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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 26th June 2024. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2024 & other competitive exams can make use of these Current Affairs Quiz.

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1) According to the surveys, how many public sector banks are expected to launch qualified institutional placements (QIPs) in FY25 to meet SEBI requirements?

(a) 4

(b) 5

(d) 3

(e) 7

2) The Securities and Exchange Board of India (SEBI) will consider a proposal to tighten rules governing the inclusion of equities in the derivatives segment at its board meeting on June 27, 2024. Sebi requested feedback on modifying eligibility requirements for stocks in futures and options (F&O) in its consultation document dated June 8, 2024. The F&O segment presently has ______ stocks, compared to 207 in May 2018.

(a) 182

(b) 181

(d) 185

(e) 189

3) Niva Bupa Health Insurance Company Limited (Niva Bupa), an Indian health insurer, intends to raise $_________ million through an initial public offering.

(a) 360

(b) 350

(d) 380

(e) 310

4) Which bank intends to open around 175 to 200 new branches during the fiscal year 2024-25?

(a) ICICI bank

(b) HDFC bank

(d) Axis bank

(e) RBL bank

5) Which company has partnered with global travel aggregators such as Skyscanner, Google Flights, and Wego to increase its presence in the travel industry?

(a) Paytm

(b) Phonepe

(d) Amazon pay

(e) Gpay

6) Which bank, one of the country’s largest public sector banks, has issued a statement confirming the hacking of its official X handle?

(a) ICICI bank

(b) Indian bank

(d) Axis bank

(e) Canara bank

7) On July 1, 2017, the Goods and Services Tax (GST) replaced how many local taxes and fees in India?

(a) 15

(b) 17

(d) 12

(e) 19

8) In June 2024, Railway Minister Ashwini Vaishnaw inspected the progress of the enhanced Automatic Train Protection System (ATP) in which version of Kavach at Rail Bhawan?

(a) 3.2

(b) 3.5

(d) 4.5

(e) 3.8

9) Which products has the Government of India placed stock limits on across numerous industries, including Traders/Wholesalers, Retailers, Big Chain Retailers, and Processors in all States and Union Territories?

(a) Rice

(b) Wheat

(d) Soybeans

(e) Dairy Products

10) In 2023, the Ministry of External Affairs (MEA) of India provided 16.5 million passport-related services, representing a remarkable annual increase of roughly what percentage?

(a) 12%

(b) 14%

(d) 17%

(e) 19%

11) In which city will CAG open its first “Chadwick House: Navigating Audit Heritage” museum in India in June 2024?

(a) Kolkata

(b) Shimla

(d) Chennai

(e) Jaipur

12) A newly formed round of mining rights auctions was started by Union Mines Minister G. Kishan Reddy in ________ blocks that are rich in crucial and vital minerals.

(a) 20

(b) 21

(d) 18

(e) 22

13) As per the report, a CBIC will provide comprehensive clarification regarding the GST applicability of corporate guarantees, covering laws related to liability distribution and value. Which CGST Rule will be affected by the recently suggested revisions, with a focus on their retroactive applicability starting on October 26, 2023?

(a) Rule 28(2)

(b) Rule 27(2)

(d) Rule 24(2)

(e) Rule 29(2)

14) Which individuals and specialists are involved in the Production Linked Incentive (PLI) projects for speciality steel, for which India’s Steel Ministry is expediting visa applications?

(a) Japan

(b) China

(d) Russia

(e) France

15) What percentage of uniform GST would be applied to all kinds of solar cookers at the June 2024 GST meeting in order to encourage renewable energy initiatives?

(a) 10%

(b) 11%

(d) 14%

(e) 15%

16) India consumes more coal than both North America and Europe combined, signalling a significant shift in the global energy picture. Which nation reduced its gas imports from the EU from 45% in 2021 to 15% in 2023?

(a) Japan

(b) China

(d) Russia

(e) France

17) Vedanta Ltd., led by billionaire Anil Agarwal, is considering offering its first foreign bonds for at least $500 million. What is the maximum amount of money that the bond sale may raise, depending on investor interest, according to sources familiar with the situation?

(a) $2billion

(b) $1billion

(d) $4billion

(e) $5billion

18) Which of the following cities is not recognized by the World Craft Council as an Indian “World Craft City” after receiving UNESCO Creative City Network recognition?

(a) Kolkata

(b) Srinagar

(d) Malappuram

(e) Mysore

19) According to the UNESCO Creative Towns Network (UCCN) honors towns all over the world for their dedication to using creativity as a key component of sustainable urban development.Which of the following pair is incorrect?

(a) Srinagar and Jaipur: Crafts and Folk Arts.

(b) Mumbai: Film category.

(d) Hyderabad: Music category.

(e) Kozhikode : Literature

20) The resolution to rename the state “Keralam” was approved by the Kerala Assembly. Which Article of the Indian Constitution was called for in the resolution put up by Chief Minister Pinarayi Vijayan in order to implement this modification to the First Schedule?

(a) Article 4

(b) Article 3

(d) Article 5

(e) Article 7

21) In which state or union territory is the annual Hemis Monastic Festival, also called Hemis Tseschu, an occasion dedicated to honouring Tibetan Buddhism held?

(a) Delhi

(b) Ladakh

(d) Lakshadweep

(e) Chandigarh

22) Which Small Finance Bank has appointed Paul Thomas as Managing Director (MD) and Chief Executive Officer (CEO) to lead its board of directors, Sa-Dhan?

(a) AU SFB

(b) Suryoday SFB

(d) Utkarsh SFB

(e) ESAF SFB

23) For how many years did the Appointments Committee of the Cabinet (ACC) permit Tapan Kumar Deka, Director of the Intelligence Bureau (IB), to stay as his employee?

