UP PET ENGLISH QUIZ

Attempt now to get your rank among 4 students!

Question 1:

Read the passage and answer the questions that follow: 

Fish are one of the most highly utilized andintriguingvertebrate taxa by humans; they are harvested from wild stocks as part of global fishing industries, grown under intensive aquaculture conditions, are the most common pet and are widely used for scientific research. But fish are seldom afforded the same level of compassion or welfare as warm-blooded vertebrates. Part of the problem is the large gap between people's perception of fish intelligence and the scientific reality. This is an important issue because public perception guides government policy. The perception of an animal's intelligence often drives our decision whether or not to include them in our moral circle.

From a welfare perspective, most researchers would suggest that if an animal is sentient, then it can most likely suffer and should therefore be offered some form of formal protection. There has been a debate about fish welfare for decades which centres on the question of whether they are sentient or conscious. The implications for affording the same level of protection to fish as other vertebrates are great, not least because of fishing-related industries. Here, the passage reviews the current state of knowledge of fish cognition starting with their sensory perception and moving on to cognition. The review reveals that fish perception and cognitive abilities areabundant, often matching or exceeding other vertebrates. A review of the evidence for pain perception strongly suggests that fish experience pain in a manner similar to the rest of the vertebrates. Although scientists cannot provide a definitive answer on the level of consciousness for any non- human vertebrate, the extensive evidence of fish behavioral and cognitive sophistication and pain perception suggests that best practice would be to lend fish the same level of protection as any other vertebrate.

Which of the given statement is true according to the passage.

Read the passage and answer the questions that follow: 

Fish are one of the most highly utilized andintriguingvertebrate taxa by humans; they are harvested from wild stocks as part of global fishing industries, grown under intensive aquaculture conditions, are the most common pet and are widely used for scientific research. But fish are seldom afforded the same level of compassion or welfare as warm-blooded vertebrates. Part of the problem is the large gap between people's perception of fish intelligence and the scientific reality. This is an important issue because public perception guides government policy. The perception of an animal's intelligence often drives our decision whether or not to include them in our moral circle.

From a welfare perspective, most researchers would suggest that if an animal is sentient, then it can most likely suffer and should therefore be offered some form of formal protection. There has been a debate about fish welfare for decades which centres on the question of whether they are sentient or conscious. The implications for affording the same level of protection to fish as other vertebrates are great, not least because of fishing-related industries. Here, the passage reviews the current state of knowledge of fish cognition starting with their sensory perception and moving on to cognition. The review reveals that fish perception and cognitive abilities areabundant, often matching or exceeding other vertebrates. A review of the evidence for pain perception strongly suggests that fish experience pain in a manner similar to the rest of the vertebrates. Although scientists cannot provide a definitive answer on the level of consciousness for any non- human vertebrate, the extensive evidence of fish behavioral and cognitive sophistication and pain perception suggests that best practice would be to lend fish the same level of protection as any other vertebrate.

Question 2:

