30th August, 2021 – Daily News

Topics covered – streamline revenue litigation, Bharat Series (BH-series) mark for new vehicles, QSim – Quantum Computer Simulator Toolkit , Y Break App, Fit India Mobile Application , largest-ever infrastructure project in Maldives , Assam’s Deepor Beel Wildlife Sanctuary , e-GOPALA application , BRICS Environment Ministerial , Global DeFi Adoption Index 2021, master directions for prepaid instruments , Indo-Nepal remittance facility , permitted devices for undertaking tokenised card transactions , National Remote Sensing Day , National Sports Day , International Day against Nuclear Tests , 12th Indian Film Festival of Melbourne , Army Sports Institute at Pune , Paralympics.

Bulletins

  1. Central govt has formed a committee, headed by Ashish Shiradhonkar (head of the e-courts project in National Informatics Centre), to streamline revenue litigation (law suits) pending before the Supreme Court.
  2. Ministry of Road Transport and Highways has unveiled Bharat Series (BH-series) mark for new vehicles.
  3. All India Institute of Medical Science (AIIMS), New Delhi has become the first hospital of India to house a fire station inside the hospital premises, to meet any emergency.
  4. Ministry of Electronics and Information Technology has launched QSim – Quantum Computer Simulator Toolkit – to enable Researchers and Students to carryout research in Quantum Computing in a cost effective manner.
  5. Union Ayush Minister Shri Sarbananda Sonowal has launched Y Break App, a 5-minute Yoga protocol for office goers.
  6. Union Minister of Youth Affairs and Sports, Anurag Singh Thakur has launched the Fit India Mobile Application at the Major Dhyan Chand National Stadium in the New Delhi.
  7. Afcons, an Indian company, has signed a contract for the Greater Male Connectivity Project, which is the largest-ever infrastructure project in Maldives (GMCP).
  8. Assam’s Deepor Beel Wildlife Sanctuary has been declared as an eco-sensitive zone by Ministry of Environment, Forest and Climate Change.
  9. The web version of e-GOPALA application developed by National Dairy Development Board (NDDB) has been launched to aid dairy farmers.
  10. Ministry of Defence has awarded a contract worth ₹1,349.95 crore to Mahindra Defence Systems for manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of Indian Navy.
  11. Indian defence minister Rajnath Singh commissioned the L&T built Offshore Patrol Vessel (OPV) ICGS Vigraha into the Indian coast guard.
  12. 7th meeting of the BRICS Environment Ministerial 2021 was held virtually.
  13. Chainalysis (US based cryptocurrency analysis firm) has released the Global DeFi Adoption Index 2021.
  14. Life Insurance Corporation of India (LIC) has launched Ananda – Atmanirbhar Agents New Business Digital Application – mobile app.
  15. RBI has issued master directions for prepaid instruments (PPIs).
  16. RBI has increased the per transaction limit under the Indo-Nepal remittance facility from Rs 50,000 to Rs 2 lakh.
  17. RBI has increased incentives for banks for the distribution of coins to the general public to Rs 65 per bag with effect from September 1.
  18. RBI has extended the scope of permitted devices for undertaking tokenised card transactions to include consumer devices such as laptops, desktops, wearables (wrist watches, bands, etc.), and Internet of Things (IoT) devices.
  19. SEBI has banned Kotak Mahindra Asset Management Company from launching any Fixed Maturity Plan (FMP) for six months.
  20. ANSR Global Corporation Pvt Ltd has partnered with GIFT City to attract companies to set up global in-house centres (GICs) and global capability centres (GCC) in IFSC-GIFT city.
  21. FinX Labs has opened its start-up accelerator and co-working space in the International Financial Services Centre at GIFT City.
  22. IDBI Bank’s board has approved divestments of its entire 19.18% stake in Asset Reconstruction Company (India) Limited (ARCIL).
  23. PhonePe has received an in-principal approval from IRDAI to be a broker to sell life and general insurance products.
  24. Tamil Nadu Governor Banwarilal Purohit gets additional charge as the governor of Punjab, and Chandigarh.
  25. Amit Banerjee has been appointed as the CMD of BEML Ltd.
  26. Nakul Chopra has been appointed as the CEO of Broadcast Audience Research Council (BARC), India.
  27. National Remote Sensing Day is observed on August 12 every year in India on the occasion of birth anniversary of Dr Vikram Sarabhai, the Father of ISRO.
  28. National Sports Day is celebrated every year on 29 August in India to commemorate the birth anniversary of Indian hockey legend, Major Dhyan Chand.
  29. International Day against Nuclear Tests is observed on August 29.
  30. A worldwide COVID-19 study led by UK and Indian experts around the world has been awarded the ‘Guinness World Records’ title for the world’s largest scientific collaboration, involving over 140,000 patients in 116 countries.
  31. 12th Indian Film Festival of Melbourne was held recently.
  32. Army Sports Institute at Pune has been renamed after Tokyo Olympics gold medallist Neeraj Chopra by the Defence Minister Rajnath Singh.
  33. Shooter Avani Lekhara became the first Indian woman to win a gold medal at the Paralympics, in Tokyo, Japan.
  34. Union Minister for Information & Broadcasting, Youth Affairs and Sports, Shri Anurag Thakur presented the first copy of the book titled ‘Reflecting, Recollecting, Reconnecting’ to the Vice President, Shri M. Venkaiah Naidu.
  35. SpaceX has sent the shipment of ants, avocados and a human-sized robotic arm rocketed toward the International Space Station.

