Current Affairs Quiz - May, 2024

Notes:
China demands removal of the Sierra Madre ship, rejected by the Philippines. Commissioned in 1944 for WWII, it served in Vietnam before being transferred to the Philippines in 1976. It was positioned deliberately in 1999 at Second Thomas Shoal, part of the disputed Spratly Islands, to reinforce territorial claims. China’s ships and water cannons threaten supply boats in the area. Removal risks weakening Philippines’ claims and bolstering Chinese presence.

Notes:
The Financial Intelligence Unit (FIU), established in 2004 under the Ministry of Finance recently issued alert indicators under the Prevention of Money Laundering Act (PMLA) for various sectors, including capital markets, insurance, online payment gateways, and cryptocurrency services. It analyzes suspicious financial transactions to combat money laundering and terrorism financing. Organizations like banks, stockbrokers, and insurance companies are mandated to register with FIU-IND as reporting entities under PMLA.

Notes:
The International Monetary Fund (IMF) approved a $1.1 billion disbursement to Pakistan under the Stand-By Arrangement (SBA), aimed at addressing balance of payments issues. SBAs offer short-term financial aid to member countries, commonly used by both advanced and emerging economies. Eligibility extends to nations with external financing needs. Funding is contingent on policy reforms, including quantitative targets and structural measures. Loan duration ranges from 12 to 36 months.

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:
Sri Lanka’s Cabinet approves renovation of Kankesanthurai Port, funded entirely by India. The port, located in the Northern Province, spans about 16 acres and is 104 km from Karaikal Port in Puducherry, India. The decision underscores efforts to enhance connectivity and infrastructure in the region. Additionally, a direct passenger ship service links Nagapattinam in Tamil Nadu to Kankesanthurai, covering 111 km in around three and a half hours.

Notes:
The UK government has implemented groundbreaking laws mandating minimum security standards for internet-connected smart devices, aiming to shield consumers and businesses from hacking and cyber-attacks. Manufacturers are now barred from employing weak default passwords such as “admin” or “12345”. Users will be prompted to change any common passwords upon device start-up, enhancing overall security measures.

Notes:
Recently, an Indian Air Force (IAF) helicopter collected water from Bhimtal Lake in Nainital, Uttarakhand to help control a nearby forest fire.The Indian Army and the IAF were called in to help control the blaze, with MI-17 choppers lifting water from the lake for firefighting efforts. Bhimtal Lake, Uttarakhand’s largest lake in the Nainital district, is a centerpiece of the Kumaon region, dubbed India’s “lake district.” Named after the Mahabharata’s Bhima, it formed naturally due to Earth’s crust shifts. Constructed in 1883 during the British era, it features a masonry dam.

Notes:
World Press Freedom Day, observed annually on May 3, 2024, focuses on “A Press for the Planet: Journalism in the Face of the Environmental Crisis.” Emphasizing journalism’s role in addressing global environmental issues, it highlights the importance of a free press in informing the public and holding decision-makers accountable. Proclaimed by the UN General Assembly in 1993, it commemorates the Declaration of Windhoek, promoting press freedom globally.

Notes:
Hindu devotees gather in Hinglaj, Lasbela district, Pakistan, for an annual festival at the ancient cave temple of Hinglaj Mata. The pilgrimage begins with a trek to steep mud volcanoes, where pilgrims climb stairs and rocks to reach the summit. Tossing coconuts and rose petals into the crater, they seek divine permission to visit the temple. Dedicated to Goddess Hinglaj, it’s one of the oldest temples in the Indian subcontinent. Located near the Hingol River, in Balochistan, Pakistan, the temple complex features shrines, caves, and sacred natural formations.

Notes:
SEBI approved changes in mutual fund regulations to combat front-running in Indian asset management companies (AMCs). Front-running, or trading with non-public information ahead of significant transactions, is illegal in India and can impact asset prices. It occurs in various financial markets like stocks and commodities. Common strategies include Buy-Buy-Sell (BBS) and Sell-Sell-Buy (SSB) patterns. These regulatory changes aim to safeguard market integrity and investor interests.