Current Affairs Quiz - May, 2020

Notes:
As per the recent reports, the Parliament of Iran has passed a bill to allow the Government to change the national currency from Rial to Toman.
Since 2017, the value of Iranian currency fell after heavy U.S. sanctions, which led to huge inflation and resultant street protests across the country. Now under the bill, the Government will slash four zeroes from the from its currency ‘Rial’. This bill should be approved by the clerical body before coming into effect.

Notes:
The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, allow banks and financial institutions to auction properties, when borrowers fail to repay their loans.
Recently as per the judgement of the Supreme Court, the cooperative banks that are involved in the banking activities are considered as a ‘banking company’. Hence the SARFAESI act may be modified to include the procedure of loan recovery by cooperative banks.

Notes:
The evacuation exercise of India, considered to be one of the largest, has been named the ‘Vande Bharat Mission’, will engage about 64 flights to bring home Indian nationals stranded abroad.
Several countries including the UAE, Saudi Arabia, UK, Singapore and the US will be covered. In the first week of repatriation, the Gulf countries will be focussed. The highest number of flights to bring back people, were allotted for the states of Kerala (15), Tamil Nadu (11) and Delhi (11).

Notes:
The new Prime Minister of Iraq, Mustafa al-Kadhimi assumed office after the country’s parliament approved a new government. The parliament also approved 15 ministers in a vote of confidence and seven ministries including Foreign affairs and Oil were left empty.
There has been political crisis for more than six months in the country. The two previous nominees for the role of prime minister, Mohammed Tawfiq Allawi and Adnan al-Zurfi failed to secure the required support from cabinet ministers.

Notes:
‘Mukhyamantri Yuba Yogayog Yojana’ is a welfare scheme of the state of Tripura. It was seen in news as the state’s Chief Minister Biplab Kumar Deb launched an online portal scholarships.gov.in as a part of the scheme.
Under the scheme, the students who are in final year in colleges or Universities can apply through the portal and the state government will provide Rs. 5,000 as a grant for smart phone. More than 14000 students will be benefitted by this scheme.

Notes:
Beijing headquartered Multilateral development bank, Asian Infrastructure Investment Bank recently approved a $500 million loan to support India’s Covid-19 operations. The loan is co-financed by the World Bank.
AIIB also highlighted that building a resilient health system to effectively treat COVID-19 patients and preventing its spread is the immediate priority. Last month the bank doubled its initial COVID-19 Crisis Recovery Facility to 10 billion from 5 billion.

Notes:
The state government of Jharkhand has recently banned manufacture, sale and storage of 11 brands of pan masala for a year.
This step has been taken to curb the harmful chemical Magnesium carbonate, present in pan masala. The chemical is carcinogenic and harmful to the heart and banned for usage, as per the Food Safety Act, 2006 regulations. Earlier, Maharashtra and Bihar also had imposed a ban on pan masala.

Notes:
Coir Board, a statutory body under the Ministry of Micro, Small and Medium Enterprises has recently signed an MoU with the Indian Institute of Technology-Madras, to establish a Centre of Excellence for Coir Applications.
As per the announcement of the MSME Ministry, Coir Board will provide a financial assistance of five crore rupees for two years for the establishment and running of the Centre of Excellence. The Centre will take up and develop the Research and Development work done in the coir sector.

Notes:
Recently, about 2 Crore Olive Ridley turtle hatchlings walked into the sea from Odisha’s coast. The turtles settle at the Gahirmatha and Rushikulya rookery in the state and lay eggs every year.
Several lakhs of turtles lay eggs on the coast, in a phenomenon called Arribada. These hatchlings will grow up and said to return to the same place for laying their eggs. The turtles get their name from the colour of its olive-green shell. As per the World Wildlife Fund, they are the most abundant of all sea turtles but they are vulnerable because they nest in only a few places.

Notes:
The Union Budget 2020 proposed to reduce the stay period of an individual in India to 120 days, from the previous 182 days. But this reduction is only applicable to persons with less than Rs 15 lakh as Indian income during the Financial year.
Recently, Finance Ministry allowed a relief in determining the residential status during 2019-20, where a person came to India before 22nd March, 2020 and was unable to leave India on or before 31st March 2020, his period of stay in India from 22nd March to 31st March shall not be taken into account. Otherwise they shall have to file tax returns as Indian residents.