DAILY CURRENT AFFAIRS

By admin: Dec. 10, 2024

India dispatches 2,200 MT of rice to Myanmar as humanitarian aid.

Tags: National News

India dispatches 2,200 MT of rice to Myanmar as humanitarian aid.

Why in the news?

• In line with India’s ‘Act East’ & ‘Neighbourhood First’ policies, India dispatched a consignment of 2,200 metric tonnes of rice to Myanmar.

Important points:

• “The consignment, whichdeparted from Chennai Port, signifies India’s dedication to maintaining stable and supportive relations with its neighbors through vital food supply assistance.
• Myanmar has become the world’s deadliest country for landmine casualties, with over 1,000 victims in 2023, surpassing all other nations.
•  The situation is particularly dire for children, who account for 20 % of the casualties. India has sent aid to Myanmar in the past, including in response to natural disasters and development projects.
• In September 2024, India sent 32 tonnes of relief supplies to Myanmar in a military transport aircraft under its operation ‘Sadbhav’ in the wake of the major typhoon that hit the nation.
• The operation ‘Sadbhav’ is part of India’s broader effort to contribute to humanitarian assistance and disaster relief (HADR) within the ASEAN (Association of Southeast Asian Nations) region.

About the Myanmar:

• Myanmar (formerly Burma) is a Southeast Asian nation of more than 100 ethnic groups, bordering India, Bangladesh, China, Laos and Thailand. 
• Yangon (formerly Rangoon), the country's largest city, is home to bustling markets, numerous parks and lakes, and the towering, gilded Shwedagon Pagoda, which contains Buddhist relics and dates to the 6th century. 
• Naypyidaw, officially romanized as Nay Pyi Taw (NPT), is the capital and third-largest city of Myanmar.

MuleHunter.ai

Tags: Government Schemes

MuleHunter.ai

Why in the news?

• The Reserve Bank of India (RBI) hasdeveloped an AI/ML-based model called MuleHunter.ai to tackle the issue of mule accounts, which are used for financial fraud.

What is MuleHunter.ai ?

• TheReserve Bank of India Innovation Hub (RBIH) has introduced MuleHunterAI, an advanced AI/ML modeldesigned to help banks and financial institutions detect and mitigate mule accounts.
• Unlike traditional systems that often produce false alarms, MuleHunter.AI uses machine learning to quickly and accurately identify suspicious accounts by tracking illicit fund flows. 

Significance:

• This innovative approach helps banks detect fraud more effectively and efficiently, enhancing the security of India's financial ecosystem. 
• Early results show it significantly improves detection rates, marking a major step in the fight against financial crime.
•  "RBIH has developed an in-house AI/ML-based solution which is better suited than a rule-based system to identify suspected mule accounts. 
• Advanced ML algorithms can analyse transaction and account detail related datasets to predict mule accounts with higher accuracy and greater speed than typical rule-based systems.
•  This machine learning based approach has enabled the detection of more mule accounts within a bank’s system.

What is a mule account?

• A mule account is a bank account used by criminals to launder illicit funds, often set up by unsuspecting individuals lured by promises of easy money or coerced into participation. 
• The transfer of funds throughthese highly interconnected accounts makes it difficult to trace and recover the funds.
• These accounts help criminals launder money from cybercrimes.
•  According to the National Crime Records Bureau(NCRB), onlinefinancial frauds account for 67.8 percent of cybercrime complaints, highlighting the critical need for effective AI-based fraud prevention solutions.
• Mule account caseshave been on the rise, and a whopping 53% of the total fraud threats tofinancial institutions were caused by money mules in 2023.
•  Despite government and regulatory bodies actively working to fight this, cybercriminals continue to come up with innovative ways to circumvent the law and pursue money laundering activities. 

Uttarakhand set to introduce green cess on private vehicles from other states.

Tags: State News

Uttarakhand set to introduce green cess on private vehicles from other states.

Why in the news?

