NATIONAL UPDATES:
1. PM
Modi launches submarine cable connectivity project between Chennai and Andaman
& Nicobar Islands (CANI): Prime Minister Narendra Modi launched and
dedicated to the nation, the first ever submarine (undersea) Optical Fibre
Cable (OFC) connectivity between Chennai and Andaman and Nicobar Islands (CANI
project) on 10 August 2020 through video conferencing. This state of the art
project will connect Andaman & Nicobar Islands to the mainland and provide
high speed broadband connections in the Union Territory at par with services in
the mainland. The foundation stone for this 2300 Kms submarine cable project
was laid by the PM on 30 December 2018 at Port Blair. The OFC will deliver 2x
200 Gbps between Chennai and Port Blair along with 2×100 Gbps between Port
Blair and other islands. The service has
already begun from Chennai to Port Blair, Port Blair to Little Andaman and Port
Blair to Swaraj Island. Currently, the A&N are connected to the Indian
mainland through satellite link with limited bandwidth capacity and high
amounts of delay. The present satellite link capacity is merely 3.2Gbps, while
the OFC would be able to provide a bandwidth of 400Gbps (over 100 times the existing
capacity) at its initial stage of commissioning.
Note: Lieutenant Governor of Andaman and
Nicobar Island: Admiral D K Joshi.
2. PM
Modi launches financing facility worth Rs. 1 Lakh Crore under Agriculture
Infrastructure Fund: Prime
Minister Shri Narendra Modi launched a new Central Sector Scheme of financing
facility under the Agriculture Infrastructure Fund worth Rs 1 lakh crore,
during an event conducted through video conference on 9 August 2020. The
Agriculture Infrastructure Fund was approved by the cabinet on 8 July 2020.
About the Agriculture Infrastructure Fund:
Total Outlay: Rs 1 Lakh Crore; Duration:
10 Years, from FY2020 to FY2029; Purpose: Provide medium – long term
debt financing facility to entrepreneurs, start-ups, agri-tech players and farmer
groups for setting up infrastructure and logistics facilities through interest
subvention and financial support; Beneficiaries: Primary Agricultural
Credit Societies (PACS), Marketing Cooperative Societies, Farmer Producers
Organizations (FPOs), Self Help Group (SHG), Farmers, Joint Liability Groups
(JLG), Multipurpose Cooperative Societies, Agri-entrepreneurs, Startups,
Aggregation Infrastructure Providers and Central/State agency or Local Body
sponsored Public Private Partnership Project; Loan Disbursement Stages:
4 Years. Rs. 10,000 crore will be disbursed in the current year (2020-21) and
Rs. 30,000 crore each in next three financial years; Interest subvention:
3% per annum on loan up to a limit of Rs. 2 crore for a maximum period of seven
years; Credit guarantee coverage: Credit Guarantee Fund Trust for Micro
and Small Enterprises (CGTMSE) scheme for a loan up to Rs. 2 crore.
PM also released the 6th installment under
the PM-KISAN scheme of Rs. 17,000 Crore to nearly 8.5 Crore farmers directly to
their Aadhaar verified bank accounts. With this transfer, the scheme has
provided over 90,000 Crore to more than 10 Crore farmers since the launch of
PM_KISAN on 01 December 2018.
3.
Flipkart partners with the U.P. Government’s ODOP scheme: India’s homegrown
e-commerce marketplace, Flipkart has signed an MoU with One District, One
Product (ODOP) scheme of the Government of Uttar Pradesh. The MoU will bring
the artisans, weavers and craftsmen under the ODOP scheme into the scope of the
“Flipkart Samarth” initiative. This will provide artisans, weavers and
craftsmen under the ODOP scheme a momentum to expand their business online as
they face social and economic challenges. The Flipkart Samarth initiative will
offer various services to artisans, weavers and craftsmen such as training,
dedicated space in Flipkart’s fulfilment centres, constant seller support along
with cataloguing guidance and visibility on the platform. With help of this,
these under-served communities from UP will get a push to showcase their
specialized products and crafts to millions of customers across the country.
