Current Affairs Quiz: May 31, 2024

June 1, 2024 CA Team

Which organization is hosting the Cold Chain and Logistics Summit in New Delhi, aimed at fostering collaboration and innovation in India’s perishable goods industry?
A) Confederation of Indian Industry (CII)
B) Federation of Indian Chambers of Commerce & Industry (FICCI)
C) National Association of Software and Service Companies (NASSCOM)
D) Associated Chambers of Commerce and Industry of India (ASSOCHAM)
E) None of the above

View Answer
Option B
Explanation:
The Cold Chain and Logistics Summit is being organised by the FICCI in New Delhi. The summit aim is to foster collaboration and innovation in developing an integrated, sustainable, and efficient cold chain ecosystem for India’s perishable goods industry. India’s cold chain Industry, will grow to Rs 5 lakh cr by 2030 from Rs 2 lakh cr now.
Which credit rating agency recently raised India’s outlook to ‘positive’ after 10 years, while affirming its ‘BBB-‘ long-term rating?
A) Moody’s
B) Fitch Ratings
C) S&P Global Ratings
D) DBRS Morningstar
E) None of the above

View Answer
Option C
Explanation:
In a rare move, S&P Global Ratings, raised its outlook for India to ‘positive’ from ‘stable’ while affirming the lowest investment grade sovereign credit rating (BBB-) ahead of the general election results due on June 4.
Which institution recently signed a Memorandum of Understanding (MoU) with the Armed Forces Medical Services (AFMS) for collaborative research and training?
A) IIT Delhi
B) IIT Bombay
C) IIT Hyderabad
D) IIT Madras
E) None of the above

View Answer
Option C
Explanation:
The Armed Forces Medical Services (AFMS) have signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology (IIT) Hyderabad to collaborate on research and training.
At the 77th World Health Assembly in Geneva, which country hosted a side event on Women, Children, and Adolescent Health in collaboration with Norway, UNICEF, UNFPA, and PMNCH?
A) Canada
B) India
C) Brazil
D) South Africa
E) None of the above

View Answer
Option B
Explanation:
During the ongoing 77th World Health Assembly, India hosted a side event on Women, Children and Adolescent Health in collaboration with Norway, United Nations Children’s Fund (UNICEF), United Nations Population Fund (UNFPA) and Partnership for Maternal, Newborn and Child Health (PMNCH).
According to a United Nations agency, what is the expected global unemployment rate for 2024?
A) 4.5%
B) 4.7%
C) 4.9%
D) 5.2%
E) 5.4%

View Answer
Option C
Explanation:
Global unemployment is set to fall slightly this year, a United Nations agency said reversing its previous prediction of a rise while warning of “slow progress” on tackling inequalities.The International Labour Organization (ILO) expects a global unemployment rate of 4.9% in 2024, after originally forecasting unemployment would rise to 5.2% this year from 5% in 2023. It also predicts the rate will remain at 4.9% in 2025.
Who has been appointed as the new Chief Executive Officer of Airtel Business, effective June 3, 2024?
A) Sunil Bharti Mittal
B) Sharat Sinha
C) Gopal Vittal
D) Manoj Kohli
E) None of the above

View Answer
Option B
Explanation:
Bharti Airtel said it has appointed Sharat Sinha as the Chief Executive Officer of Airtel Business, effective June 3, 2024, who will be reporting to Gopal Vittal, CEO and Managing Director, Airtel. He will also be a part of the Airtel Management Board, the company said.
PhonePe has launched secured lending products on its platform by partnering with banks and non-banking financial companies (NBFCs). In how many major categories can customers access lending solutions on the PhonePe app?
A) Four
B) Five
C) Six
D) Seven
E) None of the above

