Current Affairs

8 December, 2019

International

7th OPEC and non-OPEC Ministerial Meeting held in Vienna, Austria

The 7th edition of the OPEC (Organization of the Petroleum Exporting Countries) and non-OPEC Ministerial Meeting was held in Vienna, Austria. The meeting was held under the Co-Chairmanship of OPEC’s President, Manuel Salvador Quevedo Fernandez, People’s Minister of Petroleum of the Bolivarian Republic of Venezuela, and Alexander Novak, Minister of Energy of the Russian Federation.
Cut in oil production: During the meeting, the oil producing countries decided to cut oil production by 500,000 barrels per day with effect from January 1, 2020.  This has been done to stem the pressure on prices from abundant reserves and weak global economic growth.
About OPEC:
Headquarters- Vienna, Austria; Members- 14 (Iran, Iraq, Kuwait, Saudi Arabia, Venezuela, Libya, the United Arab Emirates (UAE), Algeria, Nigeria, Ecuador, Angola, Gabon, Equatorial Guinea, and Congo.)
Founded- September 1960.
About Austria:
Capital- Vienna.
Currency- Euro.
President- Alexander Van der Bellen.

National

Jal shakti minister Gajendra singh addresses 4th India water impact summit 2019 held in New Delhi

The Union Minister of Jal Shakti, Shri Gajendra Singh Shekhawat has addressed the 4th India Water Impact Summit 2019 with the theme “Valuing Water | Transforming Ganga” held with the focus on integrated water resources management in urban and rural areas at the Vigyan Bhawan, New Delhi from 5-7 December 2019. On this occasion, Shekhawat also released the report on River Restoration and Conservation – A Concise Manual and Guide, and Documents on “cGanga Hubs”.
Ministry of Jal Shakti:
Founded– September 1985
Headquarters– New Delhi

Centre approves 7 projects to set up FM transmitters in the premises of Sashastra Seema Bal (SSB)

As per the Union Minister for Information and Broadcasting Prakash Javadekar, the central Government has approved seven projects for setting up FM (Frequency modulation ) transmitters in the premises of Sashastra Seema Bal (SSB) to strengthen FM coverage along the Indo-Nepal border.
About Sashastra Seema Bal (SSB):
Founded– 1963
Headquarters– New Delhi
Motto– Service, Security and Brotherhood
It is one of the Central Armed Police Forces (CAPF) in India and is currently under administrative control of Union Ministry of Home Affairs (MHA). Prior to 2001, SSB was known as Special Service Bureau (SSB).
About Indo-Nepal border:
It is a 1,758 km long open international border running between India and Nepal.It also includes the Himalayan territories as well as Indo-Gangetic Plain.

15th Finance commission headed by N K Singh submits its 1st report for the FY 2020-21 to President Ram Nath Kovind

The 15th Finance Commission headed by economist & former Indian Administrative Service officer (IAS) Shri Nand Kishore (NK) Singh and its members S/Shri Ajay Narayan Jha, Ashok Lahiri, Ramesh Chand, Anoop Singh and Secretary Shri Arvind Mehta has submitted its report for the financial year (FY) 2020-21 to President Ram Nath Kovind.
The Commission sets the formula for sharing of tax and other resources between the Center and the States.

President of India constituted the 15th Finance Commission on 27 November 2017 under Article 280 of the Constitution.

Only 3% target achieved under the PM-AASHA Scheme by the Government of India 

Only 3% target of pulses and seeds achieved under the Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA) scheme according to the data released by the Agriculture Ministry in the Lok Sabha on 3rd December 2019. The production of pulses has been only 1.08 lakh tons so far but the target of the PM-AASHA scheme is to produce 37.59 lakh metric tons of crops. The crops started arriving from October and will last till February.
About Pradhan Mantri Annadata Aay Sanrakshan Abhiyan (PM-AASHA):
The aim of the PM-AASHA scheme is to safeguard the income of farmers by increasing the MSP (Minimum Support Price) of the Kharif crops with the principle of 1.5 times the cost of production. The scheme includes three main sections the Price Support Scheme (PSS), the Price Deficiency Payment Scheme (PDPS) and the Pilot of Private Procurement and Stocklist Scheme (PPPS)

India’s top 10 Police Stations for 2019 announced: Andaman tops the list

The Ministry of Home Affairs (MHA) has released the list of best performing Police Stations across the country for the year 2019. Aberdeen police station from the Andaman and Nicobar Islands, Balasinor police station from Gujarat and Ajk Burhanpur from Madhya Pradesh take the 1st, 2nd and 3rd places respectively. The grading system of the police stations comes after the directions of Prime Minister Narendra Modi while addressing the DsGP (State Police Chief) during the 2015 Conference held in Kutch, Gujarat.

