Daily Current Affairs Quiz28 May, 2025 International Affairs 1. EU’s Carbon Border Tariff Context: European Union (EU) countries have agreed to significantly scale back the EU’s carbon border levy. The tariff will now cover only about 10% of firms previously targeted under the scheme. These 10% of companies account for over 99% of the emissions covered by the policy. Background of the Carbon Border Tariff Key Changes and Impact BS 2. Japan Loses Status as World’s Largest Creditor Nation to Germany in 2024 Context: Japan lost its position as the world’s largest creditor nation for the first time in 34 years. Germany surpassed Japan with net external assets of 569.7 trillion yen compared to Japan’s 533.05 trillion yen at the end of 2024. Key Highlights: Background Net Foreign Assets National Affairs 1. Early Onset of Southwest Monsoon 2025 — Causes and Uncertainties Context: The India Meteorological Department (IMD) declared the monsoon onset over Kerala on May 24, 2025, eight days ahead of its normal date schedule of June 1. Earliest monsoon onset in over a decade (last such early arrival in 2009) What is the Southwest Monsoon? Criteria for Monsoon Onset Over Kerala (IMD) Causes of Early Monsoon in 2025 Meteorological Factor Impact Madden-Julian Oscillation (MJO) Boosted convection; observed from May 13 over south Andaman Sea Mascarene High Intensification Directed strong moist winds from southern Indian Ocean Convection Surge Enhanced cloud buildup and early rainfall Somali Jet Strengthening Strengthened cross-equatorial flow towards Kerala Heat Low Formation Persistent low pressure over NW India drew in moist air Monsoon Trough Activation Triggered rainfall across central and northeast India Implications of Early Monsoon Onset Positive Outcomes: Challenges/Risks: TH 2. Draft Registration Bill, 2025 Context: To replace the 117-year-old Registration Act, 1908 with a modern, digital-first legal framework that enhances transparency, accessibility, and ease of property registration in India. Key Highlights: Administrative Context Implications TH 3. RoDTEP (Remission of Duties and Taxes on Exported Products) Context: Government Restores RoDTEP Scheme Benefits for AA, EOU, and SEZ Units. Key Announcement Background Impact on Export Ecosystem 4. World Dugong Day 2025: Conservation of India’s Gentle Marine Grazer Context: World Dugong Day is observed every year on May 28 to raise awareness about dugongs (Dugong dugon), marine herbivores known as “sea cows”. Dugongs are the only herbivorous marine mammals in India, found in shallow coastal waters rich in seagrass meadows. Dugong: India’s Sea Grazer Conservation Status and Threats Major Threats: Conservation Initiatives in India 5. 5th-Generation Fighter Jet – AMCA Programme Context: Defence Minister Rajnath Singh has formally approved the execution model for the Advanced Medium Combat Aircraft (AMCA) programme. The move marks a critical step in India’s quest to develop an indigenous fifth-generation stealth fighter jet, reinforcing strategic autonomy and military self-reliance. Execution Model and Industry Participation About the AMCA Fighter Jet 6. Panchayat Advancement Index (PAI) 2.0 Context: The two-day National Writeshop on Panchayat Advancement Index (PAI) Version 2.0 for FY 2023–24 commenced at Dr. Ambedkar International Centre, New Delhi.  During the inaugural, the PAI 2.0 Portal was launched  https://pai.gov.in/ . Local Indicator Framework (LIF) Booklet for FY 2023–24 along with the Standard Operating Procedure (SOP) was also released on this occasion. What is PAI 2.0? What’s New in PAI Version 2.0? Feature PAI 1.0 PAI 2.0 Indicators 516 147 (↓ 72%) Data Points 794 227 (↓ 71%) Usability High complexity Streamlined, focused Coverage 2.16 lakh GPs Over 2.5 lakh GPs Nine Thematic Areas in PAI 2.0 (LSDG-aligned) Significance PIB Banking/Finance 1. MoSPI to Monitor Impact of Mudra Loan Scheme Context: The Ministry of Statistics and Programme Implementation (MoSPI) aims to track the utilization and impact of credit access programmes such as the Pradhan Mantri Mudra Yojana (PMMY). This initiative is part of efforts to support enterprise formalisation and financial inclusion. Surveys Involved Objectives Collaboration and Data User Engagement Significance 2. FM Nirmala Sitharaman Signals Boost for Fintech Sector Context: Finance Minister Nirmala Sitharaman visited Pine Labs’ Noida office. Acknowledged fintech‘s role in enabling secure, inclusive financial services, especially for merchants and MSMEs. Push for Digitisation Across States Supportive Policy Plans for Fintech and Digital Exports BS 3. CBDT Extends Income Tax Return Filing Deadline for AY 2025-26 to September 15 Context: The Central Board of Direct Taxes (CBDT) has extended the last date for filing Income Tax Returns (ITR) for Assessment Year (AY) 2025-26 from July 31, 2025 to September 15, 2025. The extension responds to significant revisions in ITR forms and new reporting requirements introduced by the Finance Act, 2024. Reasons for Extension Key Changes in ITR Forms BS 4. Reserve Bank of India (Digital Lending) Directions, 2025 Issued by RBI Context: The Reserve Bank of India (RBI) released new digital lending norms earlier this month impacting credit guarantee schemes for MSME loans. Most MSME loans are currently covered under credit guarantee schemes which offer zero risk weight and encourage lending at competitive interest rates. RBI Directions on Digital Lending The Reserve Bank of India (RBI) issued comprehensive directions to regulate the digital lending ecosystem with the aim of enhancing borrower protection, promoting transparency, and ensuring responsible digital lending practices. Key Objectives Definition of Digital Lending Entities Covered The directions apply to: Key Features and Provisions Mandatory Reporting of Digital Lending Apps (DLAs) Due Diligence on Lending Service Providers (LSPs) Role of LSPs Mandatory Disclosures to Borrowers Grievance Redressal Mechanism Significance Key Regulatory Change Implications for NBFCs and MSME Lending 5. Deposit Insurance and Credit Guarantee Corporation (DICGC) Context: The Union government is considering increasing the bank deposit insurance limit from the current ₹5 lakh to potentially ₹10 lakh. Deposit insurance is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), covering deposits in commercial and cooperative banks. DICGC and the Deposit Insurance Amendment Background The Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the RBI, has initiated verification and certification of claims from 55 insured Urban Co-operative Banks (UCBs) placed under All Inclusive Directions (AID). This is to ensure that depositors receive insured amounts (up to ₹5 lakh) within