Daily Current Affairs โ 26 May 2026
Daily Current Affairs ยท 26 May 2026
10 fully-analysed topics ยท 30 bilingual MCQs ยท 3 embedded videos ยท built for UPSC Prelims & Mains
๐ 10 Topics
๐ฏ 30 MCQs
๐ฌ 3 Videos
๐ฎ๐ณ Hindi + English
๐ฏ 30 MCQs
๐ฌ 3 Videos
๐ฎ๐ณ Hindi + English
Economy: 6 ยท History: 2 ยท IR: 1 ยท Defence: 1
โถ Start Here โ UPSC-Standard Quiz
UPSC Current Affairs MCQ โ 26 May 2026
10 UPSC-standard bilingual MCQs covering today's top stories ยท 10-sec timer per question
Score yourself as you go. Get a feel for how UPSC-level questions are framed around the day's news.
๐ฐ Today’s Top 5 Current Affairs
#01
Economy
Economy
India-Cyprus Strategic Partnership
๐ฐ Why in News
India and Cyprus elevated their bilateral ties to a Strategic Partnership during the State Visit of the President of Cyprus to New Delhi.
โ
Quick Facts
- Effect of Policies & Politics of Countries on India's Interests
- India and Cyprus elevated their ties to a Strategic Partnership
- Cyprus holds strategic importance for India as an EU gateway
- Defence and Security Upgrades Five-Year Defence Roadmap (20262031): The nations unveiled a comprehensive framework to boost collaboration between theโฆ
- This positions Cyprus as a strategic entry point for Indian defense exports into the European market.
- Cyprus appreciated India's contribution to the UN Peacekeeping Force in Cyprus (UNFICYP).
- IMEEC Push: Both leaders underscored the critical role of Cyprus in the India-Middle East-Europe Economic Corridor (IMEC) .
- Indo-Pacific Oceans Initiative (IPOI): Cyprus joined the Indo-Pacific Oceans Initiative under the Pillar "Trade, Connectivity and Maritime Transport."
- Digital Payment Integration: The visit welcomed the interoperability of India's Unified Payments Interface (UPI) with the Target Instant Paymentโฆ
- Health Diplomacy: India announced the gifting of a BHISM (Bharat Health Initiative for Sahyog Hita & Maitri) Cube – a state-of-the-art indigenousโฆ
๐๏ธ Key Stakeholders
SEBINSG
๐ฏ UPSC Relevance
4. What is the significance of IMEEC in India-Cyprus relations? Cyprus is seen as a key Mediterranean node that can strengthen secure trade andโฆ
#02
Economy
Economy
Indiaโs PM Historic Visit to Cyprus
๐ฐ Why in News
India's Prime Minister's visit to Cyprus the first by an Indian Prime Minister in 23 years marks a significant step in bolstering bilateral relations
โ
Quick Facts
- Effect of Policies & Politics of Countries on India's Interests
- India's Prime Minister was awarded the Grand Cross of the Order of Makarios III
- About Cyprus: Location: Cyprus is a Eurasian island country located in the northeast Mediterranean Sea at the crossroads of Europe, Asia, and Africa .
- It is the 3 rd largest Mediterranean island after Sicily and Sardinia.
- Historical Background: Cyprus gained independence from Britain in 1960
- Archbishop Makarios (Cyprus's first President) and Pandit Nehru were pioneers of the Non-Aligned Movement (NAM).
- Cyprus's consistent support for India's UNSC bid
๐๏ธ Key Stakeholders
Prime MinisterNSG
#03
IR
IR
India-Middle East-Europe Economic Corridor
๐ฐ Why in News
The Union Minister of Commerce and Industry, at the High-Level Roundtable on Connectivity and Economic Growth in New Delhi, highlighted theโฆ
โ
Quick Facts
- About: The IMEC is a strategic multi-modal connectivity initiative launched through a Memorandum of Understanding (MoU) during the G20 Summit 2023 inโฆ
- IMEC seeks to position itself as a viable alternative to China's Belt and Road Initiative (BRI) by promoting transparent
- India's One Sun One World One Grid (OSOWOG) initiative aligns with IMEC's energy goals
- IMEC includes energy pipelines, clean energy infrastructure, and undersea cables to enhance trade and energy cooperation
- Despite this, diplomatic engagement continues India and the UAE signed an Intergovernmental Framework Agreement (IGFA) in 2024, it focuses onโฆ
- Geopolitical Instability: The Gaza Conflict is a major concern, disrupting diplomatic normalization in West Asia, a key premise for IMEC's success
- Infrastructure development of this scale needs long-term investments (anywhere between USD 3 billion to USD 8 billion)
- Similar incidents in the IMEC region could disrupt reliability
- The long-term success of the IMEC hinges on consistent political cooperation
- IMEC could be a costlier alternative with no guaranteed returns if regional challenges persist.
