Daily Current Affairs May 31

Dear Champions, as you all know that a lot of competitive exams have been notified consequently. Candidates have to prepare themselves according to the level of competition and expectation of the Recruitment board. Regarding that one of the most important topic is Daily Current Affairs May 31. Current Affairs in the form of contemporary events of national & international play a crucial role in almost every competitive exams like Banking, Insurance, SSC, UPSC, TNPSC, Railway etc.

Current affairs are the most dynamic yet scoring among all sections and need to be prepared from the right source. Here, we cafunsta team, providing  Daily GK Updates, Current Affairs Questions, and Monthly  current affairs pdf.

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May 31 | Daily Current Affairs 2024

Important Days – Daily Current Affairs May 31

1. On which date is Hindi Journalism Day observed annually?
A) April 30
B) May 15
C) May 30
D) June 15
E) July 30
Answer: C) May 30

Event and Location:

• Event: Hindi Journalism Day
• Location: Observed nationwide in India

Mandates and Objectives:

• Date: Hindi Journalism Day is observed annually on May 30.
• History: Udant Martand, the first Hindi newspaper in India, was published on May 30, 1826, in Calcutta during British rule.
• Significance: Celebrates the role of Hindi journalism in making information accessible to those not fluent in English, and honors journalists who provide accurate news.

Important Terms Explained:

• Hindi Journalism: The practice of reporting news and events in the Hindi language, facilitating the spread of information to a broader audience in India.
• Udant Martand: The first Hindi newspaper in India, marking the beginning of Hindi journalism.
• Fourth Pillar of Democracy: Refers to the media’s role in maintaining a democratic society by providing information and ensuring transparency.

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2. Who was announced as the brand ambassador for Tobacco Control on World No Tobacco Day 2024?
A) Virat Kohli
B) Deepika Padukone
C) PV Sindhu
D) Sachin Tendulkar
E) Priyanka Chopra
Answer: C) PV Sindhu

Event and Location:

• Event: World No Tobacco Day 2024
• Location: Organized by the Ministry of Health and Family Welfare, Government of India

Mandates and Objectives:

• Date: May 31, 2024
• Theme: “Protecting Children from Tobacco Industry Interference”

Key Focus Areas:

• Strict enforcement of India’s National Tobacco Control Law – COTPA 2003
• Establishing Tobacco Cessation Centres in medical institutions
• Increasing tobacco-free educational institutions and villages
• Intensified public awareness campaigns

Important Terms Explained:

• COTPA 2003: Cigarettes and Other Tobacco Products Act, India’s National Tobacco Control Law
• Tobacco Cessation Centres: Facilities aimed at helping individuals quit tobacco use
  OTT Platforms: Over-the-top media services that offer streaming content over the internet

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Banking and Finance – Daily Current Affairs May 31

3. By how much has the gratuity limit been increased for central government employees as per the latest announcement?
A) Rs 10 lakh
B) Rs 15 lakh
C) Rs 20 lakh
D) Rs 25 lakh
E) Rs 30 lakh
Answer: D) Rs 25 lakh

Event and Location:

• Event: Increase in gratuity limit for central government employees
• Location: Central Government of India

Mandates and Objectives:

• DA Hike: Dearness Allowance (DA) increased by 4% to 50%
• Gratuity Limit Increase: Retirement Gratuity and Death Gratuity limit increased by 25% from Rs 20 lakh to Rs 25 lakh
• Effective Date: The new gratuity limit effective from January 1, 2024

Important Terms Explained:

• Dearness Allowance (DA): A cost of living adjustment allowance paid to government employees, public sector employees, and pensioners in India
• Retirement Gratuity: A lump sum payment made to employees upon retirement as a token of appreciation for their service
• Death Gratuity: A lump sum payment made to the family of an employee in case of their death during service
• Gratuity: A defined benefit plan provided by the employer to employees who have rendered continuous service for five years or more, payable upon superannuation, retirement, or resignation

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4. What is the name of India’s first electric vehicle index launched by NSE Indices?
A) Nifty Auto
B) Nifty Green
C) Nifty EV
D) Nifty Transport
E) Nifty Mobility
Answer: C) Nifty EV

Event and Location:

• Event: Launch of Nifty EV Index
• Location: New Delhi

Mandates and Objectives:

• Launch Date: May 31, 2024
• Purpose: Track the performance of companies involved in the electric vehicle (EV) ecosystem
• Investment Facilitation: Create opportunities for asset managers and investors to invest in the EV and new-age automotive market
• Government’s Role: Promote EV adoption and attract global investments to boost the Make in India initiative

