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Important Current Affairs 2nd September 2020

National

Defence Ministry signs ₹2,580-cr deal for 6 Pinaka rocket regiments

• The Defence Ministry has signed a ₹2,580-crore contract with Bharat Earth Movers Ltd (BEML), Tata Power Company Ltd (TPCL) and Larsen & Toubro to equip the Army with six Pinaka rocket regiments.

• It will consist of 114 launchers with automated gun aiming and positioning system, 45 command posts and 330 vehicles.

• The new regiments will likely be operational by 2024.

India plans to release forensic accounting and investigation standards

• Indian government plans on coming up with forensic accounting and investigation standards (FAIS) as it aims at setting the basic quality parameters for conducting investigations.

• A committee has been constituted by The Institute of Chartered Accountant of India (ICAI) to deliberate on FAIS, which can be expected to be framed by the end of 2020. Atul Kumar Gupta, President of the Chartered Accountants body informed during a virtual conference.

• As per the ICAI, the decision of setting up the forensic accounting and investigation standards (FAIS) will make India the first country in the world to release the standards.

• The Reserve Bank of India (RBI) has mandated a forensic audit for the transactions of over Rs. 200 crores while the companies or lenders individually call for such investigations or audits upon the suspected fraud.

Air India’s privatization process to be completed within 2020

• The Union Civil Aviation Minister, HS Puri on August 30, 2020, informed that he is hopeful of completing Air India’s Privatization process within 2020.

• The government has now initiated the process of divesting its share from Air India airlines and is now looking for suitable bidders.

World’s Largest Solar Tree set up at Durgapur

• World’s Largest Solar Tree has been developed by the CSIR-CMERI. The solar tree has been installed at the Residential Colony of CSIR-CMERI in Durgapur, West Bengal.

• The solar tree has the annual capacity to generate 12,000-14,000 units of Clean and Green Power while its installed capacity is above 11.5 kWp.

• The Solar Tree has been designed in such a way that it ensures maximum exposure of each Solar PV Panel to Sunlight. A single solar tree comprises of 35 Solar PV Panels each having a capacity of 330 wp each.

India’s first toy cluster to come up in Karnataka

• India’s first toy manufacturing cluster to come up at Koppal, Karnataka, has the potential to create 40,000 jobs in five years and attract over Rs 5,000 crore investment, Karnataka Chief Minister BS Yediyurappa, said.

• With the eco-system to support toy cluster in place, this 400 acres SEZ will have top-class infra and generate 40,000 jobs in 5 years.

International

India to receive development assistance loan worth Rs 3,500 Cr from Japan to fight C-19

• Japan has committed an official Development Assistance loan of 3 thousand 500 crore rupees for the C-19 Crisis Emergency Response Support.

• This programme loan aims to support India’s efforts in fighting C-19 and to prepare the health system to manage future epidemics and also to improve the resilience of India’s health systems against infectious diseases.

Banking and Economy

RBI Announces Steps to Ease Pressure on Liquidity

• The Reserve Bank of India has announced the following measures to ensure the orderly functioning of financial markets in India:

• Additional special open market operation of Rs 20,000 crore: The Reserve Bank will conduct additional special open market operation involving the simultaneous purchase and sale of Government securities for an aggregate amount of Rs. 20,000 crore in two tranches of Rs. 10,000 crore each.

• Term repo operations for an aggregate amount of Rs. 100,000 crore: The Reserve Bank will conduct term repo operations for an aggregate amount of ₹100,000 crore at floating rates (i.e., at the prevailing repo rate) in the middle of September 2020 to assuage pressures on the market on account of advance tax outflows. The banks which had availed of funds under the previous long-term repo operations (LTROs) may reduce their interest liability by returning funds taken at the repo rate prevailing at that time (5.15 per cent) and availing funds at the current repo rate of 4 per cent.

• Increase of HTM up to an overall limit of 22 per cent of NDTL: Currently, banks are required to maintain 18 per cent of their net demand and time liabilities (NDTL) in SLR securities. The extant limit for investments that can be held in HTM category is 25 per cent of total investment. Banks are allowed to exceed this limit provided the excess is invested in SLR securities within an overall limit of 19.5 per cent of NDTL. RBI has decided to allow banks to hold fresh acquisitions of SLR securities acquired from September 1, 2020 under HTM up to an overall limit of 22 per cent of NDTL up to March 31, 2021.

Summits and Mou’s

Vedanta Tied Up with SBI for Long Term Syndicated Loan of Rs.10000 Crore

• Vedanta announced it tie up for a long-term syndicated loan facility for Rs.10000 crore with State bank of India (SBI).

• This loan increases the average debt maturity profile of Vedanta limited and also improves the liquidity ratios as the near-term maturities are replaced by a long-term loan.

Science and Technology

India, France discuss to provide Mission Alpha-like equipment for Gaganyaan Mission

• India and France are in discussions to provide Mission Alpha-like equipment to astronauts involved in the ‘Gaganyaan' mission. As per the National Centre for Space Studies (CNES) of France, the discussions are in the final stage.

• Mission Alpha is the name of French Astronaut Thomas Pesquet’s mission wherein he will be sent to International Space Station (ISS) on Crew Dragon spacecraft next year.

Appointments and Resignations

In a first, female IPS officer appointed CRPF Inspector General in terror-hit Srinagar

• Charu Sinha has become the first female IPS officer to get appointed as the Inspector General (IG) of the Central Reserve Police Force (CRPF) in the terrorist-hit Srinagar sector.

• Charu Sinha is a 1996-batch IPS officer from Telangana cadre. She will now be heading the Srinagar sector for CRPF as the Inspector General.

• However, this is not the first time that Sinha has been assigned such a tough task. Earlier as well, she has worked as Inspector General of CRPF in the Bihar sector and has dealt with Naxals. Under her leadership, several anti-Naxal operations were carried out.

CBDT chairman Pramod Chandra Mody gets six-month extension

• Pramod Chandra Mody was on Monday given a six-month extension till February next year as the chairman of the Central Board of Direct Taxes (CBDT).

• Mody, a 1982 batch Indian Revenue Service (Income Tax cadre) officer, was appointed the CBDT chief in February 2019.

• He was in August last year re-appointed on the post for one year, till August 31, 2020, beyond the date of his superannuation on August 31, 2019.

Days

September to be observed as ‘Nutrition Month’

• Prime Minister has announced that the month of September will be observed as “Nutrition Month” in the entire nation.

• During nutrition month, a food and nutrition quiz will be organized on MyGov portal and there will be a meme competition.

• PM has appealed to the public to participate and motivate others too to take part in it.

Books and Authors

A book title “The Big Thoughts of Little Luv” authored by Karan Johar

• Bollywood Filmmaker, Karan Johar authored a children’s picture book titled “The Big Thoughts of Little Luv” inspired by his Twins Yash and Roohi. The book will be published by Juggernaut Books.

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