Ans: A

Exp: 

If we look back at India’s economic history since 1991, it becomes clear that coalition governments have undertaken some of the boldest and most visionary reforms that laid the foundation for India’s resurgence. 

Statement 1 is correct: The Fiscal Responsibility and Budget Management (FRBM) Act was enacted by the Indian Parliament in 2003. It was introduced to establish a legal framework for fiscal management in India, with the aim of ensuring fiscal discipline, prudent financial management, the reduction of fiscal deficits and limiting the government’s ability to borrow within prudential limits.

Statement 2 is incorrect: The 86th Amendment to the Indian Constitution, enacted in 2002, introduced Article 21-A, establishing the right to free and compulsory education for children aged six to fourteen as a Fundamental Right. The Right of Children to Free and Compulsory Education (RTE) Act of 2009, which is in line with Article 21-A, guarantees every child the entitlement to adequate and fair-quality elementary education in a formal school was enacted during the Manmohan Singh-led government.

Ans: A

Exp:

The extraordinary result in Indore is the most votes that the “None Of The Above” (NOTA) option has ever received in any constituency to date.

About NOTA:

• • Statement 1 is incorrect: Introduction: Supreme Court directed Election Commission of India (ECI) to introduce NOTA (None of the Above) option for voters in September 2013.
    • The NOTA option was first implemented in the 2013 legislative assembly elections held in four States– Chhattisgarh, Mizoram, Rajasthan, and Madhya Pradesh and the union territory of Delhi.
  • Statement 2 is correct: Reason: Protect secrecy of voters’ choice and ensure free and fair elections.
  • PUCL Petition: People’s Union for Civil Liberties approached the Supreme Court in 2004.
  • Argument: Violation of secrecy due to the Presiding Officer maintaining records of non-voters.
  • Government Response: Right to vote is a statutory right; secrecy applies only to those who vote.
  • Court’s Ruling: Secrecy must be maintained whether a voter casts a vote or not; crucial for free and fair elections.

• Implementation of NOTA:

• • ECI’s Recommendation: NOTA introduced to protect voter secrecy and allow expression of dissent against contesting candidates.
  • Court’s Directive: ECI instructed to install NOTA button in Electronic Voting Machines (EVMs).
• Statement 3 is incorrect: Consequences of NOTA
  • Legal Status: NOTA has no legal consequence; second most successful candidate wins if NOTA receives highest votes.
  • Ongoing Petition: Seeking NOTA to render elections “null and void” if it receives highest votes, akin to some states’ local elections.

Ans: B

Exp: 

Maharastra Pench Tiger Reserve reports the first photographic record of the forest eagle owl, also known as the spot-bellied eagle owl.

About forest eagle owl:

• The Spot-bellied Eagle Owl, also known as the Forest Eagle-Owl, is a large owl species found in wooded areas like forests and rocky hillsides.
• Statement 1 is correct: They are known for their distinctive spots on their belly.
• These owls are large, very powerful, and bold predatory birds. 
• They make a strange scream similar to humans, earning them the name ‘Ghost of the Forest’ in India.
• Appearance: Greyish-brown bird with dark, coarse brown colouration over the back and upper wings.
• Statement 2 is incorrect: Distribution: Himalayan foothills and the Western Ghats.
• IUCN and CITES Status:
  • IUCN Red list: “Least Concern”.
  • Statement 3 is correct: CITES: Appendix II.

Ans: B

Exp: 

The Reserve Bank of India (RBI) in collaboration with NPCI International Payments Ltd. (NIPL) has planned to take the Unified Payments Interface (UPI) to over 20 nations by financial year 2029. 

About Unified Payments Interface (UPI):

• Unified Payments Interface (UPI) is a system that powers multiple bank accounts into a single mobile application of any participating bank. 
  • Statement 1 is incorrect: It was launched by the NPCI in 2016 in conjunction with the Reserve Bank of India (RBI) and the Indian Banks Association (IBA). 
• Statement 2 is correct: It is designed to enable peer-to-peer inter-bank transfers through a single click two factor authentication process. 
• Participants in UPI: Payer Payment Service Provider (PSP), Payee PSP, Remitter Bank, Beneficiary Bank, NPCI, Bank Account holders, and Merchants. 
• Statement 3 is correct: NPCI has introduced a feature in UPI Payments – UPI Tap and Pay in 2023.
  • It uses Near Field Communication (NFC) to capture the payee’s UPI ID/VPA to make the payments through UPI 
  • Once the UPI ID is captured, payment can be made using UPI PIN or UPI Lite. 

Ans: B

Exp: 

India has moved 100 metric tonnes of its gold stored in the U.K. to domestic vaults in FY24. This is one of the biggest movements of gold undertaken by the country since 1991.

Gold reserves are a critical component of a country’s foreign exchange reserves. For India, these reserves serve several purposes, but the primary one is to support the value of the Indian rupee and provide financial stability. 

• Backing the Currency: Gold reserves act as a guarantee of value.
• Diversification of Reserves: Unlike foreign currencies, which can be subject to inflation and political instability, gold is a tangible asset that retains intrinsic value over time.
• Liquidity in Crisis: During financial crises, gold can be liquidated quickly to raise foreign currency. 
• Hedge Against Inflation: Gold is traditionally seen as a hedge against inflation. By maintaining gold reserves, India can protect the value of its overall reserves from the erosive effects of inflation on fiat currencies.