Current Affairs Quiz - May, 2024

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 United States has rejected nearly one-third of shipments from Mahashian Di Hatti Pvt Ltd (MDH) since October 2023 due to salmonella contamination. Salmonella, a bacteria found in animals’ intestines and feces, causes gastrointestinal illness. It spreads to humans through contact with contaminated items or animals. Salmonella can survive for weeks in dry environments and months in water. Symptoms include diarrhea, fever, and stomach cramps, with severe cases requiring medical attention.

Notes:
Indonesia’s Mount Ruang volcano erupted multiple times, prompting the highest alert level and evacuation orders for thousands due to potential tsunami risks. The country’s volcanology agency cautioned that the threat persists after over half a dozen eruptions this month, leading to the evacuation of over 6,000 individuals.

Notes:
The Expanded Programme on Immunization (EPI) marks its 50th anniversary, initiated by WHO in 1974. Renamed UIP in India in 1985, it now offers vaccines for 13 universally recommended diseases and 17 context-specific ones. Global DPT coverage surged from 5% in the ’70s to 84% in 2022. Smallpox eradicated; polio remains in Afghanistan & Pakistan. In India, coverage grows yearly, reaching 76% in 2019-21. Immunization boasts significant returns, predominantly delivered through government facilities.

Notes:
The UN has formed a panel to address critical energy transition minerals, primarily sourced from underdeveloped nations like those in Africa. This initiative aims to curb resource nationalism and environmental damage caused by high demand for these minerals. The panel’s goal is to establish global principles for a smoother transition to renewable energies, aligned with sustainable development goals and climate agreements. It emphasizes equitable benefits for communities and environmental protection.

Notes:
The Indian Army and the Punit Balan Group joined hands to inaugurate Pune’s inaugural Constitution Park. Lt. Gen. Ajai Kumar Singh led the ceremony, stressing citizens’ constitutional duties for India’s progress by 2047. He highlighted the global importance of the Indian Constitution, which secures Fundamental Rights and underscores Fundamental Duties. Understanding these rights and responsibilities is pivotal for India’s development.

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 Animal Welfare Board of India (AWBI) has urged states and UTs to fully prohibit harmful sharp threads or “manjha.” The Delhi High Court instructed the Delhi government to establish a policy for compensating victims of accidents caused by Chinese manjha. In 2017, the NGT mandated a complete ban on manjha. AWBI, a statutory advisory body founded under the Prevention of Cruelty to Animals Act of 1960, operates from Ballabhgarh, Faridabad, Haryana, focusing on animal welfare and providing grants.

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.

Notes:
The Supreme Court reserved one-third of SCBA executive committee seats for women. Minimum 3 out of 9 positions and 2 of 6 Senior Executive Member posts will be for women. At least one office-bearer post exclusively for women by rotation. Treasurer post in 2024-2025 election reserved for women. Reservation ensures minimum representation, eligible women can contest all committee posts. Justices Surya Kant and K V Viswanathan directed the decision.