04th and 05th July, 2021 – Daily News

Topics covered – freight smart cities , Indrajaal, Cosmic Girl jet., Covid-19 vaccine fund , 17th World Congress for Cervical Pathology and Colposcopy , G20-OECD Tax Framework Deal for Global Minimum Corporate Tax , BRICS Culture Ministers , Punjab and Sind Bank , LIC chairman , of MDs and whole-time directors (WTDs) in primary urban co-operative banks , Rural Infrastructure Development Fund , 11th CM of Uttarakhand , the Indian Federation of United Nations , Associations , International Day of Cooperatives , National Postal Worker Day , International Plastic Bag Free Day , Mongolia ‘The Order of Polar Star’ , World’s Most Innovative Investment Promotion Agency” 2021, WAKO India Kickboxing Federation , “India to The Rescue” book , Nathuram Godse: The Story of an Assassin” book ,

Bulletins

  1. Ministry of Commerce has unveiled plans for freight smart cities to improve urban freight efficiency, and reduce logistics costs.
  2. Hyderabad-based technology R&D firm Grene Robotics has designed and developed India’s first indigenous drone defence dome called “Indrajaal”.
  3. Virgin Orbit (a US company providing small satellite vehicle launch services) has launched 7 satellites from three countries (US, Netherlands, and Poland) into space on its 747 jet named as Cosmic Girl jet.
  4. World Bank has increased its Covid-19 vaccine fund for developing countries by $8 billion to $20 billion.
  5. 17th World Congress for Cervical Pathology and Colposcopy was held virtually for the first time in Asia.
  6. India joined the G20-OECD Tax Framework Deal for Global Minimum Corporate Tax that seeks to reform international tax rules by making MNCs pay their fair share of taxes in the selling markets.
  7. 6th meeting of BRICS Culture Ministers was held through video conference.
  8. RBI has imposed a penalty of Rs 25 lakh on Punjab and Sind Bank for non-compliance with certain provisions of cyber security framework for banks issued by the central bank in 2016.
  9. Govt has extended the superannuation age / retirement age of LIC chairman to up to 62 years from 60 years by making amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.
  10. RBI has issued a notification prescribing the rules for the appointment of MDs and whole-time directors (WTDs) in primary urban co-operative banks (UCB).
  11. NABARD has sanctioned an assistance of Rs 388 crore for Odisha under the Rural Infrastructure Development Fund (RIDF) for setting up four mega piped drinking water supply projects.
  12. Pushkar Singh Dhami has sworn in as the 11th CM of Uttarakhand after the resignation of Tirath Rawat.
  13. Shambhu Nath Srivastava (a former judge of the Allahabad High Court) has been appointed chairman of the Indian Federation of United Nations Associations (a non-profit organisation) to promote objectives of the United Nations and its specialised agencies.
  14. International Day of Cooperatives is observed on First Saturday of July (July 3, 2021) by UN.
  15. National Postal Worker Day is celebrated every year on July 1 across the globe.
  16. International Plastic Bag Free Day is observed on July 3 annually.
  17. RK Sabharwal (CMD of Engineers India Limited) has been honoured with the highest civilian award of Mongolia ‘The Order of Polar Star’ by his excellency.
  18. Invest India has won the “World’s Most Innovative Investment Promotion Agency” 2021 by OCO Global (located Belfast, Ireland).
  19. The Ministry of Sports has recognised the WAKO India Kickboxing Federation as a National Sports Federation (NSF), in a bid to promote and develop the sport in the country.
  20. “India to The Rescue” book has been written by Sushant Singh and Shruthi Rao.
  21. “Nathuram Godse: The Story of an Assassin” book has been written by Anup Sardesai.

Table of Content

National News

  1. Ministry of Commerce has unveiled plans for freight smart cities to improve urban freight efficiency, and reduce logistics costs.
      • The aim of this initiative is to reduce the last-mile logistics cost that amounts to 50% of the total logistics cost. At present, logistics cost are so high that it accounts for 14% approx. of the GDP. However, the govt aims to reduce the cost to less than 10%.
      • Therefore, this plan has been launched to convert the smart cities into freight smart cities in a bid to reduce logistic cost, improve time efficiency in delivering goods and resolve parking issues in the cities.
      • At present, 10 cities will be identified for this project. Later on, the project will be expanded to 75 cities and to all state capitals and cities that have more than 1 million population afterwards.
      • For implementation, city-level logistics committees would be formed and they will have related government departments and agencies at the local and state levels.
      • The committees will also include the private sector from the logistics services and also users of logistics services.
      • GIZ (Germany) under Indo-German Development Cooperation, Rocky Mountain Institute (RMI) and RMI India are helping the Ministry in implementing this mission.
      • Aurangabad, Maharashtra has been shortlisted for this mission.
      • The demand for urban freight is expected to grow up to 140% over the next 10 years.
      • This mission will help in increasing exports.
      • The Ministry has already the website for Freight Smart Cities and also launched a handbook on the Freight Smart Cities.

