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Daily-mcqs 08 Aug 2026

Current Affairs MCQs for UPSC & State PSC Exams 08 Aug 2026

Current Affairs MCQs for UPSC & State PSC Exams

Q1:

Consider the following statements regarding the provisions of The Taxation and Other Laws (Amendment) Bill, 2026:

Foreign Institutional Investors (FIIs) are completely exempted from income tax on interest and capital gains arising from all equity market investments.

Tax exemption is provided to foreign companies storing electronic components in customs-bonded warehouses for supply to Indian contract manufacturers until March 31, 2041.

The Bill completely removes conditions related to minimum investors, corpus size, and investment limits for offshore investment funds managed from India.

Which of the statements given above are correct?

A: 1 and 2 only

B: 2 only

C: 2 and 3 only

D: 1, 2, and 3

Show

Answer: C

Explanation:

Statement 1 is incorrect: The tax exemption for Foreign Institutional Investors (FIIs) and the Bank for International Settlements (BIS) is specifically limited to interest and capital gains arising from investments in Government Securities (G-Secs), not all equity market investments. This initiative is tailored to deepen India's sovereign debt market.

Statement 2 is correct: To boost domestic electronics manufacturing and integrate India into global supply chains, the Bill provides tax exemptions to foreign companies storing components in customs-bonded warehouses for supply to local contract manufacturers of phones, laptops, and servers. This incentive remains valid until March 31, 2041.

Statement 3 is correct: To promote India as a global fund management hub, the Bill relaxes investment fund norms by removing restrictions on minimum investors, corpus size, and investment limits for offshore funds managed directly from India.

Q2:

With reference to the Zero Merchant Discount Rate (Zero-MDR) framework under The Taxation and Other Laws (Amendment) Bill, 2026, consider the following statements:

The Bill directly abolishes the Zero-MDR framework for all UPI transactions to aid payment service providers.

It delinks the Payment and Settlement Systems Act, 2007 from the Income-tax Act to enable the Government to modify the policy in the future.

Which of the statements given above is/are correct?

A: 1 only

B: 2 only

C: Both 1 and 2

D: None

Show

Answer: B

Explanation:

Statement 1 is incorrect: The Bill does not directly abolish or dismantle the Zero-MDR framework. Instead, it provides the legal enabling architecture for future policy recalibration. Any direct change must carefully balance the sustainability of digital infrastructure with consumer affordability.

Statement 2 is correct: The mechanism chosen by the Bill is to delink the Payment and Settlement Systems Act, 2007 from the Income-tax Act. This structural decoupling gives administrative flexibility to the Central Government to modify, amend, or adjust the Zero-MDR policy for UPI and RuPay transactions whenever required.

Q3:

Consider the following statements regarding the revamped GOBARdhan (National Circular Bioenergy Scheme):

It is administered by the Ministry of New and Renewable Energy (MNRE).

It introduces a mandatory Compressed Biogas Obligation (CBGO) for City Gas Distribution entities starting at 3% for FY 2026-27.

Greenfield projects under the scheme receive capital assistance of up to ₹2 crore per Ton Per Day (TPD) of installed capacity.

Which of the statements given above are correct?

A: 1 and 2 only

B: 1 and 3 only

C: 2 and 3 only

D: 1, 2, and 3

Show

Answer: C

Explanation:

Statement 1 is incorrect: The scheme is administered by the Ministry of Petroleum and Natural Gas (MoPNG), not the Ministry of New and Renewable Energy.

Statement 2 is correct: City Gas Distribution (CGD) entities must procure CBG to meet a mandatory CBG Obligation (CBGO) of 3% in 2026-27, scaling up to 5% from 2028-29 onwards.

Statement 3 is correct: Greenfield plants receive capital support of up to ₹2 crore per TPD of installed capacity to ease initial investment barriers.

Q4:

With reference to the Agni-IV missile, consider the following statements:

It is a two-stage, solid-fuel-powered surface-to-surface ballistic missile.

It has a strike range capability between 3,500 km and 4,000 km.

It is exclusively dependent on liquid propellants for its terminal stage propulsion.

Which of the statements given above is/are correct?

A: 1 and 2 only

B: 2 only

C: 2 and 3 only

D: 1, 2, and 3

Show

Answer: A

Explanation:

Statement 1 is correct: Agni-IV is an indigenously developed, two-stage, solid-fuel-powered nuclear-capable ballistic missile.

Statement 2 is correct: The strike range of the Agni-IV missile falls precisely in the 3,500–4,000 km bracket, designating it as an advanced intermediate-range ballistic system.

Statement 3 is incorrect: Agni-IV utilizes solid propellant across its stages and does not rely on liquid propellant.

Q5:

Consider the following characteristics regarding the Agni-IV Intermediate-Range Ballistic Missile (IRBM):

It is designed and developed by the Defence Research and Development Organisation (DRDO).

It features a Ring Laser Gyroscope-based Inertial Navigation System (RINS) for high target accuracy.

It is incapable of being deployed via road-mobile or canister-compatible launch platforms.

Which of the statements given above is/are correct?

A: 1 and 2 only

B: 2 only

C: 2 and 3 only

D: 1, 2, and 3

Show

Answer: A

Explanation:

Statement 1 is correct: The missile is completely indigenously developed by the Defence Research and Development Organisation under the Integrated Guided Missile Development Programme (IGMDP).

Statement 2 is correct: It is equipped with advanced navigation architectures, including a Ring Laser Gyroscope-based Inertial Navigation System (RINS) integrated with a Micro Navigation System (MINS) for pin-point accuracy.

Statement 3 is incorrect: Agni-IV is specifically built to be road-mobile and canister-compatible, allowing rapid deployment and higher survivability.