Daily Current Affairs Quiz24 December, 2024 International Affairs 1. J-35 Fighter Jet Context: Pakistan is set to acquire 40 of China’s much anticipated J-35 stealth fighters. Shenyang J-35: Chinese Twin-Engine, All-Weather, Stealth Multirole Combat Aircraft 2. 13th Amendment (13A) Sri Lanka Context: Prime Minister Narendra Modi’s silence on the 13th Amendment (13A) of Sri Lanka’s Constitution, while addressing a press conference in New Delhi along with Sri Lankan President Anura Kumara Dissanayake. What is 13th Amendment (13A)? The Thirteenth Amendment to the Constitution of Sri Lanka (13A) is amendment of the Constitution of Sri Lanka, passed in 1987, which created Provincial Councils in Sri Lanka. This particular amendment also made Sinhala and Tamil the official languages of the country and declared English the “link language”. National Affairs 1. Kashmiri Papier Mache Context: Made by locals in the Valley’s karkhanas, over 50,000 papier mache models of the bird, which became extinct in 1681 and was introduced to artisans by tourists two decades ago, have been shipped to markets in Europe and Mauritius this year. Kashmiri Paper-Mâché: A Craft Tradition What is GI Tag? 2. Right of Children to Free and Compulsory Education (Amendment) Rules, 2024 Context: The Centre has removed the “no-detention” policy for Classes 5 and 8 and allowed schools to retain failing students instead of passing them automatically at the end of the year. Key Highlights: 3. Cephalopods Why in News? Cephalopods 4. India’s State of Forest Report 2023 Context: The State of Forest Report 2023 says India is holding 25 percent of its land under forest cover or trees, a starkly healthy figure. Key Highlights: Drawbacks in Report: About: Forest Survey of India (FSI) 5. Kurnool’s Development Plans by Andhra Pradesh Context: Kurnool is the backward district of the state Andhra Pradesh, and the Andhra Pradesh government has kept Kurnool for development. Kurnool District in Andhra Pradesh 6. MFN Impact on India-EFTA pact’ Context: The Switzerland government’s decision to suspend the Most Favoured Nation (MFN) status will not delay ratification and implementation of the four-nation EFTA-India Trade and Economic Partnership Agreement (TEPA) What is EFTA-India Trade and Economic Partnership Agreement (TEPA)? 7. Switzerland to Invest in Vadhvan Port Context: Jawaharlal Nehru Port Authority (JNPA) said it signed a memorandum of understanding (MoU) with Terminal Investment Ltd. (TIL) for constructing Vadhvan Port Project Ltd. (VPPL) in Maharashtra. Vadhvan Port: Deep Seaport in Maharashtra 8. OrbitAID’s: Zero-Gravity Test Context: OrbitAID Aerospace is a 100% Indian space-startup that successfully tested its patented Standard Interface for Docking and Refuelling at zero-gravity flight in Florida. Key Highlights: Zero-gravity tests Zero-gravity tests are experiments that enhance the effects of zero gravity on Earth to support space research and development. OrbitAID OrbitAID is India’s first indigenous company for OOS. it develops in-orbit refueling technology for the satellite’s life extension and build orbital fuel stations in space. The main focus is on “On-Orbit Refueling” of satellites. 9. India’s Population Decline: Falling Fertility Rate Key Highlights: What is Fertility Rate? Fertility rate is the number of children born to women of a certain age or the number of children born to women of childbearing age in a given year. 10. India Green Energy Milestone Context: India has achieved a milestone toward its green energy goals. In October, the nation installed a renewable energy capacity of 203.18 GW. Highlights: Pradhan Mantri Surya Ghar Free Electricity Scheme Pradhan Mantri Surya Ghar Free Electricity Scheme is a welfare scheme of the Government of India. Under this scheme, people will be relieved from electricity bills by installing solar panels in their homes. What is Green Energy? 11. ADB to Provide $500 mn Loan to Support Sustainable Infra Context: The Government of India and the Asian Development Bank (ADB) has signed a $500 million (about ₹ 4,250 crore) loan to support green and sustainable infrastructure projects aligned with the countrys climate commitments. Asian Development Bank Green Deposit Banking/Finance 1. The Outcomes of GST Council Meeting Context: Goods and Services Tax (GST) Council of India has taken several decisions regarding rates and has made its clarifications on such decisions. Key Highlights: Separate GST rate for Caramelised Popcorn! 2. Upstream Oil and Gas Companies Call for Budget Review Context: In the runup to the Budget, upstream oil and gas companies have called for a review of the taxes levied on older oil blocks, which account for nearly 90 per cent of domestic production, according to officials from two large exploration and production (E&P) firms. Tax Levied on Different Types of Oil & Gas>> 4. Financial Performance of Non-Life Insurance Industry in FY24 Context: India’s non-life insurance space reported profits of ₹10,119 crore in FY24, down 12.93% from that in FY23. Key Highlights: What is Non-Life Insurance? 5. Sebi suspends trading in Bharat Global over ‘fraud’ Context: The Securities and Exchange Board of India (Sebi) on Monday suspended trading in Bharat Global Developers, valued at over ₹ 12,000 crore, after it found lapses in the company’s financials and disclosures, and fraudulent preferential allotment. Background of Company: The Ahmedabad-based company is involved in the domains of green energy, engineering and infrastructure, aerospace and defense, and agriculture. What measures has Sebi introduced? SME IPO rules on Sebi  6. IPO Fundraising in 2024 SME IPO rules on Sebi  7. Securities and Exchange Board of India (Sebi) Rules to Cut Portfolio Churn Context: Sebi has announced a new rule that would restrict unnecessary portfolio churn by distributors in the launch of new fund offers, or NFOs. Key Highlights: A New Fund Offering (NFO) A New Fund Offering (NFO) is when an asset management company (AMC) launches a new mutual fund scheme and invites investors to subscribe to units of the new scheme. 8. Indian Lenders Demand Replacement of Benchmark for Overnight Indexed Swaps Context: Indian Lenders Ask Reserve Bank of India for Overhaul in Benchmark on Indexed Overnight Swaps. Background: Indexed Overnight Swaps (IOS) are financial derivatives where one party exchanges a fixed interest rate for a floating rate, typically tied to an overnight benchmark such as the Overnight Indexed Average (OIA). The floating rate is