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DAILY CURRENT AFFAIRS IAS | UPSC Prelims and Mains Exam – 14th September 2021
Published on Sept. 14, 2021, 3:43 p.m.

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(PRELIMS + MAINS FOCUS)


Climate change could cause 216 mn to migrate: World Bank

Part of: Prelims and GS III - Climate change

Context World Bank has recently published Groundswell report.

  • The report examined how the impacts of slow-onset climate change, such as water scarcity, decreasing crop productivity and rising sea levels, could result in millions of “climate migrants” by 2050 

Key findings of the report

  • Climate change could push more than 200 million people to leave their homes in the next three decades and create migration hotspots unless urgent action is taken to reduce global emissions and bridge the development gap.
  • The report forecasts up to 216 million people moving within their own countries across the six regions analysed.
    • Those regions are Latin America; North Africa; Sub-Saharan Africa; Eastern Europe and Central Asia; South Asia; and East Asia and the Pacific.
  • In the most climate-friendly scenario, with a low level of emissions and inclusive, sustainable development, the world could still see 44 million people being forced to leave their homes.
  • In South Asia, Bangladesh is particularly affected by flooding and crop failures, accounting for almost half of the predicted climate migrants.
  • Findings regarding African region:
    • Sub-Saharan Africa — the most vulnerable region due to desertification, fragile coastlines and the population’s dependence on agriculture — would see the most migrants, with up to 86 million people moving within national borders.
    • North Africa is predicted to have the largest proportion of climate migrants, with 19 million people moving.
    • The northeastern Tunisia, northwestern Algeria, western and southern Morocco, and the central Atlas foothills will face increased water scarcity.

News source: TH 


NCLT can’t allow tweaks in a successful resolution plan: SC

Part of: Prelims and GS II - Important statutory bodies.

Context The Supreme Court on Monday held that the National Company Law Tribunal (NCLT) cannot permit withdrawals or modifications of a successful resolution plan, once it has been submitted to it after due compliance with the procedural requirements and timelines.

  • Such an open-ended process for further negotiations, would have a negative impact on the corporate debtor, its creditors, and the economy at large as the liquidation value depletes with the passage of time.

Background 

  • The judgment relates to the NCLT’s decision to allow Ebix Singapore Private Limited to withdraw its resolution plan submitted for Educomp Solutions.
  • The NCLAT had, however, reversed the NCLT order, saying the latter did not have jurisdiction to permit such withdrawal.
  • The correctness of the NCLAT decision had come up on appeal before the Supreme Court.

What is NCLAT?

What is NCLT?

  • National Company Law Tribunal is a quasi-judicial body in India that adjudicates issues relating to companies in India.
  • Established on 1st June, 2016 (Companies Act, 2013).
  • Formed based on the recommendations of the Justice Eradi Committee.
  • It deals with matters mainly related to companies law and the insolvency law.
  • Term of members: Appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.

News source: TH 


NFRA for single stakeholders’ advisory body

Part of: Prelims and GS -III - Economy 

Context In order to enhance engagement with stakeholders, the National Financial Reporting Authority (NFRA) will set up a single stakeholders’ advisory group as well as a research cell to support the group.

What is NFRA?

  • National Financial Reporting Authority (NFRA) is an independent regulator to oversee the auditing profession and accounting standards in India under Companies Act 2013. 
  • It came into existence in October 2018. 
  • Powers & Functions: NFRA is responsible for recommending accounting and auditing policies and standards in the country, undertaking investigations, and imposing sanctions against defaulting auditors and audit firms in the form of monetary penalties and debarment from practice for up to 10 years.
  • It can probe listed companies and those unlisted public companies having paid-up capital of no less than Rs 500 crore or annual turnover of no less than Rs 1,000 crore. (while ICAI retains jurisdiction of small listed companies).
  • It can even investigate professional misconduct committed by members of the Institute of Chartered Accountants of India (ICAI) for prescribed classes of body corporate or persons.
  • NFRA consists of one chairman, three full-time members and one secretary.

News source: TH 


About NCLT and ITAT

Part of: Prelims and GS II - Important statutory bodies.

Context The government has appointed 31 people as judicial, technical and accountant members at the National Company Law Tribunal (NCLT) and the Income Tax Appellate Tribunal (ITAT).

  • Recently, the Supreme Court had flagged concerns about vacancies in various tribunals.

