09th August, 2021 – Daily News

Topics covered – India Accelerator , PM Gramin Digital Saksharta Abhiyan , Department of Posts , Azadi ka Amrut Mahotsava, ‘Quit India Movement’, Indo-Tibetan Border Police , National Legal Services Authority’s legal services app, Maharashtra Rural Connectivity Improvement Project, Inner Line Permit , first Animal DNA Laboratory , Anti-Submarine Warfare Shallow Water Craft , ‘Zayed Talwar’ 2021 bilateral exercise , Colombo Security Conclave, Shanghai Cooperation Organization, 28th ASEAN Regional Forum , Covid-19 Innovation Report 2021, ‘Agency Bank’ of RBI , Insolvency and Bankruptcy Board of India , ‘Swavalamban Challenge Fund’, of ‘accredited investors’ , Mutual Fund Regulations of 1996 , FPI rules , Sebi (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, lock-in period for promoters’ investments , CEO of BOI AXA Investment Managers Private Limited, Chairperson of the National Commission for Women , Tribal Co-operative Marketing Federation of India , NASSCOM’s AI Gamechanger Award , Tokyo Olympics, Indonesia’s Java island

Bulletins

  1. MeitY Startup Hub (MSH) has partnered with India Accelerator to promote technology innovation, start-ups, and creation of intellectual properties.
  2. The govt has announced that over 5 crore beneficiaries have enrolled in the PM Gramin Digital Saksharta Abhiyan (PMGDISHA) and more than four crore have been trained under the scheme till now.
  3. Department of Posts has held a drawing competition for children aged 6-15 years for designing special covers with ‘COVID-19 vaccination’ as the theme.
  4. Border Roads Organization has started the celebrations of Azadi ka Amrut Mahotsava.
  5. Union Culture Minister G Kishan Reddy inaugurated an exhibition on ‘Quit India Movement’ to mark its 79th anniversary on August 8.
  6. For the first time, the Indo-Tibetan Border Police (ITBP) inducted women officers in combat.
  7. CJI NV Ramana has launched the National Legal Services Authority’s legal services app.
  8. Flipkart and Himachal Pradesh State Handicrafts and Handloom Corporation Ltd (HPSHHCL) have signed a memorandum of understanding (MoU) to bring artisans, traders, and weavers on the online platform.
  9. Asian Development Bank (ADB) has approved a $300 million loan as additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project.
  10. Ladakh has removed the obligation of Inner Line Permit (ILP) from the tourist attractions in the ‘protected’ regions.
  11. Delhi has established its first Animal DNA Laboratory in Rohini.
  12. India Navy Vice Chief Vice Admiral SN Ghormade virtually laid the keels of the first warship of the Anti-Submarine Warfare Shallow Water Craft (ASW SWC) project and the third warship of the Survey Vessel Large (SVL) project for the Indian Navy.
  13. Indian Navy conducted ‘Zayed Talwar’ 2021 bilateral exercise with UAE Navy off the coast of Abu Dhabi in Persian Gulf.
  14. First Deputy National Security Adviser level meeting of the Colombo Security Conclave was hosted by Sri Lanka virtually.
  15. 8th meeting of the Ministers of Justice of the Shanghai Cooperation Organization (SCO) was held virtually.
  16. 28th ASEAN Regional Forum (ARF) Foreign Ministers Meeting was held virtually on 06 August 2021.
  17. StartupBlink has released the 2nd edition of the Covid-19 Innovation Report 2021.
  18. Karnataka Bank has been empanelled as an ‘Agency Bank’ of RBI to facilitate transactions related to government businesses.
  19. National Stock Exchange has partnered with the Insolvency and Bankruptcy Board of India (IBBI) for creating a research ecosystem in the area of insolvency and bankruptcy.
  20. Small Industries Development Bank of India (SIDBI) has launched ‘Swavalamban Challenge Fund’, in partnership with Foreign, Commonwealth & Development Office, UK, for helping entrepreneurs.
  21. Indian Bank has signed an MoU with the incubation arm of Indian Institute of Management-Bangalore (IIM-B), NSRCEL, for extending credit / loan to start-ups.
  22. SEBI has released guidelines for introducing the concept of ‘accredited investors’ in the Indian securities market.
  23. SEBI has amended the Mutual Fund Regulations of 1996 to allow Asset Management Companies to invest 1% of the amount raised by them in New Fund Offer (NFO) or Rs 50 Lakhs, whichever is less, in the mutual fund schemes.
  24. SEBI board has cleared the proposal to amend the FPI rules to permit eligible Resident Indian Fund Managers (other than individuals) to be constituents of Foreign Portfolio Investors (FPIs).
  25. SEBI has approved the merger of two separate regulations — Sebi (Share Based Employee Benefits) Regulations, 2014, and Sebi (Issue Of Sweat Equity) Regulations, 2002 — into a single regulation Sebi (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
  26. SEBI has approved amendments to the regulations for alternative investment funds (AIFs) to ease compliance for AIFs, provide investment flexibility and streamline regulatory processes.
  27. SEBI has eased the lock-in period for promoters’ investments after stock market listing of the company from three years to 18 months subject to certain conditions.
  28. Anthony Heredia has been announced as the CEO of BOI AXA Investment Managers Private Limited.
  29. Rekha Sharma has been appointed as the Chairperson of the National Commission for Women (NCW) for another term of three years, or till the age of 65 years or until further orders.
  30. Tribal Co-operative Marketing Federation of India (TRIFED) celebrated its 34th foundation day on August 6. It was founded in 1987 under the Multi-State Cooperative Societies Act, 1984.
  31. Telangana has won the NASSCOM’s AI Gamechanger Award in the Xperience-AI Summit (virtual) organised by NASSCOM for its ‘Crowd Monitoring using AI’ initiative.
  32. Neeraj Chopra (from Panipat, Haryana) has won gold medal in Athletics in Tokyo Olympics.
  33. Mount Merapi erupts on Indonesia’s Java island.

