Daily Current Affairs Quiz20&21 July, 2025 National Affairs 1. NSCSTI 2.0 Launched Under Mission Karmayogi Context: Union Minister Dr. Jitendra Singh launched the National Standards for Civil Service Training Institutes (NSCSTI) 2.0 on July 20, 2025, at the Civil Services Officers Institute (CSOI), New Delhi. The revised framework, developed by the Capacity Building Commission (CBC), aims to build a future-ready and citizen-centric civil service in alignment with Mission Karmayogi. Key Highlights of NSCSTI 2.0: Rationalized & Simplified Framework Inclusive & Grounded Approach Digitally-Aligned and Future-Ready Global Recognition and Best Practices Objectives of NSCSTI 2.0 PIB 2. AdFalciVax – India’s First Indigenous Two-Stage Malaria Vaccine Context: India has made a major breakthrough in tropical disease control with the development of AdFalciVax, the country’s first indigenous two-stage malaria vaccine aimed at combating Plasmodium falciparum, the deadliest malaria parasite. About AdFalciVax What is AdFalciVax? Developed by Production Platform Objectives Key Features of AdFalciVax Feature Description Dual-stage Immunity Targets both liver (pre-erythrocytic) and mosquito (sexual) stages Extended Shelf-life Remains stable at room temperature for 9+ months, aiding field logistics Broader Protection Combines multiple antigens to avoid immune escape and ensure stronger response Safe Production Uses Lactococcus lactis, ensuring safety and ease of mass production Licensing Model Offers non-exclusive licensing to foster domestic and international collaborations TET Banking/Finance 1. Export Data Processing and Monitoring System (EDPMS) Shipping Bill Context: The Reserve Bank of India (RBI) has released draft directions aimed at simplifying the closure process of shipping bills in the Export Data Processing and Monitoring System (EDPMS), especially for small-value export transactions. Stakeholders have been invited to submit feedback before the end of July 2025. What is EDPMS? Key Proposals in RBI’s Draft Directions Relaxation for Small-Value Export Transactions Why This Matters BS 2. Tax Compliance for Overseas Investments Under Liberalised Remittance Scheme (LRS) Context: In light of a significant rise in overseas investments under the Liberalised Remittance Scheme (LRS)—totaling $29.56 billion in FY25, with $2.5 billion outflow in April 2025 alone—resident Indian investors must ensure accurate income-tax return (ITR) filings to avoid stiff penalties, including under the Black Money (Undisclosed Foreign Income and Assets) Act. I. Filing the Correct ITR Form II. Mandatory Foreign Disclosures for ROR Taxpayers Schedules to be Filled: Schedule Disclosure FA (Foreign Assets) All foreign securities/assets including low-value or dormant holdings FSI (Foreign Source Income) Income from dividends, interest, gains from foreign securities TR (Tax Relief) Claim of tax credit under DTAA provisions CG (Capital Gains) Gains/losses from foreign equity sales OS (Other Sources) Dividends, interest, miscellaneous foreign income TCS (Tax Collected at Source) TCS credit claim if LRS exceeds ₹10 lakh/year III. Taxation Rules for Foreign Securities IV. Claiming Foreign Tax Credit (FTC) V. Setting Off Capital Losses Type of Loss Set-off Allowed Short-Term Loss Against STCG & LTCG Long-Term Loss Only against LTCG VI. Penalties for Misreporting Violation Penalty Non-disclosure of foreign assets/income Up to ₹10 lakh Misreporting of foreign income/assets Up to 200% of the tax due Prosecution Possible under Black Money Act VII. Revised or Updated Returns VIII. Common Mistakes to Avoid IX. Documentation to Prepare for Scrutiny BS 3. IBA Urges Banks to Fast-Track SWIFT ISO 20022 Migration Context: The Indian Banks’ Association (IBA) has issued a strong advisory to all Indian banks to accelerate their migration to the SWIFT ISO 20022 global messaging standard. This move is crucial to avoid disruption in cross-border transactions as the coexistence period with legacy messaging formats ends on November 22, 2025. What is ISO 20022? Key Developments 1. IBA’s Urgent Call to Action 2. Risks of Delayed Migration Implications for Indian Banks BS 4. Aurum PropTech Launches India’s First SM‑REIT with SEBI Nod Context: Aurum PropTech has become the first publicly listed company in India to secure SEBI registration for launching a Small & Medium Real Estate Investment Trust (SM‑REIT)—named AMSA SM REIT Investment Trust (AMSA). What Is an SM‑REIT? Democratizing Real Estate for Retail Investors Retail-Centric, Tech-Driven Approach Institutional-Grade Transparency & Governance Strategic Vision BS 5. IRDAI Forms Investigation Panels to Probe Regulatory Breaches Context: The Insurance Regulatory and Development Authority of India (IRDAI), in its 132nd Authority meeting, decided to strengthen regulatory enforcement by setting up dedicated panels to probe violations by insurers and intermediaries. Key Highlights: New Insurer Approval About IRDAI 6. Fast Payments Report 2025: IMF & FIS Global Context: India has officially emerged as the global leader in real-time digital payments, according to the Fast Payments Report 2025 jointly released by the International Monetary Fund (IMF) and FIS Global. With a staggering 18.39 billion UPI transactions in June 2025 alone, India has outpaced both developed and emerging economies in digital payment adoption and infrastructure. About the Report Key Highlights: Global Ranking UPI Ecosystem Overview International Expansion Technological Strengths of UPI Feature Description Interoperability Works seamlessly across banks and apps like PhonePe, GPay, Paytm Inclusion & Access Aadhaar, USSD, multilingual, and offline-lite support India Stack Integration Built atop Aadhaar, eKYC, DigiLocker, and