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Weekly Current Affairs 22nd To 29th February 2020

Weekly Current Affairs 22nd To 29th February 2020

National News

Gold Deposits of over 3,000 Tonnes Discovered

  • The deposit contains almost five times India's current reserve of the yellow metal and estimated to be worth nearly Rs 12 lakh crore.
  • The deposits in Son Pahadi is estimated to be around 2,943.26 tonnes, while that at Hardi block is around 646.16 kilograms.

Bharti Infratel Merger with Indus Towers Approved

  • The merger is approved between Sunil Mittal-led Bharti Infratel Ltd and Indus Towers Ltd, allowing Vodafone Idea Ltd to raise funds by divesting its stake in the latter.
  • The combination of Bharti Infratel and Indus Towers will create a pan-India tower company with over 163,000 towers, operating across all 22 telecom service areas.

CCI approved GMR Infra to Partner with Groupe ADP

  • GIL has signed a share purchase agreement with Groupe ADP, which will hold 49% stake in GAL for an equity consideration of Rs 10,780 crore.
  • The equity consideration comprises Rs 9,780 crore of secondary sale of shares by GMR and Rs 1,000 crore worth of equity infusion in GAL.

MP Launched Unified Vehicle Registration Card

  • The state is also the second state in the country to launch the unified driving license after Uttar Pradesh.
  • In March 2019, the Ministry of Road Transport and Highways (MoRTH) had issued the guidelines to bring uniformity in driving licenses and vehicle registration cards across the country.

Vasantotsav

  • The Eight days cultural fair is being organised by the Department of Youth and Cultural Affairs, to celebrate the richly diverse heritage of the country.
  • The theme of the festival for the year 2020 is “Ek Bharat Shreshth Bharat”.

Sugar Output Estimate for 2019-20

  • The ISMA has released the second advance estimate which is based on the satellite images of both harvested and yet-to-be-harvested cane area.
  • In the marketing year of 2018-2019, the production was at 33.16 million tonnes.

GDP Growth in Q3 2019-20

  • The GDP growth is improved marginally by 0.2% as compared to growth in the second quarter of 2019-20 at 4.5%.
  • The GDP growth rate for the first quarter of 2019-20 has been revised to 5.6%, and for the second quarter to 5.1%.

Banking

Uniform GST rate of 28% on Lotteries

  • According to the notification, the GST rate on supply of lotteries has been amended to 14% and a similar percentage will be levied by the states. As a result, the total GST on lotteries will increase to 28%.
  • Currently, a state-run lottery attracts 12% GST, while a state-authorised lottery attracts 28% tax.

RBI Issued Norms for CRR

  • The clarification is given on CRR calculations for incremental credit extended for automobiles, residential housing and micro, small and medium enterprises (MSMEs).
  • RBI clarified that the incremental credit eligible for CRR exemption, which can be set off against the net demand and time liabilities (NDTL) for calculating CRR has to be net of repayments.

Indian Bank to Stop Using Rs 2,000 Notes in ATMs

  • State-owned Indian Bank has announced that it has decided to stop using Rs 2,000 notes in all their ATMs.
  • According to a circular issued by the lender’s digital banking division on 17th February 2020, cash dispensation from Rs 2,000 currency cassettes would be disabled at all ATMs and cash recyclers on March 1, 2020.

Companies (Auditor’s Report) Order, 2020

  • The objective of the CARO 2020 is to strengthen the corporate governance framework under the Companies Act, 2013 to attain the national objective of becoming a $ 5 Trillion economy.
  • The CARO, 2020 is applicable for an audit of financial statements of eligible companies for the financial years commencing on or after the 1st April 2019.

Appointments

Name of the Person Designation
Sunil Gurbaxani Managing Director and CEO of Dhanlaxmi Bank
Riek Machar  First Vice President of South Sudan
Sumant Kathpalia  Chief Executive of IndusInd Bank
Senior IPS officer S N Shrivastava Next Delhi Police Commissioner
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