Directions : Read the given passage and answer the following question. Some words are highlighted to help you answer some of the question.
with the passage of time, it is becoming clear that there will not be an outright ban on cryptocurrencies in India. Ever since the Supreme Court struck down a restrictive RBI Circular in early 2020, action on crypto-exchanges in India has increased multifold.
Recently, government officials met representatives of crypto-exchanges, Block chain and Crypto Assets Council (BACC), and they appear to have arrived at a conclusion that cryptocurrencies should not be banned, but should be regulated. (A) A crypto-currency Bill appears to be in the offing in the winter session of Parliament. Crypto-exchanges have replaced online gaming companies and real-estate companies as the big-ticket advertisers during cricket tournaments. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies about which the central bank has many concerns. Regulators and governments have been sceptical about these currencies and are apprehensiveabout the associated risks. While the RBI may not make cryptos legal tender, the government seems to be thinking that they are inevitable in the present day and age — evidenced by the fact that they are considering levying GST on cryptos. Perhaps, it will debut in Budget 2022. If the government wants to impose GST on cryptos, they would not have to worry about lack of provisions in GST laws. One of the methods being thought of is to classify crypto-exchanges as e-commerce platforms so that the ‘tax collection at source’ provisions would apply. Another thought is that those involved in cryptocurrency trading could be categorised as facilitator, brokerage and GST collected on these services.
The government could categorise services provided by overseas cryptocurrency exchanges that allow Indians to trade on their platforms as online information database access and retrieval (OIDAR) devices. Between e-commerce platform, OIDAR and intermediary services, the government would probably stick to the e-commerce option till there is further clarity on the regulatory aspects of cryptos. (B) Determined the GST rate on cryptocurrency transactions may not be easy, giving that virtual coins are not considered an asset, security, or even currency in India. There is an opinion going around that it is important for a cryptocurrency to be treated as an asset, security or currency before GST can be charged on services offered by overseas cryptocurrency exchanges. Other opinions highlighted that it has to be first determined whether GST will be applicable on all transactions or only on the margins. As on date, most Indian cryptocurrency exchanges pay 18 per cent GST on margins or the commission that they charge. If the government is thinking of a crypto Bill, they should ensure that it covers all aspects governing virtual currencies and not only their tax aspects. Indian crypto-exchanges have been voicing their discontent over the fact that they are finding it difficult to secure robust payment gateway solutions — a reason why many Indian investors have moved to overseas crypto trading exchanges.
If introduced in Budget 2021, GST would be applicable on cryptos at a time when (C) there are still some grey areas in GST laws. The definition of an intermediary and the tax on their services has been going back and forth for some time till some clarity was introduced last month. The CBIC had been issuing FAQs and Educational Material on many topics related to GST — one can expect one soon with regard to GST on cryptos. A detailed document on cryptos is needed to prevent aggressive assessment orders being passed. There is also a necessity to think of a new HSN/SAC Code for cryptos. It is obvious that the Balances in Electronic Cash and Credit Ledger cannot be stated in cryptos. Can one pay tax in cryptos? The answer is a negative for now but there can be no two thoughts on the fact that some fintech company located some where in India is working on building a product that permit payments in GST to be made from normal banking channels using cryptos as a reference point.
Choose the most appropriate antonym of the word ‘BAN, as highlighted in the given passage.
Directions : Read the given passage and answer the following question. Some words are highlighted to help you answer some of the question.
with the passage of time, it is becoming clear that there will not be an outright ban on cryptocurrencies in India. Ever since the Supreme Court struck down a restrictive RBI Circular in early 2020, action on crypto-exchanges in India has increased multifold.
Recently, government officials met representatives of crypto-exchanges, Block chain and Crypto Assets Council (BACC), and they appear to have arrived at a conclusion that cryptocurrencies should not be banned, but should be regulated. (A) A crypto-currency Bill appears to be in the offing in the winter session of Parliament. Crypto-exchanges have replaced online gaming companies and real-estate companies as the big-ticket advertisers during cricket tournaments. The RBI had announced its intent to come out with an official digital currency, in the face of proliferation of cryptocurrencies about which the central bank has many concerns. Regulators and governments have been sceptical about these currencies and are apprehensiveabout the associated risks. While the RBI may not make cryptos legal tender, the government seems to be thinking that they are inevitable in the present day and age — evidenced by the fact that they are considering levying GST on cryptos. Perhaps, it will debut in Budget 2022. If the government wants to impose GST on cryptos, they would not have to worry about lack of provisions in GST laws. One of the methods being thought of is to classify crypto-exchanges as e-commerce platforms so that the ‘tax collection at source’ provisions would apply. Another thought is that those involved in cryptocurrency trading could be categorised as facilitator, brokerage and GST collected on these services.
The government could categorise services provided by overseas cryptocurrency exchanges that allow Indians to trade on their platforms as online information database access and retrieval (OIDAR) devices. Between e-commerce platform, OIDAR and intermediary services, the government would probably stick to the e-commerce option till there is further clarity on the regulatory aspects of cryptos. (B) Determined the GST rate on cryptocurrency transactions may not be easy, giving that virtual coins are not considered an asset, security, or even currency in India. There is an opinion going around that it is important for a cryptocurrency to be treated as an asset, security or currency before GST can be charged on services offered by overseas cryptocurrency exchanges. Other opinions highlighted that it has to be first determined whether GST will be applicable on all transactions or only on the margins. As on date, most Indian cryptocurrency exchanges pay 18 per cent GST on margins or the commission that they charge. If the government is thinking of a crypto Bill, they should ensure that it covers all aspects governing virtual currencies and not only their tax aspects. Indian crypto-exchanges have been voicing their discontent over the fact that they are finding it difficult to secure robust payment gateway solutions — a reason why many Indian investors have moved to overseas crypto trading exchanges.
If introduced in Budget 2021, GST would be applicable on cryptos at a time when (C) there are still some grey areas in GST laws. The definition of an intermediary and the tax on their services has been going back and forth for some time till some clarity was introduced last month. The CBIC had been issuing FAQs and Educational Material on many topics related to GST — one can expect one soon with regard to GST on cryptos. A detailed document on cryptos is needed to prevent aggressive assessment orders being passed. There is also a necessity to think of a new HSN/SAC Code for cryptos. It is obvious that the Balances in Electronic Cash and Credit Ledger cannot be stated in cryptos. Can one pay tax in cryptos? The answer is a negative for now but there can be no two thoughts on the fact that some fintech company located some where in India is working on building a product that permit payments in GST to be made from normal banking channels using cryptos as a reference point.

Question 3:

Direction: Read the following passage and answer the following question. Some words are highlighted to help you answer some of the question.


