CLICK HERE FOR PREVIOUS UPDATE On MCQ
1. Consider the following statements regarding the Employees Provident Fund Organisation (EPFO).
1. The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India.
2. This operates three schemes – EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI).
3. EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.
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-d
Explanation
Employees Provident Fund Organisation (EPFO)
EPFO is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken. At present it maintains 19.34 crore accounts (Annual Report 2016-17) pertaining to its members.
The Employees’ Provident Fund came into existence with the promulgation of the Employees’ Provident Funds Ordinance on the 15th November, 1951. It was replaced by the Employees’ Provident Funds Act, 1952.
The Employees’ Provident Funds Bill was introduced in the Parliament as Bill Number 15 of the year 1952 as a Bill to provide for the institution of provident funds for employees in factories and other establishments.
The Act is now referred as the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952 which extends to the whole of India.
The Act and Schemes framed there under are administered by a tri-partite Board known as the Central Board of Trustees, Employees’ Provident Fund, consisting of representatives of Government (Both Central and State), Employers, and Employees.
The Central Board of Trustees administers a contributory provident fund, pension scheme and an insurance scheme for the workforce engaged in the organized sector in India.
The Board is assisted by the EPFO, consisting of offices at 135 locations across the country. The Organization has a well equipped training set up where officers and employees of the Organization as well as Representatives of the Employers and Employees attend sessions for trainings and seminars.
The EPFO is under the administrative control of Ministry of Labour and Employment, Government of India.
The Board operates three schemes – EPF Scheme 1952, Pension Scheme 1995 (EPS) and Insurance Scheme 1976 (EDLI).
EPFO Vision
EPFO has a vision to reposition itself as a world class Social Security Organisation providing futuristic services meeting the growing requirements of all categories of its stakeholders. EPFO Vision 2030 envisages:
Universal Social Security Coverage on mandatory basis by way of Provident Fund, Pension and Life Insurance for all workers of the country
Online Services for all EPFO benefits with State-of-the-Art Technology
Implementation of policies for a benefit structure with adequate support level of social security
Mission
Its mission is to extend the reach and quality of publicly managed old age income security programs through consistent and ever-improving standards of compliance and benefit delivery in a manner that wins the approval and confidence of members in our methods, fairness, honesty and integrity, thereby contributing to the economic and social well-being of the nation.
The technology-driven and hassle-free services are envisaged to improve the level of trust on the functioning of EPFO include:
Provide minimum interface but maximum output from the EPFO offices
Improved and reliable facility for on line services
Real time monthly updation of member accounts
Online access to member account
Ensure one Employee one EPF account
Reduce the time for settlement of claims from the present 20 days to 3 days
Facilitate the ease of compliance
Encourage and promote voluntary compliance
Keep up the vigil and ensure proper compliance by all establishments
Further improvise easy interaction with EPFO to obtain information or seek redressal
EPFO Schemes
EPF Scheme 1952
Accumulation plus interest upon retirement and death
Partial withdrawals allowed for education, marriage, illness and house construction
Housing Scheme for EPFO Members to achieve Hon’ble Prime Minister’s Vision of housing to all Indians by 2022
Pension Scheme 1995 (EPS)
Monthly benefit for superannuation/retirement, disability, survivor, widow(er) and children
Minimum pension on disablement
Past service benefit to participants of erstwhile Family Pension Scheme, 1971
Insurance Scheme 1976 (EDLI)
Benefit provided in case of death of an employee who was a member of the scheme at the time of death
Benefit amount 20 times of the wages. Maximum benefit of 6 lakh.
https://www.epfindia.gov.in/site_en/index.php
2. Consider the following statements regarding the National Real Estate Development Council (NAREDCO).
1. It was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Affairs, Govt. of India.
2. NAREDCO functions as Development & Promotion Council for housing & real estate sector in India.
Which of the statement(s) given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer-c
Explanation-
National Real Estate Development Council (NAREDCO)
NAREDCO was established as an autonomous self-regulatory body in 1998 under the aegis of Ministry of Housing and Urban Affairs, Govt. of India.
It is in this year that the Government of India redrafted the National Housing & Habitat Policy, giving due importance to the Housing and Real Estate sector, thereby declaring housing for all citizens by the year 2010.
The Indian housing and real estate sectors and the allied industries hailed the establishment of NAREDCO, as the apex national body for the real estate industry and visualized it as a single platform where Government, industry and public would discuss various problems and opportunities face to face which would result in speedy resolution of issues.
It was formed with the mandate to induce transparency and ethics in real estate business and transform the unorganized Indian real estate sector into a matured and globally competitive business sector.
The National Real Estate Development Council strives to be the collective force influencing and shaping the real estate industry.
It seeks to be the leading advocate of developing standards for efficient, effective, and ethical real estate business practices, valued by all stakeholders of real estate sector and viewed by them as crucial to their success.
