13th July, 2021 – Daily News

Topics covered – India’s first Private LNG Plant , Cinematography Amendment Bill, 2021 , India-Nepal Rail Services Agreement (RSA) 2004, 679 MW Lower Arun Hydro Electric Project , ‘Bangabandhu Chair’ , India-Italy Joint Commission for Economic Cooperation , ”mySrinagar” mobile app, NAVDEX 21 , 12th Meeting of the BRICS S&T Steering Committee, G20 Finance Ministers and Central Bank Governors , Kalpataru Power Transmission in Senegal, Equitas Small Finance , Bank , Special Drawing Right (SDR) allocation , Leader of the House in Rajya Sabha , PM of Ethiopia, World Population Day , World Malala Day , Croatia Grand Chess Tournament 2021, Terrace Garden: Midde Thota, Palleku Pattabhishekam

Bulletins

  1. India’s first Private LNG Plant has been inaugurated in Nagpur, Maharashtra.
  2. Cinematography Amendment Bill, 2021 has been drafted by the Ministry of Electronics and Information Technology to amend the Cinematography Act, 1952.
  3. India and Nepal have signed a Letter of Exchange to the India-Nepal Rail Services Agreement (RSA) 2004.
  4. Satluj Jal Vidyut Nigam Ltd (SJVN) and the Investment Board of Nepal have signed an MoU for developing 679 MW Lower Arun Hydro Electric Project in Nepal at a cost of $1.3 billion.
  5. Delhi University will have a ‘Bangabandhu Chair’ to foster better understanding of developments in Bangladesh.
  6. 21st Session of India-Italy Joint Commission for Economic Cooperation (JCEC) was held virtually for cooperation in the areas of Food Processing, Textiles, Leather, Railways, Start-ups and promotion of SMEs.
  7. Jammu and Kashmir Lieutenant Governor Manoj Sinha has launched the ”mySrinagar” mobile app.
  8. In February 2021, Indian Naval Ship Pralaya went to Abu Dhabi, UAE to participate in the NAVDEX 21 (Naval Defence Exhibition) and IDEX 21 (International Defence Exhibition).
  9. Department of Science and Technology (DST), India, hosted the 12th Meeting of the BRICS S&T Steering Committee in July 2021.
  10. 3rd meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) was held at Venice, Italy.
  11. Export Import (Exim) Bank of India has extended a USD 35.26 million loan for a power transmission project being executed by Kalpataru Power Transmission in Senegal.
  12. RBI has permitted Equitas Small Finance Bank and Ujjvan Small Finance Bank to merge its holding company into it.
  13. Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) has announced that a new general Special Drawing Right (SDR) allocation equivalent to US $650 billion has been made to tackle covid-19.
  14. Union minister Piyush Goyal will be the new Leader of the House in Rajya Sabha for the Bharatiya Janata Party (BJP).
  15. Abiy Ahmed has been re-elected as the PM of Ethiopia.
  16. World Population Day is observed on July 11 to highlight the difficulties created by overpopulation.
  17. World Malala Day is observed on July 12 by UN.
  18. India fast bowler Pankaj Singh has announced his retirement from cricket.
  19. Maxime Vachier-Lagrave (French Chess player) has won the Croatia Grand Chess Tournament 2021 in Zagreb.
  20. Vice President M Venkaiah Naidu received the first copy of the English translation of Thummeti Raghothama Reddy’s book- “Terrace Garden: Midde Thota”.
  21. Vice President Shri M. Venkaiah Naidu released the ‘Palleku Pattabhishekam’ book written by former MP Shri Yalamanchili Sivaji.
  22. P. K. Warrier (Indian physician who brought Ayurveda to masses) has passed away at the age of 100.

