Home » Daily Current Affairs Quiz – 22nd March 2024

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Dear Readers, Daily Current Affairs Questions Quiz for SBI, IBPS, RBI, RRB, SSC Exam 2024 of 22nd March 2024. Daily GK quiz online for bank & competitive exam. Here we have given the Daily Current Affairs Quiz based on the previous days Daily Current Affairs updates. Candidates preparing for IBPS, SBI, RBI, RRB, SSC Exam 2024 & other competitive exams can make use of these Current Affairs Quiz.

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1) SEBI indicated that such offshore funds will still have to submit statutory disclosures within 10 days if they own more than what percentage of the company?

(a) 2%

(b) 3%

(d) 5%

(e) 6%

2) Which city hosted the Reserve Bank of India (RBI) Ombudsmen’s Annual Conference?

(a) Delhi

(b) Mumbai

(d) Chennai

(e) Hyderabad

3) The Banking Ombudsman Scheme provides a quick and cost-effective way for bank clients to address complaints about specific services provided by banks. Complaints covered by the system are specified under which clause?

(a) Clause4

(b) Clause5

(d) Clause7

(e) Clause8

4) The Finance Ministry has introduced a ₹90 coin to commemorate 90 years of the Reserve Bank of India. How many grams does the coin weigh?

(a) 30gms

(b) 40gms

(d) 35gms

(e) 45gms

5) How many states and union territories raised ₹50,206 crores through the auction of state government securities?

(a) 15States & 1Union territory

(b) 16 States & 1Union territory

(d) 18States & 1Union territory

(e) 19States & 1Union territory

6) Citibank plans to launch a digital payments product called______ in India in Q2.

(a) Winter

(b) Summer

(d) Spring

(e) Autumn

7) S. Krishnan, Secretary of Electronics and Information Technology, launches the BhashaNet portal in New Delhi. The BhashaNet portal aspires to make _____________ a generally acknowledged domain.

(a) .in

(b) @in

(d) &in

(e) #in

8) The Central Government will commemorate which edition of the Hyderabad State Liberation Day on September 17 in a significant way this year(2024)?

(a) 72nd

(b) 75th

(d) 71st

(e) 74th

9) The Telecom Regulatory Authority of India (TRAI) has updated new regulations on SIM porting, generally known as Mobile Number Portability (MNP). Which state’s telecom circle debuted the MNP facility as a pilot in November 2010?

(a) Assam

(b) Bihar

(d) Sikkim

(e) Rajasthan

10) How much percent growth in gross direct tax collection occurred during the current fiscal year?

(a) 18.71%

(b) 18.72%

(d) 18.76%

(e) 18.78%

11) In December 2023, women’s share of mutual fund investors will increase to 21%. Which state has the highest ratio of women (40%) in the mutual fund industry?

(a) Assam

(b) Goa

(d) Sikkim

(e) Rajasthan

12) According to the report, India’s gaming market is predicted to increase from USD 3.1 billion in 2023 to USD 6 billion over which year?

(a) 2030

(b) 2028

(d) 2035

(e) 2040

13) Which company has appointed Mustafa Suleyman as Chief Artificial Intelligence Officer?

(a) DeepMind

(b) Google

(d) Amazon

(e) OpenAI

14) Following Pashupati Kumar Paras’ resignation from the Union Cabinet, Union Minister Kiren Rijiju takes on additional responsibilities as Minister of Food Processing Industries. The Union Council of Ministers is established by clause (2) of which Article of the Constitution?

(a) Article 72

(b) Article 74

(d) Article 71

(e) Article 73

15) Sarthak Misra is promoted to the position of Partner at Softbank India.Misra joined SoftBank in which year?

(a) 2015

(b) 2017

(d) 2021

(e) 2018

16) Harsh Chaudhary, the CXO of monetization at e-commerce giant Meesho, has left the company to join which company?

(a) Amazon

(b) Flipkart

(d) Shopclues

(e) Alibaba

17) Deepak Ballani has been appointed as the next Director General of the Indian Sugar and Bioenergy Manufacturers Association (ISMA). When was ISMA founded?

(a) 1932

(b) 1931

(d) 1934

(e) 1933

18) When was the global celebration of World Water Day observed?

