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Question 1 of 5
1. Question
2 points
Consider the following statements regarding Card tokenization:
A tokenized card will be issued by the Reserve Bank of India (RBI).
RBI defines tokenization as the replacement of actual card details with an alternate code called the ‘token’, which is a unique combination of card, token requestor, and a device.
Card tokenization promotes interoperability across payment platforms.
The token increases need for compliance with the Payment Card Industry Data Security Standard (PCI DSS) guidelines.
How many statements given above is/are correct?
Correct
Option (b) is correct
Explanation:
According to Visa’s report titled ‘Enabling the Digital Shift: Tokenisation in India’s Economic Landscape’, India has issued over 560 million tokens over the past year.
Statement 2 is correct: Reserve Bank of India (RBI) defines tokenization as the replacement of actual card details (debit or credit cards) with an alternate code called the ‘token’, which is a unique combination of card, token requestor, and a device.
Statement 1 is not correct: A tokenized card will be issued by the card networks like Visa, Mastercard, or Rupay.
Statement 3 is correct: Card tokenization promotes interoperability across various payment platforms.
Tokens are independent of specific payment networks or processors, allowing their usage across different devices and channels.
All businesses handling payments via cards must strictly adhere to the regulations in the Payment Card Industry Data Security Standard (PCI DSS) guidelines.
This can be highly cumbersome and may cost the firm a lot of time and money.
With card tokenization, this burden is significantly reduced.
Statement 4 is not correct: The token does not fall within the domain of sensitive information, thereby severely reducing the need for the PCI DSS compliance requirements.
With this, the onus of securing card-related information lies with the tokenization system provider, thus facilitating smoother and risk-free business operations.
Incorrect
Option (b) is correct
Explanation:
According to Visa’s report titled ‘Enabling the Digital Shift: Tokenisation in India’s Economic Landscape’, India has issued over 560 million tokens over the past year.
Statement 2 is correct: Reserve Bank of India (RBI) defines tokenization as the replacement of actual card details (debit or credit cards) with an alternate code called the ‘token’, which is a unique combination of card, token requestor, and a device.
Statement 1 is not correct: A tokenized card will be issued by the card networks like Visa, Mastercard, or Rupay.
Statement 3 is correct: Card tokenization promotes interoperability across various payment platforms.
Tokens are independent of specific payment networks or processors, allowing their usage across different devices and channels.
All businesses handling payments via cards must strictly adhere to the regulations in the Payment Card Industry Data Security Standard (PCI DSS) guidelines.
This can be highly cumbersome and may cost the firm a lot of time and money.
With card tokenization, this burden is significantly reduced.
Statement 4 is not correct: The token does not fall within the domain of sensitive information, thereby severely reducing the need for the PCI DSS compliance requirements.
With this, the onus of securing card-related information lies with the tokenization system provider, thus facilitating smoother and risk-free business operations.
Question 2 of 5
2. Question
2 points
With reference to ‘Geographical Indication Tag’,consider the following statements:
Geographical Indications are covered as a component of intellectual property rights (IPRs) under the Paris Convention for the Protection of Industrial Property.
The first product in India to be accorded withGI tag was Darjeeling tea.
Which of the statements given above is/are correct?
Correct
Option (c) is correct.
Explanation:
Onattukara sesame has received a geographical indication (GI) tag.
A Geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.
Statement 1 is correct: Geographical Indications are covered as a component of intellectual property rights (IPRs) under the Paris Convention for the Protection of Industrial Property.
There is a clear connection between the product and its original place of production because the qualities are dependent on the geographic location of production.
Geographical indications are typically used for agricultural products, foodstuffs, wine and spirit drinks, handicrafts, and industrial products.
Statement 2 is correct: The first product in India to be accorded with GI tag was Darjeeling tea in the year 2004-05.
In India, Geographical Indications registration is administered by the Geographical Indications of Goods (Registration and Protection) Act, 1999 which allowed India to join the WTO and sign the convention.
Incorrect
Option (c) is correct.
Explanation:
Onattukara sesame has received a geographical indication (GI) tag.
A Geographical indication (GI) is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin.
Statement 1 is correct: Geographical Indications are covered as a component of intellectual property rights (IPRs) under the Paris Convention for the Protection of Industrial Property.
There is a clear connection between the product and its original place of production because the qualities are dependent on the geographic location of production.
Geographical indications are typically used for agricultural products, foodstuffs, wine and spirit drinks, handicrafts, and industrial products.
Statement 2 is correct: The first product in India to be accorded with GI tag was Darjeeling tea in the year 2004-05.
In India, Geographical Indications registration is administered by the Geographical Indications of Goods (Registration and Protection) Act, 1999 which allowed India to join the WTO and sign the convention.
Question 3 of 5
3. Question
2 points
Which of the following states border Myanmar?
Arunachal Pradesh
Nagaland
Manipur
Tripura
Select the correct answer using the code given below:
Correct
Option (c) is correct.
Explanation:
Recently, India called for a cessation of fighting between Myanmar’s military and anti-junta groups near the Indo-Myanmar border that has triggered an influx of Myanmar refugees to Mizoram.
Myanmar shares a long land border of over 1600 Km with India as well as a maritime boundary in the Bay of Bengal. Four North-Eastern States viz. Arunachal Pradesh, Nagaland, Manipur and Mizoram share international boundary with Myanmar
Myanmar is India’s gateway to SouthEast Asia and ASEAN with which India is seeking greater economic integration through India’s ‘Look East’ and ‘Act East’ Policy.
Myanmar also offers an alternative access route to the Northeast.
Incorrect
Option (c) is correct.
Explanation:
Recently, India called for a cessation of fighting between Myanmar’s military and anti-junta groups near the Indo-Myanmar border that has triggered an influx of Myanmar refugees to Mizoram.
