Daily Current Affairs December 17 2021 | Latest News | Download PDF

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CURRENT AFFAIRS: IMPORTAND DAYS:

Vijay Diwas is observed on – 16 Dec:

• To commemorate its victory over Pakistan during the 1971 war, India celebrates Vijay Diwas on December 16 every year as a tribute to the success of the Indian army.
• This war led to the creation of Bangladesh.
• India is celebrating the 50th Vijay Diwas in 2021.
• On this day, we pay homage to all the soldiers who had defended the nation in the war.
• The Indo-Pakistan war of 1971 which began on December 3, for 13 days and officially ended on December 16, after which Pakistan surrendered to India.
• It was on this day in 1971, the chief of the Pakistani forces, General AA Khan Niazi, along with 93 thousand troops, had surrendered unconditionally to the allied forces consisting of the Indian Army and Mukti Bahini.
• The end of the war also resulted in the subsequent secession of East Pakistan into Bangladesh.
• Pakistan surrendered to the Indian army finally and this day is also observed as ‘Bijoy Dibos’ in Bangladesh.

CURRENT AFFAIRS: NATIONAL NEWS

CABINET APPROVALS:

(A) Treaty between India and Poland concerning Mutual Legal Assistance in Criminal Matters:

• The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Treaty on Mutual Legal Assistance in Criminal Matters between the Government of the Republic of India and the Republic of Poland with a view to enhance capability and effectiveness of both countries in investigation and prosecution of crimes, including crimes related to terrorism through mutual legal assistance.

Benefits:

• The Treaty aims to enhance effectiveness of both the countries in investigation and prosecution of crime, through cooperation and mutual legal assistance in criminal matters.
• In the context of transnational crime and its linkages to terrorism, the proposed Treaty will provide a broad legal framework for bilateral cooperation with Poland in investigation and prosecution of crime as well as in tracing, restrain and confiscation of proceeds and instruments of crime as well as the funds meant to finance terrorist acts.
• After signing and ratification of the Treaty, suitable Gazette Notifications will be issued under the relevant provisions of Cr.P.C. 1973 to give effect to the provisions of the Treaty in India.
• The Gazette notification is accessible to general public outside the Government domain and it will provide increased awareness and transparency on mutual cooperation between India and Poland in the field of mutual legal assistance in criminal matters.
• It will increase effectiveness of India in tackling criminal activities involving Poland.
• Once in operation, the Treaty will be instrumental in gaining better inputs and insights in the modus operandi of organized criminals and terrorists.
• These in turn can be used to fine tune policy decisions in the field of internal security.

Click here to read more;

(B) An incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M):

• The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved an incentive scheme to promote RuPay Debit cards and low-value [up to Rs. 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country.
• Under the scheme, the acquiring banks will be incentivized by the Government, by way of paying percentage of value of transactions (P2M) done through RuPay Debit cards and low-value BHIM-UPI modes of payments, at an estimated financial outlay of Rs.1,300 crore for a period of one-year w.e.f. April 01, 2021.
• This scheme will facilitate acquiring Banks in building robust digital payment ecosystem and promoting RuPay Debit card and BHIM-UPI digital transactions, across all sectors and segments of the population and further deepening of digital payments in the country.
• It will also help in making accessible digital modes of payments to unbanked and marginalized populations, who are outside of the formal banking and financial system.
• India today is one of the most efficient payments markets in the world.  These developments have been the outcome of the initiatives of the initiatives of the Government of India and innovation by various players in the digital payment ecosystem.  
• The scheme will further spur research and development and innovation in fintech space, and will help the Government in further deepening of digital payments in various part of countries.

(C) Programme for Development of Semiconductors and Display Manufacturing Ecosystem in India:

• In furtherance of the vision of AatmaNirbhar Bharat and positioning India as the global hub for Electronic System Design and Manufacturing, the Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra Modi has approved the comprehensive program for the development of sustainable semiconductor and display ecosystem in the country.
• The program will usher in a new era in electronics manufacturing by providing a globally competitive incentive package to companies in semiconductors and display manufacturing as well as design.
• This shall pave the way for India’s technological leadership in these areas of strategic importance and economic self-reliance.
• Semiconductors and displays are the foundation of modern electronics driving the next phase of digital transformation under Industry 4.0.
• Semiconductors and display manufacturing is very complex and technology-intensive sector involving huge capital investments, high risk, long gestation and payback periods, and rapid changes in technology, which require significant and sustained investments.
• The program will give an impetus to semiconductor and display manufacturing by facilitating capital support and technological collaborations.
• The programme aims to provide attractive incentive support to companies / consortia that are engaged in Silicon Semiconductor Fabs, Display Fabs, Compound Semiconductors / Silicon Photonics / Sensors (including MEMS) Fabs, Semiconductor Packaging (ATMP / OSAT), Semiconductor Design.