• In a proactive step towards environmental conservation, the Uttarakhand government is gearing up to impose a green cess on private vehicles entering the state from other regions.

Important Points:

• According to the state transport department, the proposed fee will range from Rs 20 to Rs 80, depending on the type of vehicle.
• As per the proposed rates, three-wheeler vehicles will incur a fee of Rs 20, four-wheelers Rs 40, and medium and heavy vehicles will be charged Rs 60 and Rs 80, respectively. 
• Notably, two-wheelers, electric vehicles, CNG vehicles, ambulances, and other essential service vehicles will be exempt from this charge.
• According to the Transport Department, the implementation of this initiative is expected by the end of this month or in January next year. 
• Currently, only commercial vehicles from other states are subjected to a green cess, which is utilized for road safety initiatives and pollution control measures.
• The Transport Department revealed, " The green cess collected from out-of-state commercial vehicles are directed towards projects aimed at improving road infrastructure and reducing vehicular emissions."
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Kush Maini becomes first Indian racer to win Formula 2 Constructors Championship

Tags: Sports News

Kush Maini becomes first Indian racer to win Formula 2 Constructors Championship

Why in the news?

• Formula 2 driver Kush Maini finished 13th in the drivers’ standings in his second Formula 2 season and made history by clinching the Constructors’ Championship with Invicta Racing at the Abu Dhabi Grand Prix.

About Kush Maini :

• He is thefirst from India to win a FIA Constructors’ World Championship, despite having an inconsistent season.
•  The 24-year-old played a pivotal role in Invicta Racing’s success, securing five podiums, including a race win in Hungary.
• His pole position in Jeddah set the tone for the team’s campaign, culminating in its victory by 34.5 points over Campos Racing, his former team.
• For the final race, Maini qualified in P6 and had better starts in both races. 

What is Formula 2?

• Formula Two (F2 or Formula 2) is a type of open-wheel formula racing category first codified in 1948.
• It was replaced in 1985 by Formula 3000, but revived by the FIA from 2009–2012 in the form of the FIA Formula Two Championship. 
• The name returned again in 2017 when the former GP2 Series became known as the FIA Formula 2 Championship.
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Union government names Revenue Secretary Sanjay Malhotra as RBI Governor.

Tags: Person in news

Union government names Revenue Secretary Sanjay Malhotra as RBI Governor.

Why in the news?

• Revenue Secretary Sanjay Malhotra has been appointed as the new RBI Governor replacing Shaktikant Daswhose tenure ends on December 10, 2024.

About Sanjay Malhotra:

• Sanjay Malhotra will be the 26th Governor of the Reserve Bank of India.
• A 1990-batch officer of the Indian Administrative Service of the Rajasthan cadre, Mr. Malhotra is acomputer science engineering graduatefrom the Indian Institute of Technology, Kanpur, and has a Master’s degree in Public Policy from Princeton University, U.S.A.
•  He will take charge of the country’s monetary policy framework and banking regulation at Mint Street on December 11.

About RBI:

• The Reserve Bank of India (RBI) is the central bank of India whose primary function is to manage and govern the financial system of the country.
• The Reserve Bank of India (RBI) was established based on the recommendations of theRoyal Commission on Indian Currency and Finance, also known as the Hilton-Young Commission.
• The RBI was established in1934 by the Reserve Bank of India Act and began operations on April 1, 1935,and has beenlocated in Mumbai.
• The RBI is controlled by the Government of India and comes under the Ministry of Finance. 
• The RBI Governor is appointed by the Central government.
• The RBI's Monetary Policy Committee (MPC) is led by the RBI Governor.
•  The MPC is made up ofsix members: three officials of the RBI and three external members nominated by the government of India. 

Function of RBI:

• The central bank regulates the issue and supply of the Indian rupee. 
• It also looks after the central government’s money.
• The central bank plays the role of the bankers’ bank and regulates the banking sector.
• It also plays an important role in India’s development story by supporting the government in its developmental projects and policies.