Defence News

  1. Hyderabad-based technology R&D firm Grene Robotics has designed and developed India’s first indigenous drone defence dome called “Indrajaal”.
      • The dome can protect an area of 1000-2000 sq. km autonomously against the aerial threats such as Unmanned Aerial Vehicles (UAVs), loitering munitions, and Low- Radar Cross Section (RCS) targets.
      • The ANTI-UAV systems will not only provide protection to defence bases but it will also protect international borders against advanced weaponry.
      • Salient features of Indrajaal:
        • Real-time situational awareness
        • Integrated and Intelligent meshed network
        • Integrated all current weapons suite and infrastructure
        • Honeycombed cell structure for seamlessly built
        • Synergic combination of 9-10 technologies
        • 24×7 persistent and autonomous monitoring, action and tracking
Indrajaal

International News

  1. Virgin Orbit (a US company providing small satellite vehicle launch services) has launched 7 satellites from three countries (US, Netherlands, and Poland) into space on its 747 jet named as Cosmic Girl jet.
      • It is the first commercial launch of the company.
      • The jet also launched the LauncherOne (a two stage rocket of Virgin Orbit) in mid-air.
      • Virgin Orbit is founded by Sir Richard Branson.
  2. World Bank has increased its Covid-19 vaccine fund for developing countries by $8 billion to $20 billion.
      • $20 billion is available through 2022 to finance vaccine distribution as well as cold chains and training health workers.
      • The bank had distributed $4.4 billion to 51 developing nations, half of which in the form of grants or low-cost loans.
      • Since the start of the pandemic, the World Bank has approved more than $150 billion to help address the health and social impacts of the crisis.
  3. 17th World Congress for Cervical Pathology and Colposcopy was held virtually for the first time in Asia.
      • Theme – “Eliminating Cervical Cancer: Call for Action”
      • Cervical cancer is the fourth most common cancer in women.
      • Additional facts – It affects over half a million women across the world each year, and kills a quarter of a million. One woman dies of cervical cancer every two minutes, making it one of the greatest threats to women’s health.
      • India, along with 194 others countries, has collectively resolved to work together for elimination of cancer via 90% HPV vaccination coverage, 70% screening coverage and 90% treatment for cervical precancer and cancer including access to palliative care.
  4. India joined the G20-OECD Tax Framework Deal for Global Minimum Corporate Tax that seeks to reform international tax rules by making MNCs pay their fair share of taxes in the selling markets.
      • The tax will come into force from 2023.
      • It is applicable on companies with a global annual revenue of at least 20 billion Euros ($24 billion) and a profit margin of over 10%.
      • It will apply in market jurisdictions where the entity derives at least 1 million euros of revenue.
      • The tax rate is 15%. This is expected to generate an additional $150 billion in tax revenues.
      • 130 countries (including India) have joined this framework.
  5. 6th meeting of BRICS Culture Ministers was held through video conference.
      • India’s theme for BRICS Chairmanship “BRICS@15: Intra-BRICS cooperation for continuity, consolidation and consciousness in context of promotion of BRICS cultural cooperation”.

Banking & Economy

  1. RBI has imposed a penalty of Rs 25 lakh on Punjab and Sind Bank for non-compliance with certain provisions of cyber security framework for banks issued by the central bank in 2016.
  2. Govt has extended the superannuation age / retirement age of LIC chairman to up to 62 years from 60 years by making amendment to the Life Insurance Corporation of India (Staff) Regulations, 1960.
      • LIC Chairman – M R Kumar
      • Earlier, the govt proposed the amendments in the Life Insurance Corporation Act, 1956 to increase the authorised share capital to Rs 25,000 crore divided into 2,500 crore shares of Rs 10 each, in a bid to facilitate IPO of LIC.
  3. RBI has issued a notification prescribing the rules for the appointment of MDs and whole-time directors (WTDs) in primary urban co-operative banks (UCB).
Tenure:
• As per the RBI circular, the tenure of the MD / WTD shall not be for a period more than five years at a time.
• At the time of first appointment, the candidate shall be appointed for a tenure of 3 years, unless terminated or removed earlier, afterwards s/he can become eligible for re-appointment.
• Also, the post of the MD or WTD cannot be held by the same person for more than 15 years.
Age:
• The MD shall function under the overall general superintendence, direction and control of the Board of Directors (BoD).
• The person shall not be below the age of 35 years and above the age of 70 years at any time during his/ her term in office.
• However, within the overall limit of 70 years, as part of their internal policy, individual bank's Boards are free to prescribe a lower retirement age.
Education and Working Experience:
• The person shall be a graduate, preferably, with qualification in banking/ co-operative banking, a chartered or cost Accountant, an MBA (Finance) or a post graduate in any discipline.
• They must also have a combined experience of at least 8 years at the middle / senior management level in the banking sector, including the experience gained in the concerned UCB, or NBFC engaged in lending (loan companies) and asset financing.
• The person shall not be engaged in any other business or vocation or be holding the position of a Member of Parliament or State Legislature or Municipal Corporation or Municipality or other local bodies.
• They should also not be a director of any company other than a company registered under section 8 of the Companies Act, 2013 or be a partner of any firm which carries on any trade, business or industry.
Nomination and Remuneration Committee:
• UCBs will have to constitute a Nomination and Remuneration Committee (NRC) consisting of three directors from amongst the Board and nominate one among them as Chairman of the NRC.
Termination of MD / WTD:
• In case a UCB decides to terminate the services of an MD or WTD before the expiry of tenure, it shall seek prior approval of the RBI, by submitting detailed reasons thereof along with the relevant documents and a Board resolution to that effect.
• Non-Scheduled UCBs with a deposit size of Rs 1,000 crore and above and all scheduled UCBs shall submit the proposal for appointment of MD/ WTDs to the RBI's Central Office in Mumbai.
  1. NABARD has sanctioned an assistance of Rs 388 crore for Odisha under the Rural Infrastructure Development Fund (RIDF) for setting up four mega piped drinking water supply projects.
      • The four mega projects will come up in Koraput district (covering Boipariguda block), Balasore district (covering Nilgiri block), and Malkangiri district (covering Malkangiri and Kalimela blocks).

