Daily Current Affairs Quiz31 January, 2025 National Affairs 1. Axiom-4 Mission Context: Indian astronaut Group Captain, Shubhanshu Shukla will be the pilot of the upcoming Axiom-4 mission to the International Space Station (ISS). Mr. Shukla, who is also one of the four astronaut-designates selected for Gaganyaan mission, will become the first Indian astronaut to go to the ISS. The mission will be launched from Florida. Axiom-4 Mission Mission Objectives Key Features For India Projects    Background Facts  International Space Station (ISS) Bharatiya Antariksha Station UPSC Civil Services Examination, Previous Year Question (PYQ) Prelims Q. What is the purpose of the US Space Agency’s Themis Mission, which was recently in the news? (2008) (a) To study the possibility of life on Mars(b) To study the satellites of Saturn(c) To study the colourful display of high-latitude skies(d) To build a space laboratory to study the stellar explosions Ans: (c) Q. Consider the following statements: (2016) The Mangalyaan launched by ISRO Which of the statements given above is/are correct? (a) 1 only(b) 2 and 3 only(c) 1 and 3 only(d) 1, 2 and 3 Ans: (c) 2. INSV Tarini  Context: As part of the ongoing mission to circumnavigate the globe under the Navika Sagar Parikrama-II, Indian Navy officers Lieutenant Commander Dilna K. and Lieutenant Commander Roopa A., aboard sailing vessel INSV Tarini, passed through Point Nemo during the leg of sailing from Lyttelton Port, New Zealand, to Port Stanley, Falkland Islands. INSV Tarini Navika Sagar Parikrama-II Two Indian Navy women officers Lt Cdr Roopa A and Lt Cdr Dilna K, will set sail on a globe circumnavigating expedition aboard INSV Tarini. This expedition named Navika Sagar Parikrama-II is to repeat the first version of the circuit and showcase India’s maritime potential and work towards the vision of equipping women to sail in the ocean. Previous Indian Navy Expeditions 3. India’s AI Vision Context: Union IT Minister Ashwini Vaishnaw said that India will develop multiple sovereign AI foundation models within 8 to 10 months. This comes as China’s DeepSeek AI model gains global attention. Governments AI Strategy GPU Procurement DeepSeek AI 4. Household Consumption Expenditure (HCES), 2023-24 Context: The monthly per-capita consumption expenditure (MPCE) on food items was highest in Assam (53.2 per cent), followed by Bihar (52.5 per cent), West Bengal (51.5 per cent), and Meghalaya (50.3 per cent) during the period from August 2023 to July 2024, according to the latest report of the Household Consumption Expenditure Survey released by the National Statistics Office (NSO). Key Findings: Monthly per-Capita Consumption Expenditure (MPCE) According to experts these changes are within the margin of error not an indication of any trend shift in the market. “Per-capita consumption expenditure (MPCE)” refers to the average amount of money spent by each individual in a population on consuming goods and services, calculated by dividing the total consumption expenditure of all households by the total population; essentially, it indicates the average spending power of people in a region or country.  Key points about MPCE: Banking/Finance 1. Prevention of Money Laundering Act (PMLA) Context: The Enforcement Directorate informed a Division Bench of the Kerala High Court that large-scale money laundering had been carried out in various cooperative banks and societies and Enforcement Case Information Report (ECIR) had been registered in respect of 16 banks and two societies under the Prevention of Money Laundering Act. Prevention of Money Laundering Act (PMLA) 2002 The Prevention of Money Laundering Act (PMLA) is a law in India that aims to prevent money laundering and confiscate property that is the result of money laundering. The PMLA was enacted in January 2003 and came into effect in July 2005.  What does the PMLA do? Amendments 2009-2012: Strengthened provisions against financial crimes. PMLA Main Provisions Section-45 Strict Bail Conditions 2. RBI Files Petition Against Aviom India Context: The Reserve Bank of India said it has filed an application with the National Company Law Tribunal, New Delhi bench, for initiation of corporate insolvency resolution process against Aviom India Housing Finance Private Limited. Reason? Regulatory Actions Taken Legal Framework Insolvency Process Superintendence and Control of RBI RBI is empowered to supersede the board of directors of a financial institution, such as Aviom India Housing Finance, in case there are “significant governance concerns” and “defaults in meeting various payment obligations,” which effectively puts the RBI in control of the company on grounds of bad practices of management and failure to honour financial commitments, which is followed by the appointment of an administrator to run the company under RBI supervision. The RBI has powers under relevant acts to supersede the boards of financial institutions in case serious governance issues and payment defaults are found. The Corporate Insolvency Resolution Process (CIRP) The Corporate Insolvency Resolution Process (CIRP) is a process in India that helps resolve or liquidate a corporate debtor. The Insolvency and Bankruptcy Code (IBC) of 2016 governs the CIRP.  Implications Source: The Hindu 3. RBI’s OMO Auction Context: RBIs first Open Market Operation (OMO) purchase auction received 12 trillion in bids against a notified amount of 20,000 crore. High demand led to cutoff prices being set below secondary market pricesRBI rejected all bids for the 7.59 per cent GS 2029 bond. RBIs Liquidity Injection Plan What is Open Market Operation (OMO)? 4. Payment and Settlement Systems Act (PSS Act) Context: The Reserve Bank of India tightened norms for imposing monetary penalties and compounding offences under the Payment and Settlement Systems Act (PSS Act) to rationalise and consolidate enforcement action by the central bank. Purpose of Rule Change Payment and Settlement Systems Act (PSS Act) The Payment and Settlement Systems Act, 2007 is the law by which payment systems in India are regulated and supervised. The designated authority for these purposes is Reserve Bank of India RBI. What does PSS Act? What does RBI regulate? What payment systems are covered by the PSS Act? Major Infringements Under PSS Act New Resurrected Penalty Structure Facts To Remember 1. U.S. aircraft collides with chopper; 67 feared dead Divers pulled bodies from the icy waters of Washington’s Potomac river on Thursday after a U.S. military helicopter collided mid-air