Current Affairs for July 11, 2019

INTERNATIONAL NEWS

BANKING AND ECONOMY

APPOINTMENTS

IMPORTANT DAYS

AWARDS

SPORTS

MISCELLANEOUS

CURRENT AFFAIRS VIDEO

NATIONAL NEWS

  1. India’s first cow sanctuary ‘Kamdhenu Gau Abhyaranya’ in Agar Malwa, Madhya Pradesh (established in 2017) will be privatised soon due to financial crises.
  • In 2018, more than 600 cows had died due to extreme weather conditions in this sanctuary.

 

  1. India’s first elephant rehabilitation center will be opened in ecotourist place- Kottor, Kerala.
  • An elephant museum, mahout training centre, super-specialty hospital, a retirement home and crematorium for the animals, to house orphaned, injured and older elephants will be built here.
  • It is being planned similar to the Pinnawala Elephant Orphanage in Sri Lanka.

 

  1. “Global Prime Office Occupancy Costs survey” report by CBRE (American real estate consulting firm) mentions that Connaught Place (New Delhi) is the 9th most expensive office location in the world with an annual rent of nearly $144 per sq. ft.
  • Hong Kong’s Central district topped the list with a rent of $322 per sq. ft. per annum followed by London’s West End (2nd).
  • Six of the world’s 10 most expensive office markets are in Asia.
  • Mumbai’s Bandra Kurla Complex (rank- 27th) and Nariman Point- Central Business District (40th).

 

  1. According to UN Office on Drugs and Crime (UNODC) report on “Global Study on Homicide 2019”, overall Homicide Rate in India has declined by 10% during 2009- 2015.
  • Homicide Rate in India reduced from 3.8 to 3.4 per 100,000 population but in some Northern States it has increased.
  • Mumbai had one of the lowest homicide rates of 0.9 among the large metropolises in Asia.
  • Female homicide victims: – Deaths due to dowry were 40 to 50% of all female homicides recorded annually between 1999 to 2016, according to National Crime Records Bureau.
  • Males constituted less than 20% of the total homicide victims in 2016.

 

  1. National Highways Authority of India signed an MoU with National Investment and Infrastructure Fund to fund large scale highway projects.
  • Under the MoU, a special purpose vehicle will be formed for arranging the funds for large size green field road projects to be implemented by NHAI.

 

  1. Madhya Pradesh’s State Cooperative Seed Federation is going to produce its own seeds under the brand name of ‘Sah-Beej’ from next Rabi season.
  • In addition to this, certified and high-quality seeds will be distributed to farmers as well as marketing of seeds will be done.

 

  1. Kerala will set up a ‘Non-Resident Keralites Investment company’ (NORKA) with expatriates holding the 74% stake in it and 26% equity will be held by state govt.
  • Purpose: – To divert investments from overseas Keralites into the state for major infrastructure development.
  • Non-Resident Keralites Affairs’ CEO will be appointed as special officer of company.
  • The company will be set up on recommendations of standing committees of Loka Kerala Sabha (an event which brings expatriate Keralites on one platform to utilize their expertise for developing projects).

 

  1. Cabinet Committee on Economic Affairs (CCEA) approved the 3rd phase of Pradhan Mantri Gram Sadak Yojana (PMGSY) to consolidate 1,25,000 km of roads in the states.
  • The cost (Rs 80,250 crore) for developing roads will be borne by Centre and State in the ratio of 60:40 over next five years from 2019-20 to 2024-25.
  • Centre and State will share cost except for 8 North Eastern and 3 Himalayan States (Jammu & Kashmir, Himachal Pradesh & Uttarakhand) for which it is 90:10.
  • CCEA in 2018 approved continuation of PMGSY-I & PMGSY-II beyond 12th Five-Year-Plan.

PM Gram Sadak Yojana

Launched

2000

Purpose

To provide single (all-weather) road connectivity to eligible unconnected habitation of designated population size

 

  1. Railway Protection Force (RPF) launched the ‘Operation Thirst’ to stop selling of unauthorised Packaged Drinking Water across the country.
  • As many as 1,371 people have been arrested and over 69,294 bottles were seized under section 144 and section 153 of Indian Railway Act.