(a) 1

(b) 2

(d) 4

(e) 5

24) Which bank’s board includes Arun Kumar Singh, an additional director nominated by the Reserve Bank of India (RBI)?

(a) Federal bank

(b) Canara bank

(d) Bandhan bank

(e) RBL bank

25) Sony Pictures Networks India (SPNI) has named Gaurav Banerjee, a former Disney executive, as its Managing Director and CEO. Banerjee will be succeeded by whom?

(a) V.P Singh

(b) S.P Singh

(d) N.P Singh

(e) K.P Singh

26) JP Nadda, Union Minister for Health and Family Welfare and President of the Bharatiya Janata Party (BJP), has been nominated to be Rajya Sabha Leader in June 2024. Nadda replaces which Union Minister?

(a) Piyush Goyal

(b) Sarbananda Sonowal

(d) Bhupendra Yadhav

(e) Arjun Ram

27) Smriti Mandhana, known for her aggressive batting style, made history in Indian cricket during the most recent ODI series against which country?

(a) Hong Kong

(b) South Africa

(d) Russia

(e) China

28) In June 2024, Pat Cummins of which nation made history as the first bowler to secure consecutive hat-tricks in the T20 World Cup?

(a) New Zealand

(b) Zimbabwe

(d) England

(e) Srilanka

29) Which country hosted the Archery World Cup Stage 3 where India’s recurve mixed team of Dhiraj Bommadevara and Bhajan Kaur won bronze?

(a) New Zealand

(b) Zimbabwe

(d) England

(e) Turkey

30) Every year, on _____________, the International Day Against Drug Abuse and Illicit Trafficking 2024 is observed to raise awareness about the effect and harmful consequences of drugs on society.

(a) June 24

(b) June 25

(d) June 27

(e) June 23

Answers :

1) Answer: B

Short Explanation:

Five state-owned banks(UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) are planning qualified institutional placements or QIPs in the second half of FY25 to reduce the government’s stake to comply with the Securities and Exchange Board of India’s (SEBI) mandate of a maximum 75% government holding.
The quantum of share sale is expected to be between 5% and 10% of the bank’s paid-up equity capital initially, with further sales staggered over the next two years.

Detailed Explanation:

Five state-owned banks(UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) are planning qualified institutional placements or QIPs in the second half of FY25 to reduce the government’s stake to comply with the Securities and Exchange Board of India’s (SEBI) mandate of a maximum 75% government holding.
The quantum of share sale is expected to be between 5% and 10% of the bank’s paid-up equity capital initially, with further sales staggered over the next two years.
Public Shareholding Compliance:PSBs have sought a two-year extension from SEBI to achieve the 25% minimum public shareholding requirement, similar to the extension granted to LIC to achieve 10% public shareholding by May 2027.
Current Public Shareholding: Public shareholding in the five PSBs (UCO Bank, Central Bank of India, Punjab & Sind Bank, Bank of Maharashtra, and Indian Overseas Bank) ranges from 1.75% to 13.54%.
Value of Government Shares to be Sold: Approximately ₹64,500 crore worth of government shares need to be sold at current market prices to reach the 75% public shareholding target.
Indian Overseas Bank requires the highest amount at ₹26,750 crore, while Bank of Maharashtra requires the lowest at around ₹5,350 crore.
Financial Performance:The total net profit of listed public sector as well as private sector banks in FY24 jumped 39% year-on-year (YoY) to cross ₹3 trillion for the first time.

2) Answer: B

Short Explanation:

The Securities and Exchange Board of India (SEBI) will consider a proposal to tighten rules on the inclusion of stocks in the derivatives segment at its board meeting on June 27, 2024.
Background and Consultation:In the June 8, 2024 consultation paper, Sebi sought feedback on revising eligibility criteria for stocks in futures and options (F&O).
The F&O segment currently has 181 stocks, against 207 in May 2018.

Detailed Explanation:

The Securities and Exchange Board of India (SEBI) will consider a proposal to tighten rules on the inclusion of stocks in the derivatives segment at its board meeting on June 27, 2024.
Background and Consultation:In the June 8, 2024 consultation paper, Sebi sought feedback on revising eligibility criteria for stocks in futures and options (F&O).
Objective is to ensure stocks in derivatives are liquid and traded widely to mitigate manipulation risks.
Current Market Dynamics: Average daily notional turnover in equity derivatives has significantly increased, highlighting growing retail participation and speculative activity since the stock market rally post-April 2020.
Concerns have risen over the suitability of certain stocks in the F&O segment due to erratic trading volumes and manipulation risks.
Proposed Changes: Sebi proposes to raise thresholds for F&O entry, including Median Quarter Sigma Order Size, Market Wide Position Limit, and Average Daily Delivery Value.
Introducing exit criteria similar to index derivatives to maintain liquidity and stability.
Impact on Stocks in F&O Segment: Potential for 18-22 stocks to exit and 70-75 stocks to become eligible for derivatives trading based on initial analysis.
Focus on ensuring only the most liquid stocks qualify for F&O to enhance market integrity.
The F&O segment currently has 181 stocks, against 207 in May 2018.

3) Answer: A

Short Explanation:

Indian health insurer Niva Bupa Health Insurance Company Limited (Niva Bupa) plans to raise $360 million through an Initial Public Offering (IPO).
The IPO could potentially value Niva Bupa at up to $2.5 billion.
Initial Public Offering (IPO) is the process by which private companies sell their shares to the public intending to raise equity capital from public investors.
Stake Sales: British United Provident Association (Bupa) plans to sell a stake worth up to $38 million.
Indian private equity firm True North plans to sell a stake worth up to $225 million.
IPO Filing: Niva Bupa will file papers with India’s market regulator in the next week for IPO approval.

