Daily Current Affairs Quiz
20&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
- The number of evaluation metrics has been reduced from 59 to 43, enabling clarity and outcome-focused assessment.
- Designed to be adaptive across Central, State, and Urban Local Bodies (ULBs).
Inclusive & Grounded Approach
- Formulated through extensive consultations with over 160 CSTIs, domain experts, and assessors.
- Encourages self-evaluation, innovation, and institutional improvement.
Digitally-Aligned and Future-Ready
- Embraces hybrid learning, AI-driven tools, and digitally enabled platforms.
- Integrates progressive elements such as:
- Indian Knowledge Systems (IKS)
- Karmayogi Competency Model (KCM)
- Amrit Gyaan Kosh (AGK)
Global Recognition and Best Practices
- Dr. Jitendra Singh cited international interest from Bangladesh, South Africa, and Maldives in India’s Mission Karmayogi.
- Removes barriers between public and private sectors to incorporate best practices from all domains.
Objectives of NSCSTI 2.0
- Establish a citizen-centric, future-ready bureaucracy
- Foster institutional excellence and continuous improvement
- Promote AI-enabled and hybrid learning
- Support cooperative and competitive federalism
- Enable cross-learning among CSTIs
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?
- A recombinant, chimeric malaria vaccine candidate.
- Specifically targets Plasmodium falciparum.
- Designed using a multistage antigen platform to offer dual protection.
Developed by
- Indian Council of Medical Research (ICMR)
- Regional Medical Research Centre (RMRC) – Bhubaneswar
- National Institute of Malaria Research (NIMR)
- Department of Biotechnology’s National Institute of Immunology (DBT-NII)
Production Platform
- Utilizes Lactococcus lactis, a food-grade bacterium that is safe, scalable, and cost-effective for vaccine production.
Objectives
- Prevent malaria infection in individuals.
- Break the community-level transmission chain of P. falciparum.
- Contribute to India’s Malaria Elimination Roadmap (2030).
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 |
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?
- EDPMS was introduced in February 2014 to monitor realisation of export proceeds.
- Integrated with:
- ICEGATE (Customs interface)
- ECCS (Express Cargo Clearance System from Jan 2022)
- Postal export data (from Jan 2025)
- It helps reconcile each shipping bill against actual inward foreign remittance.
Key Proposals in RBI’s Draft Directions
Relaxation for Small-Value Export Transactions
- Shipping bills of value ≤ ₹10 lakh (or equivalent) can now be closed by Authorised Dealer (AD) banks based on a quarterly self-declaration from exporters.
- Exporter must declare that payment has been received and provide bill details.
- Value reductions in export invoices can also be self-declared.
Why This Matters
- EDPMS compliance had become a procedural hurdle for small exporters, often delaying incentives or leading to penalties.
- This move aligns with the broader “ease of doing business” push and promotes digital trade facilitation.
- Ensures regulatory focus shifts from formality-driven oversight to substance-based monitoring.
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
- ITR-2: For individuals with foreign assets/income but no income from business/profession.
- ITR-3: If you have income from business or profession alongside foreign income/assets.
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
- STCG (<24 months holding): Taxed at the individual’s slab rate.
- LTCG (>24 months): Taxed at 12.5% (no indexation) + cess + surcharge (from July 23, 2024 onward).
- Dividends: Taxed at slab rate.
IV. Claiming Foreign Tax Credit (FTC)
- Report foreign income & taxes paid in ITR.
- File Form 67 electronically (due by Dec 31, 2025 for FY25).
- Maintain supporting foreign tax documents.
V. Setting Off Capital Losses
| Type of Loss | Set-off Allowed |
|---|---|
| Short-Term Loss | Against STCG & LTCG |
| Long-Term Loss | Only against LTCG |
- Carry forward period: 8 years (return must be filed by due date, i.e., Sept 15, 2025).
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
- Revised return: File by Dec 31, 2025, to correct errors.
- Updated return: Can be filed within 4 years from original filing, if it leads to increased income and tax liability.
VIII. Common Mistakes to Avoid
- Omitting foreign income/assets
- Not claiming FTC despite tax paid abroad
- Failing to reconcile TCS data
- Incorrect currency conversions
- Assuming DTAA benefits without documentation
IX. Documentation to Prepare for Scrutiny
- TCS certificates, LRS/ODI forms
- SWIFT messages & bank statements
- Source of funds proof
- RBI conversion records
- Foreign broker statements & trade reports
- Contract notes
- Justification for write-offs
- Foreign tax payment receipts
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?
