CURRENT-AFFAIRS

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• An ancient clay figurine from the Iron Age has recently been discovered in Lake Bolsena, Italy.
• About Lake Bolsena:
  • Location: Lake Bolsena is situated in the northern part of the Viterbo province within the Lazio region of Italy.
  • Size: It is the largest volcanic lake in Europe, covering an area of 113.5 square kilometers.
  • Dimensions: The lake measures approximately 13.5 km (8.4 miles) in length and 12 km (7.5 miles) in diameter.
  • Formation: The lake was formed about 370,000 years ago following the collapse of the caldera of the Vulsini volcano, which remained active until 104 BC.
  • Unique Phenomenon: Lake Bolsena is known for a peculiar phenomenon called “sessa,” which causes tidal-like movements within the lake.
  • Islands: The two islands, Martana and Bisentina, located in the southern part of the lake, were created by underwater volcanic eruptions.
  • Shoreline: The lake’s shores are characterized by nearly pristine nature, featuring forests, reed beds, tranquil coves, as well as cultivated fields, olive groves, and vineyards.
  • Nearby Towns: The towns of Capodimonte and Bolsena border the lake.
• What is a Volcanic Lake?
  • A volcanic lake forms within a volcanic crater, caldera, or depression created by volcanic activity. These lakes typically emerge after a volcanic eruption, when the depression or crater fills with water from precipitation, groundwater, or melting ice and snow.

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• Three Kashmiri scientists have recently identified a new species of hoverfly that mimics wasps in the high-altitude alpine forests.
• About Hoverflies:
  • Hoverflies, also known as 'flower flies' or 'syrphid flies,' belong to a family comprising around 6,000 species within the fly order, Diptera. Their common names often reflect their behavior of hovering around flowers. These insects are found across the globe, inhabiting both temperate and tropical regions.
• Characteristics:
  • Appearance: Hoverflies, with their yellow markings, resemble wasps or bees but lack the ability to bite or sting. They can be easily identified from wasps and bees by their single pair of wings.
  • Distinguishing Features: They are distinguished from other flies by a false (spurious) vein that runs parallel to the fourth longitudinal wing vein. Hoverflies range in size and form, from small, elongated, and slender to large, hairy, and yellow-and-black.
  • Head Structure: They have a typical fly head with short antennae and prominent, bulbous eyes.
• Beneficial Role:
  • Pollination: Adult hoverflies feed on nectar and pollen, making them vital pollinators across various habitats.
  • Pest Control: The larvae of many hoverfly species consume aphids, mites, and small insects, contributing to the control of these pests.
  • Nutrient Recycling: Some hoverflies are effective at recycling nutrients in their environments.

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• The Supreme Court has granted a stay on the recovery of an outstanding amount demanded by the income tax authorities, following a plea from the news portal NewsClick. This stay will remain in effect until the appeal filed with the Income Tax Appellate Tribunal (ITAT) is resolved.
• About the Income Tax Appellate Tribunal (ITAT):
  • Establishment: ITAT is a quasi-judicial body established in January 1941 to handle appeals under the Direct Taxes Acts.
  • Structure: Initially, ITAT had six members and three Benches located in Delhi, Kolkata (Calcutta), and Mumbai (Bombay). It has since expanded to 63 Benches across 27 cities, covering nearly all cities with High Court seats.
  • Bench Composition: Each Bench comprises an accountant member and a judicial member. The ITAT President appoints the members to form a Bench, and in some cases, a special Bench with three or more members may be created for certain appeals.
  • Function: ITAT acts as the final fact-finding authority in tax disputes, providing a platform for both taxpayers and the income tax authorities to resolve issues. It adjudicates appeals under the Income Tax Act of 1961 and operates under the Ministry of Law and Justice.
• Filing Appeals:
  • Eligibility: Appeals can be filed by taxpayers challenging assessment orders or other decisions made by income tax authorities. The ITAT is commonly approached by taxpayers disputing orders from the Commissioner of Income-tax (Appeals).
  • Department Appeals: Similarly, the income tax department can appeal against orders from the Commissioner of Income-tax (Appeals) before the ITAT.
• Finality and Further Appeals: ITAT’s decisions are final, with further appeals to the High Court permissible only if there is a substantial question of law. ITAT operates under the jurisdiction of the regional High Courts and must comply with their rules, while also being subordinate to the Supreme Court of India.

