DAILY CURRENT AFFAIRS

By admin: July 27, 2022

Bangladesh seeks IMF support to head off financial crisis

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Bangladesh has sought financial assistance from the International Monetary Fund to deal with the financial shock caused by volatile energy prices following the Russian invasion of Ukraine.

Important facts

• Economists say the Bangladeshi taka has fallen by nearly 20% against the US dollar in the past three months.

• Bangladesh's foreign exchange reserves fell to $39.67 billion as of July 20 from $45.5 billion a year ago.

• Remittances from overseas Bangladeshis fell 5% to $1.84 billion in June.

• The depreciation of the local currency has further weakened the country's financial position, with the current account deficit reaching $17 billion.

• Sri Lanka is facing its worst economic crisis in South Asia in seven decades, while Pakistan's foreign exchange reserves are depleting rapidly.

Reason of precarious financial situation

• Bangladesh's precarious financial situation has been compounded by unprecedented flooding in the northeast, inundating homes of more than seven million people and causing nearly $10 billion in damage.

• The economies of the region have been severely affected by the Ukraine War, which has raised the cost of fuel and other essential imports.

Government's measures

• The government has implemented "austerity measures" in addition to power rationing, including import restrictions and cutting power spending.

• Diesel power plants in the country, which have a generating capacity of 1,500 MW, have been taken off the grid, while some of the gas-fired plants are also dormant.

• Bangladesh Bank announced a policy to preserve the dollar by discouraging the import of some items like luxury items, fruits, non-cereal foods and packaged and processed foods.

About Bangladesh

• Official Name - Gana Prajatantri Bangladesh (People’s Republic of Bangladesh)

• Prime Minister - Sheikh Hasina

• Capital - Dhaka

• President - Abdul Hamid

• Official Language    - Bengali (Bangla)

• Official Religion - Islam

• Currency - Taka

Spending on 'Har Ghar Tiranga' campaign declared CSR activity under Companies Act

Tags: National News

The Corporate Affairs Ministry has said that companies can spend their Corporate Social Responsibility (CSR) funds for activities related to the 'Har Ghar Tiranga Abhiyan'.

Important facts

• The circular issued by the ministry states that 'the expenditure of CSR funds for activities related to this campaign such as mass production and supply of the national flag, outreach and promotion efforts and other related activities are CSR activities.

• The circular also states that companies can carry out these activities under the Companies (CSR Policy) Rules, 2014.

• It aims to encourage people to bring home the national flag and hoist it to mark the 75th year of India's independence.

Corporate Social Responsibility (CSR)

• Under CSR, companies integrate social and environmental concerns with their business partners with their stakeholders.

• It is regulated under Section 135 of the Companies Act, 2013.

• India is the first country in the world to make CSR mandatory.

• The provision of CSR is applicable to companies whose net worth is more than ₹ 500 crores or turnover is more than ₹ 1000 crores or net profit is more than ₹ 5 crores.

• Certain categories of profitable companies are required to spend at least two per cent of their annual average net profit for three years on Corporate Social Responsibility (CSR) activities.

CSR Activities

• Promotion of education

• Gender equality and women empowerment

• Eradication of poverty and hunger

• Preparing to fight HIV and other diseases

• Ensuring environmental balance

• Improvement in infant mortality rate and maternal mortality rate in the country.

• Contribution to Prime Minister's National Relief Fund

• Promoting sports, Slum area development etc.

Supreme Court upholds ED's power to arrest in money laundering cases

Tags: National News

The Supreme Court on 27 July upheld the constitutional validity of certain provisions of the Prevention of Money Laundering Act (PMLA).

Important facts

• A bench headed by Justice AM Khanwilkar delivered the verdict on petitions challenging the process of arrest, seizure and investigation conducted by the ED.

• The Supreme Court upheld the Enforcement Directorate's power to make inquiries, arrests and attachments in relation to assets under the Prevention of Money Laundering (PMLA) Act.

• The Supreme Court upheld the constitutionality of the provisions of sections 5, 8 (4), 15, 17 and 19 of the PMLA, which deal with the ED's powers of arrest, attachment and search and seizure.

• The Supreme Court clearly said that the Enforcement Case Information Report (ECIR) which is considered as a copy of FIR in a way,  it is not necessary to give this copy to the accused. It will be enough for the ED to give reasons at the time of arrest.

