November 22 2024 Current Affairs MCQs
[Quiz] Daily Current Affairs MCQs – November 22 2024
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These MCQs are based on PMF IAS Daily Current Affairs. The daily current affairs are uploaded every day by 8 PM. You can read the Daily Current Affairs from here. Subscribers of the “Current Affairs” course can Download Daily Current Affairs in PDF/DOC from here.
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Question 1 of 8
1. Question
Q1. {Prelims – In News} What is the primary aim of the VISION Portal launched under the “Viksit Bharat Initiative”?
Correct
Explanation
Option (b) is correct
- The “Viksit Bharat Initiative for Student Innovation and Outreach Network” (VISION) Portal, launched as part of the “Viksit Bharat Initiative,”.
- It aims to empowers underprivileged children with access to education, skill development, and innovation resources. The portal seeks to bridge the gap between remote areas and India’s mainstream en-trepreneurial ecosystem.
- It provides opportunities for underprivileged youth to gain insights into the startup ecosystem.
- It focuses on education, entrepreneurship, and mentorship for holistic development across sectors like IT, agriculture, and biotechnology.
- The portal creates avenues for students in remote areas to access mentorship, training, and technological tools—Aligns with India’s aspirations for Vision India 2047.
Answer: (b) To provide access to education, skill development, and innovation resources for underprivileged children; Difficulty Level: Easy
Incorrect
Explanation
Option (b) is correct
- The “Viksit Bharat Initiative for Student Innovation and Outreach Network” (VISION) Portal, launched as part of the “Viksit Bharat Initiative,”.
- It aims to empowers underprivileged children with access to education, skill development, and innovation resources. The portal seeks to bridge the gap between remote areas and India’s mainstream en-trepreneurial ecosystem.
- It provides opportunities for underprivileged youth to gain insights into the startup ecosystem.
- It focuses on education, entrepreneurship, and mentorship for holistic development across sectors like IT, agriculture, and biotechnology.
- The portal creates avenues for students in remote areas to access mentorship, training, and technological tools—Aligns with India’s aspirations for Vision India 2047.
Answer: (b) To provide access to education, skill development, and innovation resources for underprivileged children; Difficulty Level: Easy
Unattempted
Explanation
Option (b) is correct
- The “Viksit Bharat Initiative for Student Innovation and Outreach Network” (VISION) Portal, launched as part of the “Viksit Bharat Initiative,”.
- It aims to empowers underprivileged children with access to education, skill development, and innovation resources. The portal seeks to bridge the gap between remote areas and India’s mainstream en-trepreneurial ecosystem.
- It provides opportunities for underprivileged youth to gain insights into the startup ecosystem.
- It focuses on education, entrepreneurship, and mentorship for holistic development across sectors like IT, agriculture, and biotechnology.
- The portal creates avenues for students in remote areas to access mentorship, training, and technological tools—Aligns with India’s aspirations for Vision India 2047.
Answer: (b) To provide access to education, skill development, and innovation resources for underprivileged children; Difficulty Level: Easy
-
Question 2 of 8
2. Question
Q2. {IR – SA} With reference to Guyana, consider the following statements:
- Guyana is located in the northeastern part of South America.
- It shares borders with Brazil, Venezuela, and Suriname.
- It is a member of the Caribbean Community (CARICOM).
Which of the statements given above are correct?
Correct
Explanation
Statements 1, 2 and 3 are correct
- Prime Minister visited Guyana, marking the first visit by an Indian Prime Minister in 56 years.
- It underscores India’s commitment to enhancing ties with Latin America & Caribbean.
- Guyana located in northeastern South America, serves as a gateway for CARICOM nations.
- It borders with nations like Brazil, Venezuela, and Suriname.
Answer: (d) 1, 2 and 3; Difficulty Level: Easy
Incorrect
Explanation
Statements 1, 2 and 3 are correct
- Prime Minister visited Guyana, marking the first visit by an Indian Prime Minister in 56 years.
- It underscores India’s commitment to enhancing ties with Latin America & Caribbean.
- Guyana located in northeastern South America, serves as a gateway for CARICOM nations.
- It borders with nations like Brazil, Venezuela, and Suriname.
Answer: (d) 1, 2 and 3; Difficulty Level: Easy
Unattempted
Explanation
Statements 1, 2 and 3 are correct
- Prime Minister visited Guyana, marking the first visit by an Indian Prime Minister in 56 years.