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• The Defence Research and Development Organisation (DRDO) is developing a new and advanced weapon for India: the Pinaka-MK3, which is currently in progress.
• What is Pinaka?
  • Overview: Pinaka is a Multi-Barrel Rocket Launcher (MBRL) designed by the Armament Research and Development Establishment (ARDE), a division of DRDO.
  • Functionality: It is engineered to deliver powerful and responsive fire against various area targets, including enemy troops, armored and soft-skin vehicles, communication centers, air terminal complexes, and fuel and ammunition depots.
• Features:
  • Components: The system includes a multi-tube launcher vehicle, a replenishment-cum-loader vehicle, a replenishment vehicle, and a command post vehicle.
  • Launcher Capacity: It has two pods, each containing six rockets, and can cover an area of 700 × 500 square meters in just 48 seconds.
  • Rocket Specifications: The 214 mm Pinaka rocket has a payload of 100 kilograms (220 pounds) and supports a range of warheads, including anti-tank mines and blast-cum-pre-fragmented high explosives.
  • Support and Mobility: The launcher is stabilized by four hydraulically actuated outriggers during firing and is mounted on a Tatra truck for enhanced mobility.
• Existing Versions:
  • Pinaka Mk-1: Has a range of 48 kilometers.
  • Pinaka Mk-I Enhanced: Extends the range to 60 kilometers.
  • Pinaka Mk-II: Offers an extended range of 90 kilometers.
• About Pinaka-MK3:
  • Advancement: The Pinaka-MK3 is an advanced iteration of the original Pinaka system.
  • Variants: DRDO is developing two versions of the Pinaka-MK3 rocket launcher. The first variant is projected to have a range of 120 kilometers or more, while the subsequent variants will reach up to 300 kilometers.
  • Speed and Capability: The Pinaka-MK3 is designed to travel at speeds of up to 5757.70 kilometers per hour, capable of engaging distant targets and providing air defense.
  • Operational Versatility: It is engineered to function in any weather conditions, making it a versatile all-weather system.

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• The District Level Committee of Keonjhar in Odisha has recently approved habitat rights for the Juanga, a particularly vulnerable tribal group (PVTG), under the Forest Rights Act (FRA), clearing a significant obstacle for their claims.
• About the Juanga Tribe:
  • Location: The Juanga, also spelled Juang, are an indigenous community primarily found in the Keonjhar district of Odisha, India.
  • Status: They are one of the 13 particularly vulnerable tribal groups among the 62 tribes in Odisha.
  • Historical Attire: Traditionally known as Patuas due to their use of leaf skirts, the Juanga now prefer wearing clothing purchased from local markets.
  • Language: They speak Juang (Mundari), which belongs to the Austroasiatic language family.
• Occupation and Lifestyle:
  • Agriculture: Initially engaged in shifting cultivation, many Juanga are transitioning to settled agriculture.
  • Craftsmanship: Besides occasional hunting, the Juanga of Pallahara are renowned for their basket weaving skills. They also create decorative combs and tobacco cases.
  • Livestock: They have begun domesticating fowl, pigs, goats, and cows to supplement their income.
• Political Structure:
  • Traditional Governance: The Juanga maintain a traditional political council. The Pradhan, the head of this council, is not a hereditary position but is chosen from among the senior and capable individuals in the community.
  • Role of Pradhan: The Pradhan has the authority to make final decisions on all secular matters.
• Population:
  • Census Data: According to the Census 2011, the Juanga population in Odisha is 47,095.

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• The emergence of drug-resistant fungal infections, particularly those caused by Trichophyton indotineae, is becoming a serious health issue in India.
• About Trichophyton indotineae:
  • Description: Trichophyton indotineae is a dermatophyte commonly referred to as ringworm or jock itch.
  • Origin and Spread: Initially identified in India, this fungus has now been reported in several countries around the world.
  • Genotype: It belongs to genotype VIII within the T. mentagrophytes/T. interdigitale species complex.
  • Exacerbation: The misuse of steroid creams has worsened the situation, rendering this strain particularly difficult to treat.
  • Challenges and Symptoms:
  • Presentation: Infected individuals often exhibit persistent rashes that resist treatment and may be confused with eczema or other skin disorders, leading to delays in effective management.
  • Misdiagnosis: Incorrect diagnosis can result in the use of ineffective treatments, prolonging suffering and allowing the infection to advance.
  • Spread: Delayed and incorrect treatment can exacerbate the infection, increasing the risk of transmission and worsening the individual's condition.
• Treatment:
  • Alternative Options: For cases resistant to standard antifungal drugs, alternative treatments such as itraconazole are available but require careful monitoring by healthcare professionals.
  • Comprehensive Care: Combining antifungal treatments with thorough skin care routines can improve treatment outcomes and effectiveness.