It is reported that Prime Minister Narendra Modi has exhorted banks to support start-ups, in a bid to channelise the returns from this fast growing segment into India’s economy. While addressing the chief executives of banks, he said banks, which are flush with liquidity, should now shift focus from their balance sheets towards ‘building the country’s wealth sheet’. The proposal to finance start-ups out of deposits mobilised by commercial banks is a dangerous one. There is no doubt that start-ups are good and required for the economic growth of the country, but financing them out of banks’ deposits is an entirely different proposition. Commercial banks are quite different from investment banks. Commercial banks solicit deposits from public which are generally for shorter tenure and lend the same predominantly for working capital finance and other short term and medium term requirements. Investment banks may finance share capital of companies. In India, we have development banks for long-term finance, and commercial banks for short- and medium-term finance.

In 2020, scheduled commercial banks had deposits with the following maturities: maturing up to one year, 40.9 per cent; over one year and up to three years, 24.8 per cent; over three years and up to five years, 9.5 per cent; and over five years and up to 10 years, 24.7 per cent. Banks do not take deposits beyond 10 years. Hence, a major chunk of commercial banks’ deposits, that is 75 per cent, is repayable within a five-year period. (A)  It is fundamentally in financial intermediation that long-term financing should not be done with short-term resources.  This may lead to disastrous consequences when there is insufficient accumulation of deposits or any slackness in recovery of loans advanced. It was ______________ to close development financial institutions like Industrial Credit and Investment Corporation of India and Industrial Development Bank of India, which were operating for decades for long term finance of industries. This has led to long term financing by commercial banks, resulting in huge NPAs (non-performing assets) for banks and tremendous pressure on them to match their assets and liabilities.

Why does the writer think that start-ups shouldn’t be financed by commercial banks?

Direction: Read the following passage and answer the following question. Some words are highlighted to help you answer some of the question.
It is reported that Prime Minister Narendra Modi has exhorted banks to support start-ups, in a bid to channelise the returns from this fast growing segment into India’s economy. While addressing the chief executives of banks, he said banks, which are flush with liquidity, should now shift focus from their balance sheets towards ‘building the country’s wealth sheet’. The proposal to finance start-ups out of deposits mobilised by commercial banks is a dangerous one. There is no doubt that start-ups are good and required for the economic growth of the country, but financing them out of banks’ deposits is an entirely different proposition. Commercial banks are quite different from investment banks. Commercial banks solicit deposits from public which are generally for shorter tenure and lend the same predominantly for working capital finance and other short term and medium term requirements. Investment banks may finance share capital of companies. In India, we have development banks for long-term finance, and commercial banks for short- and medium-term finance.
In 2020, scheduled commercial banks had deposits with the following maturities: maturing up to one year, 40.9 per cent; over one year and up to three years, 24.8 per cent; over three years and up to five years, 9.5 per cent; and over five years and up to 10 years, 24.7 per cent. Banks do not take deposits beyond 10 years. Hence, a major chunk of commercial banks’ deposits, that is 75 per cent, is repayable within a five-year period. (A) It is fundamentally in financial intermediation that long-term financing should not be done with short-term resources. This may lead to disastrous consequences when there is insufficient accumulation of deposits or any slackness in recovery of loans advanced. It was ______________ to close development financial institutions like Industrial Credit and Investment Corporation of India and Industrial Development Bank of India, which were operating for decades for long term finance of industries. This has led to long term financing by commercial banks, resulting in huge NPAs (non-performing assets) for banks and tremendous pressure on them to match their assets and liabilities.

Question 4:

Direction: Read the following passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.


Like other central banks in emerging economies, RBI has been steadily adding gold to its reserves. RBI’s gold-holding has gone up by 125.6 tonnes in the last two years, making India the world’s ninth-largest holder of gold reserves. As of September, the central bank held 743.84 tonnes of gold, 11% more than the 668.25 tonnes in September 2020, according to The Indian Express. The share of gold in the total forex reserves has accordingly increased to 5.88% in end-September. The question naturally is, when gold no longer plays a direct role in the international monetary system, why are central banks like RBI holding extensive gold reserves, amounting to 17% of worldwide stocks.

As is the case with individuals, central banks hold gold as a hedge against uncertain times to protect against economic instability. When India faced a serious balance of payments crisis in 1991, for instance, the country had to pledge 67 tonnes of gold to the Union Bank of Switzerland and Bank of England to bolster its dwindling forex kitty. Today, with $642 billion of forex reserves, the external vulnerability of 30 years ago may have receded substantially, but there are always fresh risks on the horizon. Around 67% of RBI’s foreign currency assets are invested in securities, including US treasuries. So, buying more gold helps the central bank to diversify its portfolio of reserves.

During the last couple of years, however, the allure of gold was compelling for RBI due to the challenges of forex reserve management when yields on securities are low. The weakening of the dollar, thanks to the stimulus rolled by the US Federal Reserve and near zero interest rates prompted RBI to diversify its forex reserves away from dollar-denominated assets. Interest rates in advanced countries have been on a declining trend over the last four decades and reached their historic low in many of them in 2020, according to RBI’s report titled The Low Yield Environment and Forex Reserves Management. Gold has an inverse relationship with the US dollar: when the latter dips in value, gold rises, enabling central banks to shore up their reserves.

