August 2026 Current Affairs
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📚 Day 9 Current Affairs
Welcome to Day 9 of your August 2026 Current Affairs preparation.
Today's topics cover an important national tribute followed by major updates related to the RBI, contract manufacturing, strategic petroleum reserves and motor insurance.
Read the important facts carefully and attempt the 5-question quiz at the end.
PM Pays Tribute to Lal Bahadur Shastri in Uzbekistan
Prime Minister Narendra Modi paid floral tributes to former Prime Minister Lal Bahadur Shastri at the Shastri Memorial in Tashkent, Uzbekistan.
The Prime Minister honoured Lal Bahadur Shastri's contribution to the nation and remembered his legacy.
During the visit, Prime Minister Narendra Modi and Uzbekistan President Shavkat Mirziyoyev jointly planted a tree.
🎯 Exam Facts
- Tribute paid by: Prime Minister Narendra Modi
- Leader remembered: Lal Bahadur Shastri
- Memorial: Shastri Memorial
- Location: Tashkent, Uzbekistan
- Uzbekistan President: Shavkat Mirziyoyev
🌱 Tree Plantation Initiatives
- India's "Ek Ped Maa Ke Naam" initiative
- Uzbekistan's "Yashil Makon" or "Green Nation" initiative
RBI Mobilises $40.82 Billion through Swap Facility
The Reserve Bank of India (RBI) mobilised US$40.82 billion through its concessional swap facility up to 31 July 2026.
The facility was introduced to encourage foreign currency inflows into India.
According to the PDF, the facility attracted steady foreign exchange inflows since 8 June.
🎯 Exam Facts
- Institution: Reserve Bank of India (RBI)
- Amount mobilised: US$40.82 billion
- Facility: Concessional Swap Facility
- Period mentioned: Up to 31 July
- Introduced to: Encourage foreign currency inflows
💡 What is a Swap Facility?
A swap is an agreement to exchange one currency for another for a specific period.
RBI offers concessional swaps to banks to attract foreign currency into India.
🎯 Main Objectives
- Strengthen India's Balance of Payments (BoP)
- Increase India's foreign exchange reserves
India May Extend Tax Breaks for Contract Manufacturing
India has proposed extending tax exemptions for foreign companies supplying machinery to contract manufacturers until 31 March 2041.
The proposal aims to provide tax certainty and encourage foreign investment.
The measure is expected to benefit global electronics companies, especially Apple.
🎯 Exam Facts
- Proposal: Extension of tax exemptions
- Proposed validity: Until 31 March 2041
- Beneficiaries: Foreign companies supplying machinery to contract manufacturers
- Main objective: Provide tax certainty
- Another objective: Encourage foreign investment
📱 Manufacturing Areas Covered
- Mobile phones
- Tablets
- Laptops
- Wearable devices
The exemption also covers the storage and supply of components in customs-bonded warehouses.
The proposal supports electronics manufacturing under the Make in India initiative.
ONGC to Reserve Half of Mangaluru Oil Storage for Strategic Petroleum Reserve
ONGC will reserve 50% of its 1.75 Million Metric Tonnes (MMT) oil storage facility at Mangaluru as a Strategic Petroleum Reserve (SPR).
The remaining 50% will be used for commercial operations.
The project will be fully funded by ONGC.
🎯 Exam Facts
- Organisation: ONGC
- Location: Mangaluru, Karnataka
- Total storage capacity: 1.75 MMT
- Reserved for SPR: 50%
- Remaining capacity: 50% for commercial operations
- Funding: Fully funded by ONGC
🛢️ Strategic Petroleum Reserve
A Strategic Petroleum Reserve stores crude oil for emergencies such as war, supply disruptions and global oil crises.
The Strategic Petroleum Reserve is managed by Indian Strategic Petroleum Reserves Limited (ISPRL).
📍 Existing Strategic Petroleum Reserve Locations
- Visakhapatnam – Andhra Pradesh
- Mangaluru – Karnataka
- Padur – Karnataka
🏗️ Additional Storage Capacity
The Government plans to create an additional 6.5 MMT storage capacity.
New storage facilities are planned at Chandikhol, Odisha and Padur, Karnataka.
Supreme Court Extends Third-Party Insurance Period for New Vehicles
The Supreme Court increased the mandatory third-party motor insurance period for new vehicles by one year.
🎯 New Mandatory Coverage
- New Cars: 4 years
- New Two-Wheelers: 6 years
📌 Earlier Rule – 2018
- Cars: 3 years
- Two-wheelers: 5 years
🎯 Purpose of the Decision
- Ensure better protection for road accident victims
- Reduce the number of uninsured vehicles
- Enable quicker compensation to victims and families
Earlier → Cars 3 years | Two-wheelers 5 years.
📝 Day 9 Quick Quiz
Answer all five questions. Your score and correct answers will be shown after submission.