Weekly Current Affairs: Quizzes, 06 to 11 May 2024

EXPLANATION:

• The National Anti-Doping Agency (NADA), India, concluded the PlayTrue Campaign with a turnout of more than 12,133 participants. The campaign commemorated the World Anti-Doping Agency's (WADA) Play True Day and aimed to foster awareness of the importance of clean sports and anti-doping practices in India. Hence, statement 1 is correct.
• It received overwhelming participation and support from athletes, coaches, and sports enthusiasts nationwide. The PlayTrue Campaign highlights NADA India's commitment to equipping athletes, coaches, and the entire sporting community with a thorough understanding of anti-doping regulations, empowering them to champion clean play in India. Hence, statement 2 is correct.
• The campaign was crucial for athletes and stakeholders to collaborate and exchange insights and strategies towards establishing a resilient anti-doping framework in anticipation of the Paris 2024 Olympics. India's unwavering commitment to advocating for fair play and integrity and upholding the principles of clean sports on the global stage was prominently showcased throughout the event.
• Anti-doping encompasses the measures and rules implemented to thwart the utilisation of prohibited substances and techniques in athletics. The employment of performance-enhancing drugs (PEDs) and other banned substances or methods compromises the values of fair competition, equality, and the honest nature of sports contests.

EXPLANATION: 

• Recently, the Department of Pension & Pensioners' Welfare, under the Ministry of Personnel, Public Grievances and Pensions, launched the Integrated Pensioners' Portal in partnership with the Bank of India. Hence, statement 1 is not correct.
• It is designed to ensure complete digitisation of the pension processing and payment system. It merges various banks' pension processing and payment functions into one accessible online platform, making it more convenient for pensioners to handle and access pension-related activities and data. It also aims to streamline and enhance pension services for retirees. Hence, statement 2 is correct.
• It consolidates the pension processing and payment services of multiple banks into a single online portal, facilitating easier access and management of pension-related tasks and information for pensioners. It combines the pension processing and payment services of five banks (Bank of India, State Bank of India, Bank of Baroda, Punjab National Bank, and Canara Bank) into a single window. Other pension-disbursing banks will be integrated into this portal in the future. 
• The Bhavishya platform is an integral component of the Integrated Pension Platform. It ensures end-to-end digitisation of pension processing, from retiring employees' online submission of pension forms to issuing Pension Payment Orders (PPOs) in electronic format. The Centralised Pension Grievances Redress and Monitoring System (CPENGRAMS) is also part of the platform. Hence, statement 3 is correct.

EXPLANATION:

• Recently, Non-banking financial companies (NBFCs) have increased their fixed deposit (FD) rates to mop up funds that can compensate for lower bank borrowings. Depositors seeking to invest in high-rated corporate bonds can opt for longer tenures. The top 5 NBFCs offer a 7 percent interest rate on their fixed deposits. 
• An NBFC, or Non-Banking Financial Company, is an entity that is registered under the Companies Act of 1956. It engages in various financial activities, including lending, investment in securities, leasing, and insurance services. While it delivers services similar to those of banks, it operates without a banking license. 
• Non-Banking Financial Companies (NBFCs) are permitted to accept public deposits for durations ranging from a minimum of 12 months to a maximum of 60 months. However, they are not allowed to accept deposits payable on demand. Additionally, NBFCs are not integrated into the payment and settlement system, so they cannot issue cheques in their name. Hence, option D is NOT correct. 
• To be eligible for NBFC registration, a company must Have a minimum net-owned fund of Rs. 10 crores and ensure that at least one-third of its directors have relevant finance sector experience. Maintain a good CIBIL track record. Comply with Capital Compliances and FEMA regulations. 
• Under the RBI Act 1934, the RBI has the authority to oversee NBFCs meeting the 50-50 principal business criteria, including their registration, policy formulation, and regulation.

