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20 FEBRUARY 2019

INTERNATIONAL NEWS

BANKING AND ECONOMY

APPOINTMENTS

AWARDS

IMPORTANT DAYS

SPORTS

CURRENT AFFAIRS VIDEO

NATIONAL NEWS

  1. India’s largest and leading full service law firm, Cyril Amarchand Mangaldas (CAM), has set up India’s first legal tech incubator ‘Prarambh’.
  • Prarambh will work with young entrepreneurs to come up with new technology-based solutions for the legal industry.
      1. India has surpassed Italy by holding the dubious distinction of having the worst non-performing loan ratio among the world’s major economies.
        • There is a pile of $190 billion of stressed and soured debt.
        • Italy succeeded in quickly reducing its bad-loan ratio with Non-Performing Loans falling to about 200 billion euros ($227 billion) last year from their peak of over 360 million euros in 2016.

      1. The government exempted startups from ‘angel tax’ on funds they have raised from investors in the last up to seven years.
        • Angel tax is a term used to refer to the income tax payable on capital raised by unlisted companies via issue of shares where the share price is seen in excess of the fair market value of the shares sold. The excess realisation is treated as income and taxed accordingly.
        • Under Section 56 (2) (viib) of Income Tax Act, a start-up will be eligible for exemption if it is a private limited company recognised by the Department for Promotion of Industry and Internal Trade (DPIIT).
        • An entity will be recognized as start-up up to 10 years from the date of its incorporation or registration instead of the existing duration of 7 years.
        • A firm can be a startup if its turnover for any of the financial years since its incorporation hasn’t exceeded Rs 100 crore against the existing cap of Rs 25 crore.

      1. The Union cabinet approved the promulgation of Muslim Women (Protection of Rights on Marriage) Second Ordinance, 2019, in a move aimed at protecting the rights of married Muslim women.
        • The necessary official amendments have been approved in Muslim Women (Protection of Rights on Marriage) Bill, 2018, also called as Triple Talaq Bill.
        • It will prevent divorce by the practice of instantaneous and irrevocable ‘talaq-e-biddat’ by husbands of Muslim Women.
      1. The government has launched the ‘One Health’ Initiative at the One Health India Conference 2019 held in New Delhi.
        • It is an inter-sectoral approach to tackling some of the world’s most urgent health threats including Brucellosis, Tuberculosis, Anthrax, Antimicrobial Resistance.
      1. The Emergency Response Support System, ERSS has been introduced for women safety in 16 states and Union Territories.
        • All the states are required to set up an Emergency Response Centre, ERC.
        • In the hour of need, a person can dial 112.
        • In smartphones, press power buttonof the phone thrice without any delay to activate a panic call to the Emergency Response Centre.
        • Investigation Tracking System for Sexual Offences (ITSSO) – it is an online portal that provides real-time monitoring and management for completion of investigation in rape cases in 2 months.
        • Safe City Implementation Monitoring (SCIM) portal – It shall be implemented in eight cities- Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata, Lucknow & Mumbai which includes identifying the crime hot-spots, providing CCTV surveillance, patrolling by women police in vulnerable areas.
      1. Himachal Pradesh has passed the Bill to make Sanskrit as the second official language of the state after
        • With this,Himachal Pradesh became the second state to adopt Sanskrit as the second official language of the state after Uttarakhand.
      1. The Union Cabinet approved the National Electronics Policy 2019 for the electronics system design and manufacturing sector by 2025.
      The policy has introduced “easier to implement” incentive schemes to replace some of the existing ones under the National Electronics Policy 2012 including an interest subvention scheme and credit default guarantee.
      It proposes to provide interest subsidy of 4% on loans up to ₹1,000 crore on plant and machinery limited to Rs 1,000 Crore.

       

      1. The law minister Ravi Shankar Prasad launched a tele-law mobile application called Nyaya Bandhu (Pro Bono Legal Services).
        • The ‘Pro bono legal services’ initiative is a web-based platform, through which interested lawyers can register themselves to volunteer pro bono services for the underprivileged litigants, who are unable to afford it.
      1. To promote tourism, the newly set up Island Development Agency (IDA) has identified seven islands in Andaman and Nicobar and Lakshadweep for seaplane operations.
        • Key infrastructure projects such as operationalisation of the Diglipur airport in Andaman and Nicobar Island for civilian aircraft and the construction of a new airport on Minicoy Island, Lakshadweep have been accorded high priority by the government.

