Daily GK Update- 4th Nov, 2022

 

NATIONAL UPDATES:

 

1. Supreme Court Bans Two-Finger Test: The Supreme Court on 31 October, reiterated the ban on the “two-finger test” in rape cases, warning that persons using such tests will be deemed guilty of misconduct. Observing that the test was based on a patriarchal mindset that assumed that sexually active women could not be raped, the bench of Justices DY Chandrachud and Hima Kohli regretted that such a method of examination was being used even today.

The bench, directing the Union Health Ministry to ensure that survivors of sexual assault and rape are not subjected to the two-finger test. “The probative value of a woman’s testimony does not depend on her sexual history. It is patriarchal and sexist to suggest that a woman cannot be believed when she states that she was raped merely because she is sexually active,” the bench added. The apex court’s remarks were made while deciding on an appeal filed against a judgment of the Telangana High Court which overturned the conviction recorded by a trial court in a rape case.

What Is the Two-Finger Test: A “per vaginal” or two-finger test is an explicitly intrusive physical examination wherein a doctor inserts two fingers inside the vagina of a rape survivor to check if the hymen is intact or not. It examines the laxity of vaginal muscles in order to determine if the woman has engaged in or has been subjected to sexual intercourse – a proof of virginity. In some cases, it is done by inspecting the size of a vaginal opening and for tears in the hymen.

Erstwhile Judgement Of SC: In May 2013, the Supreme Court had banned the two-finger test on rape victims on the grounds that it violates their right to privacy. The court had asked the government to provide better medical procedures in order to confirm sexual assault.

In 2018, United Nations (UN) Human Rights, UN Women, and the World Health Organization (WHO) had called for a ban on two-finger test in order to eliminate violence against women. They declared it a “medically unnecessary, often times painful, humiliating and traumatic practice that must end.”

 

2. Government approved Electronics Manufacturing Cluster at Ranjangaon: Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar announced that an Electronics Manufacturing Cluster is to be developed in the Ranjangaon area of Maharashtra. The Electronics Manufacturing Clusters will be developed for ₹500 crores. Electronics Manufacturing Clusters are expected to generate thousands of jobs in the coming years and will attract an investment of over ₹2,000 crores. Key Points:

a)      The Electronics Manufacturing Clusters project has joined Tamil Nadu, Noida, and Karnataka in making an aggressive pitch to emerge as a powerful electronic hub.

b)      The government to contribute ₹207.98 crores in the development of the Electronics Manufacturing Clusters in Ranjangaon.

c)       The overall cost of development of the EMC is likely to be ₹492.85.

d)      The Central Government will contribute ₹207.98 crores and the rest will be contributed by the Maharashtra Industrial Development Corporation (MIDC), the State Industrial Agency of the Maharashtra Government.

 

3. UP’s Ranipur Tiger Reserve Becomes 53rd Tiger Reserve of India: Uttar Pradesh is set to have its fourth Tiger Reserve and 53rd tiger reserve in India. The tiger reserve is spread across over 529.36 sq km out of which the core area is 230.32 sq km and the buffer area is 299.05 sq km. Union Minister for Environment, Forest, and Climate change Bhupendra Yadav confirmed the development. Key Points:

a)      Apart from Ranipur, Uttar Pradesh has three tiger reserves, Dudhwa, Pilibhit, and Amangarh.

b)      The UP government also approved the notification of the Ranipur Wildlife Protection Act 1973.

c)       Chief Minister Yogi Adityanath has also decided to establish the Ranipur Tiger Conservation Foundation along with sanctioning of requisite posts.

d)      Ranipur Tiger Reserve is covered by northern tropical dry deciduous forests and is home to mammals like megafauna tiger, leopard, bear, spotted deer, sambhar, and chinkara among others.

 

4. Arunachal Pradesh to get Northeast’s first fish museum: A fish museum, the first of its kind in the Northeast, would soon be built in Arunachal Pradesh, Fisheries Minister Tage Taki. The museum in the NorthEast region (NER), with all fish species across the district from Tawang to Longding, to attract tourists, fish lovers and the museum will also serve as a training centre for fish farmers.

