Remission of Duties and Taxes on Export Products (RoDTEP) scheme
• Both the statements are correct.
• Recently, the government had left out sectors such as iron and steel, chemicals and pharmaceuticals, from the Remission of Duties and Taxes on Export Products (RoDTEP) scheme. Hence statement 2 is correct.
• These sectors were omitted from the scheme, as iron and steel were ‘already booming’ and the pharma industry’s business had also increased during the pandemic.
• It was started in January 2021 as a replacement for the Merchandise Export from India Scheme (MEIS), which was not compliant with the rules of the World Trade Organization. Hence statement 1 is correct.
• The MEIS scheme provided additional benefits of 2% to 7% on the Freight On Board (FOB) value of eligible exports.
• For garment exporters, the Rebate of State and Central Levies and Taxes (RoSCTL) Scheme has been notified separately.

• All the above are correct.
• The National Savings scheme are Government of India initiatives. They encourages subscribers – mainly small to mid-income investors – to invest while saving on income tax. Following are the National Savings Schemes:
1. Post Office Saving Account
2. National Savings Recurring Deposit Account
3. National Savings Time Deposit Account
4. National Savings (Monthly Income Account) Scheme
5. Senior Citizen Savings Scheme
6. National Saving certificate (VIII issue)
7. Kisan Vikas Patra
8. Public Provident Fund Scheme
9. Sukanya Samriddhi Account
• The National Savings Institute is entrusted with the task of mobilization of savings in National Savings Schemes of Government of India, operated through Post Offices and designated Banks throughout the country.
• It works under Department of Economic Affairs, Ministry of Finance, Government of India.

• Recently, the World Bank in its report South Asia Economic Focus (Bi- Annual) cut its economic growth forecast for India and the whole South Asian region.
• South Asia Economic Focus describes recent economic developments, analyses the economic impact on South Asia of the war in Ukraine, presents growth forecasts, provides risk scenarios, and concludes that reshaping economies goes hand in hand with reshaping norms.

Statement 3 is correct. Statement 1 and 2 are incorrect.
PM SVANidhi:
• PM SVANidhi stands for Prime Minister Street Vendor’s AtmaNirbhar Nidhi. It is a central sector scheme launched in June 2020.
• Objectives of PM SVANidhi
• To give vendors access to affordable working capital loans which can help them to resume their livelihood activities post-countrywide lockdown (due to the pandemic.)
• To incentivize regular repayment of loans by provisions like cash-back, higher loans on subsequent demands etc. statement 1 is incorrect.
• To promote digitalization by rewarding vendors who opt for digital repayments of loans.
• Salient Features:
o It is a central sector scheme. It will provide affordable working capital loans to street vendors who are left affected by the novel coronavirus pandemic. statement 2 is incorrect.
o Vendors will be provided with an initial working capital of up to Rs. 10000
o A vendor will get an interest subsidy at 7 per cent at early or timely repayment of loans.
o There is a provision of monthly cash-back incentive on digital payments.
o A vendor has the high probability to be eligible for a higher loan if he/she repays the first loan on time.
o A vendor does not have to provide any collateral security to access the loan.
• Small Industries Development Bank of India (SIDBI) will be the implementation partner of the Ministry of Housing and Urban Affairs for scheme administration. Statement 3 is correct.

Statement 2 and 4 are correct. Statement 1 and 3 are incorrect.
Consumer Protection (E-Commerce) Rules, 2020:
• The Consumer Protection (E-commerce) Rules, 2020 are mandatory and are not advisories. Hence statement 1 is incorrect.
• It applies to all e-commerce retailers, whether registered in India or abroad, offering goods and services to Indian consumers. Hence statement 2 is correct.
• E-commerce entities need to appoint a nodal person, resident in India to ensure compliance with the provisions of the act or rules.
• The sellers through the e-commerce entities will have to display the total price of goods and services offered for sale along with the break-up of other charges. Hence statement 4 is correct.
• No e-commerce entity shall manipulate the price of goods or services to gain unreasonable profit or discriminate between consumers of the same class or make any arbitrary classification of consumers affecting their rights.
• No e-commerce entity shall impose cancellation charges on consumers. Hence statement 3 is incorrect.
• Sellers should not refuse to take back goods, or withdraw or discontinue services if such goods and services are defective, deficient or spurious.
• E-commerce entities need to maintain a record of information for the identification of all sellers who have repeatedly offered goods or services that have previously been removed or restricted under the Copyright Act, 1957, the Trade Marks Act, 1999 or the Information Technology Act, 2000.
• The violation of the rules will attract penal action under the Consumer Protection Act, 2019.

• 1 and 3 are correct while 2 is incorrect.
• Monetary Base is also called High powered money. It consists of currency (notes and coins in circulation with the public and vault cash of commercial banks) and deposits held by the Government of India and commercial banks with RBI.
• If a member of the public produces a currency note to RBI the latter must pay her value equal to the figure printed on the note. Similarly, the deposits are also refundable by RBI on demand from deposit-holders. These items are claims which the general public, government or banks have on RBI and hence are considered to be the liability of RBI.

