Mission IAS Prelim 2017 (Day-3)

Consider the following statements in regard with 'National Backward Classes Finance & Development
Corporation (NBCFDC)'.
1. NBCFDC is a Government of India Undertaking under the aegis of Ministry of Minority Affairs.
2. It was incorporated under the Companies Act, 1956 as a Company not for profit.
3. It's objective is to promote economic and developmental activities for the benefit of Backward Classes and
to assist the poorer section of these classes in self employment ventures.
Select the correct answer using the codes given below.
a) 1 and 2 only
b) 3 only
c) 2 and 3 only
d) 1,2 and 3
Ans. (c)
Explanation: The Silver Jubilee celebrations of National Backward Classes Finance & Development
Corporation (NBCFDC) was recently inaugurated. A short film “HamariKahani” based on the experiences ofbeneficiaries of NBCFDC and a book entitled “Safalata Ki Kahaniyan” were also brought out by NBCFDC onthe success stories of the beneficiaries on the occasion.
Q.2) Consider the following statements in regard with 'Advance Pricing Agreement (APA)'.
1. The APA Scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were
introduced in 2014.
2. The APA is an important step towards ascertaining certainty in transfer pricing matters of multinational
company cases and dispute resolution.
Which of the statements given above is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Ans. (c)
Explanation: An APA is a contract, usually for multiple years, between a taxpayer and at least one tax
authority specifying the pricing method that the taxpayer will apply to its related-company transactions.
These programmes are designed to help taxpayers voluntarily resolve actual or potential transfer pricing
disputes in a proactive, cooperative manner, as an alternative to the traditional examination process.

Q.3) With reference to 'Transports Internationaux Routiers (TIR)', consider the following statements:
1. TIR is the customs convention on international transport of goods that was concluded at Geneva in 1975.
2. It aims to simplify and harmonise the administrative formalities of international road transport.
3. The conventions were adopted under the auspices of the United Nations Economic Commission for
Europe (UNECE).
Select the correct answer using the codes given below.

a) 1 and 2 only
b) 3 only
c) 2 and 3 only
d) 1,2 and 3
Ans. (d)
Explanation: The Convention on International Transport of Goods Under Cover of TIR Carnets (TIR
Convention) is a multilateral treaty that was concluded at Geneva on 14 November 1975 to simplify and
harmonise the administrative formalities of international road transport. (TIR stands for "TransportsInternationaux Routiers" or "International Road Transports".) TIR is the only global customs transit systemthat provides easy and smooth movement of goods across borders in sealed compartments or containersunder customs control from the customs office of departure to the customs office of destination. The TIRsystem has a globally accepted electronic control system for integrated transit operations.

Q.4) Consider the following statements about 'Red Sanders'.
1. Red Sanders is a non-fragrant variety of sandalwood that mostly grows in rocky, hilly regions, and thorny
dry deciduous forests.
2. Red Sanders is not a protected species under the Convention on International Trade in Endangered
Species (CITES) of Wild Fauna and Flora.
Which of the statements given above is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Ans. (a)

lbert Newton Lewis was an distinguished fellow of the Royal Society known for the discovery of
a) Covalent bond and electron pairs
b) Quantum gravity
c) Structure of the ribosome
d) None of the above
Ans. (a)
Explanataion: The chemical bond has just crossed a century. In a celebrated paper in the Journal of theAmerican Chemical Society in 1916, G. N. Lewis introduced the electron pair bond. He proposed that twoatoms may share from one to six electrons forming single, double or triple bonds. He introduced the cubicalatom and six postulates to understand their chemical behaviour.

Q.6) The Fair and Remunerative Price (FRP) of sugarcane is approved by the
A. Cabinet Committee on Economic Affairs
B. Commission for Agricultural Costs and Prices
C. Directorate of Marketing and Inspection, Ministry of Agriculture
D. Agricultural Produce Market Committee
Answer: Option A
CACP recommends the fair and remunerative prices based on inter-crop price parity, inflation
considerations, fair return to farmers and a host of other factors.
It is the cabinet Committee on Economic affairs that finally approves it.

Q.7) What explains the eastward flow of the equatorial counter-current?
A. The Earth's rotation on its axis
B. Convergence of the two equatorial currents
C. Difference in salinity of water
D. Occurrence of the belt of calm near the equator

Answer: Option B
The equatorial countercurrents are driven by a distinct surface wind pattern in the tropics. Strong westward trade winds result in westward surface flow in most of the tropical Atlantic and Pacific Oceans. However, several hundred mi. (km.) north of the equator the winds are much weaker, in comparison.
The stronger winds to the south pile up water where the winds are weak. As a result, the surface of the
ocean can be up to 6 in. (15 cm.) higher and the thermocline (region of strongest decrease of temperature with increasing depth) as much as 328 ft. (100 m.) deeper than it is directly to the north. The excess water flows eastward under the influence of the Earth’s rotation, giving rise to the equatorial countercurrents.
Aource: Old NCERT – Class XIth – Principles of Geography