Currency Change in Iran

Iran’s currency is set to be re-named and re-valued.

Long called the rial, Iran’s money will soon likely be called the Toman, and an impressive four zeros will be shaved off all denominations.

What was previously 10,000 rials will become one Toman under the plans.

What’s the issue?

Iran has seen the value of its national currency decline steadily since the Islamic Revolution brought the religious government to power in 1979.  That drop has accelerated in recent years as harsh US sanctions battered the country’s economy.

The currency has been devalued 3,500 times since 1971. It declined steadily since the Iranian Revolution, 1979 brought the religious government to power.

The devaluation of the rial has been marked by four key turning points:

1.The Islamic Revolution of 1979

2.The end of the Iran-Iraq war in 1989

3.Last years of hard-line President Mahmoud Ahmadinejad’s tenure

4.The last major turning point, which is still playing out, came when President Donald Trump pulled the U.S. out of the nuclear deal

What else contributed to this crisis?

Iran has faced a litany of financial disasters since 1979, including international sanctions that have severely limited its ability to sell oil, which in turn have all but dried up its primary source of revenue.

The government has also implemented strict rules on access to foreign currency, leading to a flourishing black market for non-Iranian cash inside the country and further eroding the value of the national currency.

The global pandemic has piled even more stress onto the lives of people already bludgeoned by a White House bent on ramping up maximum pressure on Iran.

Implications of the latest move:

If implemented carefully and as part of wider financial reforms, redenomination would be a positive move but hardly an answer for all the country’s intertwined economic woes.

However, it was a necessary action to simplify financial transactions.

It would vastly simplify financial calculations by eliminating the need for Iranian shoppers to carry loads of rials to make purchases, which they have to do because of inflation.

Answers

1-B 2-D 3-D 4-A 5-D

Explanation


Box Item
5 Dry fruit
2 Cutlery
3/6 Candy
3/6 Vegetable
4 Chocolate
1 Fruit

Answer Madras High Court

Explanation
The Madras High Court refused to entertain a writ petitions seeking absolute ban on manufacture, sale and consumption of alcohol in the state of Tamil Nadu.
Article 47 of the Constitution is a Directive Principle which stipulates that the State shall endeavour to bring about prohibition of the consumption except for medicinal purposes of intoxicating drinks and of drugs which are injurious to health.

Dispelling arguments, the Court held that regulation of alcohol is purely a matter of state policy that does not warrant judicial interference. Further, it pointed out that Article 47 is not an "enforceable provision" and thus, the petition has no leg to stand

Answer XIII

Explanation

Part XIII of the constitution contains provisions relating to the freedom of trade, commerce and intercourse within the territory of India. The provisions are laid down in articles 301-307

Answer
Triangular

Explanation

The current design of an evolving plan envisages a triangular complex, with a tricoloured beam lighting up the sky overhead. 

Passage

ISRO has recently launched Cartosat-3 onboard [1]. The main purpose of the mission is to place 1,625-kg Cartosat-3 satellite, the third generation of Earth-observation remote sensing satellites that ISRO has been launching and using since 1988. The Cartosat-3 was accompanied by thirteen commercial nano satellites of two U.S. customers that were the secondary payloads. The Cartosat satellites are used mainly for large-scale mapping of the Earth through high-resolution cameras. A key feature of the Cartosats is that they help to detect changes in natural geographical or man-made features. Their cameras can look back and forth' in an angle to generate continuous spot images.Cartosat satellites come back to the same place after every few months, so that they are able to capture the change that is happening on the ground.Many new technologies have been built in, such as a highly agile or flexible camera; high-speed data transmission, advanced computer system and new power electronics.It ushers in the third generation of high-resolution optical imaging' satellites that enable precise cartographic or mapping activities, apart from their unstated military use. It will have the ‘sharpest eye’ of civil remote sensing satellites in the world. One of Cartosat-3’s cameras offers a ground resolution of 31cm— this means it can pick up an object of a minimum of that size from a height of around 500 km. Currently, WorldView-3, a satellite owned by (2) company Maxar, has the best ground resolution of 31 cm.

