Correct Answer :   Pakistan

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Pakistan has received a deposit of $700 million from the China Development Bank, which will provide a much-needed boost to the country's foreign exchange reserves.

The deposit comes as Pakistan has been struggling with its external debt and has barely enough dollars to cover less than three weeks' worth of imports.

Finance Minister Ishaq Dar announced Friday (24th Feb 2023) the news on Twitter and referred to the deposit as a "lifeline" for Pakistan.

Earlier this week, Dar announced that the board of the China Development Bank had approved a loan facility for Pakistan worth $700 million, and the formalities had been completed.

The loan will bolster the country's diminishing foreign exchange reserves, and the money is expected to arrive at the State Bank of Pakistan this week.

The coalition government has been trying to increase the country's foreign exchange reserves, which currently stand at $3.25 billion as of February 17, 2023.

However, the delay in the revival of the $6.5 billion International Monetary Fund (IMF) programme has made it difficult for the government to achieve this goal.

Pakistan is also looking to refinance two more commercial loans worth $500 million and $800 million.

Aim : Pakistan is aiming to refinance Chinese loans up to $2 billion by the end of February or the first week of March 2023.

This deposit from China is expected to ease some of the pressure on Pakistan's economy, which has been struggling due to the pandemic and external debt.

Pakistan’s external debt servicing obligation for the ongoing fiscal year 2022-23 is $23 billion, of which $6 billion has been repaid and $4 billion rolled over, leaving $13 billion yet to be funded.

The country also has further repayment obligations of $75 billion during FY24-26..

Source : Mint

Correct Answer :   Bengaluru

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The First G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under the G20 Indian Presidency is scheduled during 24th-25th February, 2023 in Bengaluru, Karnataka.

Union Finance Minister "Smt. Nirmala Sitharaman" and Governor, Reserve Bank of India (RBI), "Dr Shaktikanta Das" will jointly chair this meeting.

The G20 is an intergovernment forum of the world’s major economies — 19 countries and the EU — that addresses issues related to the economy, financial stability, climate change and sustainable development.

Ms Sitharaman will also hold talks with representatives of more than 10 countries, including the US, Italy, Spain, Indonesia and the UK.

Seventy-two delegates will attend the meetings, which will be held over three sessions.

The G7 countries — Canada, France, Germany, Italy, Japan, the UK and the US — will be taking part under the leadership of Japan.

Jeremy Hunt, the UK's Chancellor of the Exchequer, is expected in Bengaluru on Thursday(23rd Feb 2023) and will meet the heads and founders of Indian tech companies for talks on boosting partnerships with Britain.

The start of the G20 event coincides with the first anniversary of Russia’s invasion of Ukraine, and the global effects from the ongoing conflict are expected to be part of the talks...

Source : The National News

Correct Answer :   Andhra Pradesh

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Former Supreme Court Judge, Justice S Abdul Nazeer took oath as the new governor of Andhra Pradesh on Friday (24th February 2023) morning. Abdul Nazeer took charge as the third governor, after the bifurcation of the state.

* The Chief Justice of the High Court, CJ Prashant Kumar Mishra, administered the oath to Abdul Nazeer at a ceremony held at Raj Bhavan.

* CM Jagan Mohan Reddy, Opposition leader Chandrababu Naidu and other public representatives attended the ceremony.

* Abdul Nazeer from Karnataka retired last month after working as a Supreme Court judge.

* Abdul Nazeer is recognized as the third person to be directly promoted to the highest court of the country without serving as the Chief Justice of the High Court..

Source : India Today

Correct Answer :   Peru

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* South American country Peru on Thursday(23rd February 2023) declared a "health emergency" in view of the increasing outbreak of dengue in the country.

* The emergency has been initiated in 13 departments in the north, central and southeast of the country due to an outbreak of dengue.

* The emergency would remain in place for 90 days, according to an official notice, after the health ministry recorded more than 11,500 cases and 16 deaths due to the disease so far in 2023.

* This represented a "considerable increase" of 72 percent from the same period in 2022. Last year, the country had more than 72,800 dengue cases and 84 deaths.

* Dengue fever is a mosquito-borne tropical disease that can provoke a high fever, headache, vomiting, muscle and joint pain, and sometimes death.