The fish museum would be a part of India’s first Integrated Aqua Park (IAP), sanctioned by the Union Ministry of Fisheries, Animal Husbandry & Dairying (MoFAHD). The existing Tarin Fish Farm (TFF), located at high-altitude Bulla village, would be upgraded as the IAP where the museum would come up. It will have all fish species of the state and serve as a training centre for fisherfolk. An amount of Rs 43.59 crores was sanctioned for the project in the current financial year as the first instalment.

Note: Arunachal Pradesh Governor: Dr B. D. Mishra; Arunachal Pradesh Chief Minister (CM): Pema Khandu;

 

5. Tata Steel Jamshedpur India’s first to achieve ResponsibleSteel certification: Tata Steel has received ResponsibleSteel certification for three of its production facilities in Jamshedpur, Jharkhand. The steel works, tubes division and cold rolling mill (Bara) have joined the group of other steel-producing sites around the world with the certification. This is a historic moment for Tata Steel and an important step in our sustainability journey. Globally, the steel industry is at a critical juncture and the larger impact of how we produce and consume steel needs to be addressed urgently.

About the ResponsibleSteel: ResponsibleSteel is the steel industry’s first global multi-stakeholder standard and certification initiative that works with steel producers, consumers, and intermediaries towards building a sustainable steel industry by addressing pressing challenges including climate change, diversity, human rights and more.

Note: Tata Steel CEO: T. V. Narendran; Tata Steel Founded: 25 August 1907, Jamshedpur.

 

INTERNATIONAL UPDATES:

 

1. 103 million People Forcibly Displaced Worldwide, Reveals UNHCR Report: The number of people forcibly displaced from their homes due to persecution, conflict, violence, human rights violations and events seriously disturbing public order globally surged to 103 million in the first half of 2022, meaning that one in 77 people on Earth is forcibly displaced, the UNHCR said in Geneva. Key Points in Report:

a)      According to the report, the total number of refugees and people in need of international protection worldwide rose by 24 per cent from 25.7 million at the end of 2021 to 32 million by mid-2022.

b)      At the end of June this year, more than half (56 per cent) of all refugees were Syrian, Venezuelan or Ukrainian.

c)       In mid-2022, the report showed, Turkey hosted 3.7 million refugees, the largest refugee population worldwide. Colombia was second with 2.5 million and Germany third with 2.2 million refugees, followed by Pakistan and Uganda (1.5 million each).

d)      The UNHCR report also showed that the number of asylum-seekers waiting for a decision had climbed to 4.9 million by mid-2022 from 4.6 million at the end of 2021.

e)      In the first half of this year, more than 9.6 million new displacements due to conflict and violence were reported. The vast majority were in Ukraine, which accounted for 74 per cent of all new internal displacements.

About UNHCR: The UNHCR, also known as the UN Refugee Agency, is a UN programme mandated to protect and support refugees at the request of a government or the UN itself and assists in their voluntary repatriation, local integration or resettlement to a third country.

Its headquarters is located in Geneva, Switzerland, and it is a member of the United Nations Development Group.

 

2. India’s Defence Ministry Is World’s Biggest Employer: ‘Statista’ report: India’s Ministry of Defence is the world’s biggest employer with 2.92 million people, which includes combined active service personnel, reservists and civilian staff, according to a report in ‘Statista’. A touch ahead of the United States equivalent, the Department of Defense.

The World Scenario: A close second to the Indian Defence Ministry is the US Department of Defense which employs 2.91 million people, according to the Statista infographic on employers with the largest workforces worldwide in 2022.

In China, the People’s Liberation Army, which doesn’t include civilian positions, employs around 2.5 million people, the Hamburg-based firm specializing in market and consumer data said.

Other Findings: According to the report, no company in the world has more employees than Walmart. “The latest information from the US retail giant put the figure at a massive 2.3 million. Not even the behemoth that is Amazon comes close, despite being in second place with a 1.6 million-strong workforce,” cites Statista.

About Statista: Statista is a Germany-based private organisation that provides data and statistics about various issues worldwide.

