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Daily G.K. - Top Stories

24 Mar 2020

DAILY G.K. TEST

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BUSINESS AND ECONOMY

IDFC First Bank CEO Sells Rs.93 Crore Worth Shares

  • IDFC First Bank Ltd managing director (MD) and chief executive officer (CEO) V Vaidyanathan sold 2.75 crore shares for about Rs 93 crore to close employee stock option plan (ESOP) loan availed by him, the private lender informed the stock exchanges.
  • Vaidyanathan's move comes at a time when Indian and global equities face massive sell-off stemming from the fear of the impact of the coronavirus outbreak on economic activity.
  • An ESOP refers to an employee benefit plan, which offers employees an ownership interest in the organisation.

RBI Advances Second Tranche Of OMO

  • The Reserve Bank of India (RBI) has advanced its liquidity infusion plan by purchasing government bonds following a review of 'current liquidity and financial conditions'.
  • The RBI had announced open market operations (OMOs) of Rs. 30,000 crore in March 2020 — the first tranche was scheduled for March 24 and the second tranche for March 30.
  • On a review of current liquidity and financial conditions, the Reserve Bank has decided to advance the second tranche of purchase of government securities under OMOs for Rs. 15,000 crore to March 26, 2020.

Singapore Tops Economic Freedom Index

  • Singapore overtook Hong Kong as the world's freest economy for the first time since 1995 in the 2020 Heritage Foundation Index of Economic Freedom.
  • Created by the Heritage Foundation and The Wall Street Journal, the annual index measures the degree of economic freedom in the world's nations. The creators of the index took an approach like Adam Smith's in The Wealth of Nations, that "basic institutions that protect the liberty of individuals to pursue their own economic interests result in greater prosperity for the larger society."
  • The Heritage Foundation is an American conservative research and educational institution founded in 1973 to promote public policy based on principles including that of free enterprise, limited government and individual freedom. In the 26 years since the Index was published, it claims a positive correlation between economic freedom and progress.
  • Although India is ranked in 120th position in the study, it has been slowly but steadily making progress. It improved its score by 1.3 points from 2019 to tally 56.5 in 2020 due to improvements in the business freedom score. India's score in 2017 was 52.6. It is the 28th freest economy among 42 countries in the Asia-Pacific region in the 2020 study.
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SPORTS

Lorenzo Sanz: Former Real Madrid President Dies After Contracting Coronavirus

  • Former Real Madrid president Lorenzo Sanz died after being taken to hospital with coronavirus.
  • Sanz, 76, was president at the Bernabeu from 1995-2000, a period in which Real won the Champions League twice.
  • Sanz signed players such as Roberto Carlos, Clarence Seedorf and Davor Suker during his time in charge of the 33-time Spanish champions,
  • He lost the 2000 presidential election to Florentino Perez, which sparked Real's big-spending 'Galatico' era.
  • Sanz's son Fernando, 46, played for Real Madrid from 1996-1999 before spending the final seven years of his career at Malaga.
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NATIONAL AFFAIRS

Rajya Sabha Passes Six Bills On Last Day Of Session

  • In the Budget session that began on January 31, the Upper House passed only 12 Bills, six of which were passed, the last day of the curtailed session.
  • The six Bills include Finance Bill, 2020 which was passed without any discussion in both Houses of Parliament.
  • The last day of the session saw many vacant seats. Members of the Trinamool Congress, NCP, SP, BSP, Shiv Sena among others were absent. Chairman M. Venkaiah Naidu read out the leave application of former Prime Minister Manmohan Singh, who was absent due to ill-health.

Supreme Court To Go On Digital Mode For Social Distancing

  • The Supreme Court decided to further restrict its functioning on account of the COVID-19 scare and resort to the digital mode to maintain social distancing and prevent spread of infection. The court premises would be completely shutdown.
  • In a meeting among judges, lawyers and the government through the Solicitor General, it was decided that only extremely urgent cases would be taken up by a Bench(es) through a video app.
  • The Supreme Court Bench led by Chief Justice of India Sharad A. Bobde used its extraordinary powers under Article 142 to lift the limitation period for all cases across tribunals and courts in the country until further notice.

Bihar Diwas 2020

  • Bihar Diwas, or Bihar Day, is observed on 22 March every year. It marks the formation of the state of Bihar when the state was carved out from the Bengal Presidency by the British in the year 1912.
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PERSONS IN NEWS

Actor, Director Visu Dies At 75

  • Actor, director and stage artiste M.R. Viswanathan, popularly known as Visu died in the city. He was 75 years old.
  • Mr Viswanathan began acting on stage from his school days and then started working in the Tamil film industry. He was part of Y.G. Parthasarathy's theatre troupe and later went to start his own troupe as well.
  • While he initially was a writer for films such as Pattina Pravesam and Thillu Mullu, he also began acting and directing films. 

