. 500 crores or having annual turnover of not less than Rs. 1,000 crores or having, in aggregate, outstanding loans, debentures and deposits of not less than Rs. 500 crores as on the 31st March of immediately preceding financial year.
Source: https://www.thehindu.com/business/Industry/nfra-needs-to-have-standalone-legislation/article36504051.ece


2.    Consider the following statements regarding the classification of Non-Performing Assets (NPA):

1.    Substandard assets are the assets which have remained NPA for a period of less than or equal to 12 months.

2.    Doubtful Assets are of little value; it can no longer continue as a bankable asset.
Which of the statements given above is/are correct?
(a)    1 only

(b)    2 only

(c)    Both 1 and 2

(d)    Neither 1 nor 2
Explanation
Statement 1 is correct: Substandard Assets: These are the assets which have remained NPA for a period of less than or equal to 12 months.
Statement 2 is incorrect: Doubtful Assets: If the asset is in the substandard category for a period of 12 months.
Loss Assets: These assets are of little value; it can no longer continue as a bankable asset, there could be some recovery value.
Source: https://www.thehindu.com/business/Economy/government-sets-up-bad-bank-to-clear-the-npa-mess/article36495756.ece


3.    Consider the following statements regarding the Goods and Services Tax (GST) Council:

1.    It is a statutory body setup under the Constitution (One Hundred and First Amendment) Act, 2016.

2.    The council is chaired by the Governor of the Reserve Bank of India.
Which of the statements given above is/are correct?
(a)    1 only

(b)    2 only

(c)    Both 1 and 2

(d)    Neither 1 nor 2
Explanation
Statement 1 is incorrect: GST Council is a constitutional body under Article 279A. It makes recommendations to the Union and State Government on issues related to Goods and Service Tax and was introduced by the Constitution (One Hundred and First Amendment) Act, 2016.
Statement 2 is incorrect: The GST Council is chaired by the Union Finance Minister and other members are the Union State Minister of Revenue or Finance and Ministers in-charge of Finance or Taxation of all the States.
It is considered as a federal body where both the centre and the states get due representation.
Source: https://www.thehindu.com/business/Economy/packed-agenda-for-gst-council/article36493746.ece


4.    With reference to the terms ‘habitat’ and ‘nice’, consider the following statements:

1.    Habitat is the structure of life of an organism that allows it to survive in a particular environment.

2.    Niche is the sum of all the activities and relationships of a species by which it uses the resources in its habitat for its survival and reproduction.

3.    No two species in a habitat can have the same niche.
Which of the statements given above is/are correct?
(a)    1 only

(b)    1 and 2 only

(c)    3 only

(d)    2 and 3 only
Explanation
Statement 1 is incorrect: Habitat is the physical environment in which an organism lives. Each organism has particular requirements for its survival and lives where the environment provides for those needs.
Note: An adaptation is the appearance or behaviour or structure or mode of life of an organism that allows it to survive in a particular environment.
Statement 2 is correct: The term niche means the sum of all the activities and relationships of a species by which it uses the resources in its habitat for its survival and reproduction. A niche is unique for a species while many species share the habitat.
Statement 3 is correct: It has to be noted that no two species in a habitat can have the same niche. This is because if two species occupy the same niche they will compete with one another until one is displaced.
Source: https://www.thehindu.com/todays-paper/tp-national/tp-tamilnadu/habitat-loss-threatens-brown-palm-civets-in-western-ghats/article36487166.ece
https://www.thehindu.com/todays-paper/tp-national/tp-tamilnadu/the-art-of-handling-snakes-with-love/article36508221.ece


5.    Consider the following statements regarding the National Cadet Corps (NCC):

1.    It was formed on the recommendation of H.N. Kunzru Committee.

2.    It is under the purview of the Ministry of Home Affairs.
Which of the statements given above is/are correct?
(a)    1 only

(b)    2 only

(c)    Both 1 and 2

(d)    Neither 1 nor 2
Explanation
Statement 1 is correct: The National Cadet Corps (NCC) was formed in 1948 (on the recommendation of H. N. Kunzru Committee-1946), and has its roots to British era uniformed youth entities like University Corps or University Officer Training Corps.
Currently it has strength of around 14 lakh cadets from Army, Navy and Air Force wings.
Statement 2 is incorrect: The NCC falls under the purview of the Ministry of Defence and is headed by a Director General of three-star military rank.
Source: https://www.thehindu.com/news/national/ncc-to-be-made-more-relevant-in-changed-times/article36496252.ece