Statement 1 and 3 are incorrect. Statement 2 is correct.
India’s Intellectual Property Rights (IPR) regime:
• Section 3(d) of the Indian Patent Act 1970 (as amended in 2005): This section does not allow the patent to be granted to inventions involving new forms of a known substance unless it differs significantly in properties with regard to efficacy.
• This means that the Indian Patent Act does not allow the evergreening of patents. Hence Statement 1 is incorrect.
• Issue of Compulsory licensing (CL): CL is the grant of permission by the government to entities to use, manufacture, import or sell a patented invention without the patent owner’s consent. Patents Act in India deals with CL.
• CL is permitted under the WTO‘s TRIPS (IPR) Agreement provided conditions such as ‘national emergencies, other circumstances of extreme urgency and anti-competitive practices’ are fulfilled. Hence Statement 2 is correct.
• Data Exclusivity: Foreign investors and MNCs allege that Indian law does not protect against unfair commercial use of test data or other data submitted to the government during the application for market approval of pharmaceutical or agro-chemical products.
• For this, they demand a Data Exclusivity law.
• In the Patents (Amendment) Act, 2005, the product patent was extended to all fields of technology including food, drugs, chemicals and microorganisms. Hence Statement 3 is incorrect
• After the amendment, the provisions relating to Exclusive Marketing Rights (EMRs) have been repealed, and a provision for enabling grant of compulsory license has been introduced.

• Statements 1 and 4 are correct while statements 2 and 3 are incorrect.
• In the wake of accounting scams and frauds in the corporate sector, National Financial Reporting Authority (NFRA) was notified as an independent regulator for auditing profession and accounting standards.
• It consists of a Chairperson, three full time members and nine part-time members selected through a search-cum-selection committee headed by Cabinet Secretary.
• NFRA will review the quality of corporate financial reporting in certain classes and subclasses of companies and take disciplinary action against auditors/audit firms for not discharging their statutory duties with due diligence.
• Section 132 of the Companies Act, 2013 provides for the constitution of the National Financial Reporting Authority. The inherent regulatory role of ICAI as provided for in the Chartered Accountants Act, 1949 shall continue in respect of its members in general and specifically with respect to audits pertaining to private limited companies, and public unlisted companies below the threshold limit to be notified in the rules.

Statement 1 is correct. Statement 2, 3 and 4 are incorrect.
Nutrient Based Subsidy Scheme:
• Under the scheme, a fixed amount of subsidy decided on an annual basis is provided on each grade of subsidized Phosphatic and Potassic (P&K) fertilizers, except for Urea, based on the nutrient content present in them. Hence Statement 2 is incorrect.
• The scheme is administered by the Department of Fertilizers under the Ministry of Chemicals & Fertilizers. Hence Statement 3 is incorrect
• There have been no reforms in the Nutrient Based Subsidy Scheme in Union Budget 2022.
• In India, urea is the only controlled fertilizer and is sold at a statutory notified uniform sale price.
• Nutrient Based Subsidy Scheme (NBS) allows the manufacturers, marketers, and importers to fix the MRP of the Phosphatic and Potassic (P&K) fertilizers at reasonable levels. Hence Statement 4 is incorrect.
• The domestic and international cost of P&K fertilisers is considered along with the country’s inventory levels and the currency exchange rate in order to decide the MRP.
• The scheme aims at ensuring that a sufficient quantity of P&K is at the farmer’s disposal at statutory controlled prices so that agricultural growth can be sustained and balanced nutrient application to the soil can be ensured.
• It aims at ensuring the balanced use of fertilizers, improving agricultural productivity, promoting the growth of the indigenous fertilizer industry, and also reducing the burden of subsidy. Hence Statement 1 is correct.

Farm loan waivers:
• Statement 1, 2 and 3 are correct. Only statement 4 is incorrect.
• Farm loans are either crop loans or investment loans taken from banks to buy inputs or agricultural equipment.
• When there is a poor monsoon or natural calamity, farmers could not be able to repay their loans.
• So the centre or the state government take over the liability of farmers and repay the banks.
• Farm loan waivers are just a temporary solution. They might help the government buy peace with farmers in the short run, however, they are unlikely to change much on the ground.
• It is a relief only for one season with the farmers going back to distress in the next season. Hence statement 1 is correct.
• Loan waivers can also negatively impact the credit flow because it creates distortions in the credit market since repeated waivers encourage default among the farmers. It also increases the NPAs (Non-Performing Assets) of banks. Hence statement 2 is correct.
• For the government, loan waivers not only increase the fiscal deficit and interest burden but also limit its ability to undertake productive capital expenditure in the agriculture sector which affect the long-term growth in the sector. Hence statement 3 is correct.
• Loan waivers encourage farmers to reduce productive investments and spend more on consumption.
• Thus, in the expectation of waiver, those farmers who can afford to pay, will not pay. Hence statement 4 is incorrect.
• Providing loan waivers in some states encourage farmers from other states to demand loan waiver even if they don’t need them.
• Loan waivers > Govt’s borrowing increases > Crowding out private borrowers > increase in the cost of borrowing for others.