17th September 2021 Daily Current Affairs

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Questions :-

1) Which of the following is/are referred to as the fifth dimension of warfare?

  1. Cyberspace
  2. Biogenic weapons
  3. Deep space

Select the correct answer from the codes given below:

  1. 1 only
  2. 2 and 3 only
  3. 3 only
  4. 1 and 2 only

2) Consider the following statements regarding GM Crops:

  1. To produce a GM plant, new DNA is transferred into plant cells.
  2. Bt cotton is the only genetically modified (GM) crop that has been approved for commercial cultivation in India

Which of the above statements is/are incorrect?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

3) Consider the following statements regarding Classical languages and Eighth Schedule of Indian Constitution

  1. All the Classical Languages are listed in the Eighth Schedule of the Constitution.
  2. Unlike classical languages, there are no fixed criteria or guidelines for any language to be considered for inclusion in the Eighth Schedule.

Which of the above statements is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Important Facts  :-

1) About Classical languages:

  • Currently there are six languages that enjoy the ‘Classical’ status in India. 
  • The Ministry of Culture provides the guidelines regarding Classical languages. These are,  
  • High antiquity of its early texts/recorded history over a period of 1500-2000 years;
  • A body of ancient literature/texts, which is considered a valuable heritage by generations of speakers.
  • The literary tradition is original and not borrowed from another speech community.
  • The classical language and literature being distinct from modern, there may also be a discontinuity between the classical language and its later forms or its offshoots.

All the Classical Languages are listed in the Eighth Schedule of the Constitution.

  1. Tamil
  2. Sanskrit
  3. Kannada
  4. Malayalam
  5. Telugu
  6. Odia

2) Hybodont shark

In a rare discovery, teeth of new species of Hybodont shark of Jurassic age have been reported for the first time from Jaisalmer by a team of officers from the Geological Survey of India (GSI).

Hybodonts, an extinct group of sharks, was a dominant group of fishes in both marine and fluvial environments during the Triassic and early Jurassic time.

However, hybodont sharks started to decline in marine environments from the Middle Jurassic onwards until they formed a relatively minor component of open-marine shark assemblages.

They finally became extinct at the end of the Cretaceous time 65 million years ago.

3) Govt. sets up ‘bad bank’ to clear the NPA mess-

Paving the way for a major clean-up of bad loans in the banking system, the Cabinet on Wednesday cleared a ₹30,600-crore guarantee programme for securities to be issued by the newly incorporated ‘bad bank’ for taking over and resolving non-performing assets (NPAs) amounting to ₹2 lakh crore.

The Reserve Bank of India is in the process of granting a licence for the National Asset Reconstruction Company Limited (NARCL), following which toxic assets worth ₹90,000 crore that banks have already fully provided for, will move to the NARCL

Concept of bad bank:

  • A bad bank is a bank set up to buy the bad loans and other illiquid holdings of another financial institution.
  • The entity holding significant nonperforming assets will sell these holdings to the bad bank at market price.
  • It will then manage and dispose of the assets to potential investors for eventual value realization.
  • The NARCL-IDRCL structure is the new bad bank.
  • The National Asset Reconstruction Company Limited (NARCL) has already been incorporated under the Companies Act.
  • It will acquire stressed assets worth about Rs 2 lakh crore from various commercial banks in different phases.
  • Another entity — India Debt Resolution Company Ltd (IDRCL), which has also been set up — will then try to sell the stressed assets in the market.

How will the NARCL-IDRCL work?

  • The NARCL will first purchase bad loans from banks.
  • It will pay 15% of the agreed price in cash and the remaining 85% will be in the form of “Security Receipts”.
  • When the assets are sold, with the help of IDRCL, , the commercial banks will be paid back the rest.
  • If the bad bank is unable to sell the bad loan, or has to sell it at a loss, then the government guarantee will be invoked.
  • The difference between what the commercial bank was supposed to get and what the bad bank was able to raise will be paid from the Rs 30,600 crore that has been provided by the government.

4) J&K govt. employees face tighter passport rules

The Lieutenant Governor’s administration on Thursday further toughened the process of issuance of passports to around 4.5 lakh government employees in Jammu and Kashmir by making the Vigilance Department’s clearance mandatory, besides the other police Verifications.

“The Anti-Corruption Bureau has also brought to the notice of the government that the present mechanism for issuance of passport to government employees without obtaining requisite vigilance clearance results in the issuance of passport to those employees against whom vigilance cases are pending,” the order read.

5) China questions India’s missile project –

China on Thursday cited a United Nations Security Council (UNSC) resolution issued after the 1998 nuclear tests to question India’s missile programme amid reports of an upcoming test for the Agni-V intercontinental ballistic missile.

All About UNSC –

  • established by the UN Charter in 1945. The council is headquartered at NewYork.
  •  It is one of the six principal organs of the United Nations.
  • The other 5 organs of the United Nations are—the General Assembly, the Trusteeship Council, the Economic and Social Council, the International Court of Justice, and the Secretariat.
  • The council has 15 members: the five permanent members and 10 non-permanent members elected for two-year terms.
  • The five permanent members are the United States, the Russian Federation, France, China and the United Kingdom.
  • The council’s presidency is a capacity that rotates every month among its 15 members.

6) Dhoni, Anand Mahindra on NCC reform panel –

The Defence Ministry has constituted an expert committee, under the chairmanship of former MP Baijayant Panda, for a comprehensive review of the National Cadet Corps (NCC) to make it more relevant with changing times.

National Cadet Corps

  • The NCC was formed in 1948 (on the recommendation of H. N. Kunzru Committee-1946), and has its roots to British era uniformed youth entities like University Corps or University Officer Training Corps.
  • The motto of NCC is: “ UNITY AND DISCIPLINE”.
  • Currently it has a strength of around 14 lakh cadets from Army, Navy and Air Force wings.
  • The NCC falls under the purview of the Ministry of Defence and is headed by a Director General of three-star military rank.

7) NFRA needs to have standalone legislation’ –

For enforcement of auditing standards and ensuring the quality of audits, the government has established the National Financial Reporting Authority as an independent regulator.

About NFRA:-

  • National Financial Reporting Authority (NFRA) is an independent regulator to oversee the auditing profession and accounting standards in India under Companies Act 2013.
  • It came into existence in October 2018.
  • According to Section 132 of Companies Act 2013, “NFRA is responsible for recommending accounting and auditing policies and standards in the country, undertaking investigations, and imposing sanctions against defaulting auditors and audit firms in the form of monetary penalties and debarment from practice for up to 10 years.

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