Note: Chief Minister of Uttar Pradesh: Yogi
Aditya Nath; Governor: Anandiben Patel.
4.
KVIC to set up Silk Training cum Production Center in A.P.: Khadi and Village
Industries Commission (KVIC) will open the Silk Training cum Production Center
in the tribal village of Chullyu in Arunachal Pradesh. This would be the first
Silk Training cum Production Center in the state. Machinery like handlooms,
Charkha, Silk reeling machines and warping drums would be installed in the
training cum production Center. KVIC has transformed the dilapidated school
building into the training cum production center for Eri Silk, and has also
selected the first batch of 25 local artisans of Chullyu village to begin the
training with. With the launch of Silk Training cum Production Center, the
state would soon be bustling with spinning and weaving activities. The center
will boost the great potential of silk production and other activities of
village industries in the village.
Note: Chairman of Khadi and Village
Industries Commission: Vinai Kumar Saxena.
Chief Minister of Arunachal Pradesh: Pema
Khandu; Governor: B.D. Mishra.
5.
CSIR, FSSAI sign MoU for collaborative research on food and nutrition: An agreement was
signed between Council of Scientific and Industrial Research (CSIR) and Food
Safety and Standards Authority of India (FSSAI) for collaborative research and
information dissemination in the area of food and nutrition, during a ceremony
which was presided Health Minister Harsh Vardhan. The collaboration between
these two premier institutions of India will contribute in fulfilling the
vision of New Food System 2050. The two organisations will also work towards
strengthening the quality assurance of laboratory networks across the country.
New Food System 2050 will have an enhanced focus on climate-friendly food
production systems, conservation of land and water resources, reduction in food
loss and food wastage across the value chain, increase in small scale
production units for self-sustaining local economies, use of
environment-friendly packaging alternatives, and repurposing of waste.
6.
Union Ministers inaugurated Railway Museum at Hubballi, Karnataka: Union Ministers
Pralhad Joshi and Piyush Goyal inaugurated the Rail Museum in Hubballi. The
occasion was organised on a digital platform by way of video hyperlink. Union
Railways Minister Piyush Goyal dedicated Hubballi Rail Museum in Karnataka to
the Nation. This Rail Museum is the first of its kind in North Karnataka and
second in South Western Railway after the historic Mysore Rail Museum. The main
objective of establishing this Museum on behalf of Indian Railways is to make
people aware of the glorious history of the railways. Through this Museum, Indian
Railways will tell people how the railway stations used to be earlier and how
they have changed over time.
7.
World Biofuel Day: 10th August: The International Biofuel Day (World
Biofuel Day) is observed every year on August 10 to raise awareness about the
importance of non-fossil fuels as an alternative to conventional fossil fuels
and highlight the various efforts made by Government in the biofuel sector. The
Day is being observed by the Ministry of Petroleum & Natural Gas since
2015. The theme for 2020 World Biofuel Day is ‘Biofuels Towards Atmanirbhar
Bharat’. The day honours the research experiments by Sir Rudolf Christian Karl
Diesel (inventor of the diesel engine) who ran an engine with peanut oil in
1893.
INTERNATIONAL UPDATES:
1.
Mahinda Rajapaksa takes oath as Sri Lanka’s Prime Minister for 4th Time: Sri Lanka’s former
President Mahinda Rajapaksa took oath as the country’s Prime Minister on 9
August 2020, after his party secured a landslide victory in the parliamentary
elections on 5 August, 2020. This is the fourth time that the 74-year-old Sri
Lanka People’s Party (SLPP) leader has been appointed as the PM of Sri Lanka.
