Daily Current Affairs MCQ- March 31, 2023 - UPSC MCQ

The Reserve Bank of India (RBI) RECENTLY made changes in NEFT and RTGS systems for Foreign Contribution (Regulation) Act (FCRA) related transactions.

About NEFT:

• NEFT, which stands for National Electronic Funds Transfer, is an electronic method of transferring money online.
• Most Indian banks provide the NEFT feature on internet banking and mobile banking.
• It enables transferring funds from the account maintained with any bank to any other bank branch, provided the transaction is attempted between the banks that participate in the NEFT payment system.
• Transactions made through NEFT do not take place in real-time.
• As per Reserve Bank of India (RBI) guidelines, the payments made via NEFT are processed and settled half hourly batches.
• NEFT transactions can be performed 24*7.
• Minimum Transfer Value: Rs. 1
• Maximum transfer value: No limit
• Money transfer made through NEFT does not require any additional transaction costs.

Hence both statements are not correct.

Recently, a Geomagnetic Storm was caused by a solar wind that passed through a gap created in the Earth’s magnetic field.

About Geomagnetic Storms:

• A geomagnetic storm is a major disturbance of Earth's magnetosphere.
• These storms result from variations in the solar wind that produces significant changes in the currents, plasmas, and fields in Earth’s magnetosphere.
• The solar wind conditions that are effective for creating geomagnetic storms are sustained (for several hours) periods of the high-speed solar wind and a southward-directed solar wind magnetic field (opposite the direction of Earth’s field) at the dayside of the magnetosphere.
• The largest such storms are associated with solar coronal mass ejections (CMEs), where a billion tons or so of plasma from the sun, with its embedded magnetic field, arrives at Earth. 
• Effects:
• These storms can heat the ionosphere, causing beautiful auroras on Earth.
• Because the ionosphere is heated and distorted during storms, long-range radio communication that relies on sub-ionospheric reflection gets affected.
• Ionospheric expansion due to these storms can increase satellite drag and make their orbits difficult to control.
• Satellite electronics can be damaged through the build-up and discharge of static-electric charges.
• It can disrupt global navigation systems.
• It can create harmful geomagnetic-induced currents (GICs) in the power grid and pipelines.

Hence both statements are correct.

International non-profit organization TRAFFIC recently reported that 1,203 pangolins had been found in illegal wildlife trade in India from 2018 to 2022.

Key facts about Indian Pangolin:

• The Indian pangolin, also called thick-tailed pangolin and scaly anteater is native to the Indian subcontinent.
• It is one of the eight species of pangolins found.
• They are one of the most trafficked mammals in the world, despite an international ban on their trade.
• Scientific name: Manis crassicaudata
• Distribution: It lives in India (south of the Himalayas), Bangladesh, Southern Nepal, Sri Lanka, and small parts of Pakistan.
• Habitat: It occurs in tropical forests, open land, grasslands, and degraded habitat, including in close proximity to villages.
• Features:
• Like other pangolins, it has large, overlapping scales on its body, which act as armor.
• The Indian pangolin’s armor is amongst the most effective in the mammalian world. It has about 13 rows of moveable sharp scales covering its body, which are shed periodically.
• The colour of its scales varies depending on the colour of the earth in its surroundings. 
• It can also curl itself into a ball as self-defense against predators.
• It is an insectivore feeding on ants and termites.
• It is nocturnal and rests in deep burrows during the day.
• Conservation status:
• IUCN Red List: Endangered 
• Wildlife (Protection) Act, 1972: Schedule I
• CITES: Appendix I

Hence both statements are not correct.

Indian Air Force (IAF) recently developed an indigenous ‘Vayulink’ platform to enable jammer-proof communication with the base station.

About ‘Vayulink’ Platform:

• Vayulink is an ad-hoc data link communication system that would help pilots deal with bad weather and provide jammer-proof uninterrupted communication with the base station.
• It is developed by the Indian Air Force (IAF).
• It uses the Indian Regional Navigation Satellite System (IRNSS) to send radio communication to the base station when the signals are low.
• Vayulink, when installed in an aircraft, gives the position of other aircraft close by and encrypted traffic data over a secure channel.
• Uses:
• The platform helps to prevent fratricide or friendly fire, i.e., it helps us to know where the friendly forces are present.
• It provides better combat teaming.
• Helps plan real-time basis where multiple teams can get together and go towards the target coming from different areas.
• It can also give the pilots data on the weather.

