Home
Current Questions
Insolvency And Bankruptcy Board Of India (IBBI)

Current Question
National

Insolvency And Bankruptcy Board Of India (IBBI)

Consider the following statements:

The Insolvency and Bankruptcy Board of India (IBBI) was established on 1st October, 2016 under the Insolvency and Bankruptcy Code, 2016.
IBBI has 8 members, including representatives from the Ministries of Finance and Law and the Reserve Bank of India.
It functions under Ministry of Finance.
IBBI has also been designated as the ‘Authority’ under the Companies (Registered Valuers and Valuation Rules), 2017 for regulation and development of the profession of valuers in the country.

Which of the statements given above is/are correct?

	A	1 and 2

	B	2 and 3

	C	1 and 4

	D	None of the above

Your Ans is

Right ans is C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Statement 1: The IBBI was established on October 1, 2016 in accordance with the provisions of the ‘Insolvency and Bankruptcy Code, 2016’. It was constituted as a Technical Committee under the IBBI regulations 2017. So, this statement is correct.
Statement 2: IBBI has 10 members and not 8, with representatives from the Ministries of Finance and Law, and the Reserve Bank of India.
Statement 3: It functions under Ministry of Corporate Affairs. So, this statement is incorrect.
Statement 4: Under the Companies (Registered Valuers and Valuation Rules), 2017, the IBBI has been designated as the Authority, aiding in the development of the profession of valuers in the country. So, the given statement is correct.

Source: CSC May 2019

Related Question

National Productivity Council

Consider the following statements with reference to the National Productivity Council (NPC):

Established by the Ministry of Industry, Government of India in 1958, it is an autonomous, multipartite, non-profit organization and has been registered as a Society under the Societies Registration Act XXI of 1860.
NPC is a constituent of the Tokyo-based Asian Productivity Organisation (APO), an Inter-Governmental Body, of which the Government of India is a founder member.

Chose the correct answer from the codes given below:

	A	Only 1

	B	Both 1 and 2

	C	Only 2

	D	Neither 1 nor 2

Your Ans is

Right ans is B

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Context: National Productivity Council (NPC) has been granted accreditation conforming to ISO 17020:2012 by National Accreditation Board for Certification Body (NABCB), Quality Council of India (QCI).

About National Productivity Council of India (NPC)

Established in the year 1958, it is an autonomous organization under Department for Promotion of Industry & Internal Trade, Ministry of Commerce and Industry, Government of India.
Besides undertaking research in the area of productivity, NPC has been providing consultancy and training services in areas of Industrial Engineering, Agri-Business, Economic Services, Quality Management, Human Resources Management, Information Technology, Technology Management, Energy Management, Environmental Management, etc., to the Government and Public & Private sector organizations.
NPC is a constituent of the Tokyo-based Asian Productivity Organisation (APO), an Inter-Governmental Body of which the Government of India is a founding member.

Objectives

To promote innovation - led productivity in a sustained manner in all spheres of national economy through holistic and inclusive approach by addressing the triple bottom line – Economic, Environmental and Social.
To propagate productivity consciousness and culture amongst Govt., Business and Society.
To demonstrate value addition through generation and application of advanced productivity tools and techniques for multiplier effect.
To act as a total solution provider for Industry, Services, and Agriculture sectors for augmenting productivity through Training, Consultancy and Research wherever needed through alliances and partnerships.
To act as a catalyst in institution building and developing platforms for collaborative networking to strengthen the productivity movement.
To recognize productivity champions through awards, affiliations, certifications, accreditations, etc.
To enhance international outreach for sharing the gains of productivity on mutual basis.
To devise national productivity standards across all sectors and self-assessment web based measurement tools for productivity diagnosis.

Central Administrative Tribunal

Consider the following statements with reference to the Central Administrative Tribunal (CAT):

The Central Administrative Tribunal was established by an Act of Parliament namely Administrative Tribunals Act, 1985 as sequel to the 42nd amendment of the Constitution of India inserting Article 323 A.
The Tribunal is headed by the Chairman and 65 Members, 33 from Judicial (including Chairman) and 33 from the Administrative stream.
It is not bound by the procedure laid down in the Code of Civil Procedure, 1908, but is guided by the principles of natural justice.

Which of the statement(s) given above is/are correct? Choose the correct answer from the codes given below:

	A	Only 1

	B	2 and 3

	C	1 and 3

	D	1, 2 and 3

Your Ans is

Right ans is D

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Central Administrative Tribunal was established under Article 323A of the Constitution (inserted by the 42nd Constitutional Amendment, 1976).
It was established in 1985 under Section 29 of the Administrative Tribunals Act, 1985.

