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[Current Affairs] Flash Cards Set #1: IT’s Current FCs 2018

Kiribati, Tonga, Vanuatu, Nauru, Tuvalu and Cook Islands; Ponseti method; Advance Pricing Agreements (APAs); FASTag; Energy Efficiency Services Limited (EESL); etc.
By IT's Research Team
November 04, 2017

 

 

What is FASTag? and what are the benefits of using FASTag?

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Answer: 

FASTag is an electronic toll collection system in India, operated by the Ministry of Road Transport and Highways.IASToppers- 14th June 2016-FasTag_card

  • FASTag is a simple to use, reloadable tag which enables automatic deduction of toll charges and lets you pass through the toll plaza without stopping for the cash transaction.
  • The tag employs Radio-frequency Identification (RFID) technology and is affixed on the vehicle’s windscreen after the tag account is active.
  • FASTag is a perfect solution for a hassle free trip on national highways.
  • FASTag offers near non-stop movement of vehicles through toll plazas and convenience of cashless payments of toll fee with nationwide inter operable Electronic Toll Collection Services. 
  • FASTag is operational on more than 325 toll plazas on National Highways across the country.

Benefits of FASTag:

  • Use of FASTag shall increase user convenience from payments without stops at toll plazas thus saving on time, money and fuel. 
  • The online payments shall improve transparency of toll transactions and reduce revenue leakages, thus, improving overall efficiency and commercial competitiveness.

 

 

What is the meaning of Advance Pricing Agreements (APAs)? In India, which authority usually signs these agreements?

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Answer:

  • An Advance Pricing Agreement (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.
  • In India, the Central Board of Direct Taxes (CBDT) usually signs these agreements.

advance-pricing

About the APA scheme:

The APA scheme was introduced in the Income-tax Act in 2012 and the “Rollback” provisions were introduced in 2014.

  • The scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.
  • Since its inception, the APA scheme has attracted tremendous interest and that has resulted in more than 700 applications (both unilateral and bilateral) having been filed in just four years.

Significance of the APA scheme:

  • The progress of the APA Scheme strengthens the Government’s mission of fostering a non-adversarial tax regime.

 

 

Energy Efficiency Services Limited (EESL) is a joint venture of which four National Public Sector Undertakings?

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Answer:

Energy Efficiency Services Limited (EESL) is a joint venture of four National Public Sector Undertakings –

  1. NTPC Limited
  2. Power Finance Corporation Limited
  3. Rural Electrification Corporation Limited and
  4. POWERGRID Corporation of India Limited

Know more about EESL:

EESL Logo ias

  • EESL, set up under Ministry of Power, is a Super Energy Service Company (ESCO).
  • It acts as the resource center for capacity building for State Distribution Companies (DISCOMs), Energy Regulatory Commissions (ERCs), State Development Authorities (SDAs), upcoming ESCOs, financial institutions, etc.
  • Founded in 2010 by the Government of India, EESL today is implementing the largest energy efficiency portfolio in the world.
  • EESL leads the market-related activities of the National Mission for Enhanced Energy Efficiency (NMEEE), one of the 8 national missions under the Prime Minister’s National Action Plan on Climate Change (NAPCC).
  • It has been offering large procurement contracts in the energy sector enabling businesses to leverage scale and achieve economy to bring down prices.

 

 

The Ponseti method is a manipulative technique that corrects which birth defect?

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Answer:

  • The Ponseti method is a manipulative technique that corrects congenital clubfoot without invasive surgery.
  • It is initially used which involves moving foot into an improved position followed by casting, which is repeated at weekly intervals.

What is clubfoot?Clubfoot iastoppers

  • Clubfoot describes a range of foot abnormalities usually present at birth (congenital) in which baby’s foot is twisted out of shape or position.
  • In clubfoot, the tissues connecting the muscles to the bone (tendons) are shorter than usual.
  • Clubfoot is a fairly common birth defect and is usually an isolated problem for an otherwise healthy newborn.

Clubfoot cases in India:

  • This is a small number if one considers the 50,000 children who are born annually in India with clubfoot.

 

 

Kiribati, Tonga, Vanuatu, Nauru, Tuvalu and Cook Islands are some of the island nations located in which one of the following oceans?

a. Pacific Ocean

b. Atlantic Ocean

c. Indian Ocean

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Answer:

All mentioned island nations are in the Pacific Ocean.

Let’s see location of each island:

Kiribati, Tonga, Vanuatu, Nauru and TuvaluPacific-islands-iastoppers

Cook IslandsCook-Islands-iastoppers

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  • Chandrakanth Ac

    Image in Flash card is not visible..its completely BLANK

    • Hi Chandrakanth It may possible because of incomplete page loading. Try to refresh page by clearing cache of your browser.

      • Chandrakanth Ac

        Ok…thanks….Is prequiz 2018 free initiative

        • Yes dear, PreQuiz 2018 is totally free initiative.

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