Current Affairs Quiz:6 & 7 October 2024

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1. Which department under the Ministry of Finance (MoF) has kept the interest rate on Small Savings Schemes (SSS) unchanged for its 3rd Quarter of financial Year 2024-25(Q3 FY25)?
   1) Department of Financial Services
   2) Department of Economic Affairs
   3) Department of Revenue
   4) Department for Promotion of Industry and Internal Trade
   5) Department of Investment and Public Asset Management
   
   Answer & Explanation

   Answer-2) Department of Economic Affairs
   Explanation:
   On 30th September 2024, the Department of Economic Affairs (DEA-Budget Division), Ministry of Finance (MoF) has kept the interest rate on Small Savings Schemes (SSS) unchanged for its 3rd  Quarter of financial Year 2024-25(Q3 FY25) i.e. from 1st October, 2024 to 31st December, 2024 from those notified for Q2FY25.
    This is for the 3rd consecutive quarter of FY25 that interest rate on SSSs remain unchanged.
    In December 2023, the Government of India (GoI)increased the interest rates of some of the small savings scheme such as: Sukanya Samriddhi Yojana (SSY) and 3-year Time Deposit, were increased by 20 basis points (bps) for Q4FY24.
    The PPF rates have remained unchanged since April 2020. It was last changed in April-June 2020, when it declined from 7.9% to 7.1%.
    SSSs are savings instruments managed by the GoI to encourage citizens to save regularly.
    The SSSs are broadly classified into 3 categories: savings deposits, social security schemes, and monthly income plan.
   
   
   
2. Which Organisation has recently (in September ‘24) signed a Memorandum of Understanding (MoU) with the Department of Social Justice and Empowerment (DoSJE) to enhance public awareness about various Acts, Rules and Schemes?
   1) National Legal Services Authority
   2) NITI Aayog
   3) National Institute of Public Cooperation and Child Development
   4) State Legal Services Authority
   5) Law Commission of India
   
   Answer & Explanation

   Answer-1) National Legal Services Authority
   Explanation:
   On 30th September 2024, the Department of Social Justice and Empowerment (DoSJE) under the Ministry of Social Justice and Empowerment (MoSJE) has signed a Memorandum of Understanding (MoU) with the National Legal Services Authority (NALSA) to enhance public awareness about various Acts, Rules and Schemes of DoSJE, especially those framed to support the marginalized and vulnerable sections of society in India.
    According to the MoU, both NALSA and DoSJE will organise a series of campaigns, seminars, and events to increase the reach and impact of social welfare schemes for marginalized communities across India.
    Under this collaboration, State Legal Services Authorities (SLSAs) and District Legal Services Authorities (DLSAs), will conduct awareness camps across India through the para-legal volunteers and panel lawyers.
    During the event, Union Minister Virendra Kumar launched SARTHIE 1.0, a joint initiative of DoSJE and NALSA aimed to empower disadvantaged communities, including Scheduled Castes (SCs), Other Backward Classes (OBCs), senior citizens, Denotified and Nomadic Tribes (DNT), among others.
   
   
   
3. Which of the following points is/are ‘correct’ with respect to the Prime Minister Narendra Modi’s visit to the USA from 21st to 23rd September 2024?
   A) US President Biden hosted Narendra Modi, PM of India; Anthony Albanese, PM of Australia; Kishida Fumio, PM of Japan; and in Wilmington, Delaware, for the 4th Quad Leaders’ Summit.
   B) The USA formally handed over 207 antiquities to India during PM Modi’s visit to the USA.
   C) The 79th session of the UNGA was held from 10th to 28th September 2024 at the UN headquarters in New York, USA.
   1) Only A & B
   2) Only A & C
   3) Only B & C
   4) Only C
   5) All A, B & C
   
