Current Affairs Quiz 2nd May 2024 Quiz

Exp. India to host the 46th Antarctic Treaty Consultative Meeting

India will host the 46th Antarctic Treaty Consultative Meeting (ATCM 46) and the 26th Meeting of the Committee for Environmental Protection (CEP 26) from 20 to 30 May 2024 in Kochi, Kerala.

The meeting is organized by the Ministry of Earth Sciences (MoES) through the National Centre for Polar and Ocean Research (NCPOR), these meetings aim to facilitate global discussions on environmental conservation and scientific cooperation in Antarctica.

About Antarctic Treaty 

• The Antarctic Treaty was signed in 1959 in Washington DC by 12 countries and came into force in 1961. At present, 56 countries have signed the Antarctic Treaty.
• The permanent secretariat of the Antarctic Treaty is in Buenos Aires, Argentina.
• The Antarctic Treaty made Antarctica a non-military Zone. It was declared a zone of peace dedicated to peaceful purposes, scientific cooperation, and environmental protection.
• The Committee for Environmental Protection was established under the Protocol on Environmental Protection to the Antarctic Treaty (the Madrid Protocol) in 1991.
• The Committee for Environmental Protection advises the Antarctic Treaty Consultative Meeting on environmental protection and conservation in Antarctica

Exp. India to train Bangladeshi’s civil servants for the next 5 years

The government of India has signed an agreement with the government of Bangladesh to renew the Memorandum of Understanding (MoU) to train 1500 Bangladeshi officers from 2025 to 2030.

The agreement was signed by the Department of Administrative Reforms and Public Grievances (DARPG), the government of India and the Bangladeshi Ministry of Public Administration, Government of Bangladesh.

An MoU was signed between the National Centre for Good Governance (NCGG), India and the Bangladesh Ministry of Public Administration in 2014 to train the Bangladeshi civil servants.

Since then, they have collaborated in conducting capacity-building programs for Bangladesh Civil Servants.

The MoU has been periodically renewed, and the current MoU will end in 2025. The latest agreement has extended the Mou by five more years to 2030.

Recently India signed MoUs with others countries

• India signs MoU with Bulgaria to enhance collaboration, exchange auditing expertise
• India and Nepal agree to promote Sanskrit research and education
• India & Singapore sign MoU on Law and Dispute Resolution

• India and Bhutan signed MoU in the field of Energy Efficiency and Energy Conservation Measures

• India and Dominican Republic signs protocol for establishment of Joint Economic and Trade Committee

Exp. India Reduces Windfall Tax on Petroleum Crude

India has cut its windfall tax on petroleum crude to 8,400 Indian rupees ($100.66) a metric ton from 9,600 rupees with effect from May 1.

The tax, which is revised every fortnight, was left unchanged at zero for diesel and aviation turbine fuel.

The government had on April 16 raised the windfall tax on petroleum crude to 9,600 rupees a metric ton from 6,800 rupees.

This tax is levied as the Special Additional Excise Duty (SAED).

The windfall tax remains unchanged at zero for diesel and aviation turbine fuel (ATF).

The Special Additional Excise Duty (SAED) on the export of diesel, petrol, and jet fuel (ATF) remains at nil

Exp. Indian Army and Punit Balan Group develop Constitution Park in Pune

Constitution Park, jointly developed by Indian Army and Punit Balan Group, was inaugurated in Pune.

The park was inaugurated by GOC-in-C, Southern Command, Lt Gen Ajai Kumar Singh.

It delineates our Fundamental Rights and underscores our Fundamental Duties. It’s crucial for every citizen to understand their rights and fulfill their duties.

Exp. NaBFID expects cumulative loan sanctions to top ₹2-lakh cr in FY25

The Government-owned National Bank for Financing Infrastructure and Development (NaBFID) expects its loan sanctions pipeline to swell to about ₹2 lakh crore by March-end 2025 against about ₹1 lakh crore as of March-end 2024.

To support loan growth, the development financial institution (DFI) is planning to mop up about ₹53,000 crore this year via bond market, bank and multilateral credit lines.

The All India Financial Institution was set up in 2022 under the NABFID Act, 2021, as the principal entity for infrastructure financing in the country.

NaBFID sanctioned ₹18,560 crore in the January-March 2023 quarter and ₹83,280 crore in FY24.  NaBFID crossed ₹1 lakh crore (cumulative) loan sanctions mark in March 2024.

About National Bank for Financing Infrastructure and Development (NaBFID)

• Established – 2022
• Head Office – Mumbai
• Chairman – KV Kamath
• MD & CEO – Rajkiran Rai G

Exp. UPI transactions dip marginally in April to Rs 19.64 trn

Unified Payment Interface (UPI) transactions declined in volume and value in April by 1 per cent and 0.7 per cent, compared to March 2024.

Transactions stood at Rs 19.64 trillion in value terms, down from Rs 19.78 trillion in March. There were 13.3 billion transactions in April, compared to 13.44 billion in March.

Y-o-Y, UPI transactions increased by 50 per cent in terms of volume and 40 per cent in value. In February 2024, transactions stood at 12.10 billion and Rs 18.28 trillion, respectively.

Immediate Payment Service (IMPS) transactions declined by 7 per cent in value and 5 per cent in volume in April compared to March.

In value terms, transactions totaled Rs 5.92 trillion, down from Rs 6.35 trillion in March and Rs 5.68 trillion in February.

In April, FASTag transactions decreased 3 per cent in volume and 6 per cent in value. FASTag transactions declined to Rs 5,592 crore in April from Rs 5,939 crore in March.

