1. With reference to the National Integration Council (NIC), consider the following statements:
1. It is a statutory body established under an Act of Parliament.
2. It is chaired by the Prime Minister of India.
3. Its recommendations are binding on the Un-ion and State Governments.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 only
(c) 2 and 3 only
(d) 1, 2 and 3
2. Consider the following statements regarding the institutional framework of UPI:
1. UPI is developed and operated by the Re-serve Bank of India.
2. UPI operates under the Payment and Set-tlement Systems Act, 2007.
3. UPI is a stored-value payment system where money is held in a digital wallet.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 only
(c) 1 and 3 only
(d) 2 and 3 only
3. With reference to horizontal devolution under the 16th Finance Commission, consider the following statements:
1. Contribution to GDP has been introduced as a criterion for inter-State distribution of taxes.
2. The weightage assigned to income distance and area has been reduced compared to the 15th Finance Commission.
3. The 16th Finance Commission was constituted by the Parliament of India for the award period 2026–27 to 2030–31.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
4. With reference to the Sukanya Samriddhi Yojana (SSY), consider the following statements:
1. It is a Central Sector small savings scheme administered by the Ministry of Finance.
2. The account can be opened for a girl child up to the age of 12 years.
3. The account matures after completion of 21 years from the date of opening.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
5. Match the Following: Union Budget – Constitutional Provisions
List I (Article) List II (Provision)
A. Article 112 1. Appropriation Bill
B. Article 113 2. Voting on Demands for Grants
C. Article 114 3. Annual Financial Statement
D. Article 116 4. Vote on Account
Select the correct answer using the code given below:
(a) A–3, B–2, C–1, D–4
(b) A–2, B–3, C–1, D–4
(c) A–3, B–1, C–2, D–4
(d) A–1, B–2, C–3, D–4
6. With reference to the Trade Receivables Discounting System (TReDS) and the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), consider the following statements:
1. TReDS is an electronic platform designed to facilitate liquidity for MSMEs by enabling discounting of trade receivables.
2. CGTMSE was set up jointly by the Ministry of MSME and SIDBI.
3. CGTMSE provides credit guarantees for loans extended to micro and small enter-prises without collateral security.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 1 and 3 only
(c) 2 and 3 only
(d) 1, 2 and 3
7. With reference to the Union Budget in India, consider the following statements:
1. The term “Budget” is explicitly defined un-der Article 112 of the Indian Constitution.
2. The Annual Financial Statement must show the estimated receipts and expenditures for the financial year.
3. The Rajya Sabha has the power to vote on the Demands for Grants.
Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 only
(c) 2 and 3 only
(d) 1, 2 and 3
8. With reference to the MESSENGER spacecraft, consider the following statements:
1. It was the first spacecraft to orbit Mercury.
2. It was launched by NASA.
3. It confirmed the presence of water ice in permanently shadowed craters on Mercury.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1, 2 and 3
(d) 1 only
9. Which of the following states are identified for the development of ‘Rare Earth Corridors’ to secure critical mineral supply chains in the 2026-27 Budget?
(a) Jharkhand, Chhattisgarh, and Odisha
(b) Odisha, Kerala, Andhra Pradesh, and Tamil Nadu
(c) Rajasthan, Gujarat, and Maharashtra
(d) Karnataka, Telangana, and Andhra Pradesh
10. With reference to the Minimum Alternate Tax (MAT), consider the following statements:
1. MAT is levied to ensure that companies with low or zero taxable income pay tax based on their book profits.
2. A company is required to pay whichever is higher between MAT and normal corporate income tax.
3. MAT is levied under the Companies Act, 2013.
Which of the statements given above are correct?
(a) 1 and 2 only
(b) 2 only
(c) 1 and 3 only
(d) 1, 2 and 3
ANSWERS for Daily Current Affairs Prelims Practice (03-02-2026):
1. Answer: (b)
2. Answer: (b)
3. Answer: (b)
4. Answer: (b)
5. Answer: (a)
6. Answer: (d)
7. Answer: (b)
8. Answer: (c)
9. Answer: (b)
10. Answer: (a)
La Excellence IAS Academy, the best IAS coaching in Hyderabad, known for delivering quality content and conceptual clarity for UPSC 2026 preparation.
FOLLOW US ON:
â—‰ YouTube : https://www.youtube.com/@CivilsPrepTeam
â—‰ Facebook: https://www.facebook.com/LaExcellenceIAS
â—‰ Instagram: https://www.instagram.com/laexcellenceiasacademy/
GET IN TOUCH:
Contact us at info@laex.in, https://laex.in/contact-us/
or Call us @ +91 9052 29 2929, +91 9052 99 2929, +91 9154 24 2140
OUR BRANCHES:
Head Office: H No: 1-10-225A, Beside AEVA Fertility Center, Ashok Nagar Extension, VV Giri Nagar, Ashok Nagar, Hyderabad, 500020
Madhapur: Flat no: 301, survey no 58-60, Guttala begumpet Madhapur metro pillar: 1524, Rangareddy Hyderabad, Telangana 500081
Bangalore: Plot No: 99, 2nd floor, 80 Feet Road, Beside Poorvika Mobiles, Chandra Layout, Attiguppe, Near Vijaya Nagara, Bengaluru, 560040