Background:

  • There are around 250 posts lying vacant at various key tribunals and appellate tribunals such as the NCLT, the DRT, the TDSAT and the SAT.

About NCLT:

  • It is a quasi-judicial body in India that adjudicates issues relating to companies in India.
  • Established on 1st June, 2016 (Companies Act, 2013).
  • Formed based on the recommendations of the Justice Eradi Committee.
  • It deals with matters mainly related to companies law and the insolvency law.
  • Term of members: Appointments will be for five years from the date of assumption of charge or till attaining the age of 65 or until further orders.

About ITAT:

  • It deals with income tax matters.
  • It is a statutory body in the field of direct taxes and its orders are accepted as final, on findings of fact.
  • ITAT was the first Tribunal to be created on 25th January, 1941 and is also known as ‘Mother Tribunal’.
  • With a view to ensuring the highest degree of independence of the ITAT, it functions under the Department of Legal Affairs in the Ministry of Law and Justice and is kept away from any kind of control by the Ministry of Finance.
  • The orders passed by the ITAT can be subjected to appellate challenge, on substantial questions of law, before the respective High Court

Thamirabarani Civilisation: Tamil Nadu

Part of: Prelims and GS I - Ancient Indian History

Context The Thamirabarani civilisation in Tamil Nadu is at least 3,200 years old, reveals carbon dating done on organic material retrieved from archeological excavations in Sivakalai, Thoothukudi district.

  • Carbon Dating: The determination of the age or date of organic matter from the relative proportions of the carbon isotopes carbon-12 and carbon-14 that it contains.

About Thamirabarani River

  • The shortest river in the state (Tamil Nadu), the Thamirabarani starts in Pothigai hills of the Western Ghats in the Ambasamudram taluk, flows through Tirunelveli and Thoothukudi districts and empties at Korkai (Tirunelveli district) into the Gulf of Mannar (Bay of Bengal).

Significance/Consequence of the Findings:

  • It could lead to evidence that there was a city civilisation (Porunai River (Thamirabarani) civilization) in south India as long back as 3,200 years ago, the later part of the Indus Valley Civilisation.
  • Also, archaeological excavations would be carried out in other States and countries in search of Tamil roots. 
    • In the first phase, studies would be undertaken at the ancient port of Muziris (Pattanam) in Kerala, to establish the ancientness and culture of the Chera empire.
    • Research would be conducted at Quseir al-Qadim and Pernica Anekke in Egypt, which were once part of the Roman empire, as well as in Khor Rori in Oman, to establish the Tamils’ trade relations with these countries.
    • Potsherds bearing Tamil scripts have been found in these countries.
  • Studies would also be conducted in Southeast Asian countries, such as Indonesia, Thailand, Malaysia and Vietnam, where King Rajendra Chola had established supremacy.

Do you know?

  • The three ruling houses of Tamil India, the Pandyas, Cheras, and Cholas, fought for supremacy of southern India and Sri Lanka. 
  • These dynasties promoted early literature on the Indian subcontinent and built important Hindu temples.
  • Sangam literature, which was written over a period of six centuries (3rd BCE – 3rd CE) contains references to various Chola, Chera and Pandya kings.

128th anniversary of the historic Chicago address of Swami Vivekananda

Part of: Prelims and GS I - Modern Indian history

Context On September 11, 1893, Swami Vivekananda delivered his famed speech at the ‘Parliament of the World’s Religions’, garnering a full two minute standing ovation and the moniker of ‘cyclonic monk of India’ .

  • This year marked the 128th anniversary of the historic Chicago Address of Swami Vivekananda.

What is the Significance of this event?

  • The Chicago address had dwelt at length on Hinduism and Indian culture, and his words continue to remain resonant till date.
  • He became popular in the western world after his famous speech at the World’s Parliament of Religions.
  • He was considered a major force in the revival of Hinduism in India and bringing it to the status of major world religion in the late 19th century.
  • His address in the World “Parliament of Religions” at Chicago in 1893 drew the world’s attention to the ancient Indian philosophy of Vedanta.

About Swami Vivekananda:

  • He was a true luminary, credited with enlightening the western world about Hinduism.
  • He was an ardent disciple of Sri Ramakrishna Paramahansa and a major force in the revival of Hinduism in India.
  • He pushed for national integration in colonial India, and his famous speech remains as the one that he gave in Chicago in 1893 (Parliament of the World Religions).
  • In 1984 the Government of India declared that 12 January, the birthday of Swami Vivekananda, will be celebrated as National Youth Day.

