Daily Current Affairs Quiz: June 24, 2025

Answer: (c)

Current Context: The US Senate has passed the GENIUS Act, setting the stage for federal regulation of stablecoins.

 ABOUT STABLECOINS:

• Definition : Stablecoins are crypto-assets pegged to stable assets like the US dollar or gold. They aim to reduce the volatility seen in coins like Bitcoin, making them more suitable for transactions and savings.
• Why Stable?:
• They maintain a steady value, making them reliable for everyday use, remittances, and as a bridge between traditional finance and crypto ecosystems.
• ❖ GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act):
• Passed by the Senate on June 17, 2025, with a 68–30 vote
• Requires full backing of each stablecoin with liquid assets (cash, T‑bills) at a 1:1 ratio, monthly reserve disclosures, AML compliance, and annual audits for issuers above $50 billion caps
• Market Significance: The stablecoin market is valued at approximately $240 billion and may reach $1.6 trillion by 2030, potentially holding up to $1.2 trillion in short-term US Treasuries .

Answer: (b)

Current Context: India imposed five-year anti-dumping duties on imports from China, Russia, and Taiwan, targeting aluminium foil, Pretilachlor, and Acetonitrile, to protect domestic industries.

 ABOUT ANTI-DUMPING DUTY:

• Concept:
• Legally, dumping means selling products abroad at prices lower than those in the exporter’s home market.
• To counter this, India and WTO/GATT allow anti-dumping duties—tariffs that level the price playing field.
• Products & Origin:
• Aluminium foil (5.5–80 microns) from China
• Pretilachlor (agricultural herbicide) from China
• Acetonitrile (pharma/agrochemical solvent) from China, Taiwan, Russia

Answer: (c)

Current Context: IPPB won the Finance Ministry’s Digital Payments Award 2024–25, topping the DFS index among payment banks for its inclusive, tech-led outreach.

 ABOUT IPPB:

• Ownership: Fully government-owned under Dept. of Posts, Ministry of Communications.
• Setup : Established via RBI license in August 2015; started operations from January‐September 2017–18
• Reach & Significance:
• Operates through ~1.55 lakh post offices and over 3 lakh postmen/Gramin Dak Sewaks.
• As of March 2024, it serves over 90 million customers
• Provides doorstep banking, multilingual interfaces (13 languages), and performs vital role in digital & financial inclusion.

Answer: (a)

Current Context: Finland’s Parliament voted 157–18 to withdraw from the Ottawa Convention, following similar moves by Estonia, Lithuania, Latvia, and Poland.

 ABOUT OTTAWA CONVENTION:

• Genesis : Adopted in 1997 at Oslo/Ottawa; came into force in 1999.
• Objectives : Seeks to ban production, stockpiling, use, and transfer of anti‑personnel mines; mandates destruction of stockpiles and clearing minefields.
• As of March 2025, 165 countries are parties; India is not a member

Answer: A

Current Context: From starting July 1, 2025, CAQM will prohibit fuel refills for end‑of‑life diesel vehicles older than 10 years and petrol vehicles older than 15 years in Delhi—using ANPR cameras to enforce—to curb air pollution

 ABOUT CAQM:

• Genesis: Formed under the Commission for Air Quality Management Act, 2021, to oversee air quality in NCR and adjoining Haryana, Punjab, Rajasthan, Uttar Pradesh.
• Objective: Enhance coordination, research, and enforcement to address air pollution challenges.
• Leadership: The Chairperson must have ≥15 years of environmental protection/pollution control or ≥25 years of administrative experience.
• Key Powers: CAQM’s directives are binding, overriding state governments, CPCB, SPCBs, and other bodies in conflicts.

Answer: A

Current Context: Taiwan reported over 70 Chinese military aircraft (74 warplanes) operating near its territory, 61 crossing the median line—just days after the UK’s HMS Spey transit through the Strait

 ABOUT TAIWAN STRAIT:

• Definition: A narrow sea channel linking the South China Sea and the East China Sea.
• Historical Name: Term coined by Portuguese explorers in the 16th century; Taiwan then known as “Formosa.”
• Geography: Flows include runoff from China’s Jiulong and Min Rivers.
• Economic Significance: Conduit for over 40% of global container ship traffic.
• Median Line (Davis Line): Thinly drawn line traditionally separating Chinese and Taiwanese military zones.

Answer: (c)

Current Context: India’s first epigraphical mention of the comet to appear is that found on a copper-plate inscription dated June 28, 1456 CE in the Mallikarjunaswamy temple in Srisailam.

ABOUT MALLIKARJUNASWAMY TEMPLE:

• Location: Srisailam, Andhra Pradesh, in the Nallamalai Hills alongside the Krishna River.
• Divine Reverence: It holds both a Jyotirlinga (Shiva) and a Shakti Peetha (Parvati), marking high spiritual significance.
• Historical Patrons: Initially by the Satavahanas, later Rashtrakuta and Vijayanagara dynasties.
• Archaeological Importance:
  • The Sanskrit inscription in Nagari script records a land grant by Vijayanagara ruler Mallikarjuna to a Vedic scholar.
  • Documents advanced observational astronomy by medieval Indian scholars.

Answer: (c)

Current Context: The Ministry of Education has formed a nine-member Vineet Joshi Panel, chaired by Higher Education Secretary Vineet Joshi, to examine the reliance on coaching centres and the fairness of entrance exams.

 ABOUT VINEET JOSHI PANEL:

• Composition: Includes CBSE Chair, Joint Secretaries (school & higher ed), reps from IITs (Madras, Kanpur), NIT Trichy, NCERT, principals (KV, NV, private school)
• Mandate:
  • Reduce dependency on coaching, target “dummy schools.”
  • Identify schooling gaps limiting critical thinking and encouraging rote-learning.
  • Assess fairness of JEE/NEET and entrance procedures.
  • Review misleading coaching advertisements and selective success claims.
  • Suggest improved career counselling availability.
• Focus Areas: Aligns with systemic educational reforms targeting holistic development and equitable entrance access.