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30th May 2024 Current Affairs Quiz: Welcome to the 30th May 2024 edition of our Current Affairs Quiz, where we delve into the latest happenings and significant events shaping our world today. In this quiz, we aim to test your knowledge and awareness of the most recent developments across various fields, including politics, economics, science, technology, and more. As we navigate through the dynamic landscape of global affairs, staying informed is key to understanding the complexities of our rapidly changing world.
30th May 2024 Current Affairs Quiz | Today GK Quiz
1. What did SEBI do to improve liquidity in the commodity derivatives market?
A) Reduced trading hours
B) Shortened the deliverable period from 5 days to 3 days
C) Increased margin requirements
D) Introduced new trading fees
Answer: B) Shortened the deliverable period from 5 days to 3 days
Explanation: SEBI reduced the deliverable period for commodity derivatives from 5 days to 3 days, effective July 1, 2024, to boost liquidity in the market.
2. Why did SEBI decide to shorten the delivery period for commodity derivatives?
A) To increase transaction costs
B) To attract more participants to the market
C) To prolong the settlement process
D) To complicate trading mechanisms
Answer: B) To attract more participants to the market
Explanation: SEBI aims to attract more participants by reducing the delivery period, and enhancing trading efficiency and liquidity in the commodity derivatives market.
3. What is the primary objective of IRDAI’s new guidelines mandating shorter audit tenures in the insurance sector?
A) To increase the engagement period for auditors
B) To enhance transparency and accountability
C) To reduce the number of audits conducted annually
D) To decrease the frequency of financial reporting
Answer: B) To enhance transparency and accountability
Explanation: IRDAI aims to strengthen corporate governance by mandating shorter audit tenures, thereby enhancing transparency and accountability within the insurance sector.
4. What is the duration of the mandatory cooling-off period introduced for outgoing auditors according to IRDAI’s new guidelines?
A) One year
B) Two years
C) Three years
D) Four years
Answer: C) Three years
Explanation: IRDAI’s new guidelines introduce a mandatory cooling-off period of three years for outgoing auditors and their affiliates, aiming to maintain audit objectivity and mitigate potential conflicts of interest.
5. What is the purpose of the Cost Inflation Index (CII) set by the Income Tax Department for FY 2024-25?
A) To determine individual income tax rates
B) To adjust for inflation in computing long-term capital gains
C) To calculate sales tax
D) To assess corporate taxes
Answer: B) To adjust for inflation in computing long-term capital gains
Explanation: The Cost Inflation Index (CII) helps taxpayers accurately calculate long-term capital gains by considering inflation’s impact on asset values.
6. How does the Cost Inflation Index (CII) affect taxpayers’ tax liabilities?
A) It increases tax liabilities for short-term capital gains.
B) It decreases tax liabilities for long-term capital gains.
C) It has no impact on tax liabilities.
D) It increases tax liabilities for both short-term and long-term capital gains.
Answer: B) It decreases tax liabilities for long-term capital gains.
Explanation: By adjusting for inflation, the CII reduces the taxable amount for long-term capital gains, thereby decreasing tax liabilities for taxpayers.
7. What was the main focus of the $2.6 billion sovereign lending allocated by the Asian Development Bank to India in 2023?
A) Education and healthcare
B) Urban development, power, industry, and climate resilience
C) Agriculture and rural development
D) Transportation infrastructure
Answer: B) Urban development, power, industry, and climate resilience
Explanation: The sovereign lending aimed to bolster various sectors including urban development, power, industry, horticulture, connectivity, and climate resilience, as mentioned in the passage.
8. Apart from financial assistance, what other support does the Asian Development Bank (ADB) offer to India?
A) Scholarships for students
B) Construction of public parks
C) Technical assistance and knowledge support
D) Investment in entertainment industries
Answer: C) Technical assistance and knowledge support
Explanation: In addition to financial aid, ADB provides knowledge support through technical and operational studies, aiding areas like national logistics costs calculation framework and urban sector development strategies for states like Assam, as mentioned in the passage.
9. Who has been appointed as the new Managing Director and Chief Executive Officer (CEO) of the National Asset Reconstruction Company (NARCL)?
A) P Santhosh
B) N Sundar
C) Padmakumar Nair
D) Sumit Arora
Answer: A) P Santhosh
Explanation: The passage states that P Santhosh has been appointed as the new Managing Director and Chief Executive Officer of NARCL.
10. What is one of the key reasons cited for P Santhosh’s recommendation as the MD & CEO of NARCL?
A) His background in retail banking
B) His performance as a financial analyst
C) His expertise in stressed asset resolution
D) His experience in corporate law
Answer: C) His expertise in stressed asset resolution
Explanation: P Santhosh’s familiarity with the banking sector and expertise in stressed asset resolution make him well-suited for the challenging task of reviving distressed assets acquired by NARCL, as mentioned in the passage.
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