EXPLANATION: 

• The Centre government has appointed retired Justice Sanjaya Kumar Mishra as President of the Goods & Services Tax Appellate Tribunal (GSTAT). Union Finance Minister Smt. Nirmala Sitharaman administered Oath of Office to the first President of the GST Appellate Tribunal. 
• The GST Appellate Tribunal is a quasi-judicial body proposed to be established to resolve disputes related to the Goods and Services Tax (GST) in India. It is functions as an independent body to hear appeals against orders passed by the GST authorities or the Appellate Authority. It is established under Section 109 the Central Goods and Services Tax Act, 2017 (CGST Act) to hear various appeals under the said Act and the respective State/UT GST Acts. Hence, statement 1 is correct.
• The tribunal is headed by a President who must be a Supreme Court judge or a former High Court Chief Justice. It also includes a Judicial Member who should be a High Court Judge or have served as an Additional/District Judge for 10 years and two Technical Members, one from the state and another from the Centre. Hence, statement 2 is correct. 
• The GST Appellate Tribunal is recognised under the Code of Civil Procedure, 1908, as having equivalent powers to a civil court. It is authorised to adjudicate appeals, issue orders and directives for debt recovery, enforce its decisions, correct errors, impose penalties, and revoke registrations to ensure adherence to GST regulations. The president and judicial and technical members of GSTAT shall serve for 4 years or until they reach the age of 70 and 67, respectively. Hence, statement 3 is correct.

EXPLANATION: 

• The Koothandavar Festival, also called the Aravan Festival, stands out as a distinct event primarily celebrated in Southern India. Occurring during the Tamil month of Chithirai (which falls between mid-April and mid-May), this 18-day celebration unfolds in Koovagam, Tamil Nadu. It's an event rich in cultural heritage, drawing international interest for its distinctive acknowledgement and celebration of transgender identities. 
• The festival is dedicated to Aravan, a heroic and revered figure in Hindu mythology. Aravan is a deity worshipped primarily by the transgender community, who consider him their patron god. According to legend, Aravan sacrificed himself for the victory of the Pandavas in the Mahabharata war. In return for his sacrifice, Lord Krishna granted him the boon that his wish to experience married life would be fulfilled before his death. As a result, Aravan is married off to the local maidens in a symbolic marriage ceremony during the festival. 
• The festival culminates with a grand chariot procession carrying the idol of Aravan through the villages. The following morning, transgender individuals remove their mangal sutra, symbolizing widowhood and mourning Aravan's sacrifice. 

Hence, option C is correct.

EXPLANATION: 

• The Indian stock market has experienced notable volatility recently, particularly amidst the ongoing Lok Sabha elections. Trading sessions have been marked by fluctuating highs and lows, reflecting the uncertainty prevalent in the market.  
• Swing Trading is a style of trading in which investors hold their positions for longer than a single day, typically holding onto stocks for several days or weeks. The goal is to capture gains in a stock’s value as it swings up and down. Hence, statement 1 is correct.
• A swing trader seeks stocks with significant trading activity and price fluctuations. They enter trades by establishing stop-loss orders to minimize losses and setting target prices to secure profits, guided by support and resistance levels. This strategy aims to profit from rising and falling market trends, leveraging momentum. Hence, statement 2 is correct.
• Swing traders aim to profit from short to medium-term price fluctuations by buying at support and selling at resistance, holding stocks for a few days to weeks. Effective swing trading necessitates proficiency in technical analysis, including identifying entry and exit points.

