Daily GK and Current Affairs Quiz – 3rd February 2023

Correct Answer:  D. Mangrove

Explanation:  The Finance Minister said while announcing the proposal to set-up 10,000 Bio-Input Resource Centres, thereby creating a national-level distributed micro-fertilizer and pesticide manufacturing network. MISHTI Building on India’s success in afforestation, Finance Minister announced that ‘Mangrove Initiative for Shoreline Habitats & Tangible Incomes’ will be taken up for mangrove plantation along the coastline and on salt pan lands, wherever feasible, through convergence between MGNREGS, CAMPA Fund and other sources. Amrit Dharohar Highlighting the importance of local communities in conserving the wetland ecosystem, Finance Minister also announced the Amrit Dharohar scheme which will promote their unique conservation values. This scheme will be implemented over the next three years to encourage optimal use of wetlands, and enhance bio-diversity, carbon stock, eco-tourism opportunities and income generation for local communities.

Correct Answer:  B. 15%

Explanation:  Finance Minister Nirmala Sitharaman has increased the rebate limit for individual taxpayers from ₹ 5 lakh to ₹ 7 lakh a year. She also announced new tax slabs and scrapped the old twin-structure system that was unboxed in 2020, which taxed citizens under 25 per cent without exemptions and 30 per cent with exemptions allowed.

• The new slabs are:
• Rs 0-3 lakh – no tax
• Rs 3-6 lakh – taxed at 5 per cent
• Rs 6-9 lakh – taxed at 10 per cent
• Rs 9-12 lakh – taxed at 15 per cent
• Rs 12-15 lakh- taxed at 20 per cent
• Above ₹ 15 lakh – taxed at 30 per cent
• For pensioners, the finance minister announced extending the benefit of standard deduction to new tax regime. Each salaried person with an income of ₹15.5 lakh or more will benefit by ₹52,500.
• Maximum tax, along with surcharge, will be 39%
• The highest tax rate which in our country is 42.74 per cent. This is among the highest in the world. I propose to reduce the highest surcharge rate from 37 per cent to 25 per cent in the new tax regime. This would result in reduction of the maximum tax rate to 39 per cent
• Lastly, the limit of ₹3 lakh for tax exemption on leave encashment on retirement of non-government salaried employees was last fixed in the year 2002, when the highest basic pay in the government was ₹30,000 pm. In line with the increase in government salaries, I am proposing to increase this limit to ₹25 lakh.
• Currently, a 5 per cent tax is levied on total income between ₹2.5 lakh and ₹5 lakh, 10 per cent on ₹5 lakh to ₹7.5 lakh, 15 per cent on ₹7.5 lakh to ₹10 lakh, 20 per cent on ₹10 lakh to ₹12.5 lakh, 25 per cent on ₹12.5 lakh to ₹15 lakh, and 30 per cent on above ₹15 lakh. With effect from April 1, these slabs will be modified as per the Budget announcement.

Correct Answer:  D. Bangladesh

Explanation:  The Bangladesh Government has been facing several macroeconomic issues. The country holds a huge current account deficit. The value of the Taka, the currency of Bangladesh has been declining. Foreign Exchange reserves of the country have been decreasing. To help Bangladesh recover from these economic stresses, the International Monetary Fund recently sanctioned a 4.7 billion USD loan to the country. The IMF has released 3.3 billion USD of funds under its extended credit facility. Under its Resilience and Sustainability Facility for Climate Investments, IMF released 1.4 billion USD to Bangladesh. This is the first time IMF is releasing funds under this since its inception.

Correct Answer:  D. HDFC Bank

Explanation:  HDFC Bank has partnered with NIIT Limited for the training of skilled Virtual Relationship Management professionals for the banking industry. The program is designed to build in-demand and advanced sales skills among the learners which will enable them to acquire new customers for multiple services. Any Graduate/Postgraduate with 0-2 years of experience will be eligible for the program. The immersive program is designed to develop a ready-to-deploy pool of skilled Virtual Relationship Managers. The extensive practice in real-life scenarios will equip the new professionals with the advanced sales skills and the confidence required for their job roles in the banking sector.

