Weekly Current Affairs: Quizzes, 29 May to 03 June, 2023

Explanation:

• Legal tender in India refers to the accepted form of payment that is recognized by law for settling financial obligations within the country. Individuals and businesses are obligated to accept them as a means of payment for debts and transactions. Thus, statement 1 is correct.
• It encompasses physical currency (banknotes and coins) issued by the Reserve Bank of India (RBI) as well as certain approved digital payment methods. Any transaction conducted using Indian rupees, whether in cash or through digital means, is considered valid and legally binding. Legal tender status ensures that individuals and businesses must accept these forms of payment to fulfill their financial obligations.
• Cryptocurrency is a digital or virtual form of currency that utilizes cryptography for secure financial transactions and operates independently of a central bank. It is based on blockchain technology, a decentralized ledger that records and verifies transactions. Thus, statement 2 is correct.
• Cryptocurrencies like Bitcoin, Ethereum, and others have gained prominence in recent years. They offer various advantages such as fast and secure transactions, low fees, and privacy.
• Cryptocurrencies can be obtained through mining, purchasing on cryptocurrency exchanges, or receiving them as payment for goods or services. Their value is determined by market demand and supply.
• However, the volatile nature of cryptocurrencies poses risks, and regulatory frameworks are being developed to address concerns related to security, legality, and investor protection.
• In June 2021, El Salvador became the first country in the world to adopt Bitcoin as a legal tender. The country's government passed a law that recognized Bitcoin as an official currency alongside the US dollar. Thus, statement 3 is not correct.

Explanation:

• FIPIC (Forum for India-Pacific Islands Cooperation) is a multilateral forum that aims to foster cooperation and strengthen relations between India and the Pacific Island countries. It was initiated by the Indian government as part of its "Look East" policy, which focuses on enhancing engagement with the countries of the Asia-Pacific region. Thus, statement 1 is correct.
• The inaugural FIPIC summit took place in Fiji in 2014, where leaders from both India and the Pacific Island nations gathered to discuss various issues of mutual interest. Thus, statement 2 is not correct.
• FIPIC was established to address common challenges faced by these countries, such as climate change, sustainable development, maritime security, and economic cooperation. Thus, statement 3 is correct.
• The member countries of FIPIC include Fiji, Marshall Islands, Nauru, Palau, Papua New Guinea, Samoa, Solomon Islands, Tonga, Tuvalu, and Vanuatu. These countries are geographically dispersed across the Pacific Ocean, and FIPIC provides a platform for them to collaborate with India on regional and global issues.

Explanation:

• The Hindu Rate of Growth is a term coined by economist Raj Krishna. The term refers to the low economic growth experienced by India. The Hindu Rate of Growth specifically refers to the low average annual growth rate of around 3.5% experienced by India in the 1950s and 1960s. Thus, statement 1 is not correct.
• One of the primary factors contributing to the Hindu Rate of Growth. During that period, India faced slow industrialization and limited technological advancements, which hindered economic growth. Thus, statement 2 is correct.
• Raj Krishna, an Indian economist, coined the term and argued that India's socialist policies and excessive government intervention in the economy were responsible for the low growth. He believed that these policies stifled entrepreneurship and hindered private sector development. Thus, statement 3 is correct.
• A prolonged low growth rate, although not an economic contraction, is not enough to be termed as the Hindu rate of growth. In addition to growth being low and extending over a long period, it also captures a low per-capita GDP, by factoring in the population growth.

Explanation:

• NFTs are a type of digital asset that represent ownership or proof of authenticity of a unique item, such as digital artwork, music, or collectibles. They are designed to be distinguishable and not interchangeable, unlike cryptocurrencies like Bitcoin. Thus, statement 1 is correct.
• While NFTs can be built on blockchain technology, it is not limited to the Ethereum blockchain. Various blockchain platforms, including Ethereum, Solana, and Binance Smart Chain, can be used to create and trade NFTs. Thus, statement 2 is not correct.
• NFTs can be exchanged or traded between different platforms. However, they are primarily traded using cryptocurrencies, such as Ethereum (ETH), and the conversion into traditional currencies like USD or EUR may require additional steps and platforms. Thus, statement 3 is correct.
• NFTs provide provenance, authenticity, and unique identifiers, allowing creators to monetize their work and collectors to own rare digital items. NFTs also enable fractional ownership, royalties, and secondary market trading. They have found use cases in gaming, digital collectibles, digital identity, virtual fashion, and decentralized finance (DeFi), expanding opportunities for creators and revolutionizing digital ownership.