(a) March 19

(b) March 20

(d) March 22

(e) March 23

19) Which country is the happiest in the world, topping the World Happiness Report 2024 for the seventh consecutive year?

(a) Norway

(b) Sweden

(d) Finland

(e) Libya

20) The Indian Council of Agricultural Research (ICAR) and which Agritech Limited signed a Memorandum of Understanding to promote natural farming in the changing environment?

(a) Dhanuka Agritech Limited

(b) Shanmugam Agritech Limited

(d) Radiant Agritech Limited

(e) SivaShakti Agritech Limited

21) NCC and NPCIL sign an MOU to create awareness about the peaceful use of nuclear electricity. In Which city is this held?

(a) Mumbai

(b) Kolkata

(d) New Delhi

(e) Bengaluru

22) The European Union (EU) parliament establishes the world’s first rules governing artificial intelligence. In which year did the EU propose its first AI regulations?

(a) 2012

(b) 2017

(d) 2015

(e) 2016

23) Shriram Ownership Trust’s (SOT) acquisition of a stake in Shriram Investment Holdings Private Limited (SIHL) has been cleared by the Competition Commission of India. SOT aims to buy a 9.44% share in APRN Enterprises Private Limited (APRN), and what percentage stake does Piramal Enterprises Limited (PEL) have in SIHL?

(a) 10%

(b) 20%

(d) 40%

(e) 15%

24) When was the Competition Act established?

(a) 2000

(b) 2001

(d) 2004

(e) 2005

25) Which country remains at the bottom of the global rankings as the ‘unhappiest’ nation?

(a) Norway

(b) Sweden

(d) Iraq

(e) Libya

Answers :

1) Answer: B

In 2023, SEBI asked offshore funds with 50% of their assets in a single group of companies and with more than 250 billion rupees ($3 billion) in Indian equity markets to disclose their investors. In making the exemption, SEBI stated that the stock exchanges will have to identify the companies with no large shareholder or promoter. However, the SEBI stated that such offshore funds will still need to make required disclosures within 10 days if they hold more than 3% of the company.

Detailed Explanation:

Capital market regulator Securities and Exchange Board of India (SEBI) has exempted offshore funds from naming their investors under certain circumstances. Criteria for Exemption:Offshore funds with more than 50% of their assets invested in a group of companies are eligible for the exemption. The exemption applies if the apex company in the group does not have a large shareholder or promoter. In 2023, SEBI asked offshore funds with 50% of their assets in a single group of companies and with more than 250 billion rupees ($3 billion) in Indian equity markets to disclose their investors. In making the exemption, SEBI stated that the stock exchanges will have to identify the companies with no large shareholder or promoter. However, the SEBI stated that such offshore funds will still need to make required disclosures within 10 days if they hold more than 3% of the company.

2) Answer: B

The Reserve Bank of India (RBI) organized the Annual Conference of the RBI Ombudsmen, in Mumbai, Maharashtra. The theme of the conference was “Protecting the Consumers – Building Robust Systems and Procedures”.

Detailed Explanation:

Shri Shaktikanta Das, Governor of RBI, inaugurated the conference. Shri Dipak Misra, former Chief Justice of the Supreme Court of India, delivered the keynote address. He highlighted the unique features of the Reserve Bank – Integrated Ombudsman Scheme, 2021, focusing on aspects such as ‘deficiency in service’, centralization, and procedural justice. Shri M Rajeshwar Rao and Shri Swaminathan J, Deputy Governors, Reserve Bank, in their addresses, highlighted the Reserve Bank’s initiatives in the areas of consumer protection and redress of grievances.

The Conference included sessions on global perspectives on alternate grievance redress and developing resilient systems in fraud prevention and detection. The Conference concluded with an interactive session amongst the Ombudsman. The Banking Ombudsman Scheme provides a swift and cost-effective platform for bank customers to address grievances related to specific services offered by banks. It was established under Section 35 A of the Banking Regulation Act, 1949, by the Reserve Bank of India (RBI) in 1995. The current version of the scheme is the Banking Ombudsman Scheme 2006, which incorporates amendments made up to July 1, 2017

3) Answer: E

The Banking Ombudsman is appointed by the Reserve Bank of India (RBI). Their primary role is to address customer complaints regarding deficiencies in certain banking services. The Banking Ombudsman Scheme 2006, amended up to July 1, 2017, outlines the grounds for complaints. Complaints covered under the scheme are specified in Clause 8. The scheme aims to provide a mechanism for the resolution of disputes between banks and their customers.

