Top GKToday’s News Headlines-7 August 2020

August 6, 2020

August 7, 2020

Here are Top GKToday’s News Headlines for August 7, 2020

India

J&K: Former Union Minister Manoj Sinha appointed new lieutenant governor

Former Union Minister of State for Railways Manoj Sinha was appointed as the next lieutenant governor (L-G) of the Union Territory of Jammu & Kashmir on August 6, 2020. Sinha replaces Girish Chandra Murmu, the first L-G of J&K, who resigned from the post on August 5. Sinha had lost in 2019 Lok Sabha poll from Ghazipur in UP. He had won thrice from the same seat previously including in 2014.

DIAT, Pune wins first prize in Smart India Hackathon-2020

Defence Institute of Advanced Technology (DIAT) Pune, an autonomous organization under DRDO, won the first prize in Smart India Hackathon (SIH)-2020. DIAT won for providing the Madhya Pradesh Government a solution titled “DRISHTI” for the face, expression and gesture recognition.

Senior CPI(M) leader Shyamal Chakraborty dies of COVID-19 in Kolkata at 76

Senior CPI(M) leader Shyamal Chakraborty died of COVID-19 in Kolkata on August 6, 2020 at the age of 76. He was transport minister of West Bengal from 1982 to 1996. He was also a two-time Rajya Sabha member and a veteran trade unionist.

Noted writer and activist Sadia Dehlvi dies at 63 in New Delhi

Noted writer and activist Sadia Dehlvi passed away in New Delhi at the age of 63 on August 5, 2020. She wrote a book on Delhi’s culinary history in 2017, titled ‘Jasmine & Jinns: Memories and Recipes of My Delhi’.

Madras HC imposes Rs 10 lakh fine on Patanjali for claiming Covid-19 cure

Madras High Court has imposed a fine of ten lakh rupees against Patanjali Ayurved and the Divya Mandir Yog Trust for the unauthentic claim that its Ayurvedic formulation Coronil could cure Covid-19. A private firm in Chennai filed a case saying it is manufacturing industrial cleaning materials under the name Coronil for long. It had claimed trademark infringement by Patanjali.

Ladakh: CISF takes over security of Leh airport from the local police

The Central Industrial Security Force (CISF) on August 5, 2020 took over the security of the Leh airport, the country’s highest-altitude (3,256 metres above sea level) airport, in Union Territory of Ladakh. The Kushok Bakula Rimpochee Airport, operated by the Airports Authority of India (AAI), was being guarded by the local police till now.

Economy

Monetary Policy Review: RBI leaves interest rates unchanged

The Reserve Bank of India (RBI) on August 6, 2020 opted for a status quo and left interest rates unchanged, but maintained an accommodative stance. The benchmark repo rate was left unchanged at 4%, Governor Shaktikanta Das said while announcing the decisions taken by the central bank’s Monetary Policy Committee (MPC). Consequently, the reverse repo rate will also continue to earn 3.35% for banks for their parked deposits kept with the RBI. Repo rate is the rate at which the RBI lends to commercial banks, and reverse repo is the rate at which it borrows from them.

Banks can give loans up to 90% of the value of gold and jewellery pledged

The Reserve Bank of India on August 6, 2020 allowed banks to give loans up to 90% of the value of gold and jewellery pledged by borrowers. This relaxation of the limit, up from current limit of 75%, shall be available till March 31, 2021.

RBI to set up an Expert Committee on parameters of debt resolution plans

To address the heightened debt burdens being faced by borrowing firms, RBI has decided to enable lenders to implement a debt resolution plan for eligible corporate debts as well as personal loans. An Expert Committee chaired by K. V. Kamath is being set up to make recommendations on the parameters for such debt resolution plans.

RBI to set up ‘Innovation Hub’ for financial inclusion, efficient banking

The Reserve Bank on August 6, 2020 said it will set up an ‘Innovation Hub’ in the country for ideation and incubation of new capabilities which can be leveraged to deepen financial inclusion and promote efficient banking services.

IBBI amends liquidation process rules; liquidator’s fee to ‘depend’ on work done

A liquidator can claim fees only on the basis of the amount of work they have done during the liquidation process of a company, be it in terms of the amount realised or distributed, the Insolvency and Bankruptcy Board of India (IBBI) said on August 5, 2020. When a company goes into liquidation under the Insolvency and Bankruptcy Code (IBC), generally, the committee of creditors (CoC) appoints a liquidator.

IDBI Bank to sell 27% stake in IDBI Federal Life Insurance Company (IFLIC)

IDBI Bank on August 6, 2020 said it has entered into an agreement with its joint venture partners — Ageas Insurance International NV and Federal Bank Ltd – to sell 27% of its stake in IDBI Federal Life Insurance Company (IFLIC) for Rs 595.30 crore. Currently, IDBI Bank holds 48% in IFLIC, while Federal Bank and Ageas hold 26% each.

Government abolishes All India Handicrafts Board

The government has abolished the All India Handicrafts Board, an advisory body that gives recommendation to government for promotion and growth as handicrafts in India. The board is chaired by textiles minister and has secretaries to the ministries of rural development and micro small & medium enterprises, and various states as members.

Railways to start first weekly “Kisan Rail” from Devlali to Danapur from Aug 7

The Indian Railways is set to introduce the first weekly “Kisan Rail” from Devlali in Maharashtra to Danapur in Bihar on August 7, 2020. This is part of a plan to build a seamless national cold supply chain for perishables, inclusive of milk, meat, and fish. The train will cover a distance of 1,519 km in around 32 hours.

NHAI signs MoU with IIT Delhi for setting up CoE on use of AI

The National Highways Authority of India (NHAI) on August 6, 2020 a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Delhi to set up a Centre of Excellence (CoE) for Use of Artificial Intelligence in Data Driven decision making and Advance Data Management System for Highways.

%age of cases out of returns filed selected for scrutiny declined: I-T Deptt.

The Income Tax Department has claimed that the percentage of cases out of returns filed selected for scrutiny has declined drastically. As a percentage of returns filed, it was 0.71 for Assessment Year (AY) 2015-16, which dropped to 0.25 at the end of AY 2018-19. AY 2018-19 means FY 2017-18.

CBIC directs Customs to check safety of explosives in warehouses, ports

CBIC has urgently directed Customs and field formations to immediately verify and confirm within 48 hours that any hazardous or explosive material lying in warehouses and parts across the country meets all safety and fire standards. This precautionary step has been taken in view of the recent incident of explosion in Beirut in Lebanon on August 5 caused by such material.

World

India extends Line of Credit worth $18 million to Maldives for fisheries

India has extended Line of Credit worth $18 million to the Government of Maldives for the expansion of fishing facilities at Maldives Industrial Fisheries Company (MIFCO).

Pulitzer Prize-winning novelist Shirley Ann Grau dies at 91

Pulitzer Prize-winning novelist Shirley Ann Grau died at the age of 91 in New Orleans (US) on August 3, 2020 at the age of 91. She had won the 1965 Pulitzer Prize for her novel ‘The Keepers of the House’.

Italy: Genoa San Giorgio Bridge inaugurated in Genoa

The newly-built 1100 metres long Genoa San Giorgio Bridge was inaugurated in the Italian city of Genoa on August 3, 2020. It replaced the previous Morandi Bridge that had collapsed on August 14, 2018 killing 43 people and severing the connection between Genoa and much of northwestern Italy.