Detailed Explanation:

Indian health insurer Niva Bupa Health Insurance Company Limited (Niva Bupa) plans to raise $360 million through an Initial Public Offering (IPO).
The IPO could potentially value Niva Bupa at up to $2.5 billion.
Initial Public Offering (IPO) is the process by which private companies sell their shares to the public intending to raise equity capital from public investors.
Stake Sales: British United Provident Association (Bupa) plans to sell a stake worth up to $38 million.
Indian private equity firm True North plans to sell a stake worth up to $225 million.
IPO Filing: Niva Bupa will file papers with India’s market regulator in the next week for IPO approval.
Fund Allocation Use of Funds:
$96 million will be raised by issuing new shares.
$264 million worth of shares will be sold by existing investors.
Funds will be used to strengthen the balance sheet and for operating expenses
Recent IPOs:
In June 2024, Hyundai filed for a potentially record-breaking IPO.
Upcoming IPOs include Ola Electric, FirstCry, and Bajaj Housing Finance.
Niva Bupa’s Market Position: Niva Bupa has a market share of 1.8%, partnering with over 10,000 hospitals.
Competition: Competes with larger insurance ventures like Allianz and Generali.
Foreign Investment: India in 2021 allowed foreign investors to take a stake of up to 74% in local insurers from 49% earlier.
In 2023, U.K’s Bupa increased its stake in the Indian venture by 20% to 63%
Advisors for IPO: Niva Bupa has hired Morgan Stanley and Indian banks ICICI, Kotak, Axis, HDFC, and Motilal Oswal.

4) Answer: C

Short Explanation:

Kotak Mahindra Bank plans to open approximately 175 to 200 new branches in the financial year 2024-25.
This decision comes after the Reserve Bank of India (RBI) restricted the bank from acquiring new customers through digital channels.

Detailed Explanation:

Kotak Mahindra Bank plans to open approximately 175 to 200 new branches in the financial year 2024-25.
This decision comes after the Reserve Bank of India (RBI) restricted the bank from acquiring new customers through digital channels.
In April 2024 the RBI barred Kotak Mahindra Bank from adding new customers via its online and mobile banking platforms.
The bank was also prohibited from issuing new credit cards due to deficiencies related to information technology.
India’s fourth-largest private lender will target the pockets where there is easy availability of deposits.

5) Answer: A

Short Explanation:

One97 Communications (parent company of Paytm) has partnered with global travel aggregators including Skyscanner, Google Flights, and Wego to expand its presence in the travel segment.
These partnerships aim to enhance Paytm’s travel booking capabilities and offerings.
Expansion of Flight Options:Paytm has onboarded three new international carriers: Cambodia Angkor Air, SalamAir, and

Detailed Explanation:

One97 Communications (parent company of Paytm) has partnered with global travel aggregators including Skyscanner, Google Flights, and Wego to expand its presence in the travel segment.
These partnerships aim to enhance Paytm’s travel booking capabilities and offerings.
Expansion of Flight Options:Paytm has onboarded three new international carriers: Cambodia Angkor Air, SalamAir, and
This expansion is in response to a 19% year-on-year increase in flight bookings on Paytm Travel during Q4FY24.
Collaboration with Samsung:Paytm has teamed up with Samsung to offer integrated bookings for flights, buses, movies, and events through Samsung Wallet.
Integration with Amadeus:In 2023, Paytm integrated its New Distribution Capability (NDC) with global travel technology firm Amadeus.

The initiative initially included Singapore Airlines and Qatar Airways on the NDCx platform, and expanded with the recent onboarding of Eva Airways

6) Answer: E

Short Explanation:

Canara Bank, one of the country’s prominent public sector banks, has issued a notice confirming the hacking of their official X handle.

Detailed Explanation:

Canara Bank, one of the country’s prominent public sector banks, has issued a notice confirming the hacking of their official X handle.
The concerned teams are investigating the matter and working closely with X to regain access to Canara Bank’s X handle at the earliest.
X will hand over control of the page to the bank only after completing Standard Operating Procedure (SOP).
The compromised page, which has 250,000 followers, displayed advertisements from a cryptocurrency company.

7) Answer: B

Short Explanation:

The Goods and Services Tax (GST), introduced on July 1, 2017, replaced 17 local taxes and fees across India.

Detailed Explanation:

The Goods and Services Tax (GST), introduced on July 1, 2017, replaced 17 local taxes and fees across India.
Over nearly seven years since its implementation, GST has led to notable reductions in tax rates for various products and services crucial to everyday life.
Tax Reductions: Data from the Central Board of Indirect Taxes and Customs (CBIC) indicates that post-GST implementation, the tax burden on many household essentials has decreased.
Affordability Improvements: Items such as flour, cosmetics, televisions, refrigerators, and more have seen lowered prices, easing financial pressures on households.
Broader Impact: These reductions in GST have not only made essential goods more affordable but have also contributed to enhancing overall consumer purchasing power.

8) Answer: C

Short Explanation:

Railway Minister Ashwini Vaishnaw recently reviewed the progress of the enhanced Automatic Train Protection System (ATP), Kavach 4.0, at Rail Bhawan.

Detailed Explanation:

Railway Minister Ashwini Vaishnaw recently reviewed the progress of the enhanced Automatic Train Protection System (ATP), Kavach 4.0, at Rail Bhawan.

Current Deployment

Kavach 3.2 is currently operational on high-density routes.
Plans underway to upgrade and expand Kavach 4.0 across the railway network.

Minister’s Review

On June 22, Vaishnaw assessed the advancements made in Kavach 4.0.
Manufacturers presented progress reports; testing in advanced stages.

Implementation Plans

Vaishnaw stressed on systematic and swift deployment of Kavach 4.0 once operational.
Emphasizes Kavach as a significant leap in enhancing railway safety.

