Answer: (C)

Explanation:

• The RBI has clarified that in the UPI-PayNow interlinkage transactions, only person-to-person (P2P) remittances towards the purpose of “Maintenance of Relatives Abroad” and “Gift” under the Liberalised Remittance Scheme (LRS) are allowed, and the prescribed LRS limits would be applicable. Hence, statement 1 is correct and 2 is incorrect.
• Funds held in bank accounts or e-wallets can be transferred to and from India using just the UPI-id, mobile number, or Virtual Payment Address (VPA). Hence, statement 3 is correct
• Currently, cross border transaction under the linkage is not possible on popular UPI platforms like PhonePe, Google Pay, and Paytm. Hence, statement 4 is correct

Extra Information:

• Singapore has become the first country with which cross-border Person to Person (P2P) payment facilities have been launched.
• The UPI-PayNow partnership marks the world’s first to feature cloud-based infrastructure and participation by non-bank financial institutions.
• To begin with, only select banks such as the State Bank of India and ICICI Bank have been allowed by the central bank to facilitate these transfers, while the more popular payment platforms such as PhonePe and Google Pay have been excluded from the ambit of this framework.

Answer: (B)

Explanation:

• De-dollarisation refers to the process of reducing the dominance of the US dollar in global markets and replacing it with other currencies or a basket of currencies.
• This is being pursued by countries like Russia and China, who want to reduce their dependence on the US dollar and protect themselves from the geopolitical risks associated with it.
• The de-dollarisation process involves reducing the use of the US dollar for trading in commodities, buying US dollars for forex reserves, bilateral trade agreements, and assets denominated in dollars. So, option (b) is the correct answer.

Answer: (C)

Explanation:

What is Crony Capitalism?

• Crony capitalism refers to a capitalist society that is based on the close relationships between business people and the state. (Hence option 1 is correct)
• Instead of success being determined by a free market and the rule of law, the success of a business is dependent on the favoritism that is shown to it by the government in the form of tax breaks, government grants, and other incentives. (Hence option 2 is correct).

Additional Information:

• In practice, this is the dominant form of capitalism worldwide due to the powerful incentives both faced by governments to extract resources by taxing, regulating, and fostering rent-seeking activity, and those faced by capitalist businesses to increase profits by obtaining subsidies, limiting competition, and erecting barriers to entry.
• In effect, these forces represent a kind of supply and demand for government intervention in the economy, which arises from the economic system itself. Crony capitalism is widely blamed for a range of social and economic woes.

Solution. As both the statements are correct, Hence the correct option is (c).

Answer: (B)

Explanation:

• Under Article 93 of the Constitution, as soon as the House meets after the election these two presiding officers are elected one after the other.

• Thus statement 1 is correct.

• The Speaker is powerless in the matter of revising or overruling a decision of the Deputy Speaker.

• Hence statement 2 is NOT correct.

• The date of election of the Deputy Speaker is decided by the Speaker of Lok Sabha.

• Thus statement 3 is NOT correct.

Answer: (A)

Explanation:

• London Convention: It is one of the first international agreements for the protection of the marine environment from human activities. Hence Option A is correct
• CITES: It is a convention on International Trade in Endangered Species of Wild Fauna and Flora.
• Bonn Convention: It is a convention on the Conservation of Migratory Species of Wild Animals.
• Basel Convention: It is a convention on the Control of Transboundary Movements of Hazardous Wastes and their Disposal.