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Daily G.K. - Top Stories

22 Jun 2020

INTERNATIONAL AFFAIRS

Indian Attends 32nd FATF Meet

  • Indian officials, including representatives from enforcement agencies, have participated in the 32nd special Eurasian Group on Combating Money Laundering and Financing of Terrorism (EAG) plenary meeting 2020, under the aegis of the Financial Action Task Force (FATF).
  • The virtual meet, chaired by the EAG Chairman Mr. Yury Chikhanchin (Russian Federation) and the EAG Deputy Chairman Mr. Farhod Bilolov (Republic of Tadjikistan), was to be held in China in June 2020. However, due to the coronavirus (COVID-19) pandemic, the FATF decided to cancel the joint Plenary meeting.
  • The meeting witnessed the approval of ML/TF (Money laundering /terrorist financing) risk assessment methodology in the Eurasian region along with the information collection methods.
  • It saw the adoption of EAG Annual Report for 2019 and the EAG Budget for 2021, as well as approved amendments to a number of current EAG documents governing the EAG Secretariat's activities.
  • The EAG is a regional body consisting of 9 nations namely India, Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan and Belarus. It is an associate member of the FATF.

Putin May Seek another Term if Constitutional Changes Pass

  • As per reports, Vladimir Putin is considering running for a new term as Russia`s President if voters approve constitutional changes that would enable him to do so.
  • Russia will hold a nationwide vote from June 25 to July 1 on proposed changes to the Constitution, including an amendment that would allow Putin to seek two more six-year terms as President when his current mandate ends in 2024.
  • Opponents say the reforms are designed to allow Putin to keep power until 2036 and amount to a constitutional coup. The Kremlin says they are needed to strengthen the role of parliament and improve social policy and public administration.
  • The changes that Russians will vote on, already approved by parliament and the Constitutional Court, would reset Putin`s presidential term tally to zero. He would not be able to seek a new term under current constitutional limits.
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BUSINESS AND ECONOMY

India Becomes 12th Largest Holder of US Govt. Securities

  • India became the 12th largest holder of US government securities at the end of April, with holding worth USD 157.4 billion.
  • The data from the US Treasury Department showed that after significantly reducing the exposure in March to USD 156.5 billion, India marginally hiked the holding by USD 0.9 billion to USD 157.4 billion the next month.
  • While the holding touched a record high of USD 177.5 billion in February, the same was drastically reduced in March. The exposure stood at USD 164.3 billion in January.
  • At the end of April, Japan remained the country with the maximum exposure at USD 1.27 trillion, followed by China at USD 1.1 trillion and the UK at USD 368.5 billion.

Hyundai Motor India Ltd Partners with HDFC Bank to Offer Industry's 1st Online Auto Retail Financing

  • Hyundai Motor India Limited (HMIL) partnered with HDFC Bank to offer industry's 1st online auto retail financing on its end-to-end online automotive retail platform 'Click to Buy' to the customers.
  • Under this collaboration, HMIL will provide customised car financing solutions to its customers from HDFC bank through its online car buying platform.
  • This partnership enables the customers to choose loans and get the funds they need to buy their favorite Hyundai car without visiting HDFC Bank branch.
  • HMIL launched 'Click to Buy', an upgraded version of end-to-end online automotive retail platform to provide a safe, contactless and convenient purchasing experience to its consumers after the COVID times.

RBI Doubles Withdrawal Limit for PMC Bank Depositors

  • The Reserve Bank of India (RBI) raised the withdrawal limit from Punjab and Maharashtra Cooperative (PMC) Bank to Rs. 1 lakh from Rs. 50,000 but extended the moratorium on the bank for another six months.
  • The moratorium was earlier imposed till June 23, 2020 will now be applicable until December 22, 2020.
  • The decision was taken after reviewing bank's liquidity position, its ability to pay the depositors and to help depositors mitigate the difficulties faced during the prevailing COVID-19 situation.
  • With this relaxation, over 84% of the bank's depositors will be able to withdraw their entire account balance.
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SPORTS

Niki Kalayanda Poonacha Elected to ITF Men's Tennis Panel

  • The International Tennis Federation (ITF) announced, 25 years old Niki Kalyanda Poonacha, National Champion of India as a member of the ITF World Tennis Tour Men's Panel representing the Asia-Oceania zone with Ti Chen of Chinese Taipei.
  • In addition to Niki and Ti Chen, the members of the Men's tennis panel include Juan Pablo Paz & Jose Bendeck representing South America, Aldin Sektic & Francesco Vilardo representing Europe.
  • The panel has an option to appoint additional members if they fulfill the regional and ranking requirements.
  • The Women's panel includes, Akgul Amanmuradova of Uzbekistan and Olivia Tjandramulia of Australia representing Asia-Oceania, Ines Ibbou of Algeria representing Africa, Petra Januskova of Canada representing North and Central America – Caribbean,Yuliana Lizarazo of Colombia representing South America and Tara Moore of Great Britain and Conny Perrin of Switzerland representing Europe.
  • The Men's and Women's Panel will be headed by Mark Woodforde and Mary Pierce respectively who are the athlete representatives on the ITF board of directors.
View Month Wise