Table of Content

National News

  1. MeitY Startup Hub (MSH) has partnered with India Accelerator to promote technology innovation, start-ups, and creation of intellectual properties.
      • The partnership will provide support to the deep tech startups.
  2. The govt has announced that over 5 crore beneficiaries have enrolled in the PM Gramin Digital Saksharta Abhiyan (PMGDISHA) and more than four crore have been trained under the scheme till now.
      • Over two crore women beneficiaries are registered in the scheme. Out of this above one crore women beneficiaries are certified under the scheme which is 54% of the total certified beneficiaries under the Scheme.
      • Government had a target of reaching six crore households by March next year.
  3. Note: The scheme is covered in govt schemes bundle.

  4. Department of Posts has held a drawing competition for children aged 6-15 years for designing special covers with ‘COVID-19 vaccination‘ as the theme.
  5. Border Roads Organization has started the celebrations of Azadi ka Amrut Mahotsava.
      • BRO has launched various projects to develop road and communication infrastructure across the border and border towns of India.
      • Projects were launched under Eastern and Western verticals. Names of the Projects:
Eastern Western
Arunank Beacon
Brahmank Chetak
Dantak Deepak
Pushpak Himank
Setuk Hirak
Sewak Rohtang Tunnel
Swastik Sampark
Udayak Shivalik
Vartak Vijayak
  1. Union Culture Minister G Kishan Reddy inaugurated an exhibition on ‘Quit India Movement’ to mark its 79th anniversary on August 8.
      • The Quit India Movement was launched by Mahatma Gandhi on August 8, 1941, during the Second World War, demanding an end of British Rule in India.
      • On this day in 1942, Gandhi gave the clarion call of “Do or Die” to all Indians to drive away Britishers from the country.
  2. For the first time, the Indo-Tibetan Border Police (ITBP) inducted women officers in combat.
      • Two women, Prakriti and Diksha, joined the ITBP as combatised officers after completing their training at the academy in Mussoorie.
      • Earlier, ITBP had combat women only in the constabulary ranks.
      • Indo-Tibetan Border Police was raised on October 24, 1962 under the CRPF Act. In 1992, parliament enacted the ITBPF Act and the rules there under were framed in 1994.
  3. CJI NV Ramana has launched the National Legal Services Authority’s legal services app.
      • The app will provide legal services to citizens through the app.
      • National Legal Services Authority (NALSA) has been constituted under the Legal Services Authorities Act, 1987 to provide free Legal Services to the weaker sections of the society and to organize Lok Adalats for easy settlement of disputes. Chief Justice of India is the patron in chief of NALSA.
      • Executive chairman of NALSA – Justice Uday U Lalit

