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June 27, 2023: National Current Affairs MCQs
1. Army details action against its own over May 9 riots
• The military revealed on June 26, 2023 it had sacked three officers including a lieutenant general and concluded disciplinary proceedings against 15 officers, including three major generals and seven brigadiers, over the events of May 9.
• However, the army`s spokesperson Maj Gen Ahmed Sharif Chaudhry did not name the officers against whom the action was taken.
• The Inter-Services Public Relations (ISPR) director general made disclosures about disciplinary proceedings against the army officers in a press conference attended by a select group of journalists.
• The spokesperson told reporters that disciplinary proceedings were initiated against these officers due to their negligence to protect military installations from violent protesters following the arrest of PTI chief Imran Khan in a corruption case.
2. Sanjrani signs amended Elections Act into law
• Acting President Sadiq Sanjrani on June 26, 2023 signed two bills into law the amended Finance Bill 2023-24 and the Elections (Amendment) Bill 2023.
• One of the bills, passed by the National Assembly on Sunday, has paved the way for return of PML-N supreme leader Nawaz Sharif and Jehangir Khan Tareen to active politics by limiting their disqualification period to five years.
• Senate Chairman Sanjrani became acting president after President Dr Arif Alvi proceeded to Saudi Arabia for Haj.
• Unlike President Alvi, acting President Sanjrani took no time in signing the bills
3. SBP springs surprise interest rate hike of 100bps
• In a surprise move on June 26, 2023, the State Bank of Pakistan (SBP) increased the benchmark interest rate by 100 basis points as the country looks forward to the completion of the ongoing International Monetary Fund (IMF) programme.
• The decision by the SBP`s Monetary Policy Committee (MPC) marks a change in its monetary policy stance within a couple of weeks. In the preceding meeting held on June 12, the MPC was of the opinion that the economy was unable tobear the burden of another interest rate hike. Thus, it kept at the time the interest rate unchanged at 21pc.
• While most financial sector experts believe the SBP`s latest action fulfils another demand by the IMF, the central bank also hinted at the same in the monetary policy announcement
4. GB finance minister presents Rs116bn budget
• The Gilgit-Baltistan government has presented a Rs116 billion budget for the fiscal year 2023-24.
• Finance Minister Javed Ali Manwa presented the budget in the GB Assembly on Tuesday. The budget session was chaired by Speaker Nazir Ahmed Advocate.
• In his budget speech Mr Manwa said Rs74bn has been proposed for non-development expenses, of which, Rs 51bn is estimated as receipts in grants from the centre.
• The GB government has also set a tax collection target of Rs5bn.
• The budget deficit was estimated at Rs18bn
5. First-ever music policy prepared to address copyright, piracy issues
• The first-ever music policy to address piracy, copyrights and other issues has been prepared, according to Minister for Information and Broadcasting Marriyum Aurangzeb.
• In an announcement on June 26, 2023, she said the draft has been finalised and termed it `big news for the industry`.
• The draft policy is likely to be presented before the federal cabinet after Eidul Azha for approval. After the cabinet`s nod, the ministry will implement the policy.
• The new policy outlines incentives and initiatives to boost the music industry and address the stakeholders` concerns about ineffective copyright laws in Pakistan