What is meant by 'Conflict of Interest'?

Question

Question

This question was previously asked in

UPSC ESE 2018 Paper 1

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Being interested in many subjects
Hobbies interfering in education
Least interest in the job taken up or assigned
A conflict between the private interests and the official responsibilities of a person in a position of trust

Answer 1

Conflict of interest:

It is an opposition between the private interests and the official or professional responsibilities of a person in a position of trust, power, and/or authority.
Such conflicts may result in a situation in which personal, financial, and/or nonfinancial considerations have the potential to influence or compromise professional judgment in service, research, consultation, instruction, administration, or any other professional activity.
It is important to note that it is not necessary for such influence or compromise to have occurred before a situation can be identified as a conflict of interest.
It is sufficient for the situation to appear to provide the potential for professional judgment to be compromised.