๐ Key Numbers & Data
- is set to reduce logistics costs by up to 30% and transportation time by 40%, compared to
- by up to 30% and transportation time by 40%, compared to the Suez Canal Maritime route
- anywhere between USD 3 billion to USD 8 billion) , which remain uncertain amid global
๐๏ธ Key Stakeholders
G20G7
๐ฏ UPSC Relevance
Discuss the strategic significance of the India-Middle East-Europe Economic Corridor in reshaping regional geopolitics and trade dynamics.
#04
History
History
BHISHM Cube
๐ฐ Why in News
BHISHM (Bharat Health Initiative for Sahyog, Hita and Maitri) Cube of Project Arogya Maitri, a state-of-the-art indigenous mobile hospital deployedโฆ
โ
Quick Facts
- The Aarogya Maitri project involves India supplying vital medical resources to any developing nation facing the impact of natural disasters orโฆ
- BHISHM cube is tailored to treat up to 200 casualties, emphasizing rapid response and comprehensive care
- It integrates Artificial Intelligence (AI) and data analytics to facilitate effective coordination
- The success of BHISHM Cube underscores the importance of mobile hospital units in delivering immediate and effective medical assistance duringโฆ
#05
Economy
Economy
Advance Pricing Agreements and Double Taxation Avoidance Agreement
๐ฐ Why in News
The Central Board of Direct Taxes (CBDT) has achieved a remarkable milestone by signing 125 Advance Pricing Agreements (APAs) during the fiscal year 2023-24.
โ
Quick Facts
- This surge in APA signings underscores the growing importance of transfer pricing regulations and the efforts to provide certainty to taxpayers.
- In an additional development, India and Mauritius have amended their Double Taxation Avoidance Agreement (DTAA) to curb tax evasion and ensure fairโฆ
- About: An APA is a formal arrangement between a taxpayer and a tax authority on transfer prices.
- APAs allow businesses to reduce the risk of their transaction prices being challenged by tax authorities.
- The APA programme has significantly contributed to India's mission of promoting ease of doing business
- Unilateral APAs: Limit risks for transactions between domestic entities
- Relatively shorter proceedings compared to other APA types.
- Limit risks for transactions between a domestic entity and a foreign entity
- They mitigate risks for transactions between related entities in 3 or more states
- The APA process is voluntary and will supplement appeal and other Double Taxation Avoidance Agreement (DTAA) mechanisms for resolving transferโฆ
๐ Key Numbers & Data
- between India and Mauritius has grown by 132% in the last 17 years. Petroleum products
- decision to levy an equalization tax of 6% on online advertisement services offered by
๐ ๐ฐ Core Subject Drill โ Indian Economy
๐ฐ Indian Economy MCQ Quiz ยท เคญเคพเคฐเคคเฅเคฏ เค เคฐเฅเคฅเคตเฅเคฏเคตเคธเฅเคฅเคพ
10 bilingual MCQs ยท Indian Economy ยท Members Only on YouTube
Today's rotation: Indian Economy. Take this break between news topics to sharpen the core concept.
๐ More Current Affairs Coverage
#06
Economy
Economy
Cyprus as a Tax Haven
๐ฐ Why in News
The recent Cyprus Confidential investigation has brought to light a complex web of financial activities involving offshore entities in Cyprus and their connection to wealthy individuals in India.
โ
Quick Facts
- Effect of Policies & Politics of Countries on India's Interests
- This global offshore investigation, conducted in collaboration with the International Consortium of Investigative Journalists (ICIJ) , exposes theโฆ
- A tax haven is generally an offshore country that offers foreign individuals and businesses little or no tax liability in a politically andโฆ
- An offshore company is incorporated in a jurisdiction other than its home country
- Corporate Taxation: Offshore companies and offshore branches managed and controlled from Cyprus are taxed at 4.25%.
- Offshore branches managed from abroad and offshore partnerships enjoy total exemption from tax.
- Cyprus imposes no withholding tax on dividends.
- Beneficial owners of offshore entities or branches are not liable for additional tax on dividends or profits.
- No capital gains tax is payable on the sale or transfer of shares in an offshore entity.
- Inheritance of shares in an offshore company is exempt from estate duty.
๐ Key Numbers & Data
- and controlled from Cyprus are taxed at 4.25%. Offshore branches managed from abroad and
- investments in India. Cyprus offered a low 4.5% withholding tax, enhancing its
- such as a higher withholding tax rate (30%) for payments to entities in Cyprus.
#07
Defence
Defence
Operation Sindoor
๐ฐ Why in News
India launched Operation Sindoor in retaliation for the April 2025 Pahalgam terrorist attack , targeting 9 terrorist infrastructure sites in Pakistan and Pakistan-occupied Jammu and Kashmir (PoJK).
