Current Affairs

1. RBI SURPLUS TRANSFER TO GOVERNMENT –

• The Reserve Bank of India (RBI) has approved a significant surplus transfer of Rs 2.11 lakh crore to the Central Government for the accounting year 2023-24.
• This transfer marks a substantial increase from the previous year’s dividend, showcasing a notable rise in surplus income.
• The surplus calculation was based on the Economic Capital Framework (ECF) recommended by the Bimal Jalan committee, which advised the RBI to maintain a Contingent Risk Buffer (CRB) between 5.5% and 6.5% of its balance sheet.
• This risk provisioning is made primarily from retained earnings and only then is the surplus income transferred to the government as dividends.
• This range includes provisions for monetary and financial stability risks as well as credit and operational risks.
• RBI transfers its surplus, which is the excess of income over expenditure, to the government as per Section 47 of the Reserve Bank of India Act, 1934.
• Reasons for the Increase in RBI’s Surplus: As of March 2024, the RBI had USD 646 billion in foreign exchange reserves, with USD 409 billion parked in top-rated sovereign securities.
• The RBI’s gross dollar sales were lower in FY24 (USD 153bn) compared to FY23 (USD 213 bn).
• Despite lower dollar sales in FY24 compared to FY23, the RBI’s management of foreign currency assets ensured continued high revenue.
• Income from Liquidity Adjustment Facility (LAF) operations also contributed to the overall surplus.

 

2. BUDDHA PURNIMA –

• The President of India extends greetings on the occasion of Buddha Purnima, highlighting the significance of Lord Buddha’s teachings.
• Buddha Purnima also known as Vesak, commemorates the birth of Prince Siddhartha Gautama, who later became known as Gautama Buddha and founded Buddhism.
• Celebrated primarily in South, Southeast, and East Asia, it falls on the full moon day of the Hindu month of Vaisakha, typically in April or May.
• It is considered a ‘triple-blessed day’ as it marks Buddha’s birth, enlightenment, and Maha Parnirvana. It has been recognised by the United Nations as the ‘UN Day of Vesak’ since 1999.

 

3. FRENCH SECURITY FORCES ARE INTENSIFYING EFFORTS TO REGAIN CONTROL OVER NEW CALEDONIA, A FRENCH PACIFIC ARCHIPELAGO, AMID ONGOING AND DEADLY UNREST –

• British explorer James Cook named the island New Caledonia in 1774 after the Latin name for Scotland. It was annexed by France in 1853 and New Caledonia became a French overseas territory in 1946.
• It includes the island of New Caledonia where the capital, Noumea, is located, the Loyalty Islands; the Belep Islands; and the Ile des Pins.
• The Loyalty Islands account for more than one- tenth of New Caledonia’s total land area and about one-tenth of the population. In contrast to the island of New Caledonia, these islands are raised coral plateaus.