Composition

It is a multi-member body consisting of Chairman and members.
The Tribunal is headed by the Chairman and 65 Members, 33 from Judicial (including Chairman) and 33 from the Administrative stream.
The Chairman is normally a retired Chief Justice of a High Court.

Working

CAT is not bound by the procedure laid down in the Code of Civil Procedure, 1908, but is guided by the principles of natural justice.
A tribunal has the same powers as are vested in a civil court under the Code of Civil Procedure, 1908.

Jurisdiction

It exercises original jurisdiction over all service matters concerned with:

Members of the all-India services
Persons appointed to any civil service of the Union or civil post under the Union
Civilians appointed to any defence services or posts related to defence
Employees of PSUs or public sector organisations notified by the government

Functions

It adjudicates disputes and complaints with respect to Recruitment and Conditions of Service of the persons appointed to the Public Services and Posts in connection with the affairs of the Union or any State or of any other Local Authorities within the territory of India or under the control of the Government of India.

Indian Council For Cultural Relations

Who among the following laid the foundation of Indian Council for Cultural Relations (ICCR) in 1950?Who among the following laid the foundation of Indian Council for Cultural Relations (ICCR) in 1950?Who among the following laid the foundation of Indian Council for Cultural Relations (ICCR) in 1950?Who among the following laid the foundation of Indian Council for Cultural Relations (ICCR) in 1950?Who among the following laid the foundation of Indian Council for Cultural Relations (ICCR) in 1950?

	A	Abul Kalam Azad

	B	Bal Ganagdhar Tilak

	C	Madam Mohan Malviya

	D	Jawaharlal Nehru

Your Ans is

Right ans is A

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Indian Council for Cultural Relations (ICCR) is an autonomous organisation of the Government of India, involved in India's external cultural relations, through cultural exchange with other countries and their peoples.
It was founded in 1950 by Maulana Abul Kalam Azad, independent India’s first Education Minister.

Objectives

To actively participate in the formulation and implementation of policies and programmes pertaining to India’s external cultural relations
To foster and strengthen cultural relations and mutual understanding between India and other countries
To promote cultural exchanges with other countries and people, and to develop relations with nations.

ICCR Awards

Distinguished Indologist Award
World Sanskrit Award
Distinguished Alumni Award
Gisela Bonn Award

National Pharmaceutical Pricing Authority And Price Monitoring & Resource Unit

Recently, the National Pharmaceutical Pricing Authority (NPPA) has set up price monitoring and resource unit (PMRU) in one the state/UT. Choose the state/UT name from the options given below:

	A	Himachal Pradesh

	B	Maharashtra

	C	Delhi

	D	Jammu and Kashmir

Your Ans is

Right ans is D

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

On 1^st April, 2020, the National Pharmaceutical Pricing Authority (NPPA) has set up price monitoring and resource unit (PMRU) in the UT of Jammu and Kashmir.
The unit shall help the NPPA and the State Drug Controller in ensuring availability and accessibility of medicines at affordable prices.
With this J&K has become the 12th State/UT where the PMRU has been set up.
PMRUs have already been set up by the drug price regulator NPPA in 11 states such as Kerala, Odisha, Gujarat, Rajasthan, Punjab, Haryana, Nagaland, Tripura, Uttar Pradesh, Andhra Pradesh and Mizoram.
It is to be noted that the Kerala has become the first State to set up a price monitoring and research unit (PMRU) in February, 2019.

Price Monitoring & Resource Unit

It is a registered society, which function under the direct control and supervision of State Drug Controller of respective states.
The unit is being funded by NPPA for its recurring and non-recurring expenses.

Functions

Help NPPA and State Drug Controller in ensuring availability and accessibility of medicines at affordable prices.
Organise seminars, training programs and other information, education and communication (IEC) activities in the areas of availability and affordability of medicines for all.
Collect samples of medicines, collect and analyse data and make reports with respect to availability and over-pricing of medicines for taking action under the provisions of Drug Price Control Order (DPCO).

National Pharmaceutical Pricing Authority (NPPA)

Formed in August 1997, it is a government regulatory agency that controls the prices of pharmaceutical drugs in India.
NPPA fixes ceiling price of essential medicines that are listed in Schedule I of DPCO, 2013.

Central Adoption Regulatory Authority

Consider the following statements with reference to the Central Adoption Regulatory Authority (CARA):

Central Adoption Resource Authority (CARA) is a statutory body of Ministry of Women & Child Development, Government of India.
It is designated as the Central Authority to deal with inter-country adoptions in accordance with the provisions of the Hague Convention on Inter-country Adoption, 1993, ratified by Government of India in 2003.

Which of the statement(s) given above is/are correct?

