Current Affairs Quiz:4 September 2024

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1. Which of the following countries did not recently (in August ‘24) sign a Charter and a MoU for the establishment of the Colombo Security Conclave (CSC) Secretariat in Colombo, Sri Lanka?
   1) India
   2) Maldives
   3) Mauritius
   4) Sri Lanka
   5) Seychelles
   
   Answer & Explanation

   Answer-5) Seychelles
   Explanation:
   Ajit Kumar Doval, National Security Adviser (NSA) to the Prime Minister (PM) of India, visited Colombo, Sri Lanka from 29-30 August 2024, for the signing of the Founding Documents of the Colombo Security Conclave (CSC), a regional security grouping.
    On 30th August 2024, India, the Maldives, Mauritius, and Sri Lanka signed a Charter and a Memorandum of Understanding (MoU) for the establishment of the CSC Secretariat in Colombo, Sri Lanka.
    The Colombo Security Conclave aims to address traditional, non-traditional, and emerging hybrid security challenges and has worked on capacity building in sectors such as Counter-Terrorism (CT), police, law enforcement, and cyber-security.
    CSC is a regional security initiative established in 2020 as a trilateral effort among India, Sri Lanka, and the Maldives.Click here to read more
   
   
   
2. Which organisation has recently (in August 2024) released 100 million USD for critical underfunding of emergencies across 10 countries in Africa, the Americas, Asia, and the Middle East?
   1) United Nations
   2) Asian Development Bank
   3) Deutsche Bank AG
   4) World Bank
   5) International Monetary Fund
   
   Answer & Explanation

   Answer- 1) United Nations
   Explanation:
   On August 30, 2024, the United Nations (UN) released USD 100 million from the Central Emergency Response Fund (CERF), the UN global emergency response fund, to tackle critical underfunding in humanitarian emergencies across 10 countries in Africa, the Americas, Asia, and the Middle East.
    This is CERF’s 2nd allocation for underfunded emergencies for 2024, following the release of USD 100 million in February 2024 for 7 countries.
    The fund will support aid operations in Yemen (USD 20 million) and Ethiopia (USD 15 million), where people face compounded crises of hunger, displacement, disease, and climate disasters.
    Other allocations include Myanmar (USD 12 million), Mali (USD 11 million), Burkina Faso (USD 10 million), Haiti (USD 9 million), Cameroon (USD 7 million), and Mozambique (USD 7 million).
    Countries responding to El Niño-induced drought and flooding, such as Burundi (USD 5 million) and Malawi (USD 4 million), also received additional funds.
   
   
   
3. In August 2024, The Millennium Challenge Account (MCA) Nepal signed a contract valued at ___________ with the Transrail Lighting Limited (TLL) of India to construct an 18-kilometre (km) cross-border electricity transmission line.
   1) USD 2.50 million
   2) USD 12.36 million
   3) USD 18 million
   4) USD 19.6 million
   5) USD 50 million
   
   Answer & Explanation

   Answer-2) USD 12.36 million
   Explanation:
   The Millennium Challenge Account (MCA) Nepal has signed a contract valued at USD 12.36 million with the Transrail Lighting Limited (TLL) of India to construct a 18 kilometre (km) cross-border electricity transmission line from the 400 kilovolts (kV) New Butwal Substation in Nawalparasi Bardaghat Susta West to the Nepal-India border.
    The contract was signed under the Millennium Challenge Corporation (MCC) Nepal Compact and it was jointly funded by the government of Nepal and the United States of America (USA).
    This milestone, commemorating the one-year anniversary of the Compact’s Entry-Into-Force, highlights the strong commitment of all stakeholders to boost regional energy trade  between Nepal and India.
   
   
   
4. According to the Securities Exchange Board of India (SEBI) revised guidelines, the Average Daily Delivery Value (ADDV) of stocks in the cash market in the previous 6 months must be a minimum of _________.
   1) Rs 35 crore
   2) Rs 15 crore
   3) Rs 5 crore
   4) Rs 25 crore
   5) Rs 45 crore
   