What is the Prevention of Money Laundering Act?

• The Act was enacted in 2002 and came into force in 2005.

• The main objective of this law is to fight the process of converting black money into white (money laundering).

• The authority responsible for investigating crimes under PMLA is the Enforcement Directorate-ED.

• Persons found guilty of money laundering shall be punishable with rigorous imprisonment of not less than 3 years, which may extend to 7 years, with fine.

Objectives of PMLA

• To prevent the use of black money in illegal activities and economic crimes

• Seizing property involved in or derived from money laundering

• Attempts to prevent other forms of money laundering offences

Enforcement Directorate (ED)

• It was established in the year 1956 and its headquarter is in New Delhi.

• It is responsible for implementing certain provisions under the Foreign Exchange Management Act, 1999 (FEMA) and the Prevention of Money Laundering Act.

• It works under the administrative control of the Revenue Department for operational purposes.

Russia to quit International Space Station 'after 2024'

Tags: International News

Russia has decided to leave the International Space Centre after 2024.

Important facts

• The decision was announced by Yuri Bori Sof, the newly appointed President of Russia's space agency Roscosmos.

• The decision comes at a time when the Kremlin's war with Ukraine has isolated Russia both commercially and economically.

• Russia will focus on building its own space station after 2024.

• Russia will fulfill its obligations to other partners in the International Space Station before leaving the project.

Why does Russia want to leave the International Space Station?

• Russia focuses on building its own space outpost.

• Russian cosmonauts were criticized for using the space station to flag Russian occupation of Ukraine's territory.

• NASA strongly condemned Russia's political use of the ISS.

• The US alleges that Russia has used the station for support in the Ukraine war while the station's original purpose is to use it for scientific and technological development in a peaceful manner.

• Space relations between Russia and the US began to deteriorate even before the Russia-Ukraine war, when NASA announced its Artemis Agreement.

• Russia had disagreed with this agreement and it was clear that Russia and America would not be able to cooperate in space matters for long.

About International Space Station (ISS) 

• The ISS was commissioned in the year 1998 and has been operating at its full capacity since 2011.

• The first astronauts were sent to this space station in the year 2000.

• The ISS is being operated by 16 countries led by the NASA space agency of America.

• These countries include America, Russia, Japan, Brazil, Canada and 11 countries in Europe.

• The ISS is the most complex international scientific and engineering project in history and the largest manned spaceflight structure.

• The space station flies at an average altitude of 400 kilometres from Earth, orbiting the globe every 90 minutes at a speed of about 28,000 kilometres per hour.

• The space station appears as a bright moving light in the night sky, similar to the bright planet Venus.

ISS program joint project of five space agencies

1. NASA (United States)

2. Roscosmos (Russia)

3. JAXA (Japan)

4. ESA (Europe)

5.  CSA (Canada)

Former President Dr A P J Abdul Kalam's 7th Death Anniversary

Tags: Person in news

July 27, 2022 is the seventh death anniversary of Dr APJ Abdul Kalam who was the 11th President of India.

Important facts

• He was born on 15th October 1931 at Rameswaram in Tamil Nadu.

• He graduated in Science from St Joseph's College, Trichy in 1954 and specialized in Aeronautical Engineering from Madras Institute of Technology (MIT) in 1957.

• He is known as the "Missile Man of India" for his contribution to the country's space programme.

• He played a key role in the Pokhran-II nuclear tests of 1998.

• Dr Kalam had received seven honorary doctorates from 40 universities.

• He was awarded the Padma Bhushan in 1981 and Padma Vibhushan in 1990 for his significant work with the Indian Space Research Organization (ISRO) and the Defense Research and Development Organization (DRDO).

• He was awarded the highest civilian award Bharat Ratna in 1997.

• He made a significant contribution as the Project Director to develop India's first indigenous Satellite Launch Vehicle (SLV-3), which successfully injected the Rohini satellite into Near-Earth Orbit in July 1980.

• He took the responsibility of developing indigenous guided missiles at DRDO.

• He was the chief executive of the Integrated Guided Missile Development Program (IGMDP).

• He was sworn in as the 11th President of India in 2002 and completed his term in 2007.

• He died of cardiac arrest on July 27, 2015, while delivering a lecture at the Indian Institute of Management (IIM) in Shillong.