* Earlier this month (February 2023), neighbor Bolivia also declared a health alert with a cumulative number of more than 6,800 cases and 26 deaths..

Source : India Times

Correct Answer :   24th February

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The Central Excise Day is celebrated in India every year on February 24 to commemorate the establishment of the Central Board of Excise and Customs (CBEC).

The day is observed to recognise the efforts of the Central Excise and Customs officials who work tirelessly to safeguard the country’s economy.

The Central Excise and Customs Department is responsible for collecting indirect taxes on goods and services in India and also the imported goods. It also ensures that these taxes are paid on time and that all imports and exports comply with the regulations and laws enacted by the government.


Central Excise Day History :

* The Central Excise and Salt Act was passed on February 24, 1944, to make changes in the law related to salt and Central duties.

* In total, it was a combination of 11 Acts concerning the excise duties. In 1985, a Central Excise Tariff Act was introduced and it became a part of the old Central Excises and Salt Act.

* With effect from September 28, 1996, the Act was known as the Central Excise Act 1944.


Central Excise Day Significance :

* The significance of Central Excise Day lies in recognising the hard work and dedication of the officials who work to collect taxes, prevent smuggling, and curb fraudulent activities.

* The day also highlights the role that the department plays in promoting economic growth and development.

* The Central Board of Indirect Taxes and Customs (CBIC) is responsible for administering Customs, Goods, and Service Tax (GST), Narcotics, Central Excise, and Service Tax in India.

Source : News18

Correct Answer :   25th Febraury to 5th March 2023

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The New Delhi World Book 2023 Fair will be held from 25th February to 5th March 2023 at Pragati Maidan in New Delhi. Education Minister Dharmendra Pradhan will inaugurate the fair on 25th February.

New Delhi World Book 2023 Theme : The theme of the fair is Azadi Ka Amrit Mahotsav.

* Prof. Govind Prasad Sharma said several literary and cultural activities focussing on the theme will be organized during the fair.

* He said, more than two thousand stalls will be set up and more than one thousand book publishers will participate in the fair.

* Director of National Book Trust Yuvraj Malik said France has been designated as the Guest of Honour Country.

* He said the G20 theme has been integrated with the New Delhi World Book Fair and exhibitions of books from G20 member countries will be organized during the fair.
 
* Foreign and G20 pavilions, a dedicated pavilion on National Education Policy 2020 and a Children's pavilion will also be set up in the fair.

* At the YUVA corner in the fair, 75 young writers will interact with book lovers, visitors and other panellists.

* The timings of fair will be from 11 a.m. to 8 p.m. and the people can enter the fair from Gate Numbers 4 and 10.

* Entry is free for school children, senior citizens and the differently-abled.


National Book Trust (NBT) Chairman : Prof. Govind Prasad Sharma.

Source : AIR

Correct Answer :   Ajay Banga

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US President Joe Biden has nominated former Mastercard CEO "Ajay Banga" for the position of World Bank president.

Donald Trump appointee David Malpass will step down from his role this June 2023 before completing his tenure in April 2024.

The early departure of David Malpass from the 189-nation poverty reduction agency was seen as an opportunity for the USA to come up with a leadership that can lead the organization for the welfare of less-wealthy nations.

The US government nominated Ajay Banga for his expertise in handling global challenges including climate change, which is the topmost priority for it. World Bank is often criticized for being hostile to undeveloped nations.

About Ajay Banga :

* Currently, Ajay Banga is appointed as the vice chairman at private equity firm General Atlantic, a US private equity firm that administration officials said has invested over $800 million in EV charging solutions, solar power, and sustainable farming.

* He retired in December 2021 after 12 years at the helm of Mastercard, where administration officials noted that he helped 500 million unbanked people join the digital economy, averted layoffs of the bank's 19,000 employees during the Covid-19 pandemic, and led work on climate, gender, and sustainable agriculture.

* In total, he has more than 30 years of business experience in handling different roles at Mastercard and on the boards of the American Red Cross, Kraft Foods, and Dow Inc.

* Notably, he is the first Indian-born nominee for the role of World Bank President. Joe Biden expressed confidence in Ajay Banga's leadership and said he is uniquely equipped to lead the World Bank at this stage. Biden also stated that Ajay has a critical experience mobilizing public-private resources to tackle the most urgent challenges.