- ISO 20022 is a global financial messaging standard developed by the Society for Worldwide Interbank Financial Telecommunication (SWIFT).
- It replaces the legacy MT (Message Type) format and enhances:
- Payment processing speed
- Interoperability
- Data richness
- Transaction reconciliation
- Operational efficiency
Key Developments
1. IBA’s Urgent Call to Action
- In a letter sent by IBA Chief Executive Atul Kumar Goel, banks were advised to begin migration by August 2025 to build sufficient operational buffer.
- Only three Indian banks have so far achieved a migration rate of above 85%.
2. Risks of Delayed Migration
- Post November 22, 2025, legacy MT instruction messages will fail validation.
- Potential risks for non-compliant banks include:
- Cross-border payment failures
- Message rejections
- Customer dissatisfaction
- Increased operational and technical costs
- Inability to handle exceptions and queries efficiently
Implications for Indian Banks
- Delay in transition may undermine India’s position in the global payments ecosystem.
- Banks are encouraged to avoid sending FIN/MT messages for cross-border bank-to-bank payments beyond the deadline.
- Full ISO 20022 readiness will allow:
- Seamless integration with global banks
- Reduced message translation errors
- Improved AML and compliance checks
- Enhanced customer service through better transaction data
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?
- A Small & Medium REIT focuses on single commercial assets valued between ₹50–500 crore, all of which must be 100% leased to ensure stable cash flows – offering a yield-backed investment structure designed for broader investor access
Democratizing Real Estate for Retail Investors
- Enables fractional ownership of rent-yielding, premium commercial assets via BSE/NSE listings.
- Minimum investment starts at ₹10 lakh, opening doors to A-Grade income assets.
Retail-Centric, Tech-Driven Approach
- AMSA prioritizes a retail-first investment strategy.
- Deploys AI-enabled digital tools for property marketing, investor engagement, asset management, and underwriting.
Institutional-Grade Transparency & Governance
- Adheres strictly to SEBI’s SM‑REIT regulations.
- Emphasizes transparency, governance, and high-quality investor experience.
Strategic Vision
- Aims to democratize real estate investments, making institutional-quality assets accessible.
- Enhances financial inclusion and creates a structured wealth creation pathway for retail investors.
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:
- Panels Formed: IRDAI has constituted panels headed by its Whole-Time Members to investigate regulatory violations.
- Focus Areas:
- Mis-selling, especially under bancassurance arrangements.
- Delays and discrepancies in claim settlement.
- Legal Basis: The panels will investigate breaches under the Insurance Act, 1938, and related IRDAI regulations.
- Objective: Enhance regulatory compliance, ensure policyholder protection, and curb unethical practices in insurance distribution and servicing.
New Insurer Approval
- IRDAI approved the R1 application of Kiwi General Insurance Ltd, marking the first stage of registration under India’s three-stage insurance licensing process (R1 → R2 → R3).
- Kiwi General Insurance is now permitted to proceed toward obtaining a full license, subject to compliance with capital, business plan, and regulatory norms.
About IRDAI
- Full Form: Insurance Regulatory and Development Authority of India
- Founded: 1999
- Headquarters: Hyderabad, Telangana
- Chairperson: Debasish Panda
- Structure: 1 Chairperson, 5 Whole-Time Members, and 4 Part-Time Members
- Appointed By: Government of India
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
- Published by: IMF & FIS Global
- Purpose: To benchmark digital payment systems using the Faster Payment Adoption Score (FPAS).
- Scope: Analysis of real-time payment systems across 30 countries, focusing on speed, cost, interoperability, security, and inclusivity.
Key Highlights:
Global Ranking
- Ranked #1 with an FPAS of 87.5%.
- Surpassed global leaders like Brazil, Singapore, the UK, and the US.
UPI Ecosystem Overview
- Scale: 640+ million transactions daily
- User Base: 491 million individuals & 65 million merchants
- Coverage: 675+ banks integrated into the system
- Speed & Cost: Transfers under 5 seconds; near-zero cost
International Expansion
- UPI operational in 7 countries, including France, UAE, Singapore.
- India advocating for UPI integration as a standard within BRICS+ cross-border payments.
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:
- Limited Offline Access
- Heavy reliance on mobile data connectivity restricts usage in remote, low-bandwidth regions.
