Current based PRELIMS QUESTION 30 June 2020

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1. Consider the following statements about International Court of Justice.
1. Of the six principal organs of the United Nations, it is the only one not located in New York (United States of America).
2. The Court’s role is to settle, in accordance with international law, legal disputes submitted to it by States and to give advisory opinions on legal questions referred to it by authorized United Nations organs and specialized agencies.
3. The Court is composed of 15 judges, who are elected for terms of office of six years by the United Nations General Assembly and the Security Council.
Which of the statement(s) given above is/are correct?
(a) 2 and 3 only
(b) 1 and 2 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer-b
Explanation-
International Court of Justice
The International Court of Justice (ICJ) is the principal judicial organ of the United Nations (UN).
It was established by the United Nations Charter, which was signed in 1945 in San Francisco (United States), and began work in 1946 in the Peace Palace, The Hague (Netherlands).
Of the six principal organs of the United Nations, it is the only one not located in New York (United States of America).
The Court’s role is to settle, in accordance with international law, legal disputes submitted to it by States and to give advisory opinions on legal questions referred to it by authorized United Nations organs and specialized agencies.
Who may submit cases to the Court?
Only States are eligible to appear before the Court in contentious cases.

The Court has no jurisdiction to deal with applications from individuals, non-governmental organizations, corporations or any other private entity. It cannot provide them with legal advice or help them in their dealings with national authorities.
However, a State may take up the case of one of its nationals and invoke against another State the wrongs which its national claims to have suffered at the hands of the latter; the dispute then becomes one between States.
Structure
The Court is composed of 15 judges, who are elected for terms of office of nine years by the United Nations General Assembly and the Security Council. These organs vote simultaneously but separately. In order to be elected, a candidate must receive an absolute majority of the votes in both bodies. This sometimes makes it necessary for a number of rounds of voting to be held.
In order to ensure a degree of continuity, one third of the Court is elected every three years. Judges are eligible for re-election. Should a judge die or resign during his or her term of office, a special election is held as soon as possible to choose a judge to fill the unexpired part of the term.
It is assisted by a Registry, its administrative organ.
Its official languages are English and French.
https://www.icj-cij.org/en/frequently-asked-questions

2. Consider the following statements with respect to the Supreme Court Advocates on Record Association (SCAoRA).
1. It came into existence in the year 1985 with its first executive council elected at the General Meeting managing the affairs of the association consisting Mr. R.B.Datar as President.
2. Article 145(1) of the Constitution empowers the Supreme Court to frame rules.
3. The advocates on record are entitled to practice in any part of India.
Which of the following statements is/are correct?
(a) 2 and 3 only
(b) 1 and 2 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer-d
Explanation-
Supreme Court Advocates on Record Association (SCAoRA)
It came into existence in the year 1985 with its first executive council elected at the General Meeting managing the affairs of the association consisting Mr. R.B.Datar as President, Mr. V.N.Ganpule as Vice-President, Mr. Kailash Vasdev as Secretary, Mr. M.S.Ganesh as Treasurer, Mr. Ranjit Kumar as Joint Secretary and 6 members namely Mr. K.Rajendra Chaudhry, Mr. Mukul Moudgal, Mr. Girish Chander, Mr. Raju Ramachandran, Mr. C.S. Vaidyanathan and Mr. P.H. Parekh.
The advocates on record are entitled to practice in any part of India. However, if one wants to practice as an advocate-on-record in the Supreme Court he or she needs an additional qualification. He has to practice for 4 years as an advocate and thereafter has to intimate to the Supreme Court that he has started taking training with a Senior Advocate on record because he intends to become an Advocate-on-record. After the expiry of one year’s training, he has to appear for an examination conducted by the Supreme Court itself. After an advocate passes this examination he must have a registered office within a radius of 10 miles from the Supreme Court building and a registered clerk. It is after this that the Chamber Judge of the Supreme Court accepts him as an advocate-on-record.
The aims and objectives for which the Supreme Court Advocate-on-Record Association was created are:
To promote and protect the status of the Advocates practicing as Advocates-on-record in the Supreme Court of India.
To take necessary steps to promote professional competence and maintain professional integrity and prevention of unethical practices, and to decide and settle all disputed questions of professional conduct and courtesy between or among the Advocates-on-record of the Supreme Court and other Advocates.
To consider all questions affecting the interests of the Advocates-on-records, including questions of professional fees of Advocates and to frame rules thereof.
To consider and express its opinion on all measures affecting the profession and seek changes in law or practice of law.
To take action for promotion and improvement in law and its administration of justice; and for the purpose aforesaid, to submit necessary recommendations before the legislature, the Government of India, State Governments, the Judges of High Courts and the Supreme Court and the Law Commission or any other authority.
To establish a forum where Advocates-on-Record can mutually discuss their problems and lay down norms and guidelines for cohesive and concerted action and discipline and working of the Advocates-on-Record within the court and elsewhere.
For good cause to the admission of any person as an Advocate-on-Record of the Supreme Court and for the like cause to get any Advocate-on-Record struck off from the Roll or suspended from practice. To establish or acquire and maintain a library or libraries for the use of the members of the Association.
To promote dissemination of information on legal subjects by lectures, discussions, and publications of books and journals.
To do all such other things as are incidental or conducive to the attainment of the above objects. To issue or authorize publication of material in furtherance of its objects.
To take measures to provide for financial aid to members of association and to members of their families in the case of death or incapacity and to take subscriptions for Group Insurance.
To take measures with a view to provide an efficient system of law reporting and promote publication on works of Law.
To work in cooperation with other Associations, Institutions, Organizations, national and international, and to send delegations to national or international conferences in the pursuit of all or any of the above objects.
To hold Conferences or Seminars.
To establish institutions for training of Advocates, including training for the Advocates-on-Record Examination.
To frame Rules and Regulations for Implementation of the objects of the Association