   Answer & Explanation

   Answer-2) Only A & C
   Explanation:
   Narendra Modi, Prime Minister (PM) of India, made a 3-day visit to the United States of America (USA) from 21st to 23rd September 2024.
    On 21st September 2024, PM Modi attended the 4th Quad (Quadrilateral Security Dialogue) Leaders’ Summit held in Wilmington, Delaware and hosted by Joseph R. Biden, Jr., the President of the USA.
    President Biden hosted Narendra Modi, PM of India; Anthony Albanese, PM of Australia; Kishida Fumio, PM of Japan; and in Wilmington, Delaware, for the 4th Quad Leaders’ Summit.
    The Leaders welcomed India as the host of the 2025 Quad Leaders Summit and the USA as the host of the 2025 Quad Foreign Ministers Meeting.
    India hosted the inaugural session of the new Regional Maritime Initiative for Training in the Indo-Pacific (MAITRI), to train Quad partners in monitoring and securing their waters, enforcing their laws, and discouraging unlawful behaviour.
    The U.S. Coast Guard, Japan Coast Guard, Australian Border Force, and Indian Coast Guard(ICG) have planned to launch the 1st-ever Quad-at-Sea Ship Observer Mission, a joint coast guard exercise, in 2025 in the Indo-Pacific.
    The USA formally handed over 297 antiquities to India during PM Modi’s visit to the USA. With this, the total number of artefacts returned to India by the USA becomes 578. This is the highest number of cultural artefacts returned to India by any country.
    On 22nd September 2024, Narendra Modi also addressed the “Summit of the Future” at the 79th United Nations General Assembly (UNGA) Session held in New York, USA.
    The Summit was organised under the theme “Multilateral Solutions for a Better Tomorrow”. Click here to read more.
   
   
   
4. What is India’s position at the recently (in September ‘24) released ‘World Talent Ranking 2024’ by the Institute for Management Development (IMD)?
   1) 82nd
   2) 116th
   3) 63rd
   4) 39th
   5) 58th
   
   Answer & Explanation

   Answer-5) 58th
   Explanation:
   According to Switzerland based Institute for Management Development (IMD)’s ‘World Talent Ranking (WTR) 2024: The Socio-Economic Implications of AI in the Workplace’, Switzerland has topped the list as the world’s most competitive country for the 11th consecutive year, with overall score of 100.
    As per the report, India’s ranking at 2024 IMD WTR has dropped by 2 places, from 56th position (in 2023) to 58th position (in 2024), with an overall score of 40.7.
    Singapore has been ranked at 2nd position with an overall score of 85.65, followed by Luxembourg, Sweden and Denmark, ranked at 3rd, 4th and 5th position respectively.
    It is the 11th edition of IMD WTR and has covered 67 economies. It is published by the IMD World Competitiveness Center (WCC).
    The 2024 WTR showed a mixed performance for India compared to previous years as the overall rank of India has dropped from 52nd (in 2022) to 58th (in 2024).
    India has secured 12th position among Asia-Pacific countries in 2024 IMD WTR. Click here to read more.
   
   
   
5. As per the National Payments Corporation of India (NPCI) recent (in September’ 24) notification, auto-replenishment of _____________ and RuPay National Common Mobility Card (NCMC) will no longer require the standard 24-hour pre-debit notification.
   1) NETC FASTag
   2) NHAI FASTag
   3) SBI National Common Mobility Card
   4) Visa National Common Mobility Card
   5) MastercardNational Common Mobility Card
   
   Answer & Explanation

   Answer-1) NETC FASTag
   Explanation:
   The National Payments Corporation of India (NPCI) has announced changes to the Unified Payments Interface (UPI) Autopay framework with immediate effect.  Following this, auto-replenishment of the National Electronic Toll Collection (NETC) FASTag and RuPay National Common Mobility Card (NCMC) will no longer require the standard 24-hour pre-debit notification.
    This is in line with the Reserve Bank of India (RBI)’s directives “Statement on Developmental and Regulatory Policies” issued on 7th July 2024, which introduce an e-mandate framework for automatic balance top-ups in NETC FASTag and RuPay NCMC.
    UPI members are instructed to remove the Pre-Debit Notification (PDN) validation for UPI Autopay executions related to these specific Merchant Category Codes (MCCs).
   
   
   
6. Who among the following has been recently (in October ‘24) appointed as the new external members of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC)?
   A) Ram Singh
   B) Saugata Bhattacharya
   C) Nagesh Kumar
   1) Only A & B
   2) Only A & C
   3) Only B & C
   4) Only C
   5) All A, B & C
   
   Answer & Explanation

   Answer-5) All A, B & C
   Explanation:
   On October 1 2024, The Government of India(GoI) has recently revamped the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC), a key body that guides the country’s monetary policy decisions, with new external members.
    The new external members are Ram Singh, Saugata Bhattacharya, and Nagesh Kumar. They will replace Ashima Goyal, Shashanka Bhide, and Jayanth R. Varma whose four-year terms have come to an end.
    The external members are appointed for a term of 4 years, with no provision for reappointment.
    The MPC was established in 2016, through amendments to the Reserve Bank of India (RBI) Act1934 primarily based on the Urjit Patel Committee recommendations, which aimed to enhance transparency and accountability in monetary policy​.
    The Reserve Bank of India (RBI) has appointed Aviral Jain as Executive Director(ED) of the bank with effect from October 1, 2024.
   