Table of Content

National News

  1. Central govt has formed a committee, headed by Ashish Shiradhonkar (head of the e-courts project in National Informatics Centre), to streamline revenue litigation (law suits) pending before the Supreme Court.
      • The committee has representatives of the National Informatics Centre, law ministry, Central Board of Direct Taxes (CBDT), Central Board of Indirect Taxes (CBIT, and the department of revenue.
      • The committee will develop an electronic platform so that taxation related appeals can be filed in a time bound manner.
      • Need for this mechanism – Appeals for direct and indirect taxes were being filed much beyond the stipulated period of 60 days for regular appeals and 90 days for filing special leave petition (SLP).
      • The committee will be monitored by Secretary (incumbent: Tarun Bajaj) of Department of Revenue, Ministry of Finance.
  2. Ministry of Road Transport and Highways has unveiled Bharat Series (BH-series) mark for new vehicles.
      • This BH mark on vehicles will bring uniformity in vehicle registration across India.
      • This will help the citizens of India as they will not have to face the hassle of re-registration of their vehicles in other states (in case of transfer of the person to other state).
      • This is only applicable to new vehicles.
      • Eligibility – It will be available on a voluntary basis to defence personnel, govt employees at central/state level and private sector employees, which have their offices in four or more states/union territories.
      • Currently, a person is allowed to keep a vehicle for a maximum of 12 months in any state without re-registering it in that state.
  3. All India Institute of Medical Science (AIIMS), New Delhi has become the first hospital of India to house a fire station inside the hospital premises, to meet any emergency.
      • For this, AIIMS has collaborated with Delhi Fire Service (DFS).
  4. Ministry of Electronics and Information Technology has launched QSimQuantum Computer Simulator Toolkit – to enable Researchers and Students to carryout research in Quantum Computing in a cost effective manner.
      • QSim is an outcome of the project “Design and Development of Quantum Computer Toolkit and Capacity Building”.
      • This project is being executed collaboratively by IISc Bangalore, IIT Roorkee and C-DAC with the support of Ministry of Electronics and Information Technology (MeitY).
      • QSim allows researchers and students to write and debug Quantum Code that is essential for developing Quantum Algorithms.
      • The toolkit is available in two modes:
        • PARAM SHAVAK QSim – Standalone system with Quantum Simulator in a box
        • PARAM QSim Cloud – Available on cloud using HPC infrastructure PARAM SIDDHI AI (developed and deployed under NSM program)
  5. Union Ayush Minister Shri Sarbananda Sonowal has launched Y Break App, a 5-minute Yoga protocol for office goers.
      • A year-long campaigns like cultivation of medicinal plants in farmland, distribution of medicinal plants to households and sensitisation of School & College going students on Ayush systems were launched.
      • Another initiative was launched for taking medicinal plants to the doorstep of 75 lakh families during the year under ‘Ayush Aapke Dwar’ programme on September 3.
      • The Ayush week will begin with a national webinar for Ayush students on the topic “Surviving the storm through Ayush Shelter” on August 30.
      • The Y-Break mobile application has been developed by Morarji Desai National Institute of Yoga. Through this app, yoga and meditation can be done anywhere in just 5 minutes.
  6. Union Minister of Youth Affairs and Sports, Anurag Singh Thakur has launched the Fit India Mobile Application at the Major Dhyan Chand National Stadium in the New Delhi.
      • Fit India Mobile App is India’s most comprehensive Fitness App launched on National Sports Day.
      • Fit India Movement was launched on 29th August 2019, on the occasion of National Sports Day to make fitness an integral part of the lives every Indian.
  7. Afcons, an Indian company, has signed a contract for the Greater Male Connectivity Project, which is the largest-ever infrastructure project in Maldives (GMCP).
      • The project will connect Male with nearby islands of Villingli, Gulhifalhu and Thilafushi. It will use renewable energy.
      • The project is funded by a grant of USD 100 million and a Line of Credit (LOC) of USD 400 million from India.