 

3. WHO Global TB Report 2022: The WHO released the Global TB Report 2022. The Report notes the impact of the COVID-19 pandemic on the diagnosis, treatment, and burden of disease for TB all over the world. The Ministry of Health and Family Welfare has taken note of the WHO Global TB Report 2022 and clarified that India has performed far better on major metrics as compared to other countries over time. Key Findings of The Report:

a)      Over 10.6 million people fell ill because of tuberculosis in 2021. This is a 4.5 per cent increase when compared with 2020 figures.

b)      6 million people have lost their lives to tuberculosis. Of these, 187,000 are HIV patients.

c)       The burden of drug-resistant tuberculosis (DR-TB) has risen by 3 per cent between 2020 and 2021. Last year, 450 000 new cases of rifampicin-resistant TB (RR-TB) were recorded.

d)      COVID-19 pandemic and the on-going conflicts in Eastern Europe, Africa and the Middle East are disrupting TB responses across the world. Due to challenges related to accessibility to essential TB services, many people with tuberculosis have not been diagnosed and treated.

e)      According to the report, the number of reported cases of TB fell from 7.1 million in 2019 to 5.8 million in 2020. The situation improved in 2021, with 6.4 million people reporting TB.

TB & India’s Performance:

a)      With 28% cases, India was among the eight countries accounting for more than two-third (68.3%) of the total TB patients’ count. The other countries were Indonesia (9.2% cases), China (7.4%), the Philippines (7%), Pakistan (5.8%), Nigeria (4.4%), Bangladesh (3.6%) and the Democratic Republic of the Congo (2.9%).

b)      India accounted for 36% of the global TB related deaths among HIV negative people.

c)       India was among the three countries (along with Indonesia and the Philippines) that accounted for most of the reduction in 2020 (67% of the global) and made partial recoveries in 2021.

d)      India’s TB incidence for the year 2021 is 210 per 100,000 population – compared to the baseline year of 2015 (which was 256 per 100,000 population).

e)      There has been an 18% decline (7 percentage points); better than the global average of 11% placing India at the 36th position in terms of incidence rates.

 

OTHER UPDATES:

 

SPORTS

 

1. Formula-1 racing: Max Verstappen won Mexican Formula 1 GP 2022: Red Bull driver Max Verstappen finished in first place at the Mexican Grand Prix 2022 to claim his record-setting 14th win of the season. Mercedes’ Lewis Hamilton and Red Bull’s Sergio Perez finished second and third respectively. Verstappen 14th victory of the season sees him pass Michael Schumacher and Sebastian Vettel for the most race wins in a single season in Formula One history. Verstappen is now the most successful driver in the history of the Mexican GP, having secured his fourth title. It was the 34th race win of his career & 14th win of the 2022 season.

 

BUSINESS AND ECONOMY

 

1. RIL Becomes First Indian Company to Post Earnings Call on Metaverse: Reliance Industries Limited (RIL) posted the proceedings of its Q2 FY 2022-23 earnings call on the metaverse. This is the first time in the history of corporate India that a company has used metaverse to engage with its stakeholders. The RIL metaverse was produced in partnership with GMetri, a no-code metaverse creation platform. One doesn’t need to wear an AR/VR headgear to access it. Using it, analysts across the world tracking the company can toggle with slides and graphics placed on different screens as per the multiple buckets in the results presentation. They can also download the RIL Q2 22-23 media release and the transcript of the media and analyst call in PDF formats. The RIL metaverse also has a special section comprising quotations from RIL Chairman and Managing Director, Mukesh Ambani.

Metaverse: Metaverse is a combination of the words ‘meta’ and ‘universe’. ‘Meta’ means ‘Beyond’. So metaverse is a universe that is beyond the universe as we know it. It exists in the virtual realm but feels just as real. Everything That need to know:

a)      Metaverse will include elements from both physical and virtual worlds.

b)      Nobody owns the metaverse like how nobody owns the internet. It is an open platform.

c)       A metaverse is a form of mixed reality i.e. a combination of augmented and virtual reality.

d)      Metaverse will support 3-D virtual spaces. 3D spaces in the virtual world will let you socialize, learn, collaborate and play in ways that go beyond what we can imagine.

e)      Metaverse is expected to expand the internet to combine digital spaces like online gaming, social media, cryptocurrency, virtual reality, and augmented reality.