Appointments

  1. Pushkar Singh Dhami has sworn in as the 11th CM of Uttarakhand after the resignation of Tirath Rawat.
11th CM of Uttarakhand
  1. Shambhu Nath Srivastava (a former judge of the Allahabad High Court) has been appointed chairman of the Indian Federation of United Nations Associations (a non-profit organisation) to promote objectives of the United Nations and its specialised agencies.
      • Indian Federation of United Nations Associations (IFUNA) was established more than six decades ago to promote the objectives of the United Nations and its Specialized Agencies.
      • Indian Federation of United Nations Associations (IFUNA) is affiliated with the World Federation of United Nations Associations (WFUNA).
      • IFUNA is the only body to represent India in the U.N. Forums.
      • IFUNA was founded by Late Sh. Acharya Narendra Dev who was a political thinker and social reformer.

Important Days

  1. International Day of Cooperatives is observed on First Saturday of July (July 3, 2021) by UN.
      • Theme – Rebuild better together
  2. National Postal Worker Day is celebrated every year on July 1 across the globe.
      • The day is celebrated to recognize the efforts and hard work of postal employees that they put into their service.
      • National Postal Worker Day was first celebrated in 1997 by Seattle area postal office in US to honour fellow employees.
  3. International Plastic Bag Free Day is observed on July 3 annually.
      • The campaign started by Zero Waste Europe’s Bag Free World became a global initiative to aware people around the world.
International Plastic Bag Free Day

Awards

  1. RK Sabharwal (CMD of Engineers India Limited) has been honoured with the highest civilian award of Mongolia ‘The Order of Polar Star’ by his excellency.
      • The President of Mongolia recognises the outstanding contribution made by him towards the establishment of the first-ever oil refinery in Mongolia.
  2. Invest India has won the “World’s Most Innovative Investment Promotion Agency” 2021 by OCO Global (located Belfast, Ireland).
      • In December 2020, Invest India had also won UN Investment Promotion Award 2020.

Sports

  1. The Ministry of Sports has recognised the WAKO India Kickboxing Federation as a National Sports Federation (NSF), in a bid to promote and develop the sport in the country.
      • WAKO India Kickboxing Federation is affiliated to the World Association of Kickboxing Organizations (WAKO), the world body for kickboxing.
      • Kickboxing is not an Olympic sport till now.
      • WAKO India Chief Patron – Mr. Krishan Pal Gurjar
      • Chairman – Mr. Anand Mohan Sharan
      • President – Santosh K. Agrawal

Miscellaneous

  1. “India to The Rescue” book has been written by Sushant Singh and Shruthi Rao.
  2. “Nathuram Godse: The Story of an Assassin” book has been written by Anup Sardesai.

Start Quiz of 04th and 05th July 2021

Q.1) Which of the following statement is not true about freight smart cities mission?
Q.2) Which of the following company has developed India’s first indigenous drone defence dome called “Indrajaal”?
Q.3) What is the name of the aircraft that launched LauncherOne rocket of Virgin Orbit?
Q.4) What is the theme of 17th World Congress for Cervical Pathology and Colposcopy?
Q.5) How many countries have adopted the G20-OECD Tax Framework Deal for Global Minimum Corporate Tax?
Q.6) What is the new age of retirement for LIC chairman?
Q.7) For how many years, an incumbent MD or WTD of a primary urban co-operative banks can hold his/ her position at the maximum, as per the new guidelines for RBI?
Q.8) Who has sworn in as the 11th CM of Uttarakhand?
Q.9) Who has been appointed chairman of the Indian Federation of United Nations Associations?
Q.10) Who has won the highest civilian award of Mongolia ‘The Order of Polar Star’?
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About Anuj Jindal

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Anuj Jindal, the founder, is an ex-manager from SBI, with an M.Com from Delhi School of Economics. He also has a JRF in Commerce & Management and NET in HRM, along with more than 4 years of experience in the field of Education.

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