Business, Economy & Banking Current Affairs MCQs

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The Financial Intelligence Unit (FIU), established in 2004 under the Ministry of Finance recently issued alert indicators under the Prevention of Money Laundering Act (PMLA) for various sectors, including capital markets, insurance, online payment gateways, and cryptocurrency services. It analyzes suspicious financial transactions to combat money laundering and terrorism financing. Organizations like banks, stockbrokers, and insurance companies are mandated to register with FIU-IND as reporting entities under PMLA.

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The International Monetary Fund (IMF) approved a $1.1 billion disbursement to Pakistan under the Stand-By Arrangement (SBA), aimed at addressing balance of payments issues. SBAs offer short-term financial aid to member countries, commonly used by both advanced and emerging economies. Eligibility extends to nations with external financing needs. Funding is contingent on policy reforms, including quantitative targets and structural measures. Loan duration ranges from 12 to 36 months.

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SEBI approved changes in mutual fund regulations to combat front-running in Indian asset management companies (AMCs). Front-running, or trading with non-public information ahead of significant transactions, is illegal in India and can impact asset prices. It occurs in various financial markets like stocks and commodities. Common strategies include Buy-Buy-Sell (BBS) and Sell-Sell-Buy (SSB) patterns. These regulatory changes aim to safeguard market integrity and investor interests.

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NPCI’s overseas arm signed a pact with the Bank of Namibia to develop a UPI-like instant payment system for Namibia, leveraging India’s UPI technology and experiences. The collaboration aims to modernize Namibia’s financial ecosystem, enhancing accessibility, affordability, and connectivity with domestic and international payment networks. It also emphasizes interoperability, signaling a significant step towards improving financial inclusion and digital transactions in Namibia.

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APSEZ, backed by President Marcos, plans a deep port in Bataan, Philippines, focusing on ports, airports, power, and defense. Regional expansion targets agricultural product ports, fostering tourism and business gateways. Adani cites stable leadership and environment as reasons for investment, indicating confidence in the Philippines’ potential.

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Retired Justice Sanjaya Kumar Mishra appointed as President of GSTAT, the Second Appellate Authority under the Central GST Act, 2017. GSTAT hears appeals against orders from the Appellate Authority under CGST Act, 2017 and State GST Acts, ensuring dispute resolution uniformity. GSTAT comprises a Principal Bench in New Delhi, led by the President and two Technical Members (one from Centre, one from State), along with several State Benches.

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Groww Mutual Fund recently introduced India’s inaugural Nifty Non-Cyclical Consumer Index Fund. This mutual fund aims for long-term capital growth by investing in securities from the Nifty Non-Cyclical Consumer Index (TRI), comprising 30 companies less affected by economic instability. Non-cyclical stocks, also termed defensive stocks, sustain demand irrespective of economic fluctuations, catering to daily consumer necessities like food and utilities, making them resilient investment choices.

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The Magnetic Resonance Imaging (MRI) market is projected to reach $9.8 billion by 2028. MRI is a non-invasive medical imaging technique pivotal in medical science, providing detailed images of internal structures like organs, bones, muscles, blood vessels, and joints. It operates by leveraging hydrogen atoms’ magnetic properties, utilizing components like superconducting magnets, radio frequency pulses, and Larmor frequency. These components generate detailed images crucial for diagnosis and treatment planning.

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The central government authorized the export of 14,000 tonnes of non-basmati white rice to Mauritius, a reversal of the ban imposed in July 2023 to stabilize domestic prices and ensure food security. The exports will be facilitated through National Cooperative Exports Limited, as per the Directorate General of Foreign Trade’s notification.

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Krishikalpa, a non-profit, launched India’s first FPO accelerator program in Bengaluru, backed by NABARD. It aims to convert FPOs into sustainable rural businesses, facilitating market connections, resource access, and entrepreneurial skills. NABARD contributes cost-effective strategies to bridge agricultural value chain gaps, enabling risk mitigation, knowledge sharing, and revenue growth for farmers. The initiative targets positive change in the agricultural ecosystem through supply chain management and market orientation training.