Daily Current Affairs 8 October 2026

Q1 Which of the following was a key decision taken by the GST Council in October 2026?

• AEnding arrest powers for GST officersCorrect
• BIncreasing penalties for late GST filing
• CLowering the prosecution threshold to ₹1 crore
• DComplicating the GST registration process

Explanation The GST Council decided to end arrest powers for GST officers in October 2026.

Q2 What is the new prosecution threshold for GST offences as decided in the October 2026 GST Council meeting?

• A₹1 crore
• B₹3 crore
• C₹5 croreCorrect
• D₹10 crore

Explanation The prosecution threshold was raised to ₹5 crore by the GST Council in October 2026.

Q3 Apart from ending arrest powers and raising prosecution thresholds, which other reform was decided by the GST Council in October 2026?

• AIncreasing GST rates on luxury goods
• BReducing penalties and enabling faster refundsCorrect
• CIntroducing new GST slabs
• DExtending GST to new sectors

Explanation The GST Council decided to reduce penalties and enable faster refunds along with other reforms.

Q1 What was the primary focus of the 57th GST Council meeting held on October 8?

• AProcedural reforms including input tax credit protection and faster refundsCorrect
• BChanges in GST rates across various goods and services
• CIntroduction of new GST slabs
• DExpansion of GST to new sectors

Explanation The 57th GST Council meeting focused on procedural reforms such as input tax credit protection and faster refunds, with no changes in GST rates.

Q2 Which of the following was considered for removal during the 57th GST Council meeting?

• AArrest provisions under GST lawCorrect
• BGST rate on luxury goods
• CGST on essential commodities
• DGST compensation cess

Explanation The potential removal of arrest provisions under the GST law was part of the agenda in the 57th GST Council meeting.

Q1 Which of the following countries is NOT mentioned as a signatory in the pact addressing global excess manufacturing capacity?

• AIndia
• BUnited States
• CChinaCorrect
• D13 other economies

Explanation The source mentions India, the United States, and 13 other economies as signatories but does not mention China.

Q2 What is the main objective of the pact signed by India and 14 other economies?

• ATo increase manufacturing capacity globally
• BTo address policies causing excess manufacturing capacity and market distortionsCorrect
• CTo promote free trade agreements
• DTo reduce tariffs on manufactured goods

Explanation The pact aims to address policies that contribute to excess manufacturing capacity and distort markets.

Q3 What commitment did the signatories make under the pact?

• ATo reduce manufacturing output
• BTo share information and develop coordinated responsesCorrect
• CTo impose tariffs on imports
• DTo establish a new global trade organization

Explanation The signatories agreed to share information and develop coordinated responses to tackle excess capacity and market distortions.

Q1 What is the export growth rate India needs to achieve its $1 trillion export target?

• A16%Correct
• B2.5-3%
• C10%
• D20%

Explanation India needs nearly 16% export growth to hit the $1 trillion export target.

Q2 According to Piyush Goyal, what is the expected global trade growth rate?

• A2.5-3%Correct
• B16%
• C5-6%
• D10%

Explanation Global trade is expected to expand just 2.5-3%, as stated by Piyush Goyal.

Q3 Who is the Indian minister mentioned in relation to the export target?

• APiyush GoyalCorrect
• BNirmala Sitharaman
• CNarendra Modi
• DRajnath Singh

Explanation Piyush Goyal is the Commerce Minister who spoke about the export target.

Q1 What is the expected retail inflation rate in India for September 2026 according to the Mint poll?

• A4%
• B5.6%Correct
• C6.2%
• D3.8%

Explanation The Mint poll expects retail inflation to hit 5.6% in September 2026.

Q2 For how many consecutive months is retail inflation expected to exceed the RBI's medium-term target as of September 2026?

• ATwo months
• BThree months
• CFour monthsCorrect
• DFive months

Explanation Retail inflation is expected to exceed the RBI's 4% target for the fourth consecutive month.

Q3 What is the Reserve Bank of India's medium-term inflation target?

• A3%
• B4%Correct
• C5%
• D6%

Explanation The RBI's medium-term inflation target is 4%.

Q1 What is the predicted increase in the RBI's repo rate according to SBI economists?