The training will take place virtually using various online collaborative platforms. The Post Graduate Program in Virtual Relationship Management will empower learners to start an assured banking career with HDFC Bank and have an opportunity for consistent career growth. The program contains a two-rounds assessment process to filter the most deserving candidates, who will go through further upskilling and training rounds throughout the course.

Correct Answer:  C. Pramila Jayapal

Explanation:  Four Indian-American lawmakers– Raja Krishnamoorthi, Pramila Jayapal, Ami Bera and Ro Khanna– have been appointed as members of key US House Committees, reflecting the growing influence of the community in American politics. Congressman Krishnamoorthi was appointed on Wednesday, February 1, to serve as Ranking Member on the House Select Committee on Strategic Competition Between the United States and the Chinese Communist Party (CCP).

• Another Indian-American Congressman Khanna has also been made a member of this new committee, formed in the 118th Congress by Republican House Speaker Kevin McCarthy for the specific purpose of investigating and developing policy to address the United States’ economic, technological and security competition with the CCP.
• Indian-American US Representative Pramila Jayapal has been named Ranking Member of the House Judiciary Committee’s Subcommittee on Immigration Integrity, Security, and Enforcement, making her the first immigrant to serve in a leadership role for the subcommittee.
• The Subcommittee on Immigration Integrity, Security, and Enforcement will be chaired by Tom McClintock and has jurisdiction over immigration law and policy, naturalization, border security, refugee admissions, non-border immigration enforcement and other various issues.
• While Indian-American Congressman Ami Bera was appointed as a member of the influential US House Permanent Select Committee on Intelligence for the 118th Congress. The Intelligence Committee is charged with providing oversight of the nation’s intelligence activities, including the Central Intelligence Agency (CIA), the Office of the Director of National Intelligence (DNI), the National Security Agency (NSA) and military intelligence programmes.
• US Congressman Ami Bera also serves on the House Foreign Affairs Committee and the House Science, Space, and Technology Committee.

Correct Answer:  B. Prashant Agrawal

Explanation:  Prashant Agrawal has been appointed as the next Ambassador of India to the Lao People’s Democratic Republic. Presently, he is serving as the High Commissioner of India to Namibia. He joined the Indian Foreign Service in 1998 and served in India’s Missions in Paris, Port Louis, and Bangkok. IFS officer M Subbarayudu has been appointed as the next High Commissioner of India to Namibia.

Correct Answer:  C. Manuela Roka Botey

Explanation:  Equatorial Guinea has appointed Manuela Roka Botey as prime minister. She became the first woman in the country to hold the position. President Teodoro Obiang Nguema Mbasogo, who has ruled the country since 1979, made the announcement in a decree read on state television. Ms Rotey was previously the education minister and joined the government in 2020. She replaces former premier Francisco Pascual Obama Asue, who has been in the position since 2016. Obiang, 80, was re-elected for a sixth term in office in November with 95% of the vote, cementing his place as the world’s longest-standing ruler. The United States said at the time it had “serious doubts about the credibility of the announced results” in the election and called on authorities to work with all stakeholders to address allegations of voter fraud. The country of around 1.5 million people has had only two presidents since independence from Spain in 1968. Obiang ousted his uncle, Francisco Macias Nguema, in a coup in August 1979.

Correct Answer:  B. 2nd February

Explanation:  World Wetlands Day is celebrated annually on 2nd February. The day is observed to create awareness among people about the importance of wetlands and different ways to restore their rapid loss and degradation. The day is aimed at highlighting the vital role wetlands play in maintaining biodiversity and supporting human well-being. The theme for this year’s World Wetlands Day is ‘It’s Time for Wetlands Restoration. The theme highlights the urgency to prioritize wetland restoration.

