Daily Current Affairs Quiz27 March, 2025 International Affairs 1. U.S. Intelligence Report Identifies China as Primary Global Threat China’s Growing Security Threat Strengthening Alliances: The ‘CRINK’ Nations Beijing’s Response Other Security Threats Identified The deepening ties between CRINK nations could challenge U.S. global power, with China and Russia leading the geopolitical shift. The increasing cyber threats and regional conflicts further complicate international stability. 2. India-New Zealand Free Trade Agreement (FTA) Background & Strategic Importance Challenges in Negotiations Trade Relationship Overview Outlook & Implications National Affairs 1. India’s Social Welfare Coverage: ILO Report Context: India’s social protection coverage has doubled from 24.4% in 2021 to 49% in 2024. The International Labour Organization (ILO) expanded its assessment, now recognizing 34 major central schemes (earlier only 7 were considered). India believes ILO’s 48.8% estimate is still an underestimation, as it does not include in-kind benefits or state-level programs. Key Welfare Schemes Considered Data Collection & Expansion Plan India’s Perspective on ILO’s Report India’s welfare reach has grown significantly, yet the full extent may not be reflected in global assessments. Government efforts continue to enhance data accuracy and ensure holistic welfare tracking. ILO and India are working together to refine the methodology for a more comprehensive social security evaluation. 2. GSAT-18 Context: GSAT-18 GSAT-18 is an Indian geostationary communication satellite, launched in 2016, designed to provide services in C-band, Extended C-band, and Ku-bands, supporting television, telecommunication, and other services.  Department of Space’s Justification Economic Viability Concerns Cost Comparison While redundancy planning is critical for mission success and orbital spectrum rights, the PAC emphasized the need for better financial planning. The Department of Space must find ways to optimize costs and utilization to avoid revenue losses in future satellite projects. The Indian Express Science & Tech 1. Quantum Computing, Majorana Particles, and the Neutrino Mystery Microsoft’s Majorana 1 Chip The Neutrino Connection The Quest to Measure Neutrino Mass Beta Decay and the Search for 0vßß The AMoRE Experiment and Recent Findings Implications for Physics Microsoft’s Majorana 1 chip is an ambitious step in quantum computing. The neutrino’s nature remains a major open question, with 0vßß experiments offering potential breakthroughs. The search continues, as any discovery will reshape our understanding of the universe. Source: TH 2. Bedmap3 Overview of Bedmap3 Key Discoveries Thickest Ice in Antarctica Greater Ice Sheet Volume & Vulnerability Climate Change & Sea-Level Rise Implications Future Research & Applications Bedmap3 provides a more detailed and accurate view of Antarctica’s subglacial landscape, revealing increased ice vulnerability and enhancing our understanding of climate change effects on sea-level rise. TH Banking/Finance 1. GST Framework for Simplified Compliance Context: The Finance Ministry must streamline the GST framework by eliminating unnecessary procedures that complicate compliance. A revamped GST 2.0 should be developed after stakeholder consultations to enhance efficiency. Simplifying Return Filing & Compliance Enhancing the GST Portal Addressing Compliance & Registration Issues Boosting Revenue Collection with AI & Data Analytics Transparent Refund Processing & Grievance Redressal MSME-Specific GST Framework The PAC’s recommendations aim to simplify GST compliance, reduce procedural burdens, and enhance revenue collection through technology-driven solutions and structured reforms. 2. RBI Governor Advocates Balanced Approach to AML & CFT Regulations Need for Targeted Financial Regulations Addressing Compliance Burden Risk-Based Approach to AML & CFT FATF Private Sector Forum in India RBI’s stance highlights the need for surgical precision in financial regulations—ensuring illicit activities are curtailed while maintaining a favorable environment for legitimate investments and economic growth. 3. Supreme Court Ruling Eases GST Compliance for Businesses Context: The Supreme Court dismissed CBIC’s petition, allowing businesses to correct clerical errors in GST filings even after the deadline, provided there is no revenue loss. The ruling upholds the Bombay High Court’s judgment in favor of Aberdare Technologies Pvt Ltd. Key Highlights of the Judgment Case Background: Aberdare Technologies’ GST Filing Issue Impact on Businesses & Compliance The Supreme Court’s decision ensures businesses are not penalized for clerical errors. Tax authorities must now allow corrections, reducing unjust ITC denials and litigation. This ruling sets a precedent for a more flexible and fair GST compliance framework. BS 4. Balanced Regulations for Financial Inclusion Key Highlights of RBI Governor’s Speech Regulations and Financial Inclusion Advancements in Digital Financial Systems Enhancing Cross-Border Payments RBI prioritizes secure yet inclusive financial systems, ensuring regulations do not hinder legitimate activities. Digital transformation and streamlined KYC will drive efficiency in financial services. Cross-border payment improvements remain a key focus for India’s financial roadmap. BS 5. Banking Laws (Amendment) Bill, 2024 Context: Passed by Parliament on March 27, 2025 (Lok Sabha approved it in December 2024). Objective is to improve banking governance, nominee provisions, and financial reporting norms. It Affects five different acts in the banking sector. Major Amendments & Provisions A. Increased Nominee Limit B. Redefinition of ‘Substantial Interest’ C. Tenure of Cooperative Bank Directors D. Reporting & Compliance Changes E. Changes in Remuneration Rules Government’s Stand & Financial Sector Impact A. Focus on Tackling NPAs & Wilful Defaulters B. Public Sector Bank Profitability Implications Overall, the Banking Laws (Amendment) Bill, 2024, modernizes banking governance, strengthens compliance, and enhances operational efficiency. Mint 6. Sebi’s DigiLocker Integration Context: Securities and Exchange Board of India (Sebi) has integrated mutual fund statements with DigiLocker. What is DigiLocker? How Does the Feature Work? A. Investor Registration & Linking Investments B. Automated Notifications for Nominees Key Difference from AMC Websites & RTA Apps Investor Benefits A. Prevents Unclaimed Assets B. Streamlines the Asset Transmission Process C. Ensures Privacy & Controlled Access What Nominees Need to Know A Game-Changer for Financial Security Mint 7. NHB Increases Surprise Inspections to Assess Housing Finance Companies’ Compliance Context: National Housing Bank (NHB) is conducting surprise inspections of housing finance companies (HFCs) following the Aviom Housing Finance fraud case. These inspections complement NHB’s annual credit reviews and aim to ensure compliance, transparency, and proper fund utilization. Key Focus Areas of NHB’s Investigations Impact of Aviom Housing Finance Fraud on NHB Regulations Revised Bad Loan Reporting Rules Action Against Misselling of Insurance Policies NHB Strengthens Oversight to Prevent Financial