State News

  1. Assam’s Deepor Beel Wildlife Sanctuary has been declared as an eco-sensitive zone by Ministry of Environment, Forest and Climate Change.
      • Deepar Beel is one of the largest freshwater lakes in Assam and a Ramsar site.
      • Eco-sensitive zone is an area notified by the Environment Ministry around Protected Areas, National Parks and Wildlife Sanctuaries.

Agriculture & Rural Development

  1. The web version of e-GOPALA application developed by National Dairy Development Board (NDDB) has been launched to aid dairy farmers.
      • IMAP web portal was also launched to provide real-time information to dairy farmers for better productivity of dairy animals.
      • e-GOPALA platform helps farmers manage their livestock including buying and selling of disease-free germplasm in all forms (semen, embryos, etc); informs about availability of quality breeding services and guides farmers for animal nutrition, treatment of animals using appropriate Ayurvedic ethno-veterinary medicine.
      • NDDB Chairman – Meenesh Shah

Defence News

  1. Ministry of Defence has awarded a contract worth ₹1,349.95 crore to Mahindra Defence Systems for manufacturing of Integrated Anti-Submarine Warfare Defence Suite (IADS) for modern warships of Indian Navy.
      • IADS is a high-end underwater equipment that uses latest technology to detect and protect warships from underwater threats. It is a versatile system capable of operations from all sizes of warships – small, medium, and large.
      • This is the first time, this advanced technology system has been developed by an Indian company for Indian Navy.
      • It is the first major contract with the private sector meant for underwater detection and protection from threats.
  2. Indian defence minister Rajnath Singh commissioned the L&T built Offshore Patrol Vessel (OPV) ICGS Vigraha into the Indian coast guard.
      • ICGS Vigraha is the last vessel in the series of seven OPVs built by L&T under an MoD contract signed in 2015.