Table of Content

National News

  1. India’s first Private LNG Plant has been inaugurated in Nagpur, Maharashtra.
      • It is set up by Baidyanath Ayurvedic Group (private sector).
      • India’s first floating LNG Storage and Regasification Unit (FRSU) – named Höegh Giant – had also arrived in Maharashtra (at Jaigarh) in the month of April.
      • H-Energy owns the Höegh Giant. The company has commissioned India’s first FSRU (Floating Storage and Re-Gasification Unit) based LNG terminal project at Jaigarh Port wherein a FSRU and a FSRU terminal port will be developed.
      • There are only 6 LNG regasification terminals in India.
      • Govt of India aims to invest $60,000 crores for creating LNG infrastructure in India by 2024 and to increase the share of LNG in energy mix of India to 15%, in comparison to 6%.
      • The govt also plans to establish 1000 LNG fuel stations across the country.
  2. Cinematography Amendment Bill, 2021 has been drafted by the Ministry of Electronics and Information Technology to amend the Cinematography Act, 1952.
      • The bill was drafted on the recommendations of Justice Mukul Mudgal Committee (formed in 2013) and Shyam Benegal Committee (formed in 2016).
      • The bill proposes three major provisions:
        • It gives the censorship power or re-examination power to the Govt of India. After the examination of the film, web series etc. by Central Board of Film Certification, the Govt of India can also re-examine the same piece of work and censor the work / scenes / dialogues etc., if it finds it inappropriate.
        • This bill further broadens the classification criteria of the films into – U, U/A (U/A 7+, U/A 13+, U/A 16+; earlier, the U/A movies were for children above 12 years)
        • Section 6AA has been inserted into the Cinematography Act, 1952 to make piracy a punishable crime with 3 years of imprisonment and a fine of Rs 3 lakh to 5% of the gross production cost.
      • Film Certification Appellate Tribunal (FCAT), that was tasked with the responsibility of hearing appeals of filmmakers in matters related to certification of their films has been abolished by way of an ordinance that came into effect on 4th April.
      • This means the filmmakers have no grievance redressal mechanism where they can appeal in matters related to film certification and censorship.
  3. India and Nepal have signed a Letter of Exchange to the India-Nepal Rail Services Agreement (RSA) 2004.
      • It will allow all authorized cargo train operators to utilize the Indian railway network to carry Nepal’s container and other freight – both bilateral between Indian and Nepal or third country from Indian ports to Nepal.
      • It will allow market forces to come up in the rail freight segment in Nepal.
      • It is likely to increase efficiency and cost- competitiveness, eventually benefiting the Nepalese consumer.
      • It will reduce transportation costs for automobiles and certain other products whose carriage takes place in special wagons.
      • It marks another milestone in India’s efforts to enhance regional connectivity under the “Neighbourhood First” policy.
  4. Satluj Jal Vidyut Nigam Ltd (SJVN) and the Investment Board of Nepal have signed an MoU for developing 679 MW Lower Arun Hydro Electric Project in Nepal at a cost of $1.3 billion.
  5. Delhi University will have a ‘Bangabandhu Chair’ to foster better understanding of developments in Bangladesh.
      • For this, an MoU was signed between the Indian Council for Cultural Relations (ICCR) and Delhi University to set up this Chair.
  6. 21st Session of India-Italy Joint Commission for Economic Cooperation (JCEC) was held virtually for cooperation in the areas of Food Processing, Textiles, Leather, Railways, Start-ups and promotion of SMEs.
      • The progress on the outcomes of India-EU leaders Summit in Porto, Portugal was also reviewed.
      • Following the India-Italy JCEC G2G (govt to govt) Meeting, a G2B (govt to business) Session focusing on Energy partnership was held virtually in the presence of the two Ministers.

State News

  1. Jammu and Kashmir Lieutenant Governor Manoj Sinha has launched the ”mySrinagar” mobile app.
      • The app will cater to the needs of residents and tourists by integrating all available e-services offered by various departments and tourism-related information in both offline and online modes.
      • The Lt Governor also e-inaugurated multiple projects of Srinagar Smart City including Variable Message Displays (VMDs) installed across the city, besides dedicating the new surface car parking at Residency Road here to the public.

Defence News

  1. In February 2021, Indian Naval Ship Pralaya went to Abu Dhabi, UAE to participate in the NAVDEX 21 (Naval Defence Exhibition) and IDEX 21 (International Defence Exhibition).
      • The ship, built by Goa Shipyard Limited, is the second ship of the indigenously built Prabal Class Missile Vessels.
      • Indian Navy – UAE Navy stated the bilateral exercise GULF STAR – 1 in March 2018. The second edition of the exercise is expected to take place in 2021.
NAVDEX 21 & IDEX 21

International News

  1. Department of Science and Technology (DST), India, hosted the 12th Meeting of the BRICS S&T Steering Committee in July 2021.
      • All BRICS countries agree to STI-led BRICS Innovation Cooperation Action Plan (2021-24) proposed by India.
      • India had proposed the plan to facilitate sharing of experiences of each other’s innovation ecosystem and networking of innovators and entrepreneurs.
      • The details of the Action Plan would be worked out by BRICS Science, Technology Innovation Entrepreneurship partnership (STIEP) Working Group.
  2. 3rd meeting of the G20 Finance Ministers and Central Bank Governors (FMCBGs) was held at Venice, Italy.
      • This was the first in-person Finance Track meeting since February 2020.
      • 2021 G20 President – Italy
      • G20 Leaders’ Summit will be held in Italy in October 2021.
      • G20 Finance Ministers and Central Bank Governors has approved the global minimum corporate tax.
      • A total of 132 countries and territories have endorsed the OECD-G20 Framework for a Global Minimum Tax to impose 15% tax on giant MNCs

