Weekly Current Affairs 22nd To 31st December 2019

Published on Wednesday, January 01, 2020
Weekly Current Affairs 22nd To 31st December 2019

International News

Sikkim IFFCO

  • Sikkim IFFCO will mainly operate in commercial crops that are ginger, turmeric, large cardamom and buckwheat.
  • Sikkim was the first fully organic state of the country where all farming is carried out without the use of synthetic fertilisers and pesticides.

National news

Govt norms for Fixation of Microdots Identifiers

  • The Ministry of Road Transport and Highways has notified rules for microdot identifiers on motor vehicles.
  • The microdots will be now affixed on the motor vehicles by spraying on the body and parts with microscopic dots to give a unique identification for enhancing the security of vehicles.

2nd Edition of Eat Right Mela

  • The Union Minister launched ‘The PURPLE Book’ a handbook on suitable diets for common medical conditions such as diabetes, hypertension, cancer, gut disorders etc.
  • Dr Harsh Vardhan also launched NetSCoFAN (Network for Scientific Co-operation for Food Safety and Applied Nutrition) which is a network of research & academic institutions with heads/Directors and lead scientists of lead working in the area of food & nutrition.

HRD Ministry Launched 5 Documents of Quality Mandate

  • The Higher Education Quality Improvement Programme Mandate has been adopted by UGC to improve the quality in Higher Educational Institutions and equip the country’s next-generation with vital skills, knowledge and ethics.
  • UGC has developed a policy framework- “MulyaPravah - Guidelines for Inculcation of Human values and Professionals Ethics in Higher Educational Institutions” to inculcate the culture of human values and ethics in educational institutions.

JioMart Launched by Reliance

  • The web portal JioMart will initially cater to online shoppers in Mumbai suburban areas including Navi Mumbai, Thane and Kalyan with the tagline “India ki nayi dukaan”.
  • The company is signing up local merchants to offer them an online-to-offline (O2O) marketplace.

2nd Premium Ahmedabad-Mumbai Tejas Train

  • All passengers travelling on IRCTC train will be provided with rail travel insurance of up to Rs 25 lakh free of cost by IRCTC.
  • The travel insurance also includes coverage of Rs 1 lakh against household theft and robbery during the travel period of the passengers.

Banking

Cabinet approved Ordinance to Further Amend IBC

  • The ordinance has been approved to help remove certain ambiguities in the Insolvency and Bankruptcy Code, 2016.
  • The amendment passed would ring-fence successful bidders from criminal proceedings against offences committed by previous promoters.

Census of India 2021

  • The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved the proposal for conducting Census of India 2021 and updating National Population Register (NPR).
  • The approval has been made for conducting the census 2021 at a cost of Rs. 8,754.23 crore and NPR at a cost of Rs. 3,941.35 crore.

RBI introduced New Payment Instrument

  • The banks and existing non-bank PPI players can issue the new payment instrument and would verify the credentials of customers.
  • The verification process involves the use of an OTP sent to the user's verified mobile number and a digital identification document recognized by the Department of Revenue.

CBIC issues SOP for GST Non-Filers

  • Central Board of Indirect Taxes and Customs (CBIC), Ministry of Finance has issued Standard Operation Procedure (SOP) to deal with non-filers of GST returns.
  • After 15 days, if the return is not filed, the proper officer may proceed to assess the tax liability of the person to the best of his judgment and would issue an order under Rule 100 of the CGST Rules in Form GST ASMT-13.

SEBI penalised Rating Agencies over lack of Proper Due Diligence in IL&FS

  • The rating agencies were also found guilty for not noticing disparities in public disclosures made by IL&FS.
  • In case of IL&FS ratings, SEBI has rejected the settlement applications on 3 July 2019 and didn’t allow the CRAs to settle the lapses against a fee without admission of guilt.

RBI Direction for Large Co-op Banks

  • Special Mention Account (SMA) is an account which is exhibiting signs of incipient stress resulting in the borrower defaulting in timely servicing of her debt obligations, though the account has not yet been classified as NPA as per the extant RBI guidelines.
  • The RBI has created a Central Repository of Information on Large Credits (CRILC) of commercial banks, all India financial institutions and certain non-banking financial companies.

20th Financial Stability Report: RBI

  • The resilience of the banking sector has improved following the recapitalization of Public Sector Banks (PSBs).
  • Persistence of the risks arising out of global or domestic economic uncertainties and geopolitical developments like a delay in the Brexit deal, trade tensions, whiff of an impending recession, oil-market disruptions and geopolitical risks.

FinMin announced no MDR on Transactions through RuPay and UPI

  • Union Finance Minister Smt. Nirmala Sitharaman has said that no Merchant Discount Rate (MDR) will be applicable on transactions through RuPay and UPI platforms.
  • She said that no MDR charge would be charged from 1st January 2020.

FinMin launched eBkray, a Common e-auction Platform

  • The step has been taken for transparent and clean online auction by banks of an attached asset, for the improved realisation of value.
  • Public Sector Banks (PSBs) have attached assets worth over Rs. 2.3 lakh crore over the last three financial years.

RBI buys Rs 10,000 crore Worth Long-Term Govt Securities in 2nd Special OMO

  • It accepted only Rs 8,501 crore worth of bids for the three securities as against Rs 38,551 crore bids it received in for four securities in the OMO sale auction.
  • The cut-off yield at which bids were accepted was 6.4874%.

CBIC paid Rs 1.12 lakh crore as IGST Refund to Exporters

  • The Central Board of Indirect Taxes and Customs (CBIC) has paid IGST refunds worth over Rs 1.12 lakh crore to exporters till date.
  • The release also said that refunds of only Rs 3,604 crore are pending with Customs and about 3.4% of total exporters including “Star exporters” have been identified as Risky i.e. Red flagged.

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