4) Answer: B

The Finance Ministry announced the release of a unique ₹90 denomination coin to mark the 90th anniversary of the Reserve Bank of India (RBI). Crafted with 99.99% silver purity, the coin weighs approximately 40 grams and has a diameter of 44mm. It features 200 serrations along the edge, symbolizing the historical significance and achievements of the RBI over nine decades. Obverse Side:The obverse side of the coin showcases the iconic RBI logo at the center, with the inscription “RBI@90” below, representing the institution’s enduring legacy and contribution to India’s financial stability. Reverse Side:The reverse side of the coin displays the Lion Capital of Ashoka Pillar, symbolizing India’s rich heritage and democratic values. The national motto “Satyamev Jayate” (Truth Alone Triumphs) is inscribed in the Devanagari script below the Ashoka Pillar.

5) Answer: C

The weighted average cut-off at the biggest weekly auction of State Government Securities (SGS) so far in FY24 rose 7 basis points (bps) due to the huge supply of paper. 17 States and 1 Union Territory (UT) cumulatively mopped up ₹50,206 crore via auction of SGS. The amount raised surpassed the planned borrowing of ₹27,810 crore as per the Indicative Calendar of Market borrowings.

Detailed Explanation:

The weighted average cut-off of SGS rose to 7.45% on March 19, 2024, from 7.38% the previous week. Although there was a slight decline in the weighted average tenor of SGS to 15 years from 16 years during the same period. The spread between the 10-year SGS and the 10-year G-sec yield increased mildly to 36 bps on March 19, 2024, from 35 bps the previous week.

The yield on the 10-year G-Sec rose to 7.09% from 7.03% on March 12. FYTD24 (till 19 March 2024), States have borrowed ₹9.28-lakh crore so far (planned for FY24: ₹10.88-lakh crore), compared with ₹7.17-lakh crore borrowed last year during the same period. Bank of Baroda Economist Sonal Badhan noted the increased pressure on SGS compared to G-Sec, leading to an increased spread between the two, reaching 35-41 bps from 33-38 bps last week.

6) Answer: D

Citibank plans to launch its digital payments acceptance product ‘Spring by Citi’ in India in the second quarter of this year (April-June).

Detailed Explanation:

Citibank plans to launch its digital payments acceptance product ‘Spring by Citi’ in India in the second quarter of this year (April-June).

Currently available in about 24 countries, Spring by Citi processes business-to-business and direct-to-customer payments, and integrates with payment methods across geographies. Citibank manages significant portions of electronic payment flows (4.3%), trade flows (8%), and Swift payments (25%) in India. ‘Spring by Citi’ serves as a payment gateway and acquirer, allowing clients to enable multiple payment methods. The proposed launch comes over a year after Citi exited retail banking in India by selling its business to Axis Bank. It now focuses on large local companies, multinationals, financial institutions, and emerging and mid-sized firms. Spring was developed by Citi’s Treasury and Trade Solutions business, a segment that comprises payments, working capital solutions, and liquidity management. Santosh Dujari, head (Indian subcontinent), treasury and trade solutions.

7) Answer: A

Universal Acceptance ensures that all domain names, including new top-level domains, Internationalized Domain Names and email addresses are treated equally and can be used by all Internet-enabled applications, devices, and systems. BhashaNet portal is such a step, it aims to make .in (dot in) a universally accepted domain. The BhashaNetportal was developed by the Centre for Development of Advanced Computing with the support of the National Internet Exchange of India.

Detailed Explanation:

Electronics and IT Secretary S. Krishnan launched the BhashaNet portal based on the concept of Universal Acceptance (UA) in New Delhi. The launch of the BhashaNet portal represents a crucial step towards fostering digital inclusivity in India and Universal Acceptance is a gateway to it. The government is proud to support these initiatives which will connect the users with a truly multilingual internet. Mr Krishnnan also emphasized making such a world where language is not a barrier to online access.

