12th June 2024 Daily Current Affairs
1. What is the primary purpose of the ‘Duty Drawback Scheme’, recently seen in news?
[B] To rebate the incidence of Customs and Central Excise duties on materials used in exported goods
[C] To provide loans to exporters
[D] To penalize non-compliant exporters
Correct Answer: B [To rebate the incidence of Customs and Central Excise duties on materials used in exported goods]
Notes:
The Central Board of Indirect Taxes and Customs (CBIC) now automatically deposits duty drawback payments into exporters’ bank accounts. This WTO-compliant scheme, under the Customs Act, 1962, rebates Customs and Central Excise duties on imported and excisable materials used in exports. It promotes exports by ensuring they are zero-rated, relieving exporters of specific tax burdens. Eligibility includes goods imported, used, or manufactured from imported or indigenous materials.
2. Suhelwa Wildlife Sanctuary, recently seen in the news, is located in which state?
[A] Uttar Pradesh[B] Madhya Pradesh
[C] Rajasthan
[D] Gujarat
Correct Answer: A [Uttar Pradesh]
Notes:
A new tiger reserve will be established in Uttar Pradesh due to evidence of tiger presence in Suhelwa Wildlife Sanctuary (SWS). Located in Shravasti, Balrampur, and Gonda districts, SWS spans 452 sq km along the Indo-Nepal border. Established in 1988, it features a mix of deciduous and semi-evergreen woodlands. SWS hosts diverse flora and fauna, including tigers, leopards, and various bird species, and is part of the Bhabar-Tarai ecosystem.
3. Which type of ecosystem is associated with the recent discovery of fascinating animals like transparent sea cucumbers and pink sea pigs?
[B] Abyssal Plains
[C] Kelp forests
[D] Montane forests
Correct Answer: B [Abyssal Plains]
Notes:
During a recent deep-sea expedition to the Abyssal Plains in the Pacific Ocean, transparent sea cucumbers, pink sea pigs, and bowl-shaped sponges were discovered. Abyssal plains are flat ocean floor regions, usually at the base of continental rises, found mostly in the Atlantic Ocean. They cover 40% of Earth’s ocean floor, occur at depths over 6,500 feet, and are composed of basalt covered by various sediments. The Sohm plain is the largest.
4. Recently, where was the East Asia Summit (EAS) and ASEAN Regional Forum (ARF) Senior Officials’ Meeting (SOM) held?
[A] Beijing, China[B] New Delhi, India
[C] Bangkok, Thailand
[D] Vientiane, Lao
Correct Answer: D [Vientiane, Lao]
Notes:
Secretary (East) Jaideep Mazumdar represented India at the East Asia Summit (EAS SOM) and ASEAN Regional Forum (ARF SOM) in Vientiane, Lao PDR, on June 7-8, 2024. Key issues discussed included Indo-Pacific peace, maritime security, and regional conflicts. Mazumdar emphasized EAS’s role in promoting stability and highlighted India’s maritime security initiatives. He also held bilateral meetings with counterparts from several countries, discussing regional cooperation and shared perspectives.
5. What is “sticky inflation”, recently seen in news?
[A] A temporary drop in prices[B] A phenomenon where prices adjust quickly to changes in supply and demand
[C] A phenomenon where prices do not adjust quickly to changes in supply and demand
[D] A significant decline in consumer goods prices
Correct Answer: C [A phenomenon where prices do not adjust quickly to changes in supply and demand]
Notes:
In its recent review, the RBI maintained the repo rate unchanged for the eighth consecutive time, citing concerns over sticky inflation. Sticky inflation describes prices that don’t adjust promptly to supply and demand shifts, resulting in persistent inflation. Factors like rising wages and consumer prices drive this phenomenon, prompting monetary authorities to consider tightening policy and increasing interest rates to address it.