* Banga's work in India and other emerging markets, his "obsession" with expanding financial inclusion, and his deep knowledge of new technologies could help bridge the divide between rich countries and emerging markets, said Luis Alberto Moreno, who worked closely with Banga while serving as president of the Inter-American Development Bank.

* India was expected to support Banga's candidacy, according to Krishnamurthy Subramanian, the former top economic adviser to the Indian government who now serves as India's executive director at the International Monetary Fund. "It's an elegant solution."..

Correct Answer :   Girish Chandra Murmu

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Comptroller and Auditor General (CAG), Girish Chandra Murmu has been selected as External Auditor of the International Labour Organization in Geneva for a four-year term from 2024 to 2027.

* The decision was taken after a rigorous selection process. CAG will take over from the incumbent External Auditor of ILO, Supreme Audit Institution of Philippines.

* CAG’s appointment is a recognition of its standing among the international community as well as its professionalism, high standards, global audit experience and strong national credentials.

* ILO had formed a Selection Panel for appointment of External Auditor and invited bids from the Supreme Audit Institutions.

* Based on the technical experience and other criteria, ILO shortlisted three Supreme Audit Institutions - India, Canada and United Kingdom - for technical presentations.

* In Geneva, a three-member team from CAG of India presented the strengths, approach and skill set and the vast experience of auditing International Organizations to the tripartite selection panel of ILO..

Source : AIR

Correct Answer :   February 22, 2023

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Classical dance legend Kanak Rele passed away on February 22, 2023, died at the age of 85 in Mumbai. The Mohiniyattam exponent, who was awarded the first Guru Gopinath National Puraskaram of the Government of Kerala,

* Born on June 11, 1937, in Gujarat to Shivdas and Madhuri, Kanak Rele spent her childhood in Santiniketan, West Bengal.

* It was during this time that she turned to dance and became fascinated with Kathakali and Mohiniyattam.

* At the age of seven, she learned Kathakali under Guru Karunakara Panicker. Kanak Rele, who loved Kerala and its art forms, studied Mohiniyattam under Kalamandalam Rajalakshmi.

* Although she studied law at the University of Mumbai and obtained a diploma in international law from the University of Manchester, she chose dance as her field.

* Kanak Rele received various awards and prizes over her nearly eight-decade-long dancing career, including the Padma Shri (1989), Padma Bhushan (2013), Sangeet Natak Akademi Award (1994), Kalidas Samman (2006) and MS Subbulakshmi Award, amongst other accolades.

Born : 11 June 1937, Gujarat

Died : 22 February 2023, Mumbai

Source : India Times

Correct Answer :   Amazon

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E-commerce giant Amazon announced Friday(24th February 2023) that it will join the Indian government’s ONDC (Open Network for Digital Commerce) platform, and as part of its initial collaboration will integrate its Smart Commerce and logistics services with the ONDC network.

* Amazon logistics services include pickup and delivery, while Smart Commerce is a suite of SaaS (software-as-a-service) products hosted on AWS that can assist MSMEs build and scale their business and integrate it with the ONDC network.

* Amazon said it will continue to explore potential opportunities for a stronger integration with the ONDC network.

* ONDC is a non-profit organization set up by the commerce ministry’s Department for Promotion of Industry and Internal Trade (DPIIT) to democratise e-commerce services and provide small e-commerce stores and online sellers with a level playing field.


Amazon’s vision : The Amazon’s vision and commitment for India are closely aligned with ONDC’s objectives of digitally enabling small businesses and providing convenience and choice to customers across the country.

* Manish Tiwary, country manager, India Consumer Business, at Amazon India.

* Tiwary added that Amazon was excited to provide its infrastructure and technology to help ONDC achieve its goals faster.

* ONDC network is currently in beta phase and has conducted pilots in select cities.

* The ONDC network protocol allows anyone to create an e-commerce marketplace and tap into the ONDC network to get products displayed and delivered without having to worry about logistics.

* In August 2022, ONDC signed a memorandum of understanding (MoU) with the Small Industries and Development Bank of India (SIDBI) to onboard its huge ecosystem of MSMEs on the network.

* Several companies including Microsoft, Meesho, Paytm, and Dunzo have already joined the platform. Flipkart, PhonePe, and JioMart are also reportedly planning to join the network.

Source : Mint