Current Affairs Questions

Explanation :

Context:Recently, the Centre has extended the tenure of the Rohini Commission until 31st July, 2021 to submit its report on Sub-categorisation of Other Backward Classes (OBCs).

• The article 340 of the Indian Constitution lays down conditions for the appointment of a Commission to investigate the conditions of backward classes.
• The President may by order appoint a Commission comprising of such persons that he thinks fit to investigate the conditions and background of socially and educationally backward classes that lies within the territory of India.
• 102nd Constitution Amendment Act(2018) granted Constitutional status to National Commission for Backward Classes and inserted new Articles 338 B and 342 A
• Article 338B provides authority to NCBC to examine complaints and welfare measures regarding socially and educationally backward classes.

Explanation :

• The Reserve Bank of India (RBI) Act, 1934 was amended by Finance Act (India), 2016 to constitute MPC, to bring more transparency and accountability in fixing India's Monetary Policy.
• The committee comprises six members - three officials of the RBI and three external members nominated by the Government of India.
• The Governor of Reserve Bank of India is the chairperson ex officio of the committee.
• The MPC is responsible for fixing the benchmark interest rate in India.
• The meetings of the Monetary Policy Committee are held at least 4 times a year.

Explanation :

• Indian National Commission for Cooperation with UNESCO (INCCU) was formed by the Government of India in 1949.
• It was made a permanent commission in 1951.
• The objective of the
• The objective of the Commission is to advise the Government in matters falling in the domain of UNESCO and to play a role in UNESCO’s work particularly in the formulation and execution of its programmes.
• The Commission consists of five Sub-Commissions namely:
  • Education
  • Natural Sciences
  • Social Sciences
  • Communication
  • Culture

Explanation :

• Consultative Committees are constituted by the Ministry of Parliamentary Affairs.
• They consist of members of both the Houses of Parliament.
• The Minister/Minister of State in charge of the Ministry concerned acts as the chairman of the consultative committee of that ministry.
• Consultative committees are attached to various ministries/departments of the Central Government.
• The membership of these committees is voluntary and is left to the choice of the members and the leaders of their parties.
• The maximum membership of a committee is 30 and the minimum is 10.
• These committees provide a forum for informal discussions between the ministers and the members of Parliament on policies and programmes of the government and the manner of their implementation.

Explanation :

• The Reserve Bank of India (RBI), in consultation with the government, constituted a 6 member committee headed by the former RBI Governor Bimal Jalan in December, 2018, to review the economic capital framework of the Reserve Bank of India.
• Composition-
• Former RBI Governor Bimal Jalan (Chairman)
• Former Deputy Governor of RBI Rakesh Mohan (deputy chairman)
• Economic Affairs Secretary Subash Chandra Garg (member),
• RBI Deputy Governor N.S. Vishwanathan (member)
• RBI board member Bharat Doshi (member)
• RBI board member Sudhir Mankad (member)
• The panel’s recommendation for transfer of excess reserves includes both the contingency fund and currency and gold revaluation reserve. Therefore, both the given statements are incorrect.

Source:Civil Services Chronicle Online

Explanation :

• It was constituted in June 2018 to make special economic zone (SEZ) policy compatible with World Trade Organisation (WTO) rules after the US challenged India’s export subsidy programme at the multilateral trade body.
• It has recommended measures like continuation of tax incentives, migration of SEZs to employment and economic enclaves and creation of link infrastructure and maintenance for enclaves.

Explanation :

Statement 1: On July 1st 2019, the government formed a high level committee headed by Maharashtra Chief Minister Devendra Fadnavis in order to suggest measures for Transformation of Indian Agriculture and to bring structural reforms in agrarian sector in the country. Therefore, the given statement is incorrect.       

Statement 2: It is tasked to suggest suitable policy measures, attract investments and raise growth in food processing; hence, the given statement is correct.

Statement 3: It is required to suggest a mechanism for linking of market reforms with e-NAM, GRAM and other relevant Centrally Sponsored Schemes; hence, the given statement is correct.

Explanation :

• In January 2019, RBI set up an expert committee under the former SEBI chairman U.K. Sinha to suggest long-term solutions for the economic and financial sustainability of the MSME sector.
• It recommended for the creation of a distressed asset fund, with a corpus of Rs. 5,000 crore, structured to assist units in clusters where a change in the external environment, e.g. a ban on plastics or ‘dumping’ has led to a large number of MSMEs becoming non-performing asset (NPA).

Explanation :

IRDAI has constituted a 13 member committee under IRDAI Executive Chairman Dr. Suresh Mathur to look into the regulatory framework of microinsurance and recommend measures to boost the demand of such microinsurances.

Explanation :

• The search committee was made under Ranjana Praksah Desai for zeroing on eligible candidates for the Lokpal and it was allowed to frame its own rules of functioning.
• The search committee presented the name to the High Powered Committee headed by the Prime Minister and finalized the name of P.C Ghose as the Lokpal.