1. Consider the following statement regarding National Financial Reporting Authority (NFRA):
- It is a non-statutory body created by an executive order of the Ministry of Finance and Corporate Affairs.
- It oversees the auditing profession and accounting standards of the corporate sector in India.
- It is headed by the Finance Minister.
Which of the above statements is/are correct:
a) 1 and 2
b) 3 only
c) 1 and 3
d) 2 only
Ans: d
Exp: Only second statement is correct.
The NFRA is a statutory body constituted on 01st October 2018, by the Government of India under the Companies Act, 2013.
It is an independent regulator to oversee the auditing profession and accounting standards in India.
It consists of a chairperson, who shall be a person of eminence and having expertise in accountancy, auditing, finance, or law to be appointed by the Central Government and such other members not exceeding fifteen consisting of part-time and full-time members.
2. Consider the following statements regarding National Multidimensional Poverty Index:
- It is released by the National Statistics Office in collaboration with UNDP and Oxford Poverty and OPHI.
- It measure poverty on four macro-indicators namely Health, Education, Income and Standard of Living.
- Bank Account, House and Electricity are important pillars of Standard of Living indicator.
Which of the above statements is/are correct:
a) 1 and 3
b) 2 only
c) 3 only
d) 2 and 3
Ans: c
Exp: Only third statement is correct.
It is released by the Niti Aayog in collaboration with UNDP and Oxford Poverty and OPHI.
It measure poverty on three macro-indicators namely Health, Education, and Standard of Living.
Indicators:- Health – nutrition, child and adolescent mortality, antenatal care; Education – years of schooling, school attendance; Standard of Living – cooking fuel, sanitation, drinking water, assets, bank account, electricity, housing.
MDPI of NITI Aayog is a part of Global Indices for Reforms and Growth (GIRG) initiative, the latest Index is based on the MPI from
UNDP and OPHI.
The major difference from Global MPI in National MPI is the inclusion of two additional indicators, i.e., antenatal care and bank account under the dimensions of health and standard of living respectively.
3. Consider the following statements regarding the Central Administrative Tribunal (CAT):
- It has jurisdiction only over central government ministries except defence personnel.
- CAT is empowered to frame its own rules of procedure and practice.
- It has been conferred with the power to exercise the same jurisdiction and authority in respect of contempt of itself as a High Court.
Which of the above statements is/are correct:
a) 1 and 2
b) 2 only
c) 1 and 3
d) 2 and 3
Ans: d
Exp: Second and third statements are correct.
In addition to the Ministries and Departments of Central Government, the Government has notified about 214 organizations under section 14 (2) of the Administrative Tribunals Act, 1985, to bring them within the jurisdiction of the CAT from time to time.
CAT is empowered to frame its own rules of procedure and practice. The Tribunal is guided by the principles of natural justice in deciding cases and is not bound by the procedure prescribed by the Civil Procedure Code.
It has been conferred with the power to exercise the same jurisdiction and authority in respect of contempt of itself as a High Court.
4. RBI cancels the license of a Bank due to which of the following reasons?
- The bank does not have adequate capital and earning prospects.
- The bank has failed to comply with the requirements of Banking Regulation Act, 1949.
- Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
Select the correct answer using the code given below:
a) 1 and 2
b) 2 and 3
c) 2 only
d) 1, 2 and 3
Ans: d
Exp: All statements are correct.
Reserve Bank of India (RBI), vide order dated August 08, 2022, cancelled the licence of “Rupee Co-operative Bank Ltd, Pune”.
The Reserve Bank cancelled the licence of the bank as:
The bank did not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
The bank failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;
The continuance of the bank was prejudicial to the interests of its depositors;
The bank with its then present financial position was unable to pay its depositors in full; and
Public interest would have been adversely affected if the bank was allowed to carry on its banking business any further.
5. The ‘doctrine of essentiality’ is often used by the courts in relation to which of the following Articles of Indian Constitution?
a) Article 25
b) Article 19
c) Article 14
d) Article 21
Ans: a
Exp: Article 25 is the correct answer.
The doctrine of essentiality was invented by a seven-judge Bench of the Supreme Court in the ‘Shirur Mutt’ case in 1954. The court held that the term ‘religion’ will cover all rituals and practices “essential” to a religion, and took upon itself the responsibility of determining the essential and non-essential practices of a religion.
6. Three police officers A, B and C have chances of cracking case 2/3 , 3/4 and 1/2 respectively. What is the probability that the case is solved when all three officers are working simultaneously?
a) 1/24
b) 3/24
c) 15/24
d) 23/24
Ans: d
Exp: The case will be cracked if any of the one police officer crack the case.
And Case will not be cracked if none of them able to crack the case.
Probability of none of the them able to crack the case = (1-⅔) x (1 -¾) x ( 1- ½) = 1/24
So Probability of case will be solved = 1 - 1/24 = 23/24.
7. Select the letter-cluster that can replace the question mark (?) in the following series. CMM, EOO, GQQ, ? , KUU
a) GRR
b) GSS
c) ISS
d) ITT
Ans: c
Exp: The first letters are in alphabetical order with a letter skipped in between each segment: C, E, G, I, K. The second and third letters are repeated;
they are also in order with a skipped letter: M, O, Q, S, U
Cover the entire CSAT syllabus in 70 hours.
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