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Weekly Current Affairs 15th To 21st March 2020

Weekly Current Affairs 15th To 21st March 2020

National News

Central Sanskrit Universities Bill, 2019

  • The Lok Sabha had already passed the Bill on 12th December 2019 and on 16th March 2020, it was passed by voice vote in Rajya Sabha.
  • After the passage of the bill, these 3 universities will have more opportunities to spread the knowledge of Sanskrit language not only in India but also across the world.

Wholesale Inflation in February 2020

  • The Wholesale Price Index for 'All Commodities' for the month of February 2020 declined by 0.6% to 122.2 (provisional) from 122.9 (provisional) for January 2020.
  • The annual rate of inflation, based on monthly WPI, stood at 2.26% (provisional) for the month of February 2020 over February 2019.

S&P Lowers India's Growth Forecast

  • S&P Global Ratings had earlier projected a growth rate of 5.7% during the 2020 calendar.
  • The agency projected that the Asia-Pacific economic growth in 2020 will be more than halve to less than 3%.

National Commission for Indian System of Medicine Bill 2019

  • The National Commission for Indian System of Medicine Bill 2019 was presented in Rajya Sabha on 7th January 2019 and seeks to repeal the Indian Medicine Central Council Act, 1970.
  • It also contains the provision for setting up a National Commission for the Indian System of Medicine.

Covid-19 Economic Response Task Force

  • Prime Minister Modi has also announced 'Janta curfew' on 22nd March 2020 in the view of coronavirus outbreak.
  • Janta curfew means for the public, curfew imposed by the public on its own and will be followed from 7 AM to 9 PM on 22nd March.

Fitch Lowered India GDP Growth to 5.1%

  • The Fitch Ratings gave the reason of the coronavirus outbreak, which is likely to hit business investment and exports.
  • In December 2019, Fitch had projected India's growth at 5.6 % for 2020-21 and 6.5 % for the following year.

DPIIT: NRIs to Own Up to 100% Stake in Air India

  • As per the notification, foreign investments in Air India including that of foreign airlines shall not exceed 49 % either directly or indirectly.
  • But, the exemption has been made for those NRIs, who are Indian Nationals, where foreign investment is permitted up to 100 % under the automatic route.

Banking

Vivad Se Vishwas Bill

  • The Vivad Se Vishwas Bill, 2020 offers a waiver of interest, penalty and prosecution for settlement of Direct Tax disputes.
  • The bill was introduced in Lok Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on 5th February 2020.

39th GST Council Meet

  • The Goods and Services Tax Council has made recommendations to increase GST rates on mobile phones to 18% from the existing 12%.
  • The GST rates on mobile phones will come into effect from 1st April 2020.

GOI will Borrow Rs 51,000 crore in March 2020

  • The decision is taken after reviewing the cash position of the Centre, in line with the Revised Estimate announced by the government in the Budget 2020-21.
  • The Budget 2020-21 has raised the net borrowing to Rs 4.99 lakh crore from Rs 4.48 lakh crore in the Budget Estimate.

Paytm Bank to Issue Visa Virtual Debit Cards

  • PPBL has said that it is targeting to issue over 10 million new digital debit cards in 2020-21.
  • The visa virtual debit cards to its customers will enable them to transact at all merchants accepting payments through cards.

Governance Panel Set Up by IRDAI

  • The Insurance Regulation and Development Authority (IRDAI) has announced on 19th March 2020 that it has set up a governance panel/committee.
  • IRDAI is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.

Govt Liabilities Stood at Rs 93.89 Lakh Crore in Q3

  • The increase in the Government’s liability is about 3.2% as compared to the previous quarter.
  • The liabilities, including those under the public account, had stood at Rs 91,01,484 crore at the end of September 2019.
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