FATF Report on Offshore Virtual Asset Service Providers (oVASPs)
NATIONAL
Why in News:
The March 2026 report by the Financial Action Task Force on “Understanding and Mitigating the Risks of Off-shore Virtual Asset Service Providers” highlighted India’s strong regulatory and enforcement actions to curb money laundering and terror financing risks linked to crypto platforms.
Key Highlights:
• The report focuses on risks posed by Offshore Virtual Asset Service Providers (oVASPs) operating outside regulatory oversight.
• India has taken proactive steps to monitor and regulate crypto-related activities.
• Virtual Asset Lab:
India is setting up a dedicated Virtual Asset Lab for:
– Automated web surveillance
– Open-source intelligence (OSINT)
– Advanced data analytics
• The lab will help in detecting unregistered and high-risk crypto platforms operating in India.
• These measures aim to strengthen financial security and prevent illicit financial flows.
UPSC/BPSC
Avalanche near Zojila Pass
NATIONAL
Why in News:
A devastating snow avalanche near Zojila Pass caused multiple fatalities and injuries, raising concerns about the safety of this crucial route connecting the Kashmir Valley and Ladakh.
Key Highlights:
• An avalanche is a rapid flow of snow, ice, and debris down a mountain slope due to gravity.
• It is usually triggered by heavy snowfall, temperature rise, or structural instability in snow layers.
• Avalanches typically occur on slopes between 30° to 45°.
About Zojila Pass:
UPSC/BPSC
Olive Ridley Turtle Conservation at Hope Island
NATIONAL
Why in News:
Nearly 20,000 Olive Ridley turtle eggs have been conserved at Hope Island in Kakinada Bay (Andhra Pradesh) through efforts by the Wildlife Management Authority and Coringa Wildlife Sanctuary.
Key Highlights:
• Hope Island serves as a safe nesting ground for Olive Ridley turtles in Andhra Pradesh.
• The eggs are being protected using the in-situ conservation method, meaning they are preserved in their natural habitat.
About Olive Ridley Turtles:
UPSC/BPSC
PM e-DRIVE Scheme (Revised Incentives Timeline)
NATIONAL
Why in News:
The government has revised the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM e-DRIVE) scheme, introducing new timelines and caps for EV incentives to boost electric mobility.
Key Highlights:
• The PM e-DRIVE scheme is a flagship initiative with an outlay of ₹10,900 crore for the period October 2024 to March 2026.
• The incentive deadline for electric two-wheelers has been extended till 31 July 2026.
• The incentive deadline for electric three-wheelers has been extended till 31 March 2028.
• It focuses on accelerating the use of electric two-wheelers and three-wheelers in India.
Objective:
UPSC/BPSC
Earth Hour 2026
NATIONAL
Why in News:
India participated in Earth Hour 2026 on 28 March (8:30–9:30 pm), with major landmarks like India Gate, Qutub Minar, and Red Fort switching off lights to show solidarity for climate action.
Key Highlights:
• Earth Hour is a global initiative organized by the World Wildlife Fund.
• It calls on individuals, governments, and institutions to switch off non-essential lights for one hour.
• Earth Hour 2026 marks 20 years of the campaign, showing its evolution into a major global movement.
• The theme for 2026 is “Give An Hour For Earth”, encouraging people to spend 60 minutes for nature beyond just switching off lights.
• The initiative now involves millions of participants across 190+ countries and territories.
Origin & Evolution:
Participation in India:
UPSC/BPSC
Fuel Tax Restructuring by Government
NATIONAL
Why in News:
The Union Government has restructured fuel taxation by reducing Special Additional Excise Duty (SAED) on petrol and diesel while increasing export duties on diesel and Aviation Turbine Fuel (ATF) to support the financial health of Oil Marketing Companies (OMCs).
Key Highlights:
• The move aims to reduce “under-recoveries” (losses) faced by public sector OMCs.
• Under-recoveries occur when fuel is sold below international market cost, leading to financial losses.
• The affected OMCs include Indian Oil Corporation Limited, Bharat Petroleum Corporation Limited, and Hindustan Petroleum Corporation Limited.
• The government has cut SAED on petrol and diesel to ease the burden on domestic consumers and OMCs.
• At the same time, export duties on diesel and ATF have been increased to discourage exports and ensure domestic availability.
• Rising global crude prices due to the West Asian conflict have pushed Brent crude above $111 per barrel, increasing fuel costs.
UPSC/BPSC
Balen Shah Becomes Nepal’s Prime Minister (2026)
INTERNATIONAL
Why in News:
Balendra Shah, popularly known as Balen, was sworn in as Nepal’s 47th Prime Minister on 27 March 2026 at Sheetal Niwas, appointed by Ram Chandra Paudel.
Key Highlights:
• At 35 years, he is the youngest Prime Minister in Nepal’s history.
• He is also the first leader from the Madhes region to become Prime Minister.
• He belongs to the Rastriya Swatantra Party.
• The 2026 general elections (held on 5 March 2026) gave a historic mandate.
• His victory was backed by Gen-Z led protests in 2025, reflecting demand for political change.
• The Rastriya Swatantra Party won 182 out of 275 seats, securing a clear majority in the House of Representatives.
• Traditional parties faced setbacks:
– Nepali Congress: 38 seats
– Communist Party of Nepal (Unified Marxist–Leninist): 25 seats
• Balen Shah defeated veteran leader K. P. Sharma Oli in Jhapa, a stronghold of traditional politics.
Cultural Significance of Swearing-in:
– Shankhanad (conch blowing) by Brahmins
– Recitation of Vedic hymns
– Buddhist chants by Lamas
UPSC/BPSC
BIHAR NEWS
Nalanda University
NATIONAL
Why in News:
Nalanda University recently participated in an international conference in Moscow aimed at strengthening India–Russia relations.
Key Highlights:
• The Vice-Chancellor, Sachin Chaturvedi, addressed the conference via video conferencing.
• He emphasized the need for new frameworks of cooperation through platforms like BRICS.
About the Conference:
UPSC/BPSC
BIHAR NEWS
National Award for Outstanding Water Resource Management
NATIONAL
Why in News:
Bihar’s Planning and Development Department has received a national award for outstanding work in water resource management.
Key Highlights:
• The award was presented to N. Vijayalakshmi, Additional Chief Secretary (ACS).
• Recognition was given for the effective implementation of key water-related censuses.
Major initiatives include:
– 7th Minor Irrigation Census
– 2nd Water Body Census
– 1st Springs Census
UPSC/BPSC
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