Though the Supreme Court of India was inaugurated on 28th January 1950, the rules and procedure as applicable to the Federal Court were continued for a long time thereafter.
Article 145(1) of the Constitution empowers the Supreme Court to frame rules. In May 1964, the then Chief Justice Mr. Gajendragadkar constituted a committee of 3 members of the Supreme Court Bar, namely Shri Narayan Andley, Shri I.N.Shroff, and Shri Janardhan Sharma. The Registrar and the Dy. Registrar assisted this Committee. This Committee drafted the revised rules and submitted them to the Hon’ble Chief Justice. Thereafter, the Chief Justice constituted a sub-committee of 5 judges consisting of Justice Subba Rao, Justice Wanchoo, Justice Hidyatullah, Justice J.C.Shah and Justice Sikri. The Committee examined the draft rules and considered further suggestions received from the members of the bar. Thereafter the full court finalised the rules and these rules received the sanction of the President of India on 20th December 1965. Under these rules the concept of the advocates-on-record came to be formalised.
http://scaoraindia.com/aboutus.aspx

3. Consider the following statements regarding the Aviation turbine fuel (ATF).
1. It is a colorless, combustible, straight-run petroleum distillate liquid.
2. Jet fuel is defined as a performance specification rather than a chemical compound.
3. The jet fuel commonly used in civilian turbine-engine powered aviation is Jet B, which is used for its enhanced cold-weather performance.
Which of the following statements is/are correct?
(a) 2 and 3 only
(b) 1 and 2 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer-d
Explanation-
Aviation turbine fuel (ATF)
Jet fuel, aviation turbine fuel (ATF), or avtur, is a type of aviation fuel designed for use in aircraft powered by gas-turbine engines.
It is colorless to straw-colored in appearance. The most commonly used fuels for commercial aviation are Jet A and Jet A-1, which are produced to a standardized international specification.
The only other jet fuel commonly used in civilian turbine-engine powered aviation is Jet B, which is used for its enhanced cold-weather performance.
Jet fuel is a mixture of a variety of hydrocarbons. Because the exact composition of jet fuel varies widely based on petroleum source, it is impossible to define jet fuel as a ratio of specific hydrocarbons. Jet fuel is therefore defined as a performance specification rather than a chemical compound.
Furthermore, the range of molecular mass between hydrocarbons (or different carbon numbers) is defined by the requirements for the product, such as the freezing point or smoke point. Kerosene-type jet fuel (including Jet A and Jet A-1, JP-5, and JP-8) has a carbon number distribution between about 8 and 16 (carbon atoms per molecule); wide-cut or naphtha-type jet fuel (including Jet B and JP-4), between about 5 and 15.
https://en.wikipedia.org/wiki/Jet_fuel
4. Consider the following statements regarding the SAARC COVID19 Emergency Fund.
1. The contribution to this fund is on a voluntary basis and it is vital for the economies of each SAARC country which are severely affected by the COVID-19.
2. India has been advocated a joint effort to combat the challenges posed to the region by the virus and proposed to set up the COVID-19 emergency fund for the SAARC countries.
3. All SAARC nations including Pakistan pledge to COVID-19 emergency fund
Which of the following statements is/are correct?
(a) 2 and 3 only
(b) 1 and 2 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer-b
Explanation-
SAARC COVID19 Emergency Fund
Prime Minister Narendra Modi and the leaders of eight South Asian Association for Regional Cooperation (SAARC) nations spoke to each other through video conference on March 15, 2020, for a joint strategy to fight the coronavirus outbreak.
Apart from PM Modi, Sri Lankan President Gotabaya Rajapaksa, Maldivian President Ibrahim Mohamed Solih, Nepalese Prime Minister K P Sharma Oli, Bhutanese premier Lotay Tshering, Bangladeshi Prime Minister Sheikh Hasina, Afghan President Ashraf Ghani and Special Assistant to Pakistani Prime Minister Imran Khan on Health Zafar Mirza participated in the SAARC video conference.
PM Modi, in his opening address, said, “As we all know, COVID-19 has recently been classified by the World Health Organisation as a pandemic. So far, our region has listed fewer than 150 cases. But we need to remain vigilant”. Modi added, “I propose that we create a COVID-19 emergency fund. India can start by contributing $10 million.”
Meanwhile, Modi’s proposed formulation of a joint strategy was backed by all the member states. PM Modi said, “It is clear we have to work together; we can respond best to coronavirus by coming together, not growing apart”.
Zafar Mirza, Pakistan PM’s Special Assistant on Health, said, “No nation can afford to be unresponsive to situation in wake of coronavirus outbreak”.
Bhutanese PM Lotay Tshering said, “Important for all of us to be on same page to combat coronavirus.

