Current Affairs Questions & Answers - July 04, 2016

1)   India has slipped to 75th place on money in Swiss banks. Which country remains at the top according to latest figures released by Swiss National Bank?

a. UK
b. US
c. Germany
d. France
Answer  Explanation 


While UK has remained on the top, India has slipped to 75th place in terms of money held in Swiss banks.

  • India was placed in 61st rank in 2015 while it used to rank among the top-50 countries in terms of holdings in Swiss banks till 2007
  • Country also ranked highest at 37th place in 2004
  • According to the latest annual update on Swiss Banks released by Switzerland central bank SNB or Swiss National Bank, total money held by foreign clients from across the globe fell by 4 percent to Swiss franc 1.42 trillion which is around INR 98 lakh crore
  • As far as individual countries are concerned, UK counted for the largest chunk of CHF 350 billion or almost 25 percent of the total foreign money with Swiss banks
  • US came in second with CHF 196 billion or 14 percent
  • Others in the top 10 included Hong Kong, Panama, France and Germany
  • Russia was ranked 17th and China 28th while Brazil was 37th

2)   Which country is facing a hung parliament after it failed to hand over the reins of PM to its leader on 3rd July 2016?

a. Hungary
b. Austria
c. Australia
d. UK
Answer  Explanation 

ANSWER: Australia

Australia was in political limbo following failure of voters to hand PM Malcolm Turnbull a second win, and the nation is instead facing the prospect of a hung parliament.

  • Turnbull was the country’s fourth leader and a former banker
  • Majority coalition government will be returned at this election when counting is completed
  • The aim is to work constructively and effectively with all members of the new Parliament, according to Turnbull
  • Following polls, Liberal/National coalition had 65 seats to Labor’s 67 the Greens one and independents four, according to results shown.
  • This left 13 seats too close with the call with 76 needed to rule the 150 seat House of Representatives.

3)   India and Cyprus have agreed to revise tax treaty under which capital gains tax will be levied on sale of shares of investments made after which financial year?

a. 2015
b. 2016
c. 2017
d. 2018
Answer  Explanation 

ANSWER: 2017

India and Cyprus have made the decision to revise the tax treaty under which capital gains tax will be levied on sale of shares on investments made after April 1, 2017.

  • This brings the island nation at par with Mauritius in term of tax treatment on investment
  • New Cyprus Double Taxation Avoidance Agreement has been signed by two countries.
  • It will provide for source based taxation of capital gains on transfer of shares.
  • As per the agreement reached between India and Cyprus on June 29, investments made prior to April 1 2017 will be considered differently
  • Completion of the negotiation on avoidance of double taxation and prevention of fiscal evasion will pave the way for the removal of Cyprus from the list of Notified Jurisdictional Areas retrospectively from November 2013

4)   Which food products marketing organisation has announced sponsorship of the Indian contingent at the Rio 2016 Olympic Games?

a. Amul
b. Pepsi
c. Coca Cola
d. None of the above
Answer  Explanation  Related Ques


India’s Amul is the largest food products marketing organisation and it will be sponsoring the Indian contingent at the Rio Olympics 2016.

  • Amul had also sponsored the Indian contingent at the London 2012 Olympic Games.
  • Rio Olympics will host the largest Indian contingent with close to 100 sportspersons being part of it in August in Brazil
  • Amul will be leveraging the connect with youth through sponsorship of the event.
  • Its famous motto, Amul Doodh Pita Hai India will be used to cheer the Indian contingent
  • Amul is an Indian dairy cooperative located in Anand Gujarat and shone through the efforts of founder chairman of GCMMF- Dr. Verghese Kurien.

5)   Sports Ministry has granted recognition to which sports body providing a boost for para athletes at the Rio Paralympics?

a. Paralympics Council of India
b. Paralympics Cooperation of India
c. Paralympics Committee of India
d. Paralympics Organisation of India
Answer  Explanation 

ANSWER: Paralympics Committee of India

Sports Ministry of India has granted recognition to the Paralympic Committee of India providing a huge confidence boost to para-athletes who have qualified for the Rio Paralympics.

  • Move comes after the International Paralympic Committee announced temporary lifting of suspension imposed on the national body in the previous year so Indians can take part under the tricolour at this showpiece event
  • Paralympics Games is a major international multi-sport event involving athletes with range of physical disabilities including impaired muscle power, impaired passive range of movement and limb deficiency
  • There are Winter and Summer Paralympic Games being held by the International Paralympic Committee

6)   Regulator FSSAI has joined hands with which organisation to check misleading ads in the foods and beverages sector?

Answer  Explanation  Related Ques


Regulatory authority FSSAI has partnered ASCI to check misleading ads in the food and beverages sector.

  • ASCI will monitor ads across numerous media and the council has been provided suo moto monitoring mandate by FSSAI to process complaints against misleading food and beverages ads
  • Agreement also requires ASCI to report FSSAI’s non compliance of ASCI’s decisions for further action as per the FSSAI act.
  • The MoU was signed between FSSAI CEO Pawan Agarwal and ASCI chairman Benoy Roychoudhury
  • FSSAI is an agency of the Ministry of Health and Family Welfare, GoI

7)   India will be hosting which league for the first time in the world from August 26 to October 1, 2016?

a. MMA
b. MME
c. WWE
d. WWA
Answer  Explanation 


India will be hosting the world’s first Mixed Martial Arts Super Fight League from August 26 to October 1- the league will feature 8 teams namely Delhi, UP, Mumbai, Haryana, Bangalore, Pune, Punjab and Goa.

  • The league will be a platform for Indian MMA players such as CJ Singh and Amit Roy
  • The team will have 9 Indian fighters and 3 international ones
  • Mixed Martial Arts is a full contact combat sport allowing striking as well as grappling

8)   The multinational exercise RIMPAC has kicked off across Southern California through August 4th. What does RIMPAC stand for?

a. Rim of the Pacific Southern California 2016
b. Rim of the Pacific Southern Countries 2016
c. Rim of the Pacific Southern Colombia 2016
d. None of the above
Answer  Explanation 

ANSWER: Rim of the Pacific Southern California 2016

Multi-nation exercise Rim of the Pacific Southern California 2016 has kicked off occurring in and around Southern California through August 4, 2016.

  • RIMPAC SOCAL held for the first time by Naval Surface Mine Warfare Development Centre permits US and partner nations to train together with sea and shore based commands
  • Participants will receive relevant and realistic training in amphibious operations, explosive ordinance disposal, mine warfare countermeasures and dive operations
  • There are 26 participating countries in this exercise including Colombia, Denmark, France, Germany, India, Italy and Japan
  • The theme of RIMPAC 2016 is “Capable adaptive partners.”

9)   China will be hosting the world’s largest telescope called FAST. What does FAST stand for?

a. Five Hundred Metre Aperture Spatial Telescope
b. Five Hundred Metre Aperture Space Telescope
c. Five Hundred Meter Aperture Spherical Telescope
d. None of the above
Answer  Explanation 

ANSWER: Five Hundred Meter Aperture Spherical Telescope

This telescope called FAST (500 Metre Aperture Spherical Telescope) is the size of 30 football fields and has been cut out of the mountain in the SW province of Guizhou.

  • Telescope tool 5 years to build and will commence operations in September
  • China aims to put an astronaut on the moon by 2036 and build a space station