NAREDCO works to create and sustain an environment conducive to the growth of real estate industry in India, partnering industry and government alike through advisory and consultative processes.
http://www.naredco.in/aboutus.asp?links=ab1
http://www.naredco.in/aboutus-present.asp?links=ab4
3. Consider the following statements regarding the Adjournment sine die of a Legislative body.
1. It means termination of a sitting of the House without any definite date being fixed for the next sitting.
2. The power of adjournment sine die lies with the President/Governor.
Which of the statements given above are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer-a
Explanation-
Adjournment sine die
Adjournment sine die means terminating a sitting of Parliament for an indefinite period. In other words, when the House is adjourned without naming a day for reassembly, it is called adjournment sine die. The power of adjournment sine die lies with the presiding officer of the House.
Note: The presiding officer of a House can call a sitting of the House before the date or time to which it has been adjourned or at any time after the House has been adjourned sine die.
4. Consider the following statements regarding the Coalition for Disaster-Resilient Infrastructure (CDRI).
1. CDRI’s mission is to rapidly expand the development of resilient infrastructure and retrofit existing infrastructure for resilience, and to enable a measurable reduction in infrastructure losses.
2. The formation of the Coalition is the result of efforts by India and UNDRR, responding to India’s Prime Minister’s call at the Asian Ministerial Conference on DRR for action to reduce damage to critical infrastructure.
Which of the statement(s) given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer-c
Explanation-
Coalition for Disaster-Resilient Infrastructure (CDRI)
Prime Minister of India, Shri Narendra Modi announced a global Coalition for Disaster Resilient Infrastructure (CDRI), at the UN Climate Action Summit 2019 held in New York City, USA, on September 23, 2019.
On the occasion of the announcement of the coalition, witnessed by global leaders, government functionaries, international delegates and diplomats from across the world, Shri Modi stated, “What is needed today is a comprehensive approach that covers everything including education, values to lifestyle and development philosophies. What we need is a global people’s movement to bring about behavioral change; need, not greed is our guiding principal. So, therefore India is here today to present a practical approach and roadmap…In order to make our infrastructure resilient in the face of disasters, India is launching a Coalition for Disaster Resilient Infrastructure. I invite all member states to join this Coalition.”
The partnership of national governments, UN agencies and programmes, multilateral development banks, financing mechanisms, private sector, and knowledge institutions will promote the resilience of new and existing infrastructure systems to climate and disaster risks, thereby ensuring sustainable development.
Developed through consultations with more than 35 countries, CDRI envisions enabling measurable reduction in infrastructure losses from disasters, including extreme climate events. CDRI thus aims to enable the achievement of objectives of expanding universal access to basic services and enabling prosperity as enshrined in the Sustainable Development Goals, while also working at the intersection of the Sendai Framework for Disaster Risk Reduction and the Paris Climate Agreement.
Established as a platform for generating and exchanging knowledge, CDRI will conduct country-specific and global activities. CDRI will provide member countries technical support and capacity development, research and knowledge management, and advocacy and partnerships to facilitate and encourage investment in disaster resilient infrastructure systems.
In its formative stage, CDRI will focus on developing resilience in ecological infrastructure, social infrastructure with a concerted emphasis on health and education, and economic infrastructure with special attention to transportation, telecommunications, energy, and water.
Within 2-3 years, the coalition aims to have a 3-fold impact of achieving considerable changes in member countries’ policy frameworks, future infrastructure investments and high reduction in economic losses from climate-related events and natural disasters across sectors. CDRI will uphold the UN Agenda 2030 principle of leaving no one, no place, and no ecosystem behind, focusing on the most vulnerable regions and populations, while enabling inclusive and deliberative processes that recognize national and local efforts as primal.
An event is also being co-hosted by the Government of India and the United Nations Office for Disaster Risk Reduction (UNDRR) on September 25, 2019 on the sidelines of SDG Summit 2019 to further deliberate on the significance of investing in resilient infrastructure to achieve climate and development goals. This side event will also provide an opportunity to the Government of India and UNDRR to provide an overview and objectives of CDRI, and establish key milestones for its work over the coming years.
https://pib.gov.in/PressReleaseIframePage.aspx?PRID=1586051
https://sdg.iisd.org/news/india-launches-global-coalition-for-disaster-resilient-infrastructure/
5. Consider the following statements regarding the Per Capita Income in India.
1. The Per Capita Income in real terms (at 2011-12 prices) during 2019-20 is likely to attain a level of ₹96,563.
2. It can be used to determine the average per-person income for an area and to evaluate the standard of living and quality of life of the population.
3. The growth rate in Per Capita Income is estimated at 4.3 per cent during 2019-20, as against 5.6 per cent in the previous year.
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-d
Explanation-
Per Capita Income
The Per Capita Income in real terms (at 2011-12 prices) during 2019-20 is likely to attain a level of ₹96,563 as compared to ₹92,565 for the year 2018-19.
The growth rate in Per Capita Income is estimated at 4.3 per cent during 2019-20, as against 5.6 per cent in the previous year.
Per capita income is a measure of the amount of money earned per person in a nation or geographic region.
Per capita income can be used to determine the average per-person income for an area and to evaluate the standard of living and quality of life of the population.
Per capita income for a nation is calculated by dividing the country’s national income by its population.
https://pib.gov.in/PressReleseDetail.aspx?PRID=1598643