Current Affairs Current Affairs December 2019

  The National Stock Exchange of India Ltd (NSE) has appointed Girish Chandra Chaturvedi as its new chairman. The appointment was approved by Securities and Exchange Board of India (Sebi). Girish Chandra Chaturvedi is a retired IAS officer and former Secretary, Ministry of Petroleum and Natural Gas. He is presently on the board of ICICI Bank and the member of the government appointed board of Infrastructure Leasing and Financial Services Ltd (IL&FS).
Source: The Economic Times

  Miss South Africa Zozibini Tunzi was crowned Miss Universe 2019 in Atlanta, US. Ms Tunzi beat over 90 contestants from around the globe in the 68th instalment of Miss Universe. Miss Universe Puerto Rico Madison Anderson was the runner-up in this contest. The Philippines’ Catriona Gray, who presented Ms Tunzi the crown, was the Miss Universe winner in 2018.
Source: The NDTV

  Worldwide arms sales rose by nearly 5 per cent in 2018. According to a new report by the Stockholm International Peace Research Institute (SIPRI), the market is dominated by the United States. The turnover of the 100 biggest arms manufacturers came to 420 billion dollars. US manufacturers alone accounted for 59 per cent of the market, or a turnover of 246 billion dollars, up 7.2 per cent on the previous year. Russia was second in the rankings for arms production, with 8.6 per cent of the market, just ahead of the United Kingdom on 8.4 per cent and France on 5.5 per cent. The study did not include China, for lack of sufficient data. The world’s largest arms maker remains the US firm Lockheed Martin, as it has been since 2009. Its turnover last year was 47.3 billion dollars. Its sales alone account for 11 per cent of the world market.
Source: The News on AIR

  The Federation of Indian Association (FIA) has invited Super 30 founder Anand Kumar to a function on the eve of India’s Republic Day celebrations in New York. The Federation of Indian Association is the oldest organisation of the non-resident Indians. Year “2020” also marks the 50th anniversary of FIA. Anand Kumar has been invited for his contribution in the field of education through his programme ‘Super 30’. ‘Super 30’ is a programme that prepares 30 students from underprivileged sections of society for the prestigious IIT entrance test every year, without any fees.
Source: The Hindu

  The Constitution (126th amendment bill), 2019 was introduced in Lok Sabha on December 9, 2019. The bill seeks to extend the reservation provided to the Scheduled Caste and Scheduled Tribes by 10 years.
  • Key Features
The reservation provided to the Anglo-Indian community, SC, ST is to end by January 25, 2020. The bill is being introduced to continue the reservation of seats for another 10 years, that is till January, 25, 2030. The reservation has been included in Article 334 and therefore the bill seeks to amend the article.
  • Article 334
Article 334 lays down that the provisions for reservation of seats and special representation of anglo-indians, SC and ST will cease after 40 years. The clause was included in 1949. After 40 years, it is being amended with an extension of 10 years.
  • Constitutional Amendment
The Constitution Amendment is making changing in the constitution. According to Article 368, there are two types of Constitutional Amendments namely, the amendment effected by special majority and the amendment effected by special majority and ratification by at least one half of state legislatures. Special majority requires ratification by two-third members present at the voting. At the time of voting, more than 50% of the total strength of the house should be present.

 The Indian Space Research Organization is gearing to launch RISAT-2BR1 from Satish Dhawan Space Centre in Sriharikota on December 11, 2019. It is the second satellite in the RISAT series. The first satellite RISAT-2B was launched earlier this year.
  • Highlights of the launch
The launch is the 50th mission of ISRO’s PSLV (Polar Satellite Launch Vehicle). Along with the RISAT-2BR1, it will also carry 9 commercial satellites. They are 6 from the US, and each from Italy, Israel and Japan. The RISAT-2BR1 is a spy satellite that is launched to boost Indian military’s Earth surveillance.
  • RISAT
RISAT are Indian radar imaging reconnaissance satellites built by ISRO. These satellites provide all weather earth observations. So far, ISRO has put 310 foreign satellites into orbit.
  • Satellite Launch Market
So far India has launched satellites for 19 countries. Broadly, the US shares 40% of global launching services market. Following the US, European Union holds the second place. Though China plays a major role, it is not a consistent player and is not popular among the satellite customers namely USA and European Union. India has been launching satellites for foreign clients for 15 years now.