NATIONAL AFFAIRS

MoHUA Signs MoU to Engage SIDBI as Implementation Agency for PM SVANidhi

  • Ministry of Housing & Urban Affairs (MoHUA) inked Memorandum of Understanding (MoU) with Small Industries Development Bank of India (SIDBI) to make latter as the implementation Agency for Prime Minister Street Vendor's AtmaNirbhar Nidhi (PM SVANidhi) – a Special Micro-Credit Facility for Street Vendors.
  • The MoU was signed Sanjay Kumar, Joint Secretary on behalf of Ministry of Housing and Urban Affairs (MoHUA) and Shri V. Satya Venkata Rao, Deputy Managing Director, SIDBI, in the presence of Hardeep Singh Puri, Minister of State (Independent Charge) MoHUA during a meet in New Delhi.
  • SIDBI will implement the PM SVANidhi Scheme under the guidance of MoHUA.
  • It will manage the credit guarantee to the lending institutions through Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE).
  • It will develop and maintain a customised and integrated IT Platform providing end-to-end solutions through a Portal and a Mobile App, to ensure engagement and information flow between Urban Local Bodies (ULBs), Lending Institutions, Digital Payment Aggregators and other stakeholders.

Govt. Plans to Cut Import Dependence

  • The government is working on a sectoral strategy to reduce import dependence by building local capacity, creating value chains and quickly attaining self-reliance in at least half-a-dozen areas ranging from footwear and furniture to technical textiles and medical equipment to electronics and defence production.
  • The sectors will receive fiscal incentives credit support and tariff protection from an influx of cheaper imports, particularly from China.
  • All custom duty exemptions would be comprehensively reviewed and many of them will go as they are hurting domestic manufacturing.
  • The sectors are being identified carefully on the basis of availability of supply chains and skilled workers, besides their potential to create job opportunities.
View Month Wise

DEFENCE

IIT-Madras and General Electric Tie-up to Build a Next-gen Combustor for Small Aircraft and Helicopter Engines

  • IIT Madras and General Electric India Technology Centre (GEITC) are jointly developing a 3D printed combustor aimed at reducing weight and improving fuel efficiency in small aircraft and helicopter engines. Both organisations are designing the combustor – the burner in a gas turbine engine, with nearly one-tenth of the parts as compared to traditional engines.
  • The Rs 7.24 crore Uchhatar Avishkar Yojana (UAY) project is being carried out by the aerospace department at the Institute and is being funded by the government of India (75%) and GEITC (25%). "The fabricated combustor has only four parts whereas the same combustor, with conventional manufacturing, will have at least thirty parts.
  • The primary objective of this project is to reduce the length of the combustor, which will reduce its weight. It also reduces the fuel consumption of the engine.
View Month Wise

PERSONS IN NEWS

Padma Shri Awardee Vidyaben Passes Away

  • Social worker and National Award winner Vidyaben Shah passed at her residence in the national capital. She was 98.
  • Vidyaben was the first non-official to head the New Delhi Municipal Council in the 1970s and was also the president of the Indian Council for Child Welfare (ICCW) between 1976 to 1979 and then from 1985 to 1994.
  • A pioneer in the field of child welfare, she established the first Bal Bhavan in Rajkot in the 1940s and as a university student, she participated in the Quit India Movement. She was awarded the Padma Shri in 1992 and received the National Award for outstanding services in the field of child welfare in 1986.
View Month Wise

GENDER/ HEALTH/ EDUCATION

NTA Launches 'National Test Abhyas' App, Has Questions in Hindi

  • The National Test Abhyas app, launched by National Testing Agency (NTA) has come up with new offers for students. The app offers JEE, NEET mock tests that will now provide the questions in the Hindi language too. Earlier, the app only had questions in the English language.
  • Students can now download the app from Google Play Store. Those who are already using the app will have to update their app from Google Play Store to avail the new feature of Hindi questions.
  • The National Test Abhyas app provides free mock tests to the JEE and NEET aspirants.
  • Students get one full-length question paper for JEEmain, advanced and NEETexams daily.
  • The duration to attempt the questions is of three hours.
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