 

2. BPCL recognised as country’s most sustainable oil & gas company: Bharat Petroleum Corporation Limited (BPCL), ‘Maharatna’ and a Fortune Global 500 Company has once again achieved the No.1 rank in the Indian oil and gas sector for its sustainability performance in the 2022 edition of the S&P Dow Jones Sustainability Indices (DJSI) Corporate Sustainability Assessment (CSA) rankings. This is the 3rd consecutive year that BPCL is at the top of the DJSI Indices in India having achieved a score of 65 percentage points, against an industry average score of 31 which is far better than last year’s score of 59 against an industry average score of 39 on DJSI platform. Key Points:

a)      BPCL is creating a vibrant ecosystem for green energy transition and realize its aspirations for achieving Net-Zero emissions.

b)      BPCL is proactively taking various initiatives in implementing low-carbon product technologies such as 1G & 2G Bioethanol, Compressed Biogas, Biodiesel, EV charging corridor, Rainwater Harvesting, Addition of plantation using Miyawaki and seed bombing techniques, Solarization of 50 per cent retail outlets by 2025 and increase in renewable energy portfolio with target additions to reach 1 Gigawatt (GW) by 2025, and 10 GW by 2040 Etc.

Note: Bharat Petroleum Corporation Limited Chairman: Arun Kumar Singh; Bharat Petroleum Corporation Limited Headquarters: Mumbai; Bharat Petroleum Corporation Limited Founded: 1952.

 

Awards and Honours

 

1. Bangladesh PM Sheikh Hasina confers ‘Friends of Liberation War’ honour on Edward M Kennedy: Bangladesh Prime Minister Sheikh Hasina conferred the prestigious ‘Friends of Liberation War’ honour on former US Senator Edward M Kennedy posthumously in Dhaka for his contribution to the liberation of Bangladesh. The honour was handed over to his son Edward M Ted Kennedy Junior. Honour is given to Edward M Kennedy:

a)      Prime Minister Sheikh Hasina recalled the great contribution of Edward Kennedy Senior with gratitude. She said that Kennedy Senior took a bold stand against the genocide committed by Pakistan on innocent Bengali people despite the US government’s role during the 1971 liberation war.

b)      Recalling the strong opposition mounted by Kennedy Senior against the US government policy of supplying arms to Pakistan, Prime Minister Hasina said that Kennedy worked hard to stop US military and economic aid to Pakistan till the end of the war. She recalled that Kennedy visited the refugee camps in West Bengal where a large number of people from the then East Pakistan had fled to escape from Pakistan army brutality.

 

2. 63 officers awarded with ‘Union Home Minister’s Special Operation Medal’: 63 police officers from Maharashtra, Delhi, Punjab, Telangana, and Jammu & Kashmir have been awarded the ‘Union Home Minister’s Special Operation Medal’ for the year 2022. The award was given by the Ministry of Home Affairs (MHA) for four special operations conducted by them in areas of terrorism, border actions, arms control, prevention of narcotics smuggling, and rescue operations. Key Points:

a)      The medals were awarded at the ‘Run For Unity’ event to mark the birth anniversary of Sardar Vallabhbhai Patel.

b)      The ‘Union Home Minister’s Special Operation Medal‘ was constituted in 2018.

c)       It is conferred to state and union territory police forces, central police organizations, central armed police forces, and security organizations throughout India.

d)      The objective of the ‘Union Home Minister’s Special Operation Medal’ is to recognize those operations, which have a high degree of planning, and high significance for the security of the country/state/UT.

Daily GK Update- 3rd Nov, 2022

 

NATIONAL UPDATES:

 

1. Chief Minister Yogi Adityanath inaugurates north India’s first data centre at Greater Noida: Uttar Pradesh Chief Minister Yogi Adityanath has inaugurated North India’s first hyper-scale data centre Yotta Yotta D1 built at the cost of Rs 5,000 crore and spread over an area of 3,00,000 square feet at the upcoming Data Centre Park in Greater Noida. Memorandums of Understanding worth Rs 39,000 crore were also signed between the Yogi Government and Hiranandani Group to be spent on projects in the next five years on the occasion. The data centre will increase the data storage capacity of the country, which until now stood at two percent only despite the fact that 1.5 billion mobile phones and 650 million internet users in the world are from India using 20 per cent of data. Yet for storage of data, we had to look for centres abroad.