 National Energy Conservation Week is celebrated all over India from December 14 to December 20. Various Government enterprises and Public Sector Undertakings celebrate the week by organizing energy conservation message-oriented activities.
  • December 14: Energy Conservation Day
The Energy Conservation Day is celebrated every year on December 14 since 1991. Energy Conservation Day is an initiative of Bureau o Energy Efficiency. The objective of the day is to demonstrate achievements of government in saving energy and conservation. On the day, National Energy Conservation awards is distributed to industries that play major role in conserving energy.
  • Energy Conservation Organization in India
The Petroleum Conservation Research Association is an inter-governmental body that was created in 1978 to promote energy conservation. It creates public awareness in saving fossil fuels. The Bureau of Energy Efficiency (BEE) created in 2001 is also responsible for promoting energy efficiency and conservation. The BEE was established under Energy Conservation Act, 2001. The aim of the organization is to reduce energy demands.

  National Thermal Power Corporation Limited has signed a term loan agreement for Rs. 5,000 crore with State Bank of India. The loan facility has been extended at an interest rate linked to 3 Months MCLR of the bank and has a door to door tenure of 15 years. The loan will be utilised to part finance the capital expenditure of NTPC.
Source- The Hindu Business Line

   Human Library, a concept which seeks to replace books with humans, was held in the City of Palaces, Mysuru, Karnataka. It was organized by international non-profit organization- Human Library for first time in Mysuru. The objective of this event was to break past long-standing prejudices and stereotypes by creating a safe framework for conservation by using a library analogy of lending people rather than books. It also intended to generate greater human cohesion across various social, religious and ethnic diversities. This event provides readers of human library opportunity to borrow Human Books and to engage in conversation with the books. It also helps them to acknowledge the need for a change in societal attitudes and encourage social reforms.
  • About Human Library
It is also known as The Human Library Organization. It is a registered international not for profit organization headquartered in Copenhagen, Denmark.  It aims at ensuring a global implementation of the Human Library as a learning platform. It was initially launched in the year 2000 and currently exists in more than 85 countries.  In India, it is spread across various metropolitan cities including Delhi, Hyderabad, Mumbai, Bengaluru.

 The central and state authorities organised GST (Goods and Services Tax) Stakeholder Feedback Diwas on 7 December 2019. The aim of organizing this event was to get an on-the-spot response and suggestion to the new system for filing GST Returns to be introduced from next fiscal year. The new return form will be made mandatory from 1 April 2020. The programme was organised on the new system for filing returns across 125 cities to get on-the-spot response and suggestion.
  • About GST Stakeholder Feedback Diwas
As per Central Board of Indirect Taxes and Customs (CBIC) about 7,500 trade associations/stakeholders participated in the programme. Besides them a large number of taxpayers, all prominent chambers of commerce and industry, compliance managers and tax practitioners also participated. The participants were encouraged to upload GST returns (ANX-1 and 2) and give feedback in regard to ease of compliance, deficiencies, improvements and uploading. There was overwhelming response from GST stakeholders and several useful suggestions were received. The focus was on assessing ease of compliance and uploading of these new returns so that taxpayers as well as traders do not face any difficulty when returns are made legally mandatory.
  • Background
On November 2019 Union Finance Minister Nirmala Sitharaman directed CGST (Centre Goods and Services Tax) and SGST (State Goods and Services Tax) authorities to organise a nationwide interaction with stakeholders in order to get a first-hand feedback on new GST returns that are proposed to be rolled out from next fiscal year (April 2020). The finance minister then on November 16, held a meet with select taxpayers, Chartered Accountants and tax practitioners on the same subject. Later, during first National Conference on GST (held on 25 November), Revenue Secretary had also urged states GST authorities to hold similar stakeholder consultations in their jurisdictions as well as to all GST stakeholders to actively participated in these feedback sessions in their nearest CGST or SGST Office cross the country.


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