Daily Current Affairs and GK | 31 May 2024

By Priyanka Chaudhary | Last Modified: 31 May 2024 17:02 PM IST

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Topic: Space and IT

1. South Korea launched its first space agency.

  • South Korea has plans to make a Mars landing by 2045.
  • President Yoon Suk Yeol said it plans to spend 100 trillion won ($72.6 billion) until then on space exploration.
  • The Korea Aerospace Administration (KASA) will lead the country’s “space economy”.
  • South Korea’s first lunar lander is planned for 2032.
  • With the launch of the Nuri rocket in May 2023, South Korea became the seventh nation to possess its own space launch vehicle and satellite development technology.
  • By 2027, South Korea plans to conduct at least three more space launches. Plans to launch military satellites are also in place.
  • North Korea attempted to launch a rocket on May 27, 2024, but was unable to place its second military spy satellite into orbit.
  • Japan was the fifth nation to send a lander to the moon in January.
  • India was the fourth country to land on the moon last year.

Topic: Indian Economy

2. FY24 income of RBI has increased 17% to ₹2,75,572.32 crore.

  • RBI’s FY24 income spending has declined by 56.3% to ₹64,694.33 crore from ₹1,48,037.04 crore in FY23.
  • RBI’s annual report showed that the size of its balance sheet increased by 11% (₹7,02,946.97 crore) to ₹70,47,703.21 crore from ₹63,44,756.24 crore in FY23.
  • On the asset side, the increase was because of rise in foreign investments, gold, and loans and advances by 13.9%, 18.26% and 30.05%, respectively.
  • The increase on liabilities side was because of rise in notes issued, deposits and other liabilities by 3.88%, 27% and 92.57%, respectively.
  • Domestic assets formed 23.31% in FY24. Foreign currency assets, gold and loans and advances to financial institutions outside India formed 76.69% of total assets in FY24.
  • ₹42,819.91 crore was transferred to the Contingency Fund. No provision was made for Asset Development Fund (ADF).
  • RBI projected real GDP growth for 2024-25 at 7%, with risks evenly balanced.

Topic: Indian Economy

3. Income Tax department sets the Cost Inflation Index at 363 for the financial year 2024-25.

  • The income tax department has notified the Cost Inflation Index for FY2025.
  • It will be used for calculating long-term capital gains on the sale of immovable property, securities and jewellery.
  • The Cost Inflation Index has been increased from 348 in the previous fiscal year to 363 for the financial year 2024-25.
  • This increase aligns with the 4.83 per cent retail inflation rate recorded in April 2024.
  • Taxpayers favour a higher Cost Inflation Index as it enables them to claim larger tax deductions.
  • This index is issued under the Income-tax Act, 1961 and is generally used to determine the indexed cost of acquisition” for calculating capital gains.
  • An asset held for more than 36 months comes under long-term capital gains.

Topic: Personality in News

4. Donald Trump became the first former U.S. President to get convicted for the crime.

  • Former US president Donald Trump has been convicted of a crime.
  • A New York jury found him guilty on all 34 charges in a scheme to illegally influence the 2016 election through hush money payments to a porn actor.
  • Trump is expected to appeal the verdict quickly.
  • The conviction in a case will not bar Trump from participating in the election of president.
  • Trump also faces federal and state charges of conspiring to overturn the results of the 2020 election won by Biden.

Topic: State News/ Rajasthan

5. Rajasthan High Court wants the heat wave to be declared a national calamity.

  • Justice Anoop Kumar Dhand's single-judge bench said that heat and cold waves should be declared national disasters.
  • Rajasthan High Court directed the state government to provide compensation to the dependents of people who died due to heatwave.
  • The court also directed the state government to develop the 'Heat Action Plan' in Rajasthan.
  • The Rajasthan High Court directed the chief secretary of Rajasthan to constitute committees of various departments to implement this plan.
  • However, the court said that the death tolls from heatwaves are very difficult to estimate.
  • What is a Heat Wave?
    • Heat waves are periods of unusually high temperatures as compared to what is normally expected in a region.
    • It is a condition of air temperature that becomes fatal to the human body.
    • The heat wave is considered if the maximum temperature of a station reaches at least 400C or more for plains and at least 300C or more for hilly regions.