Background

Indian Railways initiated ATP technology adoption in 2016 with the Train Collision Avoidance System(TCAS).
Represents a modernisation effort to align with global safety standards.

9) Answer: B

Short Explanation:

The Government of India has implemented stock limits on wheat across various entities including Traders/Wholesalers, Retailers, Big Chain Retailers, and Processors in all States and Union Territories.

Detailed Explanation:

The Government of India has implemented stock limits on wheat across various entities including Traders/Wholesalers, Retailers, Big Chain Retailers, and Processors in all States and Union Territories.

Purpose

Aims to regulate and stabilise wheat availability and prices across the country.

Implementation Details

Effective Date: The Removal of Licensing Requirements, Stock Limits and Movement Restrictions on Specified Foodstuffs (Amendment) Order, 2024 is effective from June 24, 2024.
Duration: Applicable until March 31, 2025.

Stock Limits

Traders/Wholesalers: Limited to 3000 MT.
Retailers: 10 MT per retail outlet.
Big Chain Retailers: 10 MT per outlet and 3000 MT at all depots.
Processors: 70% of Monthly Installed Capacity (MIC) multiplied by remaining FY 2024-25 months.

Compliance Requirements

Entities must declare their stock positions and update them regularly on the Department of Food and Public Distribution’s portal (https://evegoils.nic.in/wsp/login).
Entities exceeding the prescribed limits must adjust their stocks within 30 days from the issuance of this notification.

10) Answer: C

Short Explanation:

In 2023, the Ministry of External Affairs (MEA) of India delivered 16.5 million passport-related services, marking a significant annual growth of nearly 15%.
External Affairs Minister S Jaishankar praised the efficiency of service delivery during the 12th Passport Seva Divas, commemorating the Passports Act’s enactment on June 24, 1967.

Detailed Explanation:

In 2023, the Ministry of External Affairs (MEA) of India delivered 16.5 million passport-related services, marking a significant annual growth of nearly 15%.
External Affairs Minister S Jaishankar praised the efficiency of service delivery during the 12th Passport Seva Divas, commemorating the Passports Act’s enactment on June 24, 1967.

Key Achievements

Service Growth: Witnessed an annual growth of nearly 15% in passport and related services.
Application Volume: Monthly applications surpassed 1.4 million in 2023.

Technological Integration

Jaishankar emphasized leveraging advanced technologies to enhance citizen experience.

Infrastructure Expansion

Passport Seva Kendras (PSKs) and POPSKs: Operates a network of 533 application processing centers, including 440 post office passport seva kendras (POPSKs) and 93 PSKs across 37 regional Passport Offices (RPOs) nationwide.

RPOs Conference

A three-day Regional Passport Officers (RPO) conference in Delhi coincided with the 12th Passport Seva Divas, inaugurated by Minister of State for External Affairs, Kirti Vardhan Singh.

11) Answer: B

Short Explanation:

The Comptroller and Auditor General of India inaugurated the ‘Chadwick House: Navigating Audit Heritage Museum’ in Shimla, marking a significant milestone in preserving and celebrating the institution’s rich legacy and contributions to India’s governance.

Detailed Explanation:

The Comptroller and Auditor General of India inaugurated the ‘Chadwick House: Navigating Audit Heritage Museum’ in Shimla, marking a significant milestone in preserving and celebrating the institution’s rich legacy and contributions to India’s governance.

Museum Location and Historical Significance

Location: Chadwick House, a historic landmark in Shimla.
Historical Significance: Mahatma Gandhi stayed here in 1946 during his visit for the Cabinet Mission. In 1950, it became a training school for the Indian Audit and Accounts Service.

Preservation Efforts

Challenges: Facing neglect and potential demolition in 2018.
Intervention: The Supreme Audit Institution of India stepped in to preserve its heritage.

Development into a Museum

MoU: Signed with Prasar Bharati (All India Radio) in December 2020 to establish Chadwick House as a museum.
Facility: State-of-the-art museum showcasing the evolution, achievements, and milestones of the Comptroller and Auditor General of India.

12) Answer: B

Short Explanation:

Union Mines Minister G. Kishan Reddy initiated a new round of auctions for mining rights in 21 blocks rich in critical and strategic minerals.
Additionally, winners for six blocks from the previous auction held in November were announced.

Detailed Explanation:

Union Mines Minister G. Kishan Reddy initiated a new round of auctions for mining rights in 21 blocks rich in critical and strategic minerals.
Additionally, winners for six blocks from the previous auction held in November were announced.

Strategic Focus

Minerals: Focus on critical minerals such as Phosphorite, Lithium, Graphite, and Manganese.
Locations: Blocks awarded in Odisha, Tamil Nadu, Uttar Pradesh, and Chhattisgarh.

Future Plans

Offshore Minerals: Plans to commence auctions for 10 offshore blocks within the first 100 days in office.
Production Goals: Aim to expedite mining activities to achieve self-sufficiency in mineral imports.

Government Perspective

Ministry’s Goals: Ensure mines commence production swiftly to bolster domestic supply.
Investor Interest: Optimism about increased investor interest compared to previous rounds.

13) Answer: A

Short Explanation:

The Central Board of Indirect Taxes & Customs (CBIC) is set to issue a comprehensive clarification on the application of GST concerning corporate guarantees provided by related parties for loans from banks or financial institutions.
Recommendations by GST Council: Recently recommended amendments to Rule 28(2) of the CGST Rules will be covered, particularly focusing on retrospective applicability from October 26, 2023.

Detailed Explanation:

The Central Board of Indirect Taxes & Customs (CBIC) is set to issue a comprehensive clarification on the application of GST concerning corporate guarantees provided by related parties for loans from banks or financial institutions.