- It underscores India’s commitment to enhancing ties with Latin America & Caribbean.
- Guyana located in northeastern South America, serves as a gateway for CARICOM nations.
- It borders with nations like Brazil, Venezuela, and Suriname.
Answer: (d) 1, 2 and 3; Difficulty Level: Easy
-
Question 3 of 8
3. Question
Q3. {Social Sector – Poverty} With reference to the Global Alliance Against Hunger and Poverty, consider the following statements:
- The initiative was launched during the G20 summit in New Delhi, India.
- The Alliance’s main objective is to connect countries needing assistance with partners offering financial or technical support to eradicate hunger and poverty.
- The Alliance operates with an exclusive fund managed by the World Bank.
Which of the statements given above is/are correct?
Correct
Explanation
Statement 1 is incorrect
- The Global Alliance Against Hunger and Poverty initiative was launched during the G20 summit in Rio de Janeiro, Brazil.
- The Need for the Alliance:
- By 2030, 622 million people are projected to live below the extreme poverty line of $2.15 per day.
- 582 million people are expected to suffer from hunger by 2030, the same figure as in 2015.
- Global Conflicts: Ongoing conflicts disrupt food systems and economic stability.
- Climate Change: Increasing climate-related disasters negatively impact agriculture and food security.
- Inequalities: Socio-economic disparities continue to widen, hindering progress.
Statement 2 is correct and statement 3 is incorrect
- About Global Alliance Against Hunger and Poverty:
- Aim: To address setbacks in achieving the Sustainable Development Goals, especially in light of the COVID-19 pandemic, global conflicts, and climate change. The goal is to accelerate progress towards ending poverty and hunger by 2030.
- Objective: To connect countries needing assistance with partners willing to offer expertise or financial support to eradicate hunger and poverty.
- Members: 81 countries (including India), 26 international organisations, 9 financial institutions, and 31 NGOs and philanthropic foundations.
- Funding: No exclusive fund; Operational costs ($2-3 million annually) relies on contributions from members and institutions like FAO, UNICEF, and the World Bank.
- Key Initiatives: School meals programs, Water access solutions, Support for smallholder & family farming, Maternal & early childhood interventions, Cash transfers, Socio-economic inclusion initiatives.
Answer: (b) 2 only; Difficulty Level: Medium
Incorrect
Explanation
Statement 1 is incorrect
- The Global Alliance Against Hunger and Poverty initiative was launched during the G20 summit in Rio de Janeiro, Brazil.
- The Need for the Alliance:
- By 2030, 622 million people are projected to live below the extreme poverty line of $2.15 per day.
- 582 million people are expected to suffer from hunger by 2030, the same figure as in 2015.
- Global Conflicts: Ongoing conflicts disrupt food systems and economic stability.
- Climate Change: Increasing climate-related disasters negatively impact agriculture and food security.
- Inequalities: Socio-economic disparities continue to widen, hindering progress.
Statement 2 is correct and statement 3 is incorrect
- About Global Alliance Against Hunger and Poverty:
- Aim: To address setbacks in achieving the Sustainable Development Goals, especially in light of the COVID-19 pandemic, global conflicts, and climate change. The goal is to accelerate progress towards ending poverty and hunger by 2030.
- Objective: To connect countries needing assistance with partners willing to offer expertise or financial support to eradicate hunger and poverty.
- Members: 81 countries (including India), 26 international organisations, 9 financial institutions, and 31 NGOs and philanthropic foundations.
- Funding: No exclusive fund; Operational costs ($2-3 million annually) relies on contributions from members and institutions like FAO, UNICEF, and the World Bank.
- Key Initiatives: School meals programs, Water access solutions, Support for smallholder & family farming, Maternal & early childhood interventions, Cash transfers, Socio-economic inclusion initiatives.
Answer: (b) 2 only; Difficulty Level: Medium
Unattempted
Explanation
Statement 1 is incorrect
- The Global Alliance Against Hunger and Poverty initiative was launched during the G20 summit in Rio de Janeiro, Brazil.
- The Need for the Alliance:
- By 2030, 622 million people are projected to live below the extreme poverty line of $2.15 per day.
- 582 million people are expected to suffer from hunger by 2030, the same figure as in 2015.
- Global Conflicts: Ongoing conflicts disrupt food systems and economic stability.
- Climate Change: Increasing climate-related disasters negatively impact agriculture and food security.