Myanmar shares a long land border of over 1600 Km with India as well as a maritime boundary in the Bay of Bengal. Four North-Eastern States viz. Arunachal Pradesh, Nagaland, Manipur and Mizoram share international boundary with Myanmar
Myanmar is India’s gateway to SouthEast Asia and ASEAN with which India is seeking greater economic integration through India’s ‘Look East’ and ‘Act East’ Policy.
Myanmar also offers an alternative access route to the Northeast.
Question 4 of 5
4. Question
2 points
Which of the following is/are conditions for the formation of a tropical cyclone?
Large and continuous supply of warm and moist air.
Absence of Coriolis force
Unstable condition that creates local disturbances.
Absence of strong vertical wind wedge
Select the correct answer using the code given below:
Correct
Option (c) is correct.
Explanation:
The Indian Meteorological Department (IMD) declared about the development of Cyclone Midhili in the northwest Bay of Bengal.
A Cyclone is a rapid inward air circulation around a low-pressure(LP) area.
They are confined to the area lying between 30° N and 30° S latitudes in the atmosphere.
Cyclones in India: Tropical cyclones in the North Indian Ocean region develop during the pre-monsoon (April to June) and post monsoon (October to December) periods.
Conditions for the formation of a tropical cyclone:
Statement 1 is correct: Large and continuous supply of warm and moist air.
Statement 2 is not correct: Presence of strong Coriolis force that can prevent the filling of low pressure at the centre.
Statement 3 is correct: Unstable condition that creates local disturbances.
Statement 4 is correct: Absence of strong vertical wind wedge which disturbs the vertical transport of latent heat.
Incorrect
Option (c) is correct.
Explanation:
The Indian Meteorological Department (IMD) declared about the development of Cyclone Midhili in the northwest Bay of Bengal.
A Cyclone is a rapid inward air circulation around a low-pressure(LP) area.
They are confined to the area lying between 30° N and 30° S latitudes in the atmosphere.
Cyclones in India: Tropical cyclones in the North Indian Ocean region develop during the pre-monsoon (April to June) and post monsoon (October to December) periods.
Conditions for the formation of a tropical cyclone:
Statement 1 is correct: Large and continuous supply of warm and moist air.
Statement 2 is not correct: Presence of strong Coriolis force that can prevent the filling of low pressure at the centre.
Statement 3 is correct: Unstable condition that creates local disturbances.
Statement 4 is correct: Absence of strong vertical wind wedge which disturbs the vertical transport of latent heat.
Question 5 of 5
5. Question
2 points
Consider the following statements regarding trade agreements:
In a free trade agreement, countries agree to provide preferential trade terms to the partner country and a positive list of products and services is maintained under the agreement.
In preferential trade agreements(PTA), countries give preferential right of entry to certain products and a negative list is maintained under the agreement.
The ASEAN region is the free trade partner of India.
Which of the statements given above is/are correct?
Correct
Option (c) is correct.
Explanation:
India has been refining its global trade strategy and emphasising a fresh outlook on Free Trade Agreements (FTAs). It is currently negotiating a potentially landmark FTA with the UK.
Statement 1 is not correct: A FTA is an agreement in which two or more countries agree to provide preferential trade terms, tariff concession etc. to the partner country. Here a negative list of products and services is maintained by the negotiating countries on which the terms of FTA are not applicable hence it is more comprehensive than Preferential Trade Agreement (PTA). India has negotiated FTA with many countries e.g. Sri Lanka and various trading blocs as well e.g. ASEAN.
Statement 2 is not correct: A PTA is a type of agreement in which two or more partners give preferential right of entry to certain products. This is done by reducing duties on an agreed number of tariff lines. Here a positive list is maintained i.e. the list of the products on which the two partners have agreed to provide preferential access. Tariffs may even be reduced to zero for some products even in a PTA. India signed a PTA with Afghanistan.
Statement 3 is correct: India has signed FTAs with various countries/regions namely including the ASEAN region. According to the Commerce Ministry, India and the ASEAN countries reached an agreement to review their free trade pact for goods by 2025, aimed at addressing the asymmetry in bilateral trade.
Incorrect
Option (c) is correct.
Explanation:
India has been refining its global trade strategy and emphasising a fresh outlook on Free Trade Agreements (FTAs). It is currently negotiating a potentially landmark FTA with the UK.
Statement 1 is not correct: A FTA is an agreement in which two or more countries agree to provide preferential trade terms, tariff concession etc. to the partner country. Here a negative list of products and services is maintained by the negotiating countries on which the terms of FTA are not applicable hence it is more comprehensive than Preferential Trade Agreement (PTA). India has negotiated FTA with many countries e.g. Sri Lanka and various trading blocs as well e.g. ASEAN.
Statement 2 is not correct: A PTA is a type of agreement in which two or more partners give preferential right of entry to certain products. This is done by reducing duties on an agreed number of tariff lines. Here a positive list is maintained i.e. the list of the products on which the two partners have agreed to provide preferential access. Tariffs may even be reduced to zero for some products even in a PTA. India signed a PTA with Afghanistan.
Statement 3 is correct: India has signed FTAs with various countries/regions namely including the ASEAN region. According to the Commerce Ministry, India and the ASEAN countries reached an agreement to review their free trade pact for goods by 2025, aimed at addressing the asymmetry in bilateral trade.
Comprehensive coverage with a concise format Integration of PYQ within the booklet Designed as per recent trends of Prelims questions हिंदी में भी उपलब्ध
Quick Revise Now ! UDAAN PRELIMS WALLAH
Comprehensive coverage with a concise format Integration of PYQ within the booklet Designed as per recent trends of Prelims questions हिंदी में भी उपलब्ध
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