(D) Implementation of Pradhan Mantri Krishi Sinchayee Yojana for 2021-26

• The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi, has approved implementation of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-26 with an outlay of Rs.93,068 crore.
• The CCEA has approved central support of Rs.37,454 crore to States and Rs.20,434.56 crore of debt servicing for loan availed by Government of India for irrigation development during PMKSY 2016-21.
• Accelerated Irrigation Benefit Programme (AIBP), Har Khet ko Paani (HKKP) and Watershed Development components have been approved for continuation during 2021-26.
• Accelerated Irrigation Benefit Programme – a flagship programme of Government of India aims for financial support to irrigation projects.
• Total additional irrigation potential creation targeted during 2021-26 under AIBP is 13.88 lakh hectare. Apart from focused completion of 60 ongoing projects including their 30.23 lakh hectare command area development, additional projects can also be taken up.
• The inclusion criteria have been relaxed for projects under tribal and drought prone areas.

(E) A programme for the Development of Semiconductors and Display Manufacturing Ecosystem in the country:

• The Cabinet has approved a programme for Development of Semiconductors and Display Manufacturing Ecosystem in the country.
• Briefing reporters after the Cabinet meeting in New Delhi yesterday, Information and Broadcasting Minister Anurag Thakur, 76,000 crore rupees will be spent on this project in the next six years.
• This will strengthen India’s journey towards Aatma Nirbhar Bharat.
• Electronics and IT Minister Ashwini Vaishnaw, in the last seven years, the country has reached 75 billion US dollars in the electronic manufacturing sector.

CURRENT AFFAIRS: INTERNATIONAL NEWS

PRESIDENT OF INDIA IN BANGLADESH; ATTENDS BILATERAL MEETINGS:

• The President of India, Shri Ram Nath Kovind, landed at the Hazrat Shahjalal International Airport in Dhaka where he was received by Mr Mohammad Abdul Hamid, the President of Bangladesh himself.
• President Kovind is on a three-day state visit to Bangladesh from December 15 to 17, 2021, which is his first state visit since the outbreak of the COVID pandemic.
• The President was accorded a ceremonial welcome and given Guard of Honour at the Airport.
• Thereafter, he visited the National Martyrs’ Memorial in Savar and paid tributes to the martyrs of the Liberation War of Bangladesh.
• Subsequently, he visited Bangabandhu Memorial Museum at 32 Dhanmondi where he paid homage to Bangabandhu Sheikh Mujibur Rahman, the Father of the nation of Bangladesh.
• In these meetings, the President congratulated the government and people of Bangladesh on the historic occasion of Mujib Borsho, 50th anniversary of liberation of Bangladesh and 50 years of India-Bangladesh bilateral relations.
• The Liberation War of Bangladesh was an inspiring episode in recent history and India was honored to be the part of it.

About Bangladesh:

• President: Abdul Hamid Trending
• Capital: Dhaka
• Currency: Bangladeshi taka
• Prime minister: Sheikh Hasina

Click here to read more;

UNESCO inscribes ‘Durga Puja in Kolkata’ on the Representative List of Intangible Cultural Heritage of Humanity:

• In an important announcement, the Intergovernmental Committee of UNESCO’s 2003 Convention on Safeguarding of the Intangible Cultural Heritage has inscribed ‘Durga Puja in Kolkata’ on the Representative List of Intangible Cultural Heritage of Humanity during its 16th session being held at Paris, France from 13th to 18th December 2021.
• The Committee commended Durga Puja for its initiatives to involve marginalized groups, and individuals as well as women in their participation in safeguarding the element.
• The union minister for Culture, Tourism and DONER, in a tweet said that this is a recognition of the confluence of our rich heritage, culture, rituals and practices and a celebration of the feminine divinity and the spirit of womanhood.
• Durga Puja not only is a celebration of the feminine divinity but is a consummate expression of dance, music, crafts, rituals, practices culinary and cultural aspects.
• The festival transcends the boundaries of caste, creed and economic classes and joins the people together in its celebration.
• With the inscription of Durga Puja in Kolkata, India now has 14 intangible cultural heritage elements on the prestigious UNESCO Representative List of ICH of Humanity.
• In recent years, the ICH elements that saw inscriptions are Kumbh Mela (inscribed 2017), Yoga (inscribed 2016) among others.
• India is a signatory of the 2003 UNESCO Convention which aims for the Safeguarding of the Intangible of the Intangible Heritage along with traditions and living expression.
• Intangible cultural heritage means the practices, representations, expressions, knowledge, skills – as well as the instruments, objects, artifacts and cultural spaces associated with them that communities, groups and, in some cases, individuals recognize as a part of their cultural heritage.

About UNESCO:

• Headquarters: Paris, France
• Head: Director-General; Audrey Azoulay
• Founded: 16 November 1945.

CURRENT AFFAIRS: STATE NEWS

Odisha tie-up with UNCDF to launch “Mission Shakti Living Lab”:

• Odisha has signed an agreement with United Nations Capital Development Fund (UNCDF) to launch “Mission Shakti Living Lab” for the financial empowerment of women.
• A joint initiative designed by state government and UNCDF through its Centre for Financial Health, there are 6.02 lakh SHGs comprising 70 lakh members under Mission Shakti across rural and urban areas of the state.
• A Global Centre for Financial Health, to launch Mission Shakti Living Lab empowering women economically and drive gender equality.
• With the use of digital technologies and e-commerce, it will increase the income and financial well-being of women, self-help groups (SHGs) and households by helping them in the factors of planning, saving, borrow or spending better.
• It will address the barriers related to the autonomy and financial freedom of women.
• Mission Shakti was launched in 2001 to enhance the holistic development of women, there are 6.02 lakh self-help groups (SHGs) comprising 70 lakh members across rural and urban areas of Odisha under the initiative.
• This initiative led to an increase in the income of SHG members from Rs 3,000 to 15,000 per month in Odisha.

About UNCDF:

• Headquarters: New York, United States
• Founded: 1966
• Head: Executive Secretary of the United Nations Capital Development Fund; Preeti Sinha

PM Modi addresses at foundation stone laying of MaaUmiya Dham Development Project in Gujarat:

• Prime Minister Narendra Modi, the Maa Umiya Dham Development Project in Gujarat is a perfect example of the notion of ‘Sabka Prayas’ as this auspicious project will be fulfilled with the efforts of all.
• He emphasized that the devotees should participate in the enterprise with a sense of spiritual purpose as well as a purpose of social service as serving the people is the biggest worship.
• The Prime Minister asked the gathering to include element of skill development in all the aspects of the organization. He recalled his visit to Unjha during the Beti Bachao Beti Padhao campaign.
• During that visit, he had stressed that steep fall in the female birth rate is a stigma.
• He thanked the people for accepting the challenge and gradually the number of girls has almost become equivalent to the boys.

About Gujarat:

• Capital: Gandhinagar
• Governor: Acharya Devvrat
• Chief minister: Bhupendrabhai Patel
• Rivers: Narmada River, Mahi River, Sabarmati River, Machchhu River, Rupen River, Hiran River, Kim River.

Azadi Ka Amritotsav: Defense Minister inaugurates exhibition of defence products of BEL in Uttarakhand:

• Defence Minister Rajnath Singh inaugurated the exhibition of defence products of Bharat Electronics Limited in Kotdwar, Uttarakhand through virtual medium.
• The exhibition is organised as a part of Azadi ka Amritotsav. The Defence Minister, now the defence-related equipment are being made in the country itself, which is a step towards self-reliant India.
• BEL has a big contribution in this sector. The defence exhibition will establish the trust of the common people in the defence system and equipment of their country.
• Officers and employees of BEL Kotdwar and school children were present in the exhibition. The exhibition will run till December 19.
• An exhibition is also being organized in Dehradun by the Ordnance Factory.