International News

  1. 7th meeting of the BRICS Environment Ministerial 2021 was held virtually.
      • India stressed on the principles of “Common but Differentiated Responsibilities and Respective Capabilities” (CBDR-RC).
      • The meeting was held virtually at Sushma Swaraj Bhawan, New Delhi.
      • New Delhi Statement on Environment was adopted for promoting the spirit of Cooperation for Continuity, Consolidation and Consensus in Environment among the BRICS Nations.
      • BRICS Resource Efficiency and Circular Economy Dialogue was launched by India for sharing expertise in the field of waste management, resource efficiency and circular economy among BRICS countries.
      • Environment Minister – Bhupender Yadav

Reports & Indices

  1. Chainalysis (US based cryptocurrency analysis firm) has released the Global DeFi Adoption Index 2021.
  2. About the Index:

      • DeFi stands for “decentralized finance”. It refers to a class of decentralized cryptocurrency platforms based on blockchain that can run autonomously without the support of a central company, group, or person.
      • DeFi platforms are built on blockchains — primarily the Ethereum network — and can fulfil specific financial functions. Decentralized crypto exchanges and lending platforms are some popular examples of DeFi.
      • The index highlights countries with the highest grassroots adoption by individuals, instead of values of funds channelised via DeFi.

    Outcome:

      • The data suggests that while grassroots cryptocurrency adoption generally is highest in emerging markets.
      • While, DeFi adoption is strongest in high-income countries that already had substantial cryptocurrency usage, especially amongst traders and institutional investors.
      • Tenure of assessment – April 2019 until roughly June 2020

    Facts:

      • Total countries – 154
      • Top – USA
      • India’s rank – 6th
      • Parameters – Three domains, which are –
        • On-chain cryptocurrency value received by DeFi platforms weighted by PPP per capita –– This parameter assesses the DeFi activity in a country, in relation to the purchasing power parity per capita of that country. Country with lower PPP per capita would rank higher.
        • Total retail value received by DeFi platforms –– This parameter assesses the value of cryptocurrency transactions that individuals have invested in DeFi platforms. This ranks the countries on the basis of retail-sized transactions, meaning under $10,000 USD, compared to the wealth of the average person.
        • Individual deposits to DeFi platforms –– It ranks countries based on whose residents are carrying out the highest number of DeFi transactions.
Country Index score Overall index ranking Ranking for individual weighted metrics feeding into Global DeFi Adoption Index
on-chain DeFi value received on-chain Number of DeFi deposits on-chain retail DeFi value received
United States 1.00 1 3 47 4
Vietnam 0.82 2 4 64 3
Thailand 0.68 3 5 46 5
China 0.62 4 2 113 2
United Kingdom 0.60 5 9 40 6
India 0.59 6 1 120 1
Netherlands 0.55 7 24 11 18
Canada 0.52 8 17 30 15
Ukraine 0.49 9 11 50 7
Poland 0.46 10 18 36 17
France 0.46 11 14 44 16
Australia 0.41 12 27 26 23
Turkey 0.40 13 13 61 14
Switzerland 0.38 14 31 8 34
Russian Federation 0.36 15 10 77 12
Argentina 0.34 16 12 65 21
Brazil 0.32 17 6 110 13
Portugal 0.31 18 34 22 33
Hong Kong 0.30 19 33 14 47
Togo 0.30 20 32 34 29

