About Prevention of Money Laundering Act (PMLA):

• It is an Act to prevent money laundering and to provide for the confiscation of property derived from or involved in money laundering.
• The Act was formulated for the following objectives:
  • Prevent money-laundering.
  • Combat/prevent channelising of money into illegal activities and economic crimes.
  • Provide for the confiscation of property derived from, or involved/used in, money laundering.
  • Provide for matters connected and incidental to the acts of money laundering.
• The Enforcement Directorate (ED) in the Department of Revenue, Ministry of Finance, is responsible for investigating the offences of money laundering under the PMLA.
• Financial Intelligence Unit – India (FIU-IND) under the Department of Revenue is the central national agency responsible for receiving, processing, analysing, and disseminating information relating to suspect financial transactions.
• The scheduled offences are separately investigated by agencies mentioned under respective acts, for example, the local police, CBI, customs departments, SEBI, or any other investigative agency, as the case may be.
• Actions that can be initiated against the person involved in money laundering:
  • Seizure/freezing of property and records and attachment of property obtained with the proceeds of crime.
  • Any person who commits the offence of money laundering shall be punishable with –
    • Rigorous imprisonment for a minimum term of three years and this may extend up to seven years.
    • Fine (without any limit).

 

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Q1) What is money laundering?

Money laundering is the illegal process of making large amounts of money generated by criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source. The money from the criminal activity is considered dirty, and the process “launders” it to make it look clean.

Source: CA, CS handling client money in PMLA ambit; FinMin notifies rules

About Mukundra Hills Tiger Reserve:

• Location:
  • Mukundra Hills Tiger Reserve, popularly known as Darrah Wildlife Sanctuary, is spread across 4 districts – Bundi, Kota, Jhalawar & Chittorgarh in Rajasthan.
  • The park is situated in a valley formed by two parallel mountains viz. Mukundra and Gargola.
• It is consisting of three wildlife sanctuaries: Darrah wildlife sanctuary, Chambal wildlife sanctuary and Jaswant Sagar wildlife sanctuary.
• This tiger reserve was once a hunting preserve belonging to the Maharaja of Kota.
• River: It is located on the eastern bank of the Chambal River and is drained by its tributaries.
• Vegetation: Dry Deciduous Forest
• Flora:
  • Anogeissus pendula (Kala Dhok or Kaladhi) is the predominant species, along with Khair (Acacia catechu), Ber (Zizyphus mauratiana), Kakan (Flacourtia indica), Raunj (Acacia lecofolia) etc.
  • On higher slopes, Anogeissus pendula is replaced by Anogeissus latifolia, along with Bel (Aegle marmelos), Salar (Boswellia sarata) Uum (Meliusa tomentosa) and Shisham (Dalbergia latifolia).
• Fauna:
• The important fauna includes Leopard, Sloth bear, Nilgai, Chinkara, Spotted Deer, Small Indian Civet, Toddy Cat, Jackal, Hyena, Jungle Cat, Common Langur etc.
• The common reptiles and amphibians are Pythons, Rat Snake, Buff-striped keelbacks, Green keelback, crocodiles, Gharial, Otter and Turtles

 

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Q1) What is a Tiger Reserve?

A protected area statutorily designated for the conservation of the striped big cats is referred to as Tiger Reserve. However, a tiger reserve may also be a national park or wildlife sanctuary.

Source: Full-term pregnant tigress dies in Rajasthan’s Mukundra Hills Tiger Reserve

About Mridangam:

• It is one of the oldest Indian percussion instruments, originating 2,000 years ago.
• This traditional instrument is found in various parts of South India.
• It is a popular bifacial drum of Carnatic music and is used as an accompaniment in South Indian Classical music.
• It is also known by the name of maddal or maddalam.
• It is held across the lap and played on both ends with the hands and fingers.
• A similar instrument, the pakhavaj, is played in the Hindustani tradition of northern India, as well as in Pakistan and Bangladesh.
• Making process:
  • The body of the mridangam is scooped out of a single block of wood.
  • Jack wood or redwood is the ideal choice of mridangam makers, but the wood of the morgosa tree or the core of the coconut tree and the palm tree is also used for this purpose. 
  • Shape: It is shaped like a barrel whose right head is a little smaller than the left.
  • Layered parchments, fastened to leather hoops and kept intact and tight by leather braces, control the skin tension.
  • At times, small pieces of wood are also put in between these braces to facilitate the tuning.
  • A removable patch of tuning paste is affixed to each end, giving the drum a definite pitch.

