1. Statement: Large number of people have become critically ill after consuming spurious liquor from a local shop. Courses of Action: I. The Government should immediately close down all the shops selling liquor till the stocks are tested for presence of toxicity. II. The owner of the liquor shop should be asked to leave the town and open a shop elsewhere. III. The owner of the liquor shop should immediately be arrested and tried for criminal negligence.






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MCQ->Statement: Large number of people have become critically ill after consuming spurious liquor from a local shop. Courses of Action: I. The Government should immediately close down all the shops selling liquor till the stocks are tested for presence of toxicity. II. The owner of the liquor shop should be asked to leave the town and open a shop elsewhere. III. The owner of the liquor shop should immediately be arrested and tried for criminal negligence.

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MCQ-> Read the following passage carefully and answer the questions given. Certain words have been given in bold to help you locate them while answering some of the questions.We are told that economy is growing and that such growth benefits all of us. However, what you see is not what you always get. Most people are experiencing declining economic security in response to the problems of the global system, many communities have turned to Local Exchange Systems (LESs) to help regain some control over their economic situations.Local exchange systems come in many forms. They often involve the creation of a local currency, or a system of bartering labour, or trading of agricultural products as a means of supporting the region in which they are traded. Such a system helps preserve the viability of local economies.Local currencies allow communities to diversify their economies, reinvest resources back into their region and reduce dependence on the highly concentrated and unstable global economy. Each local currency system serves as an exchange bank for skills and resources that Individuals in the community are willing to trade. Whether in the form of paper money, service credits, or other units, a local currency facilitates the exchange of services and resources among the members of a community.By providing incentives for local trade, communities help their small businesses and reduce underemployment by providing the jobs within the community. In addition, the local exchange of food and seeds promotes environmental conservation and community food security. Local food production reduces wasteful transportation and promotes self-reliance and genetic diversity. Each transaction within a local exchange system strengthens the community fabric as neighbours interact and meet one another.There are over 1,000 local change programs worldwide more than 30 local paper currencies in North America and at least 800 Local Exchange Trading Systems (LETS) throughout Europe. New Zealand and Australia Local Exchange Systems vary and evolve in accordance with the needs and circumstances of the local area. This diversity is critical to the success of the local currencies. For instance, a bank in rural Massachusetts refused to lend a fanner the money needed to make it through the winter. In response, the farmer decided to print his own money Berkshire Farm Preserve Notes. In winter, customers buy the notes for $9 and they may redeem them in the summer for $10 worth of vegetables. The system enabled the community to help a farm family after being abandoned by the centralised monetary system. As small family farms continue to disappear at an alarming rate, local currencies provide tools for communities to bind together, support their local food growers and maintain their local food suppliers.Local Exchange Systems are not limited to developed countries.Rural areas of Asia, Latin America and Africa have offered some of the most effective and important programs, by adopting agriculture-based systems of exchange rather than monetary ones. In order to preserve genetic diversity, economic security and avoid dependence on industrial seed and chemical companies, many villages have developed seed saving exchange banks. For example, the village women in Ladakh have begun to collect and exchange rare seeds selected for their ability to grow in a harsh mountain climate. This exchange system protects agriculture diversity while promoting self-reliance. There is no one blueprint for a local exchange system, which is exactly why they are successful vehicles for localisation and sustainability. They promote local economic diversity and regional self-reliance while responding to a region’s specific needs. Local exchange systems play a pivotal role in creating models for sustainable societies. They are an effective educational tool, raising awareness about the global financial system and local economic matters. Local exchange systems also demonstrate that tangible, creative solutions exist and that communities can empower themselves to address global problems.Which of the following is same in meaning as the word ‘LIMITED TO’ as used in the passage?
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MCQ-> I think that it would be wrong to ask whether 50 years of India's Independence are an achievement or a failure. It would be better to see things as evolving. It's not an either-or question. My idea of the history of India is slightly contrary to the Indian idea.India is a country that, in the north, outside Rajasthan, was ravaged and intellectually destroyed to a large extent by the invasions that began in about AD 1000 by forces and religions that India had no means of understanding.The invasions are in all the schoolbooks. But I don't think that people understand that every invasion, every war, every campaign, was accompanied by slaughter, a slaughter always of the most talented people in the country. So these wars, apart from everything else led to a tremendous intellectual depletion of the country.I think that in the British period, and in the 50 years after the British period, there has been a kind of regrouping or recovery, a very slow revival of energy and intellect. This isn't an idea that goes with the vision of the grandeur of old India and all that sort of rubbish. That idea is a great simplification and it occurs because it is intellectually, philosophically easier for Indians to manage.What they cannot manage, and what they have not yet come to terms with, is that ravaging of all the north of India by various conquerors. That was ruined not by the act of nature, but by the hand of man. It is so painful that few Indians have begun to deal with it. It is much easier to deal with British imperialism. That is a familiar topic, in India and Britain. What is much less familiar is the ravaging of India before the British.What happened from AD 1000 onwards, really, is such a wound that it is almost impossible to face. Certain wounds are so bad that they can't be written about. You deal with that kind of pain by hiding from it. You retreat from reality. I do not think, for example, that the Incas of Peru or the native people of Mexico have ever got over their defeat by the Spaniards. In both places the head was cut off. I think the pre-British ravaging of India was as bad as that.In the place of knowledge of history, you have various fantasies about the village republic and the Old Glory. There is one big fantasy that Indians have always found solace in: about India having the capacity for absorbing its conquerors. This is not so. India was laid low by its conquerors.I feel the past 150 years have been years of every kind of growth. I see the British period and what has continued after that