But, there are limits to accumulating gold, especially if it is fast losing value. For instance, the value of RBI’s gold holdings rose by just $960 million, to $37.4 billion, in September from $36.4 billion a year ago. The valuation declined as gold prices first soared to Rs 56,000 per 10 grams last year and later fell below the Rs 48,000-mark. Will the central bank then sell some of its gold holdings? The problem is the emotions among most people of this country over gold sales.

The 1991 move to pledge gold thus occasioned tremendous national angst. In sharp contrast, the move to buy 200 tonnes of gold from the IMF in 2009 was cheered. The RBI report has flagged options for active management of gold including making deposits and gold swaps with bullion banks, and exchange traded funds. If the central bank’s gold holding is a depreciating asset, will it consider investing part of its rising forex reserves in equity funds, especially index funds, to secure better returns in a structural low-yield environment?

Which of the following words is most similar in meaning to the word “hedge” as given in the passage?

Direction: Read the following passage carefully and answer the questions given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions.
Like other central banks in emerging economies, RBI has been steadily adding gold to its reserves. RBI’s gold-holding has gone up by 125.6 tonnes in the last two years, making India the world’s ninth-largest holder of gold reserves. As of September, the central bank held 743.84 tonnes of gold, 11% more than the 668.25 tonnes in September 2020, according to The Indian Express. The share of gold in the total forex reserves has accordingly increased to 5.88% in end-September. The question naturally is, when gold no longer plays a direct role in the international monetary system, why are central banks like RBI holding extensive gold reserves, amounting to 17% of worldwide stocks.
As is the case with individuals, central banks hold gold as a hedge against uncertain times to protect against economic instability. When India faced a serious balance of payments crisis in 1991, for instance, the country had to pledge 67 tonnes of gold to the Union Bank of Switzerland and Bank of England to bolster its dwindling forex kitty. Today, with $642 billion of forex reserves, the external vulnerability of 30 years ago may have receded substantially, but there are always fresh risks on the horizon. Around 67% of RBI’s foreign currency assets are invested in securities, including US treasuries. So, buying more gold helps the central bank to diversify its portfolio of reserves.
During the last couple of years, however, the allure of gold was compelling for RBI due to the challenges of forex reserve management when yields on securities are low. The weakening of the dollar, thanks to the stimulus rolled by the US Federal Reserve and near zero interest rates prompted RBI to diversify its forex reserves away from dollar-denominated assets. Interest rates in advanced countries have been on a declining trend over the last four decades and reached their historic low in many of them in 2020, according to RBI’s report titled The Low Yield Environment and Forex Reserves Management. Gold has an inverse relationship with the US dollar: when the latter dips in value, gold rises, enabling central banks to shore up their reserves.
But, there are limits to accumulating gold, especially if it is fast losing value. For instance, the value of RBI’s gold holdings rose by just $960 million, to $37.4 billion, in September from $36.4 billion a year ago. The valuation declined as gold prices first soared to Rs 56,000 per 10 grams last year and later fell below the Rs 48,000-mark. Will the central bank then sell some of its gold holdings? The problem is the emotions among most people of this country over gold sales.
The 1991 move to pledge gold thus occasioned tremendous national angst. In sharp contrast, the move to buy 200 tonnes of gold from the IMF in 2009 was cheered. The RBI report has flagged options for active management of gold including making deposits and gold swaps with bullion banks, and exchange traded funds. If the central bank’s gold holding is a depreciating asset, will it consider investing part of its rising forex reserves in equity funds, especially index funds, to secure better returns in a structural low-yield environment?

Question 5:

Direction : Read the passage carefully and answer the question given below it.

The disappointing conclusion of the 26th United Nations Climate Change Conference's last week in Glasgow is proof of great powers’ inability to assume their responsibilities to prevent the world from sinking into the abyss. After having used up the available atmospheric space to develop, the industrialised countries reaffirmed their refusal to honour this climate debt, even though global warming has become an existential issue. The calamitous management of the Covid-19 pandemic is another example. Rich countries have monopolised and hoarded vaccines, and then locked themselves in surreal debates about third doses or the comparative merits of various vaccines. This strategy sows death and hinders economic recovery in vaccine-deprived countries, while making them fabulous playgrounds for the proliferation of more contagious, more deadly and more resistant variants that do not care about borders. Finally, the agreement on the taxation of multinationals imposed by the Northern capitals, symbolises their selfishness and blindness. Concluded in October, it is a gigantic undertaking, the first reform of the international tax system born in the 1920s, totally obsolete in a globalised economy.