 

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Q1) What is pakhavaj?

Pakhawaj is a percussion instrument made of wood, parchment, leather, and black paste. This traditional instrument is found in various parts of North India. Majorly used in North Indian classical concerts particularly with ‘Dhrupad’ and ‘Dhamar’ style of music and with the instruments played in Dhrupad style such as Been, Rabab, Surbahar, etc. Also a solo instrument.  

Source: Legendary mridangam maestro Karaikudi Mani dies  

About Washington Declaration:

• It was signed between the US and South Korea on the occasion of the 70th anniversary of U.S.-South Korea bilateral relations.
• The declaration outlines the cooperation towards nuclear deterrence.
• Purpose: Protect the Korean Peninsula from a nuclear attack.
• According to the declaration,
  • A US nuclear-armed ballistic missile submarine (SSBN)would be deployed in the Korean peninsula;
  • A joint Nuclear Consultative Group would be formed to formulate principles of joint response tactics;
  • South Korea would receive intel from the US regarding nuclear advancements;
  • The US will strengthen South Korea’s nuclear deterrence capabilities through joint military training programs and an annual intergovernmental simulation.
• The declaration reaffirmed the non-proliferation Treaty implying that South Korea would not venture into the creation of its own independent nuclear capabilities and would instead focus on deterrence measures through an alliance-based approach.
• It also mandates the US President as the only ‘sole authority’ to use the nuclear arsenal of the US in the event of a nuclear confrontation.

 

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Q1) What is meant by nuclear deterrence?

Nuclear deterrence is an ideology dating back to the Cold War used to prevent any nuclear aggression and to maintain the status quo.It is used as a tactic and serves as a reminder of the consequences nation states can face if they choose to attack another country or state. It convinces a country not to pursue further action and is premised on the logic that the costs and losses that would incur outweigh the rewards.

Source: Explained | What is the Washington Declaration?

About Central Bank Digital Currency (CBDC):

• CBDCs are a form of digital currency issued by a country's central bank.
• Examples of central banks include the Reserve Bank of India (RBI), the US Federal Reserve System, the Bank of Japan.
• CBDCs are similar to stablecoins, except that their value is fixed by the central bank and equivalent to the country's fiat currency.
• Advantages:
  • It provides businesses and consumers with privacy, transferability, convenience, accessibility, and financial security. 
  • It also decreases the cost of maintenance that a complex financial system requires.
  • It reduces cross-border transaction costs.
  • It would also reduce the risks associated with using digital currencies, or cryptocurrencies, in their current form. CBDCs, backed by a government and controlled by a central bank, would give households, consumers, and businesses a secure means of exchanging digital currency.

What are Stablecoins?

• They are cryptocurrencies whose value is pegged or tied to that of another currency, commodity, or financial instrument.
• Stablecoins aim to provide an alternative to the high volatility of the most popular cryptocurrencies, including Bitcoin (BTC).
• Unlike cryptocurrencies like Bitcoin, stablecoins’ prices remain steady in accordance with whichever fiat currency backs them.
• E.g., USDC stablecoin is backed by dollar-denominated assets.

 

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Q1) What are Cryptocurrencies?

A cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.

Source: RBI’s Shankar urges increased adoption of CBDC for efficient cross-border payment

 About Buddha Purnima:

• It not only marks the day when Gautam Buddha was born but also the day when he attained Nirvana under the Mahabodhi tree at Bodh Gaya. 
• Lord Buddha was born as Prince Siddhartha Gautama on the full moon day in 563 BC at Lumbini in Nepal.
• In Hinduism, Buddha is considered as the ninth avatar of Lord Vishnu.
• His birth anniversary is also known as Vaisakhi Buddha Purnima or Vesak. 
• This day is commemorated by Buddhists and Hindus all over the world and is a major festival in countries like India, Nepal, Bhutan, Burma, Thailand, Tibet, China, Korea, Laos, Vietnam, Mongolia, Cambodia, Singapore, Indonesia and Sri Lanka.