Note: Uttar Pradesh Governor: Anandiben Patel; Uttar Pradesh Capital: Lucknow (Executive Branch); Uttar Pradesh Chief Minister: Yogi Adityanath.

 

2. Maharashtra government to set up Cyber Intelligence Unit: Maharashtra Deputy Chief Minister and Home Minister Devendra Fadnavis informed that a dedicated cyber intelligence unit will be set up in Maharashtra to curb cyber and financial crimes. The meeting was held under the Chairmanship of Union Home Minister Amit Shah. It was a two-day contemplation camp of Home Ministers and Director Generals of Police of various states across the country organized at Surajkund in Haryana. Key Points:

a)      The meeting was addressed by Prime Minister Narendra Modi, and he discussed many issues of national security.

b)      Devendra Fadnavis informed that the Cyber Intelligence Unit will be a dedicated single platform, through which a global model will be created to curb cybercrime.

c)       Through this platform Government and Private banks, financial institutions, Social media institutions, regulatory bodies, cyber police, and technicians will be united.

d)      The platform will serve as a dynamic response system and make more use of modern technology.

e)      According to Devendra Fadnavis, Maharashtra has completed proceedings at the highest speed in the Crime and Criminal Tracking Network and System (CCTNS).

f)        The state government has also marked great progress through Automated Multimedia Biometric Identification System (AMBIS).

 

3. Union Education Minister Inaugurates India’s Second National Model Vedic School in Puri: Union Education Minister Dharmendra Pradhan inaugurated India’s second Rashtriya Adarsh Veda Vidyalaya (RAVV) in Puri. The Rashtriya Adarsh Veda Vidyalaya has been launched to spread knowledge of the Vedas among people. Rastriya Adarsh Veda Vidyalaya which is also called the National Model Vedic School. Maharishi Sandipani Rashtriya Ved Vidya Pratisthan is the first such school in Ujjain, Madhya Pradesh. Key Points:

a)      The curriculum of the Rashtriya Adarsh Veda Vidyalaya includes all four Vedas, Rigveda, Samaveda, Yajurveda, and Atharva.

b)      In the Rashtriya Adarsh Veda Vidyalaya, students will also get the opportunity to opt for science, english, mathematics, social science, computer science, and agriculture.

c)       Admissions will be based on merit in the ‘Veda Bhusan’ fourth (class 9), ‘Veda Bhusan’ fifth (class 10), ‘Veda Vibhushan’ first (Class 11), and ‘Veda Vibhushan’ second (class 12).

d)      The courses will begin in the 2022-23 academic year.

e)      Four more such schools will come up at Badrinath in Uttrakhand, Sringeri in Karnataka, Dwarka in Gujarat, and Guwahati in Assam.

 

4. UNESCO: Mawmluh Cave in Meghalaya first Indian Geoheritage Site: The International Union of Geological Sciences (IUGS), one of the largest scientific organisations of UNESCO, has recognised the Mawmluh Cave, located in the East Khasi Hills district of Meghalaya, as one of the first 100 IUGS geological heritage sites. The full list will be presented at the IUGS’s 60th-anniversary event, which will take place in Zumaia, Spain. The announcement of the 100 geological heritage sites is expected to kick start an endeavour to designate geological sites from around the world that are iconic, and recognised by all geoscience communities for their impact in understanding the Earth and its history.

Mawmluh Cave: With a length of 7.2kms, Mawmluh Cave is the fourth longest cave in the Indian subcontinent. The cave is a long maze with many openings and is decorated with stalactites, stalagmites, columns, drapes and moon milk. Set at an altitude of 4503 m, the cave is known for its stalagmite formations. Another prime feature of the cave is the pool inside the cave that is formed from five different rivers that pass through the cave.

Note: International Union of Geological Sciences Founded: 1961; International Union of Geological Sciences Motto: Earth Science for the Global Community; International Union of Geological Sciences Parent organization: International Science Council (ISC); International Union of Geological Sciences Headquarters: Founded in Paris, France, secretariat in Beijing, China

International Science Council Headquarters: Paris, France; International Science Council Founded: 4 July 2018; International Science Council President: Peter Gluckman.