Key Points:

Scope of Circular: The upcoming circular aims to address several key issues, including the distribution of GST liability when multiple guarantors are involved and the tax responsibility in cases with foreign guarantors.
Recommendations by GST Council: Recently recommended amendments to Rule 28(2) of the CGST Rules will be covered, particularly focusing on retrospective applicability from October 26, 2023.
Valuation Clarifications: The circular intends to clarify nuances related to the valuation of services under Rule 28(2).
Notably, it specifies that such valuation won’t apply in scenarios involving the export of services or when the recipient is eligible for full input tax credit.

14) Answer: B

Short Explanation:

India’s Steel Ministry is streamlining visa procedures for Chinese technicians and experts involved in The Production Linked Incentive (PLI) projects for speciality steel.
The Ministry plans to monitor and report progress on speciality steel-making schemes under the PLI initiative.

Detailed Explanation:

India’s Steel Ministry is streamlining visa procedures for Chinese technicians and experts involved in The Production Linked Incentive (PLI) projects for speciality steel.
The Ministry plans to monitor and report progress on speciality steel-making schemes under the PLI initiative.

Investment Trends in FY24

Revised expected investment for FY24 was ₹16,000 crore.
Actual investments were ₹14,500 crore, 10% lower than anticipated.
Previous commitments were ₹21,000 crore.

PLI Scheme for Speciality Steel

57 MoUs signed, leading to an investment of ₹29,500 crore.
Additional capacity of 25 million tonnes (mt) by FY28.

Investment Update till December 2023

Selected companies have invested ₹12,900 crore by December 2023. An additional ₹10,000 crore investment is expected in FY25.

Equipment Requirements and Imports

Precision equipment for speciality steel production is mostly imported.
Expected import of 15-20% of steel plant equipment from foreign countries.

15) Answer: C

Short Explanation:

GST Council proposes exemption for specific services offered by Indian Railways to the general public and intra-railway transactions.
GST exemption proposed for:
- Platform tickets
- Retiring rooms
- Waiting rooms
- Cloakroom facilities
- Battery-operated car services
Uniform GST rate of 12% for all types of solar cookers, supporting renewable energy initiatives.

Detailed Explanation:

GST Council proposes exemption for specific services offered by Indian Railways to the general public and intra-railway transactions.
GST exemption proposed for:
- Platform tickets
- Retiring rooms
- Waiting rooms
- Cloakroom facilities
- Battery-operated car services

Upcoming Agenda

Focus on pending agenda items from today’s meeting.

Key Decisions

Measures aimed at easing compliance and providing relief to taxpayers.

Next Meeting

Tentative schedule for mid to late August.

Relief Measures and Waivers

Interest Penalties Waived

Waiver recommended on interest penalties under Section 73 for FY 2017-18 to 2019-20.
Conditions: Full tax amount paid by March 31, 2025.

Extension of Input Tax Credit (ITC)

Extension granted for ITC claims related to invoices or debit notes up to November 30, 2021.

Simplification and Facilitation

Litigation Curbs

Monetary thresholds set for appeals:
- GST appellate tribunal: Rs 20 lakh
- High courts: Rs 1 crore
- Supreme Court: Rs 2 crore

Return Filing Extension

Deadline extended from April 30 to June 30 for FY 2024-25 onwards.

Uniform GST Rates

Sprinklers

All types, including fire and water sprinklers, to attract a uniform GST rate of 12%.

Accommodation Services

Exemption for accommodation services up to Rs 20,000 per person per month, benefiting hostels and similar establishments.

Milk Cans and Carton Boxes

Uniform GST rate of 12% recommended for:
- Milk cans (steel, iron, aluminium)
- Carton boxes and cases (corrugated and non-corrugated paper or paperboard)

Solar Cookers

Uniform GST rate of 12% for all types of solar cookers, supporting renewable energy initiatives.

Other Recommendations

Phased rollout of biometric-based Aadhaar authentication for GST registration.
Appointment of Bihar’s Deputy CM as Chairman of GoM on Rate Rationalization.

16) Answer: D

Short Explanation:

India’s coal consumption exceeds that of Europe and North America combined, marking a significant shift in global energy dynamics.
Statistical Review of World Energy: Released by Energy Institute (EI), in collaboration with KPMG and Kearney, covering comprehensive global energy data for 2023.
Russia: Reduced its share of EU gas imports from 45% in 2021 to 15% in 2023.

Detailed Explanation:

India’s coal consumption exceeds that of Europe and North America combined, marking a significant shift in global energy dynamics.
Statistical Review of World Energy: Released by Energy Institute (EI), in collaboration with KPMG and Kearney, covering comprehensive global energy data for 2023.
Global Energy Consumption: Reached a record high of 620 Exajoules (EJ), driven by increased use of coal and oil, pushing global fossil fuel consumption to 505 EJ.

Regional Trends:

Europe: Experienced a 7% decline in gas demand, with LNG imports surpassing piped gas for the second consecutive year.
Russia: Reduced its share of EU gas imports from 45% in 2021 to 15% in 2023.
Advanced Economies: Likely reached peak dependence on fossil fuels.

Global Fossil Fuel Use:

China: Despite overall fossil fuel use increasing by 6%, the share of fossil fuels in primary energy consumption has been declining since 2011, reaching 81.6% in 2023.
Renewables: Showed acceleration, particularly in China, amid struggles to curb fossil fuel growth in developing economies.
Africa: Saw a slight decline (-0.5%) in primary energy consumption, with fossil fuels dominating at 90% compared to renewables (excluding hydro) at 6% of electricity.

17) Answer: B

Short Explanation:

Vedanta Ltd., led by billionaire Anil Agarwal, is contemplating its debut overseas bond issuance, aiming to raise at least $500 million.
The company is currently discussing the plan with lenders and seeking legal advice on the potential sale.