• A0.25%
• B0.50%Correct
• C0.75%
• D1.00%

Explanation SBI economists have predicted a 0.50% increase in the repo rate.

Q2 To what level is the RBI's repo rate expected to rise from the current 5.50%?

• A5.75%
• B6.00%Correct
• C6.25%
• D6.50%

Explanation The repo rate is expected to rise to 6.00% from 5.50%.

Q3 What is the primary reason cited by SBI economists for the RBI's rate hike?

• ATo boost exports
• BTo counter inflation
• CDue to likely increase in global volatilityCorrect
• DTo support government borrowing

Explanation The rate hike is suggested due to the expectation of increased global volatility.

Q1 What new use of GST data is the GST Council considering?

• AUsing GST data as a regular input for official economic statisticsCorrect
• BLimiting GST data use to tax administration only
• CSharing GST data exclusively with private companies
• DStopping GST data collection altogether

Explanation The GST Council is considering expanding the use of GST data beyond tax administration to include its use as a regular input for official economic statistics.

Q2 What additional issue will the GST Council consider in its upcoming meeting?

• ATax relief for rare diseasesCorrect
• BIncreasing GST rates on luxury goods
• CReducing GST on essential commodities
• DIntroducing a new tax on digital services

Explanation The GST Council will consider providing tax relief for rare diseases during its meeting.

Q1 What is the maximum grant amount offered to each winner in the Insurance Innovation Challenge launched by UNDP and Generali Central?

• A$20,000
• B$30,000
• C$40,000Correct
• D$50,000

Explanation The challenge offers grants of up to $40,000 each to up to three winners.

Q2 By which date must applications be submitted for the Insurance Innovation Challenge launched by UNDP and Generali Central?

• AOctober 20, 2026
• BNovember 20, 2026Correct
• CDecember 20, 2026
• DJanuary 20, 2027

Explanation Applications are due by November 20, 2026.

Q3 When will the results of the Insurance Innovation Challenge be announced?

• ADecember 2026
• BJanuary 2027
• CFebruary 2027Correct
• DMarch 2027

Explanation The results are scheduled to be announced in February 2027.

Q1 Which bank was removed from the scheduled banks list by the RBI following regulatory action and a court order?

• APaytm Payments BankCorrect
• BState Bank of India
• CHDFC Bank
• DICICI Bank

Explanation The RBI removed Paytm Payments Bank from the scheduled banks list following regulatory action and a Delhi High Court order for winding up.

Q2 Which court directed the winding up of Paytm Payments Bank under applicable laws?

• ASupreme Court of India
• BDelhi High CourtCorrect
• CBombay High Court
• DKarnataka High Court

Explanation The Delhi High Court ordered the winding up of Paytm Payments Bank under applicable laws.

Q1 Which organizations are part of the panel deciding on the UPI MDR?

• AIndian Banks’ Association, Payments Council of India, banks, PSPs, and associationsCorrect
• BReserve Bank of India and Ministry of Finance
• CNational Payments Corporation of India only
• DState Bank of India and other public sector banks

Explanation The panel comprises the Indian Banks’ Association (IBA), the Payments Council of India (PCI), and representatives of banks, payment service providers (PSPs), and various associations.

Q2 When is the industry expecting the UPI MDR decision to be deferred to?

• AJanuary 2027Correct
• BDecember 2026
• CMarch 2027
• DOctober 2026

Explanation The industry expects the decision on UPI MDR to be deferred to January 2027.

Q1 What key benefit does RBI's allowance of Account Aggregator interoperability provide?

• ASeamless consent-based data sharingCorrect
• BIncreased interest rates on loans
• CRestriction on financial data access
• DMandatory physical document submission

Explanation RBI's move enables seamless consent-based data sharing among Account Aggregators.

Q2 One of the outcomes of RBI allowing Account Aggregator interoperability is:

• ASlower credit assessment
• BFaster credit assessmentCorrect
• CReduced customer choice
• DElimination of digital financial services

Explanation The interoperability facilitates faster credit assessment for customers.

Q3 The RBI's move to allow Account Aggregator interoperability primarily aims to:

• AExpand customer choice in financial servicesCorrect
• BLimit the use of digital platforms
• CIncrease banking transaction fees
• DBan data sharing between financial institutions

Explanation The move expands customer choice by enabling consolidated financial views and data sharing.