 

INTERNATIONAL UPDATES:

 

1. Lula da Silva defeats Bolsonaro to return as Brazil’s President for third time: Brazil’s electoral authority said that Luiz Incio Lula da Silva of the leftist Worker’s Party defeated incumbent Jair Bolsonaro to become the country’s next president. With 98.8 per cent of the votes tallied in the runoff vote, da Silva had 50.8 per cent and Bolsonaro 49.2 per cent, and the election authority said da Silva’s victory was a mathematical certainty. Da Silva’s inauguration is scheduled to take place on January 1, 2023.

Da Silva the country’s former president from 2003-2010 has promised to restore the country’s more prosperous past, yet faces headwinds in a polarised society. His victory marks the first time since Brazil’s 1985 return to democracy that the sitting president has failed to win reelection. His inauguration is scheduled to take place on January 1.

Note: Brazil Capital: Brasilia; Brazil Currency: Brazilian real.

 

2. IFS Rajesh Ranjan named as next Indian envoy to Ivory Coast: Indian Foreign Service officer, Dr Rajesh Ranjan has been appointed as the next Indian Ambassador to the West African nation of Cote d’Ivoire or Ivory Coast. Dr Rajesh Ranjan is currently posted as the High Commissioner of India to the Republic of Botswana. Dr Ranjan holds a PhD degree in Economics (Public Finance) from Allahabad University. Dr Rajesh Ranjan was Director in the Americas Division at the Ministry of External Affairs (15 July 2016-23 March 2018) and he handled issues related to India’s relations with US and Canada.

Note: Ivory Coast Capital: Yamoussoukro; Prime Minister of Ivory Coast: Patrick Achi; Ivory Coast Currency: West African CFA franc; Ivory Coast President: Alassane Ouattara.

 

OTHER UPDATES:

 

SPORTS

 

1. French Open 2022 Badminton: Satwiksairaj Rankireddy and Chirag won men’s doubles title: India’s Satwiksairaj Rankireddy and Chirag Shetty clinched the French Open Super 2022 badminton tournament men’s doubles title after defeating Chinese Taipei’s Lu Ching Yao and Yang Po Han in straight games 21-13, 21-19 in the final, in Paris. With this, Satwik and Chirag’s also won their first-ever super 750 and second BWF World Tour title this year.

This was their fourth BWF World Tour title, but the previous three were lower-tier tournaments. Their first, the Hyderabad Open 2018, was a Super 100 tournament while the Thailand Open 2019 and India Open 2022 were both Super 500 events. The win also makes Chirag and Satwiksairaj the first Indian doubles pair to clinch a BWF Super 750 crown. The duo had also made it to the 2019 French Open final but lost the title decider to Indonesian aces Marcus Fernaldi Gideon and Kevin Sanjaya Sukamuljo.

 

2. Dharmendra Pradhan signs MoU with FIFA and AIFF for Football4Schools: Union Education and Skill Development & Entrepreneurial Minister Shri Dharmendra Pradhan signed an MoU with FIFA and the All-India Football Federation for the ‘Football4Schools’ initiative in India. FIFA President, Mr. Gianni Infantino, and President, of All India Football Federation, Shri Kalyan Chaubey signed MoU on behalf of the respective organizations. Key Points:

a)      Shri Dharmendra Pradhan informed that sports have been given a place of pride in NEP 2020 and the Football4Schools program espouses the spirit of NEP2020.

b)      Sports has been given a place of pride in NEP 2020.

c)       Prime Minister Narendra Modi has emphasized mainstreaming of sports with education.

d)      Football4Schools program is a step towards translating Prime Minister Shri Narendra Modi’s vision.

e)      He also expressed his gratitude and happiness towards FIFA, the All India Football Federation, and the Ministry of Education.

f)        Football is an immensely popular sport in India and the Football4Schools program uses it as a positive tool to inspire children and ensure their holistic development.