In April, the Aadhaar Enabled Payment System (AePS) experienced a decline of 13 per cent in volume and 10 per cent in value, compared to March. AePS transactions amounted to Rs 25,172 crore in April, down from Rs 27,996 crore in March.  

Exp. GST revenue collection hits record high of Rs 2.10 lakh cr in April

India’s Gross Goods and Services Tax (GST) collections hit a record high of Rs 2.10 lakh crore in April, growing 12.4 per cent on year-on-year basis.

GST collection in March stood at Rs 1.78 lakh crore. Previously, the highest-ever GST collection figure stood at Rs 1.87 lakh crore in April 2023.

This is also the first time GST collection has crossed the ₹2 trillion mark, since the unified indirect tax regime was rolled out seven years ago.

Central Goods and Services Tax (CGST) collection was ₹43,846 crore in April, while state Goods and Services Tax (SGST) brought ₹53,538 crore. Integrated Goods and Services Tax (IGST) was ₹99,623 crore, including ₹37,826 crore collected on imported goods.

GST Collection of Previous Months

• November 2023 – 1,67,929 crore
• December 2023 – 1,64,882 crore
• January 2024 – 1,72,129 crore
• February 2024 – 1,68,337 crore
• March 2024 – 1,78,484 crore
• April 2024 – 2,10,267crore

Exp. Hitesh Sethia appointed as MD & CEO of Jio Financial Services

Corporate Affairs Ministry (MCA) has given its nod for appointment of Hitesh Kumar Sethia as Managing Director and CEO of Jio Financial Services for three years period.

The appointment effective from November 15, 2023, is valid for three years, Jio Financial Services said in a regulatory filing.

Recent Appointment in Banking & Insurance Sector

• MD & CEO Axis Bank – Amitabh Chaudhry (reappointment for 3 years)
• Independent Directors of Axis bank – Meena Ganesh and Gopalaraman Padmanabhan (reappointment for 4 years)
• Deputy Governor of RBI – T Rabi Sankar (reappointment for One Year)
• Chairman of HDFC Insurance Board -Keki Mistry
• MD & CEO of Dhanlaxmi Bank – Ajith Kumar K.K
• CEO of BharatPe – Nalin Negi

Exp. India global services export to reach $800 billion by 2030: Goldman Sachs

India’s services exports will increase to $800 billion by 2030 from $340 billion in 2023, making the external sector resilient to supply-side shocks and reducing rupee volatility, Goldman Sachs report.

India’s foreign trade policy announced last year targeted $1 trillion of service exports by 2030.

Services exports (as percentage of gross domestic product or GDP) could reach around 11% of GDP by 2030 (versus 9.7% of GDP in 2023) which amounts to around $800 billion (compared to around $340 billion in 2023).

Exp. China to launch Chang’e-6 Lunar probe mission

China is set to launch the Chang’e-6 lunar probe on a round trip to the Moon.

It aims to gather soil and rock samples from the far side of the Moon, a region that has remained permanently hidden from Earth’s view.

This will be the first-ever attempt to retrieve lunar samples from the far side, providing valuable insights into the early evolution of the Moon and the inner solar system.

This mission will also involve the first-ever ascent from the Moon’s far side during its return journey to Earth.

This mission is the first of three challenging endeavours that China intends to undertake, leading to a historic Chinese crewed lunar landing and the establishment of a base on the Moon’s south pole.

Exp. DRDO successfully test SMART missile system for Indian Navy

The Defence Research and Development Organisation (DRDO) has successfully tested the next-generation Supersonic Missile-Assisted Release of Torpedo (SMART) system from Dr APJ Abdul Kalam Island off the coast of Odisha.

SMART is a next-generation missile-based light-weight torpedo delivery system designed and developed by DRDO to enhance the anti-submarine warfare capability of the Indian Navy far beyond the conventional range of lightweight torpedoes.

This canister-based missile system incorporates several advanced subsystems, including a two-stage solid propulsion system, electromechanical actuator system, and precision inertial navigation system.

The SMART missile system comprises a long-range supersonic missile carrier that can travel up to 643 km, a lightweight torpedo with a range of 20 km, and a 50 kg high-explosive warhead as the payload.

Exp. China launches sea trials for next-generation aircraft carrier

China has launched sea trials for the Fujian, its third and most advanced aircraft carrier.

The start of tests by the Chinese navy came nearly two years after the aircraft carrier was first unveiled in June 2022.

The Fujian, entirely designed and built domestically, is larger and more advanced than the Shandong, commissioned in late 2019, and the Liaoning, which China bought second-hand from Ukraine in 1998.

The Fujian, which features a full-length, flat flight deck with an advanced catapult-launch .system for jets, takes its name from the Chinese province opposite democratically governed Taiwan.

About China

• Capital – Beijing
• Currency – Yuan
• President – Xi Jinping

Exp. Pratima Singh appointed as Director in DPIIT

Pratima Singh (IRS) has been selected for the appointment as Director of the Department of Promotion of Industry and Internal Trade (DPIIT).

She has been selected for the appointment under the Central Staffing Scheme for a period of five years.

Singh is an Indian Revenue Service (IRS) officer of 2009-batch. She was recommended for the Central deputation by the Department of Revenue.

Recent Appointment

• President of Indian Vaccine Manufacturers Association (IVMA) – Krishna Ella
• Presiding Officer of the Securities Appellate Tribunal (SAT) – Retired Justice Dinesh Kumar
• Director in Department of Land Resources – Sarvadanand Barnwal
• CVO of Jawahar Lal Nehru Port Authority – Manoj Kumar
• Director of MoHUA – Sunil Kumar Yadav