Daily GK Update- 1st Nov, 2022

NATIONAL UPDATES:

 

1. New IIFT campus inaugurated by Nirmala Sitharaman in Kakinada, Andhra Pradesh: Nirmala Sitharaman, the nation’s finance minister, officially opened the third campus of the Indian Institute of Foreign Trade (IIFT) at the Jawaharlal Nehru Technological University (JNTU) -K campus in Kakinada. She outlined the significance of the IIFT campus for the development of the country. She stressed the value of IIFT in terms of research and policy development for the growth of the Ministry of Commerce. Key Points:

a)      For the construction of the IIFT permanent campus, the state government has allocated 25 acres of land at U. Kothapalli Mandal, which is close to the sea coast in the Kakinada Special Economic Zone (KSEZ).

b)      The Ministry of Commerce and Industry received a proposal from the IIFT authorities for a grant of Rs. 229 crore, and the sanction order is anxiously anticipated.

c)       There were representatives from the Ministry of Commerce & Industry, Consumer Affairs Piyush Goyal (the Union minister), MPs, Ministers, MLAs, and other government bodies.

 

2. Delhi LG Vinai Kumar Saxena launched property tax amnesty scheme SAMRIDDHI: Delhi Lieutenant Governor Vinai Kumar Saxena has launched a one-time property tax amnesty scheme “SAMRIDDHI 2022-23”, which will provide a major relief to lakhs of residential and commercial property owners in the city. SAMRIDDHI, an acronym for Strengthening and Augmentation of Municipal Revenue for Infrastructure Development in Delhi, will end on March 31, 2023, with no further extensions. SAMRIDDHI 2022-23:

a)      The scheme aims at solving thousands of pending court cases since the unit area method for property tax calculation came into existence from 2004.

b)      The scheme will benefit both the Municipal Corporation of Delhi (MCD) and the city’s residents.

c)       Under this scheme, the residential properties will have to pay tax for 1+5 years (the ongoing financial year and last five years), while the commercial properties will be able to pay taxes for 1+6 years (current year + last 6 years).

d)      After this payment, there will be no liability of the taxpayer. This payment can be scrutinised for one year, after which the matter will be settled. The tax will be used for developing roads, parks and schools.

Under The Scheme:

a)      Those who opt to participate in the SAMRIDDHI scheme will have to pay only the principal amounts for the current financial year, and 2017-18 to 2021-22 (residential units) or 2016-17 to 2021-22 (commercial units), following which 100% of the interest and penalty on the outstanding tax amount will be exempted and all dues prior to 2016-17 will be waived off.

b)      The amnesty scheme will also cover cases involving dishonoured cheques, including cases where the bank account and property have been attached, as well as those cases pending under litigation in courts.

c)       The MCD clarified that cases, where the principal, interest and penalty has already been paid before the launch of the scheme, will not be reassessed and reopened.

 

3. Kerala tourism department launched ‘women-friendly tourism’ project: The Kerala state tourism department has launched a ‘Women-Friendly Tourism’ project to ensure safe and hygienic destinations for women. The all-women tour packages, which include food, accommodation, transportation and community guides, will be controlled and operated by women. Launching the state Responsible Tourism (RT) Mission’s initiative, Tourism Minister Mohamed Riyas said Kerala already enjoys the reputation as the safest destination for women tourists. Key Points:

a)      Delivering the keynote address, UN Women India Deputy Representative Kanta Singh said creating a safe, reliable and hygienic infrastructure that addresses the needs of women is vital while implementing the project.

b)      UN Women will sign an MoU with RT Mission regarding gender-inclusive tourism, she said. Through the project, RT Mission aims to create a network of women’s units and tourism centres manned by women. The project will also ensure that tourism destinations in the state are fulfilling the needs of women tourists.

c)       As part of taking the initiative to all districts, RT Mission will provide training to selected women to work as tour coordinators, storytellers, community tour leaders, auto/taxi drivers (guest handling), homestay operators and in various other sectors like souvenir creation. All basic infrastructure will be made available for the project, which will have a monthly evaluation process, led by the tourism minister.

Note: Kerala Capital: Thiruvananthapuram; Kerala Chief Minister: Pinarayi Vijayan; Kerala Governor: Arif Mohammad Khan.

 

4. Viswas Swaroopam, a Shiva statue, installed in the Rajasthani town, Nathdwara: In the presence of Chief Minister Ashok Gehlot, Assembly Speaker CP Joshi, and others, preacher Morari Bapu officially unveiled Viswas Swaroopam, what is said to be the highest Shiva statue in the entire world. A 369-foot-tall Shiva statue called “Viswas Swaroopam” has been built in Nathdwara, Rajasthan’s Rajsamand district. Viswas Swaroopam, The Shiva statue:

a)      The Viswas Swaroopam statue was built by Tat Padam Sansthan and is located 45 kilometres from Udaipur.

b)      The Viswas Swaroopam monument, which is positioned on a mountaintop over a region of 51 bighas and is designed in a meditative pose, is believed to be visible from 20 kilometres away.

c)       According to Jaiprakash Mali, the program’s spokeswoman, the statue has been illuminated with special lights so that it can be seen clearly at night as well.

d)      Its construction, which took ten years to complete, involved the usage of three thousand tonnes of steel, iron, concrete, and sand, as well as 2.5 lakh cubic tonnes of concrete.

e)      According to Mr. Mali, the Viswas Swaroopam statue was built to last 250 years and can withstand winds of up to 250 kmph.