Dr. Ram Manohar Lohia Birth Anniversary Was Observed On 23 March

  • Dr.Ram Manohar Lohia's birth anniversary was observed on 23 March. Prime Minister Narendra Modi paid tribute to Dr.Ram Manohar Lohia for social empowerment and his service-oriented philosophy that continues to inspire the citizens of the country.
  • Dr.Ram Manohar Lohia was born on 23 March 1910 at Akbarpur, United Provinces of Agra and Oudh, British India. He studied at the Banaras Hindu University. He earned his BA degree in Vidyasagar College, University of Calcutta. The socialist political leader was an activist in the Indian independence movement. He participated in the Quit India Movement, the Indian independence movement.

Omar Abdullah Released After Nearly 8 Months Of Detention

  • Former Jammu and Kashmir Chief Minister Omar Abdullah was released on March 24, 2020 after nearly eight months of detention.
  • His release order was issued after charges under the Public Safety Act (PSA), slapped on him in February, were revoked.
  • Abdullah, who turned 50 on March 10, had spent 232 days in custody since the government announced abrogation of the special status of the erstwhile state on August 5 last year.
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DAYS AND EVENTS

World Tuberculosis Day

  • World Tuberculosis Day, observed on 24 March each year, is designed to build public awareness about the global epidemic of tuberculosis (TB) and efforts to eliminate the disease. In 2012, 8.6 million people fell ill with TB, and 1.3 million died from the disease, mostly in low and middle-income countries.
  • World TB Day is one of eight official global public health campaigns marked by the World Health Organization (WHO), along with World Health Day, World Blood Donor Day, World Immunization Week, World Malaria Day, World No Tobacco Day, World Hepatitis Day and World AIDS Day.

International Day For The Right To The Truth Concerning Gross Human Rights Violations And For The Dignity Of Victims

  •  The United Nations (UN) holds a special day to promote a human rights issue on March 24 each year. This day is called the "International Day for the Right to the Truth concerning Gross Human Rights Violations and for the Dignity of Victims".
  • The UN holds various global activities to promote this event. It also encourages governments and people worldwide to observe this international day by:
Honoring victims of human rights violations and promote the importance of the right to truth and justice.
Paying tribute to those who have devoted their lives to, and lost their lives in, the struggle to promote and protect human rights for all.
Recognizing the important work and values of Archbishop Oscar Arnulfo Romero, of El Salvador, who was assassinated on March 24, 1980, after denouncing human rights violations and defending the principles of protecting lives, promoting human dignity and opposing violence.
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AWARDS AND HONOURS

Indian-Origin US Author Wins 2020 PEN/Hemingway Award

  • Indian-origin American author Ruchika Tomar has been named the winner of the prestigious 2020 PEN/Hemingway Award for her debut novel 'A Prayer for Travelers' which the judges described as a "remarkable piece of writing, astute in style and structure".
  • Tomar, hailing from California, is currently a lecturer at Stanford University.
  • The award, honouring a "distinguished" first novel, includes a USD 25,000 prize and a month-long Residency Fellowship at the Ucross Foundation in Wyoming, a retreat for artists and writers, valued at USD 10,000.

Zoya Akhtar Honoured With IIFTC Tourism Impact Award 2020

  • Asia's largest film tourism event - 8th India International Film Tourism Conclave (IIFTC) honored the cult filmmaker - Zoya Akhtar with IIFTC Tourism Impact Award 2020 for her outstanding contribution to the world tourism through her cinema.
  • The award was presented by Naheed Nenshi - Mayor of Calgary, Alberta (Canada) at a glittering award ceremony held recently in Mumbai.
  • While addressing the media about Zoya Akhtar winning the award Harshad Bhagwat - Promoter of IIFTC Awards said, "Zoya Akhtar set the trend in the film tourism space with her 2011 classic 'Zindagi Na Milegi Dobara' shot in Spain, following it up with 2015 comedy-drama 'Dil Dhadakne Do' shot in Turkey. She has single-handedly promoted tourism of these counties through her films making her a well-deserving winner."
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GOVERNMENT POLICIES AND SCHEMES

Lok Sabha Passes Finance Bill Without Discussion

  • The Lok Sabha passed the Finance Bill, by voice vote without discussion, amid ruckus in the House with opposition parties seeking a fiscal stimulus package in the wake of the Coronavirus outbreak.
  • In the Union Budget 2020-2021, the government proposed to spend Rs 30,42,230 crore in the next financial year, 12.7% higher than the revised estimate of 2019-20. By passing the Bill, these financial proposals have been given effect.
  • The government has assumed a nominal Gross Domestic Product (GDP) growth rate of 10% in 2020-21, versus the nominal growth estimate at 12% for 2019-20. It expects that receipts will increase by 16.3% to Rs 22,45,893 crore, owing to higher estimated revenue from divestment.