	A	Only 1

	B	Only 2

	C	Both 1 and 2

	D	Neither 1 nor 2

Your Ans is

Right ans is C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Central Adoption Resource Authority (CARA) is a statutory body of Ministry of Women & Child Development, Government of India.
It functions as the nodal body for adoption of Indian children and is mandated to monitor and regulate in-country and inter-country adoptions.
It is designated as the Central Authority to deal with inter-country adoptions in accordance with the provisions of the Hague Convention on Inter-country Adoption, 1993, ratified by Government of India in 2003.
CARA primarily deals with adoption of orphan, abandoned and surrendered children through its associated /recognised adoption agencies.
It is also mandated to frame regulations on adoption-related matters from time to time as per Section 68 of the Juvenile Justice (Care and Protection of Children) Act, 2015.

National Anti-Profiteering Authority

Consider the following statements with reference to the National Anti-Profiteering Authority (NAPA):

The National Anti-profiteering Authority (NAA) is the statutory mechanism under GST law to check the unfair profiteering activities by the registered suppliers under GST law.
The Authority comprises of a six-member committee, consisting of, a Chairman (equivalent to a rank of secretary in the government), five technical members (present/former commissioners of State tax or central tax departments).

Choose the correct answer from the codes given below:

	A	Only 1

	B	Only 2

	C	Both 1 and 2

	D	Neither 1 nor 2

Your Ans is

Right ans is A

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The National Anti-Profiteering Authority (NAPA) was established under section 171 of the Central Goods and Services Tax Act, 2017.
It was set up to monitor and to oversee whether the reduction or benefit of input tax credit is reaching the recipient by way of appropriate reduction in prices.

Aim

The primary aim of the Authority is to ensure the benefits of reduction or lower taxes under the new GST regime are passed onto the end consumers.

Institutional Framework

The National Anti-profiteering Authority comprises of a five-member committee, consisting of, a Chairman (equivalent to a rank of secretary in the government), four technical members (present/former commissioners of State tax or central tax departments).
The Additional Director General of Safeguards under the Central Board of Indirect Taxes and Customs (CBEC) would be the Secretary to NAA.

Function

The Authority’s main function is to ensure that the registered suppliers under GST law are not profiteering by charging higher prices from recipients in the name of GST.

Bureau Of Energy Efficiency

Consider the following statements:

The Bureau of Energy Efficiency(BEE) is an agency of the Government of India, under the Ministry of Power created in March 2002 under the provisions of the nation's Energy Conservation Act, 2001.
BEE co-ordinates with designated consumers, designated agencies and other organizations and recognize, identify and utilize the existing resources and infrastructure, in performing the functions assigned to it under the Energy Conservation Act.

Which of the statement(s) given above is/are correct?

	A	Only 1

	B	Only 2

	C	Both 1 and 2

	D	Neither 1 nor 2

Your Ans is

Right ans is C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The Government of India set up Bureau of Energy Efficiency (BEE) on 1st March 2002 under the provisions of the Energy Conservation Act, 2001.

Mission

The mission of the Bureau of Energy Efficiency is to assist in developing policies and strategies with a thrust on self-regulation and market principles, within the overall framework of the Energy Conservation Act, 2001 with the primary objective of reducing energy intensity of the Indian economy.

Role

BEE co-ordinates with designated consumers, designated agencies and other organizations and recognize, identify and utilize the existing resources and infrastructure, in performing the functions assigned to it under the Energy Conservation Act.

Land Ports Authority Of India

Consider the following statements with reference to the Land Ports Authority of India:

The Land Ports Authority of India is a statutory body established under Land Ports Authority of India Act, 2010.
It functions under the administrative control of the Department of Border Management, Ministry of Home Affairs.

Which of the statement(s) given above is/are correct?

	A	Only 1

	B	Only 2

	C	Both 1 and 2

	D	Neither 1 nor 2

Your Ans is

Right ans is C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The Land Ports Authority of India(LPAI) is a statutory body established under the Land Ports Authority of India Act,2010.
It functions under the administrative control of the Department of Border Management, Ministry of Home Affairs.
The Authority works to provide secure and efficient systems of cargo and passenger movements across international borders. It also works to reduce the dwell time and trade transaction time and costs. It promotes people-to-people contact.

Khadi And Village Industries Commission

Consider the following statements:

The Khadi and Village Industries Commission (KVIC) is a statutory body formed by the Government of India, under the Act of Parliament - Khadi and Village Industries Commission Act of 1956.
The KVIC is authorized to establish and maintain separate organisations for the purpose of carrying out any or all of the above matters besides carrying out any other matters incidental to its activities.

Which of the statement(s) given above is/are correct?