EXPLANATION:

• The Reporters Without Borders (RWB) recently released the World Press Freedom Index 2024. It highlighted increasing violence against environmental journalists worldwide, with 44 journalists killed in 15 years. It shows the highest number of killings in Asia and the Pacific region. Hence, statement 1 is correct.
• India’s ranking improved from 161 in 2023 to 159 in 2024. However, this ascent was mainly propelled by the decline in rankings of other countries. India experienced a decrease in scores across all categories except for the security indicator in the press freedom questionnaire, encompassing political, legal, economic, and sociocultural contexts and security. India’s position declined from 36.62 to 31.28. Hence, statement 2 is correct.
• Among India’s neighbours, Pakistan ranked 152nd, Sri Lanka 151st, Nepal 74th, and the Maldives 106th. Afghanistan was positioned at 178th, Bangladesh at 165th, and Myanmar at 171st. The Asia-Pacific region remains the world’s second most challenging region for journalism, with five countries among the ten most dangerous for journalists: Myanmar (171st), China (172nd), North Korea (177th), Vietnam (174th), and Afghanistan (178th). 
• In the Middle East and North Africa, the situation is deemed “very serious” in nearly half of the countries. The United Arab Emirates joins eight other countries in the red zone, including Yemen, Saudi Arabia, Iran, Palestine and others. European countries, particularly within the European Union, demonstrate good press freedom, propelled by adopting the European Media Freedom Act (EMFA). Norway ranks 1st, followed by Denmark (2nd) and Sweden (3rd). Hence, statement 3 is not correct.

EXPLANATION:

• Recently, several nations, including Singapore, Hong Kong, and the United States, have initiated inquiries into potential contamination of Ethylene oxide distributed by leading Indian companies, MDH and Everest. 
• India is the largest exporter, producer, and consumer of spices globally, with its domestic spice market reaching a value of $10.44 billion in 2022. Among the 109 varieties recognised by the International Organization for Standardization (ISO), India cultivates 75 types. Hence, statement 1 is correct. 
• The United States is the top importer of Indian species, followed by the United Arab Emirates and the United Kingdom, importers of Indian spices, including curry powders and mixtures. India’s spice exports amounted to approximately US$3.73 billion in 2023 and around US$3.67 billion from 2023 to February 2024. Hence, statement 2 is correct.

EXPLANATION: 

• Amidst the Lok Sabha Election, West Bengal’s Trinamool Congress government has accused governor CV Ananda Bose of sexual harassment, a claim vehemently denied by him. The Bengal Governor has denied the allegations, calling them “engineered narratives”. Its spotlight is back on Article 361 of the Constitution, which grants immunity to governors against being named as an accused in any criminal case. 
• Article 361 of the Constitution deals with immunity to the President and the Governors. This immunity extends to any criminal proceedings or civil lawsuits brought against them in their capacity during their tenure. 
• However, this immunity is not absolute. Under Article 361(1), the president or a governor can be impeached for violating the Constitution. Also, Article 361(2) stipulates that they can be prosecuted for any criminal offence committed before assuming office after giving a two-month notice. Article 361(2) also provides that the President or a Governor cannot be arrested or imprisoned during their term of office or when an impeachment motion is pending against them.  
• Civil proceedings can only be initiated against the President or a Governor after giving a two-month notice, as per Article 361(2).  Moreover, the Constitution prohibits prosecuting the Governor. He cannot be named an accused. 

Hence, option D is NOT correct.

EXPLANATION: 

• Recently, Ukraine's exploding drone boats appear to be hunting down smaller, high-speed vessels in the Black Sea after Russia pulled back its larger warships following a spate of devastating attacks. 
• The Black Sea is also known as the Euxine Sea. It is situated between Southeastern Europe and Western Asia and is encircled by six nations: Bulgaria, Romania, Ukraine, Russia, Georgia, and Turkey. It covers an area of approximately 436,000 square kilometers (168,000 square miles). 
• It is surrounded by the Pontic, Caucasus, and Crimean Mountains in the south, east and north, respectively. The Black Sea is also connected to the Sea of Azov by the Strait of Kerch. Russia has the longest coastline on the sea (2,300 km), followed by Turkey (1,329 km) and Ukraine (1,282 km). It is one of the world's largest anoxic basins, meaning it has areas with very little dissolved oxygen. Hence, option C is correct.