State News

  1. Flipkart and Himachal Pradesh State Handicrafts and Handloom Corporation Ltd (HPSHHCL) have signed a memorandum of understanding (MoU) to bring artisans, traders, and weavers on the online platform.
      • This partnership is a part of the Flipkart Samarth programme.
      • Flipkart Samarth is an initiative dedicated to empower sections of society by providing them with opportunities that’ll help them attain financial independence.
      • The MoU was signed on 7th National Handloom Day (August 7).
      • The first National Handloom Day was organised by Prime Minister Narendra Modi in 2015 at the Centenary Hall of Madras University, Chennai.
  2. Asian Development Bank (ADB) has approved a $300 million loan as additional financing for the ongoing Maharashtra Rural Connectivity Improvement Project.
      • The project aims to upgrade rural roads and connect rural areas with markets and services in the State of Maharashtra in India.
      • This project was approved in 2019.
  3. Ladakh has removed the obligation of Inner Line Permit (ILP) from the tourist attractions in the ‘protected’ regions.
  4. Delhi has established its first Animal DNA Laboratory in Rohini.
      • The laboratory will be used by Delhi Police for timely disposal of cases related to cow slaughter, illegal trade of animals and other such animal-related cases.

Defence News

  1. India Navy Vice Chief Vice Admiral SN Ghormade virtually laid the keels of the first warship of the Anti-Submarine Warfare Shallow Water Craft (ASW SWC) project and the third warship of the Survey Vessel Large (SVL) project for the Indian Navy.
      • Under a unique Public-Private Partnership model, the ships are being built in part by GRSE at Larsen and Toubro (L&T) Shipyard in Kattupalli, Tamil Nadu.
      • Keel Laying is a significant milestone activity in the shipbuilding process that indicates the integration of numerous blocks towards the construction of a ship.
  2. Indian Navy conducted ‘Zayed Talwar’ 2021 bilateral exercise with UAE Navy off the coast of Abu Dhabi in Persian Gulf.
      • INS Kochi, with two integral Sea King MK 42B helicopters participated in the exercise.
      • UAES ALDhafra, a Baynunah class guided missile corvette and one AS 565B Panther helicopter participated from UAE’s side.

International News

  1. First Deputy National Security Adviser level meeting of the Colombo Security Conclave was hosted by Sri Lanka virtually.
      • The meeting was held between Sri Lanka, India and Maldives.
      • Bangladesh, Mauritius and Seychelles participated as Observers.
      • The forum was established in 2020 at the NSA-level meeting between India, Lanka and Maldives for closer cooperation on maritime and security matters among the three Indian Ocean countries.
      • This meeting “identified four pillars of cooperation under the Colombo Security Conclave, namely, Marine Safety and Security, Terrorism and Radicalisation, Trafficking and Organised Crime and Cyber security”.
  2. 8th meeting of the Ministers of Justice of the Shanghai Cooperation Organization (SCO) was held virtually.
      • It was chaired by Tajikistan’s justice minister, MK Ashuriyon. Tajikistan is the President of SCO.
      • India’s Union Law Minister Kiren Rijiju attended the meeting. He announced that India is planning to launch e-Lok Adalat, a tool aimed at offering faster, transparent and accessible option to settle disputes.
      • The 2022 meeting of the SCO Ministers of Justice will be held in Pakistan.
      • SCO has two permanent bodies – SCO secretariate in Beijing and SCO Regional Anti-Terrorist Structure (RATS) in Tashkent, Uzbekistan.
  3. 28th ASEAN Regional Forum (ARF) Foreign Ministers Meeting was held virtually on 06 August 2021.
      • Minister of State for External Affairs Dr. Rajkumar Ranjan Singh led India’s delegation at the meeting.
      • The Meeting was held under the Chairmanship of Brunei Darussalam.
      • East Asia Summit Foreign MinistersMeeting was also held. It was attended by External Affairs Minister S Jaishankar.
      • 2022 is the ASEAN-India Friendship Year.

