BIS - GS questions based on daily current affairs

1)   Bureau of Indian Standards works under aegis of -

a. Department of Heavy Industry
b. Ministry of Consumer Affairs, Food & Public Distribution
c. Ministry of Micro Small and Medium Enterprises
d. Ministry of Commerce and Industry
Answer  Explanation 

ANSWER: Ministry of Consumer Affairs, Food & Public Distribution

Explanation:
- The Bureau of Indian Standards (BIS) is the national Standards Body of India working under the aegis of Ministry of Consumer Affairs, Food & Public Distribution, Government of India. It is established by the Bureau of Indian Standards Act, 1986 which came into effect on 23 December 1986.
- The Minister in charge of the Ministry or Department having administrative control of the BIS is the ex-officio President of the BIS.
2)   Which of the following statements is/are correct about the Bank for International Settlements (BIS)?

1. Central bank governors of Belgium, France, Germany, Italy, the United Kingdom and the United States are ex-officio directors of board.
2. Raghuram Rajan, Governor of Reserve Bank of India (RBI), has been elected as Chairman of the Bank of International Settlement (BIS).

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 1

Explanation:
- Raghuram Rajan, Governor of Reserve Bank of India (RBI), has been elected vice-chairman of the Bank of International Settlement (BIS).
- The board of directors elects a chairman and a vice-chairman from among its members each for a three-year term.
- Nine governors of other member central banks may be elected to the board.
- The BIS board meets at least six times a year.
3)   Which of the following statements is/are correct about the Bank for International Settlements (BIS)?

1. Its shares are owned by central banks of member countries.
2. The headquarter is in New York.

a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Only 1

Explanation:
- The Bank for International Settlements is an international company limited by shares owned by central banks
- Its aim is to fosters international monetary and financial cooperation and serves as a bank for central banks.
- It also provides banking services, but only to central banks and other international organizations.
- It is based in Basel, Switzerland, with representative offices in Hong Kong and Mexico City.

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