Business, Economy & Banking Current Affairs MCQs

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The Deputy Governor of the Reserve Bank of India (RBI) mentioned that the RBI is reviewing the foreign investment limit in the overnight index swap (OIS) market. OIS is a derivative that swaps fixed interest rates for a predetermined overnight index rate to manage interest rate risk. The OIS rate is calculated daily based on the average overnight lending rate. It allows financial institutions to swap interest rates without refinancing their loans.
One institution swaps a floating overnight rate while the other swaps a fixed short-term rate, settling differences at the end of the agreement.

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The Central Government recently classified 24 minerals, including Tantalum, as Critical and Strategic under the MMDR Act, 1957. Tantalum is a rare metal with the symbol Ta and atomic number 73. It is usually found in the ore columbite-tantalite (coltan) and major producers include the Democratic Republic of the Congo, Rwanda, Brazil, and Nigeria. Tantalum is a shiny, silvery metal, soft when pure, and highly resistant to corrosion and chemical attack below 150°C. It belongs to refractory metals, known for their high resistance to heat and wear, and has an extremely high melting point.

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The Atal Innovation Mission and CSIRO, Australia, are inviting Indian and Australian start-ups and MSMEs to apply for the Climate Smart Agritech cohort of the India Australia RISE Accelerator. The RISE Accelerator, launched in 2023, supports innovative agritech solutions for shared environmental and climate challenges between India and Australia. The program helps businesses aiming for international expansion, particularly those focused on enhancing agricultural productivity and resilience. Selected participants will engage in a nine-month program with online learning, in-person sessions, field trials, and technology pilots in both countries, emphasizing farmer needs and practices.

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According to the Bureau of Energy Efficiency (BEE), Karnataka leads India with 5,765 public EV charging stations, with 85% (4,462) located in Bengaluru Urban district. This puts Karnataka ahead of Maharashtra, Uttar Pradesh, and Delhi in EV charging infrastructure. Energy Minister K.J. George highlighted Karnataka’s commitment to electric mobility, supported by initiatives like the FAME scheme, BESCOM investments, and public-private partnerships. Karnataka introduced India’s first EV policy in 2017 and plans to develop model EV cities statewide. The 2024 State Budget announced 2,500 new EV charging stations via PPP and ₹35 crore investment for 100 more in collaboration with electricity companies.

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A 2,492-carat diamond, the second-largest ever found, was discovered in the Karowe Diamond Mine in Botswana by Lucara Diamond. This diamond is second only to the 3,106-carat Cullinan Diamond found in South Africa over a century ago. Botswana is a major diamond producer, with the industry contributing 30% of its GDP and 80% of its exports. Advanced X-ray transmission technology was used to unearth the diamond, preserving its size and quality. The diamond still needs to be fully assessed to determine its quality and potential for high-value gems.

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The Insurance Regulatory and Development Authority of India (IRDAI) has set up a task force to tackle issues and promote the growth of surety bond insurance. A surety bond is a risk transfer mechanism where an insurer guarantees that a contractor or principal will fulfill their contractual duties. The three parties involved are: Principal: The contractor or owner, Obligee: The party requiring the bond, often a government entity and Surety: The insurer providing the financial guarantee. Surety bonds offer a more comprehensive solution compared to traditional bank guarantees, especially useful in sectors like construction.

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The Central Board of Direct Taxes (CBDT) launched the Dispute Resolution Scheme (e-DRS), 2022 to simplify and speed up resolving income tax disputes. This scheme aims to cut down on litigation and offer a quicker, more affordable solution for taxpayers. Under section 245MA of the Income-tax Act, 1961, taxpayers can resolve disputes electronically via Dispute Resolution Committees (DRCs). DRCs, present in all 18 regions, can amend orders, reduce penalties, or drop prosecutions, and must make decisions within six months of the application.

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The Union Ministry of Commerce and Industry recommended an anti-dumping duty on aluminium foil imported from China. Anti-dumping duty is a tariff imposed on foreign imports priced below fair market value. Dumping occurs when a product is exported at a price lower than in its domestic market. The duty matches the price difference between the import price and market value in the exporting or other similar markets. It aims to protect local businesses from unfair competition by foreign imports. The World Trade Organization (WTO) allows anti-dumping measures to ensure fair competition. Legal action requires evidence of genuine harm to domestic industries.

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The world’s first fast-charging e-bus is named ‘Veera Mahasamrat.’ It was launched in Bengaluru by Veera Vahana and Exponent Energy. The bus aims to improve travel by eliminating range anxiety with its fast charging. It will first operate on the Bengaluru-Hyderabad route. Four charging stations will be set up along this route to support the e-bus. The launch of ‘Veera Mahasamrat’ is a major step in promoting sustainable transportation in the region.

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Indian merchandise exports may improve in the second half of the year due to an upturn in global trade, as indicated by the WTO Goods Trade Barometer. The Goods Trade Barometer, formerly known as the World Trade Outlook Indicator, is developed by the World Trade Organization. It provides real-time insights into world trade trends and predicts changes in trade growth 2-3 months ahead. The Barometer combines various trade indices into a composite index, signaling turning points in global trade. A reading of 100 shows trade growth in line with trends; above 100 indicates growth, while below 100 suggests a slowdown.