   
   
7. Who has been recently (in September 2024) appointed as the Acting Governor of Mizoram during the absence on leave of the incumbent Governor Dr Hari Babu Kambhampati?
   1) Indra Sena Reddy Nallu
   2) Rajendra Vishwanath Arlekar
   3) Kaiwalya Trivikram Parnaik
   4) Om Prakash Mathur
   5) Hari Babu Kambhampati
   
   Answer & Explanation

   Answer-1) Indra Sena Reddy Nallu
   Explanation:
   On September 30 2024, Indra Sena Reddy Nallu (73), Governor of Tripura, was sworn in as the acting Governor of Mizoram at the Durbar Hall in Raj Bhavan, Aizawl, Mizoram. The oath was administered by Justice Nelson Sailo, judge of the Gauhati High Court.
    He has been given additional charge of Mizoram by President of India, Draupadi Murmu, as a result of Dr. Hari Babu Kambhampati, the incumbent Governor of Mizoram, taking medical leave.
    He is a prominent politician and Bharatiya Janata Party leader (BJP). He is currently serving as 20th Governor of Tripura.
   
   
   
8. Name the airline that has recently (in September ‘24) merged with AIX Connect (formerly AirAsia).
   1) Vistara
   2) Vietjet Air
   3) Singapore Airlines
   4) Qatar Airways
   5) Air India Express
   
   Answer & Explanation

   Answer-5) Air India Express
   Explanation:
   The Directorate General of Civil Aviation (DGCA) has approved the merger of AIX Connect (formerly AirAsia) with Air India Express (AIX), w.e.f. October 1, 2024. This strategic move aims to create a unified low-cost carrier operating under the name ‘Air India Express’ with a single airline code, IX.
    The merger was initially announced in 2022, with approval from the National Company Law Tribunal (NCLT) on June 12, 2024.
    The merger received backing from the Ministry of Civil Aviation (MOCA), Bureau of Civil Aviation Security (BCAS), and other key stakeholders.
    DGCA will introduce a digital Personnel License for Air Traffic Controllers (ATCOs), enhancing operational efficiency.
   
   
   
9. Name the company that recently (in September 2024) delivered India’s first indigenously developed Submachine Gun (SMG), “Asmi,” to the Northern Command of the Indian Army.
   1) Economic Explosives Limited
   2) Lokesh Machines Limited
   3) AXISCADES Technologies Limited
   4) SECON Engineering Projects Private Limited
   5) Mehta Hitech Industries Limited
   
   Answer & Explanation

   Answer-2) Lokesh Machines Limited
   Explanation:
   Hyderabad, Telangana based Lokesh Machines Limited has successfully delivered the first major order for its 9×19 millimeter(mm) Sub-Machine Gun (SMG) “Asmi” to the Northern Command of the Indian Army(IA).
    This is India’s first SMG developed indigenously by the private sector.
    The delivery was part of a contract valued at approximately USD 550,000 for 550 ASMI 9×19-millimeter SMGs.
    The ASMI, acronym for Ashmita meaning “pride,” weighs 2.4 kg (5.3 lbs), making it 10-15% lighter than comparable SMGs.
   
   
   
10. Uttarakhand Chief Minister Pushkar Singh Dhami has recently(in September’ 24) directed the renaming of the Rural Enterprise Acceleration Project (REAP) as ___________________.
    1) Mukhyamantri Yuva Udyam Vikas Abhiyan
    2) Upvan Yojna
    3) Gramothan Yojana
    4) Subhadra scheme
    5) Udyamshala Yojana
    
    Answer & Explanation

    Answer-3) Gramothan Yojana
    Explanation:
    Uttarakhand Chief Minister(CM) Pushkar Singh Dhami has announced the renaming of two schemes to make them simpler and more accessible for villagers.
     The Rural Enterprise Acceleration Project (REAP)has been renamed ‘Gramothan Yojana’. This scheme aims to improve the livelihoods of rural poor families by connecting them with entrepreneurship opportunities.
     The Rural Business Incubator(RBI) Scheme has been renamed ‘Chief Minister(CM) Udyamshala Yojana’. This scheme offers financial assistance and training to rural entrepreneurs.