CURRENT AND CORPORATE AFFAIRS : 25th JULY 2020

Current and Corporate Affairs : 25th July 2020

CURRENT AFFAIRS AS ON 25th JULY 2020

COVID-19

(1.) Delhi’s Corona-virus infection toll surges to 1,29,531 :- A total of 1,142 new confirmed cases of Corona-virus were reported in Delhi during the last 24 hours taking the total number of cases to 1,29,531. The Delhi Government confirmed that over 1,13,000 people affected with Corona-virus have cured so far. In the last 24 hours, 2,137 people recovered and 29 deaths were reported in the National Capital taking the toll to 3,806. Presently, the total number of active Corona cases in the National Capital is 12,657.

NATIONAL NEWS

(1.) Central govt. issues certificate of GI registration for Saffron grown in Kashmir Valley :- The Union Government has issued a certificate of GI registration for Saffron grown in the Kashmir Valley in a significant decision. While expressing happiness on the development, Lieutenant Governor Girish Chandra Murmu has said that this is the first major step to
put Saffron produced in Kashmir Valley on the world map with authentication. With the GI tag, Kashmir Saffron will acquire more prominence in the export market and would help the farmers get a better
remunerative price.

(2.) Department of Biotechnology supports production scale-up of test kits from Mylab :- Pune-based Mylab Discovery Solutions has scaled up production and development of its COVID-19 pathodetect testing kit with strategic funding under National Bio-pharma Mission of Department of Biotechnology (DBT). The Secretary, Department of Biotechnology Dr. Renu Swarup has said that in the fight against the current pandemic, having indigenous supplies of qualitative RT-PCR test kits was identified as a critical need in enhancing testing ability. She said, scale-up of Mylab’s pathodetect production was a step by Department of Biotechnology took in that direction.

(3.) India, United Kingdom affirms their commitment towards Free Trade Agreement:- India and the United Kingdom have affirmed their shared commitment towards Free Trade Agreement between both the countries. The two sides will engage into early harvest schemes or limited trade agreements in a staged manner marking preparatory steps towards the free trade agreement. The declaration was announced during the 14th Joint Economic and Trade Committee meeting which was held virtually yesterday. Minister for Commerce and Industry Piyush Goyal and UK Secretary of State for International Trade Ms Elizabeth Truss co-chaired the meeting. Minister of State for Commerce and Industry Hardeep Singh Puri and his UK counterpart Minister of State for International Trade, Mr. Ranil Jayawardena were also present during the meet.

STATE NEWS

(1.) TRIFED enters into partnership with IIT, Delhi for Unnat Bharat Abhiyaan :- Tribal Cooperative Marketing Development Federation of India (TRIFED) under Tribal Affairs Ministry, has entered into a partnership with IIT, Delhi for the Unnat Bharat Abhiyaan (UBA) which is a flagship national program of the Ministry of Human Resource Development. To cement and formalize this partnership, a tri-partite Memorandum of Understanding was signed between TRIFED, IIT Delhi and Vijnana Bharati yesterday. Tribal entrepreneurs under TRIFED’s Van Dhan Program will now be able to get access to the expertise of the entire network of over 2,600 academic and research institutions under Unnat Bharat Abhiyaan. The Ministry of Tribal Affairs in a statement said that this partnership can help promote enhancing livelihoods through the Van Dhan Vikas Kendras established under the Van Dhan Yojana.

(2.) Uttar Pradesh CM Yogi Adityanath visits Ayodhya to take stock of forthcoming PM visit and Bhumi Poojan function :- Uttar Pradesh Chief Minister Yogi Adityanath today appealed to the followers of Sanatan Dharma to lit earthen lamps on 3rd and 4th of August and do 24 hour long Ram Kirtan at their homes on 5th of August, the day when construction of Ram temple will begin in Ayodhya. He visited Ayodhya today afternoon and took stock of the preparations for the forthcoming Prime Minister visit and Bhumi Poojan function.

(3.) Rajasthan Cabinet meets on issue of convening emergency session of Legislative Assembly :- In Rajasthan, the political upheaval continued even today. The State Cabinet met this evening on the issue of convening an emergency session of the Legislative Assembly. The meeting held under the chairmanship of Chief Minister Ashok Gehlot concluded in just 10 minutes. Earlier, another Cabinet meeting was held last night as well. A meeting of the Congress Legislature Party was also held this afternoon, which was attended by other parties and independent MLAs supporting the Congress Government. In the meeting, Chief Minister Ashok Gehlot called upon the MLAs to be prepared for every situation. Governor Kalraj Mishra mentioned several shortcomings in the proposal sent to him by the State government for convening the Assembly Session. That is why the new proposal to be sent to the Governor for convening an emergency session of the assembly was discussed in the Cabinet meetings held yesterday and today.

INTERNATIONAL NEWS

(1.) RBI signs necessary documents for extending US Dollars 400 million currency swap facility with Central Bank of Sri Lanka :- The Reserve Bank of India has signed necessary documents for extending a US Dollars 400 million currency swap facility with the Central Bank of Sri Lanka. This currency swap arrangement will remain available till November 2022. The agreement followed talks between the two sides over past weeks to find ways of enhancing economic cooperation between the two neighbours. The Indian High Commission in Colombo has remained closely engaged in fruitful bilateral cooperation with Sri Lanka on all matters of mutual interest. Both countries held technical discussions on rescheduling of bilateral debt repayment by Sri Lanka this week.