 

  1. Rajasthan presented its Budget 2019-20: –

Category

Fund Allocation

Revenue Expenditure

Rs 2,34,944.01 crore

Revenue Receipts

Rs 1,64,004.64 crore

Tax Sops (exemptions)

Rs 301 crore

Farmer’s Welfare Fund (to be set up)

Rs 1,000 crore

New Government Jobs

75,000 vacancies will be filled

Chief Minister’s Free Medicine Scheme

(launched in 2011)

104 new types of medicines will be added to free medicines stores

CM Yuva Rozgar Yojana

Rs 1 Lakh loan will be given to youth

Janata Clinics (similar to Mohalla clinics in Delhi) were announced; state highways

Rs 927 crore

 

  1. Madhya Pradesh presented its Budget 2019: –

Category

Fund Allocation

Farmer Welfare (increased by 145% than previous year)

Rs 22,736 crore

Loans of 20 lakh farmers were waived off in 2 months under the Loan Waiver Scheme

Rs 7,000 crore (worth of loans)

For rest of the farmers, fund for waiving off the loan is

Rs 8,000 crore

New Horticulture and Food Processing Scheme (to be launched to support the farmers)

Rs 100 crore

Cow Welfare and for setting up gaushalas

Rs 132 crore

 

  • Under the Krishi Bandhu Yojana, farmers will be provided with farming techniques.
  • Farmers’ Advisory Council will be set up to resolve farmer grievances and implement scheme better.
  • New Industrial Policy has been framed which allows 70% job reservations of locals in private enterprises.
  • Pilot project for land pooling scheme and a new Start-up and SMEs policy was also approved.

 

  1. Odisha CM Naveen Patnaik released a vision report titled as ‘Economic possibilities for Odisha — towards a one trillion dollar economy”, it was jointly prepared by JSW Group and PwC India.

 

  1. According to Ministry of Earth Sciences, four ports — Diamond Harbour and Haldia (West Bengal), Kandla (Gujarat), and Port Blair (Andaman and Nicobar) — recorded a higher sea level rise than the global average.

Average Sea Level Rise (in India)

1.3 mm per year

Diamond Harbour (highest rise in 50 years)

5.16 mm (between 1948 to 2005)

Haldia

2.89 mm (between 1972 to 2005)

Kandla

3.18 mm (between 1950 to 2005)

Port Blair

2.20 mm (between 1916 to 1964)

 

  1. Indian Air Force (IAF) is planning to adopt Advanced Short Range Air-to-Air Missile (ASRAAM) from Europe to integrate it on to Su-30 MKIs and indigenous Light Combat Aircraft.
  • It would be the first over-the-wing-launched missile in the IAF inventory.

INTERNATIONAL NEWS

  1. Roscosmos (Russian space agency) launched Soyuz-2.1a rocket which carried a hydrometeorological satellite (name- Meteor-M No.2-2) and 32 small satellites from the Vostochny spaceport.
  • Aim:- To improve space weather research and to monitor the movement of civil aircraft.

 

  1. Japan has become the 1st nation to land a spacecraft- Hayabusa2 probe mission on the surface of an asteroid named Ryugu and collect sub-surface sample from the asteroid.
  • Japan Aerospace Exploration Agency (JAXA) launched Hayabusa-2 into space in
  • Hayabusa2 had first landed on Ryugu’s surface in February 2019 and this is the 2nd landing of Hayabusa2, which created a crater on the asteroid’s surface.

 

  1. World’s largest movable metal dome (108-meter-high dome) has been built in Chernobyl, Ukraine around the devastated fourth unit of Ukraine Nuclear Power Plant.
  • Aim: – To completely covers the confinement which was built immediately after the Power plant disaster struck in 1986.
  • Accident: – Chernobyl nuclear power station witnessed the world’s worst civilian nuclear accident on April 26, 1986.
  • Funding: – Euro 1.5 billion ($1.7 billion) was paid by European Bank for Reconstruction and Development (EBRD) and sponsored by 45 countries.

BANKING AND ECONOMY

  1. Union Budget 2019 introduced Finance Bill which amends RBI Act and SEBI Act to give more powers to RBI and SEBI.

Powers to RBI under RBI Act 1934, Amendment

Give more power to RBI for regulation of NBFCs including powers to seek financial and related information about the group companies.

Power to supersede the entire board or remove one director from the board of NBFCs to ensure fair and sound practises within NBFCs. To give this power to RBI, Section 45-ID and 45-IE were added to the RBI Act, 1934.

New section 45MBA allows RBI to frame schemes to allow either merger of an NBFC with any other NBFC or reconstruct it, or split the NBFC into different units.

Now, RBI can remove or restrict an auditor from auditing any RBI regulated entities for a maximum period of three years, at a time.

 

Powers to SEBI under Amendments to Securities Contracts (Regulation) Act, 1956:

  • Section 23A of the act amended:- SEBI has been given the powers to impose penalty on listed companies which fail to furnish information to stock exchanges. 