Subramaniya Bharathiyar

Part of: Prelims and GS I - Indian Culture

Context Indian Vice-President recently paid homage to Subramania Bharati to mark the death centenary of the poet and freedom fighter.

About Subramaniya Bharathi:

  • Born on 11th December 1882, in Ettayapuram village of Tirunelveli District in Tamil Nadu.
  • He was a poet, freedom fighter and social reformer from Tamil Nadu.
  • He was known as Mahakavi Bharathiyar.
  • His songs on nationalism and freedom of India helped to rally the masses to support the Indian Independence Movement in Tamil Nadu.
  • Literary works: “Kannan Pattu” “Nilavum Vanminum Katrum” “Panchali Sabatam” “Kuyil Pattu”.
  • He published the sensational “Sudesa Geethangal” in 1908.
  • Sometime in mid-1908, Bharati began to serialise Gnanaratham in his political weekly, India.
  • In 1949, he became the first poet whose works were nationalised by the state government.

Miscellaneous

Manipur Kukis

  • The Kuki tribe in Manipur on Monday observed the 28th anniversary of the massacre of Kuki civilians in Manipur, allegedly by an armed Naga group.

  • The Kuki people are an ethnic group native to the Mizo Hills (formerly Lushai), a mountainous region in the southeastern part of Mizoram in India.
  • The Kuki constitute one of several hill tribes within India, Bangladesh, and Myanmar. 
  • In northeast India, they are present in all states except Arunachal Pradesh.
  • Some fifty tribes of Kuki peoples in India are recognised as scheduled tribes, based on the dialect spoken by that particular Kuki community as well as their region of origin.

News source: TH 


(News from PIB)


India–Africa Defence Dialogue

Part of: GS-Prelims and GS – II – International Relations 

In News: India has proposed to institutionalise the India Africa Defence Dialogue during successive DefExpos to be held once every two years. 

  • Institutionalisation of the India Africa Defence Dialogue will help building on the existing partnerships between African countries & India and to explore new areas of convergence for mutual engagements including areas like capacity building, training, cyber security, maritime security and counter terrorism.
  • Manohar Parrikar Institute for Defence Studies and Analyses to be knowledge partner
  • Raksha Mantri to host Defence Ministers of African nations in next India–Africa Defence Dialogue on sidelines of DefExpo 2022

Background: India and Africa share a close and historical relationship. The foundation of India–Africa defence relations are based on the two guiding principles namely ‘SAGAR’, Security and Growth for All in the Region’ and ‘Vasudhaiva Kutumbakam’, The World is One Family.

Note: ‘Lucknow Declaration’: A Joint Declaration between India and Africa was adopted after conclusion of first-ever India Africa Defence Ministers Conclave (IADMC)

News Source: PIB


Climate Action and Finance Mobilization Dialogue (CAFMD) 

Part of: Prelims and GS – II – International Relations 

In News: India and the United States of America (USA) has launched the “Climate Action and Finance Mobilization Dialogue (CAFMD)”. The CAFMD is one of the two tracks of the India-U.S. Climate and Clean Energy Agenda 2030 partnership launched at the Leaders' Summit on Climate in April 2021, by Prime Minister Shri Narendra Modi and US President Mr. Joseph Biden.

  • India and the USA, will engage for a constructive engagement under the “India-US Climate and Clean Energy Agenda 2030 Partnership” .These platforms provide greater opportunities for working together for climate actions and emphasized that India stands committed to working with the US on Clean Energy.
  • The dialogue will not only strengthen India-US bilateral cooperation on climate and environment but will also help to demonstrate how the world can align swift climate action with inclusive and resilient economic development, taking into account national circumstances and sustainable development priorities.
  • Lauded India’s leadership role in demonstrating how economic development and clean energy can go hand in hand and stated that urgent Global Climate Action is the need of the hour.

The launch was preceded by a bilateral meet where both sides discussed at length a wide range of climate issues relating to COP26, Climate Ambition, Climate Finance, Global Climate Initiatives including International Solar Alliance (ISA), Agriculture Innovation Mission for Climate (AIM4C).

