Current Affairs Quiz - August, 2024

Notes:
The Indian Air Force (IAF) participated in the bilateral Exercise Udara Shakti 2024 with the Royal Malaysian Air Force. The exercise took place in Kuantan, Malaysia, from 6-9 August 2024. Both air forces deployed seven Sukhoi-30 fighter planes, which are purchased from Russia. India’s Sukhoi-30 planes, mostly produced by Hindustan Aeronautics Limited (HAL), are the Su-30MKI variant, specifically modernized for India. Exercise Udara Shakti 2024 included Training Exercises and Subject Matter Expert Exchange concepts. Training Exercises focused on air combat involving Su-30 planes from both countries.

Notes:
An ancient clay figurine from the Iron Age has been discovered in Lake Bolsena, Italy. Lake Bolsena, located in the Lazio region, is Europe’s largest volcanic lake, spanning 113.5 square kilometers. It formed 370,000 years ago from the collapse of the Vulsini volcano. The lake features tidal-like movements called “sessa” and has two islands, Martana and Bisentina, formed by underwater eruptions. Its shores are natural with forests, reed beds, and vineyards, and towns bordering the lake include Capodimonte and Bolsena.

Notes:
The Indian Army and Sri Lankan Army started their 10th joint exercise, “Mitra Shakti,” at Maduru Oya in Sri Lanka’s Southern Province. This year’s focus is on joint operations in semi-urban areas, in line with UN Chapter VII on peace and security threats. This year’s exercise involves 120 soldiers from India’s Rajputana Rifles. The goal is to boost both armies’ skills in counter-terrorism and urban warfare. The exercise aims to strengthen defense ties, enhance coordination, and improve interoperability between the Indian and Sri Lankan armed forces.

Notes:
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.

Notes:
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.

Notes:
The Union Finance Minister introduced the Banking Laws (Amendment) Bill, 2024, to transfer unclaimed dividends, shares, and bonds to the Investor Education and Protection Fund (IEPF). The IEPF was established under the Companies Act, 1956, and manages unpaid amounts like dividends, deposits, and debentures unclaimed for seven years. The fund also receives grants and donations and is managed by the Investor Education Protection Fund Authority (IEPFA). IEPFA was established in 2016 under the Companies Act, 2013, and is overseen by the Ministry of Corporate Affairs.

Notes:
Gotipua is a traditional dance form from Odisha, performed by young boys who dress as women to honor Lord Jagannath and Lord Krishna. This dance, a precursor to Odissi classical dance, involves acrobatic movements inspired by the life of Radha and Krishna. The boys wear a bright blouse called “Kanchula” and an embroidered silk cloth called “Nibibandha.” Gotipua emerged in the 16th century during King Rama Chandra Dev’s reign, replacing female temple dancers known as Devadasis. However, the future of these young dancers becomes uncertain as they age and leave the tradition.

Notes:
IIT Gandhinagar has launched the Centre for Narmada River Basin Management (cNARMADA) to study the Narmada River and its surroundings. The center will collaborate with IIT Indore and is supported by the Ministry of Jalshakti.
cNARMADA’s goal is to assess the current condition of the Narmada River’s ecosystem and identify issues affecting its health. The center will create a Condition Assessment and Management Plan (CAMP) to closely study the river and its tributaries, analyzing the impact of human activities on the environment.

Notes:
Drug-resistant fungal infections, especially Trichophyton indotineae, are a growing health concern in India. Trichophyton indotineae, known as ringworm or jock itch, was first identified in India and has spread globally. It belongs to genotype VIII within the T. mentagrophytes/T. interdigitale species. Inappropriate use of steroid creams has made this strain difficult to treat. Symptoms include persistent, treatment-resistant rashes, often misdiagnosed as eczema. Misdiagnosis and delayed treatment worsen the condition and increase community transmission. Resistant cases may require alternative treatments like itraconazole, with close healthcare monitoring.

Notes:
Archaeologists at Göbekli Tepe in Turkey discovered a pillar that may be the world’s oldest calendar, dating back nearly 13,000 years. The pillar is located at the ancient site of Göbekli Tepe in the Şanlıurfa province, which is one of the oldest known farming communities in the world. The markings on the pillar appear to show solar and lunar cycles, and may have been used to record dates by ancient humans using precession, the wobble in Earth’s axis that affects the movement of constellations. The markings also depict the summer solstice as a special day, represented by a “V” around the neck of a bird-like beast.