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22nd May 2023 Current Affairs Quiz – Check out the Current Affairs Quiz, where we test your knowledge of the latest happenings from around the world on this eventful day of 22nd May 2023. Stay updated with the Daily Current Affairs as we bring you a curated set of questions that cover a wide range of topics, including politics, sports, technology, and much more. Challenge yourself and see how well you are acquainted with the events that shaped the world on this significant day. Let’s get started with the Current Affairs Quiz 22nd May 2023
22nd May 2023 Current Affairs | Today GK Quiz
1. What is the objective of reducing the solvency requirement for surety bonds according to IRDAI’s circular?
A) To encourage more players to enter the market
B) To limit the financial capacity of insurers
C) To increase the exposure limit for insurers
D) To decrease the availability of surety products
Answer: A) To encourage more players to enter the market
Explanation: By reducing the solvency requirement for surety bonds, IRDAI aims to ensure that insurers have sufficient financial capacity to cover potential losses while promoting increased participation and competition in the surety insurance sector.
2. How does the relaxation of norms for surety bonds benefit the infrastructure sector?
A) By reducing liquidity for contractors
B) By limiting the growth of infrastructure projects
C) By mitigating risks and ensuring adherence to contractual terms
D) By decreasing the availability of surety insurance in the sector
Answer: C) By mitigating risks and ensuring adherence to contractual terms
Explanation: The relaxation of norms for surety bonds provides increased liquidity for contractors and plays a vital role in supporting infrastructure projects. By mitigating risks associated with breaches or non-performance and ensuring adherence to contractual terms, surety insurance policies contribute to the smooth functioning of projects and foster a healthy business environment in the infrastructure sector.
3. What is the purpose of the National Academy of Coastal Policing in Dwaraka, Gujarat?
A) To provide comprehensive training to marine police personnel
B) To focus on inland security measures
C) To enhance border security in the region
D) To fortify coastal defense mechanisms
Answer: A) To provide comprehensive training to marine police personnel
Explanation: The National Academy of Coastal Policing in Dwaraka, Gujarat, is established with the aim of providing intensive training to marine police personnel. It caters to the training needs of coastal states, Union Territories, and Central Police Forces, and plays a crucial role in enhancing the capabilities and skills of the marine police in tackling security challenges in coastal areas.
4. What did Home Minister Amit Shah virtually inaugurate in addition to laying the foundation stone of the National Academy of Coastal Policing campus?
A) Coastal communities
B) Surveillance and vigilance centers
C) Five coastal outposts of the Border Security Force (BSF)
D) The marine police training curriculum
Answer: C) Five coastal outposts of the Border Security Force (BSF)
Explanation: In addition to laying the foundation stone for the National Academy of Coastal Policing campus, Home Minister Amit Shah virtually inaugurated five coastal outposts of the Border Security Force (BSF) located at the Jakhau coast in the Kutch district. These strategically positioned outposts aim to bolster surveillance and vigilance along the coastal borders, further enhancing border security in the region.
5. What is one of the aims of the Centre of Excellence on Sustainable Land Management (CoE-SLM)?
A) Developing renewable energy systems
B) Addressing water scarcity issues
C) Promoting gender considerations in land management practices
D) Conducting assessments on air pollution
Answer: C) Promoting gender considerations in land management practices
Explanation: One of the aims of the CoE-SLM is to promote gender considerations and ensure the meaningful involvement of women in decision-making processes related to land management. Gender equality and the active participation of women are recognized as crucial factors in sustainable land management practices.
6. What is one of the specific objectives of the Centre of Excellence on Sustainable Land Management (CoE-SLM)?
A) Assessing marine pollution levels
B) Enhancing agricultural productivity
C) Strengthening the assessment, monitoring, and reporting of land-based indicators
D) Expanding urban infrastructure development
Answer: C) Strengthening the assessment, monitoring, and reporting of land-based indicators
Explanation: One of the specific objectives of the CoE-SLM is to collaborate with relevant stakeholders to strengthen the assessment, monitoring, and reporting of land-based indicators outlined by the UNCCD. This objective focuses on improving the measurement and reporting of key indicators related to land degradation and restoration.
7. What is the main reason behind Blackstone’s acquisition of the International Gemological Institute (IGI)?
A) To expand IGI’s global footprint of laboratories and schools of gemology
B) To pioneer the certification of lab-grown diamonds
C) To acquire the 20% stake held by Roland Lorie
D) To gain operational expertise and technological capabilities
Answer: D) To gain operational expertise and technological capabilities
Explanation: The acquisition by Blackstone will enable them to bring their operational expertise and technological capabilities to IGI’s global footprint. This indicates that Blackstone’s main motive behind the acquisition is to enhance the operations and technology of IGI.
8. What is the estimated value of the global lab grown diamonds retail market?
A) $7 million
B) $7 billion
C) $80 million
D) $80 billion
Answer: B) $7 billion
Explanation: The industry estimates suggest that the global lab grown diamonds retail market is currently valued at $7 billion. This figure represents the estimated value of the market for lab grown diamonds.
9. What is the purpose of the Liberalized Remittance Scheme (LRS) introduced by the Reserve Bank of India (RBI)?
A) To regulate credit card transactions for residents of India
B) To monitor foreign exchange reserves of India
C) To allow residents of India to freely remit funds abroad for specific purposes
D) To restrict investments in stocks and bonds overseas
Answer: C) To allow residents of India to freely remit funds abroad for specific purposes
Explanation: The purpose of the Liberalized Remittance Scheme (LRS) is to enable resident individuals of India to remit a certain amount of money per financial year for specific purposes. The scheme allows individuals to transfer funds abroad without seeking prior approval from the RBI as long as the transactions fall within the defined limits and permissible categories.
10. What are some eligible purposes for remittances under the Liberalized Remittance Scheme (LRS)?
A) Gambling and lottery activities
B) Margin trading in foreign markets
C) Gifting and donations to relatives or charitable organizations abroad
D) Remittances for payment of taxes and government fees
Answer: C) Gifting and donations to relatives or charitable organizations abroad
Explanation: Some eligible purposes for remittances under the Liberalized Remittance Scheme (LRS) include gifting and donations to relatives or charitable organizations abroad. This indicates that individuals can utilize the scheme to transfer funds for these specific purposes. The remittances for gambling or lottery activities and margin trading are not permitted under the LRS.
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