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Daily-mcqs 18 Aug 2026

Current Affairs MCQs for UPSC & State PSC Exams 18 Aug 2026

Current Affairs MCQs for UPSC & State PSC Exams

Q1:

Consider the following statements regarding the Foreign Assets of Small Taxpayers – Disclosure Scheme (FAST-DS), 2026:

It is a statutory voluntary disclosure mechanism contained in Chapter IV of the Finance Act, 2026.

The scheme offers a single uniform tax rate of 30% with no additional charges or fees across all categories of declarations.

A valid declaration under this scheme provides eligible taxpayers with immunity from prosecution and penalties under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Which of the [statements] given above is/are correct?

A: 1 and 2 only

B: 1 and 3 only

C: 2 and 3 only

D: 1, 2, and 3

Show

Answer: B

Explanation:

Statement 1 is correct: FAST-DS, 2026, is legally backed by Chapter IV (Sections 130 to 144) of the Finance Act, 2026, read with the notified FAST-DS Rules, 2026.

Statement 2 is incorrect: The scheme does not have a single uniform rate. It segregates declarations into distinct tracks: undisclosed foreign assets/income up to ₹1 crore attract a 30% tax plus a 30% additional amount (total effective levy of 60%), whereas specified foreign [assets] up to ₹5 crore (derived from previously taxed income or acquired during non-resident status) attract a flat, one-time fee of ₹1 lakh rather than a 30% tax.

Statement 3 is correct: A successful and valid declaration paired with the requisite payment provides immunity from future inquiries, penalties, and prosecution under the Black Money Act, 2015, for the specified declared items.

Q2:

With reference to the operational thresholds and valuation norms under the FAST-DS 2026 scheme, consider the following statements:

The fair market value (FMV) of the declared foreign assets for calculation purposes is to be determined as of March 31, 2026.

Taxpayers can use this window to regularise undisclosed foreign assets or income up to an aggregate ceiling of ₹10 crore under the 60% effective tax route.

The scheme principally targets small taxpayers such as students, young professionals, and relocated Non-Resident Indians (NRIs) facing inadvertent reporting lapses in return schedules.

Which of the statements given above is/are correct?

A: 1 and 2 only

B: 1 and 3 only

C: 2 and 3 only

D: 1, 2, and 3

Show

Answer: B

Explanation:

Statement 1 is correct: The cut-off date mandated for computing the fair market value of the assets under disclosure is March 31, 2026.

Statement 2 is incorrect: The aggregate monetary ceiling for untaxed/undisclosed foreign income or assets under the 30% tax + 30% penalty track is strictly capped at ₹1 crore, not ₹10 crore. The secondary track for non-reporting of already-taxed or non-resident-era assets carries an upper ceiling of ₹5 crore.

Statement 3 is correct: The policy framework is explicitly styled as a remedial compliance nudge for small-scale holders—such as tech employees with foreign ESOPs/RSUs, students with legacy bank accounts, or returning NRIs—who missed reporting small items in their foreign asset schedules.

Q3:

Consider the following statements regarding the Next Generation Offshore Patrol Vessel (NGOPV) 'Shruti':

It has been built and launched by Garden Reach Shipbuilders & Engineers (GRSE), Kolkata.

The name 'Shruti' is derived from India's ancient civilisational heritage and refers to the four Vedas.

The construction of the NGOPV fleet is exclusively assigned to public sector shipyards on the eastern coast of 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: A

Explanation:

Statement 1 is correct: Yard 3037 ('Shruti') is an indigenously designed and built NGOPV that was successfully launched at Garden Reach Shipbuilders & Engineers (GRSE) in Kolkata.

Statement 2 is correct: The vessel's name draws heavily from India's ancient cultural and civilisational heritage, specifically referring to the four Vedas. Its crest features the Ursa Major constellation and a red-and-white lighthouse.

Statement 3 is incorrect: The 11-ship NGOPV project is not restricted to a single coast or shipyard. It is being undertaken concurrently at two designated shipyards: Goa Shipyard Limited (GSL) on the western coast and GRSE on the eastern/riverine (Kolkata) front.

Q4:

With reference to the operational profile of the newly launched NGOPV 'Shruti' and the broader class of Next Generation Offshore Patrol Vessels, consider the following roles:

Maritime surveillance and anti-piracy operations

Protection of offshore economic assets

Humanitarian Assistance and Disaster Relief (HADR)

Strategic nuclear deterrence patrols

How many of the above roles are designated primary/secondary missions for the NGOPV class?

A: Only one

B: Only two

C: Only three

D: All four

Show

Answer: C

Explanation:

Statements 1, 2, and 3 are correct: NGOPVs are engineered for a versatile spectrum of multi-domain operations. Their key mission assignments include extensive maritime surveillance, search and rescue (SAR), anti-piracy missions, safeguarding vital offshore assets, and delivering Humanitarian Assistance and Disaster Relief (HADR).

Statement 4 is incorrect: Strategic nuclear deterrence patrols are handled exclusively by specialized nuclear-powered ballistic missile submarines (SSBNs like the Arihant class), not by Offshore Patrol Vessels, which are surface combatants meant for EEZ surveillance, constabulary duties, and coastal/offshore security.

Q5:

Consider the following statements regarding the recent shoreline change assessment of Odisha:

More than half of Odisha's total coastline is currently experiencing accretion (growth/gain of land) rather than uniform erosion.

The National Centre for Coastal Research (NCCR) operates as an attached or associated office under the Ministry of Ports, Shipping and Waterways.

Coastal erosion along the eastern coast of India is exclusively driven by natural phenomena like storm surges, with no localized human interference.

Which of the statements given above is/are correct?

A: 1 only

B: 1 and 3 only

C: 2 and 3 only

D: 1, 2, and 3

Show

Answer: A

Explanation:

Statement 1 is correct: According to the NCCR assessment (1990–2022) tabled in the Rajya Sabha, approximately 28.3% of Odisha’s coastline is under erosion, 17.6% is stable, and 54.1% is actually experiencing accretion (growth). The state faces a complex redistribution of sand rather than a uniformly retreating sea edge.

Statement 2 is incorrect: The National Centre for Coastal Research (NCCR) is an attached institution of the Ministry of Earth Sciences (MoES), not the Ministry of Ports, Shipping and Waterways, though findings are shared across ministries.

Statement 3 is incorrect: Coastal erosion is driven by both natural factors (sea-level rise, cyclone frequency, wave action) and anthropogenic (human-made) activities such as port/harbor construction, breakwaters interrupting sediment drift, and unscientific sand mining.