View Answer
Option C
Explanation:
PhonePe has launched secured lending products on its platform by partnering with banks, non-banking financial companies (NBFCs) and other fintech firms.
Walmart-owned PhonePe said it has more than 535 million registered users and aims to create a “powerful and seamless user experience” in the secured loans category. Customers can access to lending solutions on the PhonePe app in six major categories. mutual fund, gold, bike, car, home and loans against property, and education loan.
According to the RBI Annual Report, to what amount did the monetary penalties imposed by the Reserve Bank of India (RBI) on regulated entities (REs) increase in FY24?
A) ₹42.55 crore
B) ₹50.75 crore
C) ₹72.30 crore
D) ₹86.11 crore
E) None of the above

View Answer
Option D
Explanation:
According to the RBI Annual Report, the monetary penalties imposed by the Reserve Bank of India(RBI) on regulated entities (REs) more than doubled to ₹86.11 crore in FY24 for contraventions/non-compliance with provisions of statutes and certain directions issued by the Reserve Bank from time to time.
Who has been appointed as the new brand ambassador of Muthoot Pappachan Group (MPG)?
A) Amitabh Bachchan
B) Salman Khan
C) Akshay Kumar
D) Shah Rukh Khan
E) None of the above

View Answer
Option D
Explanation:
Muthoot Pappachan Group (MPG), popularly known as Muthoot Blue, has roped in Shah Rukh Khan as its brand ambassador.
Which general insurance company has Capital Small Finance Bank (CSFB) partnered with in a bancassurance tie-up?
A) HDFC ERGO
B) SBI General Insurance
C) ICICI Lombard General Insurance
D) Bajaj Allianz General Insurance
E) None of the above

View Answer
Option C
Explanation:
Capital Small Finance Bank (CSFB), a small finance bank, has forged a bancassurance tie-up with ICICI Lombard General Insurance Company Ltd.(ICICI Lombard), a private general insurer to provide a diversified range of general insurance products to the customers.
At the World Para Athletics Championships held in Kobe, Japan, how many gold medals did India win, contributing to its best-ever total of 17 medals?
A) 3
B) 4
C) 5
D) 6
E) 7

View Answer
Option D
Explanation:
India concluded the World Para Athletics Championships held in Kobe, Japan with 17 medals, including six golds, elevating to sixth place. The previous record for India stood at 10 medals, which included three gold, at the 2023 World Para Athletics Championships in Paris.
Who won the gold medal in the men’s 400m hurdles event at the Indian Grand Prix 2 2024 athletics tournament held at the Jawaharlal Nehru Stadium in Chennai, Tamil Nadu?
A) T Santhosh Kumar
B) Sathish K
C) Vithya Ramraj
D) MP Jabir
E) None of the above

View Answer
Option D
Explanation:
MP Jabir clinched the gold medal in men’s 400m hurdles at the Indian Grand Prix 2 2024 athletics tournament at the Jawaharlal Nehru Stadium in Chennai, Tamil Nadu.
How much did the Reserve Bank of India (RBI) fine HSBC Bank for violating the provisions of the Foreign Exchange Management Act (FEMA) 1999?
A) Rs 36.38 crores
B) Rs 36.38 lakhs
C) Rs 3.63 crores
D) Rs 3.63 lakhs
E) None of the above

View Answer
Option B
Explanation:
The Reserve Bank of India(RBI) fined HSBC Bank Rs 36.38 lakhs for violating the provision of the Foreign Exchange Management Act (FEMA) 1999.
What restriction did the Reserve Bank of India (RBI) impose on the Edelweiss group’s asset reconstruction company and its non-banking financial arm?
A) Prohibited from lending to retail customers
B) Barred from acquiring financial assets and security receipts (SRs)
C) Required to increase their capital reserves
D) Authorized to undertake speculative investments
E) None of the above

View Answer
Option B
Explanation:
The Reserve Bank of India (RBI) barred the Edelweiss group’s asset reconstruction company from acquiring financial assets and security receipts (SRs), and also its non-banking financial arm from undertaking any structured transaction for wholesale exposure, other than repayment and/ or closure of accounts in its normal course of business.
Who has been appointed as the Managing Director and Chief Executive Officer of the National Asset Reconstruction Company (NARCL)?
A) P Santhosh
B) Ramesh Kumar
C) Deepak Sharma
D) Nisha Singh
E) None of the above

