Monthly Current Affairs Quiz - August, 2018

Notes:
The world’s first blockchain bond “bond-i” has recently launched by World Bank (WB), which is to be created, allocated, transferred and managed through its life cycle using distributed ledger technology. The “bond-I” stands for Blockchain Operated New Debt Instrument and is also has reference to Sydney’s most famous beach ‘Bondi Beach’. The Commonwealth Bank of Australia is the sole arranger of the issuance for the bond. It was the first time that the World Bank bond raised capital from public investors through a legally valid bond issuance that uses blockchain from start to finish. This 2-year maturity bond has successfully raised 110 million Australian dollars (USD 80.48 million). The World Bank, whose bonds hold an AAA rating, regularly uses its borrowing power to help develop new bond markets as well as pioneering new means for selling and trading the securities. The bond-i blockchain platform was built and developed by the CBA Blockchain Centre of Excellence, housed in the Sydney Innovation Lab.

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The Integrated Defence Staff of the Defence Ministry and the Indian Space Research Organisation (ISRO) signed a Memorandum of Understanding (MoU) to set up satellite-enabled telemedicine nodes to improve emergency medical support to Indian soldiers posted in high-altitude areas, especially Siachen. ISRO will establish 53 more nodes in the first phase over and above the existing 20, in various establishments of the Army, Navy and Air Force across the country. These nodes will enable medical consultation between soldiers deployed at the Siachen glacier and medical echelons in the rear. This joint initiative by ISRO and the Armed Forces Medical Services will transform the reach of telemedicine to soldiers, airmen and sailors in remote and isolated posts. One can say that the communication through these nodes will be a paradigm shift in the delivery of lifesaving health care in adverse terrain and extreme weather conditions till the weather clears up and movement is possible.

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The committee, chaired by Corporate Affairs Secretary Injeti Srinivas, has recently submitted final report on review of penal provisions of Company Act 2013 to the Union Minister for Finance & Corporate Affairs, Arun Jaitley. The Committee recommended that the existing rigour of the law should continue for serious offences, covering six categories, whereas for lapses that are essentially technical or procedural in nature, mainly falling under two categories may be shifted to in-house adjudication process. The report makes recommendations for de-clogging the National Company Law Tribunal (NCLT) through significant reduction in compounding cases before the Tribunal. The Committee was constituted by the Union government in July 2018 to review the existing framework dealing with offences under the Companies Act, 2013 and related matters and make recommendations to promote better corporate compliance.

Notes:
The Odisha government has launched a programme “Mu Hero, Mu Odisha” (I am Hero-I am Odisha)” to identify and to give recognition to the young achievers of the state. The initiative is to be conducted by the Biju Yuva Vahini (BYV) members.

Notes:
IIT-Kharagpur has recently conducted study on River Ganga that indicates that river is drying up in summers due to groundwater depletion. The study, published recently in Scientific Reports magazine by Nature Publishing Group, used a combination of satellite images of groundwater levels of Ganga, numerical simulations and chemical analyses to draw the conclusion. The study asserted that the decline of groundwater inflow (base flow) is also impacting the health of the river. The study also observed that in the forthcoming summers, for the next 30 years, groundwater contribution to river Ganga will continue decreasing. The trend can lead to disastrous effect on the riverine ecology and lead to food scarcity for 115 million people in the Ganga basin. Abhijit Mukherjee, associate professor of Geology in IIT-Kharapur, along with researchers Soumendra Nath Bhanja from Canada and Yoshihide Wada from IIASA Austria has conducted the study. The research was carried out under IIT-KGP Science and Heritage Initiative (SANDHI) Initiative, which focuses on river systems and its relationship with settlement system.

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The Government of India (GoI) has constituted a 21-member committee to advise Prime Minister Narendra Modi on policy matters related to science, technology and innovation. The committee, dubbed as Prime Minister’s Science Technology and Innovation Council (PM-STIAC), will be headed by K Vijay Raghavan, the principal scientific adviser to the GoI. It will facilitate the formulation and implementation of policies and decisions, provide action-oriented and future preparedness advise and assist in directing S&T to solve the socio economic problems in the country. It will also have a large focus on driving innovation in education, research, industry etc.

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The 6th edition of RCEP Trade Ministers’ Meeting 2018 has started in Singapore on August 30, which consists of 10 ASEAN countries and six ASEAN FTA partners namely, India, China, Japan, Korea, Australia and New Zealand. In it, the Indian delegation is led by Suresh Prabhu, the Union Minister of Commerce & Industry and Civil Aviation. The aim of 2-day meeting is to work towards a high quality, balanced and inclusive outcomes that take into consideration sensitivities and interests of member countries. The Ministers will deliberate on the current global economic situation and exchange views on promotion of rule-based multilateral trading system and its importance to the stability and effective functioning of the global economic order. This will be followed by the 15th India-ASEAN Economic Ministers’ Meeting (AEM) which will take stock of the current level of trade and economic engagement between India and ASEAN.

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Ruchi Ghanashyam, the 1982 batch IFS officer, has been appointed India’s new High Commissioner to United Kingdom (UK). She succeeded Y K Sinha. Prior to this post, she was the Secretary (West) in the Ministry of External Affairs (MEA). Ghanashyam was the first Indian woman diplomat to be posted in Islamabad when the harassment of Indian diplomats was routine.

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Germany has sanctioned a soft loan of euro 120 million ( approx Rs. 990 crore) to India for National Clean Ganga Mission & to strengthen sewage water treatment infrastructure in Uttarakhand. The purpose of the project is to reduce the inflow of untreated waste water in River Ganga & to improve the water quality of the river. The project would focus on extension and replacement of sewerage system (around 360Km) including complete house connection, construction of sewage treatment plants of around 15 million litres per day (mld).The initiative also includes construction of 13 sewage pumping stations. Beside this, the German development agency GIZ has prepared a ‘Ganga Box’ that aimed to target schools-going children and inform them about the river. The concept ‘Ganga book’ was planned on the lines of ‘Danube Book’ when the cleaning of Rhine River was undertaken. The Ganga book would have information mythological, socio-cultural, economic importance about the river and suggestions to avoid pollution, like not dumping plastic in the water body.

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In New Delhi, Indian Railways has recently signed a Memorandum of Understanding (MoU) with GAIL India Ltd for use of environment-friendly fuel ‘Natural Gas’ in Railway workshops and production units. The purpose of the pact is to replace Industrial gases like Dissolved Acetylene, LPG, Bharat Metal Cutting Gas (BMCG) and Furnace Oil / High Speed Diesel (HSD) oil with Natural Gas. The use of natural gas has a potential to replace fuel worth Rs 70 crore per annum. This historic partnership will pave the way for supply of Natural Gas to Railway workshops, integral coach factories, loco workshops, DEMU sheds, etc. located along the existing and upcoming pipeline networks of GAIL. This endeavour shall reduce carbon foot-prints of IR and contribute positively towards achieving COP21 commitments.