 

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Q1) Do we need passport for Nepal?

We need a document that exclusively proves your nationality. Hence, you need to produce either valid Indian Passport or Election Card (issued by Election Commission) to enter into Nepal.

Source: Buddha Purnima being celebrated today

About Khelo India University Games 2022:

• The 3rd edition of the Khelo India University Games will take place from May 23 to June 3.
• The opening ceremony is scheduled for May 25 at the Babu Banarasi Das University in Lucknow.
• The KIUG 2022 Games will be held in Varanasi, Noida and Gorakhpur, besides the state capital of Lucknow.
• The Shooting competition will be organized in New Delhi at the Dr. Karni Singh Shooting Range.
• For the First time, water sports such as Rowing will be a part of the Khelo India University Games.
• Two indigenous Sports Disciplines namely Mallakhamb and Yogasana, were part of the last edition of the Khelo India University Games held in Karnataka and will also be part of this edition.

 

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Q1) What is mallakhamb and in which state is it originated from?

The name Mallakhamb derives from the terms malla, meaning wrestler, and khamb, which means a pole. Literally meaning "wrestling pole", the term refers to a traditional training implement used by wrestlers. On April 9, 2013, the Indian state of Madhya Pradesh declared Mallakhamba the state sport.

Source: Logo, mascot of Khelo India University Games 2022 launched in Lucknow; 12-day Games to begin on 23rd May

About Syama Prasad Mookerjee Port:

• Port of Kolkata or Kolkata Port, officially known as Syama Prasad Mookerjee Port Trust (Formerly Kolkata Port Trust), is the only riverine major port of India, located in the city of Kolkata, West Bengal, around 203 kilometres from the sea.
• It is the oldest operating port in India and was constructed by the British East India Company in 1870.
• Kolkata is a freshwater port with no variation in salinity.
• The port has two distinct dock systems — Kolkata Docks at Kolkata and a deep water dock at Haldia Dock Complex, Haldia.

Syama Prasad Mukherjee:

• Syama Prasad Mukherjee (1901 – 1953) was an Indian politician, barrister and academician.
• He served as the Minister for Industry and Supply in Prime Minister Jawaharlal Nehru's cabinet.
• He quit the Union Government because of differences of opinion with the Nehru-led government and founded the Bharatiya Jana Sangh, the predecessor to the Bharatiya Janata Party, in 1951.

 

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Q1) How port is important for cities?

Around the globe, ports are key drivers of economic development, handling over 80% of world trade, facilitating the movement of people, creating infrastructure development, supporting direct and indirect job provision, attracting investment and lowering costs for producers and consumers.

Source: MoS Shipping Shantanu Thakur flags off inaugural shipment from Syama Prasad Mookerjee Port in Kolkata to operationalise Sittwe Port in Myanmar

About:

• The decision to introduce 30 per cent Millets in the meals.
• The Ministry had asked all the forces to take action for the introduction of Millets based menu.
• The Ministry informed that Millets will also be made available in Kendriya Police Kalyan Bhandar, Grocery Shops of the campuses and Ration Store by setting up the dedicated counters and corners.
• The forces will organize training of cooks in preparing millets based dishes through reputed institutes in this field.

International Year Millets:

• The United Nations had declared 2023 the International Year Millets as recognizing the importance of millets, and creating a domestic and global demand along with providing nutritious food to the people, at the behest of the Government of India.
• Millets are good source of proteins, gluten-free, low in Glycemic Index (GI) and rich in dietary fibre, micronutrients including calcium, iron, phosphorus etc, and phyto-chemicals.
• The campaign of Prime Minister Narendra Modi to promote Shree Anna will fulfill nutritional requirements of crores of people of the country.
• International Year of Millets (IYOM) - 2023 will provide an opportunity to increase global production, efficient processing and better use of crop rotation and promote millets as a major component of the food basket.

 

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Q1) What is the gluten-free means?

A gluten-free diet excludes any foods that contain gluten, which is a protein found in wheat and several other grains. It means eating only whole foods that don't contain gluten, such as fruits, vegetables, meat and eggs, as well as processed gluten-free foods like gluten-free bread or pasta.

Source: Home Ministry decides to introduce Millets, Shree Anna in the meals of personnel of CAPFs and NDRF