View Answer
Option A
Explanation:
The National Asset Reconstruction Company (NARCL), India’s state-owned bad bank, has appointed P Santhosh as its new Managing Director and Chief Executive Officer. The decision was made by NARCL’s board, which recommended Santhosh for a three-year term at the helm of the asset reconstruction company.
How much did the Asian Development Bank (ADB) commit in sovereign lending to India in 2023 for various projects?
A) USD 1.5 billion
B) USD 2.0 billion
C) USD 2.6 billion
D) USD 3.2 billion
E) USD 4.2 billion

View Answer
Option C
Explanation:
Asian Development Bank (ADB) committed USD 2.6 billion (about Rs 21,500 crore) in sovereign lending to India in 2023 for various projects. The fund is aimed to strengthen urban development, support industrial corridor development, promote power sector reforms, build India’s climate resilience, and enhance connectivity.
Who did Praggnanandhaa defeat for the first time in a Classical event at the Norway Chess 2024 tournament?
A) Fabiano Caruana
B) Hikaru Nakamura
C) Magnus Carlsen
D) Viswanathan Anand
E) None of the above

View Answer
Option C
Explanation:
In Chess, Praggnanandhaa toppled Magnus Carlsen for the first time in a Classical event. The 18-year-old Indian prodigy took down the World No. 1 with the White pieces in the 3rd round of 12th Norway Chess 2024.
What is the amount South Korea plans to spend on space exploration until the planned Mars landing in 2045?
A) 50 trillion won
B) 75 trillion won
C) 100 trillion won
D) 125 trillion won
E) None of the above

View Answer
Option C
Explanation:
South Korea plans to make a Mars landing by 2045 and spend 100 trillion won ($72.6 billion) until then on space exploration, President Yoon Suk Yeol said at the launch of the country’s first space agency.
What technology did the United Arab Emirates’ ADNOC introduce as part of its pilot project to provide an AI-driven experience to customers?
A) Robotic fueling arm
B) Self-driving fuel trucks
C) Virtual reality fueling stations
D) Augmented reality fueling app
E) None of the above

View Answer
Option A
Explanation:
The United Arab Emirates’ ADNOC (Abu Dhabi National Oil Company), launched a pilot project introducing a robotic fueling arm pilot, as part of its plans to provide an AI-driven experience to customers.With the help of sensors and cameras, the robotic arm extends towards the vehicle, opens the fuel tank cap and aligns the nozzle to fill the car up.
According to Morgan Stanley’s latest report, what is the forecasted growth rate for India in 2024?
A) 5.5%
B) 6.0%
C) 6.8%
D) 7.2%
E) None of the above

View Answer
Option C
Explanation:
Growth in India, which already is strong and surging, may become more broad-based across both on the consumer and business spending side, indicated Morgan Stanley.
The global investment bank, in its latest report ‘2024 Global Economic Midyear Outlook’, attributed India’s firm growth to three megatrends — global offshoring, digitalization, and energy transition. Morgan Stanley forecasts 6.8 per cent growth in 2024 (against RBI’s 7 per cent), and 6.5 per cent the next, and thinks inflation will stay within policymakers’ comfort zone. Retail inflation clocked 4.83 per cent in April 2024, the lowest in the past 11 months.
What is the deadline set by the Income Tax Department for taxpayers to link their PAN with their Aadhaar card to avoid higher tax deductions at source (TDS) or tax collections at source (TCS)?
A) March 31, 2024
B) April 30, 2024
C) May 31, 2024
D) June 30, 2024
E) None of the above