	A	Only 1

	B	Only 2

	C	Both 1 and 2

	D	Neither 1 nor 2

Your Ans is

Right ans is C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

The Khadi and Village Industries Commission (KVIC) is a statutory body formed in April 1957 by the Government of India, under the Act of Parliament - 'Khadi and Village Industries Commission Act of 1956'.
It is an apex organisation under the Ministry of Micro, Small and Medium Enterprises, with regard to khadi and village industries within India, which seeks to - "plan, promote, facilitate, organise and assist in the establishment and development of khadi and village industries in the rural areas.
In April 1957, it took over the work of former All India Khadi and Village Industries Board.
The KVIC is authorized to establish and maintain separate organisations for the purpose of carrying out any or all of the above matters besides carrying out any other matters incidental to its activities.
It may also undertake directly or through other agencies studies concerning the problems of Khadi and/or village industries besides research or establishing pilot projects for the development of Khadi and village industries.

Broad Objectives

The social objective of providing employment.
The economic objective of producing saleable articles.
The wider objective of creating self-reliance amongst the poor and building up of a strong rural community spirit.

Central Adoption Resource Authority

Consider the following statements:

Central Adoption Resource Authority (CARA) is a statutory body of Ministry of Women & Child Development, Government of India.
CARA is designated as the Central Authority to deal with inter-country adoptions in accordance with the provisions of the Hague Convention on Inter-country Adoption, 1993, ratified by Government of India in 2003.

Which of the above statements is/are correct?

	A	Only 1

	B	Only 2

	C	Both 1 and 2

	D	Neither 1 nor 2

Your Ans is

Right ans is C

Your Answer Is Correct

Your Answer Is Wrong

Explanation :

Central Adoption Resource Authority (CARA) has been set up as an autonomous body of the Ministry of Women and Child Development which functions as a nodal body for adoption of Indian children and is mandated to monitor and regulate in-country and inter-country adoption.
CARA is designated as the Central Authority to deal with inter-country adoptions in accordance with the provisions of the Hague Conventions on Inter-Country Adoptions, 1993, ratified by Government of India in 2003.
It primarily deals with adoption of orphan, abandoned and surrendered children through its associated/recognised adoption agencies.

Section

Current News

Ecology & Environment

Biodiversity
Conservation
Disaster Management
Pollution
Survey/Study/Report
Sustainable Developement

Indian Economy

Agriculture & Allied Sector
Banking & Finance
Budget
Education
Infrastructure
Labor & Employment
Organizations
Plan Policy
Reports
Survey And Index

International

Bilateral, Regional And Global Groupings
India And Its Bilateral Relations
International Organizations
International Relations
International Trade & Treaties
International Treaties & Agreements
Reports,Survey And Index
United Nations
WHO
WTO

National

Defence
Indian Art, Culture & Heritage
Judiciary
Miscellaneous
National Security
Plan/Policy
Polity & Governance
Social Issue & Social Justice
Study/Survey/Report/Index

Science & Technology

Biotechnology
Geophysical Phenomena
Health & Disease
New Technology
Space

News Crux

Appointment & Resignation
Art/Culture/Heritage
Awards In News
Bill/Act/Amendment
Defence
Defence/Military Exercises
Famous Books
Important Days/Weeks
Important Decade
Miscellaneous
Obituary
Organisation In News
Persons In News
Places In News
Plans & Policy
Reports/Committee/Commission
Scheme & Programme
Species In News
Summit, Seminars & Conferences
Survey/Index
Web Portal & Apps

PIB News

Ecology & Environment
Indian Economy
Infrastructure
International
IT/Cyber Security
National
Science & Technology

Sports In News

Archery
Athletics
Badminton
Billiards
Boxing
Chess
Cricket
Football
Formula One
Hockey
Racing
Shooting
Skiing
Snooker
Tennis
Tokyo 2020 Paralympics
Weightlifting
Wrestling

State In News

Andhra Pradesh
Arunachal Pradesh
Assam
Bihar
Chhattisgarh
Delhi
Goa
Gujarat
Haryana
Himachal Pradesh
Jammu And Kashmir
Jharkhand
Karnataka
Kerala
Ladakh
Madhya Pradesh
Maharashtra
Manipur
Meghalaya
Mizoram
Nagaland
Odisha
Punjab
Rajasthan
Tamil Nadu
Telangana
Tripura
Uttar Pradesh
Uttarakhand
West Bengal

Points to Ponder

Ecology & Environment
Economy
International
National
Science & Technology

Current Questions

Art & Culture
Ecology & Environment
Economy Watch
India Watch
International
National
Science & Technology
Society Watch
State Watch
World Watch

Current GK

Ecology & Environment
Indian Economy
International
National
Science & Technology

Parliament Q & A