Topic: Important Days

6. World No Tobacco Day: 31 May

  • World No Tobacco Day is observed every to spread awareness about the potential risks of Tobacco.
  • The main objective of the day is to bring global attention towards the tobacco epidemic and the preventable death and disease it causes.
  • World Health Assembly had started the World No Tobacco Day by passing a resolution in 1987.
  • The nicotine present in tobacco causes cardiovascular and respiratory diseases.
  • The theme of this year’s World No Tobacco Day is "Protecting children from tobacco industry interference".

Topic: Economy/Banking/Finance

7. Unclaimed deposits with banks have increased 26 percent to Rs 78,213 crore.

  • As per the RBI Annual Report, unclaimed deposits with banks have increased 26% year on year at the end of March 2024.
  • At the end of March 2023, the amount with Depositor Education and Awareness Fund stood at Rs 62,225 crore.
  • Banks transfer deposits to RBI's Depositor Education and Awareness (DEA) Fund that have been unclaimed by account holders for ten years or more.
  • Reserve Bank earlier launched a centralised web portal UDGAM - Unclaimed Deposits Gateway to Access information.
  • This was launched to facilitate the depositors to find out the unclaimed deposits across multiple banks at one place.

Topic: Summits/ Conferences/ Meetings

8. The 6th meeting of the Joint Working Group on Counter-Terrorism between India and Japan held  in New Delhi on 29 May.

  • During the meeting, the Ministry of External Affairs said that both countries exchanged views on the terrorist threats in their respective regions. 
  • Mr KD Dewal, Joint Secretary (CT) of the Ministry of External Affairs led Indian delegation, and Ambassador Hiroyuki Minami led Japanese delegation.
  • They also discussed state-sponsored cross-border terrorism in South Asia, Southeast Asia, East Asia and the Middle East, as well as terrorist activities in the Afghanistan and Pakistan region.
  • The Both sides assessed counter-terrorism challenges, including the use of new and emerging technologies by terrorists, misuse of the Internet for terrorist purposes, radicalisation and financing of terrorism.
  • To combat terrorism, the two sides agreed that information sharing, capacity building, training initiatives, exercises and cooperation in multilateral forums such as the UN, FATF and the Quad are important.
  • The 7th meeting of the Joint Working Group on CT will be held in Tokyo at a mutually convenient date.

Topic: Banking System

9. The final framework for the self-regulatory body of the Indian fintech sector was released by the RBI.

  • After feedback received from stakeholders on the draft norms dated January 15, the Reserve Bank of India has finalised the framework for recognising SROs for the fintech sector.
  • The self-regulatory organisation (SRO) will be industry-driven, and will be responsible for setting and enforcing regulatory standards, promoting ethical conduct, ensuring market integrity, resolving disputes.
  • It will also be responsible for promoting transparency and accountability among its members.
  • This SRO has been mandated by RBI to be built on a ‘representative’ structure, which will enable it to leverage the collective expertise and experience of its members.
  • This will result in the development of standards that are practical, adaptable and widely accepted within the FinTech community.
  • No entity should hold 10% or more of its paid-up share capital.
  • RBI said that fintech companies located outside India can also be members in this SRO.
  • These guidelines come at a time when India's fintech industry is growing rapidly, driven by rising demand for digital payments and lending, raising concerns about customer protection, data privacy, cybersecurity and internal governance.
  • The applicant should have a minimum net worth of Rs 2 crore within a period of one year after being recognised as SRO-FT by RBI or before the commencement of such operations.
Monthly Current Affairs eBooks
April Monthly Current Affairs 2024 March Monthly Current Affairs 2024
February Monthly Current Affairs 2024 January Monthly Current Affairs 2024

