With reference to the principle of Access and Benefit Sharing (ABS), consider a case where a pharmaceutical company develops a commercial product using a biological resource and associated traditional knowledge obtained from a local community. Which one of the following best reflects the underlying principle of ABS?

Benefits may be shared among stakeholders contributing to conservation and associated traditional knowledge.

Benefits may be linked primarily to ownership of the biological resource rather than utilisation.

Benefits may be considered primarily after the commercial product has been developed.

'X' was explaining the cost structure associated with UPI transactions. 'X' stated that since consumers are not charged MDR on UPI transactions, processing UPI payments does not involve a cost for the payment ecosystem. 'Y' argued that the absence of MDR does not imply the absence of costs, as different participants in the payment ecosystem may incur costs that are supported through other mechanisms. 'X' was not convinced. Based on the above, select the correct conclusion from the options given below:

'X' is correct because a transaction without MDR does not involve any processing cost.

'Y' is correct because absence of MDR does not imply absence of costs in the payment ecosystem.

The views of both 'X' and 'Y' are correct because MDR represents the entire cost of UPI transactions.

The view of only 'X' is correct because UPI transactions are processed without intermediary costs.

With reference to the National Song and National Anthem of India, consider the following statements: 1. Vande Mataram was composed by Bankim Chandra Chattopadhyay. 2. Vande Mataram was originally written in Bengali and Sanskrit. 3. The National Anthem of India was adopted only after India gained independence 4. Respect for the National Flag and the National Anthem is included among the Fundamental Duties. Which one of the following conclusions based on the above statements is correct?

There are four correct statements.

There is only one correct statement, that is statement 2.

There are two correct statements, that include statement 1.

Quest Daily CA Quiz 11-08-2026

2026-08-11

Test your knowledge with daily current affairs

Question 1: With reference to the principle of Access and Benefit Sharing (ABS), consider a case where a pharmaceutical company develops a commercial product using a biological resource and associated traditional knowledge obtained from a local community. Which one of the following best reflects the underlying principle of ABS?
- Benefits may be shared among stakeholders contributing to conservation and associated traditional knowledge.
- Benefits may be shared among stakeholders contributing to conservation and associated traditional knowledge.
- Benefits may be linked primarily to ownership of the biological resource rather than utilisation.
- Benefits may be considered primarily after the commercial product has been developed.
Question 2: With reference to India's non-fossil fuel-based installed power capacity as on 31 July 2026, consider the following sources: 1. Solar Power 2. Wind Power 3. Hydro Power 4. Bio-power 5. Nuclear Power Which one of the following correctly represents their descending order of installed capacity?
- 1- 3-2-4-5
- 1-2-3-4-5
- 1-4-5-3-2
- 1-5-3-2-4
Question 3: With reference to the Forest Rights Act (FRA), 2006, consider the following statements: 1. It seeks to recognise and vest certain forest rights in forest-dwelling Scheduled Tribes and other traditional forest dwellers. 2. The recognition and verification of forest rights begins at the Gram Sabha level. 3. A person claiming rights as an Other Traditional Forest Dweller must prove occupation of forest land for three generations. How many of the above given statements is/are correct?
- 1
- 2
- 3
- None
Question 4: Consider the following assertion: India's crude oil import volume may decline while its crude oil import expenditure increases compared with the same period of the previous year. Which of the following could provide a basis for the above assertion? 1. A rise in the average international price of crude oil 2. A depreciation of the domestic currency against the U.S. dollar 3. An increase in India's domestic crude oil production Select the correct answer using the code given below:
- 1 only
- 2 only
- 1 and 2 only
- 3 only
Question 5: Consider the following statements about the tribunal System of India: 1. The tribunal system in India is a concept of post-independent origin. 2. The Income Tax Appellate Tribunal was established as the first Tribunal in India. Which of the above given statements is/are correct?
- 1 only
- 2 only
- Both 1 and 2
- Neither 1 nor 2
Question 6: Consider the following statements about the Green Energy Corridor (GEC): I. The Green Energy Corridor facilitates the integration and transmission of electricity generated from renewable-energy-rich regions to other parts of the electricity grid. II. Strengthening transmission infrastructure can help address the spatial mismatch between renewable-energy generation and electricity demand. Which of the following support/supports the above statements? 1. Renewable energy generation is often concentrated in regions with favourable solar and wind potential. 2. Transmission networks enable electricity generated at one location to be evacuated and supplied to distant demand centres. 3. The Green Energy Corridor is primarily intended to generate electricity from renewable energy sources. Select the correct answer using the code given below:
- 1 and 2 only
- 1 and 3 only
- 2 and 3 only
- 1,2 and 3 only
Question 7: Consider the following assertion: Prosecution under the PMLA after conviction for a scheduled offence does not necessarily amount to double jeopardy. Which of the following provides the strongest basis for the above assertion? 1. The PMLA applies only when the predicate offence results in conviction. 2. The PMLA creates an offence concerning the laundering of proceeds of crime. 3. The predicate offence and the offence of money laundering have distinct legal elements. Select the correct answer using the code given below:
- 1 only
- 1 and 2 only
- 2 and 3 only
- 1,2 and 3
Question 8: 'X' was explaining the cost structure associated with UPI transactions. 'X' stated that since consumers are not charged MDR on UPI transactions, processing UPI payments does not involve a cost for the payment ecosystem. 'Y' argued that the absence of MDR does not imply the absence of costs, as different participants in the payment ecosystem may incur costs that are supported through other mechanisms. 'X' was not convinced. Based on the above, select the correct conclusion from the options given below:
- 'X' is correct because a transaction without MDR does not involve any processing cost.
- 'Y' is correct because absence of MDR does not imply absence of costs in the payment ecosystem.
- The views of both 'X' and 'Y' are correct because MDR represents the entire cost of UPI transactions.
- The view of only 'X' is correct because UPI transactions are processed without intermediary costs.
Question 9: With reference to the National Song and National Anthem of India, consider the following statements: 1. Vande Mataram was composed by Bankim Chandra Chattopadhyay. 2. Vande Mataram was originally written in Bengali and Sanskrit. 3. The National Anthem of India was adopted only after India gained independence 4. Respect for the National Flag and the National Anthem is included among the Fundamental Duties. Which one of the following conclusions based on the above statements is correct?
- There are four correct statements.
- There is only one correct statement, that is statement 2.
- There are two correct statements, that include statement 1.
- There is no correct statement.
Question 10: Consider the following situations in India: 1. A 12-year-old is employed in a restaurant after school hours. 2. A 13-year-old helps in a family-run breakfast shop in road side after school hours. 3. A 16-year-old is employed in an Aluminium utensil factory. With reference to the Child and Adolescent Labour (Prohibition and Regulation) Act, 1986, as amended in 2016, how many of the above situations would be considered child labour/prohibited employment?
- 1
- 2
- 3
- None

Quest Daily CA Quiz 11-08-2026

Question 5: Consider the following statements about the tribunal System of India: 1. The tribunal system in India is a concept of post-independent origin. 2. The Income Tax Appellate Tribunal was established as the first Tribunal in India. Which of the above given statements is/are correct?