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66th MONTHLY ISSUE DECEMBER 2020 EDITION Vanik’s Current Affairs Banking | Railway | Insurance | SSC | UPSC | OPSC | PSU Contents Topics of the Month -------------------------------------------------------- 1 Economy -------------------------------------------------------- 14 RBI in News -------------------------------------------------------- 14 SBI in News --------------------------------------------------------- 15 Other Banks in News ------------------------------------------------ 16 Financial News ------------------------------------------------ 20 MOU and Agreement ------------------------------------------------ 22 Rating and Survey ------------------------------------------------ 24 Fund and Financial Allocation ------------------------------------- 25 Corporate Business and E-Business ------------------------------- 26 Committee and Its Head -------------------------------------------------------- 26 State News -------------------------------------------------------- 28 National -------------------------------------------------------- 39 International -------------------------------------------------------- 47 International and National Summits --------------------------------------- 49 Ranking and Index -------------------------------------------------------- 53 Bilateral -------------------------------------------------------- 54 Award -------------------------------------------------------- 57 Person in News/Newly Appointed -------------------------------------------- 60 Sports -------------------------------------------------------- 61 Science and Technology -------------------------------------------------------- 63 Defence -------------------------------------------------------- 65 Important Days -------------------------------------------------------- 67 Book and Author -------------------------------------------------------- 70 Obituary -------------------------------------------------------- 71 MAGAZINE FOR THE MONTH OF DECEMBER – 2020 MAJOR ISSUES OF THE MONTH Page | 1 MAGAZINE FOR THE MONTH OF DECEMBER – 2020 ATMANIRBHAR BHARAT 1 3.0 SCHEME On 12 November 2020, Finance Minister Nirmala Sitharaman along with Minister of State for Finance and Corporate Affairs, Anurag Thakur launched Atmanirbhar Bharat 3.0 to boost Covid-hit economy.The net stimulus announced amounts to Rs.2.65 Lakh crore. She also informed that the total stimulus announced by the Government and Reserve Bank of India till date, to help the nation tide over the COVID-19 pandemic, works out to Rs. 29.87 lakh crore, which is 15% of national GDP. Out of this, stimulus worth 9% of GDP has been provided by the government. 1. Boost for Employment- Atmanirbhar Bharat Rozgar Yojana Finance Minister Nirmala Sitharaman launched a new scheme 'Atmanirbhar Bharat Rozgar Yojana' to incentivise the creation of new employment opportunities during the COVID-19 recovery phase. Eligibility criteria: 1- The establishments which are registered with EPFO, if add new employees compared to reference base of employees as in September 2020 as under (a) minimum of two new employees if reference base is up to 50 employees or less; (b) minimum of five new employees if reference base is more than 50 employees. 2- The establishments which will be registering with EPFO after the commencement of the Scheme will get subsidy for all new employees. The scheme will be operational till June 30, 2021. Who will be regarded as the new employees? Any employee who joins EPFO registered establishments on monthly wages less than Rs. 15,000. Also, the employees with the said wages who lost their jobs during COVID-19 pandemic (1 January 2020 to 30 September 2020) and are employed on or after 1 October 2020, will be regarded as the new employees. The Central Government will provide subsidy for two years w.r.t. new eligible employees at the below- mentioned scale: (a) Establishments employing up to 1000 employees: Employee's contributions will be 12% of the wages and the Employer's contributions will also be 12% of the wages, totalling 24% of the wages. (b) Establishments employing more than 1000 employees: Employee's EPF contributions will be 12% of EPF wages. It is to be noted that the subsidy will be credited in Aadhaar seeded EPFO Account (UAN) of the eligible new employee. Earlier, Prime Minister Rozgar Protsahan Yojana (PMRPY) which was implemented till 31.3.2019 to incentivize formulation and creation of new employment. Under the scheme, Rs. 8,300 crores has been given to 1,52,899 establishments covering 1,21,69,960 beneficiaries. 2. Launch of ECLGS 2.0 The Finance Minister launched ECLGS 2.0 for supporting stressed sectors and the tenor of additional credit under ECLGS 2.0 to be 5 years, including a one-year moratorium on principal repayment. The scheme will be available till March 31, 2021. The version 2.0 of the scheme will provide much-needed relief to the stressed sectors by helping entities sustain employment, meet liabilities and will also benefit the MSME sector which provides goods and services to eligible entities. The Scheme is to be utilized for 100% guaranteed collateral-free additional credit at capped interests rates to: (a) Entities in 26 sectors identified by Kamath Committee, in addition to the health care sector with credit outstanding of above Rs. 50 crore and up to Rs. 500 crore as on 29 February 2020. (b) Entities with outstanding up to Rs. 50 crore previously covered under the existing scheme. (c) No upper ceiling on annual turnover. (d) Additional credit up to 20% of outstanding as on 29 February 2020. (e) Entities to be up to 30 days past due (SMA 0) as on 29 February 2020. 