Current Affairs Quiz - February, 2023

Notes:
The Special Marriage Act of 1954 (SMA) was passed by the Indian Parliament to govern the civil marriages that are sanctioned by the state instead of the religion.
It is designed to enable interfaith or inter-caste marriages without the couple giving up their individual religious identities. This law applies to people of all faiths, including Muslims, Hindus, Sikhs, Christians, Jains, and Buddhists living across India.

Notes:
Lavani folk art is a traditional art form in which women dancers wearing brightly coloured sarees, perform on stage before live audience. This indigenous art form gained popularity during the Peshwa era in the 18th century.
There are various sub-genres of Lavani. The most popular among them is the Shringarik or the erotic kind. A younger generation of women dancers is accused of vulgarising the traditional folk-art form.

Notes:
India’s power regulator has approved a proposal to start a separate spot market segment for ‘expensive’ power, according to an order given to the Indian Energy Exchange (IEX).
The approval from the Central Electricity Regulatory Commission (CERC), given to the country’s largest spot power market, is for electricity derived from costlier sources of imported coal and gas, as well as battery storage.

Notes:
The rising demand for the popular Teja variety of red chilli in the export market is aiding the Khammam Agriculture Market, which is Telangana’s second largest chilli market yard.
The chilli is famous for its culinary, medicinal and other wide-ranging uses. It is also a main ingredient in making pepper spray. The huge demand for Oleoresin, a natural chilli extract, is mainly driving the export of Teja variety of red chilli from Khammam to various Asian countries.

Notes:
The 49th meeting of the GST Council was held recently, under the chairship of the Union Finance Minister.
It was decided to clear all pending dues of pertaining to GST compensation to states. The finance minister also spoke about the GoM report on online gaming and said that the report has been submitted. The chair of the GoM is Meghalaya Chief Minister Conrad Sangma.

Notes:
China has introduced a 30 days paid marriage leave plan is aimed at increasing the country’s declining birth rate.
This policy change aims to encourage young couples to get married and have children, and is seen as an effective way to increase the fertility rate. The extension of marriage leave is especially being implemented in areas with relatively slow economic development.

Notes:
The Reserve Bank of India (RBI) recently released draft guidelines on minimum capital requirements for market risk in accordance with Basel III standards.
These guidelines set boundaries between the trading book and banking book of banks, and specify instruments that will be subject to market risk capital requirements and those subject to credit risk capital requirements.

Notes:
First loss default guarantee (FLDG) arrangement allowed fin-tech companies to provide a guarantee to compensate for up to a certain percentage of default in a loan portfolio.
The RBI has banned the FLDG arrangement under its digital lending guidelines due to concerns regarding fin-techs taking on default risks without regulation. Fintech lenders are exploring alternative business models.

Notes:
The AMASR (Amendment) Bill is a proposed legislation that aims to make several changes to the Ancient Monuments and Archaeological Sites and Remains (AMASR) Act.
The Act regulates the preservation of historical monuments and archaeological sites. It seeks to redefine the current definition of a ‘monument’ which currently requires it to be at least 100 years old.

Notes:
Agasthiyamalai Elephant Reserve is the fifth elephant reserve in Tamil Nadu. It is situated close to the Kalakad Mundanthurai Tiger Reserve (KMTR).
The Tamil Nadu government has recently issued an order to establish a biodiversity museum and a conservation center with eco-park in the Agasthiyamalai Elephant Reserve. It will be funded by the Tamil Nadu Pollution Control Board.