 

BANKING AND FINANCE

 

1. RBI launches Its First Pilot Project, ‘Digital Rupee’: The Reserve Bank of India (RBI) commenced pilot launche of the digital rupee from November 1. It has identified nine banks for participation in the pilot launch. They are the State Bank of India, Bank of Baroda, Union Bank of India, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Yes Bank, IDFC First Bank, and HSBC.

Digital Rupee: A Central Bank Digital Currency (CBDC) or Digital Rupee is a digital form of currency notes issued by a central bank. Digital currency or rupee is an electronic form of money, that can be used in contactless transactions. CBDCs Types:

a)      Retail (CBDC-R): Retail CBDC would be potentially available for use by all,

b)      Wholesale (CBDC-W) is designed for restricted access to select financial institutions.

Key Points:

a)      The central bank said the digital rupee will provide an additional option to the currently available forms of money. It is substantially not different from banknotes, but being digital it is likely to be easier, faster and cheaper.

b)      It also has all the transactional benefits of other forms of digital money, the RBI said.

c)       The central bank said its digital currency is aimed to complement, rather than replace, current forms of money and is envisaged to provide an additional payment avenue to users, not to replace the existing payment systems.

d)      Supported by state-of-the-art payment systems that are affordable, accessible, convenient, efficient, safe, and secure, the digital rupee will further bolster India’s digital economy, make the monetary and payment systems more efficient and contribute to furthering financial inclusion, the RBI said.

Benefits of Digital Rupee: Apart from reducing the transaction cost, having a digitised currency will make it easier for governments to access all transactions happening within the authorized networks.  Another benefit of digital currency is that they do not get torn, burnt or physically damaged. Neither can they be physically lost.

 

BUSINESS AND ECONOMY

 

1. Retail jewellery major Malabar becomes 1st Indian jeweller to import 25 kg gold from UAE: Retail jewellery major Malabar Gold and Diamonds has become the first jeweller in India to import 25 kg gold under the Comprehensive Economic Partnership Agreement (CEPA) between India and the UAE. The gold has been imported through ICICI Bank with one per cent duty rebate under the agreement. The group has effectively utilised the duty benefits of the agreement both in import and export for the first time in India. The Company has also been among the first few jewellers to receive permission to export jewellery to the UAE with tax concessions under this agreement in May 2022. Key Points:

a)      The tariff concessions offered in the India-UAE CEPA will enhance the domestic jewellery production capacity, generate various employment opportunities and make India a global hub for jewellery sourcing and OEM manufacturing.

b)      In May 2022, Malabar Gold and Diamonds became one of the first beneficiaries of India-UAE CEPA when it received permission to export jewellery from India to the UAE with tax concessions. Under the agreement, the UAE government has waived the five percent import duty into the UAE.

c)       The CEPA between India and the UAE came into effect on May 1, 2022 after Union Commerce and Industry Minister Piyush Goyal and UAE Minister of Economy Abdulla bin Touq Al Marri signed the agreement in Delhi in February 2022.

d)      Malabar Gold and Diamonds currently has over 290 showrooms and 14 Manufacturing units across 10 countries.

 

2. Jay Y Lee named as Executive Chairman of Samsung Electronic: Samsung Electronics Co. officially appointed Lee Jae-yong as its executive chairman, formalizing the all-encompassing leadership role he has long played at South Korea’s largest business. The 54-year-old, Lee has been vice chairman of Samsung Electronics, the crown jewel of South Korea’s biggest business conglomerate, since 2012. He takes over a position previously held by his father, Lee Kun-hee, who died two years ago after being incapacitated by a 2014 heart attack.

About the Samsung Electronics Co:

a)      Samsung Electronics Co., Ltd. is a South Korean multinational electronics corporation headquartered in Yeongtong-gu, Suwon, South Korea. It is the pinnacle of the Samsung chaebol, accounting for 70% of the group’s revenue in 2012.

b)      Samsung Electronics has played a key role in the group’s corporate governance due to circular ownership. Samsung Electronics has assembly plants and sales networks in 74 countries and employs around 290,000 people. It is majority-owned by foreign investors.

c)       As of 2019, Samsung Electronics is the world’s second-largest technology company by revenue, and its market capitalization stood at US$520.65 billion, the 12th largest in the world. Samsung is a major manufacturer of electronic components such as lithium-ion batteries, semiconductors, image sensors, camera modules, and displays for clients such as Apple, Sony, HTC, and Nokia.