(2.) India and European Union renew Agreement on Scientific and Technological Cooperation for next 5 years till 2025 :- India and European Union have renewed its Agreement on Scientific and Technological Cooperation for the next five years till 2025. This will expand the cooperation in scientific and technological research and strengthen the conduct of cooperative activities in areas of common interest and application of the results of such cooperation to their economic and social benefit. The Agreement was initially signed on 23rd November, 2001 and renewed two times in 2007 and 2015.

BUSINESS AND FINANCE

(1.) Special Liquidity Scheme for Non-Banking Financial Companies, Housing Finance Companies received positive response :- The Special Liquidity Scheme for Non-Banking Financial Companies and Housing Finance Companies has received a positive response. Five proposals involving an amount of 3,090 crore rupees have already been sanctioned and 35 more applications are under process. The Special Liquidity Scheme of 30 thousand crore rupees for NBFCs and HFCs is being implemented from 1st July as a part of the Aatma-nirbhar Bharat package. The Scheme has been launched to improve the liquidity position of NBFCs and HFCs through a Special Purpose Vehicle (SPV) to avoid any potential systemic risks to the financial sector.

(2.) India’s Foreign exchange reserves touch all time high of 517.637 billion dollars :- India’s foreign exchange reserves surged by 1.275 billion dollars to reach a fresh life-time high of 517.637 billion dollars in the week ended 17th July, 2020. Foreign currency assets, a major part of the overall reserves, increased by 1.245 billion dollars to 476.880 billion dollars. In the previous week, the reserves had swelled by 3.108 billion dollars to end at 516.362 billion dollars. Gold reserves also went up by 13 million dollars to end at 34.743 billion dollars. India’s special drawing rights with the International Monetary Fund rose by 2 million dollars to reach 1.455 billion dollars, while the country’s reserve position also increased by 15 million dollars to 4.560 billion dollars.

(3.) Government notifies new rules & regulations for e-commerce companies :- The government has notified new rules and regulations for e-commerce companies under the Consumer Protection Act, 2019. It made it mandatory to display the ‘country of origin’ on their products stating that any non-compliance will attract penal action. The ‘Consumer Protection (E-Commerce) Rules, 2020′, notified on 23rd July is part of the Consumer Protection Act, 2019. The new norms aim to protect the rights of consumer by establishing authorities for timely and effective administration and settlement of consumers’ disputes. The ‘Consumer Protection (E-Commerce) Rules, 2020’ will be applicable to all electronic retailers registered in India or abroad but offering goods and services to Indian consumers.

(4.) ITAT allows exemption of Rs 220 crore to Tata Education and Development Trust :- Income Tax Appellate Tribunal (ITAT) has allowed exemption of Rs 220 crore to Tata Education and Development Trust. In a major relief to the trust, the ITAT bench consisting of Justices P. P. Bhatt, President, ITAT yesterday ruled in favor of the trust in their appeal against Commissioner of Income Tax appeal order wherein a demand of more than Rs. 220 crore was levied by the Income Tax Department. ITAT also stayed the matter of that demand without any minimum pay. The case pertains to assessment years 2011-12 and 2012-13 on money spent by the trust for creating an Endowment Fund at Cornell University in US to provide scholarships to Indian students and granting financial assistance to the Harvard Business School for constructing an executive building to be named Tata Hall.


CORPORATE AFFAIRS AS ON 25th JULY 2020

MINISTRY OF CHEMICALS AND FERTILIZERS

(1.) Govt. making all efforts for ease of doing business in Fertilizer Sector.

Source : Click Here to Visit

MINISTRY OF RURAL DEVELOPMENT

(1.) Video conference on “Strengthening of the Risk Based Internal Audit of Rural Development Programs” held Financial Management Index for Rural Development released.

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MINISTRY OF FISHERIES, ANIMAL HUSBANDRY AND DAIRYING

(1.) List of contesting candidates who have been validly nominated and have not withdrawn their candidature within the stipulated time for contesting election to the Veterinary Council of India.

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MINISTRY OF ENVIRONMENT, FORESTS AND CLIMATE CHANGE

(1.) The Environment (Protection) Rules, 1986 :- Any person interested in making any objections or suggestions on the proposals contained in the draft notification may forward the same in writing, for consideration of the Central Government within the period so specified to the Secretary in writing or send it to the e-mail address of the Ministry at esz-mef@nic.in

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(2.) The Environment (Protection) Rules, 1986, (hereafter in this notification referred to as the said notification) the Ministry of Environment, Forest and Climate Change declared Eco-sensitive Zone of the Ghughua Fossil National Park in the State of Madhya Pradesh.

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SEBI PRESS RELEASE/ CIRCULARS

(1.) NSE-BSE bulk deals :- Goldman Sachs cuts stake in Parag Milk Foods.

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Thanks for Reading Current and Corporate Affairs : 25th July 2020

Compiled By : CS Surbhi Saxena

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