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Daily-mcqs 03 Oct 2025

Current Affairs MCQs for UPSC & State PSC Exams 03 Oct 2025

Current Affairs MCQs for UPSC & State PSC Exams

Q1:

Which of the following statements about the Payments Regulatory Board (PRB) constituted by the RBI are correct?

1.   It replaced the earlier Board for Regulation and Supervision of Payment and Settlement Systems (BPSS).

2.   It has six members, including ex officio and government‑nominated members.

3.   It includes nominees from State Governments.

4.   It meets at least twice a year.

Select the correct option:

A: 1 and 2 only

B: 1,3 and 4 only

C: 1, 2 and 4 only

D: 1, 2, 3 and 4

Show

Answer: C

Explanation:

Statement 1 is correct: The PRB replaces the BPSS.

Statement 2 is correct: It has six members — including ex officio RBI members (Governor, Deputy Governor, one RBI official), and three government nominees.

Statement 3 is incorrect: There is no provision for State Government nominees. The nominees are from the Central Government only.

Statement 4 is correct: The PRB is required to meet ordinarily at least twice a year.

Q2:

Consider the following with respect to the voting mechanism in the Payments Regulatory Board (PRB):

1.   Every member of PRB has one vote.

2.   Decisions are made by majority vote among members present.

3.   In case of a tie in votes, the Chairperson has a casting vote.

Which of the above statements are correct?

A: 1 and 2 only

B: 2 only

C: 1 and 3 only

D: 1, 2, and 3

Show

Answer: D

Explanation:

Statement 1 is correct: Each member has one vote.

Statement 2 is correct: Decisions are made by majority vote among those present and voting.

Statement 3 correct: In case votes are equal, the Chairperson (i.e., RBI Governor) or, in his absence, the Deputy Governor shall exercise a casting vote.

Q3:

Which of the following statements about the India‑EFTA TEPA (Trade & Economic Partnership Agreement) are correct?

1.   The TEPA enters into force on 1 October 2025.

2.   Under TEPA, EFTA has committed to investing USD 100 billion in India over 15 years.

3.   India will offer duty concessions on over 95% of EFTA’s tariff lines.

4.   Sensitive agricultural products, dairy, and coal are entirely excluded from duty concessions under TEPA.

Select the correct option:

A: 1 and 2 only

B: 1,3 and 4 only

C: 1, 2 and 3 only

D: 1, 2, 3 and 4

Show

Answer: C

Explanation:

· Statement 1 is correct: The agreement enters into force on 1 October 2025.

· Statement 2 is correct: EFTA has pledged USD 100 billion investment over 15 years.

· Statement 3 is correct: India offers concessions on a large share of EFTA’s tariff lines — 82.7% of India’s own tariff lines, covering 95.3% of EFTA exports.

· Statement 4 is incorrect: While many sensitive sectors (dairy, soya, coal, etc.) are excluded or have limited coverage, it is not absolute that “entirely excluded” is in all cases. Moreover, some processed agricultural products get partial concessions

Q4:

Consider the following statements about the MSP regime in India:

1.   India first adopted MSP (for wheat) in 1966‑67 to address food shortages during the Green Revolution period.

2.   The Swaminathan Commission (2006) recommended that MSP be 50% more than the cost of production.

3.   The MSP scheme is statutory and binding on private sector buyers.

4.   The “cost of production” for MSP purposes can include various cost concepts like A2, A2+FL, C2).

Which of the above are correct?

A: 1 only

B: 1 and 2 only

C: 1, 2 and 4 only

D: 1, 2, 3 and 4

Show

Answer: C

Explanation:

· Statement 1 is correct: MSP started with wheat in 1966‑67.

· Statement 2 is correct: The National Commission on Farmers (Swaminathan Commission) recommended that MSP should be at least 50% over cost of production.

· Statement 3 is incorrect: MSP is not statutory (i.e. not guaranteed by law) and it is not binding on private sector buyers. It's a policy, not legal obligation on all buyers.

· Statement 4 is correct: The cost computations for MSP include various concepts like A2, A2+FL, C2 etc., covering paid‑out costs, labour, capital, land rent etc.

Q5:

Which of the following statements about India’s re‑election to the ICAO Council in September 2025 are correct?

1.   India was re‑elected under Part II category of ICAO Council.

2.   The election took place during the 42nd ICAO Assembly Session held in Montreal.

3.   India secured the same number of votes as in the 2022 elections.

Select the correct option:

A: 1 and 2 only

B: 2 only

C: 1 and 3 only

D: 1, 2, and 3

Show

Answer: A

Explanation:

Statement 1 is correct: India was re‑elected under Part II of the Council, which includes states making large contributions to civil air navigation facilities.