Banking & Economy

  1. Export Import (Exim) Bank of India has extended a USD 35.26 million loan for a power transmission project being executed by Kalpataru Power Transmission in Senegal.
      • The facility was extended under the National Export Insurance Account (NEIA) scheme.
  2. RBI has permitted Equitas Small Finance Bank and Ujjvan Small Finance Bank to merge its holding company into it.
      • Equitas Small Finance Bank’s holding company is Equitas Holdings and Ujjivan Financial Services is the holding company of Ujjvan Small Finance Bank.
      • What is the implication of an SFB merging with its holding company?
        • This implies that the holding companies (or the creators of the SFBs) will now merge with the SFBs.
        • After the merger, the holding company will disappear from the stock exchange and only the SFB will remain.
        • This merger will bring down promoter shareholding to zero. Thus, this step will help the SFBs in complying with RBI’s guidelines and reap benefits for the shareholders of the holding entities.
Equitas & Ujjvan Merged
  • What is the benefit to the shareholders of the holding companies?
      • The holding companies were not performing well in the markets, forcing their shareholders to trade their shares at 40-50% discounts.
      • Now, with the merger, the holding companies will cease to exist. The bank will take over all the operations, management and liabilities of the holding companies.
      • The shareholders of the holding companies will directly get shares in the banks. Thus, due to the good performance of banks in the market, the discount on shares of these shareholders will narrow down.
  • Were there any previous guidelines on such merger?
      • Initially, RBI allowed holding company structure could be allowed to merge back with the bank after five years, subject to regulatory approvals.
      • RBI rules stipulate that the SFB promoters must bring down their shareholding to 40% in five years.
    1. Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF) has announced that a new general Special Drawing Right (SDR) allocation equivalent to US $650 billion has been made to tackle covid-19.
        • This is the largest allocation in the IMF’s history to address the global needs during the crisis.
        • This will improve the liquidity and reserves of all member countries of IMF.
        • The SDR allocation will be completed by the end of August 2021.

Appointments

  1. Union minister Piyush Goyal will be the new Leader of the House in Rajya Sabha for the Bharatiya Janata Party (BJP).
  2. Abiy Ahmed has been re-elected as the PM of Ethiopia.
      • Capital: Addis Ababa
      • Currency: Ethiopian birr

Important Days

  1. World Population Day is observed on July 11 to highlight the difficulties created by overpopulation.
      • Theme – impact of the COVID-19 pandemic on fertility
      • According to the UN’s website, this year’s highlight is ‘Rights and choices are the answer: Whether baby boom or bust, the solution to shifting fertility rates lies in prioritizing the reproductive health and rights of all people’.
  2. World Malala Day is observed on July 12 by UN.
      • The day is dedicated to celebrating Malala Yousafzai, the young activist from Pakistan.

Sports

  1. India fast bowler Pankaj Singh has announced his retirement from cricket.
  2. Maxime Vachier-Lagrave (French Chess player) has won the Croatia Grand Chess Tournament 2021 in Zagreb.
      • Viswanathan Anand is at the 2nd position.
Vachier Lagrave Chess player

Miscellaneous

  1. Vice President M Venkaiah Naidu received the first copy of the English translation of Thummeti Raghothama Reddy’s book- “Terrace Garden: Midde Thota”.
      • The book is originally written in Telugu.
      • It chronicles Mr Reddy’s successful journey of developing a fruitful terrace garden at Naarapalle, Hyderabad.
  2. Vice President Shri M. Venkaiah Naidu released the ‘Palleku Pattabhishekam’ book written by former MP Shri Yalamanchili Sivaji.
      • This book is on rural India and agriculture.
  3. P. K. Warrier (Indian physician who brought Ayurveda to masses) has passed away at the age of 100.

Start Quiz of 13th July 2021

Q.1) Where is India’s first Private LNG Plant located?
Q.2) How many LNG regasification terminals are present in India currently?
Q.3) On which committee’s recommendation has Cinematography Amendment Bill, 2021 been drafted by Ministry of Electronics and IT?
Q.4) With which university has Indian Council for Cultural Relations signed an MoU to set up ‘Bangabandhu Chair’?
Q.5) UAE conducts GULF STAR exercise with which of the following force?
Q.6) Where is Kalpataru Power Transmission project being developed with Indian assistance?
Q.7) Recently, RBI has permitted Equitas Small Finance Bank and Ujjvan Small Finance Bank to merge their holding company into them. Thus, it paved the way for reverse merger, that is, merger of holding companies with their small finance banks. Which of the following statement clearly states the implication of this step?
Q.8) How much SDR allocation has been made by IMF to tackle the situation of Covid-19?
Q.9) What is the currency of Ethiopia?
Q.10) Recently, World Malala Day was observed on July 12. When did Malala Yousafzai won the Nobel Peace Prize?
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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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