Prior to this, Mahinda Rajapaksa was first elected prime minister in 2004 and
again appointed for brief periods in 2018 and 2019. He has also served as the
island nation’s president from 2005 to 2015. Mahinda Rajapaksa was administered
the oath of office for the ninth Parliament by his younger brother and
President Gotabaya Rajapaksa at a historic Buddhist temple, Rajamaha Viharaya
in Kelaniya, a north Colombo suburb.
Sri Lanka's Legislative Capital:
Jayawardenepura Kotte; Currency: Sri Lankan rupee
OTHER UPDATES:
BANKING AND FINANCE
1.
RBI launches pilot scheme for Offline Retail Payments Using Cards and Mobile
Devices: The
Reserve Bank of India has launched pilot scheme for small value payments in
offline mode. The pilot scheme shall be undertaken till March 31, 2021 only.
Under the scheme, authorised Payment System Operators (PSOs) – banks and
non-banks – will be able to provide offline payment solutions using cards,
wallets or mobile devices for remote or proximity payments. This has been done
to do away with the impediments caused due to lack of internet connectivity or
low speed of internet, especially in remote areas. Some major points related to
this scheme are:
(1) Maximum limit of a payment transaction
will be Rs 200. (For a single transaction)
(2) The total limit for offline transactions
on an instrument shall be Rs 2,000, at any point of time. Resetting of the
limit shall be allowed in online mode with AFA.
(3) Payments could be made using cards,
wallets or mobile devices or through any other channel. Payments may be made in
remote or proximity mode.
2.
Centre Constitutes Panel to fix ceiling rates under Remission of Duties and
Taxes on Export Products (RoDTEP) scheme: The Central Board of Indirect Taxes
and Customs (CBIC) has constituted a three-member committee to determine the
ceiling rates for reimbursement of taxes and duties to exporters under the
Remission of Duties and Taxes on Export Products (RoDTEP) scheme. The committee
would comprise of former Home Secretary G K Pillai as Chairman. The other two
members are Y G Parande (retd CBIC member) and Gautam Ray (retd chief
commissioner of custom and central excise). The committee shall interact with
the administrative ministries, export promotion councils, commodity boards,
trade bodies and other stakeholders so as to take their views on the ceiling
rates under RoDTEP scheme. Remission of Duties and Taxes on Export Products
(RoDTEP) scheme
(1) The Remission of Duties and Taxes on
Export Products (RoDTEP) scheme for reimbursement of taxes was announced by the
government to replace Merchandise Exports from India Scheme (MEIS) and make
Indian products competitive in global markets..
(2) The RoDTEP scheme aims to reimburse the
taxes and duties incurred by exporters such as duty on power charges, VAT on
fuel in transportation, farm sector, captive power generation, mandi tax, stamp
duty and central excise duty on fuel used in transportation, which are not
exempted or refunded under any other existing scheme.
BUSINESS AND ECONOMY
1.
IndusInd Bank acquires 7.82% stake in Eveready by invoking pledged shares: Private sector
lender IndusInd Bank has acquired 7.82 percent stake in battery maker Eveready
Industries by invoking pledged shares following loan default. The bank invoked
pledge on 56,83,320 shares which constituted 7.82 percent of paid-up equity
share capital of Eveready Industries. As per the information, the equity shares
of Eveready Industries India Ltd. held by Williamson Magor and Co. Ltd were
pledged with the IndusInd bank for securing the outstanding dues of Seajuli Developers
& Finance Limited (Seajuli), the borrower company.
OBITUARIES
1. Former Congress leader Nandi Yellaiah, passes away: A senior Congress leader and eight-time Member of Parliament from Telangana, Nandi Yellaiah has passed away due to Covid-19. He was 78. Yellaiah was the vice-president of the Telangana Pradesh Congress Committee (TPCC). He was a six-term member of Lok Sabha and two-time Rajya Sabha member. Yellaiah was elected to the Lok Sabha for the first time in 1977, from Siddipet (s.c) parliamentary constituency. Subsequently, he won Lok Sabha elections from the same constituency four more times. In 2014, he was elected from the Nagarkurnool.
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