CURRENT AFFAIRS: BANKING AND ECONOMY

Pine Labs partners with AU Small Finance Bank:

• Pine Labs, a merchant commerce platform, has partnered with AU Small Finance Bank, the country’s largest small finance bank.
• With this partnership, the bank’s credit cardholders will now be able to avail of equated monthly instalments (EMI) offers at the point of sale and convert their regular purchase into interest-free EMIs across the over 2 lakh merchant base of Pine Labs, pan India.
• Currently, Pine Labs powers more than 30 different credit issuers and NBFC partners on its Android PoS terminals.
• The collaboration between the two entities is expected to benefit the large underbanked population of India.
• In fact, about 55-60 per cent of customers of the AU Small Finance Bank are first-time credit cardholders with a presence across the west, north, and central parts of India and prominent Tier 3 and 4 cities.
• Pine Labs is expanding its ‘Buy Now Pay Later’ offering to international markets as well and recently partnered with Standard Chartered Malaysia to offer zero-interest instalment purchase options to the bank’s customers.

About AU Small Finance Bank:

• Headquarters: Jaipur
• Founded: 1996
• MD & CEO: Sanjay Agarwal
• Tagline: Badlaav Humse Hai

RBI allows Payments Banks, SFBs to conduct Govt agency business:

• Scheduled payments banks and scheduled small finance banks will be eligible to conduct Government agency business, according to the Reserve Bank of India (RBI).
• The central bank has decided in this regard in consultation with the Department of Financial Services (DFS), Ministry of Finance (MoF).
• Any payment bank or small finance bank that intends to undertake Government agency business may be appointed as an agent of RBI upon execution of an agreement with RBI, provided that the overarching regulatory framework prescribed for these banks is complied with.
• This move comes in the wake of the embargo put in place from September 2012 by DFS on the further allocation of Government business to private sector banks being been lifted in February 2021.
• Further, Government Departments/State Governments can discontinue the arrangement after giving notice to the concerned agency banks, keeping RBI informed.

About RBI:

• Headquarters: Mumbai
• Founded: 1 April 1935, Kolkata
• Governor: Shaktikanta Das

SBI renews MoU with Indian Army:

• SBI has renewed its Memorandum of Understanding (MoU) with the Indian Army to offer benefits to all serving as well as retired Army Personnel and their families through its Defence Salary Package (DSP) Scheme.
• Under this MoU, SBI offers zero-balance Savings Bank accounts with complimentary benefits and waiver of service charges.
• Further, the bank is offering benefits through complimentary Personal and Air Accidental Insurance (Death) covers, additional cover in case of on-duty death, Permanent Total Disability / Partial Disability covers.
• Emphasizing that SBI always believed in providing the best value in its engagement with Army personnel, who dedicate their lives for the safety of our nation and citizens, Dinesh Kumar Khara, Chairman,the Defence Salary Package (Army) ensures ease of access to banking facilities to them and their families.

About SBI:

• Chairperson: Dinesh Kumar Khara
• Founded: 1 July 1955
• Headquarters: Mumbai
• Tagline: The Nation banks on us; Pure Banking Nothing Else; With you all the way

Tata Motors to sign a retail finance MoU with Bandhan Bank:

• Tata Motors has partnered with Bandhan Bank to sign a retail finance MoU, offering finance options to all its passenger vehicle customers.
• As part of the tie-up, Bandhan Bank will provide loans to Tata Motors’ customers at an interest rate starting from 7.50 per cent.
• This scheme will offer a maximum of 90 percent financing on the total on-road cost of the vehicle.
• Tata Motors, have always aimed to make our personal mobility solutions more affordable and accessible for individuals and families at beneficial rates.
• These offers will make the process of purchasing our cars much easier for customers and that this will positively impact their overall buying experience of Tata cars

About Bandhan bank:

• CEO: Chandra Shekhar Ghosh
• Headquarters: Kolkata
• Founded: 2001
• Chairperson: Anup Kumar Sinha

Axis Bank tied up with Swift to provide digital banking solution:

• Axis Bank is integrating different digitisation initiatives by government bodies and service providers to extend an end-to-end service to business clients.
• The bank’s B2B (business-to-business) digitisation efforts are being supported by Swift — a cooperative of global banks that acts as an intermediary between banks and sets standards.
• Axis Bank is working with new digital services from provider Swift to provide a comprehensive digital solution to clients.

