Current Affairs Quiz - May, 2019

Notes:
German payments company Wirecard has teamed up with India to simplify the process of issuing tax identity cards required to open bank accounts, transfer money or complete business transactions. The deal, with state company UTI Infrastructure Technology and Financial Services, seeks to widen the distribution of so-called PAN cards in the country of 1.3 billion where most people still live and work in the informal economy. Munich-based Wirecard, founded in 1999, runs a digital payments platform that handles payments for merchants and issues real and ‘virtual’ payment cards to consumers. It mainly operates under arrangements that allow their partners to rebrand their products. Wirecard is already has a presence in India and its network of 15,000 retail agents in 350 cities would help collect and scan in the documents that people need to apply for a PAN card.

Notes:
In Ukraine, comedian and political newcomer Volodymyr Zelensky has been sworn-in as the new President of war-torn country. He starred in the long-running satirical drama ‘Servant of the People’ in which his character accidentally becomes Ukraine’s president. He plays a teacher who is elected after his expletive-laden rant about corruption goes viral on social media. He ran under a political party with the same name as his show. With no previous political experience, Mr Zelensky’s campaign focused on his difference from the other candidates rather than on any concrete policy ideas. Despite this, he stormed to victory and won 73% of the vote.

Notes:
The British-Sri Lankan human rights documentary maker- turned debut novelist, Guy Gunaratne has won the 2019 £30,000 Swansea University International Dylan Thomas prize for his debut novel ‘In Our Mad and Furious City’. It is the fictional account of 48 hours in a North London housing estate after the murder of a British soldier. Gunaratne is a human rights documentary maker-turned-debut novelist. The £30,000 Prize is awarded to the best published literary work in the English language, written by an author aged 39 or under.

Notes:
The International Day of United Nations Peacekeepers is observed every year on May 29 to pay tribute to the invaluable contribution by the uniformed and civilian personnel and to honour more than 3,800 peacekeepers who have lost their lives while rendering peacekeeping services. The 2019 theme is “Protecting Civilians, Protecting Peace”. This is the date when in 1948 the first UN peacekeeping mission named the “United Nations Truce Supervision Organization (UNTSO), began operations in Palestine. Since then, more than one million men and women have served in 72 UN peacekeeping operations, directly impacting the lives of millions of people, protecting the world’s most vulnerable and saving countless lives. India is the 4th largest troop contributor to the UN peacekeeping missions. UN peacekeeping has helped countries move from war to peace. At present, India contributes about 6,400 peacekeepers to various missions across the world.

Notes:
Conrad K Sangma, the Chief Minister of Meghalaya, has launched Rs 18-crore Aroma Mission at Byrwa in Ri-Bhoi district with an aim to strengthen the livelihood condition of farmers and create employment opportunities in the state. The move will boost the cultivation of Medicinal and Aromatic Plants (MAPs). As part of the mission, a Memorandum of Agreement was also signed between the Central Institute of Medicinal and Aromatic Plants (CIMAP) and Meghalaya Basin Development Authority (MBDA) for a collaborative work on medicinal and aromatic plants. The CIMAP is a frontier plant research laboratory of Council of Scientific and Industrial Research (CSIR). The chief minister also called for preserving forest cover while announcing the government’s plan to plant one million trees on World Environment Day on June 5 in different parts of the state especially in catchment areas.

Notes:
The Reserve Bank of India (RBI) has constituted a 6-member committee to review the existing state of mortgage securitisation in India and suggest measures to deepen it. The committee on the development of housing finance securitisation market, headed by Bain & Co Senior Advisor Harsh Vardhan, will review the regulations relating to Mortgage-Backed Securitization (MBS) currently in place, and make specific recommendations on suitably aligning the same with international norms. It will recommend specific measures for facilitating secondary market trading in mortgage securitisation instruments, such as broadening the investor base, and strengthening the market infrastructure.

Notes:
The Trump administration has recently removed India and Switzerland from its currency monitoring list of major trading partners. Both the countries were removed from the list because for two consecutive reports they had both met only one of three criteria necessary for inclusion on the monitoring list. According to the report, India had a significant bilateral surplus & Switzerland had a material current account surplus. The watch list contains the names of countries that have potentially questionable foreign exchange policies and are suspected to be manipulating their currencies to gain trade advantages over the US. However, the list includes China, Japan, South Korea, Germany, Italy, Ireland, Singapore, Malaysia and Vietnam among others.

Notes:
President Muhammadu Buhari has been sworn-in for his second term as President of Nigeria in a ceremony at the Eagle Square in Abuja. He won 56% of the votes to defeat his main rival Atiku Abubakar of the Peoples’ Democratic Party (PDP) in the 2019 February election. Buhari will face a number of challenges during his second term as he tries to fulfil his election promises, including dealing with security threats and managing a sluggish economy and a high unemployment rate.

Notes:
The Reserve Bank of India (RBI) has constituted a six-member task force, headed by Canara Bank chairman T.N. Manoharan, on the development of secondary market for corporate loans. The terms of reference of the task force would include review of the existing state of the market for loan sale or transfer in India as well as the international experience in loan trading. Further the task force will be required to make recommendations on required policy or regulatory interventions for facilitating development of secondary market in corporate loans, including loan transaction platform for stressed assets. The task force has been asked to submit its report by the end of August 2019. In India, banks sell their stressed loans to the Asset Reconstruction Companies, but have practically no other alternatives. However, globally, there is a healthy corporate loan market where banks can offload their stressed assets and those get traded.

Notes:
In Madhya Pradesh, Devi Ahilya Bai Holkar Airport of Indore has been declared as International Airport. It was given the International status as per sub-rule (b) of rule 3 of the Passport (Entry into India) Rules, 1950 by the Central Government. The airport, named after Maharani Ahilya Bai Holkar of Indore, is considered the busiest airport in the region. The Indore airport facilitates round the clock operations and was given its World Standardization Certificate by the UK. An international airport has customs and border control facilities enabling passengers to travel between countries. Such airports are usually larger than domestic airports and often feature longer runways.