Daily Quiz — 13 Sep 2026

1. Q1.According to the BRICS Summit declaration from New Delhi, what is the primary objective of the BRICS Payment Task Force regarding cross-border payments?

   Develop faster, cheaper, and more transparent cross-border payment mechanismsEstablish a uniform global currency for all member nationsEliminate the use of government securities in tradeCreate a mandatory central bank digital currency framework
   Explanation: The article explicitly states that BRICS leaders called on the Payment Task Force to develop faster, cheaper, and more transparent cross-border payment mechanisms while promoting local currency settlements.

2. Q2.In the year-to-date period mentioned in the article, what has been the net buying position of domestic institutional investors (DIIs) in Indian equities?

   ₹931 crore₹1.89 lakh crore₹3.51 lakh crore₹1,968 crore
   Explanation: The article explicitly states that DIIs have provided substantial counter-buffering purchases of ₹3.51 lakh crore on a year-to-date basis, offsetting FII outflows of ₹1.89 lakh crore.

3. Q3.According to the article on central banks and gold, what approximate value of Russian foreign exchange assets was frozen, acting as a driver for central banks' shift toward gold reserves?

   $100 billion$200 billion$300 billion$500 billion
   Explanation: The article identifies the freezing of approximately $300 billion in Russian foreign exchange assets as one of the primary drivers motivating global central banks to strategically shift from government securities toward gold reserves.

4. Q4.What is the primary reason the ITAT granted relief to the 83-year-old widow in the tax case for Assessment Year 2010-11?

   The widow's age entitled her to automatic exemption from income taxThe Assessing Officer made unsupported additions lacking documentary basisThe dispute fell outside the statute of limitationsSenior citizens are exempt from tax additions under income tax law
   Explanation: The tribunal found that the Assessing Officer made unsupported additions to her income—specifically, disputed deposits were confirmed as FD maturity proceeds and the estimated regular income addition lacked documentary basis, making the additions unjustifiable.

5. Q5.According to the article on home loan decisions, what should borrowers prioritize beyond headline interest rates and maximum loan eligibility?

   The bank's brand reputation and branch countTotal repayment cost, tenure, and prepayment flexibilityThe number of competitor loan offers receivedThe employer's relationship with the lending bank
   Explanation: The article explicitly advises borrowers to look beyond headline interest rates and maximum eligibility, instead factoring in total repayment cost, tenure, prepayment flexibility, down payment size, and maintaining emergency liquidity.

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