NATIONAL UPDATES:
1. Petronet LNG inks MoU with Sri Lanka’s LTL Holdings: Petronet LNG (PLL) has entered into an MoU with LTL Holdings of Sri Lanka, for supply of LNG to LTL’s dual fuelled power plants in Kerawalapitiya, Colombo.Both parties, through this MoU, have agreed for development of LNG supply chain from PLLs LNG terminal, Kochi to LTLs power plant in Kerawalapitiya, Colombo.The proposed supply of LNG from PLL’s Kochi LNG Terminal would be through LNG ISO tank containers involving multi-modal transport system.The initial term of LNG supply would be 5 years, which is extendable subject to mutual agreement.
2. What is the Unified Pension Scheme?: The Modi government approved a new pension scheme called the Unified Pension Scheme (UPS). The UPS includes provisions for a fixed pension amount, ensuring retirees receive a guaranteed and predetermined sum regularly after retirement.Under UPS, if you work for 25 years or more, you will receive 50% of your average pay for the preceding 12 months as a pension, adjusted for inflation through dearness allowance.Employee contributions will remain the same under the UPS. However, the government will increase its contribution from 14% to 18.5%.At retirement under UPS, you will receive a lump sum payment at superannuation along with gratuity. This will be 1/10th of your monthly emoluments (pay + DA) on the date of superannuation for every six months of completed service. This payment will not reduce the assured pension amount.
INTERNATIONAL UPDATES:
1. India-US ink pact for mutual supply of defence goods & services: India and the United States have entered into a bilateral non-binding Security of Supply Arrangements (SOSA) to ensure the mutual supply of defence goods and services and address unanticipated supply chain disruptions to meet respective national security needs.Negotiations for the Reciprocal Defence Procurement Agreement (RDP), are still ongoing between the two countries. Through the RDP, Indian companies will be able to service US Department of Defence (DoD) contracts and vice versa, American businesses will have to honour Indian Ministry of Defence (MoD) deals.The two sides also signed the Memorandum of Agreement regarding the Assignment of Liaison Officers as a follow-up to the earlier mutually agreed decision to enhance information sharing between India and US.
2. India and Ukraine sign agreements in agriculture, medicine, and cultural cooperation: India and Ukraine have inked four agreements and resolved to enhance their cooperation in a range of key areas including defence, trade, pharmaceuticals, green energy and education.In the field of medical products regulation, the Central Drugs Standard Control Organisation of India and the State Service of Ukraine on Medicines and Drugs Control signed a Memorandum of Understanding (MoU). This MoU outlines plans for collaboration on improving the safety and quality of medical products through information exchange, capacity building, workshops, training, and mutual visits.Another MoU establishes the framework for Indian humanitarian grant assistance to support high-impact community development projects in Ukraine. These projects will be carried out in partnership with the Ukrainian government, aimed at benefiting the local population.
3. India-Denmark Launch Smart Laboratory for Clean Rivers Initiative: The main goal of the SLCR is to improve the health of the river and boost the local economy and social conditions. This will be achieved using advanced technology and a detailed river management plan over the next 2 to 3 years. The SLCR will use special models to study how the river’s water moves and behaves. It will also use real-time monitoring tools and data visualization to help make better decisions about managing the river. Certain parts of the Varuna River will get specific treatments to enhance the river’s health and benefit the local communities economically and socially.
OTHER UPDATES:
DEFENCE
1. IAF’s Sarang Team Showcases India’s Aviation Prowess at Egypt Airshow: The IAF dispatched its Sarang Helicopter Display Team to participate in the inaugural edition of the Egypt International Airshow.The event is scheduled to take place from September 3 to 5, 2024, at the strategically located Al-Alamein International Airport in Egypt’s El Dabaa.The airport, situated along the Mediterranean, serves as a major hub for global air, commercial, and logistical transport, making it an apt location for an event of this magnitude.The Sarang team, renowned for their precision and impressive aerial displays, will be showcasing the indigenous ‘Dhruv’ Advanced Light Helicopters (ALH Mk-I). These helicopters, built by Hindustan Aeronautics Limited (HAL), are multi-role and multi-mission, featuring a hinge-less composite main rotor, and are designed for both military and civilian applications. The contingent will be carrying five Sarang helicopters, which are being airlifted by C-17 Globemaster aircraft for the event.
SPORTS
1. Lando Norris won Dutch Grand Prix: Lando Norris has won the Dutch Grand Prix to beat Max Verstappen in Zandvoort.McLaren’s Norris continued his run of poor starts as he failed to keep the lead on a sixth successive occasion from the front of the Formula 1 grid, but passed Red Bull’s Verstappen at the start of lap 18 before romping home to win by 22 seconds.Ferrari’s Charles Leclerc drove a brilliant race from sixth on the grid to hold off Norris’ McLaren team-mate Oscar Piastri for the final podium spot.