Potential Size

The bond sale could reach up to $1 billion depending on investor interest, as per sources familiar with the matter.

Detailed Explanation:

Vedanta Ltd., led by billionaire Anil Agarwal, is contemplating its debut overseas bond issuance, aiming to raise at least $500 million.
The company is currently discussing the plan with lenders and seeking legal advice on the potential sale.

Potential Size

The bond sale could reach up to $1 billion depending on investor interest, as per sources familiar with the matter.

Other Fundraising Avenues

Vedanta also explores additional fundraising options, including equity sales and securing local currency loans from domestic banks.

Previous Actions

Historically, Vedanta has issued local currency bonds and borrowed in Indian rupees from local lenders.
Recently, the company’s board approved the issuance of 10 billion rupees ($120 million) in local, non-convertible debentures.

Strategic Implications

The move marks Vedanta’s strategic effort to diversify its funding sources and potentially expand its global investor base.

18) Answer: A

Short Explanation:

Srinagar, a City in Jammu and Kashmir has become the 4th Indian city to be recognised as a ‘World Craft City’ by the World Craft Council (WCC), 3 years after it was designated as part of the UNESCO Creative City Network (UCCN) for crafts and folk arts.
Jaipur (City in Rajasthan) Malappuram (City in Kerala) and Mysore (City in Karnataka) are the other Indian cities that have previously been recognised as World Craft Cities.

Detailed Explanation:

Srinagar, a City in Jammu and Kashmir has become the 4th Indian city to be recognised as a ‘World Craft City’ by the World Craft Council (WCC), 3 years after it was designated as part of the UNESCO Creative City Network (UCCN) for crafts and folk arts.
The J&K administration applied for this recognition in 2021 alongside the UNESCO designation.
The WCC tag for Srinagar will help artisans in the long term by enhancing global recognition and demand for our handicrafts.
Jaipur (City in Rajasthan) Malappuram (City in Kerala) and Mysore (City in Karnataka) are the other Indian cities that have previously been recognised as World Craft Cities.
Variety of Crafts: As of now, at least 10 different forms of craftsmanship survive in Srinagar and its suburbs, including papier-mâché, walnut wood carving, carpets, Sozni embroidery and Pashmina and Kani shawls.

19) Answer: D

Short Explanation:

Kozhikode in north Kerala, known for its rich cultural heritage, was officially declared as India’s first United Nations Educational, Scientific and Cultural Organization (UNESCO) ‘City of Literature’.
Gwalior and Kozhikode from India are among the 55 new cities which have joined the UCCN.

Other Indian Cities in UCCN:

Srinagar and Jaipur: Crafts and Folk Arts.
Mumbai: Film category.
Chennai and Varanasi: Music category.
Hyderabad: Gastronomy category

Detailed Explanation:

Kozhikode in north Kerala, known for its rich cultural heritage, was officially declared as India’s first United Nations Educational, Scientific and Cultural Organization (UNESCO) ‘City of Literature’.
In October 2023, Kozhikode had earned a place in the ‘Literature’ category of the UCCN.
The Kerala government also announced that from this coming year(2024), June 23 will be celebrated as the ‘City of Literature’ Day of Kozhikode, a place known for literary greats like the late S K Pottakkad and Vaikom Muhammed Basheer.
Gwalior and Kozhikode from India are among the 55 new cities which have joined the UCCN.
The new list was published on its website on World Cities Day, which falls on October 31.
While Gwalior in Madhya Pradesh made it to the coveted list in the ‘Music’ category, Kozhikode earned the place in the ‘Literature’ category.
Global Context:Other cities in the new list include Bukhara (Crafts and Folk Art), Casablanca (Media Arts), Chongqing (Design), Kathmandu (Film), Rio de Janeiro (Literature), and Ulaanbaatar (Crafts and Folk Art).
UCCN Statistics:The UCCN now includes 350 cities in over 100 countries, covering 7 creative fields: Crafts and Folk Art, Design, Film, Gastronomy, Literature, Media Arts, and Music.
Upcoming UCCN Conference:The newly designated Creative Cities are invited to participate in the 2024 UCCN Annual Conference from July 1-5, 2024, in Braga, Portugal, under the theme ‘Bringing Youth to the Table for the Next Decade’

Other Indian Cities in UCCN:

Srinagar and Jaipur: Crafts and Folk Arts.
Mumbai: Film category.
Chennai and Varanasi: Music category.
Hyderabad: Gastronomy category

20) Answer: B

Short Explanation:

The Kerala Legislative Assembly unanimously passed a resolution on June 24 to change the name of the state from ‘Kerala’ to ‘Keralam’.
The resolution, moved by Chief Minister Pinarayi Vijayan, called for invoking Article 3 of the Indian Constitution to effectuate this change in the First Schedule.
Historical Context: The resolution reflects a longstanding demand to recognize the state’s name as ‘Keralam’, which is how it is referred to in Malayalam.

Detailed Explanation:

The Kerala Legislative Assembly unanimously passed a resolution on June 24 to change the name of the state from ‘Kerala’ to ‘Keralam’.
The resolution, moved by Chief Minister Pinarayi Vijayan, called for invoking Article 3 of the Indian Constitution to effectuate this change in the First Schedule.
Historical Context: The resolution reflects a longstanding demand to recognize the state’s name as ‘Keralam’, which is how it is referred to in Malayalam.
The name change aims to align with historical and cultural sentiments dating back to the national freedom struggle.
Previous Attempts: A similar resolution was passed on August 9, 2023, but was sent back by the Central government due to procedural issues.
The revised resolution addresses these procedural concerns by focusing on the First Schedule.
Article 3 of the Indian Constitution: The resolution invokes Article 3, which deals with the formation of new states and the alteration of areas, boundaries, or names of existing states
Ongoing Name Change Requests:West Bengal has also been seeking a name change to Bangla, which would move it up in the alphabetical listing of Indian states.