   Answer & Explanation

   Answer-1) Rs 35 crore
   Explanation:
   On 30th August 2024, the Securities Exchange Board of India (SEBI) revised the criteria for entry and exit of stocks in the Futures and Options (F&O) or derivatives segment to enhance market stability by ensuring only actively traded and financially robust stocks participate in the derivatives segment.
    These new guidelines were issued by SEBI through a circular in exercise of powers given under Section 11(1) and Section 11(2)(a) of the Securities and Exchange Board of India Act, 1992.
    The circular is effective immediately, and a 6 month gestation period has been granted to existing stocks to meet the requirements of new norms.
    SEBI has increased the Market Wide Position Limit (MWPL) of stocks over the previous 6 months, from the existing limit of Rs 500 crore to Rs 1500 crore. This increase in MWPL limit is introduced due to the market capitalization now standing at 2.8 times since the last review.
    As per the revised guidelines, Median Quarter Sigma Order Size (MQSOS), MQSOS over the previous 6 months, on a rolling basis has been increased from Rs 25 lakhs to Rs 75 lakhs. SEBI has cited that the average market turnover is now over 3.5 times the figure since the last review conducted in 2018.
    As per SEBI’s guidelines, Average Daily Delivery Value (ADDV) of stocks in the cash market in the previous 6 months must be minimum Rs 35 crore (from the existing Rs 10 crore). This is due to significant increase in the ADDV which has increased by over 3 times since the last review.Click here to read more
   
   
   
5. Which insurance company has launched USD-Denominated Life Insurance Solutions for Non-Resident Indians (NRIs) at its newly opened offshore branch at GIFT City?
   1) Star Health and Allied Insurance Company Limited
   2) ICICI Lombard General Insurance Company Limited
   3) Life Insurance Corporation of India
   4) Tata AIA Life Insurance Company Limited
   5) Bajaj Allianz General Insurance Company Limited
   
   Answer & Explanation

   Answer-4) Tata AIA Life Insurance Company Limited
   Explanation:
   Tata AIA Life Insurance Company Limited (Tata AIA) has launched its offshore branch at Gujarat International Finance Tech City (GIFT City), India’s 1st International Financial Services Centre (IFSC) in Gujarat. This branch allows Non-Resident Indians (NRIs) to purchase USD-denominated life insurance policies through the Tata AIA’s website.
    Tata AIA will commence operations with a unique term offering USD-denominated Life Protect Supreme, enabling policy benefits in USD.
    The plan offers coverage up to 100 years of age, covering risks like death, accident, disability, and critical illness.
   
   
   
6. Who won the Formula One (F1)  Italian Grand Prix (GP) 2024 held at the Autodromo Nazionale Monza in Monza, Italy?
   1) Charles Leclerc
   2) Lando Norris
   3) Lewis Hamilton
   4) Max Verstappen
   5) Oscar Piastri
   
   Answer & Explanation

   Answer- 1) Charles Leclerc
   Explanation:
   Ferrari’s Charles Leclerc, a Monacan racing driver, won the Formula One (F1) Italian Grand Prix (GP) 2024 (officially known as the F1 Pirelli Gran Premio D’Italia 2024) held at the Autodromo Nazionale Monza in Monza, Italy. This victory marks Leclerc’s 2nd Italian GP title. He previously won the Italian GP title in 2019.
    With this, Leclerc has achieved 7 GP titles, 25 pole positions, 9 fastest laps and 38 podiums in F1.
    McLaren’s Oscar Piastri (Australia) finished 2nd followed by McLaren’s Lando Norris (the United Kingdom -UK) in the 3rd position.
    The 94th edition of the Italian GP (2024) was the 16th round of the 2024 F1 World Championship.
   
   
   
7. According to the National Statistical Office’s (NSO) Quarterly Estimates (QE), India’s Gross Domestic Product (GDP) was estimated to be _________  for the 1st Quarter of the Financial Year 2024-25.
   1) 7.1%
   2) 6.7%
   3) 7.5%
   4) 6.9%
   5) 6.8%
   
   Answer & Explanation

   Answer-2) 6.7%
   Explanation:
   On 30th August 2024, the National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), released the Estimates of Gross Domestic Product (GDP) For the First Quarter (April- June) of 2024-25, along with its expenditure components both at Constant (2011-12) and Current Prices.
    According to the NSO data, India’s Real GDP slowed to a 15-month low of 6.7% in Q1of FY25 as compared to the growth rate of  8.2% in Q1 of FY24 (2023-24), mainly due to poor performance of the agriculture and services sector.
    Real Gross Value Added (GVA) registered a growth of 6.8% (in Q1of FY25) over the growth rate of 8.3% (in Q1of FY24). It is estimated at Rs 40.73 lakh crore in Q1of FY25, against Rs 38.12 lakh crore in Q1 of FY24.
    Real GDP or GDP at Constant Prices in Q1 of 2024-25 is estimated at Rs 43.64 lakh crore inQ1of FY25 against Rs 40.91 lakh crore in Q1 of FY24.
    As per NSO data, agriculture and its allied sector, a key component of the Indian economy saw a modest growth of 2.0%, down from 3.7% (in Q1FY24).Click here to read more
   