Nepal PM K P Sharma Oli said, “Our collective efforts will help us devise a sound and robust strategy for SAARC region to fight coronavirus”
Bangladesh PM Sheikh Hasina said, “Health ministers of SAARC nations can hold video conference to discuss specific issues related to COVID-19”.
Lankan President Rajapaksa said, “I propose setting up of SAARC ministerial-level group to deal with issues related to coronavirus”.
The SAARC conference came a day ahead of a similar conference requested by France for the G-7 countries — Canada, France, Germany, Italy, Japan, the United Kingdom and the United States — held on March 16, 2020.
https://www.livemint.com/news/world/all-saarc-nations-barring-pakistan-pledge-to-covid-19-emergency-fund-11584957422897.html
https://www.businesstoday.in/current/world/coronavirus-outbreak-pm-modi-shares-india-strategy-to-take-on-covid-19-with-saarc-nations/story/398279.html

5. Consider the following statements regarding the Securities transaction tax (STT).
1. It is a tax that is levied on the purchase or sale of shares and other trade-able securities of the companies listed on the stock exchange.
2. This is come into effect from 2020 pursuant to the enactment of the Finance Act, 2020 and notification of Securities Transaction Tax Rules, 2020 by the Government of India.
3. It is collected by a recognised stock exchange or lead merchant banker in case of an IPO.
Which of the following statements is/are correct?
(a) 2 and 3 only
(b) 1 and 2 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer-c
Explanation-
Securities transaction tax (STT)
Securities Transaction Tax, also referred to as STT, is a tax that is levied on the purchase or sale of shares and other trade-able securities of the companies listed on the stock exchange.
Governed under the Securities Transaction Tax Act, or the STT Act, the tax is levied on specifically listed taxable securities including equity, derivatives, and units of equity-oriented mutual fund. Introduced in Union Budget 2004 by former Finance Minister P Chidambaram, this transaction tax was imposed in lieu of lower tax on short-term capital gain (LTCG) and ‘nil’ long-term capital gain (LTCG) tax on equities. However, in 2013, the tax rate was cut, following years of protests by brokers as well as the trading community.
Governed under Securities Transaction Tax Act, or the STT Act, the tax is levied on specifically listed taxable securities including:
Equity, derivatives
Units of equity-oriented mutual fund
The securities transaction tax is calculated as a percentage of the unit value of the security being traded.
Note
It could be as low as 0.001 per cent or as high as 0.2%
The rate of tax varies based on the type of securities that are traded and in addition, the nature of transaction that is made.
It differs on the purchase and sale of securities and this is decided by the central government.
STT gets added to the stock price at the time the transaction is made and gets automatically added to the transaction price. So, it’s difficult to avoid paying the tax. The broker or asset management company is bound to deduct the STT at source Securities Transaction Tax Rate.
During 2014-2019, the securities transaction tax rate was at 0.1 per cent for delivery-based equity trading. STT is not applicable on off-market transactions or commodity or currency transactions.
Similarly, buyers don’t need to pay any tax while making purchase of an equity-oriented mutual fund. The sale of a unit of an equity-oriented fund to the Mutual Fund – exchange-traded funds (ETFs) attracts STT at the rate of 0.001 per cent of unit value. Note that these rates are decided by the central government and the tax is not levied on any off-market transaction.
http://www.arthapedia.in/index.php?title=Securities_Transaction_Tax_(STT)