DAILY CURRENT AFFAIRS

By admin: Jan. 1, 2022

New Coast Guard Director General

Tags: Person in news

Government of India has appointed Mr VS Pathania, as the 24th Chief of Indian Coast Guard.

He is an alumnus of the Defence Services Staff College, Wellington and National Defence College, New Delhi.

 Coast Guard:

• It is a maritime law enforcement agency under the Union Ministry of Defence.
• It is responsible for protecting Indian economic interest in the territorial waters and Exclusive Economic Zones of India.
• It is responsible for curbing smuggling and piracy on the High Seas.
• It also undertakes rescue and search operation in High Seas   
• It was set up in 1977 on the recommendation of Dr Nag Chaudhary committee set up by the Government of India in 1970.

For detail on territorial waters, exclusive economic zone see our blog.

Tragedy at the Vaisno Devi as stampede kills many

Tags: National News

• Twelve pilgrims have died and over a dozen injured in a stampede at Jammu and Kashmir's Mata Vaishno Devi shrine. The stampede was triggered by a "minor altercation among some young boys" amid a massive rush of devotees on New Year.
• The incident occurred outside the sanctum sanctorum of the shrine on Trikuta hills.
• Jammu and Kashmir Lt. Governor Manoj Sinha has ordered a high level inquiry into the stampede.
• An ex-gratia of Rs. 2 lakh each has been approved by the Prime Minister of India from Prime Minister’s National Relief Fund (PMNRF) for the next of kin of those who lost their lives due to the stampede at Mata Vaishno Devi Bhawan and the injured would be given Rs. 50,000.

China renames 15 Places in Arunachal Pradesh

Tags: International News

• China has renamed 15 places in Arunachal Pradesh to reaffirm its claim on the state.
• China's Ministry of Civil Affairs announced that it had standardised in Chinese characters, Tibetan and Roman alphabet the names of 15 places in Zangnan, the Chinese name for Arunachal Pradesh.
• China claims 90,000 sq. km of areas in Arunachal Pradesh as part of its territory and calls it Zangnam or South Tibet.
• The Government of India has rejected the Chinese claim.

Government forms a panel on Energy Transition Strategy

Tags: Economics/Business

• The Government of India has set up the Energy Transition Advisory Committee headed by former petroleum secretary Mr. Tarun Kapoor.
• The committee will suggest a transition roadmap for the oil and gas sector so that India can achieve its target of zero carbon emissions by 2070. 

IRDAI extends D-SII tag of LIC,GIC and New India Insurance

Tags: Economics/Business

• Insurance Regulatory and Development Authority of India (IRDAI) has kept government owned Life Insurance Corporation (LIC), General Insurance Corporation of India (GIC),and New India Insurance as Domestic Systemically Important Insurers (D-SIII) for 2021-22.
• Last year also the same insurance companies were in the D-SIII list.
• D-SIII means that they are so important to the insurance sector in India that if any of these companies fails then it will cause massive problems for the insurance sector as a whole.
• D-SIII means these companies are perceived to be too big or too important to fail.
• These Companies will be subjected to close watch and regulation of the IRDAI.

IRDAI 

• It was set up in 1999
• Its Headquarters is at Hyderabad 
• It is the regulator of the Insurance sector in India.
• It was set up on the recommendation of R.N. Malhotra Committee set up by the government of India in 1993 on the Insurance sector.

Wheat Export Jumps to $872 mn in April-Oct 2021

Tags: Economics/Business

• In the first seven months (April-October) of the current financial year (2021-22), India’s wheat exports in terms of volume rose by more than 527 per cent to 3.2 Million Tonne (MT) from 0.51 MT reported during April-October period of 2020-21. 
• In terms of value, India’s wheat exports in the current fiscal (April – October) rose by 546 per cent to $ 872 million from $ 135 million reported during the same period of the previous fiscal.
•  Bangladesh was the main export market for Indian Wheat.
• In 2020-21,The top ten importing countries for Indian wheat were Bangladesh, Nepal, United Arab Emirates, Sri Lanka, Yemen, Afghanistan, Qatar, Indonesia, Oman and Malaysia.

Note 

• India is the largest exporter of Rice in the world and in wheat it is not even in the top 10 exporting countries. 
• One million is equal to 10 Lakhs.

RBI Data on Indian Economy

Tags: Economics/Business

RBI has released Developments in India’s Balance of Payments during the Second Quarter (July-September) of 2021-22 report.

Key Features of India’s Balance of Payment in second quarter of 2021-22:

• India’s current account balance recorded a deficit of US$ 9.6 billion (1.3 percent of GDP) in second quarter in 2021-22 as against a surplus of US$ 6.6 billion (0.9 percent of GDP) in first quarter of 2021-22 
• The deficit in the current account in second quarter of 2021-22 was mainly due to widening of trade deficit to US$ 44.4 billion from US$ 30.7 billion in the preceding quarter and an increase in net outgo of investment income.
• Net foreign direct investment recorded an inflow of US$ 9.5 billion, lower than US$ 24.4 billion a year ago.
• Net foreign portfolio investment was US$ 3.9 billion as compared with US$ 7.0 billion in second quarter 2020-21.

ATM withdrawal charges increased

Tags: Economics/Business

 From 1 January 2022,  banks have increased the penalty charges  on the ATM withdrawal  beyond the permissible limit.

  RBI has allowed the banks to impose a maximum fine of Rs 21 plus GST of 18% on  per excess  ATM transaction.

According to the RBI:

• Banks have to allow its account holder a minimum  three free transactions from other bank ATMs (financial and/or non-financial) in metros and five in non-metros per month 
• Banks have to allow  its account holder a minimum  five free transactions (financial and/or non-financial) every month from their own bank ATMs. 
• Financial transaction means withdrawal of cash from ATM
• Non-financial transaction means  non cash transaction like balance enquiry, etc.
• Metro ATM  transaction means transaction done in ATMs located in Delhi, Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad . 
• ATM stands for Automated Teller Machine 

India Wins U-19 Cricket Asia Cup 2021 record 8 times

Tags: Sports News

• India defeated Sri Lanka by 9 wickets  in the final of the Asia U-19 cricket cup.
• The final was held at Dubai International Cricket Stadium at Dubai, United Arab Emirates.
• This is the eight times India has won the Asia U-19 cricket title.
• Priyam Garg is the captain of Indian team.

Four Indians in the CA’s 2021 Test XI

Tags: Sports News

• Cricket Australia has released a list of its Test XI of 2021. It has included players on the basis of their performances in Test Matches played in 2021.
• It has included four India players in the list, Rohit Sharma, Rishab Pant, R.Ashwin and Axar Patel.
• CA Test XI of 2021: Rohit Sharma, Dimuth Karunaratne (SL, Capt.), Marnus Labuschagne (Eng), Joe Root (Eng), Fawad Alam (Pak), Rishabh Pant (wk), R. Ashwin, Kyle Jamieson (NZ), Axar Patel, Hasan Ali (Pak), Shaheen Shah Afridi (Pak).

Cricket Australia governs cricket in Australia.