Correct Answer:  D. Bangladesh

Explanation:  The biggest book fair of Bangladesh ‘Ekushey Boi Mela’ was inaugurated in Dhaka on Wednesday by Prime Minister Sheikh Hasina. It is for the first time after three years that Prime Minister Sheikh Hasina inaugurated the book-fair in person at the Bangla Academy venue. The theme of this year’s book fair is ‘Poro Boi, Goro Desh: Bangbandhur Bangladesh’– Read books, build the country, a country of Bangabandhu’s dream. Ekushey Book Fair started in 1972 to commemorate the sacrifices of people killed by Pakistani forces on 21 February 1952 demanding Bangla as the mother language for the then East Pakistan. It has been organised every year by the Bangla Academy since 1978.

Correct Answer:  B. Australia

Explanation:  The Reserve Bank of Australia said that a new design would replace the image of Queen Elizabeth II on its A$5 banknote in order to honour and commemorate the history of its indigenous culture. The death of Queen Elizabeth in 2022 reopened discussions in Australia regarding the country’s future as a constitutional monarchy. In a 1999 referendum, voters narrowly decided to keep the British monarch as the country’s head of state. The federal government, which supports the reform, was consulted before Australia’s Central bank made its decision, according to an official statement. The Australian Parliament will still be visible on the note’s reverse side, it claimed.

Correct Answer:  B. Rs 2,200 crore

Explanation:   IDFC to invest Rs 2,200 crore in IDFC First Bank increasing its shareholding from 36.38 per cent to 40 per cent. IDFC (up 4.50 per cent) and IDFC First Bank (up 4.07 per cent) both gained ground. IDFC First Bank said in a statement that this will provide growth funding. Furthermore, the IDFC board of directors declared a special interim dividend of Rs 11 per share, resulting in a Rs 287 crore payout to the Government of India, IDFC’s largest shareholder. IDFC and IDFC Financial Holding have also began the merger process with IDFC First Bank. In addition to approvals from shareholders, creditors, and the National Company Law Tribunal, the merger requires finalising the swap ratio, filing the plan, and receiving clearances from stock exchanges, the Reserve Bank of India, and the Competition Commission of India (NCLT).

Correct Answer:  B. Director

Explanation:  Noted Telugu director Sagar aka Vidyasagar Reddy has passed away on February 2, 2023. He started off his career as an assistant director. He made his directorial debut with the 1983 film Rakshasi Loya starring Naresh, Vijayashanti, and others. He also served as the President of the Telugu Film Directors Association thrice.

Correct Answer:  B. Jagdishpur

Explanation:  The Madhya Pradesh government announced that Islam Nagar village, situated in the Bhopal district, has been renamed as Jagdishpur. The MP administration, in an official release, declared the changes and mentioned the change in the name with immediate effect. In the press note, the state government said the decision was conveyed by the central government’s ministry of home affairs. Also, it stated that the home ministry had issued the renaming on September 15, 2022.

• Islam nagar villageis located at a distance of around 12 km from Bhopal and is famous for forts. According to certain accounts, the name of Islam Nagar used to be Jagdishpur 308 years ago. The account says Dost Mohammed Khan established his capital 10km away from modern Bhopal, at Jagdishpur and named it Islam Nagar.
• He built a small fort and some palaces at Islamnagar.A part of the fort has been restored to its original glory only recently. After a few years, he built a bigger fort on the northern bank of the Upper Lake. This new fort was named Fatehgarh (the fort of victory). Later on, he shifted his capital to the current city of Bhopal.

Correct Answer:  C. Jodhpur

Explanation:  The first G20 Employment Working Group meeting began in Jodhpur, Rajasthan. The meeting will be held from February 2 to 4 where guest nations including Spain, the Netherlands and Singapore will take part. The Employment Working Group under the Indian Chairmanship of the G20 has a mandate to address priority labour, employment and social issues for strong, sustainable, balanced and sustainable employment for all. The significance of this meeting lies in the fact that the G20 countries represent 85% of world GDP, 3/4 of global trade and almost two-thirds of the world population. International organisations like ILO, OECD and ISA, Indian institutions like NITI Aayog and MSDE (Ministry of Skill Development and Entrepreneurship), and EPFO (Employees’ Provident Fund Organisation) will also share their views on various topics. G20 member states have also been invited to share their interventions on key areas. India is hosting over 73 delegates from 19 countries, the European Union and 9 guest countries and 9 regional and international organisations.