Thanks to its loopholes, multinationals cause States to lose some $312 billion in tax revenue each year, according to the “State of Tax Justice in 2021” just published by the Tax Justice Network, the Global Alliance for Tax Justice and Public Services International. (If we add the tax evasion of the ultra-rich using tax havens, we arrive at a total loss of $483 billion). This is enough, the report reminds us, to cover more than three times the cost of a complete vaccination programme against Covid-19 for the entire world population. In absolute terms, rich countries lose the most tax resources. But this loss of revenue weighs more heavily on the accounts of the less privileged: it represents 10 per cent of the annual health budget in industrialised countries, compared to 48 per cent in developing ones. And make no mistake, the people responsible for this plundering are mostly in Europe, first and foremost in the UK, which, with its network of overseas territories and “Crown Dependencies”, is responsible for 39 per cent of global losses.

In this context, the agreement signed in October is a missed opportunity. Rich countries, _______________ of their multinationals, was the best way to serve the national interest, and put themselves behind the adoption of a global minimum corporate tax of 15 per cent. The objective, in theory, is to put an end to the devastating tax competition between countries. Multinationals would no longer have an interest in declaring their profits in tax havens, since they would have to pay the difference with the global minimum tax. In reality, at 15 per cent, the rate is so low that a reform aimed at forcing multinationals to pay their fair share of taxes risks having the opposite effect, by forcing developing countries, where tax levels are higher, to lower them to match the rest of the world, causing a further drop in their revenues. It is no coincidence that Ireland, the European tax haven par excellence, has graciously complied with this new regulation.
Select the word which is an antonym of the word ‘hinders’ which is in bold in the passage?
Direction : Read the passage carefully and answer the question given below it.

The disappointing conclusion of the 26th United Nations Climate Change Conference's last week in Glasgow is proof of great powers’ inability to assume their responsibilities to prevent the world from sinking into the abyss. After having used up the available atmospheric space to develop, the industrialised countries reaffirmed their refusal to honour this climate debt, even though global warming has become an existential issue. The calamitous management of the Covid-19 pandemic is another example. Rich countries have monopolised and hoarded vaccines, and then locked themselves in surreal debates about third doses or the comparative merits of various vaccines. This strategy sows death and hinders economic recovery in vaccine-deprived countries, while making them fabulous playgrounds for the proliferation of more contagious, more deadly and more resistant variants that do not care about borders. Finally, the agreement on the taxation of multinationals imposed by the Northern capitals, symbolises their selfishness and blindness. Concluded in October, it is a gigantic undertaking, the first reform of the international tax system born in the 1920s, totally obsolete in a globalised economy.

Thanks to its loopholes, multinationals cause States to lose some $312 billion in tax revenue each year, according to the “State of Tax Justice in 2021” just published by the Tax Justice Network, the Global Alliance for Tax Justice and Public Services International. (If we add the tax evasion of the ultra-rich using tax havens, we arrive at a total loss of $483 billion). This is enough, the report reminds us, to cover more than three times the cost of a complete vaccination programme against Covid-19 for the entire world population. In absolute terms, rich countries lose the most tax resources. But this loss of revenue weighs more heavily on the accounts of the less privileged: it represents 10 per cent of the annual health budget in industrialised countries, compared to 48 per cent in developing ones. And make no mistake, the people responsible for this plundering are mostly in Europe, first and foremost in the UK, which, with its network of overseas territories and “Crown Dependencies”, is responsible for 39 per cent of global losses.

In this context, the agreement signed in October is a missed opportunity. Rich countries, _______________ of their multinationals, was the best way to serve the national interest, and put themselves behind the adoption of a global minimum corporate tax of 15 per cent. The objective, in theory, is to put an end to the devastating tax competition between countries. Multinationals would no longer have an interest in declaring their profits in tax havens, since they would have to pay the difference with the global minimum tax. In reality, at 15 per cent, the rate is so low that a reform aimed at forcing multinationals to pay their fair share of taxes risks having the opposite effect, by forcing developing countries, where tax levels are higher, to lower them to match the rest of the world, causing a further drop in their revenues. It is no coincidence that Ireland, the European tax haven par excellence, has graciously complied with this new regulation.

Question 6:

Directions: Read the passage and answer the questions that follow:

The Sunday evening arrest of Chitra Ramkrishna, the former MD and CEO of India’s largest stock exchange, by the Central Bureau of Investigation (CBI), should change the course of what has been a laid back probe into alleged misuse of exchange data by market players and jarring — even surreal — governance lapses. A Delhi court has granted CBI sleuths seven days to interrogate the former National Stock Exchange (NSE) boss, about a month after the stock market watchdog, SEBI, passed a 190­page order that has made headlines for its assertions about Ms. Ramkrishna sharing confidential internal information with an unknown person. Separately, the CBI has got extended custody of Anand Subramanian, the NSE’s former group operating officer, hired ostensibly at the behest of the unknown yogi, disregarding the kind of internal controls and governance norms one expects from an institution of such systemic importance in the financial markets. The catchy details  must not detract from the larger questions arising from the deployment of co­location services and the lacunae in India’s oversight mechanisms over its capital markets reflected in the multilayer failure to crack down on the wrongdoings at the NSE. The co­location services offered by the NSE, which give market operators willing to pay a premium a head-start on exchange trading data and refine their own algorithms for high frequency trades, are permitted by SEBI but were ostensibly misused by certain players. The NSE’s case entails an unfair advantage provided to some brokers within its co­location user community. Whatever the defenders of such services may say, the premise of giving players with deeper pockets quicker and more information than the average retail investor does not gel with an open market philosophy. That institutional mechanisms, from the NSE’s board and auditors, to  SEBI, an independent regulator accountable to Parliament, have not delivered, is a larger worry. Nearly three years have passed between SEBI’s ₹624 crore fine on the NSE for misuse of its co­location 