8) Answer: B

The Central Government has decided to commemorate the 75th anniversary of the Hyderabad State Liberation Day on September 17 in a big manner this year. The Union Ministry of Culture will host the inaugural event, which will be presided over by the Union Home Minister, in Hyderabad.

Detailed Explanation:

On September 17, 1948, more than a year after India’s independence, the former state of Hyderabad, which included the whole state of Telangana as well as several districts in Maharashtra and Karnataka, was freed from Nizam rule. This was made possible by Sardar Vallabhbhai Patel’s swift and decisive action during Operation Polo. As a result, the central government has declared the 75th anniversary of the event to be a year-long celebration, with various events planned across the country.Meanwhile, the Telangana Government recently decided to observe September 17 as Telangana National Unity Day. While Maharashtra and Karnataka currently observe this day as Marathwada Liberation Day and Hyderabad-Karnataka Liberation Day, respectively.

9) Answer: C

SIM porting or MNP allows users to switch between different network providers without changing the phone number. MNP facility was launched in Haryana telecom circle in November 2010 on a pilot basis. In January 2011, it was extended to the entire country. Initially, the MNP facility was available within the licensed service area only.

Detailed Explanation:

The Telecom Regulatory Authority of India (TRAI) has amended new regulations related to SIM porting, also known as Mobile Number Portability (MNP), to reduce and prevent fraudulent SIM swap activities. Under the new guideline, which will come into effect from July 1, users have to wait for seven days to be eligible for porting from one network to another post-SIM swap or replacement of the mobile number. This applies to users who have lost their original SIM card and applied for a replacement, where a user has to wait for seven days before they become eligible for networking porting. However, if a user is upgrading the SIM card (from 3G to 4G/5G), there is no restriction when it comes to porting, as the same is authorized by the user using a one-time password (OTP).

10) Answer: C

According to the Finance Ministry, gross direct tax collection stands at over 22 lakh 27 thousand crore rupees which is more than 18 lakh 75 thousand crore rupees reported in the corresponding financial year 2022-23. Gross Direct Tax collection has registered a growth of 18.74 percent during the current Financial Year.

Detailed Explanation:

According to the Finance Ministry, gross direct tax collection stands at over 22 lakh 27 thousand crore rupees which is more than 18 lakh 75 thousand crore rupees reported in the corresponding financial year 2022-23. The Gross collection includes Corporation Tax, Personal Income Tax, and Securities Transaction Tax among others.

Over 10 lakh 98 thousand crore rupees were collected as Corporation Tax while the Personal Income Tax including Securities Transaction Tax was reported over 11 lakh 25 thousand crore rupees. Advance Tax collection stands at over nine lakh 11 thousand crore rupees. Refunds amounting to three lakh 36 thousand 808 crore rupees have also been issued in the Financial Year 2023-24 which is 12.74 per cent higher in comparison to the refunds issued during the same period in the preceding year.

11) Answer: B

The shares of assets owned by women investors in mutual funds have increased 21 percent as of last December-end against 15 percent in March 2017. Goa boasts the highest percentage of women in the mutual fund industry at 40 percent.

Detailed Explanation:

According to the Association of Mutual Funds in India data, curated by CRISIL share of MF assets owned by women from beyond top-30 cities increased to 28 percent from 17 percent and that of their folios was up to 18 percent from 15 percent during the same period. The report ‘Mutual Growth’ has underscored the significant strides women have made in mutual funds participation. Almost 50 percent of women investors fall in the 25-44 years age group. Goa boasts of the highest percentage of women in the mutual fund industry at 40 percent, followed by north-eastern States. Chandigarh, Maharashtra and New Delhi also have over 30 percent share of women in the industry’s assets under management. Most women continue to invest through the regular plan route in mutual funds and stay invested for longer periods.