Top 5 Police Stations from the list:
Ranking Police Station  State
1 Aberdeen Andaman and Nicobar Islands
2 Balasinor Gujarat
3 Ajk Burhanpur Madhya Pradesh
4 AWPS Theni Tamil Nadu
5 Anini Arunachal Pradesh

Overview of Swedish King Carl XVI Gustaf Folke and Queen Silvia Renate to India

King Carl XVI Gustaf Folke Hubertus and Queen Silvia Renate Sommerlath of Sweden paid a 5-day official visit to India from December 2-6,2019 at the invitation of President Ram Nath Kovind. They were received by Member of Parliament(MP) Babul Supriyo at the New Delhi airport. This is the 3rd time they both have visited India. Earlier they visited in the year 1993 and 2005.

Economy

RBI tightens norms for acquisition of financial assets by ARCs from sponsors and lenders

India’s central Bank, the Reserve Bank of India (RBI) has tightened norms for Asset reconstruction companies (ARCs) by barring them to bilaterally buy assets from banks /financial institutions (FIs) which is its sponsor, lender or has subscribed to the fund raised by the ARC for its operations or an entity in the group to which the ARC belongs.

NEFT transaction facility to be available 24×7 for customers from December, 16, 2019: RBI

With a view to promote digital transactions, the Reserve Bank of India (RBI) has allowed the round-the-clock (24×7) transactions facility under the National Electronic Funds Transfer (NEFT) system to customers on all days including weekends and holidays from December 16,2019.
This direction was issued by RBI under Section 10(2) read with Section 18 of the Payment and Settlement Systems Act, 2007 (Act 51 of 2007).

Canada’s CPPIB commits to invest up to $600 million in National Investment and Infrastructure Fund (NIIF) of India

CPP Investment Board, officially the Canada Pension Plan Investment Board (CPPIB) has agreed to invest up to $600 million in the National Investment and Infrastructure Fund (NIIF) of India through the NIIF Master Fund.
CPPIB’s commitment includes a $150 million in the NIIF Master Fund and co-investment rights of up to $450 million in future opportunities to invest alongside the NIIF Master Fund.
About NIIF:
MD & CEO– Sujoy Bose
Headquarters– Mumbai,Maharashtra
It was India’s first sovereign wealth fund established in February 2015, with the objective of promoting investment in the infrastructure sector in India.This will also boost the economic development of the country. It manages over $4 billion of capital commitments across three funds.
About Canada Pension Plan Investment Board (CPPIB):
Founded– December 31, 1997
Headquarters– Ontario, Canada
President & CEO– Mark Machin

Sports

Denmark’s Caroline Wozniacki, former World No.1 Tennis Player announced her retirement at 29

Caroline Wozniacki (29) from Denmark, former World No.1 tennis player announced her retirement from tennis after next month’s Australian Open, the first Grand Slam tournament of the year 2019 and WTA (Women’s Tennis Association) event in Auckland. Caroline Wozniacki was born in Odense, Denmark. She is the first woman from a Scandinavian country to hold the top-ranking position. “Scandinavia” refers to Denmark, Norway, and Sweden.
About WTA (Women’s Tennis Association):
Founded- June 1973
Headquarters- St. Petersburg, Florida, United States
President- Micky Lawler
CEO (Chief Executive Officer)- Steve Simon

Miscellaneous

Girish Chandra Chaturvedi appointed as chairman of National Stock Exchange

India’s leading stock exchange the National Stock Exchange(NSE) has appointed public interest Director Girish Chandra Chaturvedi as its new chairman. The appointment was done after the market regulator Securities and Exchange Board of India’s (SEBI) approval. Chaturvedi replaced Ashok Chawla, who resigned as a chairman in January 2019.
About National Stock Exchange(NSE):
Founded- 1992.
Headquarters- Mumbai, Maharashtra.
Managing Director(MD) & Chief Executive Officer(CEO)- Vikram Limaye.

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Daily Current Affairs | 02nd December 2020

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