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Daily Quick Revision Current Affairs || 7 October 2019

Public Finance Management System (PFMS) portal
•It is an end-to- end solution for processing payments, tracking, monitoring, accounting, reconciliation and reporting.
•Administered by the Department of Expenditure.
•It is implemented by the Controller General of Accounts.
•It provides platform for efficient management of funds through tracking of funds and real time reporting of expenditure and receipts through treasury and bank interface.
•PFMS is also used for DBT payments under MGNREGA and other notified schemes of the Government of India
Information Fusion Centre (IFC) for the Indian Ocean Region (IOR)
•IFC-IOR is being established with the vision of strengthening maritime security in the region and beyond, by building a common coherent maritime situation picture and acting as a maritime information hub for the region
•It also aims to promote sharing of best practices in this field so as to yield better response to myriad security and safety challenges that IOR faces.
•Indian Navy is hosting a Maritime Information Sharing Workshop 2019 edition under the aegis of (IFC-IOR) at Gurugram, Haryana
Annual study of state-level budgets: released by RBI
•Except during 2016-17, state governments have regularly met their fiscal deficit target of 3% of GDP
•However, most states ended up meeting the fiscal deficit target not by increasing their revenues but by reducing their expenditure and increasingly borrowing from the market
•States now have a greater role to play in determining India’s GDP than the Centre. (States now spend one-and-a-half times more than the Union government)
•If a state, or all the states in aggregate, find it difficult to raise revenues, a rising mountain of debt — captured in the debt-to-GDP ratio — could start a vicious cycle.
•region in space that allows the best observations. The region exists as a result of the interactions between the Sun and Earth. 
•On the Earth side facing the Sun, the envelope is compressed into a region that is approximately three to four times the Earth radius.
•On the opposite side, the envelope is stretched into a long tail, which extends beyond the orbit of the Moon.
•It is this tail that is called the geotail.
Once every 29 days, (the Moon traverses the geotail for about six days)
•An instrument on Chandrayaan-2, CLASS, designed to detect signatures of elements in the Moon’s soil, had detected charged particles during the mission. This happened in September, during the orbiter’s passage through the “geotail”.
Multidisciplinary drifting observatory for the Study of Arctic Climate (MOSAiC) expedition
•Spearheaded by the Alfred Wegener Institute in Germany.
•It is the largest ever Arctic expedition in history.
•It will be the first to conduct a study of this scale at the North Pole for an entire year.
•The aim of the expedition will be to parameterise the atmospheric, geophysical, oceanographic and all other possible variables in the Arctic, and use it to more accurately forecast the changes in our weather systems.
•The international expedition will involve more than 60 institutions from 19 countries
•India’s Vishnu Nandan will be the only Indian aboard the multidisciplinary drifting observatory for the Study of Arctic Climate (MOSAiC) expedition
•The Arctic is the key area of global climate change, with warming rates exceeding twice the global average and warming during winter even larger.
•It is well possible that the Arctic ocean will become ice free in summer during the 21st century
Green Crackers
•They are less harmful and less dangerous than the conventional ones. They are the crackers with reduced emission and decibel level. They are known as ‘green’ firecrackers because they have a chemical formulation that produces water molecules, which substantially reduces emission levels and absorbs dust.
•It promises a reduction in particulate matters and harmful gases, like nitrous oxide and sulfur oxide, by 30- 35 per cent.
[The green crackers will be 25-30 per cent cheaper to manufacture]
•Indian Council of Scientific and Industrial Research (CSIR) has developed green crackers, which are new and improved formulations of the previous sound-emitting crackers and other fireworks.
Financial Action Task Force (FATF)
•It is an inter-governmental body established in 1989 on the initiative of the G7. It is a “policy-making body” which works to generate the necessary political will to bring about national legislative and regulatory reforms in various areas. The FATF Secretariat is housed at the OECD headquarters in Paris
•The objectives of the FATF are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system
•Financial Action Task Force affiliate Asia Pacific Group (APG) places Pakistan on Blacklist for failing to combat terrorism, money laundering and meeting the required global standards.
[FATF Asia-Pacific Group is one of the regional affiliates of the Financial Action Task Force.]
•【As of now there are only two countries in the blacklist — Iran and North Korea — and seven on the grey list, including Pakistan, Sri Lanka, Syria and Yemen.】
39th edition World Congress of Poets 2019: Is being held at Kalinga Institute of Industrial Technology and Kalinga Institute of Social Sciences (KIIT & KISS) in Bhubaneswar, Odisha.
•Founded in 1969.
•This is the third time WCP is being hosted in India. Previously, it was held in Chennai in 1986 and 2007.
•Theme: “Compassion through Poetry”
Various MoUs/Agreements were recently exchanged during Official Visit of Prime Minister of Bangladesh to India
•Bangladesh opens Chattogram, Mongla ports for India trade: The Port of Mongla is the second busiest seaport of Bangladesh.
•MoU on withdrawal of 1.82 cusec of water from Feni river by India for drinking water supply, scheme for Sabroom town, Tripura, India:
•Feni River is a river in southeastern Bangladesh [The Feni River originates in South Tripura district and flows through Sabroom town and then enters Bangladesh.] Hide —

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