UPSC Essentials brings to you its initiative of subject-wise quizzes. These quizzes are designed to help you revise some of the most important topics from the static part of the syllabus. Each day, we will cover one new subject. Attempt today’s subject quiz on Economy to check your progress. Come back tomorrow to solve the MCQs on International Relations. Don’t miss checking the answers and explanations at the end of the quiz.

With reference to the Liquefied Natural Gas (LNG), consider the following statements:

1. LNG offers a slightly longer range to vehicles than diesel with similar-sized fuel tanks.

2. It is costlier than crude oil.

3. India’s first small-scale liquefied natural gas (SSLNG) unit is established in Gujarat.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) All three

(d) None

With reference to the co-location facilities, consider the following statements:

1. It is a data centre facility where third parties can lease space for servers and other computer hardware.

2. They provide infrastructure like cooling for setting up servers and storage of data.

3. It was introduced by the National Stock Exchange in 2009.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) All three

(d) None

With reference to the Third-Party Application Provider (TRAP), consider the following statements:

1. It is an entity that provides the UPI compliant app(s) to the end-user customers to facilitate UPI-based payment transactions.

2. It does not work with payment service providers (PSPs) and banks to facilitate transactions.

3. They are responsible for ensuring that their applications adhere to security standards and compliance guidelines set by NPCI.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) All three

(d) None

“Vostro Account” was in the news. They are described as:

(a) It is an account that a domestic bank holds for a foreign bank in the domestic bank’s currency.

(b) It is an account in the International branch of an Indian Bank.

(c) It is an account which is used for International trading.

(d) It is an account of the Reserve Bank of India with the Scheduled Commercial Banks.

With reference to the Green Tug Transition Programme, consider the following statements:

1. It has been launched by the Ministry of Ports, Shipping and Waterways.

2. These Green Hybrid Tugs will be powered by Green Hybrid Propulsion systems.

3. India’s first National Centre of Excellence in Green Port and Shipping (NCoEGPS) was inaugurated in Ahmedabad.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) All three

(d) None

FYI:

— Union Minister for Petroleum and Natural Gas Hardeep Singh Puri this month dedicated to the nation India’s first small-scale liquefied natural gas (SSLNG) unit at GAIL (India) Ltd’s Vijaipur complex in Madhya Pradesh. Hence, statement 3 is not correct.

— The government has been pushing for the adoption and use of natural gas across sectors, and aims to increase the share of natural gas in its primary energy mix to 15% by 2030 from a little more than 6% at present.

— Natural gas is far less polluting than conventional hydrocarbons like coal and oil; it is also cheaper than oil, more than 85% of India’s requirement for which is met through costly imports.

— However, a major challenge in scaling up gas consumption lies in the transportation of gas to places that are not connected by the country’s natural gas pipeline grid — a problem that also hinders the use of LNG directly as fuel for long-haul trucks and inter-city buses.

— LNG offers a slightly longer range to vehicles than diesel with similar-sized fuel tanks, and is usually cheaper than crude oil, from which diesel is derived. Hence, statement 1 is correct and statement 2 is not correct.

Therefore, option (a) is the correct answer.

FYI:

— Multiple agencies are investigating the NSE co-location scam related to the manipulation of the market at the stock exchange, in which several former top officials including former CEOs Chitra Ramakrishna and Ravi Narain are under a cloud.

— Co-location is typically associated with a facility where a third party can lease a rack/server space along with other computer hardware.

— Co-location is a data centre facility where third parties can lease space for servers and other computer hardware. Hence, statement 1 is correct.

— They provide infrastructure like power supply, bandwidth and cooling for setting up servers and storage of data. Customers usually rent out space by rack, cabinet, cage or room. Hence, statement 2 is correct.

— The NSE introduced co-location facilities in 2009 and offered traders/brokers the ability to place their servers within NSE’s data centre for a fee. Hence, statement 3 is correct.

Therefore, option (c) is the correct answer.

FYI:

— The Reserve Bank of India (RBI) has asked the National Payment Council of India (NPCI) to examine the request of One97 Communications’ (OCL), which owns Paytm, to become a Third-Party Application Provider (TPAP) for continued Unified Payments Interface operation of the Paytm application.

— A Third-Party Application Provider is an entity that provides the UPI compliant app(s) to the end-user customers to facilitate UPI-based payment transactions. Hence, statement 1 is correct.

— These applications could include mobile wallets, merchant apps, and any other platform that accepts UPI payments.

— Customers must have TPAP permission before they may make UPI-based payments.

— TPAPs leverage the UPI infrastructure provided by NPCI and work with payment service providers (PSPs) and banks to facilitate transactions. Hence, statement 2 is not correct.

— The UPI platform is owned and operated by the National Payments Corporation of India (NPCI), the umbrella agency in charge of retail payments and settlement systems in India. They are responsible for ensuring that their applications adhere to security standards and compliance guidelines set by NPCI. Hence, statement 3 is correct.

Therefore, option (b) is the correct answer.

FYI:

— The government announced that nine special Vostro accounts have been opened with two Indian banks after permission from the RBI to facilitate trade in the rupee in the wake of sanctions on Russia by the US and European countries.

— The RBI put in place a mechanism to settle international trade in rupees “in order to promote the growth of global trade with emphasis on exports from India and to support the increasing interest of the global trading community in the rupee”.

— A Vostro account is an account that a domestic bank holds for a foreign bank in the domestic bank’s currency — which, in the case of India, is the rupee. The RBI allowed nine such accounts, including IndusInd Bank and Uco Bank.

— In the case of trade with Russia, payments in rupee for the export and import of goods will go to these Vostro accounts. The owners and beneficiaries of this money will be the exporters and importers in both countries. The banks will keep a record of money transferred.

— There are two kinds of accounts, Vostro and Nostro, that are often mentioned together. Both Vostro and Nostro are technically the same types of account, with the difference being who opens the account and where.

Example

— If an Indian bank like the SBI wants to open an account in the United States, it will get in touch with a bank in the US, which will open a Nostro account and accept payments for SBI in dollars.

— The account opened by the Indian bank in the US will be a Nostro account for the Indian bank, while for the US bank, the account will be considered a Vostro account.

Therefore, option (a) is the correct answer.

FYI:

— The Union Ministry of Ports, Shipping and Waterways (MoPSW) has launched the Green Tug Transition Programme(GTTP) which aims to make India the ‘Global Hub for Green Ship’ by 2030. Hence, statement 1 is correct.

— India’s first National Centre of Excellence in Green Port and Shipping (NCoEGPS) was inaugurated in Gurugram, Haryana. Hence, statement 3 is not correct.

— The Green Hybrid Tugs will be powered by Green Hybrid Propulsion systems, and subsequently adopt non-fossil fuel solutions like (Methanol, Ammonia and Hydrogen). Hence, statement 2 is correct.

— The PM Gati Shakti – National Master Plan for Multi-Modal Connectivity along with the Green Ports initiative has already accelerated the development of a green logistics supply chain in the country.

— The ports have also aimed to reduce Carbon emissions per ton of cargo handled by 30 per cent by 2030.

Therefore, option (b) is the correct answer.

(Other Source: pib.gov.in)

Daily subject-wise quiz — Polity and Governance (Week 50)

Daily Subject-wise quiz — History, Culture, and Social Issues (Week 50)

Daily subject-wise quiz — Environment, Geography, Science and Technology (Week 50)

Daily subject-wise quiz — Economy (Week 49)

Daily subject-wise quiz – International Relations (Week 49)

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