12) Answer: B

Detailed Explanation:

The first-ever India pavilion has been inaugurated at the prestigious Game Developers Conference in San Francisco, reflecting a new dimension of the bilateral relationship between India and the US. According to the report, India’s gaming market is expected to grow from USD 3.1 billion in 2023 to USD 6 billion in 2028. The inauguration of the India pavilion marks a significant milestone in the Indo-US relationship. India’s gaming market is estimated to grow from USD 3.1 billion in 2023 to USD 6 billion in 2028. There were 881 million internet users in India in 2023 and the number is estimated to grow to 1.2 billion in 2028. Accordingly, the number of online gamers is expected to increase from 568 million in 2023 to 893 million in 2028. India’s share of the global gaming market is 1.1 percent and the number of gaming companies in India has increased from 25 in 2015 to 1,400 in 2023.

13) Answer: C

Mustafa Suleyman, a prominent figure in the Artificial Intelligence (AI) and technology sphere, has been appointed to lead a new group at Microsoft, overseeing all consumer AI initiatives, including the Copilot chatbot. The new unit will focus on advancing Copilot and other consumer AI products and research at the company.

Detailed Explanation:

Mustafa Suleyman was born in London in August 1984. His journey into the tech world began after leaving Oxford University at the age of 19. He co-founded the Muslim Youth Helpline in 2001, a mental health support service for Muslims in the UK, before delving into policy work on human rights for the Mayor of London. He co-founded his first AI startup DeepMind in 2010, which was acquired by Google in 2014. Since June 2019, he has also served on the board of The Economist Group as a non-executive director. Post the acquisition, Suleyman worked at Google as Vice President (VP) of AI Products and AI Policy. He was named one of the 100 most influential people in AI in 2023 by Time Magazine.

14) Answer: C

The President of India, upon the advice of the Prime Minister, has accepted the resignation of Pashupati Kumar Paras from the Union Council of Ministers under clause (2) of Article 75 of the Constitution.

Detailed Explanation:

According to a Rashtrapati Bhavan notification, Union Minister Kiren Rijiju was given additional charge of the Ministry of Food and Processing Industries following the resignation of Pashupati Kumar Paras from the Union Council of Ministers. The President of India, upon the advice of the Prime Minister, has accepted the resignation of Pashupati Kumar Paras from the Union Council of Ministers under clause (2) of Article 75 of the Constitution. President Droupadi Murmu assigned Kiren Rijiju to the Ministry of Food Processing Industries, in addition to his current portfolio at the Ministry of Earth Sciences.

Pashupati Kumar Paras joined the Cabinet as the Minister of Food Processing Industries in July 2021 as part of a mid-term reshuffle.

15) Answer: C

SoftBank India has promoted Sarthak Misra, who previously served as an investment director, to the position of partner. In his new role, Misra will continue to report to Sumer Juneja, who serves as the managing partner for India & EMEA at SoftBank, overseeing the fund’s operations in India and Europe. Misra, who joined SoftBank in 2019 after a stint at Matrix Partners India, holds board positions in the e-commerce platform Meesho, and B2B online retailer OfBusiness. He is also closely involved with food-delivery giants Swiggy, and Lenskart.

16) Answer: B

E-commerce major Meesho’s CXO of monetization, Harsh Chaudhary, has quit the firm to join Flipkart. Chaudhary exited the firm after a stint of two years, where he led the advertising and financial services verticals.

Detailed Explanation:

At Flipkart, Chaudhary is the Vice-President (VP) of Customer where he will lead customer growth including acquisition and retention of users. Chaudhary will also run Flipkart’s video commerce unit. Chaudhary worked at Myntra, also a firm that directly competes with Meesho, between August 2016 and February 2019 as Director of Category Management and Strategy.

He also worked at companies like McKinsey and Disney+ Hotstar during his career which has spanned over 13 years.

17) Answer: A

The Indian Sugar & Bio-energy Manufacturers Association (ISMA) has named Mr. Deepak Ballani as its new Director General.

About Indian Sugar and Bioenergy Manufacturers Association (ISMA):

Founded : 1932
Headquarters : New Delhi, Delhi

Detailed Explanation:

The Indian Sugar & Bio-energy Manufacturers Association (ISMA) has named Mr. Deepak Ballani as its new Director General. Ballani brings over 25 years of experience in various sectors including public policy, government affairs, and organizational management. He has held significant roles in prestigious organizations such as PwC India, UNIDO (United Nations Industrial Development Organization), and NSIC (National Small Industries Corporation). Throughout his career, Mr. Ballani has been involved in projects focused on energy saving, technology transfer, and international company development. Before joining ISMA, he served as the Director General of The All India Plastics Manufacturers Association. In this role, he was responsible for policy advocacy, government relations management, and foreign partner management.