- Inequalities: Socio-economic disparities continue to widen, hindering progress.
Statement 2 is correct and statement 3 is incorrect
- About Global Alliance Against Hunger and Poverty:
- Aim: To address setbacks in achieving the Sustainable Development Goals, especially in light of the COVID-19 pandemic, global conflicts, and climate change. The goal is to accelerate progress towards ending poverty and hunger by 2030.
- Objective: To connect countries needing assistance with partners willing to offer expertise or financial support to eradicate hunger and poverty.
- Members: 81 countries (including India), 26 international organisations, 9 financial institutions, and 31 NGOs and philanthropic foundations.
- Funding: No exclusive fund; Operational costs ($2-3 million annually) relies on contributions from members and institutions like FAO, UNICEF, and the World Bank.
- Key Initiatives: School meals programs, Water access solutions, Support for smallholder & family farming, Maternal & early childhood interventions, Cash transfers, Socio-economic inclusion initiatives.
Answer: (b) 2 only; Difficulty Level: Medium
-
Question 4 of 8
4. Question
Q4. {IC – Judiciary} Consider the following statements regarding the National Judicial Data Grid (NJDG):
- It helps monitor the pendency of cases across various courts in India.
- It ensures real-time tracking of judicial vacancies in subordinate courts.
- The grid is a part of the e-Courts Project.
Which of the statements given above are correct?
Correct
Explanation
Statements 1 and 3 are correct but statement 2 is incorrect
- India’s judiciary is facing a pendency crisis, with over 45 million cases clogging the system, particularly in subordinate courts.
- National Judicial Data Grid monitors case status and tracks pendency across courts, it is one of the steps taken for Effective Judicial Service Delivery.
- Since its launch under the e-Courts project, National Judicial Data Grid (NJDG) has served as a one-stop repository of all case related information pertaining to High Courts as well as District and Taluka Courts.
- With the onboarding of the Supreme Court of India’s case data, NJDG has become the only website which offers single window access to the entire information relating to cases and Courts starting from the Taluka level Courts to the Apex Court of our country in a searchable manner.
- Visitors to this portal shall also have access to a variety of ancillary information such as analytical-comparative statistics of institution, pendency and disposal of cases, data of various categories of Benches and CORAMs, details of registered and unregistered cases, age-wise break-up of cases in a transparent manner.
Answer: (b) 1 and 3 only; Difficulty Level: Easy
Incorrect
Explanation
Statements 1 and 3 are correct but statement 2 is incorrect
- India’s judiciary is facing a pendency crisis, with over 45 million cases clogging the system, particularly in subordinate courts.
- National Judicial Data Grid monitors case status and tracks pendency across courts, it is one of the steps taken for Effective Judicial Service Delivery.
- Since its launch under the e-Courts project, National Judicial Data Grid (NJDG) has served as a one-stop repository of all case related information pertaining to High Courts as well as District and Taluka Courts.
- With the onboarding of the Supreme Court of India’s case data, NJDG has become the only website which offers single window access to the entire information relating to cases and Courts starting from the Taluka level Courts to the Apex Court of our country in a searchable manner.
- Visitors to this portal shall also have access to a variety of ancillary information such as analytical-comparative statistics of institution, pendency and disposal of cases, data of various categories of Benches and CORAMs, details of registered and unregistered cases, age-wise break-up of cases in a transparent manner.
Answer: (b) 1 and 3 only; Difficulty Level: Easy
Unattempted
Explanation
Statements 1 and 3 are correct but statement 2 is incorrect
- India’s judiciary is facing a pendency crisis, with over 45 million cases clogging the system, particularly in subordinate courts.
- National Judicial Data Grid monitors case status and tracks pendency across courts, it is one of the steps taken for Effective Judicial Service Delivery.
- Since its launch under the e-Courts project, National Judicial Data Grid (NJDG) has served as a one-stop repository of all case related information pertaining to High Courts as well as District and Taluka Courts.
- With the onboarding of the Supreme Court of India’s case data, NJDG has become the only website which offers single window access to the entire information relating to cases and Courts starting from the Taluka level Courts to the Apex Court of our country in a searchable manner.
- Visitors to this portal shall also have access to a variety of ancillary information such as analytical-comparative statistics of institution, pendency and disposal of cases, data of various categories of Benches and CORAMs, details of registered and unregistered cases, age-wise break-up of cases in a transparent manner.