SCIENCE AND TECHNOLOGY
1. NCERT and Education Ministry launches e-magazine ‘Sapno ki Udaan’: The Union Ministry of Education released the inaugural edition of the e-magazine ‘Sapno ki Udaan’.The e-magazine was launched on the occasion of the first National Space Day, which was observed across the country on 23 August to commemorate the soft landing of the Vikram lander of the Chandrayaan -3 mission on the south pole of the Moon on 23 August 2023.As an e-magazine, Sapno ki Udaan’s inaugural and forthcoming editions will be available online for all readers on the NCERT portal.
The theme of the inaugural Sapno ki Udaan e-magazine was ‘Space’.All the articles, poems, etc., published in the inaugural edition are related to Space and the Chandrayaan Missions of the Indian Space Research Organisation (ISRO).
2. India launches world’s first mobile-launched hybrid rocket, RHUMI-I: The world’s first mobile hybrid rocket, RHUMI-1, was successfully launched. The successful launch of the RHUMI-1 rocket also marks the launch of the first reusable hybrid rocket in India.The rocket was developed by Chennai-based startup Space Zone India in collaboration with Martin Group.The success of RHUMI-1 is expected to improve the efficiency and reduce the operational cost of rocket launches, making space exploration more accessible.The RHUMI-1 rocket is launched from a mobile launcher like a special truck, and the rocket can be used again; hence, it is called a reusable rocket.The RHUMI-1 reusable hybrid rocket was launched from a mobile launcher in Thiruvidandhai, a coastal village in Chennai, Tamil Nadu.
3. IISER Pune Developed CsPbBr3: Growing large and high-quality CsPbBr3 crystals has been difficult for scientists. These crystals need to have certain properties, like being able to change their electric polarization (called ferroelectric properties) and having minimal dark current, which is unwanted electrical noise. These challenges have slowed down progress in using these crystals in new technologies. The research team came up with a new way to grow these crystals using a process called solvothermal synthesis. This method involves dissolving the materials needed to form the crystals in a special solution at almost room temperature. This new approach allows the crystals to form more easily and with higher quality, overcoming some of the previous challenges.
4. 1835 Moon Hoax: On September 16, 1835, The Sun finally revealed that the articles were a hoax. Surprisingly, instead of losing readers, the newspaper’s popularity continued to grow. This demonstrated that people were fascinated by sensational stories, even if they weren’t true. This event highlighted the powerful influence that the press and media can have on shaping public perception. Famous writer Edgar Allan Poe criticized the articles for lacking originality and pointed out the irony that so many people believed such fantastical claims without questioning them.
5. Mission Rhumi 2024: The ‘Edutech for Space’ programme is an educational initiative designed to involve young students in the field of aerospace. A key participant in this program was 13-year-old Satrajit Samy, who, along with other students, had been preparing for this mission for over a year. The programme’s goal is to engage young minds in learning about space technology, making aerospace education accessible and exciting.
BANKING AND FINANCE
1. RBI cancels registration of Margdarshak Financial Services over high NPAs: The Reserve Bank of India (RBI) has cancelled the registration of Lucknow-headquartered Margdarshak Financial Services Ltd over high net NPAs and defaults on repayment to lenders.As on March 31, 2021, the company failed to maintain the minimum regulatory net owned fund of Rs 5 crore and minimum capital adequacy ratio of 15 per cent stipulated for NBFC-MFI.As per the statutory audit, as on March 31, 2021, the NBFC was facing cash flow issues and defaulted on repayment of Rs 49.27 crore to its lenders.Meanwhile, the RBI imposed penalties on NDX P2P Pvt Ltd and Innofin Solutions Pvt Ltd for non-compliance with certain provisions of ‘peer-to-peer lending platform’ and guidelines on digital lending.
2. Tata Power Solar Systems, ICICI Bank partner to finance solar units: Tata Power Solar Systems Ltd (TPSSL) has signed an agreement with ICICI Bank to provide financing for solar units to residential and corporate customers.As part of the agreement, the customers can avail themselves of loans up to Rs 90 lakh with collateral-free options and tenure extending up to 5 years.They can also get higher loans with collaterals with tenures of up to 20 years, said TPSSL, a wholly-owned subsidiary of Tata Power Renewable Energy Limited (TPREL).The customers can avail themselves of flexible down-payment option at 20-25 per cent of the loan amount, making it easier for them to invest in solar energy.
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