18) Answer: D

World Water Day 2024 is celebrated all over the world on March 22nd, 2024. The day is used to advocate for the sustainable management of freshwater resources. World Water Day celebrates water and raises awareness of the 2.2 billion people living without access to safe water.

Detailed Explanation:

World Water Day 2024 is celebrated all over the world on March 22nd, 2024 The day is used to advocate for the sustainable management of freshwater resources. World Water Day celebrates water and raises awareness of the 2.2 billion people living without access to safe water. It is about taking action to tackle the global water crisis. The idea for this international day goes back to 1992, the year in which the United Nations Conference on Environment and Development in Rio de Janeiro took place. That same year, the United Nations General Assembly adopted a resolution by which 22 March of each year was declared World Day for Water, to be observed starting in 1993. Later on, other celebrations and events were added. For instance, the International Year of Cooperation in the Water Sphere 2013, and the current International Decade for Action on Water for Sustainable Development, 2018-2028.

These observances serve to reaffirm that water and sanitation measures are key to poverty reduction, economic growth, and environmental sustainability.

19) Answer: D

Detailed Explanation:

The other top 10 countries are Denmark, Iceland, Sweden, Israel, Netherlands, Norway, Luxembourg, Switzerland and Australia. India is ranked 126th on the list, behind countries such as Libya, Iraq, Palestine and Niger, according to the findings announced to mark the UN’s International Day of Happiness. The World Happiness Report is a partnership of Gallup, the Oxford Wellbeing Research Centre, the UN Sustainable Development Solutions Network, and the WHR’s Editorial Board. The young in India are the “happiest” while those in “lower middle” rung are the least happy. The US (23rd) has fallen out of the top 20 for the first time since the World Happiness Report was first published in 2012, driven by a large drop in the well-being of Americans under 30. Afghanistan remains bottom of the overall rankings as the world’s ‘unhappiest’ nation. Pakistan is ranked 108th on the list.

20) Answer: A

The Indian Council of Agricultural Research (ICAR) and Dhanuka Agritech Limited have signed a Memorandum of Understanding (MoU). Deputy Director General (Agricultural Extension), ICAR Dr. U.S. Gautam and Chairman, Dhanuka Agritech Limited Dr. R.G. Aggarwal signed this MoU on behalf of respective organizations.

Detailed Explanation:

This MoU aims to promote natural farming in the changing environment. Dhanuka Agritech will provide advisory services and train farmers in collaboration with ICAR-ATARI and KVKs. On this occasion, the Assistant Director General of ICAR, Directors, senior scientists and senior officers of ICAR headquarters were also present. The objective of this agreement is to utilize the efficiency of both institutions to deliver new technology to the farmers.

21) Answer: D

Detailed Explanation:

National Cadet Corps (NCC) and Nuclear Power Corporation of India Limited (NPCIL) signed a Memorandum of Understanding (MoU) in New Delhi to conduct various awareness programs throughout the country to enhance public perceptions on the peaceful use of nuclear power and disseminate scientific & authentic information. The MoU was signed between DG NCC Lt Gen Gurbirpal Singh and Executive Director (Corporate Communication & Corporate Planning), NPCIL Shri BVS Shekhar. The NPCIL will be providing resource persons in this initiative for field engagements with the NCC during the camps and various activities by educating the cadets. The MoU also facilitates a unique opportunity for the cadets to visit various facilities of NPCIL across the country, thereby giving a first-hand experience on the peaceful use of nuclear energy and its technical and technological aspects.

22) Answer: C

Definition of High-Risk Systems: The regulation defines high-risk systems as those with the potential to cause harm to health, safety, fundamental rights, environment, democracy, and the rule of law. Global Significance: The AI Act is expected to set a global standard for AI regulation, influencing other governments grappling with similar challenges. EU’s Role in Regulation: The EU first proposed AI regulations in 2019, demonstrating its leadership in scrutinizing emerging technologies while other governments are catching up.