Answer: (b) 1 and 3 only; Difficulty Level: Easy
-
Question 5 of 8
5. Question
Q5. {Agri – Fisheries} Consider the following statements regarding the Marine Fisheries Census 2025:
- It is the fifth such census to be conducted in India.
- It will use digital tools like mobile apps and virtual servers for real-time data collection.
- The census will cover inland aquaculture farms in addition to marine fisherfolk households.
Which of the statements given above are correct?
Correct
Explanation
Statements 1 and 2 are correct
- On World Fisheries Day, the Centre unveiled multiple projects in India’s fisheries sector.
- The fifth Marine Fisheries Census 2025 will be entirely digital, utilising mobile apps and virtual servers for real-time data collection and processing, increasing efficiency by 80%.
Statement 3 is incorrect
- The census will cover India’s coastline, from Lakhpat in Gujarat to North 24 Parganas in West Bengal and Bitra Island in Lakshadweep to Campbell Bay in the Andaman & Nicobar Islands.
- Information on household sizes, socio-economic status, and fisherfolk engagement will be gathered to provide comprehensive insights.
Answer: (a) 1 and 2 only; Difficulty Level: Medium
Incorrect
Explanation
Statements 1 and 2 are correct
- On World Fisheries Day, the Centre unveiled multiple projects in India’s fisheries sector.
- The fifth Marine Fisheries Census 2025 will be entirely digital, utilising mobile apps and virtual servers for real-time data collection and processing, increasing efficiency by 80%.
Statement 3 is incorrect
- The census will cover India’s coastline, from Lakhpat in Gujarat to North 24 Parganas in West Bengal and Bitra Island in Lakshadweep to Campbell Bay in the Andaman & Nicobar Islands.
- Information on household sizes, socio-economic status, and fisherfolk engagement will be gathered to provide comprehensive insights.
Answer: (a) 1 and 2 only; Difficulty Level: Medium
Unattempted
Explanation
Statements 1 and 2 are correct
- On World Fisheries Day, the Centre unveiled multiple projects in India’s fisheries sector.
- The fifth Marine Fisheries Census 2025 will be entirely digital, utilising mobile apps and virtual servers for real-time data collection and processing, increasing efficiency by 80%.
Statement 3 is incorrect
- The census will cover India’s coastline, from Lakhpat in Gujarat to North 24 Parganas in West Bengal and Bitra Island in Lakshadweep to Campbell Bay in the Andaman & Nicobar Islands.
- Information on household sizes, socio-economic status, and fisherfolk engagement will be gathered to provide comprehensive insights.
Answer: (a) 1 and 2 only; Difficulty Level: Medium
-
Question 6 of 8
6. Question
Q6. {Governance – Reforms} With reference to the provisions under the Bharatiya Nagarik Suraksha Sanhita (BNSS) Act, 2023, consider the following statements:
- Section 479 applies retrospectively to cases before July 1, 2024.
- The provision mandates the release of all undertrial prisoners irrespective of the nature of charges.
- Undertrials accused of non-violent crimes can be released after serving one-third of the maximum sentence.
How many of the statements given above are correct?
Correct
Explanation
Statements 1 and 3 are correct but statement 2 is incorrect
- Supreme Court and Union government have emphasized addressing the issue of undertrial prisoners in India with new provisions like Section 479 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023.
- Provisions under Section 479 of the BNSS, 2023:
- Applicability: Retrospective for cases before July 1, 2024.
- Restrictions: Does not apply to those with multiple cases or pending investigations.
- Relaxed Bail Norms: Undertrials (not facing death/life imprisonment charges) can be released if detained for more than half the maximum sentence. First-time offenders must be released after serving one-third of the maximum sentence.
- Jail Superintendent’s Role: Responsible for notifying courts to initiate bail processes once eligible detention periods are completed.
Answer: (b) Only two; Difficulty Level: Hard
Incorrect
Explanation
Statements 1 and 3 are correct but statement 2 is incorrect
- Supreme Court and Union government have emphasized addressing the issue of undertrial prisoners in India with new provisions like Section 479 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023.
- Provisions under Section 479 of the BNSS, 2023:
- Applicability: Retrospective for cases before July 1, 2024.
- Restrictions: Does not apply to those with multiple cases or pending investigations.
- Relaxed Bail Norms: Undertrials (not facing death/life imprisonment charges) can be released if detained for more than half the maximum sentence. First-time offenders must be released after serving one-third of the maximum sentence.