Account Aggregator Security Real-time fraud detection, tokenisation, and RBI regulations Public–Private Partnership NPCI + Fintechs + RBI driving resilient infrastructure Systemic Limitations Identified Despite leading globally, India’s UPI framework faces several structural challenges: Agriculture 1. Maharashtra Grants Agricultural Status to Livestock & Poultry Farming Context: On July 11, 2025, the Maharashtra Cabinet approved a historic policy decision to grant agricultural status to livestock and poultry farming, making Maharashtra the first Indian state to do so. Background Significance Key Features and Benefits Feature Impact Agricultural Power Tariffs Livestock units (poultry, dairy, fisheries) eligible for subsidised rates Tax Relief Local taxes now aligned with agriculture sector norms Institutional Credit Access Eligibility for Kisan Credit Cards (KCC), agriculture loans, and interest relief Solar Subsidy Subsidies for solar pumps, sheds, and infrastructure Sector-Wise Impact Economic & Policy Implications Challenges Ahead Facts To Remember 1. Trump, Xi likely to meet during October APEC summit in S. Korea U.S. President Donald Trump might visit China before going to the Asia-Pacific Economic Cooperation summit between October 30 and November 1, or he could meet Chinese leader Xi Jinping

Daily Current Affairs Quiz19 July, 2025 National Affairs 1. INS Nistar Commissioned Context: In a significant boost to India’s maritime operational capabilities and self-reliance in defense manufacturing, the Indian Navy commissioned INS Nistar, the country’s first indigenously designed and constructed Diving Support Vessel (DSV), on July 19, 2025, in Visakhapatnam. Key Highlights: Technological and Operational Capabilities TH Banking/Finance 1. Sebi Proposes Changes in Categorization and Rationalization of Mutual Fund Schemes Context: The Securities and Exchange Board of India (SEBI) is set to revamp mutual fund regulations by introducing a separate framework for passive schemes and expanding the scope of active fund categories. These changes aim to ensure greater clarity, investor choice, and consistency in the mutual fund space amid rising scheme proliferation. Key Proposals and Changes TET 2. India Launches Electricity Futures Context: In a significant step toward reforming India’s power markets, electricity futures trading has officially commenced on the National Stock Exchange (NSE) and Multi Commodity Exchange (MCX). At the launch event in Mumbai, SEBI Chairman Tuhin Kanta Pandey stressed that these contracts are designed as risk management tools, not instruments for speculative gains. Key Highlights: Purpose and Structure of Electricity Futures Regulatory Safeguards Against Speculation Key Participants and Benefits Role in Power Market Reform 3. India’s Retail Asset Securitisation Market Grows Context: India’s retail asset securitisation market recorded a moderate 6% year-on-year growth in the first quarter of FY26, reaching volumes of ₹52,000 crore. A major highlight was the country’s first Residential Mortgage-Backed Securitisation (RMBS) transaction, marking a new chapter in long-term funding innovation. What Is Securitisation? Steps in Securitization Process Read more>> 4. Employees’ Deposit Linked Insurance (EDLI) Scheme Context: On July 19, 2025, the Ministry of Labour and Employment notified key relaxations to the Employees’ Deposit Linked Insurance (EDLI) scheme, administered under the Employees’ Provident Fund Organisation (EPFO). The aim is to enhance social security benefits for employees and their families, especially in cases of death during service. Key Changes in EDLI Scheme About the EDLI Scheme TET 5. SBI Named World’s Best Consumer Bank 2025 by Global Finance Magazine Context: The State Bank of India (SBI), India’s largest lender, has been honoured with the prestigious title of World’s Best Consumer Bank for 2025 by Global Finance magazine, highlighting its continued focus on digital transformation and customer-centric services. Key Highlights: Global Recognition Focus on Inclusive Digital Banking Use of Advanced Technology Global Platform for Felicitation BL 6. Net-Zero Banking Alliance (NZBA): Global Climate Commitment by Banks Context: HSBC, one of the world’s largest banking institutions, has become the first major UK bank to exit the UN-backed Net-Zero Banking Alliance (NZBA). This move signals growing tensions between environmental, social, and governance (ESG) commitments and political headwinds, particularly from the United States. Key Highlights: HSBC’s Exit from NZBA Net-Zero Banking Alliance (NZBA) The Net-Zero Banking Alliance (NZBA) is gaining prominence as financial institutions align with global climate goals. What is NZBA? Key Features: Relevance: Agriculture 1. Agriculture Reform Needs More than an Umbrella Scheme: PMDDKY Context: The Union Cabinet recently approved the PM Dhan-Dhaanya Krishi Yojana (PMDDKY), aiming to unify 36 existing schemes across 11 Central Departments to boost agricultural productivity and rural self-reliance. The scheme is set to launch in October 2025 during the rabi season, with an annual outlay of ₹24,000 crore for six years. Key Features of PMDDKY Challenges and Considerations Way Forward TH Facts To Remember 1. Sujeet claims 65kg gold in Budapest ranking series event Asian under-23 champion Sujeet Kalkal toppled some established names on his way to the 65kg freestyle gold medal at the Ranking Series wrestling event in Budapest. 2. 7 day VRRR auction sees strong demand The Reserve Bank of India (RBI) received bids worth ₹ 2.07 trillion against a notified amount of ₹ 2 trillion in theseven-day Variable Rate Reverse Repo (VRRR) auction, which coincided with the maturity of the previous ₹ 2.07 trillion VRRR auction.