Reports & Indices

  1. StartupBlink has released the 2nd edition of the Covid-19 Innovation Report 2021.
      • The report was prepared in collaboration with UNAIDS and Health Innovation Exchange. It assesses the innovative solutions prepared by countries and cities to tackle the pandemic.
      • Total – 40 countries and 100 cities
      • Top 3 countries – US, Israel, and Canada
      • Top 3 cities – San Francisco Bay, New York, and Moscow
      • India’s rank – 32nd (score 0.396)
        • In cities ranking, Bangalore (49th) and New Delhi (55th) are top rankers.
        • In the first edition (released in 2020), India’s rank was 26th.
        • India has a total of 15 mapped innovations.
        • India is the 20th in the StartupBlink Global Ecosystem Rankings.
      • China’s rank dropped to 15th from 13th earlier.
      • Top 3 in Asia-Pacific – Singapore, South Korea and Taiwan
      • Parameters – Prevention, Diagnostics, Treatment, Grants and Support initiatives, information, life and business adaptation.
Covid-19 Innovation

Banking & Economy

  1. Karnataka Bank has been empanelled as an ‘Agency Bank’ of RBI to facilitate transactions related to government businesses.
      • As an empanelled Agency Bank, it is authorised to undertake state government businesses such as revenue receipts and payments on behalf of the Centre and States, pension payments in respect of the same, collection of stamp duty charges and also any other item of work specifically advised by the RBI.
      • There are many agency banks in different states of India.
      • MD and CEO of Karnataka Bank – M.S. Mahabaleshwara
  2. National Stock Exchange has partnered with the Insolvency and Bankruptcy Board of India (IBBI) for creating a research ecosystem in the area of insolvency and bankruptcy.
      • NSE and IBBI will analyse the effectiveness of insolvency laws and practices across the world and fostering evidence-based policy recommendations to strengthen the insolvency framework in India.
  3. Small Industries Development Bank of India (SIDBI) has launched ‘Swavalamban Challenge Fund’, in partnership with Foreign, Commonwealth & Development Office, UK, for helping entrepreneurs.
      • A challenge fund is a fund support mechanism to allocate funds for organisations for specific purposes.
      • SCF shall provide financial support to non-profit organizations, educational institutions, social startups.
      • On six themes of livelihood, women empowerment, financial literacy, responsible business etc. eligible entities can submit their proposal for award.
      • There are two categories: Pilot Category and Scale-up Category. Under the first category, new proposals will be accepted while in the second category already ongoing or completed projects will be supported and leveraged.
      • The total outlay of fund will depend on number of proposals selected in various themes.
      • Category-wise amount allocated is up to Rs 20 lakh for the Pilot Category and up to Rs 35 lakh for the Scale-up Category.
  4. Indian Bank has signed an MoU with the incubation arm of Indian Institute of Management-Bangalore (IIM-B), NSRCEL, for extending credit / loan to start-ups.
      • NSRCEL will identify start-ups and MSMEs and refer them to the bank for financial assistance.
      • The bank will extend loans of up to Rs 50 crore to these start-ups under its ‘Ind Spring Board’ scheme.
  5. SEBI has released guidelines for introducing the concept of ‘accredited investors’ in the Indian securities market.
      • A person or entity will be identified as an accredited investor on the basis of net worth or income.
      • Eligible entities – Individuals, Hindu Undivided Family (HUFs), family trusts, sole proprietorships, partnership firms, trusts and body corporates.
        • Central as well state governments, funds set up by them, developmental agencies, qualified institutional buyers, Category I FPIs, sovereign wealth funds and multilateral agencies will be accredited investors and may not be required to obtain a certificate of accreditation.
      • Accreditation certificate – Subsidiaries of depositories and stock exchanges will issue an accreditation certificate to such investors.
      • Net Worth requirement – For an individual, HUF, family trust or sole proprietorship, annual income of at least ₹2 crore or net worth of at least ₹7.50 crore, with at least half of it in financial assets.
        • Such entities with a combination of at least ₹1 crore annual income and a net worth of ₹5 crore, with at least half in financial assets can also become an accredited investor.
        • For trusts, other than family trusts, and corporates, a net worth of at least ₹50 crore would be required.
        • In case of a partnership firm, each partner independently will have to meet the eligibility criteria for accreditation.
        • “Large value accredited investor” means an accredited investor who has entered into an agreement with the portfolio manager for a minimum investment amount of ₹10 crore.
      • Benefits – AIF for accredited investors, where each investor invests a minimum amount of ₹70 crore, may avail relaxation from regulatory requirements.