News Source: PIB


SVAMITVA Scheme

Part of: GS Prelims and GS-II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation

In News: Inauguration of a National Meet on SVAMITVA Scheme that would provide cross-learning platform for States in respect of processes of SVAMITVA Scheme

  • The acronym SVAMITA stands for Survey of Villages and Mapping with Improvised Technology in Village Areas. 
  • It is a Central Sector Scheme (100% by Union Government) implemented by Union Ministry of Panchayat Raj
  • It is aimed at “providing ‘record of rights’ to village household owners possessing houses in inhabited rural areas in villages and issuance of property cards to the property owners.”
  • The government aims to provide such property cards to each household in the next three to four years in every village across the country.
  • The plan is to survey all rural properties using drones and prepare GIS based maps for each village.

News Source: PIB


(Mains Focus)


ECONOMY/ GOVERNANCE

  • GS-3: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment. 

Dilemma of Monetary Policy

Context: In the monetary policy resolution announced on August 6, 2021, the Monetary Policy Committee (MPC) decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4 per cent.

What is the dilemma of MPC?

  • The repo rate reverse repo rate and the marginal standing facility (MSF) rate are all kept unchanged. RBI has also decided to continue with the accommodative monetary policy stance till the economy recovers from the shock of the Covid-19 pandemic.
  • However, there was some divergence of opinion among the MPC members who argued against the accommodative stance of the MPC because the projected inflation is beyond the target inflation rate (2%-6%).
  • This also led to comments as to whether the RBI has deviated from its mandate of flexible inflation targeting (FIT) and started emphasising growth over inflation.
  • Admittedly, the task of the central bank is to routinely do this tightrope walk, balancing growth and inflation (the dilemma). Depending upon whether inflation is triggered by demand-pull or cost-push factors, an appropriate decision is taken.

What are the cost-push factors for Inflation?

  • There are reasons to believe that the inflation faced by India currently is more of a supply-side problem. Due to long and uneven lockdown, the supply chains of the country have got negatively affected. 
  • At the same time, due to several reasons, international commodity prices are going up. This is seen in high prices of fuels, including crude oil and coal, metals like copper, aluminium and steel, cotton and other industrial inputs. Global container and semiconductor shortages are also adding to the problems.
  • An uneven and deficient monsoon may also add to this price pressure of food products. 
  • The combination of all these factors has led to increase in the prices of goods & services. 

Is there a demand-pull inflation?

  • Though the industrial production has shown a remarkable rate of growth on a year-on-year basis, but it was still 13.9 per cent below its May 2019 level. 
  • The RBI OBICUS survey of the manufacturing sector also indicates that the aggregate capacity utilisation is still below 70 per cent in Q4:2020-21. 
  • The latest quarterly GDP statistics shows that in real terms, many industrial and services sub-sectors have not yet reached the pre-Covid production levels.
  • All the above shows that it is unlikely that there is a demand pressure on the economy. 
  • If there was demand-pull inflation, then it needs to be suppressed using higher interest rates. This is currently not the case in India, hence no need for rate hike.

Conclusion

  • When inflation originates from the supply side, it will be very difficult to contain it by pushing up the rate of interest. In fact, if the interest rate is raised, then cost of borrowing goes up which may lead to further price rise.
  • Since the argument for demand-pull inflation is weak, the RBI’s decision to keep the interest rate unchanged so as to boost growth seems to be the right decision.

Connecting the dots:


ENVIRONMENT

  • GS-3: Conservation, environmental pollution and degradation 

Permafrost and Pandemic

Context: The latest IPCC report has warned that increasing global warming will result in reductions in Arctic permafrost which is expected to release greenhouse gases like methane and carbon dioxide.

What is Permafrost?

  • It is defined as ground (soil, rock and any included ice or organic material) that remains at or below zero degree Celsius for at least two consecutive years.
  • Permafrost is spread across an area of over 23 million square kilometers, covering about 15% of the land area of the globe.

What will be the immediate effects as permafrost melts due to increasing global temperatures?

  • Physical Infrastructure in Danger: The first impacts that are very rapid will affect countries where roads or buildings were constructed on permafrost. 
    • The Russian railways are an example. 
    • In the northwest of Canada, there is a short section of the road where it has been necessary to chill the ground (costing $4 million for 500m) to make the foundation of the road colder than it is, in order to preserve the permafrost. 
  • Greenhouse Gas Emission: If the Permafrost ground begins to thaw (melt), the organic materials frozen will become available for microbiota to break down. In some environments, the biota will release carbon dioxide and methane.

What is the potential of GHG emission from Permafrost thaw?