services, and the latest order against its former top brass. A matter where the sanctity of the entire market comes under a cloud should have been treated with a tad more urgency. The CBI special court has observed that SEBI, which began this probe in 2016, has been ‘too kind and gentle’, while the CBI, after filing an FIR in 2018, has been ‘most lackadaisical’. With a new SEBI chief in place, the Government, led by the Finance Minister who is reviewing the handling of the NSE case, must ensure some deterrent action is _________ by a review of check and balances in current governance structures.

Which is/are the synonym(s) of the word ‘lacunae’.
(a) Gap
(b) Interim
(c) Break
(d) Scourge

Directions: Read the passage and answer the questions that follow:

The Sunday evening arrest of Chitra Ramkrishna, the former MD and CEO of India’s largest stock exchange, by the Central Bureau of Investigation (CBI), should change the course of what has been a laid back probe into alleged misuse of exchange data by market players and jarring — even surreal — governance lapses. A Delhi court has granted CBI sleuths seven days to interrogate the former National Stock Exchange (NSE) boss, about a month after the stock market watchdog, SEBI, passed a 190­page order that has made headlines for its assertions about Ms. Ramkrishna sharing confidential internal information with an unknown person. Separately, the CBI has got extended custody of Anand Subramanian, the NSE’s former group operating officer, hired ostensibly at the behest of the unknown yogi, disregarding the kind of internal controls and governance norms one expects from an institution of such systemic importance in the financial markets. The catchy details  must not detract from the larger questions arising from the deployment of co­location services and the lacunae in India’s oversight mechanisms over its capital markets reflected in the multilayer failure to crack down on the wrongdoings at the NSE. The co­location services offered by the NSE, which give market operators willing to pay a premium a head-start on exchange trading data and refine their own algorithms for high frequency trades, are permitted by SEBI but were ostensibly misused by certain players. The NSE’s case entails an unfair advantage provided to some brokers within its co­location user community. Whatever the defenders of such services may say, the premise of giving players with deeper pockets quicker and more information than the average retail investor does not gel with an open market philosophy. That institutional mechanisms, from the NSE’s board and auditors, to  SEBI, an independent regulator accountable to Parliament, have not delivered, is a larger worry. Nearly three years have passed between SEBI’s ₹624 crore fine on the NSE for misuse of its co­location 

services, and the latest order against its former top brass. A matter where the sanctity of the entire market comes under a cloud should have been treated with a tad more urgency. The CBI special court has observed that SEBI, which began this probe in 2016, has been ‘too kind and gentle’, while the CBI, after filing an FIR in 2018, has been ‘most lackadaisical’. With a new SEBI chief in place, the Government, led by the Finance Minister who is reviewing the handling of the NSE case, must ensure some deterrent action is _________ by a review of check and balances in current governance structures.

Question 7:

Direction for Reading Comprehension : Read the passage carefully and pick the option whose answer best aligns with the passage.


Given the sharp decline in the Industrial Average of Devi Brothers company, with mega-cap corporations leading the way. It seems the likelihood of hitting levels indicating a double dip recession is probable, if not imminent, in the upcoming months. Our analysts recommend that investors closely observe industry rating, take caution in their attempts to capitalise on yearly lows and remain vigilant of the aforementioned sell-off predictions. While it may be tempting to ‘stab’ the market when it is down,be wary; today’s lows are often tomorrow’s highs.

What does ‘the sharp decline’ indicate?

Direction for Reading Comprehension : Read the passage carefully and pick the option whose answer best aligns with the passage.

Given the sharp decline in the Industrial Average of Devi Brothers company, with mega-cap corporations leading the way. It seems the likelihood of hitting levels indicating a double dip recession is probable, if not imminent, in the upcoming months. Our analysts recommend that investors closely observe industry rating, take caution in their attempts to capitalise on yearly lows and remain vigilant of the aforementioned sell-off predictions. While it may be tempting to ‘stab’ the market when it is down,be wary; today’s lows are often tomorrow’s highs.