        • Large value funds for accredited investors may be permitted to extend its tenure beyond two years.
        • Accredited investors, with a minimum investment of ₹10 crore with a registered PMS provider, can avail relaxation from regulatory requirement.
      • Large value funds for accredited investors of Category I and II may invest up to 50% of the investable funds in an investee company directly or through investment in the units of other AIFs.
      • Large value funds for accredited investors of Category III may invest up to 25% of the investable funds in an investee company directly or through investment in units of other AIF.
  6. SEBI has amended the Mutual Fund Regulations of 1996 to allow Asset Management Companies to invest 1% of the amount raised by them in New Fund Offer (NFO) or Rs 50 Lakhs, whichever is less, in the mutual fund schemes.
      • Investment should be made on the basis of the risk level associated with the mutual fund scheme.
  7. SEBI board has cleared the proposal to amend the FPI rules to permit eligible Resident Indian Fund Managers (other than individuals) to be constituents of Foreign Portfolio Investors (FPIs).
      • Such FPIs will be investment funds approved by Central Board of Direct Taxes (CBDT) under Section 9A of the Income-Tax (IT) Act, 1961, read with the IT Rules, 1962.
      • Further, to provide easy access to investors to participate in public or rights issues by using various payment avenues, SEBI has decided to allow banks, other than scheduled commercial banks, to act as investment bankers.
  8. SEBI has approved the merger of two separate regulations — Sebi (Share Based Employee Benefits) Regulations, 2014, and Sebi (Issue Of Sweat Equity) Regulations, 2002 — into a single regulation Sebi (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.
      • The regulations deal with the employee compensation which is paid in the form of sweat equity shares.
      • As per the new guidelines, the new-age technology companies, that are listed on the Innovators Growth Platform (IGP), are allowed to issue sweat equity shares at 15% of the existing paid-up equity share capital within the overall limit not exceeding 50% of the paid-up capital at any time.
      • Earlier, the limit of 15% of the existing paid-up equity share capital within the overall limit not exceeding 25% was allowed.
      • The increased overall limit is applicable up to 10 years of incorporation of the company.
      • The requirement of minimum vesting period and lock-in period for all share benefit schemes in the event of death or permanent incapacity (as defined by the company) of an employee has been removed.
  9. SEBI has approved amendments to the regulations for alternative investment funds (AIFs) to ease compliance for AIFs, provide investment flexibility and streamline regulatory processes.
      • SEBI (Alternative Investment Funds) Regulations, 2012 has been amended.
      • AIF Definition – AIFs collect funds from investors and invest the funds in instruments other than the traditional investment instruments like stock, bonds, and debentures.
        • As per SEBI, Alternative Investment Fund (AIF) means any fund established or incorporated in India which is a privately pooled investment vehicle which collects funds from sophisticated investors, whether Indian or foreign, for investing it in accordance with a defined investment policy for the benefit of its investors.
      • There are three categories of AIFs in India – category I, II, and III.
      • The govt of India incentivises Category I AIFs as they include Venture capital funds (Including Angel Funds), SME Funds, Social Venture Funds, and Infrastructure funds.
      • New changes –
        • Category I AIF – Venture Capital Funds (VCFs) will have to invest at least 75% of investable funds in unlisted equity shares and equity linked instruments of venture capital undertakings or in companies listed or proposed to be listed on a SME exchange or SME segment of an exchange.
        • The minimum amount of grant of ₹25 lakh stipulated for Category I AIFs –Social Venture Funds shall not apply to grants received from accredited investors.
        • The existing investment restrictions on the remaining portion of investable funds of VCFs have been removed.
        • AIFs can also issue partly paid up units to investors.
        • AIFs will have to file private placement memorandum with SEBI through registered merchant bankers.
  10. SEBI has eased the lock-in period for promoters’ investments after stock market listing of the company from three years to 18 months subject to certain conditions.
      • This is only applicable when the IPO is completely on Offer for Sale and/or 50% of the issue proceeds are not used for capital expenditure.
      • The promoter shareholding in excess of minimum promoter contribution shall be locked-in for a period of six months instead of existing one year.
  11. Monetary Policy Committee (MPC) of RBI met recently. Decision:
      • Accommodative stance maintained.
      • Policy Rates unchanged.
MPC of RBI met recently