Banking & Economy

  1. Life Insurance Corporation of India (LIC) has launched Ananda – Atmanirbhar Agents New Business Digital Application – mobile app.
      • The app will help agents and intermediaries in providing life insurance online to beneficiaries in a seamless manner.
      • Through the app, paperless KYC process can be done by using Aadhaar based e-authentication of the beneficiaries.
  2. RBI has issued master directions for prepaid instruments (PPIs).
Classification:
• PPIs have been classified into two categories – Small PPIs and Full KYC-PPIs. Earlier, the PPIs were classified as closed systems, semi-closed systems and open system PPIs.
• Small PPIs - Issued by banks and non-banks after obtaining minimum details of the PPI holder.
○ They shall be used only for purchase of goods and services.
○ Funds transfer or cash withdrawal from such PPIs shall not be permitted.
○ Small PPIs can have cash up to ₹10,000 loaded per month, not exceeding ₹1.2 lakh in a year.
• Full KYC-PPIs - Issued by banks and non-banks after completing Know Your Customer (KYC) of the PPI holder.
○ These PPIs shall be used for the purchase of goods and services, funds transfer or cash withdrawal.
○ The amount outstanding in these PPIs shall not exceed ₹2 lakh at any point of time.
Interoperability:
• PPI issuer shall have a board-approved policy for PPI interoperability.
• Interoperability via UPI is mandatory for wallet PPIs.
• Where PPIs are issued in the form of cards (physical or virtual), the cards should be affiliated to the authorised card networks.
• PPI for mass transit systems are exempted from interoperability.
• Gift PPI issuers (both banks and non-banks) have the option to offer interoperability.
• QR codes in all modes shall be interoperable by March 31, 2022.
Grievance Redressal:
• PPI issuer shall put in place a formal, publicly disclosed customer grievance redressal framework.
• This shall include designating a nodal officer to handle customer complaints or grievances, the escalation matrix and turn-around-times for complaint resolution.
• In the case of PPIs issued by banks and non-banks, customers shall have recourse to the Banking Ombudsman Scheme and Ombudsman Scheme for Digital Transactions respectively for grievance redressal.
  1. RBI has increased the per transaction limit under the Indo-Nepal remittance facility from Rs 50,000 to Rs 2 lakh.
      • RBI has also removed the cap of 12 remittances per year.
      • Migrant workers of Nepal in India can deposit cash in any bank in India and the money is credited to the beneficiary’s account in Nepalese rupees in SBI Bank Nepal or through an agency arrangement.
      • The enhanced limit is expected to facilitate payment towards retirement and pension dues to ex-servicemen who have relocated to Nepal.
  2. RBI has increased incentives for banks for the distribution of coins to the general public to Rs 65 per bag with effect from September 1.
      • Currently, the incentive is Rs 25 per bag.
      • An additional incentive of Rs 10 per bag would be paid for coin distribution in rural and semi-urban areas.
      • The bulk coin distribution (more than 1 bag in a single transaction) should be made towards business transactions of individuals (who have completed KYC requirements with the bank).
  3. RBI has extended the scope of permitted devices for undertaking tokenised card transactions to include consumer devices such as laptops, desktops, wearables (wrist watches, bands, etc.), and Internet of Things (IoT) devices.
      • In January 2019, RBI permitted authorised card networks to offer card tokenisation services to any token requestor.
      • Earlier, the tokenised payments were allowed via mobiles and tablets only.
  4. SEBI has banned Kotak Mahindra Asset Management Company from launching any Fixed Maturity Plan (FMP) for six months.
      • Reason – for arbitrarily entering into a ‘standstill’ agreement with the promoters of Subhash Chandra-backed Essel Group.
      • FMPs are fixed-income funds that invest in debt with maturities similar to the fund’s duration.
      • SEBI also levied a penalty of ₹50 lakh on the AMC.
  5. Note: Cover FMPs in detail.

  6. ANSR Global Corporation Pvt Ltd has partnered with GIFT City to attract companies to set up global in-house centres (GICs) and global capability centres (GCC) in IFSC-GIFT city.
      • IFSCA (GIC) Regulations, 2020 covers the operating framework to recognize and operationalize GICs in GIFT IFSC.
      • ANSR is a global firm that designs, establishes and operates global in-house centres (GICs).
  7. FinX Labs has opened its start-up accelerator and co-working space in the International Financial Services Centre at GIFT City.
      • The start-up accelerator will support startups in the fintech space.
      • FinX Labs has signed an MoU with National Stock Exchange (NSE) as a knowledge partner.
      • FinX Labs is a joint venture between DevX Co-working & Accelerator, Flexworx by Collated and Ahmemdabad-based developer Savvy Infrastructure’s Jaxay Shah.
  8. IDBI Bank’s board has approved divestments of its entire 19.18% stake in Asset Reconstruction Company (India) Limited (ARCIL).
  9. PhonePe has received an in-principal approval from IRDAI to be a broker to sell life and general insurance products.
      • With this, PhonePe said it can now offer insurance advice to its over 30 crore users (300 million).
      • PhonePe can distribute insurance products from all insurance companies in India.