 

5. Central Vigilance Awareness Week: 31st October to 6th November 2022: Central Vigilance Commission observes Vigilance Awareness Week during the week in which 31st of October, the birthday of the late Sardar Vallabhbhai Patel falls. This year, Vigilance Awareness Week is being observed from 31st October to 6th November 2022 with the following theme: “Corruption-free India for a developed Nation”.

About the Vigilance Awareness Week: In course of observance of Vigilance Awareness Week, public meetings will be held at district and block levels involving the students, youth, academics, serving and retired Govt. officials, Self Help Groups, NGOs and members of civil society in order to raise public awareness against perils of corruption and enlist the support of all the stakeholders in the anti-corruption campaign. Further, debate, quiz, cartoon, slogans, painting, rangoli & poster competitions on anti-corruption theme amongst the school and college students have been planned. Public rallies, walkathon and marathon etc. involving students and different sections of society will also be organised at different places to raise awareness.

 

INTERNATIONAL UPDATES:

 

1. Spiritual leader Mata Amritanandamayi appointed as Chair of C20: Spiritual leader Mata, Amritanandamayi Devi (Amma) has been appointed the Chair of the country’s Civil 20 (C20), an official engagement group of the Group of 20 (G20), by the union government. The G20 is the premier inter-governmental forum for the world’s developed and emerging economies to address financial stability on a global basis. The C20 is its platform for civil society organisations (CSOs) to bring forth non-government and non-business voices to the G20 leaders.

India will assume the Presidency of the G20 for one year from December 1, 2022 to November 30, 2023. The pinnacle of events is September 9-10, 2023 when the G20 Leaders’ Summit will take place in New Delhi at the level of Heads of State and Government, it said. But in advance, India will host more than 200 meetings across the country, an endeavour that involves intense work by ministerial meetings, working groups, and engagement groups.

 

2. World Vegan Day: 1st November: World Vegan Day is celebrated every year on November 1 to encourage people to follow the vegan lifestyle and spread awareness about veganism. The day is dedicated to the practice of abstaining from use of animal products and exploitation of animals. All across the world, World Vegan Day is celebrated a day after Halloween. Halloween falls on October 31, and a day after is celebrated as World Vegan Day to advocate the benefits of avoiding and banning the exploitation of animals, extending our love and care to other species and the natural environment. According to World Vegan Day, this year’s theme will be based on the animal rights-focused campaign ‘Future Normal’.

World Vegan Day History: World Vegan Day originated in England in 1994, when vegan animal rights activist Louise Wallis established the day to celebrate the 50th anniversary of the Vegan Society. As the President of the Vegan Society, she emphasised the continued existence of a vegan association and draw attention to the fact that the word ‘vegan’ had found its way into the English language that year. Since then, November 1, 1994, has been celebrated as the World Vegan Day providing an opportunity for all vegans around the world to celebrate and promote veganism with all its positive aspects.

Note: Vegan Society Founded: November 1944; Vegan Society Founders: Donald Watson, Elsie Shrigley.

 

OTHER UPDATES:

 

SPORTS

 

1. India defeats Australia to win third Sultan of Johor Cup: Indian junior men’s hockey team defeated Australia to win the Sultan of Johor Cup 2022 in a shootout 5-4 after a 1-1 draw at the Taman Daya Hockey Stadium in Johor Bahru, Malaysia. This is the third time India has won the Sultan of Johor Cup. India scored the first goal with Sudeep Chirmako’s field goal in the 14th minute. However, Australia came back in the second quarter as Jack Holland equalised with India.

In the shootout, both teams ended with 3-3 scoreline, forcing the match into sudden death. Uttam Singh scored twice in the shootout, including in sudden death, while Vishnukant Singh, Ankit Pal, Sudeep Chirmako also sounded the board for India. For Australia, Burns Cooper, Foster Brodee, Brooks Joshua and Hart Liam entered their names on the scoresheet.

Notably: The Indians have won the age group tournament twice in 2013 and 2014 and finished second best four times in 2012, 2015, 2018 and the last edition of the event in 2019. The tournament was not held in 2020 and 2021 because of the COVID-19 pandemic.