Appointments

  1. Anthony Heredia has been announced as the CEO of BOI AXA Investment Managers Private Limited.
  2. Rekha Sharma has been appointed as the Chairperson of the National Commission for Women (NCW) for another term of three years, or till the age of 65 years or until further orders.

Important Days

  1. Tribal Co-operative Marketing Federation of India (TRIFED) celebrated its 34th foundation day on August 6. It was founded in 1987 under the Multi-State Cooperative Societies Act, 1984.
      • Van Dhan awards 2020-21 were announced during the celebration event.

Awards

  1. Telangana has won the NASSCOM’s AI Gamechanger Award in the Xperience-AI Summit (virtual) organised by NASSCOM for its ‘Crowd Monitoring using AI’ initiative.
      • A startup named Awiros was the technology partner for this project and was selected by the state government for implementing this AI application in the state.
      • Theme of the summit was “AI as a Catalyst for a Better Normal”.
Xperience-AI Summit

Sports

  1. Neeraj Chopra (from Panipat, Haryana) has won gold medal in Athletics in Tokyo Olympics.
      • He is a Javelin Thrower. He is the first Indian to win gold medal in Athletics and the second person to win an individual gold medal after Abhinav Bindra.
      • Bajrang Punia won bronze medal in 65 kg freestyle wrestling at the Olympics.
      • In total, India won 7 medals (1 gold, 2 silver, and 4 bronze).

Miscellaneous

  1. Mount Merapi erupts on Indonesia’s Java island.

Start Quiz of 09th August 2021

Q.1) With which of the following organization has Ministry of Electronics and IT recently partnered to promote technology innovation, start-ups, and creation of intellectual properties in India?
Q.2) Which state has signed a memorandum of understanding (MoU) with Flipkart to bring artisans, traders, and weavers on the online platform, on National Handloom's Day?
Q.3) Which bank has approved a $300 million loan for the ongoing Maharashtra Rural Connectivity Improvement Project?
Q.4) How many countries are members of the Colombo Security Conclave initiative?
Q.5) Where will the 2022 SCO Ministers of Justice meeting be held?
Q.6) Which Indian city has performed best in the Covid-19 Innovation Report 2021?
Q.7) Which bank has been recently empanelled as an ‘Agency Bank’ of RBI to facilitate transactions related to government businesses?
Q.8) How much funding will be given to the applicants in the pilot stage under the Swavalamban Challenge Fund?
Q.9) Who has been appointed as the Chairperson of the National Commission for Women?
Q.10) Which state has won the NASSCOM’s AI Gamechanger Award 2021?
CEO of Anujjindal.in


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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