21) Answer: B

Short Explanation:

The Hemis Monastic Festival, also known as Hemis Tseschu, is an annual celebration of Tibetan Buddhism in Ladakh, India.
In 2024, the festival will be held on June 16th and 17th.

Detailed Explanation:

The Hemis Monastic Festival, also known as Hemis Tseschu, is an annual celebration of Tibetan Buddhism in Ladakh, India.
In 2024, the festival will be held on June 16th and 17th.

Celebration Activities:

Grand prayers
Sacred mask dances (Chaam dance)
Exhibition of Thanka or mural paintings
The festival marks the birth anniversary of Guru Padma Sambhava.
Popularity: Attracts large numbers of visitors from across India and abroad.
Historical Background: Celebrated since the 17th century, founded by Galras Rinpoche, son of the King of Ladakh, Deskong Namgyal.
Cultural Highlight: The Chaam dance, performed by monks in colorful masks, symbolizes the triumph of good over evil and represents Guru Padmasambhava’s eight avatars.

22) Answer: E

Short Explanation:

Paul Thomas, Managing Director (MD) & Chief Executive Officer (CEO) of ESAF Small Finance Bank, has been elected as Chairperson of the board of Sa-Dhan.
He was previously the co-chair of the Association.

Detailed Explanation:

Paul Thomas, Managing Director (MD) & Chief Executive Officer (CEO) of ESAF Small Finance Bank, has been elected as Chairperson of the board of Sa-Dhan.
He was previously the co-chair of the Association.

Co-Chairs:

Sadaf Sayeed, CEO of Muthoot Microfin.
Mukul Jaiswal, MD of Cashphor Micro Credit.

Treasurer:

V N Salimath, Chairman of IDF Financial Services.

Board Members:

Sadaf Sayeed has been re-elected for a second term on the board at the Association’s Annual General Body meeting held on June 21st.
New members elected to the board include:
A Ramesh Kumar, Chairman & MD of Laraksha Impact Finance.
Nagendra Mali, MD of Navachetna Microfinance.
Ganesh Chandra Modak, MD of Grameen Shakti.
The Society also approved a ₹30 crore budget for the current year, which is almost 75 per cent more than the current year’s income and expenditure.

23) Answer: A

Short Explanation:

The Appointments Committee of the Cabinet (ACC) approved a year’s extension in service to Tapan Kumar Deka, Director, Intelligence Bureau (IB).
The extension is effective beyond June 30, 2024, or until further orders, whichever is earlier.
The extension is in relaxation of the provisions of FR 56 (d) and Rule 16 (1A) of All India Services (Death cum Retirement Benefits) Rule, 1958.

Detailed Explanation:

The Appointments Committee of the Cabinet (ACC) approved a year’s extension in service to Tapan Kumar Deka, Director, Intelligence Bureau (IB).
The extension is effective beyond June 30, 2024, or until further orders, whichever is earlier.
The extension is in relaxation of the provisions of FR 56 (d) and Rule 16 (1A) of All India Services (Death cum Retirement Benefits) Rule, 1958.
Tapan Kumar Deka is a retired Indian Police Service (IPS) officer from the 1988 batch.
He belongs to the Himachal Pradesh cadre.
Tenure Details : Deka was appointed as head of the country’s domestic intelligence agency on June 24, 2022, months before he was set to retire in February 2023.
He assumed office on July 1, 2022.
His original two-year tenure was to be completed on June 30, 2024.
During his tenure as IB chief, Deka took the fight to the left-wing extremists in Central India with the Maoists now confined to Bastar district of Chhattisgarh.
He was instrumental in dismantling the Pak-sponsored Indian Mujahideen group.
Deka investigated the 26/11 Mumbai attacks and brought the culprits to justice.

24) Answer: D

Short Explanation:

The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director on the board of Bandhan Bank.
His appointment is effective from 24 June 2024 for a period of one year, or until further orders, whichever is earlier.
The appointment coincides with the upcoming retirement of Bandhan Bank’s founder, Chandra Shekhar Ghosh, scheduled for July 9, 2024.

Detailed Explanation:

The Reserve Bank of India (RBI) has appointed Arun Kumar Singh as an additional director on the board of Bandhan Bank.
His appointment is effective from 24 June 2024 for a period of one year, or until further orders, whichever is earlier.
The appointment coincides with the upcoming retirement of Bandhan Bank’s founder, Chandra Shekhar Ghosh, scheduled for July 9, 2024.
Arun Kumar Singh previously served as the chief general manager (retired) at RBI.
He has extensive experience, having been a nominee director for RBI on the boards of five banking and non-banking entities.
Singh also served as the Regional Director for the State of Rajasthan during his tenure at RBI.
Bandhan Bank aims to rebalance its loan portfolio, targeting a shift from the current 57.4% unsecured loans to achieving a 50:50 ratio of secured and unsecured loans by FY26.
The bank, whose current portfolio is 57.4% unsecured loans and 42.6% secured loans, plans to achieve a 50:50 ratio by FY26.

25) Answer: D

Short Explanation:

Sony Pictures Networks India (SPNI) announced the appointment of former Disney executive Gaurav Banerjee as its Managing Director (MD) and Chief Executive Officer (CEO), effective on or before August 26,2024 pending regulatory approvals.
Banerjee will succeed P. Singh, who will move into the role of Non-Executive Chairman after a 25-year tenure.

