Daily Current Affairs Quiz13 October, 2025 National Affairs 1. Global Fintech Fest 2025 (GFF 2025) Source: PIB Event Details: Key Highlights & Initiatives Denmark-India Collaboration: Mastercard Initiatives: Visa Initiatives: Bank of India (BoI) Initiatives: AI & Digital Integration: Other Notable Launches: 2. Iron Age Culture Near Western Ghats in Tamil Nadu Source: TH Context: The Tamil Nadu State Department of Archaeology (TNSDA) has unearthed evidence of an Iron Age culture during the first phase of excavations at Thirumalapuram in Tenkasi district. This discovery marks a significant addition to Tamil Nadu’s early cultural history, extending the known boundaries of Iron Age settlements closer to the Western Ghats. Key Highlights: Location and Dating: Excavation Details: Artefacts and Findings: 3. IUCN Recognises Indian Wolf as a Potential Distinct Species Source: TOI Context: In a landmark update, the International Union for Conservation of Nature (IUCN) has, for the first time, evaluated the Indian wolf (Canis lupus pallipes) separately from the global gray wolf complex. The move acknowledges that the Indian wolf may represent a distinct species within the Canis genus, significantly enhancing its conservation priority worldwide. Key Findings of IUCN Assessment: 4. Shift to Non-Communicable Diseases (NCDs) in India: GBD 2023 Report Source: IE Context: The Global Burden of Disease (GBD) 2023 report, published in The Lancet and launched at the World Health Summit, Berlin, highlights a global shift in causes of mortality and morbidity, with non-communicable diseases (NCDs) now accounting for nearly two-thirds of global deaths and illnesses. In India, this trend mirrors the global pattern: deaths are increasingly caused by NCDs rather than infectious diseases. Key Highlights: Banking/Finance 1. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) Source: ET Context: The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA), one of India’s strictest tax laws, is under review by an internal government committee. The panel will examine challenges in enforcement, conflicts with the Income Tax Act, and explore ways to handle undisclosed foreign assets more effectively. Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (BMA) Objective: Key Features: Aspect Details Scope Applies to income or assets held outside India by:- Indian residents- Citizens of India- Entities controlled by Indian residents Taxation Undisclosed foreign income/assets taxed at 30% plus applicable surcharge and cess.Additional penalties and prosecution may apply in serious cases. Penalty Penalty can be equal to tax payable on undisclosed foreign income/assets.Additional penalties may apply for concealment or failure to report. Voluntary Disclosure / Compliance Government provides Voluntary Disclosure Schemes (VDS) periodically:- Allows taxpayers to disclose undisclosed foreign income/assets- Pay tax and penalty- Avoid prosecution Prosecution Willful concealment or misreporting is a criminal offense:- Imprisonment: 3 to 10 years- Fines: As per the Act Reporting Requirements Individuals and entities must report foreign income and assets in annual income tax returns.Compliance is strictly enforced with cross-checking of foreign data. Controversial Provisions: 2. Banks Seek Exemption from SMS Alerts for Transactions Below ₹100 Source: ET Context: Banks in India have requested the Reserve Bank of India (RBI) to allow exemption from sending SMS alerts for low-value transactions (below ₹100), citing growing digital transaction volumes and customer notification fatigue. Key Highlights: 3. Foreign Banks Propose Policy Eases to RBI Source: ET Context: In a first-of-its-kind formal meeting, 14 foreign bank CEOs met RBI Governor Sanjay Malhotra to provide feedback on operational challenges and suggest measures to ease business in India. The recommendations focus on risk weights, priority sector lending, and on-lending norms. Key Recommendations: Foreign Banks Regulatory Framework 4. EPFO to Adopt Separate Investment Benchmarks for Its Social Security Schemes Source: BS Context: The Employees’ Provident Fund Organisation (EPFO), which manages the retirement savings of India’s formal workforce, is considering separate benchmarks for its three social security schemes: This comes after a Reserve Bank of India (RBI) suggestion to the Labour and Employment Ministry to review EPFO’s current approach of pooling all three schemes’ corpus (~₹25 trillion) with a common investment strategy, despite differing actuarial liabilities. Current Investment Pattern: Performance is currently assessed by Crisil, benchmarking debt portfolios to bond yields and equity portfolios to indices like BSE Sensex and Nifty 50. Proposed Changes: Benefits: Additional Initiative – Doorstep Delivery of Digital Life Certificates (DLCs): 5. IRDAI Mandates Fraud Risk Management Framework for Insurers Source: BS Context: The Insurance Regulatory & Development Authority of India (IRDAI) has directed all insurers, reinsurers, and distributing channels to establish a comprehensive fraud risk management framework. This comes in response to rising instances of insurance and cyber frauds. The guidelines are set to take effect from April 1, 2026. Key Requirements for Insurers: 6. RBI Eases Expansion Norms for Payment Aggregators Source: BS Context: The Reserve Bank of India (RBI) has announced new guidelines allowing fully licensed payment aggregators (PAs) to expand into new segments, such as cross-border (CB) payments, with significantly streamlined approval processes. Key Changes: 7. RBI Eases Transaction Compliance for EXIM Trade but Calls for Broader Reform Context: The Reserve Bank of India (RBI) recently introduced measures to simplify foreign exchange management and promote the use of the Indian Rupee (INR) in international trade, targeting exporters, importers, and merchant traders. Key Measures: Merchanting Trade Transactions (MTT) and Special Rupee Vostro Accounts (SRVA) updates by RBI (2025): Aspect MTT (Merchanting Trade Transactions) SRVA (Special Rupee Vostro Accounts) Definition International trade where an Indian merchant buys goods from one foreign country and sells to another, without goods entering India physically. Accounts held by foreign partner banks in India in INR, used to settle trade in Indian Rupees. Earlier Rule – Transaction had to be completed within 9 months.– Foreign exchange outlay restricted to 4 months. – Surplus balances could only be invested in government treasury bills or securities. RBI 2025 Update – Foreign exchange outlay extended to 6 months, giving more operational flexibility for merchant traders. – Surplus balances can now also be invested in: • Non-convertible debentures (NCDs) • Corporate bonds • Commercial papers of Indian companies- Must