as one period. In that time, there has been a very slow intellectual recruitment. I think every Indian should make the pilgrimage to the site of the capital of the Vijayanagar empire, just to see what the invasion of India led to. They will see a totally destroyed town. Religious wars are like that. People who see that might understand what the centuries of slaughter and plunder meant. War isn't a game. When you lost that kind of war, your town was destroyed, the people who built the towns were destroyed. You are left with a headless population.That's where modern India starts from. The Vijayanagar capital was destroyed in 1565. It is only now that the surrounding region has begun to revive. A great chance has been given to India to start up again, and I feel it has started up again. The questions about whether 50 years of India since Independence have been a failure or an achievement are not the questions to ask. In fact, I think India is developing quite marvelously, people thought — even Mr Nehru thought — that development and new institutions in a place like Bihar, for instance, would immediately lead to beauty. But it doesn't happen like that. When a country as ravaged as India, with all its layers of cruelty, begins to extend justice to people lower down, it's a very messy business. It's not beautiful, it's extremely messy. And that's what you have now, all these small politicians with small reputations and small parties. But this is part of growth, this is part of development. You must remember that these people, and the people they represent, have never had rights before.When the oppressed have the power to assert themselves, they will behave badly. It will need a couple of generations of security, and knowledge of institutions, and the knowledge that you can trust institutions — it will take at least a couple of generations before people in that situation begin to behave well. People in India have known only tyranny. The very idea of liberty is a new idea. The rulers were tyrants. The tyrants were foreigners. And they were proud of being foreign. There's a story that anybody could run and pull a bell and the emperor would appear at his window and give justice. This is a child's idea of history — the slave's idea of the ruler's mercy. When the people at the bottom discover that they hold justice in their own hands, the earth moves a little. You have to expect these earth movements in India. It will be like this for a hundred years. But it is the only way. It's painful and messy and primitive and petty, but it’s better that it should begin. It has to begin. If we were to rule people according to what we think fit, that takes us back to the past when people had no voices. With self-awareness all else follows. People begin to make new demands on their leaders, their fellows, on themselves.They ask for more in everything. They have a higher idea of human possibilities. They are not content with what they did before or what their fathers did before. They want to move. That is marvellous. That is as it should be. I think that within every kind of disorder now in India there is a larger positive movement. But the future will be fairly chaotic. Politics will have to be at the level of the people now. People like Nehru were colonial — style politicians. They were to a large extent created and protected by the colonial order. They did not begin with the people. Politicians now have to begin with the people. They cannot be too far above the level of the people. They are very much part of the people. It is important that self-criticism does not stop. The mind has to work, the mind has to be active, there has to be an exercise of the mind. I think it's almost a definition of a living country that it looks at itself, analyses itself at all times. Only countries that have ceased to live can say it's all wonderful.The central thrust of the passage is that
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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
MCQ-> Read the following passage carefully and answer the question given below it. Certain words/phrases have been printed in bold to help you locate them while answering some of the questions. There was a country long time ago where the people would change a king every year. The person who would become the king had to agree to a contract that he would be sent to an island after one year of his being a king. One King had finished his term and it was time for him to go to the island and live there.The people dressed him up in expensive clothes and put him on an elephant and took him to around the cities to say goodbye to all the people. This was a moment of sadness for all kings who ruled for one year. After bidding farewell the people took the king to a remote island in a boat and left him there. On their way back they discovered a ship that had sunk just recently.They saw a young man who survived by holding on to a floating piece of wood. As they needed a new king, they picked up the young man and took him to their country. They requested him to be king for a year. First he refused but later he agreed to be the king. People told him about all the rules and regulations and about how he would be sent to an island after one year. After three days of being a king he asked the ministers if they could show him the island where all the other kings were sent. They agreed and took him to the island. The island was covered with a thick jungle and sounds of vicious animals were heard coming out of it. The king went a little bit further to check. Soon he discovered dead bodies of all the past kings.He understood that as soon as they were left on the island the wild animals had come and killed them. The king went back to the country and collected 100 strong workers. He took them to the island and instructed them to clean the jungle, remove all the deadly animals and cut down all excess trees. He would visit the island every month to see how the work was progressing. In the first month all the animals were removed and many trees were cut down. In the second month all the island were cleaned out. The king then told the workers to plant gardens in various parts of the island. He also took with himself useful animals like chickens, ducks, birds, goats,cows etc. In the third month he ordered the workers to build big house and docking stations for ships. Over the months the island turned into a beautiful place. The young king would wear simple clothes and spend very little from his earning as a king. He sent all the earnings to the island for storage.  When nine months passed like this the king called the ministers and told them “I know that I have go to the island after one year but I would like to go there right now. But the ministers didn’t agree to this and said that he had to wait for another three months to complete the year. Three months passed and now it was a full year. The people dressed up the young king and put on an elephant to take him around the country to say goodbye to others. However this king was unusually happy to leave the kingdom. People asked him "All the other kings would cry at this moment. Why is it that you are laughing?". He replied “Don’t you know what the wise people say? They say that when you come to this world as a baby you are crying and everyone else is smiling. Live such a life that when you die you will be smiling and everyone around you will be crying. I have lived that life. While all the other kings were lost into the luxuries of the kingdom, I always thought about the future and planned for it. I turned the deadly island into a beautiful abode for me where I can stay peacefully”.Why did the people of the kingdom change the king every year ?
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