Question 8:

Read the passage and answer the questions that follow: 

Fish are one of the most highly utilized and intriguing vertebrate taxa by humans; they are harvested from wild stocks as part of global fishing industries, grown under intensive aquaculture conditions, are the most common pet and are widely used for scientific research. But fish are seldom afforded the same level of compassion or welfare as warm-blooded vertebrates. Part of the problem is the large gap between people's perception of fish intelligence and the scientific reality. This is an important issue because public perception guides government policy. The perception of an animal's intelligence often drives our decision whether or not to include them in our moral circle.

From a welfare perspective, most researchers would suggest that if an animal is sentient, then it can most likely suffer and should therefore be offered some form of formal protection. There has been a debate about fish welfare for decades which centres on the question of whether they are sentient or conscious. The implications for affording the same level of protection to fish as other vertebrates are great, not least because of fishing-related industries. Here, the passage reviews the current state of knowledge of fish cognition starting with their sensory perception and moving on to cognition. The review reveals that fish perception and cognitive abilities are abundant, often matching or exceeding other vertebrates. A review of the evidence for pain perception strongly suggests that fish experience pain in a manner similar to the rest of the vertebrates. Although scientists cannot provide a definitive answer on the level of consciousness for any non- human vertebrate, the extensive evidence of fish behavioral and cognitive sophistication and pain perception suggests that best practice would be to lend fish the same level of protection as any other vertebrate.

What is the synonym of the word “intriguing” mentioned in the passage.

Read the passage and answer the questions that follow: 

Fish are one of the most highly utilized andintriguingvertebrate taxa by humans; they are harvested from wild stocks as part of global fishing industries, grown under intensive aquaculture conditions, are the most common pet and are widely used for scientific research. But fish are seldom afforded the same level of compassion or welfare as warm-blooded vertebrates. Part of the problem is the large gap between people's perception of fish intelligence and the scientific reality. This is an important issue because public perception guides government policy. The perception of an animal's intelligence often drives our decision whether or not to include them in our moral circle.

From a welfare perspective, most researchers would suggest that if an animal is sentient, then it can most likely suffer and should therefore be offered some form of formal protection. There has been a debate about fish welfare for decades which centres on the question of whether they are sentient or conscious. The implications for affording the same level of protection to fish as other vertebrates are great, not least because of fishing-related industries. Here, the passage reviews the current state of knowledge of fish cognition starting with their sensory perception and moving on to cognition. The review reveals that fish perception and cognitive abilities areabundant, often matching or exceeding other vertebrates. A review of the evidence for pain perception strongly suggests that fish experience pain in a manner similar to the rest of the vertebrates. Although scientists cannot provide a definitive answer on the level of consciousness for any non- human vertebrate, the extensive evidence of fish behavioral and cognitive sophistication and pain perception suggests that best practice would be to lend fish the same level of protection as any other vertebrate.

Question 9:

Direction: Read the passage carefully then answer the questions given below.


Full-page Bollywood celebrity endorsements in Indian newspapers are a common sight. However, you know something is off when they are not about the latest cars or washing machines, but about non-fungible tokens (NFTs), an esoteric concept that hardly anyone outside of the technology world fully comprehends.

For NFT believers, though, the promotional blitz in Indian media is just one more sign of the coming revolution. A big part of the pitch is that artists will own the rights to their works and be able to restrict the number of people who can own these. Underlying it all is blockchain technology that registers ownership of digital information in a way that is (at least theoretically) tamper-proof. The rationale is that once ‘digital goods’—say, a photo, an e-book, an audio or video clip or any digital file for that matter—are locked with software-defined usage rules, then an entirely new creative economy could stand on this foundation. After all, the main reason we have come to expect everything to be free online is that unlike physical works, it costs nothing to copy digital files. That changes with NFT technology. While NFTs have been around for years, it was a Christie’s auction earlier this year that made them headline news around the world. Mike Winkelmann, the digital artist known as Beeple, sold an NFT for $69 million, which made him one of the three most valuable artists alive. Since then, $2.5 billion worth of NFTs—mostly photos and animated gifs—have been bought and sold. Sceptics spot a bubble in the rapid increase in the value of NFTs. The fact that they are joined at the hip to another even more hyped technology, cryptocurrencies, makes matters worse. It does not take a degree in economics or history to suspect that when virtual goods are sold in exchange for virtual currency, the dangers of a speculative bubble are real. There is also a new uncertainty in the mix, because right now, private cryptocurrencies face a regulatory sword of Damocles in India. Add to it aggressive advertisements, and there hangs more than a whiff of get-rich-quick schemes.

However, it would be wrong to dismiss all of this merely as a new mania. That judgement doesn’t do justice to the motivations of a lot of serious folks building blockchain, NFT and related technologies to solve a very real crisis of the internet economy—the relentless centralization and growth in power of Big Tech at the cost of everyone else. The worst hit are media companies, as advertising revenue, which largely supported traditional creative professionals—writers, journalists, radio stars, filmmakers—continues a decade-long decline. Things are not much better for emerging independent stars on platforms like Instagram, TikTok or Spotify. While many of them have attracted gigantic audiences, platforms control everything, including their reach via blackbox algorithms and the amount of advertising money they share. In the shadow of Big Tech, everyone in the creative economy is reduced to a sideshow, trapped on a treadmill chasing eyeballs.

