Day: March 19, 2020

Daily Current Affairs – 19 – March – 2020

Nod for 83 LCA-Mk1A from HAL worth around ₹39,000 crore 

Topic : GS 3 Achievements of Indians in science & technology; indigenization of technology and developing new technology.

The Defence Acquisition Council (DAC) gave approval for the procurement of 83 indigenous Light Combat Aircraft (LCA) Tejas Mk-1A from the Hindustan Aeronautics Limited (HAL)

What’s next?

  • The proposal will now be placed for consideration of Cabinet Committee on Security (CCS). 

Details

  • The 83 jets are in addition to the 40 LCA already ordered by the IAF in two batches of 20 each in the Initial Operational Clearance (IOC) and the Final Operational Clearance (FOC) configurations.

Significance

  • This procurement will be a major boost to ‘Make in India’ as the aircraft is indigenously designed, developed and manufactured. 

Light Combat Aircraft (LCA) Tejas-Mk 1A

  • It is manufactured by State-owned Hindustan Aeronautics Limited (HAL)
  • Design : ADA (Aeronautical Development Agency) is the DRDO’s special purpose arm, which has designed and developed the LCA as a modern generation-4 fighter for the IAF.
  • FOC (Final Operational Clearance)-standard LCAs have advanced capabilities such as air-to-air refuelling and a missile system that is beyond visual range (BVR), among others.

Source : The Hindu The Hindu

RBI to infuse ₹10,000 crore  via OMO

Topic : GS 2 Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment.

The Reserve Bank of India (RBI) has decided to infuse ₹10,000 crore liquidity in the banking system by buying government securities through open market operations (OMO).

Why Open Market Operations?

  • With the heightening of COVID-19 pandemic risks, certain financial market segments have been experiencing a tightening of financial conditions.
  • OMO’s are conducted to ensure that all market segments remain liquid and stable, and function normally.

What are ‘Open Market Operations – OMO’?

  • Open market operations (OMO) refers to the buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system, facilitated by the Central Bank.
  • Purchases inject money into the banking system and stimulate growth, while sales of securities do the opposite and contract the economy. 

Source : The Hindu The Hindu investopedia

Court slams Centre, telcos on AGR issue

The Supreme Court slammed the government and telecom majors for doing “self-assessment or reassessment” of the Adjusted Gross Revenue (AGR) dues determined by the apex court.

Timeline – The issue

  • The Supreme Court had earlier dismissed petitions filed by telecom companies for a review of its judgment upholding the recovery of past dues.
  • DoT and the government didn’t take any action to comply with the Supreme court Order.
  • The Centre recently filed  an urgent application in court to give the companies a 20-year window to pay the money.
  • The Supreme Court said that it could not allow a third round of litigation over the AGR dues. 

What lies ahead for the Telecom companies?

  • Telecom companies already saddled with large debt and plunging revenue will find it difficult to survive.
  • It raises questions on the survival of Vodafone Idea and the competition in the Indian market which could see the risk of a duopoly.
  • Airtel has already raised $3 billion to repay dues. Jio paid its AGR dues on 23 January.
  • The total demand of the DoT as of October 2019 was ₹1,69,048.65 crore from 16 major telecom service providers (TSPs). 
  • The payments received till March 6 from these companies is ₹25,901.56 crore. Dues in excess of ₹1.43,000 crore are still outstanding.

Source : The Hindu  Livemint The Hindu

New Bill halves terms of presidents, VPs of local bodies

The Karnataka government tabled a new Bill to reduce the term of the offices of presidents and vice-presidents of gram panchayats, taluk panchayats, and zilla panchayats from five years to 30 months.

Highlights of the Bill – The Karnataka Gram Swaraj and Panchayat Raj (Amendment) Bill, 2020,

  • The Bill is aimed at amending the 1993 Act. 
  • No-confidence motion could not be moved against the presidents and vice-presidents of all three-tiers of local bodies before 15 months from the date of election.  At present, no-confidence motion can be moved within 30 months from the date of election.
  • The Bill envisages some electoral reforms and that included closing of liquor shops 48 hour before closing polling of panchayats.
  • On tax collection :  The Bill has rationalised property tax collection that GPs can do with respect to industries and vacant lands. It has proposed no tax on vacant land in airport or industrial area or industrial areas where plantations are grown. 
  • The Bill makes it mandatory for GPs to provide sanitary latrines to all new houses. 
  • The provisions say that GPs should conduct animal birth control measures to control the number of street dogs. 
  • A written permission from the GP would be required to erect advertisement hoarding on buildings.
  •  It said that the Panchayat Development Officer has to execute all lawful decisions and resolutions taken by the GP.
  • With regards to rotation of seats reserved, the Bill said seats reserved for SCs, STs and OBCs will be rotated every five years instead of 10 years.
  • The TP and ZP member would be disqualified for six years if he or she found guilty with regard to misuse or abuse of power.
  • The new Bill has made MLC, registered as a voter in that taluk, as vice-chairman of the taluk planning and development committee. The TP president is co-chairman.

Source : The Hindu