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• The Union Cabinet, led by the Prime Minister, has approved the Clean Plant Programme (CPP) proposed by the Ministry of Agriculture and Farmers Welfare.
• Programme Overview:
  • Objective: The CPP aims to provide affordable access to clean plant material for all farmers, irrespective of their landholding size or socioeconomic background.
  • Inclusion: The Programme will actively involve women farmers in its planning and execution, ensuring they have access to resources, training, and opportunities for decision-making.
  • Regional Adaptation: It will address India’s diverse agro-climatic conditions by developing region-specific clean plant varieties and technologies.
• Core Components:
  • Clean Plant Centers (CPCs): Nine state-of-the-art CPCs will be set up across India, featuring advanced diagnostic therapeutics and tissue culture labs. These centers will be dedicated to various crops:
  • Grapes: NRC, Pune
  • Temperate Fruits (Apple, Almond, Walnuts, etc.): CITH, Srinagar & Mukteshwar
  • Citrus Fruits: CCRI, Nagpur & CIAH, Bikaner
  • Mango/Guava/Avocado: IIHR, Bengaluru
  • Mango/Guava/Litchi: CISH, Lucknow
  • Pomegranate: NRC, Sholapur
  • Tropical/Sub-Tropical Fruits: Eastern India
• Role: These centers will be pivotal in producing and maintaining virus-free planting material for extensive propagation.
• Certification and Legal Framework: A comprehensive certification system will be established, supported by a regulatory framework under the Seeds Act of 1966, to ensure accountability and traceability in the production and sale of planting material.
• Infrastructure Enhancement: Large-scale nurseries will receive support to develop infrastructure for the efficient multiplication of clean planting material.
• Implementation: The National Horticulture Board will oversee the implementation of the CPP in collaboration with the Indian Council of Agricultural Research (ICAR).

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• Recently, the Deputy Governor of the Reserve Bank of India (RBI) announced that the RBI is currently reassessing the investment limits for foreign investors in the overnight index swap (OIS) market.
• About Overnight Index Swaps (OIS):
  • Definition: An OIS is a derivative instrument where returns from a fixed-rate asset are exchanged for a predetermined published index of a daily overnight reference rate over an agreed period.
  • Purpose: The main aim of an OIS is to manage interest rate risk, especially the risk arising from fluctuations in the overnight lending rate.
  • Calculation: The overnight index swap rate is computed daily based on the average interest rate paid by institutions on loans tied to the overnight rate for that day.
• How OIS Works:
  • Function: OIS instruments allow financial institutions to swap their interest payments without having to refinance or alter the terms of their existing loans.
  • Mechanism: In an OIS transaction, one institution will swap an overnight (floating) interest rate, while the other will swap a fixed short-term interest rate.
  • Settlement: At the end of the agreed period, the institution that has paid less interest compensates the other institution for the difference, based on the terms of the swap agreement.

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• The Perseid meteor shower, one of the most anticipated celestial events of the year, is expected to reach its peak on August 11.
• About the Perseid Meteor Shower:
  • Name Origin: The name "Perseid" is derived from the Perseus constellation, from which the meteors appear to radiate.
  • Timing: The Perseids peak in mid-August annually and are renowned for their spectacular displays.
  • Characteristics: Known for their swift and bright appearance, Perseid meteors often leave a luminous trail of light and color as they streak across the night sky.
  • Frequency: It is one of the most prolific meteor showers, with up to 100 meteors visible per hour.
  • Fireballs: The Perseids are notable for producing fireballs—intense bursts of light and color that persist longer than typical meteors. These fireballs originate from larger fragments of cometary material.
• Key Facts About Meteor Showers:
  • Meteor Definition: A meteor is a space rock entering Earth's atmosphere.
  • Process: As the meteor falls, friction with the air heats it significantly, causing it to glow.
  • Visibility: The bright streak observed is due to the heated air around the meteor, not the meteor itself.
  • Meteor Shower: When numerous meteors enter the atmosphere simultaneously, it results in a meteor shower.
  • Speed: Meteors travel at extremely high speeds, often reaching tens of thousands of kilometers per hour, and disintegrate due to intense atmospheric friction.