Survey on Snow Leopard under the National Mission on Himalayan Studies

Tags: National News

Recently, the Zoological Survey of India (ZSI) conducted a survey on Snow Leopard, which gives some interesting information about the Snow Leopard and its prey species.

Main features of the study

• The ZSI study highlights a strong link between habitat use by the snow leopard and its prey species such as the blue sheep and Siberian ibex.

• According to this study, snow leopards are more likely to be detected if the site is used by its prey species.

• According to the study, habitat variables such as barren areas, grasslands, slopes and distance from water were major drivers of habitat use for both the snow leopard and its prey species.

• Predators such as the snow leopard control populations of herbivores such as the blue sheep and Siberian ibex, thereby protecting the health of grasslands.

About Snow Leopard

• Scientific name- Panthera uncia

• It is a Schedule-I species of the Indian Wildlife (Protection) Act, 1972.

• It can be found in alpine and subalpine regions at altitudes of 3,000–4,500 m in Afghanistan, the Himalayas and the Tibetan Plateau, Mongolia, Siberia and western China.

• In India, it is found in Himachal Pradesh, Ladakh, Sikkim and Uttarakhand.

• The snow leopard is listed on the IUCN Red List of World Conservation Species.

• India has been a part of the Global Snow Leopard and Ecosystem Conservation (GSLEP) program since 2013.

• Snow Leopard Project: This project was launched in the year 2009 to promote an inclusive and participatory approach to the conservation of snow leopards and their habitat.

• Snow Leopard Conservation Breeding Program has been started at Padmaja Naidu Himalayan Zoological Park, Darjeeling, West Bengal.

About Zoological Survey of India (ZSI) 

• The Zoological Survey of India (ZSI) was established on July 1, 1916 in the then 'British Indian Empire' with the objective of promoting pioneering survey, exploration and research to provide information on various aspects of prosperous life.

• The Zoological Survey of India (ZSI), is an organization under the Ministry of Environment and Forests.

• It originated in 1875 with the establishment of the Zoology Section at the Indian Museum in Calcutta.

• It is headquartered in Kolkata and presently its 16 regional stations are located in different geographical locations of the country.

Lumpy skin disease kills 1,500 cattle in Gujarat

Tags: State News

More than 1,500 animals, mainly cows and buffaloes, have died in Gujarat due to the infectious lumpy skin disease, which has spread to 14 districts of the state.

What is Lumpy Skin Disease?

• It is caused by infection of cattle or  buffalo with the poxvirus Lumpy skin disease virus (LSDV).

• The virus is one of three closely related species of the genus Capripoxavirus.

• The other two species are Sheeppox virus and Goatpox virus.

• Due to its infectious nature and its impact on the economy, the World Organization for Animal Health (OIE) has declared it a notable disease.

Symptoms of disease

• The main symptoms are fever in animals, discharge from eyes and nose, saliva from the mouth, lump-like soft blisters all over the body, decreased milk production, difficulty in eating, which sometimes leads to the death of the cattles.

Transmission of disease

• The virus is easily transmitted through blood-sucking insects such as mosquitoes, flies and ticks, and through saliva and contaminated water and food.

• The virus was first reported in Asia and the Pacific region in 2019 in north west China, Bangladesh and India.

• There is no treatment available for the disease. 

Haryana CM launches 'smart e-beat' system for Gurugram police

Tags: State News

Haryana Chief Minister Manohar Lal Khattar launched the 'Smart E-Beat System' at the office of the Commissioner of Police, Gurugram, taking a step towards e-initiative.

Important facts

• It is an app based system.

• This app based system has been started under the 'Smart Policing Initiative'.

• Till now the policemen posted on the beat used to mark their attendance on their own and there was no system of monitoring them.

• The attendance of motorcycle rider policemen posted on beat will also be applied on this app and their monitoring can also be easily done.

• This system will be linked to the emergency response support system in future so that these riders can also reach for help on the call on Dial-112.

• This new system will cover all 33 police station areas located in the urban area of Gurugram.

• These will have 119 motorcycle riders and each motorcycle rider will have two policemen.

• Gurugram Police has identified 2056 sensitive locations or points in the city, mainly ATMs, petrol pumps, senior citizens residence, school, college, religious places, crime -affected areas, etc.