Detailed Explanation:

The regulation defines high-risk systems as those with the potential to cause harm to health, safety, fundamental rights, environment, democracy, and the rule of law. Global Significance: The AI Act is expected to set a global standard for AI regulation, influencing other governments grappling with similar challenges. EU’s Role in Regulation: The EU first proposed AI regulations in 2019, demonstrating its leadership in scrutinizing emerging technologies while other governments are catching up.

The European Parliament has approved the world’s first regulations governing artificial intelligence (AI). Scope of Regulation: The regulation addresses specific risks associated with AI use, including biometric authentication, facial recognition, and high-risk domains such as healthcare and deep fakes. US Actions on AI: In the US, President Joe Biden signed an executive order on AI in October, signaling intentions for further legislation and global agreements. Timeline for Implementation: The AI Act is expected to become law by May or June, with regulations for general-purpose AI systems starting to apply a year after enactment. By mid-2026, the full set of regulations will be enforced. Enforcement Mechanisms: Each EU country will establish its own AI watchdog to handle complaints from citizens regarding violations of the regulations. Additionally, an AI Office will be created at the EU level for enforcement and supervision. Penalties for Violations: Violations of the AI Act could result in fines of up to 35 million euros ($38 million) or 7% of a company’s global revenue.

23) Answer: B

The Competition Commission of India (CCI) has approved the proposed acquisition of certain shareholding of Shriram Investment Holdings Private Limited (SIHL) by Shriram Ownership Trust (SOT). SOT intends to acquire a 9.44% stake from APRN Enterprises Private Limited (APRN) and a 20% stake from Piramal Enterprises Limited (PEL) in SIHL.

Detailed Explanation:

This acquisition aims to increase SOT’s and Shriram Capital Limited’s (SCPL) combined holding in SIHL to 100%.SIHL is described as an unregistered core investment company with significant financial figures, including a standalone asset size of Rs. 3,976 crore and a turnover of Rs. 1,881 crore as of March 31, 2023. It primarily engages in investments in various companies, most of which are its 100% subsidiaries. Before the proposed acquisition, SOT and SCPL already held 70.56% of the shares in SIHL.The Shriram Group aims to augment its holding in SIHL and bolster its financial services business. The acquisition of stakes from PEL and APRN, who are minority shareholders, aligns with this objective.

24) Answer: C

The CCI is the chief national competition regulator in India. It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, of 2002 to promote competition and prevent activities that have an appreciable adverse effect on competition in India.

25) Answer: C

The World Happiness Report is a partnership of Gallup, the Oxford Wellbeing Research Centre, the UN Sustainable Development Solutions Network, and the WHR’s Editorial Board. The young in India are the “happiest” while those in the “lower middle” rung are the least happy. The US (23rd) has fallen out of the top 20 for the first time since the World Happiness Report was first published in 2012, driven by a large drop in the well-being of Americans under 30. Afghanistan remains bottom of the overall rankings as the world’s ‘unhappiest’ nation. Pakistan is ranked 108th on the list

Detailed Explanation:

Afghanistan remains bottom of the overall rankings as the world’s ‘unhappiest’ nation. Pakistan is ranked 108th on the list

India was ranked 126th out of 143 nations in a global happiness index released which noted that older age is associated with higher life satisfaction in the world’s most populous country. Finland emerged as the happiest country in the world, topping the World Happiness Report 2024, the seventh successive year that the country has occupied the top spot on the list. The other top 10 countries are Denmark, Iceland, Sweden, Israel, Netherlands, Norway, Luxembourg, Switzerland and Australia. India is ranked 126th on the list, behind countries such as Libya, Iraq, Palestine and Niger, according to the findings announced to mark the UN’s International Day of Happiness. The World Happiness Report is a partnership of Gallup, the Oxford Wellbeing Research Centre, the UN Sustainable Development Solutions Network, and the WHR’s Editorial Board. The young in India are the “happiest” while those in the “lower middle” rung are the least happy. The US (23rd) has fallen out of the top 20 for the first time since the World Happiness Report was first published in 2012, driven by a large drop in the well-being of Americans under 30. Afghanistan remains bottom of the overall rankings as the world’s ‘unhappiest’ nation. Pakistan is ranked 108th on the list.

Daily Current Affairs Quiz – 22nd March 2024

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