Explanation:

• The Dag Hammarskjöld Medal is an esteemed international award presented by the United Nations (UN) to honor military personnel, police officers, and civilians who have lost their lives while serving under the UN flag in peacekeeping operations.
• The medal is named after Dag Hammarskjöld, the second Secretary-General of the UN, who tragically died in a plane crash while on a peacekeeping mission in 1961.
• The three Indian peacekeepers were honored posthumously with the Dag Hammarskjöld Medal at a solemn ceremony at UN headquarters on May 25.
• Indian peacekeepers have served in various challenging environments, including countries like Congo, Lebanon, South Sudan, and Haiti, among others. They have played a crucial role in maintaining stability, protecting civilians, facilitating humanitarian assistance, and supporting post-conflict reconstruction efforts.

Explanation:

• The IVC featured well-planned cities with advanced urban infrastructure, including organized street grids, sewage and drainage systems, and brick-lined public baths. However, there was an absence of Great structures like palaces. Thus, statement 1 is not correct.
• One of the most notable deities associated with the IVC is a male deity often referred to as the "Proto-Shiva" or the "Pashupati Seal." This deity is depicted seated in a yogic posture surrounded by animals and is believed by some scholars to be an early representation of the god Shiva. The presence of female figurines, sometimes referred to as the "Mother Goddess," suggests the veneration of a female deity associated with fertility and motherhood. Thus, statement 2 is correct.
• It's important to note that the IVC declined and eventually disappeared by around 1900 BCE, while the domestication and utilization of horses became more prominent in the Indian subcontinent with the arrival of the Indo-Aryans during the Vedic period (1500 BCE onwards). Thus, statement 3 is not correct.
• The IVC flourished from around 2600 BCE to 1900 BCE, spanning over 700 years. The civilization was located in the northwestern regions of the Indian subcontinent, primarily in present-day Pakistan and northwest India, along the Indus River and its tributaries.
• The IVC had a thriving trade network, evidenced by the discovery of seals and artifacts from distant regions like Mesopotamia (modern-day Iraq). The economy was based on agriculture, with wheat, barley, and cotton being important crops.
• The society of the IVC was likely characterized by a relatively egalitarian and well-structured social order, with evidence of specialized labor, craftsmen, and merchants.

Explanation:

• The Election Commission of India (ECI) is a three-member body consisting of the Chief Election Commissioner (CEC) and two Election Commissioners (ECs). They are appointed by the President of India. Thus, statement 1 is not correct.
• The election schedule in India is decided by the Election Commission of India (ECI). As an independent constitutional authority, the ECI has the responsibility of conducting and overseeing elections in the country. The Commission determines the dates for various stages of the election process, including the filing of nominations, polling days, and result declaration. Thus, statement 2 is not correct.
• The Election Commission has the authority to resolve election-related disputes, including complaints of electoral malpractices, Party mergers and violations of the Model Code of Conduct. It can issue directions, conduct inquiries, and even cancel elections if necessary. Thus, statement 3 is correct.
• The ECI derives its authority from Article 324 of the Indian Constitution, which empowers it to conduct elections to the Parliament, State Legislative Assemblies, and the offices of the President and Vice President.
• The Election Commission undertakes initiatives to promote voter awareness and education. It conducts voter registration drives, voter education programs, and campaigns to encourage eligible citizens to participate in the electoral process.

Explanation:

• The Foreign Contribution (Regulation) Act (FCRA) is indeed a legislation enacted by the Indian government to regulate the acceptance and utilization of foreign contributions by individuals, associations, and organizations in India. The primary objective of the FCRA is to ensure that such contributions do not affect the political and social fabric of the country. Thus, statement 1 is correct.
• The FCRA requires all organizations receiving foreign contributions to register with the Ministry of Home Affairs before accepting any such contributions. This registration process ensures transparency and accountability in the utilization of foreign funds. Thus, statement 2 is correct.
• The FCRA does not prohibit political parties and electoral candidates from accepting foreign contributions. However, there are specific regulations and restrictions on political parties regarding accepting foreign contributions for electoral purposes. The Electoral Bonds Scheme, for instance, allows political parties to receive funds from foreign sources through designated banks. Thus, statement 3 is not correct.
• Registered organizations must use foreign contributions only for specific purposes, such as social, cultural, economic, educational, religious, or charitable activities mentioned in their registration. The utilization of funds must align with the objectives specified by the organization and approved by the government during the registration process.