• Earlier it was implemented in the East Gurugram and Manesar region as a pilot project.

• Removing the deficiencies in it, this e-beat system has been expanded this month and it has also been applied in South Gurugram and West Gurugram.

IMF cuts global growth forecasts, warns high inflation threatens recession

Tags: Economy/Finance

The International Monetary Fund (IMF) cut global growth forecasts again on July 26.

Important facts

• The IMF warned that high inflation and Ukraine's war could lead to a downward spiral in economic growth and the world economy could be on the verge of recession if left unchecked.

• The IMF said that global real GDP growth will slow to 3.2% in 2022 from a forecast of 3.6% issued in April.

• The report said the world's GDP actually shrank in the second quarter due to slowdowns in China and Russia.

• The IMF cut its 2023 growth forecast to 2.9% from the April estimate of 3.6%, citing the impact of tighter monetary policy.

• Global growth has fallen below 2% only five times since 1970.

• In 1973, 1981 and 1982, 2009 and 2020, global growth fell below 2% due to the COVID-19 pandemic and caused a recession.

• India's growth forecast for the financial year 2023-24 has also been lowered by 0.8 percentage points to 6.1% due to rising economic risks.

India’s growth forecast by other institutions

• Reserve Bank of India's (RBI) estimation of India’s growth in 2022-23 - 7.2%

• Asian Development Bank's India's Growth Forecast for 2022-23 - 7.2%

About International Monetary Fund (IMF) 

• The International Monetary Fund (IMF), a United Nations (UN) specialised agency, was established in 1944 at the Bretton Woods Conference to secure international monetary policies.

• The International Monetary Fund is an organisation with 189 member countries.

• First Deputy Managing Director- Geeta Gopinath

• Headquarters- Washington, D.C., U.S.

• Managing Director- Kristalina Georgieva

• Chief Economist - Pierre Olivier Gourinchas

Establishment of cooperative bank run by women for the first time in Rajasthan

Tags: Economy/Finance State News

A MoU was signed between Rajasthan Rural Livelihood Development Council (Rajivika) and Streenidhi Telangana for technical assistance in the establishment of the first and country's third "Women Financial Institute" in Rajasthan.

Important facts

• The MoU has been signed by Rajivika on behalf of Rajivika by State Mission Director Manju Rajpal and Telangana Managing Director of Women Fund G. Vidyasagar Reddy.

• The Rajasthan Women Fund in the state is being set up successfully on the lines of the women's fund model operated in Telangana.

• After the establishment of the Women's Fund, the economic empowerment of women of Rajivika's self -help groups will be strengthened and they will be able to receive loans for their enterprise.

• This fund will be operated by women of SHG only for women of SHG.

• The Rajasthan Women's Fund will serve as a supplementary financial institution with formal banks.

• For the establishment of Rajasthan Women's Fund, a total grant of Rs 50 crore (25 crore rupees in the first year) will be given by the state government in two years and proposals have been sent to the Central Government for a grant of Rs 110 crore.

• In the budget of 2022-23 by Chief Minister Ashok Gehlot, it was announced regarding the establishment of banks run by women.

• It will be set up on the lines of the Stree Nidhi model of Telangana. 

India contributes $2.5 million to UN RWA for Palestine refugees

Tags: International News

India contributed US $ 2.5 million for the United Nations Relief for Palestine Refugees and Working Agency (UNRWA).

Important facts

• India is a dedicated donor for UNRWA. Since 2018, it has contributed 20 million USD to support the UNRWA core services to Palestine refugees in the Middle East.

Importance of contribution

• This contribution highlights India's strong performance and unbreakable support for UNRWA's work.

• It also highlights India's commitment to the good of Palestine.

• It supports Palestinian refugees in the Middle East.

Palestinian refugee

• He is a citizen of compulsory Palestine, who was expelled from his country during the 1947–49 Palestine War.

• This phenomenon is known as 1948 Palestinian migration.

• They mostly live in Palestinian refugee camps at Lebanon, Jordan, Gaza Strip, Syria and West Bank.

About the United Nations Relief and Work Agency (UNRWA) for Palestine refugees 

• UNRWA was established as a human agency.

• It is funded completely through voluntary contribution and grant from donor countries.

• Establishment- 8 December 1949

• Headquarters- Amman and Gaza

• Commissioner General- Philip Lazarini