Appointments

  1. Tamil Nadu Governor Banwarilal Purohit gets additional charge as the governor of Punjab, and Chandigarh.
  2. Amit Banerjee has been appointed as the CMD of BEML Ltd.
  3. Nakul Chopra has been appointed as the CEO of Broadcast Audience Research Council (BARC), India.

Important Days

  1. National Remote Sensing Day is observed on August 12 every year in India on the occasion of birth anniversary of Dr Vikram Sarabhai, the Father of ISRO.
  2. National Sports Day is celebrated every year on 29 August in India to commemorate the birth anniversary of Indian hockey legend, Major Dhyan Chand.
  3. International Day against Nuclear Tests is observed on August 29.
  4. September is celebrated as the POSHAN MAAH.

Awards

  1. A worldwide COVID-19 study led by UK and Indian experts around the world has been awarded the ‘Guinness World Records’ title for the world’s largest scientific collaboration, involving over 140,000 patients in 116 countries.
      • The record for ‘Most authors on a single peer-reviewed academic paper’ is now held by the Universities of Birmingham and Edinburgh after 15,025 scientists around the globe contributed to the major research into the impact of COVID-19 on surgical patients.
  2. 12th Indian Film Festival of Melbourne was held recently.
12th Indian Film Festival

Sports

  1. Army Sports Institute at Pune has been renamed after Tokyo Olympics gold medallist Neeraj Chopra by the Defence Minister Rajnath Singh.
  2. Shooter Avani Lekhara became the first Indian woman to win a gold medal at the Paralympics, in Tokyo, Japan.
      • She won gold at R-2 women’s 10m Air Rifle Standing SH1 event.
      • Gold medallist – Sumit Antil (javelin thrower)
      • Silver medallists – Devendra Jhajharia (javelin thrower), Yogesh Kathuniya (Discus throw), Bhavinaben Patel (table tennis), Nishad Kumar (high jump)
        • Nishad Kumar created an Asian record in men’s high jump T47 event.
      • Bronze medallists – Sundar Singh Gurjar (javelin thrower),
  3. India’s G Sathiyan won the Czech International table tennis tournament at Olomouc in Czech Republic.

Miscellaneous

  1. Union Minister for Information & Broadcasting, Youth Affairs and Sports, Shri Anurag Thakur presented the first copy of the book titled ‘Reflecting, Recollecting, Reconnecting’ to the Vice President, Shri M. Venkaiah Naidu.
      • The book has been brought out by the Publications Division of the Information and Broadcasting Ministry.
      • The book chronicles the Vice President’s fourth year in office.
  2. SpaceX has sent the shipment of ants, avocados and a human-sized robotic arm rocketed toward the International Space Station.
      • The delivery is the company’s 23rd for NASA in just under a decade.
  3. Former England captain Ted Dexter has died.

Start Quiz of 30th August 2021

Q.1) Who heads the committee formed by the Central govt to streamline revenue litigation (lawsuits) pending before the Supreme Court?
Q.2) Which of the following statement(s) is not true about the Bharat Series (BH-series) mark for vehicles?
Q.3) Which has become the first hospital of India to house a fire station inside the hospital premises, to meet any emergency?
Q.4) What is the name of the toolkit launched by Ministry of Electronics and Information Technology to enable Researchers and Students to carryout research in Quantum Computing in a cost-effective manner?
Q.6) What is India’s rank in the Global DeFi Adoption Index 2021?
Q.7) How much amount can be kept in Small PPIs in a month, as per the new guidelines of RBI?
Q.8) What is the new per transaction limit under the Indo-Nepal remittance facility?
Q.9) Where is Neeraj Chopra Stadium located?
Q.10) When is the National Sports Day observed?
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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