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Welcome to the Current Affairs Section.

Welcome to the Current Affairs Section of BSC Academy. Get Daily & Latest Current Affairs 2021 for government job exams, UPSC, IAS/PCS, Banking, IBPS, SBI, RBI, SSC, Railway, UPPSC, BPSC, MPPSC, MPSC, KPSC, TNPSC, RPSC, UKPSC, APPSC and other competitive exams.

Trending Current Affairs

Pakistan remains on FATF's grey list; UAE included in the same category as well

Monday March 7, 2022

The global money laundering and terrorist financing watchdog FATF has retained Pakistan on its terrorism financing "grey list" for failing to meet some of its targets under the additional criteria.

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Pakistan remains on FATF's grey list; UAE included in the same category as well

The global money laundering and terrorist financing watchdog FATF has retained Pakistan on its terrorism financing "grey list" for failing to meet some of its targets under the additional criteria.

Pakistan has been on the grey list of the Paris-based Financial Action Task Force (FATF) since June 2018 for failing to check money laundering, leading to terror financing, and was given a plan of action to complete it by October 2019.

Since then, the country continues to be on that list due to its failure to comply with the FATF mandates.

Pakistan has so far avoided being on the black list with the help of close allies like China, Turkey and Malaysia.

The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.

The FATF currently has 39 members including two regional organisations -- the European Commission and Gulf Cooperation Council.

India is a member of the FATF consultations and its Asia Pacific Group.

It has placed the United Arab Emirates on its so-called "gray list" over concerns that the global trade hub isn't doing enough to stop criminals and militants from hiding wealth there.

The decision by the Paris-based Financial Action Task Force puts the UAE, home to Dubai and oil-rich Abu Dhabi, on a list of 23 countries including fellow Mideast nations Jordan, Syria and Yemen.

Already, the UAE has established a corporate registry and signed extradition agreements with other nations.

However, the UAE long has been known as been known as a place where bags of cash, diamonds, gold and other valuables can be moved into and through.

In recent years, the State Department had described "bulk cash smuggling" as "a significant problem" in the Emirates.

A 2018 report by the Washington-based Center for Advanced Defense Studies, relying on leaked Dubai property data, found that war profiteers, terror financiers and drug traffickers sanctioned by the US had used the city-state's boom-and-bust real estate market as a safe haven for their money.

Myanmar military revokes citizenship of opposition members

Monday March 7, 2022

Myanmar's ruling military council has announced the revocation of the citizenship of top members of the main group coordinating resistance to army rule.

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Russia cracks down on dissenting media, blocks Facebook

Monday March 7, 2022

Russian President Vladimir Putin has intensified a crackdown on media outlets and individuals who fail to hew to the Kremlin line on Russia's war in Ukraine, blocking Facebook and Twitter and signing into law a bill that criminalizes the intentional spreading of what Moscow deems to be “fake” reports.

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Special CBI court rejects Chitra Ramkrishna’s anticipatory bail plea

Monday March 7, 2022

A special CBI court rejected the anticipatory bail application of Chitra Ramkrishna, former MD & CEO of NSE, terming the allegations against her in the colocation scam and in a recent Sebi order grave and serious, thereby increasing the possibility of her arrest by CBI, which filed an FIR in the colocation case back in 2018.

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Awaiting government, RBI guidelines on SWIFT transactions with Russian entities: PNB

Monday March 7, 2022

The country's second-largest bank Punjab National Bank (PNB) said it was awaiting advisory from the Finance Ministry and the Reserve Bank with regard to SWIFT-related transactions with Russian entities.

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Awaiting government, RBI guidelines on SWIFT transactions with Russian entities: PNB

The country's second-largest bank Punjab National Bank (PNB) said it was awaiting advisory from the Finance Ministry and the Reserve Bank with regard to SWIFT-related transactions with Russian entities.

In view of the ongoing war between Russia and Ukraine, several countries including the US, Canada and certain European nations have blocked some Russian banks from using SWIFT, a system that is used for global banking transactions.