Which of the following is true about NFTs according to the information given in the passage?

Direction: Read the passage carefully then answer the questions given below.
Full-page Bollywood celebrity endorsements in Indian newspapers are a common sight. However, you know something is off when they are not about the latest cars or washing machines, but about non-fungible tokens (NFTs), an esoteric concept that hardly anyone outside of the technology world fully comprehends.
For NFT believers, though, the promotional blitz in Indian media is just one more sign of the coming revolution. A big part of the pitch is that artists will own the rights to their works and be able to restrict the number of people who can own these. Underlying it all is blockchain technology that registers ownership of digital information in a way that is (at least theoretically) tamper-proof. The rationale is that once ‘digital goods’—say, a photo, an e-book, an audio or video clip or any digital file for that matter—are locked with software-defined usage rules, then an entirely new creative economy could stand on this foundation. After all, the main reason we have come to expect everything to be free online is that unlike physical works, it costs nothing to copy digital files. That changes with NFT technology. While NFTs have been around for years, it was a Christie’s auction earlier this year that made them headline news around the world. Mike Winkelmann, the digital artist known as Beeple, sold an NFT for $69 million, which made him one of the three most valuable artists alive. Since then, $2.5 billion worth of NFTs—mostly photos and animated gifs—have been bought and sold. Sceptics spot a bubble in the rapid increase in the value of NFTs. The fact that they are joined at the hip to another even more hyped technology, cryptocurrencies, makes matters worse. It does not take a degree in economics or history to suspect that when virtual goods are sold in exchange for virtual currency, the dangers of a speculative bubble are real. There is also a new uncertainty in the mix, because right now, private cryptocurrencies face a regulatory sword of Damocles in India. Add to it aggressive advertisements, and there hangs more than a whiff of get-rich-quick schemes.
However, it would be wrong to dismiss all of this merely as a new mania. That judgement doesn’t do justice to the motivations of a lot of serious folks building blockchain, NFT and related technologies to solve a very real crisis of the internet economy—the relentless centralization and growth in power of Big Tech at the cost of everyone else. The worst hit are media companies, as advertising revenue, which largely supported traditional creative professionals—writers, journalists, radio stars, filmmakers—continues a decade-long decline. Things are not much better for emerging independent stars on platforms like Instagram, TikTok or Spotify. While many of them have attracted gigantic audiences, platforms control everything, including their reach via blackbox algorithms and the amount of advertising money they share. In the shadow of Big Tech, everyone in the creative economy is reduced to a sideshow, trapped on a treadmill chasing eyeballs.

Question 10:

Direction: Read the following passage carefully and answer the question accordingly.
Sigmund Freud was an Austrian neurologist and the founder of psychoanalysis, a clinical method for treating psychopathology through dialogue between a patient and a psychoanalyst. Freud was born to Galician Jewish parents in the Moravian town of Freiberg, in the Austrian Empire. He qualified as a doctor of medicine in 1881 at the University of Vienna. Upon completing his habilitation in 1885, he was appointed a docent in neuropathology and became an affiliated professor in 1902. Freud lived and worked in Vienna, having set up his clinical practice there in 1886. In 1938, Freud left Austria to escape Nazi persecution. He died in exile in the United Kingdom in 1939.
Freud postulated the existence of libido, sexualised energy with which mental processes and structures are invested and which generates erotic attachments, and a death drive, the source of compulsive repetition, hate, aggression, and neurotic guilt. In his later works, Freud developed a wide-ranging interpretation and critique of religion and culture. Though in overall decline as a diagnostic and clinical practice, psychoanalysis remains influential within psychology, psychiatry, and psychotherapy, and across the humanities.
What does the word ‘affiliated’ mean in the given passage?
Direction: Read the following passage carefully and answer the question accordingly.
Sigmund Freud was an Austrian neurologist and the founder of psychoanalysis, a clinical method for treating psychopathology through dialogue between a patient and a psychoanalyst. Freud was born to Galician Jewish parents in the Moravian town of Freiberg, in the Austrian Empire. He qualified as a doctor of medicine in 1881 at the University of Vienna. Upon completing his habilitation in 1885, he was appointed a docent in neuropathology and became an affiliated professor in 1902. Freud lived and worked in Vienna, having set up his clinical practice there in 1886. In 1938, Freud left Austria to escape Nazi persecution. He died in exile in the United Kingdom in 1939.
Freud postulated the existence of libido, sexualised energy with which mental processes and structures are invested and which generates erotic attachments, and a death drive, the source of compulsive repetition, hate, aggression, and neurotic guilt. In his later works, Freud developed a wide-ranging interpretation and critique of religion and culture. Though in overall decline as a diagnostic and clinical practice, psychoanalysis remains influential within psychology, psychiatry, and psychotherapy, and across the humanities.
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