Centre Allows States And UTs To Lift Foodgrains For 3 Months In Advance From FCI For PDS Scheme

  •  The Central government allowed States and Union Territories to lift foodgrain for three months from the Food Corporation of India (FCI) to ensure an adequate supply of foodgrains to the public in view of coronavirus spread in the country.
  • "To ensure an adequate supply of foodgrains to the public and financially assist State Govts, Dept of Expenditure, Finance Ministry, has agreed to Food & Public Distribution Department's proposal that foodgrain for 3 months can be lifted by States/UTs on credit from the FCI," Union Finance Minister Nirmala Sitharaman tweeted.

Parliament Adjourned Sine Die 11 Days Before Schedule Due To Coronavirus Outbreak

  • Parliament was adjourned sine die on March 23 (2020), 11 days before its Budget Session was scheduled to conclude, in view of the intensifying nationwide measures to encourage social distancing to combat the coronavirus.
  • The Lok Sabha passed the Finance Bill, a crucial budget legislation, without a discussion after the leaders of all political parties agreed to forgo a debate due to an "extraordinary situation", a term used by Minister of State for Parliamentary Affairs Arjun Ram Meghwal in the Lower House.
  • The government had claimed that the session will continue in accordance with its schedule, asserting that parliamentarians should be seen doing their job when emergency workers, including medical and airline staff, were doing theirs.
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GENDER/ HEALTH/ EDUCATION

SBI Commits 0.25% Of FY20 Annual Profit To Help Fight COVID-19

  • The country's biggest lender State Bank of India said it will provide 0.25 per cent of its annual profit for 2019-20 to fight the coronavirus outbreak in India. The announcement came hours after the government notified spending by companies to deal with the coronavirus outbreak as corporate social responsibility (CSR) activity under the companies law.
  • The fund used to fight the coronavirus pandemic will be spent from CSR funds, SBI said in a statement.
  • "This is in line with the Ministry of Corporate Affairs' notification of spending CSR funds for COVID-19 as an eligible CSR activity," it said.
  • Companies' expenditure to deal with the coronavirus outbreak will be considered as CSR activities.

Reliance Sets Up India's First Dedicated Coronavirus Hospital

  • Mukesh Ambani led Reliance Industries Limited (RIL) has announced a slew of measures to fight the deadly coronavirus (COVID-19) including setting up India's first dedicated COVID-19 hospital, special quarantine facilities, importing additional test kits and enhancing its production capacities to produce 1,00,000 face-masks per day.
  • Within two weeks, Sir H.N. Reliance Foundation Hospital in collaboration with the Brihanmumbai Municipal Corporation (BMC), has set up a dedicated 100 bedded centre at Seven Hills Hospital, Mumbai, for patients who test positive for COVID-19.

ICMR Recommends Hydroxychloroquine For High-Risk Population

  • Amid rising coronavirus cases in the country, the national task force for COVID-19 constituted by Indian Council for Medical Research (ICMR) has recommended hydroxy-chloroquine as a preventive medication for high-risk population.
  • According to the advisory, it should be given to high risk population -- asymptomatic healthcare workers involved in the care of suspected or confirmed cases of COVID-19 and asymptomatic household contacts of laboratory confirmed cases.
  • The protocol recommended by the National Task Force has been approved by the Drug Controller General of India (DGCI) for restricted use in emergency situations.
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ART AND CULTURE

Ayodhya Deity Being Shifted To Allow Ram Temple Construction, Rituals Begin

  • Priests began rituals for shifting the Ram Lalla idol here to a temporary new location, clearing the site to allow construction of a Ram temple.
  • The deity and two others idols will be shifted to a temporary structure nearby till the planned construction of a Ram temple is completed on the site, allotted for it by the Supreme Court in a landmark verdict in November.
  • The special prayers began amid restrictions forced upon the organisers by the coronavirus threat. The puja will continue and the idols will be shifted to the new structure, a silver throne, on March 24, 2020 morning.
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