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PIB News Synopsis 22nd December, 2019

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1. Amitabh Bachchan to be honoured with Dadasaheb Phalke award

  • Veteran actor Amitabh Bachchan will receive the Dadasaheb Phalke award for his outstanding contribution to the film industry.
  • The award, named after the father of Indian cinema, Dhundiraj Govind Phalke, was instituted in 1969.
  • The award is conferred by the government for outstanding contribution to the growth and development of Indian Cinema.
  • It consists of a Swarn Kamal and a cash prize of ten lakh rupees.

2. Manuel Marrero Cruz appointed as Cuba’s first PM in more than 40 years

  • It was reinstated under the rules of a new constitution for the communist-run island passed earlier this year.
  • The post of prime minister was scrapped in 1976 by the then-revolutionary leader Fidel Castro.
  • On the other hand, critics say any such changes are purely cosmetic as the Cuban Communist Party and the military remain the only two real decision-making institutions in the country.

3. Chilai-Kalan begins in Jammu & Kashmir

  • In Jammu & Kashmir, the 40-day period of extreme cold, known as ‘Chilai-Kalan’, began yesterday while as the region is continuously reeling under the intense cold wave and chill for the past over ten days now.
  • The most severe part of the winter in Kashmir consists of three months.
    • It is divided into three parts called the Chilas:- The Chillai Kalan, the Chillai Khurd, and the Chillai Bache.
    • Chillai-Kalan, is the 40-day period of harsh winter. Chillai-Kalan begins from December 21 and ends on January 31 next year.The chances of snowfall are most frequent and maximum in Chillai-kalan.
    • Chillai-Kalan is followed by a 20-day long Chillai-Khurd (small cold) that occurs between January 31 and February 19 and a 10-day long Chillai-Bachha (baby cold) which is from February 20 to March 2.

4. US President Trump officially launches US military ‘Space Force’

  • The launch of the Space Force, the first in more than 70 years, falls under the US Air Force.
  • It is the sixth branch of the U.S. military and the first new armed service since the establishment of the independent U.S. Air Force in 1947.

5. Operation Twist- Open Market Operation(OMO)

  • The buying of long-term bonds and selling of short-term bonds by RBI is called operation twist.
  • When the long-term bonds are bought by RBI, their demand increases. This lowers long term yields. This way the yield curve gets twisted and hence the name “Operation Twist”. This has significant effect on the long term interest rated that govern the investment and growth in the economy.
  • Operation Twist is generally used by Central Banks when long term interest rates remain high in spite of lowering interest rates
  • What is Open Market Operation?
    It is a tool used by the RBI to smoothen liquidity conditions in the country. The main objective of OMO is to regulate money flow in the country. RBI operates the OMO through commercial banks and does not deal with the public directly.
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