Current Affairs Quiz - May, 2024

Notes:
The National Bank for Agriculture and Rural Development (NABARD) recently sanctioned a study on the impact evaluation of Geographical Indication (GI) products to Symbiosis School of Economics. A GI is a sign used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. The protection of intellectual property through laws will help to reap benefits in terms of economic growth, employment and income generation.

Notes:
Former world number one archer Deepika Kumari re-inducted into the Target Olympic Podium Scheme (TOPS) core group for Paris Games. TOPS, initiated by the Ministry of Youth Affairs and Sports in 2014 (revamped in 2018), aims to enhance India’s Olympic and Paralympic performance. Funded by the National Sports Development Fund (NSDF) and Khelo India scheme, it identifies elite athletes through the TOPS Elite Athletes’ Identification Committee and provides targeted training via the Mission Olympic Cell (MOC).

Notes:
The launch of the ‘Ammunition Cum Torpedo Cum Missile Barge, LSAM 20 (Yard 130)’, 6th Barge of the 11 x ACTCM Barge Project, built by MSME Shipyard, M/s Suryadipta Projects Pvt Ltd, Thane for Indian Navy, occurred on 29 Apr 24. The contract was signed on 05 Mar 21. These Barges, designed and built indigenously, enhance operational capabilities by facilitating transportation and embarkation of ammunition. They are a part of the Make in India initiative.

Notes:
Recent lava from La Cumbre volcano on Fernandina Island, Galápagos, devastates the habitat of rare land iguanas. Positioned atop the mantle plume generating Galápagos, it erupted for the first time since 2020. The island, 1,125 km off Ecuador’s mainland, boasts a large caldera hosting a permanent lake, attracting diverse wildlife, including tens of thousands of Galápagos land iguanas nesting within it.

Notes:
Justice (retired) Dinesh Kumar, former Chief Justice of the Karnataka High Court, has been appointed as the Presiding Officer of the Securities Appellate Tribunal (SAT), filling a 4-month vacancy left by Justice Tarun Aggarwal’s retirement in December 2023. SAT, an autonomous body under the SEBI Act, 1992, hears appeals against orders from financial regulators like SEBI, PFRDA, and IRDAI, aiming to streamline appeal processes outside of High Courts.

Notes:
The Bombay High Court ruled that public sector banks can’t recommend Look Out Circulars (LOCs) against loan defaulters. LOCs are government directives to immigration authorities, restricting a person’s movement. They’re used by law enforcement to prevent individuals under investigation from leaving or entering the country. Typically issued by police or intelligence agencies, LOCs are a tool authorized by the Ministry of Home Affairs to detain suspects at designated ports.

Notes:
NPCI’s overseas arm signed a pact with the Bank of Namibia to develop a UPI-like instant payment system for Namibia, leveraging India’s UPI technology and experiences. The collaboration aims to modernize Namibia’s financial ecosystem, enhancing accessibility, affordability, and connectivity with domestic and international payment networks. It also emphasizes interoperability, signaling a significant step towards improving financial inclusion and digital transactions in Namibia.

Notes:
Researchers from Cochin University of Science and Technology (Cusat) discovered a new marine tardigrade species, Batillipes chandrayaani, on Tamil Nadu’s southeast coast, named after Chandrayaan-3. Found in Mandapam’s intertidal beach sediments, it measures 0.15mm in length and 0.04mm in width. Sporting a trapezoid-shaped head and four pairs of legs with sharp-tipped sensory spines, both sexes share similar morphology. It’s the 39th species under the genus Batillipes. Tardigrades, dubbed “water bears,” are resilient micro-animals, with marine species constituting 17% of known tardigrades, found across all oceans.

Notes:
India and Nigeria agreed to expedite the Local Currency Settlement System Agreement, aiming to enhance bilateral trade. Trade settlements will occur in Indian rupees and Nigerian naira. The decision was reached during the 2nd India-Nigeria Joint Trade Committee session in Abuja. Led by Amardeep Singh Bhatia, the Indian delegation included representatives from the RBI, EXIM Bank, and NPCI. The meeting, held from April 29 to 30, 2024, outlined areas for trade enhancement.

Notes:
APSEZ, backed by President Marcos, plans a deep port in Bataan, Philippines, focusing on ports, airports, power, and defense. Regional expansion targets agricultural product ports, fostering tourism and business gateways. Adani cites stable leadership and environment as reasons for investment, indicating confidence in the Philippines’ potential.