Current Affairs Quiz - March, 2020

Notes:
The Fifteenth Finance Commission is to set up a panel soon, which will examine the fiscal and debt situation of the Centre and states.
This panel is to be headed by the Chairman of the 15th Finance Commission N.K.Singh. It will present a road map on the lines of the erstwhile Fiscal Responsibility and Budget Management panel, which was also headed by N.K.Singh. The panel may include or receive suggestions from former RBI Governor Urjit Patel, former chief economic advisor Arvind Subramanian among others.

Notes:
The Defence Ministry has recently signed an 880-crore contract with Israel Weapons Industries (IWI) for procurement of 16,479 light machine guns (LMGs).
According to the contract which was signed with the Israel-based arms industry company, it would provide Negev 7.62 x 51 mm light machine guns to the Indian armed forces. This type of LMG is a combat proven weapon and used by several countries around the globe at present.

Notes:
The Small Industries Development Bank of India (SIDBI) said that it will launch Swavalamban Express Train on June 5 this year for budding entrepreneurs.
The Swavalamban Express will travel to 11 cities covering 7,000 km in 15 days. This is a part of its umbrella mission Swavalamban. Under this mission, youths will board the train with an idea and they shall get down with effective business plan after a series of experimental learning

Notes:
In a ceremony at iconic Panathenaic stadium of Athens, Greece has handed over the Olympic flame to Tokyo 2020 organisers.
The ceremony did not include the planned cultural ceremonies from Greece or Japan, due to COVID-19 pandemic. The Governing Olympic body of Greece, Hellenic Olympic Committee’s President Spyros Capralos handed the torch over to the Tokyo Organising Committee. The Hellenic Olympic Committee organises the lighting ceremony of Olympic Torch and its relay in Greece.

Notes:
The United States announced that it has successfully tested a hypersonic missile on March 20, 2020. This is a follow-up exercise of the first joint US Army and Navy flight experiment conducted in 2017.
The hypersonic missile can travel faster than the current nuclear-capable ballistic and cruise missiles. They travel at low altitudes and switch direction in flight and as they do not follow a predictable arc like traditional missiles, it is harder to track and intercept them.

Notes:
The Border Roads Organisation opened a 360 feet long suspension bridge over the Teesta river near Chungthang town in North Sikkim.
Under Project Swastik the project of construction of the bridge commenced in October 2019 and completed it in January 2020. The bridge is expected to promote tourism in the state. It also enables the movement of logistics for the Armed Forces easier.

Notes:
One of India’s leading private sector banks, IndusInd Bank has appointed Sumant Kathpalia as the Managing Director and CEO for a period of three years.
As the previous MD & CEO of the bank Romesh Sobti retired, after holding the top position for 12 years, this appointment has been approved. Sumant Kathpalia has more than three decades of experience in multi-national banks such as Citibank and Bank of America. He had previously served as the Head of Consumer Banking in the same bank.

Notes:
The Technical Advisory Committee of the National Supercomputing Mission (MSM-TAC) has approved the installation of a Supercomputing facility with 650 TFLOPS, at IIT Guwahati, Assam.
The installation of the supercomputing system has been started under the National Supercomputing Mission (NSM). It is co-ordinated by the Department of Science and Technology (DST) and the Ministry of Electronics and Information Technology (MeitY). The mission is being implemented by the Centre for Development of Advanced Computing (C-DAC), Pune, and Indian Institute of Science (IISc), Bengaluru.

Notes:
International Day of Remembrance of the Victims of Slavery and the Transatlantic Slave Trade is observed on March 25 every year, across the world. The day honours those who suffered and died due to brutal slavery system. It also aims to raise awareness about the dangers of racism and prejudice.
The International Day of Solidarity with Detained and Missing Staff Members is also observed on March 25. It marks the anniversary of the abduction of a former journalist named Alec Collett, who worked for the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA).

Notes:
Under the Drugs & Cosmetics Rules, those drugs classified under Schedule H1 should not be sold over the counter. The schedule was introduced in the year 2013.
Earlier, the Indian Council of Medical Research (ICMR) recommended the drug for front line medical workers and high risk-people who were in contact with the coronavirus infected patient. As common people rushed to buy this medicine in large numbers, there were reports of hoarding and shortage of this medicine.