  • The total quantity of carbon that is now buried in the permafrost is estimated at about 1500 billion tonnes and the top three meters of the ground has about 1000 billion tonnes.
  • The world currently emits into the atmosphere, approximately 10 billion tonnes of carbon a year.
  •  So, if the permafrost thaws and releases even only one per cent of the frozen carbon in any one year, it can nullify the measures taken by world to control industrial emissions.

So, do we need more studies to understand these emissions that can happen?

  • Yes, we do. The majority of the effort so far has been on estimating how much carbon is in the permafrost. That’s where the scientific effort has been. 
  • Currently, there is some evidence, that some permafrost regions have changed from being a carbon storehouse to being places that are net emitters of carbon.
  • Another thing, which is to be studied is the increase in the number of forest fires. In 2021 Russia witnessed a forest fire whose total area was the size of Portugal. 
  • Usually, after a fire, we expect the forest to grow back in the next 50 years to 60 years. This restores the carbon stock in the ecosystem. 
  • But in the tundra, the peat is where the organic material is and this takes a very long time to accumulate. So if we burn peat and release it into the atmosphere, then it will take centuries to restore that carbon stock at ground level. So that’s another problem which has to be looked into.

Can thawing Permafrost release new bacteria or viruses? Can it cause another pandemic?

  • The answer is that permafrost has many secrets. Recently, mammoths were found in the permafrost in Russia. 
  • And some of these mammoth carcasses when they begin to degrade again may reveal bacteria that were frozen thousands of years ago. These bacteria & viruses may cause surprises 
  • When the permafrost was formed thousands of years ago, there weren’t many humans who lived in that region which was necessarily very cold. However, the environment now is so much more suitable than during the Ice Age for not just human life, but also the evolution or development of viruses and bacteria. 

Connecting the dots:


(Vice President’s Address)

  • GS-II: Government policies and interventions for development in various sectors and issues arising out of their design and implementation

Vice President’s Remarks

A. Called upon large institutions and government organisations to adopt sustainable energy practices in their operations by using renewable energy –
  • Suggested greater adoption of rooftop solar plants in industries and big establishments like universities and government buildings and godowns
  • Appealed to all states and local bodies to consider adopting the model building by-laws for new buildings
  • Advocated the need to make solar rooftop plants, solar water heaters and rainwater harvesting mandatory for large buildings and government organisations, along with ensuring sufficient light and ventilation.
  • Highlighting the significance of rooftop solar plants in continuing the momentum of India’s ‘energy transition’, he observed that rooftop plants use empty areas on buildings, generate power close to the point of consumption and reduce transmission losses. 
  • Called for State, Central and UT governments to work together as Team India to popularise the tapping of solar energy and bring about greater awareness among people on the benefits of installing solar panels on their rooftops – massive campaigns to publicize the subsidy programmes for solar rooftop systems and the resultant electricity savings.
  • Stressed the importance of ventilation and air circulation in buildings: Sunlight is a natural disinfectant. Our ancestors understood this – it reflected in their planning and construction of houses.
B. Urged youth to develop a deeper understanding of India’s timeless traditions and rich cultural heritage and apply various dimensions of India's cultural genius to activities in contemporary life –
  • Referring to Sri Aurobindo’s stress on India's rich spiritual tradition and cultural heritage, he said that we need to recapture this creative spirit to soar higher and scale new heights as a nation
  • We should forge our collective will to eradicate social evils and create a truly egalitarian society. 
  • Said that the great revolutionary yogi, poet and philosopher continues to be an eternal inspiration for humanity through his vision for world unity, peace and spiritual upliftment.
C. If we have to achieve the inclusive ideals of our constitution, then the role of women in the judiciary also has to be increased –

Women in Judiciary: 

  • Referring to the Allahabad High Court’s historic decision to enroll India's first woman lawyer, Ms. Cornelia Sorabji in 1921, the President termed that decision a forward-looking decision in the direction of women empowerment. 
  • Last month, a new history was created of the women’s participation in the judiciary with the appointment of nine judges, including three women judges, in the Supreme Court. 
  • The presence of four women judges out of the total 33 judges appointed in the Supreme Court is the highest ever in the history of the judiciary. 
  • At present the total strength of women judges in the Supreme Court and High Courts together is less than 12 per cent. Establishment of a truly just society would be possible only when the participation of women increases in all areas including the judiciary. 