โ
Quick Facts
- Security Challenges & their Management in Border Areas
- Wing Commander Vyomika Singh and Colonel Sofiya Qureshi led the Indian government's briefing about the operation.
- About: Operation Sindoor was a coordinated precision strike operation launched by the Indian Armed Forces on 7 th May 2025
- Unlike past operations with aggressive names meant to project strength
- These strikes aimed to dismantle terrorist infrastructure used for planning attacks against India.
- High-Precision Weapons Involved in Operation Sindoor: Indian Air Force (IAF) used advanced systems like SCALP Cruise Missiles
- Launch Platform: Typically deployed from advanced fighter jets like the Rafale.
- Combat Use : The missile has been used in combat scenarios
- HAMMER Precision-Guided Bomb: The HAMMER (Highly Agile Modular Munition Extended Range) missile was used to engage targets requiring medium-rangeโฆ
- Key Features: HAMMER can be fitted with various guidance systems
๐๏ธ Key Stakeholders
Prime MinisterIndian ArmyIndian NavyIndian Air Force
#08
Economy
Economy
Unified Payments Interface
๐ฐ Why in News
The International Monetary Fund (IMF) released a note titled Growing Retail Digital Payments: The Value of Interoperability
โ
Quick Facts
- About: UPI is a real-time mobile payment system developed by National Payments Corporation of India (NPCI) It allows users to link multiple bankโฆ
- IMPS facilitates funds transfer to an account of the beneficiary with a participating bank
- The AePS allows basic banking services like cash withdrawal
- Scale and Adoption: UPI processed Rs 24.03 lakh crore through 18.39 billion transactions in June 2025
- India's UPI is now the world's top real-time payment system
- UPI has integrated digital payments into daily life in India
- It allows users to transact across different apps and banks, making digital payments easier and more flexible.
- This openness also pushed apps to compete and improve, driving innovation and better user experience.
- It has empowered millions of kirana stores and micro-businesses , while also promoting digital literacy and building trust in digital finance.
- Its launch in France marks its entry into Europe
๐ Key Numbers & Data
- more than Visa's 639 million and powers 85% of India's digital payments and nearly 50%
- 85% of India's digital payments and nearly 50% of global real-time payments. UPI has
- all districts). Data costs dropped from Rs 308/GB in 2014 to Rs 9.34 in 2022, supporting
๐๏ธ Key Stakeholders
IMFBRICS
#09
Economy
Economy
IAEA Backs Indiaโs NSG Bid via MECR
๐ฐ Why in News
The International Atomic Energy Agency (IAEA) has backed India's entry into the Nuclear Suppliers Group (NSG) , a key body within the 4 major Multilateral Export Control Regimes (MECR) .
โ
Quick Facts
- About: MECR are voluntary frameworks aimed at preventing the proliferation of Weapons of Mass Destruction (WMDs) and restricting the transfer ofโฆ
- Their regulations apply only to members , and participation is voluntary.
- Australia Group (AG) : AG was formed in 1985 as an informal forum of 43 countries aimed at preventing the proliferation of chemical and biologicalโฆ
- The group helps members comply with the Chemical Weapons Convention and Biological & Toxin Weapons Convention .
- I ndia joined it in 2018, strengthening its position for membership in the NSG and advancing global non-proliferation objectives.
- MTCR is a voluntary, informal partnership of 35 countries , established in 1987 , which aims to limit the proliferation of missiles and unmannedโฆ
- It restricts the supply of such systems to non-members and is based on consensus decisions .
- India joined as the 35 th member in 2016, gaining access to advanced missile technologies
- It aims to regulate the transfer of conventional arms and dual-use technologies.
- It establishes lists of sensitive items for export controls to prevent destabilizing arms buildups and ensures that transfers do not enhance militaryโฆ
#10
History
History
Passage Exercise (PASSEX) 2025
๐ฐ Why in News
The Indian Navy and the UK Royal Navy conducted a Passage Exercise (PASSEX) in the North Arabian Sea.
โ
Quick Facts
- About: PASSEX refers to joint naval exercises carried out between allied navies when their deployments intersect
- India's fleet includes the stealth frigate INS Tabar, a conventional submarine, and the P-8I long-range maritime aircraft.
- It is the third Talwar-class stealth frigate commissioned in April 2004 in Russia, and the first to carry BrahMos missiles.
- Serving with the Western Fleet in Mumbai, it is equipped for air, surface, and sub-surface missions, and operates independently or within a navalโฆ
- The P-8I i s a long-range maritime patrol and anti-submarine aircraft, developed by US Boeing for India.
- With a range of over 1,200 nautical miles and a speed of 907 kmph
๐๏ธ Wrap Up โ Simple CA Quiz
Simple Current Affairs MCQ โ 26 May 2026
10 accessible MCQs covering the same topics ยท great for quick revision
End your study session with these simpler MCQs to lock in recall of today's current affairs.