Q1 What recent exemption has the RBI introduced regarding foreign buys and earnings?

• AIndividuals are exempt from reporting foreign buys and earningsCorrect
• BOnly companies are exempt from reporting foreign buys and earnings
• CAll entities must report foreign buys and earnings without exemption
• DForeign buys and earnings reporting has been completely abolished

Explanation The RBI has exempted individuals from reporting foreign buys and earnings as part of new regulations.

Q2 When were the RBI guidelines on foreign buys and earnings initially published?

• AJanuary 2026Correct
• BOctober 2026
• CJanuary 2025
• DOctober 2025

Explanation The guidelines were published in January 2026, providing sufficient time for trade members to adapt.

Q3 What is the RBI planning to publish soon to clarify the new rules on foreign buys and earnings?

• AFAQsCorrect
• BA new policy document
• CA detailed report
• DA press release

Explanation The RBI plans to publish FAQs soon to clarify the rules regarding foreign buys and earnings.

Q1 How does Tamil Nadu experience El Niño differently from the rest of India?

• AMoist air is driven into coastal Tamil Nadu due to pressure differences between the Bay of Bengal and Arabian SeaCorrect
• BEl Niño causes droughts uniformly across Tamil Nadu and the rest of India
• CEl Niño reduces evaporation in the Bay of Bengal leading to less rainfall in Tamil Nadu
• DTamil Nadu experiences colder temperatures during El Niño compared to other states

Explanation The pressure differences between the Bay of Bengal and Arabian Sea during strong El Niño years drive moist air into coastal Tamil Nadu, causing different effects than in other regions.

Q2 What happens when El Niño coincides with warmer waters in the Bay of Bengal?

• AEvaporation increases, leading to cyclonic circulations that cause intense, localized rainfall in Tamil NaduCorrect
• BEvaporation decreases, causing drought conditions in Tamil Nadu
• CCyclonic circulations weaken, reducing rainfall in Tamil Nadu
• DThere is no significant change in weather patterns in Tamil Nadu

Explanation Warmer waters in the Bay of Bengal during El Niño increase evaporation, which leads to cyclonic circulations in November-December that release heat as intense, localized rainfall in Tamil Nadu.

Q1 Which tiger reserve in Madhya Pradesh became the third habitat for cheetahs after the release of two cheetahs?

• ABundelkhand tiger reserveCorrect
• BKuno National Park
• CGandhi Sagar Wildlife Sanctuary
• DPench Tiger Reserve

Explanation The Bundelkhand tiger reserve became the third cheetah habitat in Madhya Pradesh after the release of two cheetahs.

Q2 Before Bundelkhand tiger reserve, which two locations in Madhya Pradesh were known as cheetah habitats?

• AKuno National Park and Gandhi Sagar Wildlife SanctuaryCorrect
• BPench Tiger Reserve and Kanha National Park
• CSatpura National Park and Bandhavgarh National Park
• DTadoba Andhari Tiger Reserve and Nagarhole National Park

Explanation Kuno National Park in Sheopur and Gandhi Sagar Wildlife Sanctuary in Mandsaur were the first two cheetah habitats in Madhya Pradesh.

Q1 Which organization collaborated with the Assam Forest Department to track elephant movements?

• AWWF-IndiaCorrect
• BWildlife Trust of India
• CNational Tiger Conservation Authority
• DIndian Forest Service

Explanation The Assam Forest Department collaborated with WWF-India to track elephant movements.

Q2 In which districts were the elephant herds tracked between April 2021 and June 2026?

• AUdalguri, Sonitpur, BiswanathCorrect
• BKaziranga, Dibrugarh, Tinsukia
• CGuwahati, Jorhat, Sivasagar
• DNagaon, Karbi Anglong, Kokrajhar

Explanation The study tracked elephant herds in the high-conflict districts of Udalguri, Sonitpur, and Biswanath.

Q3 What was the main objective of the GPS study on elephant movements in Assam?

• ATo mitigate human-elephant conflictsCorrect
• BTo increase elephant population
• CTo promote tourism
• DTo study elephant diet patterns

Explanation The primary aim of the study was to mitigate human-elephant conflicts by understanding elephant movement patterns.