Hence only statement 1 is correct.

Recently, the Union Minister for Culture presented the Ustad Bismillah Khan Yuva Puraskar (UBKYP) at Meghdoot Theatre Complex, Rabindra Bhavan, New Delhi.

• The Ustad Bismillah Khan Yuva Puraskar, given to artists up to the age of 40 years, was introduced in the year 2006.
• It is presented annually to artists who have demonstrated conspicuous talent in the fields of music, dance and drama.
• The award is presented by Sangeet Natak Akademi.
• It carries award money of Rs 25,000/- an Angavastram and a plaque.
• Sangeet Natak Akademi is India’s national academy of music, dance and drama.
• It was created by a resolution of the Ministry of Education, with Dr P.V. Rajamannar as its first Chairman.
• Presently it is an Autonomous Body of the Ministry of Culture and is fully funded by the Government for the implementation of its schemes and programmes.

Hence both statements are correct.

Recently, Garuda Aerospace displayed the solar-powered drone SURAJ at Aero India 2023.

• It is a solar-powered, Intelligence, Surveillance, and Reconnaissance (ISR) high-altitude drone which can fly at an altitude of 3,000 ft.
• It is designed specifically for surveillance operations, providing real-time information to the high command, and protecting jawans on the ground.
• It will have ISR capability with Artificial Intelligence, machine learning and a bionic chip for advanced real-time processing.

Hence only statement 1 is correct.

The National Green Tribunal (NGT) has recently imposed a fine of ₹2,232 crore on the Delhi government for damage caused to the environment due to improper solid and liquid waste management.

• The National Green Tribunal has been established under the National Green Tribunal Act 2010.
• The Tribunal comprises the Chairperson, the Judicial Members, and Expert Members.
• They shall hold office for a term of 5 years and are not eligible for reappointment.
• The Chairperson is appointed by the Central Government in consultation with the Chief Justice of India (CJI).
• A Selection Committee shall be formed by the central government to appoint the Judicial Members and Expert Members.

Hence only statement 1 is correct.

The Prime Minister of India has expressed deep grief over the demise of noted Yakshagana playback singer, Shri Balipa Narayana Bhagawatha.

• Yakshagana is a traditional folk dance form popular in Coastal Karnataka districts. 
• It is a rare combination of dance, music, song, scholarly dialogues and colourful costumes.
• Traditionally, men portray all roles, including the female ones, though women are now part of Yakshagana troupes.
• A typical troupe consists of 15 to 20 actors and a Bhagawatha, who is the master of ceremonies and the main storyteller.
• Each performance typically focuses on a small sub-story (known as ‘Prasanga’) from ancient Hindu epics of Ramayana or Mahabharata.

Hence both statements are correct.

The Malabar naval exercise, the most visible manifestation of the expanding military interoperability among the Quad countries, will be conducted off Australia for the first time this August.

• It was started in 1992 as a bilateral naval exercise between India and US navy.
• The first Malabar Exercise in the Bay of Bengal took place in 2007.
• It was expanded into a trilateral format with the inclusion of Japan in 2015.
• In 2020, the Australian Navy joined the Malabar Exercise, making it a quadrilateral naval exercise.
• The aim of the Malabar Exercise of India, the US, Japan and Australia is to coordinate for a free, open, and inclusive Indo-Pacific.
• It takes place annually in the Indian Ocean and Pacific Oceans alternatively.

Hence only statement 2 is correct.

Banks and non-banking financial companies (NBFCs) have almost paused tie-ups with fintech players under the first loan default guarantee (FLDG) structure for lending in the absence of clarity on contractual agreements from the Reserve Bank of India (RBI).

• What is it? FLDG is a lending model between a fintech and a regulated entity in which a third party guarantees to compensate up to a certain percentage of default in a loan portfolio of the regulated entities (RE).
• Under these agreements, the fintech originates a loan and promises to compensate the partners up to a pre-decided percentage in case customers fail to repay.
• The bank/NBFC partners lend through the fintech but from their books.
• FLDG helps expand the customer base of traditional lenders but relies on the fintech's underwriting capabilities.

Hence both statements are not correct.