- Jail Superintendent’s Role: Responsible for notifying courts to initiate bail processes once eligible detention periods are completed.
Answer: (b) Only two; Difficulty Level: Hard
Unattempted
Explanation
Statements 1 and 3 are correct but statement 2 is incorrect
- Supreme Court and Union government have emphasized addressing the issue of undertrial prisoners in India with new provisions like Section 479 of the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023.
- Provisions under Section 479 of the BNSS, 2023:
- Applicability: Retrospective for cases before July 1, 2024.
- Restrictions: Does not apply to those with multiple cases or pending investigations.
- Relaxed Bail Norms: Undertrials (not facing death/life imprisonment charges) can be released if detained for more than half the maximum sentence. First-time offenders must be released after serving one-third of the maximum sentence.
- Jail Superintendent’s Role: Responsible for notifying courts to initiate bail processes once eligible detention periods are completed.
Answer: (b) Only two; Difficulty Level: Hard
-
Question 7 of 8
7. Question
Q7. {S&T – ISRO} Consider the following statements:
- The Gaganyaan mission will make India the third nation in the world to launch a human spaceflight mission.
- Recently ISRO signed Implementation Agreement (IA) with the Australian Space Agency for the Gaganyaan mission.
Which of the statements given above is/are correct?
Correct
Explanation
Statement 1 is incorrect but statement 2 is correct
- Gaganyaan is the 1st human space flight programme of ISRO.
- Objective: To demonstrate indigenous capability of human space flight to low earth orbit.
- Launch vehicle: GSLV-Mk III, also called the LVM-3 (Launch Vehicle Mark-3).
- Payloads:
- Crew Module: It is the spacecraft carrying human beings.
- Service Module: It will support the crew module and is powered by liquid propellant engines.
- This mission consists of:
- Two unmanned missions (G1 & G2): 2nd uncrewed mission (G2) will carry “Vyommitra” (a female-looking humanoid robot developed by ISRO to function on-board the Gaganyaan).
- One manned mission (G3): The Orbital Module of the crewed mission will carry three Indian astronauts, including a woman into space for 7 days. It will orbit the Earth at a low-earth-orbit at an altitude of 300-400 km.
- India will become the 4th nation in the world to launch a Human Spaceflight Mission after USA, Russia, and China.
- Recently, ISRO signs Implementation Agreement (IA) with the Australian Space Agency for the Gaganyaan mission.
- Implementation Agreement (IA) is a legal document that outlines the detailed steps and specifics required to carry out a larger contract or project. It acts as a roadmap for implementing the agreed-upon terms, including timelines, responsibilities, and technical specifications for each party involved.
Answer: (b) 2 only; Difficulty Level: Easy
Incorrect
Explanation
Statement 1 is incorrect but statement 2 is correct
- Gaganyaan is the 1st human space flight programme of ISRO.
- Objective: To demonstrate indigenous capability of human space flight to low earth orbit.
- Launch vehicle: GSLV-Mk III, also called the LVM-3 (Launch Vehicle Mark-3).
- Payloads:
- Crew Module: It is the spacecraft carrying human beings.
- Service Module: It will support the crew module and is powered by liquid propellant engines.
- This mission consists of:
- Two unmanned missions (G1 & G2): 2nd uncrewed mission (G2) will carry “Vyommitra” (a female-looking humanoid robot developed by ISRO to function on-board the Gaganyaan).
- One manned mission (G3): The Orbital Module of the crewed mission will carry three Indian astronauts, including a woman into space for 7 days. It will orbit the Earth at a low-earth-orbit at an altitude of 300-400 km.
- India will become the 4th nation in the world to launch a Human Spaceflight Mission after USA, Russia, and China.
- Recently, ISRO signs Implementation Agreement (IA) with the Australian Space Agency for the Gaganyaan mission.
- Implementation Agreement (IA) is a legal document that outlines the detailed steps and specifics required to carry out a larger contract or project. It acts as a roadmap for implementing the agreed-upon terms, including timelines, responsibilities, and technical specifications for each party involved.
Answer: (b) 2 only; Difficulty Level: Easy
Unattempted
Explanation
Statement 1 is incorrect but statement 2 is correct
- Gaganyaan is the 1st human space flight programme of ISRO.
- Objective: To demonstrate indigenous capability of human space flight to low earth orbit.
- Launch vehicle: GSLV-Mk III, also called the LVM-3 (Launch Vehicle Mark-3).