Amendments to SEBI Act, 1992

Amendment to Section 14:

A. To constitute a ‘Reserve Fund’.

B. Now, SEBI General Fund can be utilized for capital expenditure.

C. 25% of the annual surplus of General Fund is required to be credited to this Reserve Fund and;

D. SEBI has to transfer the rest 75% of its annual surplus from the General Fund every year to Consolidated Fund of India (CFI).

Section 15C of SEBI Act:

Now, SEBI can ask a listed company or intermediaries to redress the grievances of investors.

Section 15F of SEBI Act

A penalty of up to Rs 1 crore will be imposed on brokers for certain violations.

Section 15HAA  of SEBI Act:

Now any entity altering the records to influence investigation, inquiry, audit etc. will be penalised with minimum 1 lakh extendable up to Rs 10 crore or 3 times the profits made out of the unlawful act, whichever is higher under this new section.

 

  1. Reliance Industries has become the most valued firm of India in terms of market capitalization (m-cap) by surpassing Tata Consultancy Services (TCS).
  • Reliance’s current m-cap is Rs 8,11,048.27 crore and TCS’s m-cap is Rs 7,99,802.04 crore.

 

  1. OYO Hotels & Homes has emerged as the world’s third largest hotel chain, in terms of hotel room count with 8,50,000 rooms in nearly 23,000 OYO-branded hotels.

 

  1. RBI has cancelled the licences of 1,701 NBFCs for not complying to minimum capital requirements in FY19.

 

  1. The research paper published in Economics and Political Weekly (authored by Meenakshi Rajeev and Pranav Nagendran) analyses the achievement of PM Fasal Bima Yojana. [details of the Yojana is covered in the government scheme PDF]

7% people were insured in 2012-13

66% of the farmers were unaware about the crop insurance scheme; 21% were not satisfied with terms and conditions

26% of the land is insured in 2016-17; which is a lag behind the target of 50%

 

  1. Larsen and Toubro Ltd (L&T) has acquired 60% stake (with complete control on board and management) in Mindtree.

 

  1. Budget 2019: Corporate tax has been lowered to 25% for all companies with annual turnover up to Rs 400 crore.

 

  1. National Housing Bank (NHB) data shows that prices of houses have risen on an average of 6% year-on-year in October-December 2018.
  • Highest Rise: Ahmedabad (19.6%), Hyderabad (13.3%), Bangaluru (11.1%), Pune (8.1%), Mumbai (6.1%), Kolkata (3%), Chennai (1%). Delhi had -2%.

APPOINTMENTS

  1. Nalin Singhal has been appointed as the Chairman and Managing Director of Bharat Heavy Electrics Ltd.

 

  1. Kyriakos Mitsotakis has been appointed as the Prime Minister of Greece.

IMPORTANT DAYS

  1. World Population Day is observed on July 11 by UN.

AWARDS

  1. Indian men’s football team captain Sunil Chhetri has won the “AIFF’s Men’s Footballer of the Year” award by the All India Football Federation (AIFF).
  • AIFF Women’s Footballer of the Year: – Ashalata Devi.

SPORTS

  1. Magnus Carlsen won the 2019 Croatia Grand Chess Tour tournament held in Zagreb, Croatia.

 

  1. Weightlifter Pardeep Singh won a gold medal at the Commonwealth Weightlifting Championships held at Apia, Samoa.
  • India has won a total of 35 medals in the youth, junior and senior categories, and broke various national, Commonwealth, world and Asian records.

Other Winners (Gold Medallists)

S. Mirabai Chanu (49 kg category)

Rakhi Halder (64 kg category)

Anchita Sheuli (2 gold medals)

 

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MISCELLANEOUS

  1. Aditya Birla World Academy has become the only Indian school to be featured in ‘The Commonwealth at 70: From Westminster to the World’ book published by St James House and the History of Parliament Trust.

 

  1. Lucrezia Terzi (a researcher from Belgian Nuclear Research Centre) has invented a new method of predicting monsoon two months in advance by studying the quantity of Beryllium-7 (Be-7, an isotope of Beryllium) in the air.
  • Her paper was presented at a conference organized by Comprehensive Nuclear-Test-Ban Treaty Organisation in Vienna.

 

  1. “Rights to Sanitation in India: Critical Perspectives” book has been authored by Oxford University Press India.

    COMPLETE UNION BUDGET HAS BEEN COVERED IN THIS VIDEO: –

    https://www.youtube.com/watch?v=7Axhr5DqNQs&t=948s

 

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