Day: November 7, 2018

CSE-2019 | Prelims Daily Quiz 27

CSE-2019 | Prelims Daily Quiz 27

Question:

India is to get exemptions from US sanctions on its trade with Iran. Consider the following statements in this respect:

1. India is the only country to receive such exemption from US.

2. Saudi Arabia is the largest source of oil for India.

3. Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global financial messaging service holds money itself as well as transmits information on transactions.

 

Choose the correct statement/s from the options given below:

A) 1 only

B) 1 and 2 only

C) 3 only

D) None

Correct Answer

D) None

Explanation for the Correct Answer
  • India is among eight countries that will receive a waiver from US sanction on its oil trade with Iran.
  • Iran is the third largest source of oil after Iraq and Saudi Arabia. Thus, Iraq is the number one source of oil for India.
  • Not only countries, but entities as well have been sanctioned by US. There would be no exemption for Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global financial messaging service. SWIFT does not hold money itself but transmits information on transaction.
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