Daily Current Affairs Quiz 23 May 2023

a) United States of America

A leak at the bottom of the Pacific Ocean is spewing warm tectonic lubricant.

· The leak off the coast of Oregon in US was originally thought to be water.

· It was previously believed the chemically distinct fluid” was 16 degrees Fahrenheit warmer than the surrounding ocean water.

· However, recently it is found that the liquid is coming from the Cascadia megathrust, where temperatures are estimated to be around 300 and 500 degrees Fahrenheit.

· The leak was first identified in 2015, and it is called Pythia’s Oasis after the Greek oracle, it was found on top of the 600-mile-long Cascadia Subduction Zone fault.

· The researchers believe this is the first known leak of its kind in this ocean.

a) India’s nuclear bomb test

On May 11, 1998, India conducted three nuclear bomb test explosions at the Indian Army’s Pokhran Test Range. Two days later, on May 13, two more bombs were tested.

Codenamed Operation Shakti (literally, “strength”), these tests would display India’s capability to build fission and thermonuclear weapons with yields up to 200 kilotons, helping India enter the highly guarded club of countries with capability to deploy nuclear weapons.

However, Pokhran-II, as the series of tests is more popularly known, was also the culmination of a long journey that began back in the 1940s-50s.

On May 18, 1974, India carried out its first nuclear test at the Pokhran test site. Pokhran-I, codenamed Operation Smiling Buddha, would be billed as a “peaceful nuclear explosion”, with “few military implications”.

c) REMC Limited

REMC – a subsidiary of the RITES Ltd – has established the National Energy Management Centre (NEMC) at its office. REMC stands for Railway Energy Management Company.
The purpose of this centre is to oversee and handle the energy procurement for the Railways at a pan-India level.

d) 1, 2 and 3

Legal Tender Money is anything recognised by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages, is considered legal tender. Hence, statement 1 is correct.

Fiat money is a government-issued currency that is not backed by a physical commodity, such as gold or silver, but rather by the government that issued it. The value of fiat money is derived from the relationship between supply and demand and the stability of the issuing government, rather than the worth of a commodity backing it. Most modern paper currencies are fiat currencies. Hence, statement 2 is correct.

Types of Legal Tender Money
Limited Legal Tender Money

· Limited Legal Tender Money is a type of money that can be used to pay off a debt up to a certain amount, after which a person can refuse to accept the payment and no legal action can be taken against them.

· In India, coins are legal tender in limited quantities.

Unlimited Legal Tender Money

· In Unlimited Legal Tender Money, it is possible to pay off any amount of debt.

· A person who refuses to accept this money may face legal action.

· In India, paper notes/currency are unlimited legal tender. Hence, statement 3 is correct.

The Reserve Bank of India recently decided to withdraw the ₹2000 denomination banknotes from circulation even as it reiterated that these notes will continue to be legal tender.

b) India

NVS-01 Satellite is set to be launched by ISRO on May 29. It is a navigation satellite that will be launched aboard the GSLV Mk-II.
It aims to augment the seven-satellite navigation constellation NavIC. The NVS-01 satellite will replace the navigational capabilities of another satellite IRNSS-1G in the constellation. It will retain its communication and messaging capabilities.