Topic: Banking System

10. A penalty of Rs 36.38 lakh was imposed on HSBC by RBI for violation of FEMA rules.

  • On May 29, a penalty of Rs 36.38 lakh imposed on foreign lender HSBC by the Reserve Bank of India for violations of the Foreign Exchange Management Act (FEMA).
  • The central bank said HSBC did not comply with the reporting requirements under the Liberalised Remittance Scheme of FEMA, 1999.
  • A show cause notice was issued to HSBC by the RBI, in response to which the bank filed a written reply and also gave oral submissions.
  • After considering the facts of the case and the bank's reply, the Reserve Bank of India concluded that the violations were substantiated and the imposition of penalty was justified.

Topic: Important Days

11. Hindi Journalism Day 2024: 30 May

  • Every year on 30 May, Hindi Journalism Day (Hindi Patrakarita Diwas) is celebrated.
  • This day is dedicated to the special contribution of Hindi journalists who work for public welfare with full of truth and courage.
  • On May 30, 1826, Pt. Jugal Kishore Shukla launched the first Hindi newspaper, "Udant Martand," which marked the beginning of the journey of Hindi journalism.
  • Udant Martand was published in Calcutta.
  • During British rule, the Hindi publication of Udant Martand proved to be a milestone in the history of Indian journalism.
  • In the Udant Martand era, the number of important publications increased and the number of journalists in this field also increased.

Hindi Journalism Day 2024

(Source: News on AIR)

Topic: Economy/Banking/Finance

12. As per ILO, the Global unemployment rate is expected to fall slightly to 4.9% in 2024.

  • The global unemployment rate is expected to fall from 5.0% in 2023 to 4.9% in 2024.
  • In January, the ILO estimated that unemployment would remain at 5.2%, driven by expected increases in unemployment in advanced economies.
  • ILO lowered its unemployment rate due to lower-than-expected unemployment rates in China, India, and high-income countries.
  • According to ILO, the unemployment rate will remain at 4.9% in 2025.
  • The report found that 183 million people remain unemployed. The number of people without a job, who wanted to work stood at 402 million.
  • For high-income countries, the rate stood at 9.7% for women and 7.3% for men.
  • The report estimated that 45.6% of women of working age were employed in 2024.

Topic: Economy/Banking/Finance

13. IRDAI has made major revisions to health insurance norms.

  • It repealed 55 circulars with the release of a comprehensive Master Circular on Health Insurance Products.
  • The Master Circular brings at a single location all of the policyholder entitlements in a health insurance policy.
  • One of the main norms provided by IRDAI is that insurers must give policyholders more options.
  • Every insurance document must be provided by the insurers with a Customer Information Sheet (CIS).
  • Additionally, customers must have the freedom to select riders, add-ons, and products based on their individual needs and medical conditions.
  • When a policyholder has various health insurance policies, they can select the one that allows them to receive the maximum amount of admissible claims.
  • A health insurance policy is renewable and cannot be refused based only on claims filed in years prior to the policy's expiration.
  • This won't apply if it is proven that the insured committed fraud, withheld information, or made false representations.
  • The insurers may provide policyholders with the option to select a no-claim Claim Bonus as a way of rewarding them if they file no claims during the duration of the policy.
  • This can be done either by increasing the sum insured or discounting the premium amount.
  • If the policyholder decides to cancel their insurance at any point throughout the policy term, they will receive a refund of the premium or the proportionate premium for the remaining policy duration.
  • Newly introduced measures include the processing of cashless authorisation requests within one hour.
  • The insurer must grant final authorisation within three hours of receiving the discharge request from the hospital.
  • An insurer is liable to pay Rs 5,000 per day to the policyholder in case ombudsman awards are not implemented within 30 days.
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