Important Terms Explained:

• NSE Indices: A subsidiary of the National Stock Exchange responsible for creating and managing stock indices
• Nifty EV Index: A thematic index launched to track companies in the EV ecosystem
• Base Date and Value: The index’s base date is April 2, 2018, with a base value of 1,000
• Reconstitution and Rebalancing: The index will be reconstituted semi-annually and rebalanced quarterly
• Exchange Traded Funds (ETFs): Investment funds traded on stock exchanges, much like stocks

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5. What is one of the key strategic moves by RBI to internationalise the Indian Rupee (INR)?
A) Banning foreign investments
B) Opening of rupee accounts outside India
C) Increasing interest rates
D) Printing more currency
E) Reducing foreign trade
Answer: B) Opening of rupee accounts outside India

Event and Location:

• Event: RBI’s strategic move to internationalise the Indian Rupee
• Location: Mumbai, India

Mandates and Objectives:

• Strategic Plan: Allowing the opening of rupee accounts outside India to promote the internationalisation of INR
• Liberalisation: Liberalising the external commercial borrowing (ECB) framework
• Rationalisation: Rationalising various guidelines under the Foreign Exchange Management Act (FEMA)
• Platform Launch: ‘Go-live’ for phase I of the SPECTRA project for ECBs and trade credits reporting and approval
• Accounts Permitted: Persons resident outside India (PROIs) can open rupee (INR) accounts outside India
• Investments: Enabling foreign direct investment (FDI) and portfolio investment through special accounts like Special Nonresident Rupee (SNRR) and Special Rupee Vostro Account (SRVA)
• Remittance Scheme: Rationalising the Liberalised Remittance Scheme (LRS)
• IFSC Regulations: Reviewing regulations under the International Financial Services Centre (IFSC)

Important Terms Explained:

• External Commercial Borrowing (ECB): Loans availed by Indian entities from non-resident lenders in foreign currency
• SPECTRA: Software platform for ECBs and trade credits reporting and approval
  Special Nonresident Rupee (SNRR) Account: An account maintained by a non-resident in India for business purposes
• Special Rupee Vostro Account (SRVA): An account held by a foreign bank in India in INR
  Foreign Exchange Management Act (FEMA): A regulatory framework for foreign exchange transactions in India

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6. What is the name of the app launched by Jio Financial Services for UPI and digital banking?
A) JioBank
B) JioMoney
C) JioFinance
D) JioPay
E) JioWallet
Answer: C) JioFinance

Event and Location:

• Event: Launch of ‘JioFinance’ app in beta version
• Location: New Delhi

Mandates and Objectives:

• Launch Date: May 31, 2024
• Purpose: Offer UPI, digital banking, and other financial services

Key Features:

• Instant digital account opening
• Streamlined bank management with the ‘Jio payments bank account’ feature
• Integrated UPI transactions, bill settlements, and insurance advisory
• Consolidated view of accounts and savings in one interface

Future Plans:

• Expand loan solutions starting with loans on mutual funds and progressing to home loans

Customer Focus:

• Prioritises trust, relevance, and transparency
• Launching in beta to gather user feedback for continual improvement

Important Terms Explained:

• UPI (Unified Payments Interface): A real-time payment system facilitating inter-bank transactions
• Beta Version: A pre-release version of software made available for testing by a limited audience
• Digital Banking: Online banking services allowing customers to conduct financial transactions via the internet

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7. Why did the RBI decide to move 100 tonnes of gold back to India?
A) To invest in the local market
B) To save on vaulting and insurance costs
C) To sell the gold locally
D) To support the Indian jewelry market
E) To lend gold to other countries
Answer: B) To save on vaulting and insurance costs

Event and Location:

• Event: RBI moves 100 tonnes of gold reserves back to India
• Location: Mumbai, India

Mandates and Objectives:

Reason for Move:

• Volatile global developments, including unrest in West Asia and the conflict between Iran and Iraq
• Save on vaulting and insurance costs by storing gold in India

Gold Holdings:

• RBI has been increasing its gold reserves, reaching 822 tonnes as of April-end
• The central bank purchased 25 tonnes of gold since the start of the year, exceeding last year’s purchase of 16 tonnes

Gold Storage:

• Previously, RBI stored about 414 tonnes of gold abroad, mainly in the Bank of England vault

Government Support:

• The government waived the import duty of 15% and 5% agriculture infrastructure development cess on gold imported by the RBI

Important Terms Explained:

• Vaulting Costs: Expenses related to storing gold in secure facilities abroad
• Hedge: An investment made to reduce the risk of adverse price movements in an asset
• Agriculture Infrastructure Development Cess: A tax imposed on certain imported goods to raise funds for agricultural infrastructure

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Appointments – Daily Current Affairs May 31

8. Who has been appointed as the new brand ambassador of Muthoot Pappachan Group?
A) Amitabh Bachchan
B) Salman Khan
C) Shah Rukh Khan
D) Aamir Khan
E) Akshay Kumar
Answer: C) Shah Rukh Khan

Event and Location:

• Event: Appointment of Shah Rukh Khan as Brand Ambassador
• Location: Kochi

Mandates and Objectives:

• Strategic Collaboration: Reinforce Muthoot Pappachan Group’s (MPG) brand presence.
  Audience Connection: Enhance connection with a diverse audience across the country.
• Mission: Empower the common man across the nation by making financial services accessible.

Important Terms Explained:

• Muthoot Pappachan Group (MPG): A conglomerate known as Muthoot Blue, promoting leading Non-Banking Financial Companies (NBFCs).
• Non-Banking Financial Companies (NBFCs): Financial institutions that offer various banking services but do not hold a banking license.
• Muthoot FinCorp Limited: The flagship company of MPG.
• Brand Ambassador: A person who promotes a company’s products or services, embodying its values in promotional campaigns.

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9. Who has been approved by IRDAI as the Chairman of the Board of Directors of ICICI Prudential?
A) Shikha Sharma
B) Sandeep Batra
C) Chanda Kochhar
D) Anup Bagchi
E) Suresh Kumar
Answer: B) Sandeep Batra

Event and Location:

• Event: Appointment of Sandeep Batra as Chairman of the Board of Directors of ICICI Prudential
• Location: Announcement made by ICICI Prudential

Mandates and Objectives:

• Approval by IRDAI: The Insurance Regulatory and Development Authority of India (IRDAI) has approved Sandeep Batra’s appointment.
• Effective Date: Batra’s appointment will take effect on June 30, 2024.
• Leadership Role: Sandeep Batra will lead the Board of Directors of ICICI Prudential.

Important Terms Explained:

• IRDAI: Insurance Regulatory and Development Authority of India, a regulatory body overseeing the insurance sector in India.
• ICICI Prudential: A leading life insurance company in India, part of the ICICI Group.
• Executive Director: A senior role within a company’s board responsible for managing day-to-day operations.
• Company Secretary: A professional responsible for ensuring that a company complies with legal and regulatory requirements.
• Chartered Accountant: A qualified accounting professional responsible for financial management and auditing.

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10. Who has been elected as the new Director General of the World Organisation for Animal Health?
A) Dr. Monique Eloit
B) Dr. Emmanuelle Soubeyran
C) Dr. Margaret Chan
D) Dr. Tedros Adhanom
E) Dr. Anthony Fauci
Answer: B) Dr. Emmanuelle Soubeyran

Event and Location:

• Event: Election of Dr. Emmanuelle Soubeyran as Director General of the World Organisation for Animal Health (WOAH)
• Location: Paris, France

Mandates and Objectives:

• Election Date: May 28, 2024, during the 91st General Session
• Mandate Duration: 5-year term from 2024 to 2029
• Leadership Vision: Advance animal health governance, promote a safer and healthier future for both animals and humans

Important Terms Explained:

• World Organisation for Animal Health (WOAH): An international organization committed to global animal health
• Director General: The chief executive officer responsible for leading and overseeing the organization’s activities
• Observatory: A monitoring mechanism of the implementation of WOAH Standards
• ANIMUSE: A global database on animal antimicrobial use

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Awards – Daily Current Affairs May 31

11. Which prestigious award did NIMHANS receive from the WHO in 2024?
A) Global Health Leaders Award
B) Nelson Mandela Award for Health Promotion
C) Public Health Champion Award
D) Health Excellence Award
E) Mental Health Advocate Award
Answer: B) Nelson Mandela Award for Health Promotion

Event and Location:

• Event: NIMHANS receives Nelson Mandela Award for Health Promotion from WHO
• Location: Bengaluru, India

Mandates and Objectives:

Award Details:

• Recipient: National Institute of Mental Health and Neuro Sciences (NIMHANS)
• Award: Nelson Mandela Award for Health Promotion 2024
• Organization: World Health Organization (WHO)

Significance:

• This award comes as NIMHANS celebrates its 50th anniversary and the 70th anniversary of its precursor, the All India Institute of Mental Health (AIIMH)