1) What will come in place of [1]?

a) PSLV-C47
b) PSLV-C50
c) GSLV-C21
d) ChangE 4E

2) What will come in place of [2]?

a) US
b) France
c) Russia
d) China
3) Which was the first Indian remote sensing satellite capable of taking three dimensional images?

a) Cartosat 1
b) Cartosat 2
c) Cartosat 3
d) Insat 3


4) Who will be in a position to access the Cartosat 3 Services?

a) Only Government and Government authorises agencies

b) It is open for commercial operations as well

c) It is used only for the research purpose and hence available to Universities

d) Only ISRO & Defence Forces will use it.

5.Who was the founder of ISRO?

A)Vikram sarabhai b)K.Kasturirangan
C)S.Ramodorai
D)TT Krishnamurthy

08-05-2020

1.Vizag Gas leaks claims 11 lives

2.India needs to enact Covid 19
Law.

3.First Day,First Show.

4.Slow but steady.

5.Toxic Disaster

6.SBI cuts lending interest,FD rates.

7.water Eisdam during Pandemic.

8.Gasping villagers rush out at dawn.

08-05-2020

1.what are safeguards against chemical disasters in India?

2.Why it is necessary to watch emergence of ISIS in the region.

3.How a false ceiling nailed most wanted militant.

4.Hydrocychloroquine touted by trump for Covid 19 fails another test.

World Red Cross and Red Crescent Day is an annual celebration of the principles of the International Red Cross and Red Crescent Movement. World Red Cross Red Crescent Day is celebrated on 8 May each year. This date is the anniversary of the birth of Henry Dunant, who was born on 8 May 1828. He was the founder of International Committee of the Red Cross (ICRC) and the recipient of the first Nobel Peace Prize

Vizag gas leak

A gas leak, reminiscent of the 1984 Bhopal tragedy, has affected thousands of residents in five villages in Visakhapatnam in Andhra Pradesh.

The source of the leak was a styrene plant owned by South Korean electronics giant LG, located at RRV Puram near Gopalapatnam, about 15 kms from the coast city.

What is styrene?

It is a flammable liquid that is used in the manufacturing of polystyrene plastics, fiberglass, rubber, and latex.

It is also found in vehicle exhaust, cigarette smoke, and in natural foods like fruits and vegetables.

What happens when exposed to styrene?

Short-term exposure to the substance can result in respiratory problems, irritation in the eyes, irritation in the mucous membrane, and gastrointestinal issues.

Long-term exposure could drastically affect the central nervous system and lead to other related problems like peripheral neuropathy. It could also lead to cancer and depression in some cases.

What are the symptoms?

Symptoms include headache, hearing loss, fatigue, weakness, difficulty in concentrating etc.

Animal studies, according to the EPA, have reported effects on the CNS, liver, kidney, and eye and nasal irritation from inhalation exposure to styrene

Answers
1-A 2-A 3-A 4-D 5-A

Answer Ashok Michael pinto

Explanation

Pinto, who has worked as a Special Assistant and Associate Counsel to former president George W Bush, was nominated as US Alternate Executive Director of IBRD for a term of two years. If confirmed by the Senate, he would replace Erik Bethel, who has resigned from the post.

Answer Sarnath

Explanation

Sarnath is a place located in north-east of Varanasi city near the confluence of the Ganges and the Varuna rivers in Uttar Pradesh, India. The deer park in Sarnath is where Gautama Buddha first taught the Dharma, and where the Buddhist Sangha came into existence through the enlightenment of Kondanna

Answer Tarun Bajaj

Explanation

The government has appointed Economic Affairs Secretary Tarun Bajaj as a director on the central board of Reserve Bank of India (RBI).

Bajaj replaces Atanu Chakraborty, who retired on April 30.

8 litres are drawn from a cask full of wine and is then filled with water. This operation is performed three more times. The ratio of the quantity of wine now left in cask to that of the water is 16 : 65. How much wine the cask hold originally?