Detailed Explanation:

Sony Pictures Networks India (SPNI) announced the appointment of former Disney executive Gaurav Banerjee as its Managing Director (MD) and Chief Executive Officer (CEO), effective on or before August 26,2024 pending regulatory approvals.
Banerjee will succeed P. Singh, who will move into the role of Non-Executive Chairman after a 25-year tenure.
P. Singh will transition to his new role only after Banerjee takes charge, supporting the transition through the end of the fiscal year.
Banerjee Started his media career as an assistant producer and anchor at Aaj Tak.
He Moved to Star News, where he produced and anchored prime-time news shows.
He previously held the positions of Head of Content for Hindi Entertainment & Disney+ Hotstar and Business Head for Star Bharat, Hindi & English Movies, Kids & Infotainment, and Regional (East).

26) Answer: A

Short Explanation:

Union Minister for Health and Family Welfare and Bharatiya Janata Party (BJP) president JP Nadda has been appointed as the Leader of the House in the Rajya Sabha.
Nadda replaces Union Minister Piyush Goyal, who recently won the Lok Sabha election and took oath on Monday as a member of the Lower House of Parliament.

In the Cabinet, Mr. Nadda is also in charge of the Chemicals and Fertilizers portfolio.

Detailed Explanation:

Union Minister for Health and Family Welfare and Bharatiya Janata Party (BJP) president JP Nadda has been appointed as the Leader of the House in the Rajya Sabha.
Nadda replaces Union Minister Piyush Goyal, who recently won the Lok Sabha election and took oath on Monday as a member of the Lower House of Parliament.
In the Cabinet, Mr. Nadda is also in charge of the Chemicals and Fertilizers portfolio.
Congress president Mallikarjun Kharge is the Leader of the Opposition in the Rajya Sabha.
Besides Mr. Nadda, 11 other members of the Upper House of Parliament are in the Union Council of Ministers.
Nadda started his political career with the Akhil Bharatiya Vidyarthi Parishad (ABVP), the student wing of the Rashtriya Swayamsevak Sangh (RSS), showing a long-standing association with the BJP’s ideological roots.
In April 2012, he was elected to the Rajya Sabha from the state.
In 2014 when the BJP came to power at the Centre, he was appointed as Union minister for health and family welfare and was renominated to the Rajya Sabha in 2018.

27) Answer: B

Short Explanation:

Smriti Mandhana, renowned for her aggressive batting style, created history in Indian cricket during the recent ODI series against South Africa.

Detailed Explanation:

Smriti Mandhana, renowned for her aggressive batting style, created history in Indian cricket during the recent ODI series against South Africa.

Back-to-Back Centuries:

She became the first Indian woman cricketer to score consecutive centuries in ODIs.
Mandhana’s centuries in the first two matches showcased her outstanding form and consistent performance.

Near Miss of Milestone:

In the final ODI, Mandhana narrowly missed the opportunity to become the second player globally to achieve three consecutive centuries in ODIs.

Career Milestones:

Mandhana has accumulated 3585 runs in ODIs, including seven centuries and 25 fifties.

28) Answer: C

Short Explanation:

Australia’s Pat Cummins has achieved a remarkable milestone in T20 World Cup history by becoming the first bowler to secure consecutive hat-tricks in the tournament.
Historic Feat: Pat Cummins achieved back-to-back hat-tricks during Australia’s Super Eights match against Afghanistan.

Detailed Explanation:

Australia’s Pat Cummins has achieved a remarkable milestone in T20 World Cup history by becoming the first bowler to secure consecutive hat-tricks in the tournament.
Historic Feat: Pat Cummins achieved back-to-back hat-tricks during Australia’s Super Eights match against Afghanistan.
Sequence of Wickets: In the 18th over, Cummins dismissed Rashid Khan with the last ball. He then returned in the 20th over to take the wickets of Karim Janat and Gulbadin Naib.
Rare Achievement: This marks only the eighth instance of a bowler taking a hat-trick in a Men’s T20 World Cup match.
First Time for Multiple Hat-Tricks: Cummins is the first player ever to achieve this feat more than once in the history of the tournament.

29) Answer: E

Short Explanation:

India’s recurve mixed team of Dhiraj Bommadevara and Bhajan Kaur displayed exceptional skill to secure a bronze medal in the Archery World Cup Stage 3 held in Turkey.

Detailed Explanation:

India’s recurve mixed team of Dhiraj Bommadevara and Bhajan Kaur displayed exceptional skill to secure a bronze medal in the Archery World Cup Stage 3 held in Turkey.
Event Overview: Competing against Mexico, India initially trailed 0-2 after the first set but staged a comeback.
Match Highlights: The Indian duo levelled the score with a flawless round and ultimately won 5-3 (35-38, 40-39, 38-37, 38-38) against Alejandra Valencia and Matias Grande of Mexico.
Medal Tally: This bronze marks India’s third medal at the event, with prospects for more as Dhiraj Bommadevara and Ankita Bhakat advance to their individual semifinals.

30) Answer: C

Short Explanation:

Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking 2024 is commemorated to raise awareness about the impact and negative consequences that drugs have on society.
2024 THEME: “The evidence is clear: invest in prevention”

Detailed Explanation:

Every year on June 26th, the International Day Against Drug Abuse and Illicit Trafficking 2024 is commemorated to raise awareness about the impact and negative consequences that drugs have on society.
2024 THEME: “The evidence is clear: invest in prevention”
On December 7, 1987, the United Nations General Assembly established June 26 as International Day Against Drug Abuse and Illicit Trafficking. During the early twentieth century, the global epidemic of drug usage was already recognized.
Illicit drugs and drug trafficking pose a significant health risk to humanity. Even though the younger generation is aware that drugs are hazardous to them, they continue to use them for recreational purposes.

Daily Current Affairs Quiz – 26th June 2024

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