Meanwhile, India's largest lender State Bank of India has stopped processing transactions of Russian entities that have been sanctioned by the West over Moscow's invasion of Ukraine.

SBI is learnt to have issued a circular as it fears that any transaction with entities or sectors under sanction will invite sanctions on it as well.

Russia is one of the biggest suppliers of defence products and equipment to India mostly under government-to-government contracts.

Bilateral trade between India and Russia stood at USD 9.4 billion so far this fiscal year, against USD 8.1 billion in 2020-21

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is the world's main banking messaging service which links around 11,000 banks and institutions in more than 200 countries, including India.

Based in Belgium, the SWIFT system is considered central to the smooth functioning of global finances and Russia's exclusion from it would hit the country hard.

India's main imports from Russia include fuels, mineral oils, pearls, precious or semi-precious stones, nuclear reactors, boilers, machinery and mechanical appliances; electrical machinery and equipment and fertilisers.

Major export items from India to Russia include pharmaceutical products, electrical machinery and equipment, organic chemicals and vehicles.

In the past too, India had devised a mechanism to pay for imports from Iran, when sanctions were imposed on the Persian Gulf nation.

Russia is heavily reliant on the SWIFT system for its key oil and gas exports.

On March 2, the EU prohibited Russia's second-largest bank VTB, Bank Otkritie, Novikombank, Promsvyazbank, Bank Rossiya, Sovcombank and VEB from accessing the SWIFT financial messaging system in view of Russia's "unprovoked and unjustified military aggression against Ukraine".

India's wheat exports pick up amid Russia-Ukraine war, says Food Secretary

Monday March 7, 2022

It is an "opportunity" for Indian exporters as the new wheat crop will be available early from March 15 onwards when compared to other global wheat producers, he said.

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India's wheat exports pick up amid Russia-Ukraine war, says Food Secretary

Wheat exports from India, the world's second-biggest producer of the grain, have picked up after global prices surged due to Russia's war against Ukraine, and total shipments from the country have already touched a record of 6.6 million tonne this fiscal so far, Food Secretary Sudhanshu Pandey said .

It is an "opportunity" for Indian exporters as the new wheat crop will be available early from March 15 onwards when compared to other global wheat producers, he said.

"Russia and Ukraine together account for almost a quarter of the global wheat supply. Their wheat crop will mature in August and September this year. As a result, global wheat prices have already gone up and are ruling in the range of Rs 24,000-25,000 per tonne," he added.

So far, wheat exports have crossed the historical high of 6.5 million tonnes achieved earlier in 2012-13 fiscal, he said.

India's wheat production is estimated to touch a new record of 111.32 million tonnes in the 2021-22 crop year (July-June) as against 109.59 million tonnes in the previous year, as per the Agriculture Ministry's second advance estimate.

Wheat, the main rabi (winter) crop, will start hitting the market from March 15 onwards.

The country also has a surplus stock of wheat in the government godowns.

Other global players will enter the market later after the end of their summer season.

Asked about the export of other commodities, the Secretary said sugar exports are also expected to touch 7.5 million tonnes in the 2021-22 marketing year (October-September), much higher than 2 million tonnes in the last year buoyed by strong global prices.

The demand for Indian sugar is rising not because of the Russia-Ukraine crisis but due to the tight supply of sweetener for export purposes in the global market that has pushed up the international rates, he added.

In the case of edible oils for which India is heavily dependent on imports and for sunflower oil amid the Ukraine crisis, Pandey said, "Our position is quite comfortable." He said India has established sources for edible oils.

"Even during the month of March, we got the supplies (of sunflower oil) for February as scheduled as contracted. Subsequently, other edible oil supplies like soyabean oil will also be increased."

Mithali Raj becomes third cricketer to play in six ODI World Cups

Monday March 7, 2022

India's ODI skipper Mithali Raj has became the third cricketer (men's and women's) to play in six ODI World Cups.

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India's Jehan Daruvala sets second-fastest overall time at Formula 2 pre-season test in Bahrain

Monday March 7, 2022

Indian driver Jehan Daruvala has set the second-fastest overall time at the Formula 2 pre-season test session in Bahrain.

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