- Payloads:
- Crew Module: It is the spacecraft carrying human beings.
- Service Module: It will support the crew module and is powered by liquid propellant engines.
- This mission consists of:
- Two unmanned missions (G1 & G2): 2nd uncrewed mission (G2) will carry “Vyommitra” (a female-looking humanoid robot developed by ISRO to function on-board the Gaganyaan).
- One manned mission (G3): The Orbital Module of the crewed mission will carry three Indian astronauts, including a woman into space for 7 days. It will orbit the Earth at a low-earth-orbit at an altitude of 300-400 km.
- India will become the 4th nation in the world to launch a Human Spaceflight Mission after USA, Russia, and China.
- Recently, ISRO signs Implementation Agreement (IA) with the Australian Space Agency for the Gaganyaan mission.
- Implementation Agreement (IA) is a legal document that outlines the detailed steps and specifics required to carry out a larger contract or project. It acts as a roadmap for implementing the agreed-upon terms, including timelines, responsibilities, and technical specifications for each party involved.
Answer: (b) 2 only; Difficulty Level: Easy
-
Question 8 of 8
8. Question
Q8. {IR – India-Maldives} Consider the following statements regarding cross-border payments:
- Wholesale cross-border payments are used solely by governments for transactions related to borrowing and lending purposes.
- Retail cross-border payments are primarily used by individuals and businesses for transactions related to imports, exports, and financial markets.
Which of the above statements is/are correct?
Correct
Explanation
Both statement 1 and 2 are incorrect
- Cross-border payments are transactions in which the payer and recipient are from different countries.
- These payments are important for international trade, investment, and personal money transfers.
- Recently, RBI and the Maldives Monetary Authority (MMA) have signed an agreement to promote the use of local currencies in cross-border transactions.
- The primary goal of the agreement is to establish a framework that encourages the use of the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) for cross-border transactions.
- Types of Cross Border Payment:
- Wholesale Cross-Border Payments: Transactions between financial institutions for borrowing, lend-ing, and trading in foreign exchange, stocks, and commodities. It is used by governments and large companies for major transactions related to imports, exports, and financial markets.
- Retail Cross-Border Payments: Payments involving individuals and businesses, such as person-to-person (P2P), person-to-business (P2B), and business-to-business (B2B) transactions. It includes remittances, where migrants send money back home.
Answer: (d) Neither 1 nor 2; Difficulty Level: Hard
Incorrect
Explanation
Both statement 1 and 2 are incorrect
- Cross-border payments are transactions in which the payer and recipient are from different countries.
- These payments are important for international trade, investment, and personal money transfers.
- Recently, RBI and the Maldives Monetary Authority (MMA) have signed an agreement to promote the use of local currencies in cross-border transactions.
- The primary goal of the agreement is to establish a framework that encourages the use of the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) for cross-border transactions.
- Types of Cross Border Payment:
- Wholesale Cross-Border Payments: Transactions between financial institutions for borrowing, lend-ing, and trading in foreign exchange, stocks, and commodities. It is used by governments and large companies for major transactions related to imports, exports, and financial markets.
- Retail Cross-Border Payments: Payments involving individuals and businesses, such as person-to-person (P2P), person-to-business (P2B), and business-to-business (B2B) transactions. It includes remittances, where migrants send money back home.
Answer: (d) Neither 1 nor 2; Difficulty Level: Hard
Unattempted
Explanation
Both statement 1 and 2 are incorrect
- Cross-border payments are transactions in which the payer and recipient are from different countries.
- These payments are important for international trade, investment, and personal money transfers.
- Recently, RBI and the Maldives Monetary Authority (MMA) have signed an agreement to promote the use of local currencies in cross-border transactions.
- The primary goal of the agreement is to establish a framework that encourages the use of the Indian Rupee (INR) and the Maldivian Rufiyaa (MVR) for cross-border transactions.
- Types of Cross Border Payment:
- Wholesale Cross-Border Payments: Transactions between financial institutions for borrowing, lend-ing, and trading in foreign exchange, stocks, and commodities. It is used by governments and large companies for major transactions related to imports, exports, and financial markets.
- Retail Cross-Border Payments: Payments involving individuals and businesses, such as person-to-person (P2P), person-to-business (P2B), and business-to-business (B2B) transactions. It includes remittances, where migrants send money back home.
Answer: (d) Neither 1 nor 2; Difficulty Level: Hard
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