Note: Samsung Founded: 13 January 1969; Samsung Founder: Lee Byung-chul; Samsung Headquarters: Suwon-si, South Korea.

 

AWARDS AND HONOURS

 

1. West Bengal’s Lakshmir Bhandar scheme bags the SKOCH Award: The West Bengal government’s Lakshmir Bhandar scheme has bagged the SKOCH award in the women and child development category. Under the Lakshmir Bhandar scheme:

a)      The West Bengal government had launched the scheme in August 2021 to provide financial support to a woman head of a family in the age group of 25-60 years.

b)      Under the scheme, Rs 500 is given every month to women in the general caste category and around Rs 1,000 per month to women in the SC and ST categories. The state government spends around Rs 11,000 crore every year to fund the scheme, sources in the government said.

c)       Among the districts of Bengal who are under the Lakshmir Bhandar scheme, North 24 Parganas has the highest number of beneficiaries, followed by South 24 Parganas, North Dinajpur and Hooghly.

d)      Every month the state government pays around 1090 crores for this welfare scheme. The state government is giving a window between November 1-30th for those who have still not applied for the Lakshmir Bhandar scheme. They can do so through the Duare Sarkar camps to start from November 1.

Note: West Bengal Governor:  La. Ganesan; Chief Minister of West Bengal: Mamata Banerjee.

 

2. K Sivan, among 67 to receive Rajyotsava awards by Karnataka awards: Former ISRO Chairman K Sivan, actors Dattanna, Avinash and Sihi Kahi Chandru are among 67 personalities who will be awarded Rajyotsava Award this year, by the Karnataka government. The award, carrying a cash prize of Rs 1 lakh, a gold medal and a citation, will be distributed on November 1, the state formation day.

This is the first time that the Karnataka government formed an expert committee to identify achievers from various fields for the awards given on November 1. Previously, the selection was made from a list of applicants. There has been criticism from some sections that awards are given to those with affiliations to the BJP and right-wing groups.

 

OBITUARIES

 

1. ‘Steel Man of India’ Jamshed Irani passes away at 86: Jamshed J Irani, also known as the “Steel Man of India”, passed away aged 86 at Tata Main Hospital in Jamshedpur.  He was born on June 2, 1936, in Nagpur to Jiji Irani and Khorshed Irani. The career of Jamshed J Irani:

a)      Jamshed J Irani completed his BSc from Science College, Nagpur in 1956 and his MSc in Geology from Nagpur University in 1958.

b)      Irani then went to the University of Sheffield in the UK as a JN Tata scholar, where he secured a Master’s in Metallurgy in 1960, and a PhD in Metallurgy in 1963.

c)       He started his professional career with the British Iron and Steel Research Association in Sheffield in 1963. But he always wished to contribute to India’s industrial progress.

d)      Irani returned to India to join Tata Steel or Tata Iron and Steel Company, as it was then known, in 1968 and joined the firm as assistant to the director in charge of research and development.

e)      In 1978, Irani went on to become the general superintendent of the company. In 1979, he was promoted to the rank of general manager, and eventually, in 1985, he became the president of Tata Steel.

f)        He became joint managing director of Tata Steel in 1988, and managing director in 1992, before retiring in 2011.

g)      He joined the Board of Tata Steel in 1981 and was also a non-executive director from 2001 for a decade. Besides Tata Steel and Tata Sons, Irani also served as a director of several Tata Group companies, including Tata Motors and Tata Teleservices.

h)      He was the chairman of the board of governors at the Indian Institute of Management, Lucknow. He, along with his sister Diana Hormusjee, instituted “Jiji Irani Challenge Cup”, a cricket tournament organised by the Zoroastrian Club of Secunderabad in memory of their father.

i)        After being appointed an International Fellow of the Royal Academy of Engineering in 1996, he was conferred an honorary knighthood by Queen Elizabeth II in 1997. Later in 2007, he received the Padma Bhushan government of India. After 43 years of service, he retired from Tata Steel in 2011.