Explanation:

• The Stockholm Convention primarily focuses on addressing the issue of Persistent Organic Pollutants (POPs), which are hazardous chemicals that persist in the environment, accumulate in living organisms, and pose risks to human health and ecosystems. It was adopted on May 22, 2001, in Stockholm, Sweden, and entered into force on May 17, 2004.
• The Montreal Protocol focuses on the protection of the ozone layer by regulating the production and consumption of substances responsible for ozone depletion, such as chlorofluorocarbons (CFCs).The Montreal Protocol is an environmental agreement that was agreed in 1987.
• The Kyoto Protocol is an international agreement under the United Nations Framework Convention on Climate Change (UNFCCC) that focuses on mitigating climate change by setting binding emission reduction targets for developed countries. The Kyoto Protocol was adopted in 1997. The specific target was to reduce emissions of six GHGs, including carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O), to an average of at least 5% below 1990 levels by the commitment period of 2008-2012

Explanation:

• While renewable energy sources, such as solar and wind power, have lower environmental impacts compared to fossil fuels, they are not entirely without environmental consequences. Solar panels and wind turbines require the use of certain materials and resources in their production, and their installation may have localized environmental effects. Additionally, large-scale deployment of renewable energy infrastructure may result in land-use changes and ecological disruptions. However, overall, renewable energy sources do contribute significantly to reducing greenhouse gas emissions and mitigating climate change. Thus, statement 1 is not correct.
• Hydropower is the most widely used renewable energy source globally. It involves harnessing the energy from flowing or falling water to generate electricity. Hydropower plants, such as dams, account for a significant share of renewable electricity generation in many countries. However, there are debates surrounding the environmental and social impacts of large-scale hydropower projects, including habitat disruption, displacement of communities, and alteration of river ecosystems. Hydropower typically contributes around 16% to 18% of the global electricity supply. Thus, statement 2 is correct.
• Wind Power: Wind power has been experiencing rapid growth in recent years. Wind power's share in the global electricity supply had reached around 4% to 5%.
• Solar Power: Solar power has also been expanding significantly and is one of the fastest-growing renewable energy sources. Solar power contributes around 3% to 4% of the global electricity supply.

Explanation:

• In May 2022, the United States launched the Indo-Pacific Economic Framework for Prosperity (IPEF).  Alongside the United States and India, the members of IPEF consist of Australia, Brunei, Fiji, Indonesia, Japan, South Korea, Malaysia, New Zealand, Philippines, Singapore, Thailand, and Vietnam. Thus, statement 1 is correct.
• The Indo-Pacific Economic Framework for Prosperity (IPEF) is an initiative led by the United States to promote economic cooperation and development in the Indo-Pacific region. India, as a member, has been actively engaging with countries in the region to enhance economic partnerships and connectivity. The primary objective of the IPEF is to strengthen connectivity, trade, and investment links among countries in the Indo-Pacific.
• It aims to foster economic integration and support sustainable development. The IPEF places emphasis on enhancing sustainable development and environmental protection in the region. It recognizes the importance of addressing environmental challenges and promoting sustainable practices for long-term prosperity. Thus, statement 2 is correct.
• The IPEF is not a Free Trade Agreement (FTA), but according to the US Commerce Secretary, will prove to be more economically impactful than a free trade agreement (FTA). Thus, statement 3 is not correct.

Explanation:

• NATO PLUS is an expansion of the North Atlantic Treaty Organization (NATO) aimed at including additional countries in the alliance. Thus, statement 1 is correct.
• It is a concept that envisions partnerships beyond the traditional NATO membership. NATO PLUS is a grouping of the North Atlantic Treaty Organization (NATO) and five countries, including Australia, New Zealand, Japan, Israel, and South Korea. Thus, statement 2 is not correct.
• The United States officially did not propose the NATO PLUS concept to counter the growing influence of China in the Indo-Pacific region. While NATO has expressed concerns about China's global influence, the NATO PLUS initiative does not specifically target China or the Indo-Pacific region. It is primarily focused on expanding partnerships and military cooperation in the Asia-Pacific region. Thus, statement 3 is not correct.
• The NATO PLUS initiative was launched in 2018. It aims to strengthen military cooperation between NATO and non-NATO countries in the Asia-Pacific region. This initiative seeks to enhance interoperability and coordination among the participating nations.
• NATO, the North Atlantic Treaty Organization, is a political and military alliance formed in 1949. It comprises 30 member countries from North America and Europe, committed to collective defense and cooperation. NATO's primary objective is to safeguard the freedom and security of its members through a collective defense mechanism, known as Article 5. In case of an armed attack on any member, it is considered an attack on all, and collective action is taken to counter the threat. NATO also promotes political dialogue, military cooperation, and the development of common defense capabilities among its members. It plays a vital role in maintaining peace and stability in the Euro-Atlantic region.