Current Affairs - January, 2019

Latest Current Affairs January, 2019 with Current Affairs, news summary on current events of National and International importance of January, 2019 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Digital currency: Aber

The central banks of the UAE and Saudi Arabia will launch a common digital currency called Aber. Aber will be used for financial settlements between the two countries through Blockchains and Distributed Ledgers technologies.

Benefits of the Digital Currency

The digital currency would be launched to explore the following benefits:

  • The digital currency would aid in studying the impact on the improvement and reduction of remittance costs and the assessments of risks.
  • Aber will establish an additional means for the central financial transfer systems of the two countries and enable banks to directly deal with each other in conducting financial remittances.

Initially, the use of the digital currency will be restricted to a limited number of banks. By studying the various technical, economic and legal requirements, the use of the digital currency would be expanded.

Digital Currency Aber relies on the use of a distributed database between the central banks and the participating banks from both sides. Digital Currency is part of the efforts to adopt new technologies like Blockchain, Artificial Intelligence, Internet of Things, etc., in line with the Fourth Industrial Revolution that is reshaping governments and corporates around the world.

Beating Retreat Ceremony

The Beating Retreat Ceremony marks the conclusion of Republic Day celebrations. Through this ceremony, the defence forces which had come to the national capital to be a part of Republic Day celebrations are sent back to their barracks by the President.

The Beating Retreat Ceremony is held every year on January 29th  at Vijay Chowk. Traditionally the bands of the three wings of the military, the Indian Army, Indian Navy and Indian Air Force, and pipe bands from the Army participated in the Beating retreat ceremony. From 2016 bands of the Central Armed Police Forces and the Delhi Police are also participating in the event.

The bands play traditional Indian tunes like ‘Herana Heran”, ”Mushkoh Valley”, ”Tejas”, ”The Great Marshal”, ”Namaste India”. A popular western tune ”Abide with me” would also be played by the bands. The ceremony comes to a conclusion with the popular tune ”Sare Jahan se Acha”. Once the bands conclude ”Sare Jahan se Acha”, the Raisina Hill complex would be lit up in the riot of colours.

Genesis in India

Beating Retreat is a centuries-old military tradition, at the sounding of retreat, the troops ceased fighting, sheathed their arms and withdrew from the battlefield, returning to their camps at sunset.

The Beating Retreat Ceremony was started in the early 1950s when the government had asked Indian army to design a ceremony for the display by the massed bands.

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