 

BANKING AND FINANCE

 

1. RBI Revokes Authorisation Certificate of Chennai-Based GI Technology: The Reserve Bank has revoked certificate of authorisation of Chennai-based GI Technology Private Limited over governance concerns in the company. The company is in business of issuance and operation of prepaid payment instruments. Key Points:

a)      Governance concerns and non-compliance with regulatory requirements” are the reasons for revocation of Certificate of Authorisation (CoA), the central bank said in a statement.

b)      Following the revocation of the CoA, GI Technology cannot transact the business of issuance and operation of prepaid payment instruments, it said.

c)       However, customers or merchants having a valid claim, if any, on the company as PSO, can approach the company for settlement of their claims, the Reserve Bank added.

d)      The Reserve Bank of India, in the exercise of the powers conferred on it under Section 8 of the Payment and Settlement Systems Act, 2007, has revoked the Certificate of Authorisation (CoA) of the Chennai-based GI Technology Private Limited over governance concerns in the company.

 

BUSINESS AND ECONOMY

 

1. India’s forex reserves hit a new low, RBI forced to spend $118 billion to defend INR: For the week ending October 14, India’s foreign exchange reserves (Forex Reserves) further declined to a level not seen in more than two years as the country’s central bank, Reserve Bank of India (RBI) continued to defend the rupee’s decline while disregarding the serious threat posed by dwindling foreign exchange reserves. Key Points:

a)      According to information made public by the Reserve Bank of India, the third largest economy in Asia’s foreign exchange reserves decreased by $3.85 billion to $524.52 billion for the week ending October 21.

b)      The spot foreign exchange reserves have decreased from their peak of $642.45 billion on September 3 of last year, which set a record, and from a low of $607 billion at the end of March.

c)       The currency reserves have now run out for 11 of the last 12 weeks. For the week ending October 7, when increases in gold reserves had increased the forex reserves by merely $204 million, it was the only time it was fortunate.

d)      For the week ending October 14, foreign exchange reserves were at $528.37 billion, its lowest level since July 2020.

 

2. Zee-Sony merger: Groups agree to sell 3 Hindi channels to address anti-competition concerns: Sony and Zee media groups have voluntarily agreed to sell their three Hindi Channels- Big Magic, Zee Action, and Zee Classic to address possible anti-competition concerns arising out of their proposed mega-merger deal. Sony and Zee have submitted their proposals to the Competition Commission of India (CCI). They have issued a 58-page long detailed order which informs that the two groups have agreed to divest Big Magic, which is a Hindi general entertainment channel, as well as Zee Action and Zee Classic. Key Points:

a)      The two media groups, Sony and Zee, have voluntarily agreed to the modification to the proposed deals after CCI’s prima-facie opinion.

b)      Deals beyond a certain threshold compulsory require the approval of CCI, which seeks to ensure fair competition in the marketplace.

c)       CCI cleared the proposed Sony-Zee merger deal, which was announced in September.

d)      The regulator has also mandated various requirements to be fulfilled by the purchaser concerned before buying the three channels.

e)      One condition is that the purchaser should not be “Star India Private Limited or Viacom18 Media Private Limited”.

f)        The purchaser should be independent of and with no connections to whatsoever with the resultant entity and its affiliates. It should not be either a past or present employee or director as per the order.

 

AWARDS AND HONOURS

 

1. RRR won best International Film at Saturn Awards 2022: The ace filmmaker SS Rajamouli’s, which recently hit the screens in Japan, has won its first major international honour. The biggie won the ‘Best International Film’ honour at the Saturn Awards 2022, which were held in Los Angeles. RRR is a period drama which features Jr NTR and Ram Charan as the parallel leads. RRR, which grossed nearly Rs 1,200 crore at the worldwide box office, has bagged its first major international honour. RRR beat titles like Downton Abbey: A New Era, Eiffel, I’m Your Man, Riders of Justice, and Silent Night to take home the award for the best international film at the 2022 awards.

About the Saturn Awards: Saturn Awards are presented by the Academy of Science Fiction, Fantasy and Horror Films, awarding films in science fiction, fantasy, horror, and other genres belonging to genre fiction in films, TV, as well as streaming. The Saturn Awards were created in 1973 and were originally referred to as Golden Scrolls.

 

DEFENCE

 

1. Indian Navy Participates in Maiden Trilateral Exercise with Mozambique and Tanzania: The Defence Ministry has informed that the first edition of the India-Mozambique-Tanzania Trilateral Exercise commenced at Dar Es Salaam, Tanzania on 27th October 2022. The Indian Navy has participated in the Maiden Trilateral Exercise with Mozambique and Tanzania. Indian Navy is represented by the guided missile frigate, INS Tarkash, a Chetak Helicopter, and MARCOS. Key Points

a)      The exercise has three main objectives including capability development to address common threats through training and sharing of best practices, Enhancing interoperability, and strengthening maritime cooperation.

b)      The exercise has been held till 29th October 2022 which also includes the Harbour and sea phases.

c)       In the harbor phase, various capacity-building activities are involved which include visit, board, search, and seizure.

d)      Small arms training, joint diving operations, damage control and fire fighting exercises, and cross-deck visits are scheduled in the capacity building activities.

e)      The sea phase includes boat operations, fleet maneuvers, visit, board, search, and seizure operations, helicopter operations, small arms firing, formation anchoring, and EEZ patrols.