About Axis Bank:

• CEO: Amitabh Chaudhry
• Headquarters: Mumbai
• Founded: 3 December 1993, Ahmedabad
• Tagline: Badhti Ka Naam Zindagi

CURRENT AFFAIRS: MOUS AND AGREEMENT

Ministry of Corporate Affairs and Financial Intelligence Unit-India sign MoU for data exchange between the two organizations:

• A formal Memorandum of Understanding (MOU) was signed between the Ministry of Corporate Affairs (MCA) and Financial Intelligence Unit-India, Ministry of Finance for data exchange between the two organizations.
• The MoU was signed by Shri Manoj Pandey, Joint Secretary, MCA and Shri Manoj Kaushik, Additional Director FIU-India in the presence of Secretary, MCA, and Director (FIU-India).
• The MoU is in line with the vision of MCA and FIU-INDIA to harness data capabilities to ensure effective enforcement.
• The data sharing arrangement gains significance in light of development of MCA21 Version 3 and FINNET 2.0 which will utilize state of the art technology for improving their regulatory and facilitating functions.
• MCA is in process of rollout of MCA21 Version 3 in phases. FIU-India is in the process of upgrading existing FINnet 1.0 to FINnet 2.0.
• FINnet 2.0 project is of national importance and assists FIU-IND by leveraging technology to collect, analyze and disseminate financial information for combating money laundering and related crimes with many improved and additional features to inculcate the latest technologies like AI/ML and advanced data analytics to streamline the IT processes with improved strategic data analysis capabilities and other aspects.
• The MoU comes into force from the date it was signed and is an ongoing initiative of MCA and FIU-INDIA, both of which are already collaborating through various existing mechanisms.
• A Data Exchange Steering Group also has been constituted for the initiative, which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.
• The MoU marks the beginning of a new era of cooperation and synergy between the two organizations.

Daily CA on 17^th December

• Vijay Diwas is observed on – 16 Dec.
• The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Treaty on Mutual Legal Assistance in Criminal Matters between the Government of the Republic of India and the Republic of Poland.
• The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved an incentive scheme to promote Rupay Debit cards and low-value [up to Rs. 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country.
• The Union Cabinet chaired by Hon’ble Prime Minister Shri Narendra
• Modi has approved the comprehensive program for the development of sustainable semiconductor and display ecosystem in the country.
• The Cabinet Committee on Economic Affairs chaired by the Prime Minister Shri Narendra Modi, has approved implementation of Pradhan Mantri Krishi Sinchayee Yojana (PMKSY) for 2021-26 with an outlay of Rs.93,068 crore.
• The Cabinet has approved a programme for Development of Semiconductors and Display Manufacturing Ecosystem in the country.
• The President of India, Shri Ram Nath Kovind, landed at the Hazrat Shahjalal International Airport in Dhaka where he was received by Mr Mohammad Abdul Hamid, the President of Bangladesh himself.
• UNESCO inscribes ‘Durga Puja in Kolkata’ on the Representative List of Intangible Cultural Heritage of Humanity.
• Odisha has signed an agreement with United Nations Capital Development Fund (UNCDF) to launch “Mission Shakti Living Lab” for the financial empowerment of women.
• Prime Minister Narendra Modi, the Maa Umiya Dham Development Project in Gujarat is a perfect example of the notion of ‘Sabka Prayas’ as this auspicious project will be fulfilled with the efforts of all.
• Defence Minister Rajnath Singh inaugurated the exhibition of defence products of Bharat Electronics Limited in Kotdwar, Uttarakhand through virtual medium.
• Pine Labs, a merchant commerce platform, has partnered with AU Small Finance Bank, the country’s largest small finance bank.
• Scheduled payments banks and scheduled small finance banks will be eligible to conduct Government agency business, according to the Reserve Bank of India (RBI).
• SBI has renewed its Memorandum of Understanding (MoU) with the Indian Army to offer benefits to all serving as well as retired Army Personnel and their families through its Defence Salary Package (DSP) Scheme.

• Tata Motors has partnered with Bandhan Bank to sign a retail finance MoU, offering finance options to all its passenger vehicle customers.
• Axis Bank is integrating different digitisation initiatives by government bodies and service providers to extend an end-to-end service to business clients.
• A formal Memorandum of Understanding (MOU) was signed between the Ministry of Corporate Affairs (MCA) and Financial Intelligence Unit-India, Ministry of Finance for data exchange between the two organizations.