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Current Affairs 27^th March 2020

IMF launches Government Policy Tracker for COVID-19

• The International Monetary Fund recently launched the “IMF Policy Tracker”. The platform will provide all the key economic responses launched by Government all over the world to fight against Corona Virus.
• The tracker is to be updated based on the press release of the IMF Communication Department.

IMF: International Monetary Fund
Formation: 27 December 1945; 74 years ago
Type: International Financial Institution
Headquarter: Washington D.C. U.S.  
Membership: 189 Countries
Chief Economist: Gita Gopinath
Parent Organization: United Nations

Government to supply an additional 2 kg subsidized food grain for 3 months

• Government of India is to supply an additional 2kg subsidized food grains under the Public Distribution System (PDS) over the next three months. A total quota of 7 kg per person will be given. The announcement was made by the Ministry of Consumer Affairs, Food, and Public Distribution on 26 March.
• The Food Ministry supply extra 2 kg subsidized food grains to over 80 crore people registered under Public Distribution System (PDS).
• This subsidized food grains will be supplied for only the next 3 months to all ration card holders.
• National Food Security Act (NFSA), the government is supplying 5 kg of food grains per month to over 80 crore people at a highly subsidized price. Wheat is supplied at Rs.2/kg and rice at Rs.3/kg.

5 Special emergency loans for COVID-19 affected customers launched by Indian Bank

• Indian Bank has launched five special emergency loans for large corporates, medium enterprises, MSMEs, salaried and pensioners as a support to its customers effecting through economic slump and lockdown because of COVID-19.

Following are the 5 Special emergency loan for COVID-19.

1. IND- COVID Emergency Credit Line (IBCECL)
2. IND- MSE COVID Emergency Loan (INDMSE-CEL)
3. SHG-COVID – SAHAYA LOAN
4. IND-COVID Emergency Salary Loan
5. IND COVID- Emergency Pension Loan

Confederation of Indian Industry sets up COVID-19 Rehabilitation and Relief Fund

• The Confederation of Indian Industries has set up funds to assist rehabilitation of micro, small and medium enterprises. The fund is to be raised from the members of the confederation.
• The MSMEs are the most affected sectors due to the outbreak of Corona Virus. This is mainly because of the steps taken to contain the virus like Lock Down, travel bans, closer of theatres, malls and educational institution.
• The government of India has allowed late repayment of loans by the MSMEs. The Government will suspend Section 7, Section 9 and Section 10 of the IBC code for six months.

SECTION 7: Under Section 7 of the Insolvency Bankruptcy Code, the creditor or the Government may file an application to initiate insolvency procedure.

SECTION 9: Corporate Insolvencies are initiated under this section

SECTION 10: The section gives powers to defaulting company to approach an adjudicating authority to declare it insolvent.

CII: Confederation of Indian Industry

Formation: 1895; 125 years ago

Headquarters: New Delhi

President: Vikram Kirloskar

ARCI, Hyderabad develops ‘ultrafast laser surface texturing technology’ to improve fuel efficiency of IC engines

• International Advanced Centre for Powder Metallurgy & New Materials (ARCI), Hyderabad (Telangana), which functions as a grants-in-aid institution of the Government of India’s Department of Science & Technology (DST), has developed ‘ultrafast laser surface texturing technology’, which can enhance the efficiency of fuel in internal combustion (IC) engines by reducing friction.
• By using this technology, the friction of the engines has been reduced by controlling the size, density and shape of the micro-surface texture features, which are created by using a pulsating laser beam.

Krishan Mohan Prasad and Satish Kumar Gupta appointed CBDT board members

• The Appointment Committee of the Cabinet approved the appointment of two Indian Revenue Service (IRS) officers Krishan Mohan Prasad and Satish Kumar Gupta as members of the Central Board of Direct Taxes (CBDT).
• Kishan Mohan Prasad is a 1984 batch IRS officer, serves as the head of Faceless e-Assessment scheme as first Principal Chief Commissioner of Income-tax, National e-assessment center in Delhi.
• Satish Kumar Gupta is a 1984 batch IRS officer, serves as the Principal Chief Commissioner (PCCIT) of I-T (Income Tax) in Mumbai, Maharashtra & also served as Director-General of Investigation of Bhopal and Jaipur.

CBDT: Central Board of Direct Taxes
Formation: 1944
Appointer: Finance Minister of India

Indian football skipper Sunil Chhetri has been named for FIFAs campaign to combat COVID-19 crisis

• Indian football captain Sunil Chhetri has been picked among 28 players for the world

  

  Sunil Chhetri

  governing body FIFA's campaign to combat the COVID-19 pandemic.
• He has been selected along with Lionel Messi, Philip Lahm, Iker Casillas, and Carles Puyol.
• FIFA and the World Health Organization (WHO) have partnered to combat the coronavirus and launched 'Pass the message to kick out coronavirus', a new awareness campaign, led by world-renowned footballers.
• The campaign urges people to follow five key steps to stop the spread of the disease.
• The five key steps as per the WHO guidance, is hand washing, coughing etiquette, not touching your face, physical distance and staying home if feeling unwell.
• 28 players are involved in the video campaign which will be published in 13 languages.

FIFA: The Federation International de Football Association
Founded: 21 May 1904

Founded at: Paris, France
Headquarter: Zurich, Switzerland

Membership: 211 National Associations
President: Gianni Infantino
Motto: For the Game, For the World

Short Notes

• Aviation sector might face losses up to USD 3.6 billion in June quarter.
• Census 2021 and NPR updating postponed due to COVID-19 pandemic.
• “Stay Home India with Books” initiative launched by government of India. Under the initiative more than 100 books can be downloaded from the NBT website.
• National Book Trust (NBT) of Human Resource Development HRD Ministry launches #StayHomeIndiaWithBooks initiative to encourage people to read books while at home
• Maharashtra overtakes Tamil Nadu and Telangana in organ transplants and donation in 2019.
  Maharashtra – 153,         Telangana – 117,              Tamil Nadu - 93.
• UP Government bans sale, manufacture of pan masala for indefinite period.
• Indore becomes first city in India to sanitize the city by drone for COVID-19.
• Walmart promotes Sameer Aggrawal as CEO of Best Price.
• Union Cabinet approves MoU between India and Germany in Railway sector.
• Former Indian Footballer Abdul Latif passed away at 73.
• 750 km range cruise missile Babur II of Pakistan crashes.