Judiciary of India

  • Everyone has expectations from the judiciary, yet, generally people hesitate in taking the help of the courts. This situation needs to be changed in order to further increase the confidence of the people in the judiciary. 
  • It is the responsibility of all of us that - everyone gets justice in time, justice system should be less expensive, decisions should be in the language understood by the common man, and especially women and weaker sections should get justice in the judicial process. This would be possible only when all stakeholders associated with the judicial system bring necessary changes in their thinking and work culture and become sensitive.
  • It is the need of the hour to continuously strive on many aspects, from expediting the disposal of pending cases to increasing the efficiency of the Subordinate Judiciary in order to boost the confidence of general public in the judiciary. 
  • Our judicial process would be strengthened with the arrangement of adequate facilities for the Subordinate Judiciary, increasing the number of working judges and providing enough resources as per the provisions of the budget. 
  • World class legal education is one of the priorities of our society and country. It is relatively easy for any institution to establish all the systems in a well thought out manner at the very beginning. Once the system is created, the process of improving it becomes complicated. 
D. Called upon states to promote the setting up of manufacturing plants for solar PV cells and modules to accelerate their production in India
  • Stressed upon the importance of ‘Atma Nirbharta’ in solar energy through active participation of the states
  • The lack of a trained force is a bottleneck in our exponential growth in the sector. He suggested investing in training and upskilling the workforce in adopting the latest technologies and cited the instance of the scheme of ‘Surya Mitras’.
  • Suggested exploring alternative avenues to install ground-mounted PV systems. Rooftop-mounted solar plants are a sustainable option and need to be encouraged.
  • Called upon universities to proactively take up research and projects which have a component of renewable energy. Advised educational institutions to encourage students to take up final year projects and internships in the field of renewable energy and in material sciences. This will not only improve their employment prospects but will also help in promoting innovations and improvements in our domestic solar industry. 
E. An enabling ecosystem for R&D is must for India to become a developed nation 
  • Urged educational institutions to have an increased interface with the industry to promote result-oriented research that addresses contemporary challenges such as climate change, pollution, health and poverty.
  • It is the cutting-edge research in science, technology and other fields that puts developed countries ahead of the rest. He asked the students to conduct socially relevant research and come up with out-of-box ideas to make the nation strong and bring prosperity and happiness in people’s lives.
  • Leadership teams of 45% start-ups have a woman entrepreneur; he hoped that this healthy trend will inspire more women to become entrepreneurs. Emphasizing the need to provide equal opportunities for women, he called for ending artificial barriers created in the name of caste, religion and gender. You must prepare a generation to see that all kinds of social discriminations are put to an end.
  • Mentioning several government measures to support start-ups such as broadening the definition, simplifying regulations and providing tax exemptions, he exhorted the industry to also come forward and support young entrepreneurs by handholding, providing funds and incubating their ventures. Improved Industry-Academia Partnership has to be stepped up to give a further fillip in this direction.

News Source: PIB, PIB, PIB


(TEST YOUR KNOWLEDGE)


Model questions: (You can now post your answers in comment section)

Note:

  • Correct answers of today’s questions will be provided in next day’s DNA section. Kindly refer to it and update your answers.

Q.1 Kuki tribes are present in which of the following states?

  1. Manipur 
  2. Mizoram 
  3. Arunachal Pradesh 
  4. Both (a) and (b)

Q.2 Consider the following statements:

  1. The Competition Act, 2002 regulates combinations (acquisition, acquiring of control and Merger and acquisition), which causes or likely to cause an appreciable adverse effect on competition within India.
  2. Competition Commission of India (CCI) is responsible for enforcing The Competition Act, 2002 throughout India.

Which of the above is or are correct? 

  1. 1 only 
  2. 2 only 
  3. Both 1 and 2 
  4. Neither 1 nor 2 

Q.3 Consider the following statements regarding National Financial Reporting Authority (NFRA):

  1. It can probe listed companies and those unlisted public companies having paid-up capital of no less than Rs 500 crore or annual turnover of no less than Rs 1,000 crore.
  2. It cannot investigate professional misconduct committed by members of the Institute of Chartered Accountants of India (ICAI).

Which of the above is or are correct? 

  1. 1 only 
  2. 2 only 
  3. Both 1 and 2 
  4. Neither 1 nor 2 

ANSWERS FOR 13th Sept 2021 TEST YOUR KNOWLEDGE (TYK)

1 B
2 A
3 B

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