View Answer
Option C
Explanation:
The Income Tax Department has advised taxpayers to connect their PAN with Aadhaar card by May 31, 2024, to prevent higher tax deductions at source (TDS) or tax collections at source (TCS).
Which of the following statements is true about Agnikul Cosmos’ recent achievement with the Agnibaan SOrTeD rocket?
A) The rocket features a multi-piece engine manufactured using traditional methods.
B) Agnibaan SOrTeD is powered by India’s first fully cryogenic engine.
C) The rocket is the world’s first to use a single-piece 3D printed engine and is India’s first semi-cryogenic engine-powered rocket designed and manufactured indigenously.
D) Agnikul Cosmos partnered with an international company for the design and manufacturing of the rocket.
E) None of the above

View Answer
Option C
Explanation:
IIT Madras’ startup, Agnikul Cosmos, has launched the world’s first rocket with a single-piece three-dimensional (3D) printed engine. The rocket Agnibaan SOrTeD (SubOrbital Technological Demonstrator) is also India’s first semi-cryogenic engine-powered rocket launch that was completely designed and manufactured indigenously.
What is the projected real GDP growth rate for the Indian economy in the fiscal year 2024-2025, as per the Reserve Bank of India’s annual report?
A) 5%
B) 7%
C) 9%
D) 12%
E) 8%

View Answer
Option B
Explanation:
Indian economy is likely to grow at 7 per cent in the current fiscal year starting April, according to Reserve Bank of India’s (RBI) annual report.
The outlook for the Indian economy remains bright, underpinned by a sustained strengthening of macroeconomic fundamentals, robust financial and corporate sectors and a resilient external sector, said the central bank.
What change has the Insurance Regulatory and Development Authority of India (IRDAI) made to audit firm terms in its new corporate governance guidelines?
A) Increased the engagement period for statutory auditors.
B) Removed the requirement for cooling-off periods for audit firms.
C) Reduced the term for joint statutory audits to four years, followed by a mandatory three-year cooling-off period.
D) Extended the cooling-off period for audit firms to five years.
E) None of the above

View Answer
Option C
Explanation:
Insurance regulator IRDAI’s new corporate governance guidelines have reduced the engagement period of statutory auditors with insurance companies. Audit firms now have a four-year term for joint statutory audits, followed by a mandatory three-year cooling-off period, according to the IRDAI’s Master Circular on ‘Corporate Governance for Insurers 2024’.
What action has the Securities and Exchange Board of India (SEBI) taken regarding commodity derivatives delivery period?
A) Increased the delivery period from three days to five days.
B) Maintained the delivery period at five days.
C) Reduced the delivery period from five days to three days.
D) Abolished the delivery period altogether.
E) None of the above

View Answer
Option C
Explanation:
In a bid to improve liquidity in delivery-based commodity derivatives, market regulator SEBI has reduced the deliverable period to three days from five days. The circular shall be effective from July 1,2024.
Where has an Indian Air Force contingent arrived to participate in the multi-national exercise Red Flag 24?
A) Eielson Air Force Base, Alaska, United States
B) Pearl Harbor, Hawaii, United States
C) RAF Lakenheath, United Kingdom
D) Andersen Air Force Base, Guam
E) None of the above

View Answer
Option A
Explanation:
An Indian Air Force contingent reached the Eielson Air Force Base of the U.S. Air Force in Alaska, United States of America, to participate in the upcoming edition of the multi-national exercise Red Flag 24.
What is the revised maximum limit for Retirement Gratuity and Death Gratuity for government employees, as per the recent decision by the Center?
A) Rs 15 lakh
B) Rs 20 lakh
C) Rs 25 lakh
D) Rs 30 lakh
E) Rs 40 lakh

View Answer
Option C
Explanation:
The Center’s decision to increase its employees’ dearness allowance by 4% to 50% has resulted in a substantial revision in other allowances, including retirement gratuity, which is a huge boon for government employees.
The maximum limit for Retirement Gratuity and Death Gratuity is increased by 25%, from Rs 20 lakh to Rs 25 lakh, effective January 1, 2024.

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