- Cross-Border Interoperability Gaps
- Lack of uniform infrastructure and regulation limits UPI’s global payment scalability.
- Data Privacy Concerns
- Weak enforcement of data protection laws increases the risk of financial data misuse.
- Dispute Resolution Gaps
- Unstandardized redressal mechanisms across banks and apps weaken user confidence.
- Digital Exclusion Risks
- Overdependence on smartphones marginalizes senior citizens and non-digital users.
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
- Traditionally, India’s agriculture policy prioritized crop farming, while livestock was treated as an allied activity.
- This excluded livestock farmers from agriculture-specific benefits like subsidised power, institutional credit, and tax exemptions.
- Maharashtra’s move seeks to bridge this policy gap and recognize the economic importance of animal husbandry.
Significance
- Over 37 million livestock farmers in Maharashtra to benefit.
- Ensures policy parity between crop producers and livestock farmers.
- Recognizes animal husbandry as a core component of agriculture, not merely an allied activity.
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
- Poultry: Reduced costs will expand hatcheries and meat/egg production.
- Dairy: Improved viability for small/mid-sized dairy operators.
- Goat & Sheep Farming: Boost for marginal and landless farmers.
- Fisheries: Better access to aquaculture infrastructure and credit.
Economic & Policy Implications
- Projected to boost annual rural income by ₹7,080 crore.
- Aligns with ICAR and NITI Aayog recommendations on livestock development.
- Strengthens rural value chains (milk, meat, leather, wool, eggs).
Challenges Ahead
- Land-use classification issues may hinder benefits.
- Need to simplify zoning and regulatory procedures.
- Effective monitoring, training, and outreach will be essential to avoid elite capture and ensure smallholder participation.
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 on the sidelines of the APEC event in South Korea, a media report stated on Sunday citing multiple sources.
2. Dominant Scheffler puts his name on the Claret Jug
Scottie Scheffler romped to a magnificent four-shot victory to seal his first British Open title at Royal Portrush on Sunday, notching his fourth Major success. The World No. 1 eased to a three-under par final round of 68, finishing on 17-under for the tournament after shooting in the 60s on all four days.
3. Sreeshankar clinches title in Portugal with a leap of 7.75m
Long jumper M. Sreeshankar clinched the title with a leap of 7.75m at the Meeting Maia Cidade do Desporto in Maia, Portugal, a World Athletics Continental Tour Bronze-level meet.
4. Chandra Barot, original ‘Don’ director, passes away at 86
Film director Chandra Barot, best known for the blockbuster classic, Don (1978), which prompted multiple remakes in southern languages and spawned a series of sequels decades later, passed away due to medical complications at Guru Nanak Hospital in Bandra (east) on Sunday. He was 86.
5. INS SANDHAYAK, THE FIRST INDIGENOUS SURVEY VESSEL LARGE (SVL), VISITS PORT KLANG, MALAYSIA
Indian Navy’s indigenously designed and constructed Survey Vessel Large (SVL) INS Sandhayak made her maiden port call at Port Klang, Malaysia, for hydrographic cooperation, from 16 – 19 Jul 2025. This visit demonstrates India’s growing role in regional hydrographic capacity building under the Indian Naval Hydrographic Department (INHD) and the National Hydrographic Office framework.
6. Union Minister Dr. Mansukh Mandaviya Inaugurates ‘Youth Spiritual Summit’ at Varanasi
Union Minister of Youth Affairs & Sports and Labour & Employment, Dr. Mansukh Mandaviya, today inaugurated the ‘Youth Spiritual Summit’ on the theme ‘Nasha Mukt Yuva for Viksit Bharat’ at the Rudraksh International Cooperation and Convention Centre in Varanasi, Uttar Pradesh.
7. Jane Street Re-enters Indian Markets After Depositing
High-frequency trading (HFT) giant Jane Street has been permitted to re-enter India’s securities markets after complying with the Securities and Exchange Board of India’s (SEBI) order to deposit alleged unlawful gains worth ₹4,844 crore in an escrow account by July 14, 2025.
8. Agricultural Pumpset Manufacturers Urge GST Reduction from 18% to 12% to Support Farmers
Manufacturers of agricultural pumpsets have renewed their appeal to the government to reduce the Goods and Services Tax (GST) rate on pumpsets from 18% to 12%, citing adverse effects on both sales and affordability for farmers.