2 | Page MAGAZINE FOR THE MONTH OF DECEMBER – 2020 Rs. 3 lakh crore existing Emergency Credit Line Guarantee Scheme (ECLGS 1.0) The Scheme was announced as part of the Aatmanirbhar Bharat Abhiyaan and is extended till 31 March 2021. The Scheme will be fully guaranteed and collateral-free. An additional credit up to 20% of outstanding loans as on 29 February 2020 for entities with outstanding credit up to Rs. 50 crore as on 29 February 2020 and an annual turnover up to Rs. 250 crore, which was up to 60 days past due as on 29 February 2020 Eligible entities: The eligible entities under this scheme are MSME units, business enterprises, individual loans for business purposes and MUDRA borrowers. Scheme update as on 12 November 2020: (a) Rs. 2.05 lakh crore sanctioned to 61 lakh borrowers (b) Rs. 1.52 lakh crore disbursal 3. Atmanirbhar Manufacturing Production-linked incentives for 10 Champion Sectors Finance Minister has announced a booster of Rs. 1.46 lakh crores for Atmanirbhar Manufacturing Production- linked incentives for 10 Champion Sectors. The Government of India has already approved PLI schemes for 3 sectors at a cost of Rs. 51,355 crores as mentioned below: (a) Mobile manufacturing and specified electronics components at a cost of Rs. 40,995 crores (b) Critical Key Starting Materials (KSM), Drug Intermediates and Active Pharmaceutical Ingredients (API) at a cost of Rs. 6,940 crores. (c) Manufacturing of Medical Devices at a cost of Rs. 3,420 crores. 10 more Champion Sectors will now be covered under the Production Linked Incentives Scheme to boost the competitiveness of domestic manufacturing and is expected to give a significant boost to economic growth and domestic employment. ESTIMATED EXPENDITURE SECTOR ON NEW PLIS (IN CRORES) Advance Cell Chemistry Battery Rs. 18,100 Electronic or Technology Products Rs. 5,000 Automobiles and Auto Components Rs. 57,042 Pharmaceuticals Drugs Rs. 15,000 Telecom and Networking Products Rs. 12,195 Textile Products Rs. 10,638 Food Products Rs. 10, 900 High-Efficiency Solar PV Modules Rs. 4,500 White Goods (Acs and LED) Rs. 6,238 Speciality Steel Rs. 6,322 Total Rs. 1,45,980 4. PM Awaas Yojana (PMAY)-Urban Several measures have been taken in the past for the revival of the Housing and Real Estate sector and there's a need for further measures to enable the sector to generate more employment. For this, an additional outlay of Rs. 18,000 crores will be provided for PM Awaas Yojana (PMA Y)-Urban through additional allocation and Extra Budgetary Resources. This will help 12 lakh houses to be grounded and 18 lakh houses to be completed. 5. Support for Construction & Infrastructure The performance security on contracts to be reduced to 3% instead of 5 to 10% and will be extended to ongoing contracts which are free of disputes and to Public Sector Enterprises. The States will be encouraged to adopt the same. Earnest Money Deposit (EMD) will not be required for tenders and will be replaced by the Bid Security Declaration. Page | 3 MAGAZINE FOR THE MONTH OF DECEMBER – 2020 The relaxations will be given till 31 December 2021 under General Financial Rules and will provide relief to contractors by reducing locking up of capital and cost of BG. 6. Demand booster for Residential Real Estate Income Tax relief for Developers & Home Buyers The economic slowdown due to COVID-19 has led to a decline in prices of residential units. The Finance Minister has announced to raise the differential from 10% to 20% (under section 43CA) for the period from the date of the announcement to 30 June 2021 for only primary sale of residential units of value up to Rs 2 crores. A consequential Relief up to 20% shall also be allowed to buyers of these units under section 56(2)(x) of IT Act for the said period. Section 43CA of IT Act Presently, it restricts differential between circle rate & agreement value at the rate of 10% - Prices may actually be lower than this. 7. Rs. 1.10
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  • Receives Two Nominations at Asian Film Awards in South Korea

    Receives Two Nominations at Asian Film Awards in South Korea

    Sept. 10, 2020 Thomas Merton (American poet) Art enables us to find ourselves and lose ourselves at the 12 same time. Arts & Culture License Holder: Islamic Republic News Agency (IRNA) Editor-in-Chief: Kambakhsh Khalaji London cinematic event Editorial Dept. Tel: +98 21 88755761-2 Editorial Dept. Fax: +98 21 88761869 Subscription Dept. Tel: +98 21 88748800 to host four Iranian films ICPI Publisher: +98 21 88548892, 5 Advertising Dept. Tel & Email: +98 21 88500617 - [email protected] We b s it e : www.irandailyonline.ir Four Iranian feature and short films will be screened at the newspaper.irandaily.ir 64th BFI London Film Festival. Email: [email protected] Iranian feature film, ‘180 Degree Rule,’ directed by Far- Printing House: Iran Cultural & Press Institute noosh Samadi, is the representative from Iran’s cinema at the Fiction Feature section of the festival, ifilmtv.com wrote. Address: Iran Cultural & Press Institute, #208 Khorramshahr Avenue Tehran-Iran ‘180 Degree Rule’ is Iran Daily has no responsibility whatsoever for the advertisements and promotional material printed in the newspaper. about a school teacher from Tehran who is pre- paring to attend a wed- ding in northern Iran. When her husband sud- denly forbids her to go, Iran’s ‘Castle of Dreams’ receives two nominations she makes a choice that will place her on a pain- ful path to atonement. It will also be screened at a competi- at Asian Film Awards in South Korea tion section at Toronto International Film Fes- Compiled from Dispatches West and East Eurasian Film tival in Canada. ISNA Festival (Orenburg, Russia) ‘Witness,’ directed by Ali Asgari, and ‘Asho,’directed by cclaimed Iranian film and Best Director Award at the Ja’far Najafi, are two representatives from Iran’s cinema at the ‘Castle of Dreams’ re- fourth Slemani International Short Films section of the event.