16 May 2026 Current Affairs MCQ

May 16, 2026

1. The DGFT recently tightened regulations related to duty-free import of which commodity under the Advance Authorisation scheme?

A) Crude oil
B) Gold
C) Silver
D) Copper

Answer: B) Gold

Explanation:
The Directorate General of Foreign Trade (DGFT) tightened norms for duty-free gold imports under the Advance Authorisation (AA) scheme for the gems and jewellery sector. The move aims to prevent misuse and plug loopholes in the import system.
Human Touch: Gold may shine in jewellery stores, but policymakers must ensure it doesn’t create loopholes in trade policy.

2. RBI recently eased rules for fintech partnerships related to:

A) UPI cash withdrawals
B) Cryptocurrency trading
C) Outward remittance services
D) Insurance distribution

Answer: C) Outward remittance services

Explanation:
The Reserve Bank of India removed the requirement of prior approval for fintech firms partnering with banks for outward remittance services. This is expected to improve ease of digital international payments.
Human Touch: Sending money abroad for education or family support could now become smoother and faster for many Indians.

3. SEBI proposed a hybrid settlement mechanism for which market segment?

A) Equity futures
B) Currency derivatives
C) Agricultural commodity derivatives
D) Bond trading

Answer: C) Agricultural commodity derivatives

Explanation:
SEBI proposed allowing select agri-commodity derivative contracts to begin with financial settlement before shifting to compulsory physical settlement.
Human Touch: The reform tries to balance farmer interests with market practicality — a delicate but important task.

4. India’s CPI inflation in April 2026 stood at:

A) 2.98%
B) 3.48%
C) 4.25%
D) 5.01%

Answer: B) 3.48%

Explanation:
Retail inflation rose to 3.48%, driven mainly by higher food and precious metal prices. Despite the rise, it remains within RBI’s comfort range.
Human Touch: Inflation may look like just a number, but it quietly affects every kitchen budget in the country.

5. Which bank became the first Taiwanese bank to establish a branch in GIFT City?

A) Bank of Taiwan
B) Mega International Commercial Bank
C) CTBC Bank Co. Ltd.
D) Taipei Fubon Bank

Answer: C) CTBC Bank Co. Ltd.

Explanation:
CTBC Bank opened its branch in Gujarat International Finance Tec-City (GIFT City), marking the first Taiwanese banking presence in India’s IFSC ecosystem.
Human Touch: GIFT City is steadily transforming into India’s window to global finance.