      1. The Cabinet Committee on Economic Affairs (CCEA) has approved the launch of KUSUM, Kisan Urja Suraksha evam Utthaan Mahabhiyan scheme.
        • The scheme aims to provide financial and water security to farmers through harnessing solar energy capacities of 25.75 gigawatts (GW) by 2022.
        • The scheme has three components:
        • Component A – 10,000 megawatt (MW) of decentralised ground mounted grid-connected renewable power plants
        • Component B – Installation of 17.50 lakh standalone solar powered agriculture pumps.
        • Component C – Solarisation of 10 lakh grid-connected solar powered agriculture pumps.

       

      1. The Union government has proposed a new rural Livelihood Scheme, the National Rural Economic Transformation Project under the Deendayal Antyodaya YojanaNational Rural Livelihoods Mission (DAY-NRLM) through loan assistance from World Bank.
        • It will enhance the livelihoods promotion and access to finance and scale-up initiatives on digital finance and livelihood interventions.
      1. The government of Odisha has launched the KALIA Chhatra Bruti scholarship for the children of farmers.
        • It has been launched under the KALIA, Krushak Assistance for Livelihood and Income Augmentation, a scheme for financing farmers in Odisha.
        • Students should be the children of KALIA beneficiaries.
      1. The Union Minister of Commerce and Industries Suresh Prabhu launched SWAYATT (Start-ups, Women and Youth Advantage Through eTransactions) and GeM Start-up Runway.
        • SWAYATT – It will bring together the key stakeholders within the Indian entrepreneurial ecosystem to Government e-Marketplace the national procurement portal.
        • GeM Start-up Runway – to facilitate Start-ups registered with Start -up India to access the public procurement market and sell innovative products and services to government buyers.

       

      1. The government has approved setting up of a new company under the Department of Space to commercially exploit the research and development work carried out by Indian Space Research Organization (ISRO) Centers and constituent units of DOS.

    INTERNATIONAL NEWS

    1. Indian Oil Corporation (IOC), has signed its very first annual deal to buy U.S. crude oil, paying USD 1.5 billion for 60,000 barrels a day beginning April 2019 to March 2020 to diversify its crude sources.

    BANKING AND ECONOMY

    1. The Insurance Regulatory and Development Authority of India (IRDA) has issued an advisory to Non-Life Insurance companies asking them to carry out proper due diligence when they enter into reinsurance contracts through brokers.
      • Insurance firms reinsure themselves to ensure they are able to pay claims even in catastrophic events.
      • THe tendency is to go beyond the obligatory limit, especially in the case of corporate fire and marine insurance due to the large size of the risk.
      • Insurers can also reinsure themselves through a reinsurance firm operating in India or abroad.
      • About 10 overseas reinsurance firms operate in India.

    1. The first-of-its kind ‘Trip Protector’ insurance policy was launched by HDFC ERGO General Insurance Company
      • HDFC ERGO is the third-largest non-life insurance provider in the private sector in India.
      • This policy is not applicable if the policyholder cancels the flight or hotel booking on his/her own accord.

     

    1. A new micro insurance plan ‘Micro Bachat’ was launched by the Life Insurance Corporation (LIC) of India.
      • It provides a coverage of up to 2 lakhs and is the first micro-insurance plan to do so.
      • It provides both protection and savings and is a regular premium, non-linked, participating endowment micro insurance plan.
      • In case a policyholder dies, this plan would provide financial assistance to the family.
      • It can be availed only by citizens in the age group of 18-55 years without undergoing any medical examination.
      • People can also avail loans from this plan provided that premiums have been paid for three full years.

    APPOINTMENTS

    1. GC Anupama has been appointed as the first Woman President of The Astronomical Society of India for the first time.

    IMPORTANT DAYS

    1. February 20 is observed as World Day of Social Justice.
      • 2019 theme: If You Want Peace & Development, Work for Social Justice

    AWARDS

    1. Sunil Chhetri, was awarded India’s first-ever “Football Ratna”.
      • He was also named as the 6th Indian Footballer in the Padma Shri list.
    1. The 7th National Photography Awards were presented with the theme for the Professional category as “Women-led Development” and theme for Amateur category was “Fairs and Festivals of India”.

     

    SPORTS

    1. The Laureus World Sports Awards 2019 were announced at the Laureus Awards Ceremony in Monaco.
    CategoryWinnerSportCountry
    Sportsman of the YearNovak DjokovicTennisSerbia
    Sportswoman of the YearSimone BilesGymnasticsUSA
    Team of the YearFrance’s Football TeamFootballFrance
    Comeback of the YearTiger WoodsGolfUSA
    Lifetime Achievement AwardArsene WengerFootball (Manager)France

     

    CURRENT AFFAIRS VIDEO


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