Current Affairs Questions & Answers - Feb 03, 2016

1)   RBI has relaxed several rules including _____ norms for boosting startup activity within the country.

a. FII
b. FDI
c. SDR
d. GDP
Answer  Explanation  Related Ques


RBI has relaxed numerous rules including FDI norms for boosting start up activity within the nation. Start ups will now be allowed to receive foreign venture capital investment regardless of which sector they operate in. New norms will permit share transfer from foreign venture capital investors to other residents/non residents. Proposal for permitting startups to get foreign venture capital investments is a positive step as presently

2)   ADAG owned Reliance Entertainment has announced a JV with which company?

a. Dreamworks
b. Cine Blitz
c. Red Chilli
d. Friday Filmworks
Answer  Explanation  Related Ques

ANSWER: Friday Filmworks

ADAG owned Reliance Entertainment announced a joint venture with film maker producer duo Neeraj Pandey and Shital Bhatia owned Friday Filmworks for production of movies. Akshay Kumar starrer Rustom will be first movie under this banner. Other projects include Neeraj Pandey’s cinematic version of his novel, Ghalib Danger and films helmed by Shivam Nair, Chandra Prakash Dwivedi, Anurag Singh, Anvita Dutt and Shree Narayan Singh. It has also formed an international alliance with Steven Spielberg.

3)   What is Serpentinisation?

a. Process through which certain mineral are converted to serpentine group of minerals in igneous rock formations.
b. Process via which specific primary ferromagnesian minerals undergo a change.
c. Both of the above
d. Neither a nor b
Answer  Explanation 

ANSWER: Both of the above

Scientists have obtained massive sequence of rock samples from the shallow mantle of the Atlantic Ocean bearing signs of life, ocean crust movement and unique carbon cycling. Researchers collected rock samples using sea bed rock drills from UK and Germany which marks the first time technology has been used in ocean drilling. Aim of this expedition was assessing how mantle rocks are brought to the seafloor and undergo reaction with seawater. Scientists hold that such reactions may fuel life in the absence of sunlight giving an indication of how life must have developed early in the history of earth or on other planets. Team will also acquire knowledge how the carbon will be impacted between the rocks and the seawater- which are processes impacting climate change through carbon sequesterisation. Rocks collected within these expeditions give a unique record of deeper processes formed during the Atlantis Massif. One also gains valuable insight into how there is a reaction between rocks with circulating seawater at the seafloor through a process called serpentinisation and its impact for chemical cycles and life. During the drilling process, evidence was found for hydrogen and methane in samples. This can be eaten by microbes to grow and form more cells.

4)   World Wetlands Day was observed on which date?

a. 2nd Feb
b. 3rd Feb
c. 4th Feb
d. 1st Feb
Answer  Explanation  Related Ques

ANSWER: 2nd Feb

World Wetlands Day was observed on 2nd February 2016 across the world to mark the adoption of the Convention on Wetlands in Ramsar, Iran during the 1970s. Theme for this day was “Wetlands for our Future: Sustainable Livelihoods.” This showcases the value of wetlands in attaining local livelihood through activities such as rice farming, fishing and tourism. Day is observed to promote and create awareness and facilitate affirmative action for wetland conservation. World Wetlands Day this year is being celebrated by Union Ministry of Environment, Forest and Climate Change in partnership with the WestBengal Government at Sunderbans. Sunderbans is one of the largest blocks of estuarine mangrove forests in the world. It is a natural habitat for many different kinds of c.

5)   Bad banks cannot handle _________ assets in India, according to RBI governor Raghuram Rajan

a. Stressed
b. Distressed
c. Capital
d. Labour
Answer  Explanation 

ANSWER: Stressed

Creating a question mark over efficacy of bad banks to cope with stressed assets in the country, RBI governor Raghuram Rajan has indicated such concepts work when stressed assets are mostly with private lenders and not when capitalisation is performed by the government.

6)   Which chess grandmaster has equalled Vishwanathan Anand’s record for winning the Wijk aan Zee tournament for the 5th time?

a. B Adhiban
b. Magnus Carlsen
c. Paul Karis
d. Edwin Kangis
Answer  Explanation 

ANSWER: Magnus Carlsen

Magnus Carlsen won the Wijk ann Zee tournament for the 5th time, equalling the record of India’s Vishwanathan Anand in the Dutch city. He clinched his fifth title of the well known tournament with 9 points in 13 rounds. The challenger section of the tournament was won by TN stalemate B Adhiban.

7)   National Investment and Infrastructure Fund has signed an MoU with which company?

b. Gazprom
c. Acron Group
Answer  Explanation 


National Investment and Infrastructure Fund Ltd has tied an MoU with RUSNANO OJSC of Russia. The signing of the MoU comes after the PM’s visit to Russia in December 2016 and discussions between NIIF and RUSNANO. Both companies have also made the agreement to establish the RUSSIA-INDIA HIGH TECHNOLOGY PRIVATE EQUITY FUND for joint implementation of investments into projects in India. NIIF is an AIF/ Alternative Investment Fund registered with SEBI while RUSNANO is a Russian company.

8)   GoI has created a Tax Policy Research Unit and Tax Policy Council. Who are these being chaired by?

a. Union Minister of MHA
b. Union Minister of WCD
c. Union Finance Minister
d. Union Law Minister
Answer  Explanation 

ANSWER: Union Finance Minister

GoI on 2nd February 2016 created a Tax Policy Research Unit and Tax Policy Council which would be chaired by the Union FM along with nine members. The members include Ministry of State for Finance, Niti Aayog Vice Chairman Commerce and Industry Ministry Revenue Secretary and Chief Economic Adviser. Finance Secretary as well as Commerce and Industry Secretary will also be members of this council. Council will be advisory in nature and locate key police decisions for taxation.

9)   Companies Law Committee has proposed changes in how many sections of the Companies Act, 2013?

a. 75
b. 76
c. 77
d. 78
Answer  Explanation 


Companies Law Committee put together in June 2015 has made recommendations on issues pertaining to implementation of Companies Act 2013 has submitted its report to GoI. Committee has proposed changes to 78 sections of the Companies Act 2013 which in tandem with consequential changes will lead to 100 amendments within the Act. Around 50 amendments to the rules have been put together. Recommendations cover areas such as definitions, raising of capital, accounts and audit, corporate governance, managerial remuneration, companies incorporated outside India and offences/ penalties.

10)   Wipro has promoted which executives to the executive committee, the highest decision making body of this company?

a. Anil Jain
b. Ankur Prakash
c. Ayan Mukerji
d. Both a and b
Answer  Explanation  Related Ques

ANSWER: Both a and b

Following its massive organisational reshuffle within the past 5 years, this largest software exporter Wipro has included recently promoted executives such as Anil Jain and Ankur Prakash for the highest decision making body of the company, its executive committee. This committee has 17 top execs who now report mostly to CEO A. Neemuchwala. Following the exit of company veterans Sangita Singh and Mukerji, Hain and Prakash have been elevated. Wipro also elevated Rishad Premji to the committee in the past year.

11)   Which Mumbai based e-tailer has acquired Mumbai based on demand shipping service provider Sendd for around USD 4.5 million?

a. Snapdeal
b. Jabong
c. Myntra
d. Craftsvilla
Answer  Explanation  Related Ques

ANSWER: Craftsvilla

Mumbai based ethnic e-tailer Craftsvilla has acquired on demand shipping service provider Sendd for USD 4.5 million. Sendd was founded by Sargun Singh, Nav Agarwal and Sumeet Wadhwa. This is an on demand shipping service startup permitting users to send parcels. It has a 150 strong employee base.