Institutional Achievements:

• Recognized for its contributions to health promotion and mental health
• NIMHANS has been at the forefront of mental health and neuro sciences in India and globally

Important Terms Explained:

• NIMHANS: The National Institute of Mental Health and Neuro Sciences, a premier institute for mental health and neuroscience education and research
• WHO: World Health Organization, a specialized agency of the United Nations responsible for international public health
• Nelson Mandela Award for Health Promotion: An award given by WHO to recognize outstanding contributions to health promotion

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Science and Technology – Daily Current Affairs May 31

12. Which Indian space startup launched the world’s first rocket powered by a fully 3D-printed engine?
A) ISRO
B) Skyroot Aerospace
C) Agnikul Cosmos
D) SpaceX
E) Blue Origin
Answer: C) Agnikul Cosmos

Event and Location:

• Event: Launch of the world’s first rocket powered by a fully 3D-printed engine by Agnikul Cosmos
• Location: Sriharikota, from the privately-developed launchpad “Dhanush”

Mandates and Objectives:

• Strategic Achievement: Demonstrates the potential of India’s private space industry and Agnikul’s innovative prowess
• Test Flight Purpose: Gather critical data for Agnikul’s upcoming orbital launch vehicle, “Agnibaan”
• Mission Objective: Democratise access to space by offering affordable and customisable launch solutions

Important Terms Explained:

• Agnibaan – SOrTeD: Sub-Orbital Technology Demonstrator, a test flight rocket powered by a fully 3D-printed engine
• Dhanush: India’s first privately-developed launchpad, established by Agnikul Cosmos
• Semi-Cryogenic Engine: An engine that uses a combination of liquid and gaseous fuels, designed and manufactured indigenously by Agnikul
• IN-SPACe: Indian National Space Promotion and Authorization Center, a regulatory body for private space activities in India

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Defence – Daily Current Affairs May 31

13. Which aircraft did the Indian Air Force deploy for the ‘Red Flag Alaska’ exercise?
A) Sukhoi Su-30MKI
B) Mirage 2000
C) Tejas
D) Rafale
E) MiG-29
Answer: D) Rafale

Event and Location:

• Event: Indian Air Force joins ‘Red Flag Alaska’ military exercise
• Location: Alaska, USA

Mandates and Objectives:

• Exercise Duration: May 30 to June 14
• Training Purpose: Provide realistic training in a simulated combat environment
• Participation: Approximately 3100 service members and over 100 aircraft
• Goals: Improve interoperability and exchange tactics, techniques, and procedures

Important Terms Explained:

• Red Flag-Alaska: A joint military exercise held in Alaska, designed to offer realistic combat training
• Rafale Fighter Jets: Advanced multirole fighter aircraft deployed by the Indian Air Force
• IL-78 Air-to-Air Refuellers: Aircraft used for in-flight refueling to extend the operational range of fighter jets
• C-17 Transport Aircraft: Military transport aircraft used for strategic airlift missions

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National Affairs – Daily Current Affairs May 31

14. What is the new Antarctic research station announced by India?
A) Bharati-II
B) Maitri-II
C) Dakshin Gangotri-II
D) Nehru Station
E) Indira Station
Answer: B) Maitri-II

Event and Location:

• Event: Hosting of the 46th Antarctic Treaty Consultative Meeting (ATCM-46) and the 26th Committee on Environmental Protection (CEP-26)
• Location: Kochi, Kerala, India

Mandates and Objectives:

• Dates: May 20 to May 30, 2024
• Participants: Over 400 delegates from 56 countries

Key Announcements:

• India announced plans to establish a new Antarctic research station, Maitri-II.
• Release of a customized MyStamp with the ATCM-46 logo in collaboration with India Post.

Main Themes:

• Vasudhaiva Kutumbakam: “One Earth, one family, one future,” promoting peace, scientific cooperation, and preservation of Antarctica.
• Environmental Protection: Parties adopted 17 revised and new management plans for Antarctic Specially Protected Areas (ASPAs).
• Tourism Framework: Discussion on developing a framework for regulating tourism and non-governmental activities in Antarctica.

Important Terms Explained:

• Antarctic Treaty (1959): An international agreement ensuring Antarctica is used for peaceful purposes and scientific research.
• Madrid Protocol (1991): A protocol on Environmental Protection to the Antarctic Treaty.
• ASPAs: Antarctic Specially Protected Areas designated for their environmental, scientific, historic, aesthetic, or wilderness values.
• MyStamp: A personalized postage stamp initiative by India Post.

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