   
   
8. Which of the following is ‘not’ among the winners of the 66th edition of Ramon Magsaysay Awards (2024)?
   1) Miyazaki Hayao
   2) Farwiza Farhan
   3) Ravi Kannan
   4) Karma Phuntsho
   5) Nguyen Thi Ngoc Phuong
   
   Answer & Explanation

   Answer-3) Ravi Kannan
   Explanation:
   The Ramon Magsaysay Award Foundation (RMAF) has announced recipients of the 66th edition of Ramon Magsaysay Awards (2024), the premier prize of Asia and highest honor which recognises the greatness of spirit shown in selfless service to the peoples of Asia.
    The Ramon Magsaysay Award was established in 1958 in honor of President Ramon Magsaysay, the seventh president of the Philippines, Ramon Magsaysay Award is Asia’s highest honor. The award is internationally-recognized as the Nobel Prize of Asia.
    Recipients receive a Medallion, a Citation, and a cash prize of USD 50,000. Click here to read more
   2024 Recipients:

   Winner	Country	Citation
   Miyazaki Hayao	Japan	The award recognised his lifelong commitment to the use of art (animation), to illuminate the human condition and his devotion to children as the torchbearers of the imagination.
   Farwiza Farhan	Indonesia	The award recognised her profound understanding of the vital connection between nature and humanity and her commitment to social justice and responsible citizenship through her work with forest communities.
   Karma Phuntsho	Bhutan	The award recognised his contributions towards harmonizing the richness of Bhutan’s past with the diverse predicaments and prospects of its present and inspiring young Bhutanese to be proud of their heritage and confident in their future.
   Dr. Nguyen Thi Ngoc Phuong	Vietnam	The award recognised her spirit of public service which serves as a warning for the world to avoid war at all cost.
   Rural Doctors Movement	Thailand	The award recognised the Thai doctors advocating for healthcare in rural areas and their continuing contribution to Thai people’s health.

   
   
9. Who has been recently (in August ‘24) presented with the ‘Olympic Order in Gold’ for his support to the 2024 Paris Olympic Games?
   1) Rigoberta Menchú Tum
   2) Emmanuel Macron
   3) Thomas Bach
   4) Anne Hidalgo
   5) Amélie Oudéa-Castéra
   
   Answer & Explanation

   Answer-2) Emmanuel Macron
   Explanation:
   Emmanuel Macron, President of France, was presented with the Olympic Order in Gold, for his unwavering support of the Olympic Games Paris 2024. He received this honour from Thomas Bach, President of the International Olympic Committee (IOC), at an official ceremony held at the Elysée Palace in Paris, France.
    This distinction honours his dedication and visionary leadership, which made the Paris Games a symbol of unity and global cooperation.
    Thomas Bach also presented the Olympic Order to Laurent Nuñez, the Paris Prefect of Police, a special police authority in France, and Nicolas Ferrand, Executive Managing Director (EMD) of SOLIDEO, the company responsible for delivering the Olympic facilities, since 2017.
    The Olympic Order, established in 1975, is the highest honour granted by the IOC.
    It recognises individuals who have made outstanding services to the Olympic movement through their contribution to the development of sport.
   
   
   
10. Who has been recently (in August ‘24) appointed as Deputy Chief of the Air Staff (DCAS) of the Indian Air Force?
    1) Dinesh Kumar Tripathi
    2) Vivek Ram Chaudhari
    3) Ashutosh Dixit
    4) Kamal Kishore Soan
    5) Tejinder Singh
    
    Answer & Explanation

    Answer-5) Tejinder Singh
    Explanation:
    On September 1 2024, Air Marshal Tejinder Singh took over as Deputy Chief of the Air Staff (DCAS) of the Indian Air Force (IAF) at Vayu Bhawan, New Delhi, Delhi.
     He replaced Air Marshal Ashutosh Dixit, who was appointed as DCAS in May 2023.
     Prior to this appointment, he served as the Senior Air Staff Officer (SASO), the Headquarters (HQ) Eastern Air Command of the IAF at Shillong, Meghalaya.
     He has been awarded the Vayu Sena Medal (VM) in 2007 and the Ati Vishisht Seva Medal (AVSM) in 2022 by the President of India, in recognition of his meritorious service.
     On September 1 2024, Air Marshal Ashutosh Dixit took over as the Air Officer Commanding-in-Chief (AOC-in-C) of Central Air Command (CAC)of the IAF.