Weekly CA Quiz: January 2022 1st week

Centre has released over 830 crore rupees to Odisha to expedite the implementation of Jal Jeevan Mission in the state. Jal Shakti Ministry said, Odisha has planned to become Har Ghar Jal State in 2024.

The Jharkhand government has joined hands with the Indian School of Business to launch an initiative aimed at empowering state’s forest economy and creating jobs and wealth through a sustainable development model.

A second road linking Tsomgo lake and Nathula border pass with Gangtok — christened as ‘Narendra Modi Marg’ — was officially inaugurated by Sikkim Governor Ganga Prasad. The older route is called Jawaharlal Nehru Road.

Public Provident Fund (PPF) and National Savings Certificate (NSC) will continue to carry an annual interest rate of 7.1 per cent and 6.8 per cent, respectively.One-year term deposit scheme will continue to earn an interest rate of 5.5 per cent, while the girl child savings scheme Sukanya Samriddhi Yojana account will earn 7.6 per cent.The interest rate on the five-year senior citizens savings scheme would be retained at 7.4 per cent. The interest on the senior citizens’ scheme is paid quarterly.Interest rate on savings deposits will continue to be 4 per cent per annum.Term deposits of one to five years will fetch interest rate in the range of 5.5-6.7 per cent, to be paid quarterly, while the interest rate on five-year recurring deposits will earn a higher interest of 5.8 per cent.

Life Insurance Corporation (LIC) of India has inaugurated ‘Digi Zone’ as part of its effort to enhance its digital footprint.

Insurance regulator Irdai said the state-owned LIC, GIC Re and New India continue to be identified as Domestic Systemically Important Insurers (D-SIIs) for 2021-22.

The All India Co-ordinated Research Project (AICRP) on poultry breeding, Mannuthy, under the Kerala Veterinary and Animal Science University (KVASU), bagged the national breed conservation award for 2021.

Vinay Kumar Tripathi has been appointed as new Chairman and Chief Executive Officer of Railway Board. Succeeds Suneet Sharma.

The country’s largest public-sector lender State Bank Of India (SBI), stated that it will buy a 9.95% stake in the India International Clearing Corporation (IICC), set up at the Gujarat International Finance Tec-City IFSC (GIFT-IFSC).

South Africa’s star wicketkeeper-batter Quinton de Kock announced his retirement from Test cricket with immediate effect, said the country’s apex body, CSA, hours after the team’s defeat in the first Test against India.

The oil ministry has set up the Energy Transition Advisory Committee headed by former petroleum secretary Tarun Kapoor, who demitted office in November, to draft the strategy.

The Department of Telecommunications (DoT) formed as many as six academia-driven task forces under the Technology Innovation Group (TIG) on sixth-generation or 6G technology, making industry representation only symbolic.

After cementing its position across tech domains globally, China has unveiled a five-year plan to become an innovation hub for the global robotics industry by 2025, as industries like automobile, aerospace, railway transportation, logistics and mining aim to roll out smart factories.

SEBI has restructured its advisory committee on market data that recommends policy measures pertaining to areas like securities market data access and privacy. Rejigging its market data advisory committee, Sebi has said the panel will now be chaired by S Sahoo. The 20-member committee was earlier headed by Madhabi Puri Buch, ex-whole time member of Sebi.

It major Tech Mahindra announced that the company and its wholly-owned subsidiary viz.,Tech Mahindra (Americas) Inc. has approved the proposal to acquire 100 per cent equity shares in Allyis India Pvt Ltd and Green Investments LLC, holding company for Allyis Group, respectively.

India’s current account balance posted a deficit of $ 9.6 billion in the second quarter ended September 2021 (Q2Fy22), forming 1.3 per cent of the country’s gross domestic product (GDP) and reflecting a rise in overseas trade.

Trinamool MP Sushmita Dev is the only woman member of the 31-membeparliamentary panel that will examine the Prohibition on Child Marriage (Amendment) Bill seeking to increase the age of legal marriage of women from 18 to 21 years.

The Centre has told Supreme Court that it has decided to retain the existing 8 lakh rupees annual income criteria for candidates of Economic Weaker Sections for NEET-PG counselling.

France took over the presidency of the Council of the European Union from 1st January 2022, after a break of 13 years. The motto of France as EU President is “recovery, strength, belonging.”

CryptoWire, a crypto super app announced the launch of India’s first index of cryptocurrencies, IC15 with a view to empowering knowledge on blockchain ecosystem.

Dr. Jitendra Singh launched Web Portal for PM’s Excellence Award, says prize money doubled to 20 lakh rupees for awarded District or Organization.

V.S. Pathania took over as the 24th Director General (DG) of the Indian Coast Guard from Krishnaswamy Natarajan who retired from service.

Sudan’s prime minister Abdalla Hamdok says he has resigned amid political deadlock following a military coup that derailed the country’s fragile transition.

Education Minister Dharmendra Pradhan launched a nationwide 100-day reading campaign – Padhe Bharat. The Campaign is in alignment with the National Education Policy (NEP)-2020 which emphasizes the promotion of joyful reading culture for children by ensuring the availability of age-appropriate reading books for children in their mother tongue, regional and local languages.

Government has said that the compound annual growth rate of digital transaction has gone up by fifty per cent. Electronics and Information Technology Ministry said, the number of digital transactions has increased from one thousand 85 crore rupees in 2016-17 to five thousand 554 crore in 2020-21.

Ladakh is celebrating, Losar, the traditional new year on January 3,2021.

Sri Lanka is facing a deepening financial and humanitarian crisis with fears it could go bankrupt in 2022 as inflation rises to record levels, food prices rocket and its coffers run dry.

Ujjwala and Himachal Grihini Suvidha scheme of Centre and State government prove boon for the people of the state and making Himachal Pradesh the first state in the country to become a smoke-free state.

Alka Mittal has been appointed as the interim chairman and managing director of Oil and Natural Gas Corporation (ONGC), making her the first woman to head the country’s largest oil and gas producer.

Senior IAS officer, G Asok Kumar posted as additional secretary, Union ministry of Jal Shakti assumed the charge as Director General of National Mission for Clean Ganga, Ministry of Jal Shakti.

An Indian-origin British Army Captain, Harpreet Chandi, has become the first woman of colour to trek solo unsupported to the South Pole.

The country s exports in December 2021 surged 37 per cent on an annual basis to USD 37.29 billion, the highest-ever monthly figure, on the back of healthy performance by 1sectors like engineering, textiles and chemicals, even as the trade deficit widened to USD 21.99 billion.

The Reserve Bank of India released framework to enable small value digital payments in offline mode using cards, wallets and mobile device. As per the new rules payment system operators, will be able to allow offline payments in face to face mode only. Such payments that will happen without the use of internet or the telecom network will be capped at Rs 200 per transaction and will be offered without additional factor.

NPCI Bharat BillPay announced the launch of a Unified Presentment Management System (UPMS), which will enable users to set up standing instructions on their recurring bill payments across all channels and modes of digital payments.

Union Science and Technology Minister, Dr Jitendra Singh launched the theme of National Science Day 2022. The theme of this year is Integrated- Integrated Approach in Science and Technology for Sustainable Future.

India has invited a total of 46 friendly foreign countries to participate in the multinational naval exercise Milan in Visakhapatnam, scheduled from February 25, 2022. The theme of this 11th edition of exercise Milan is camaraderie, cohesion and collaboration.

The Reserve Bank of India said that State Bank of India, HDFC Bank and ICICI Bank will remain as D-SIBs and therefore will have to maintain additional common equity tier 1 (CET1) capital ratios in the same manner prescribed in 2020.

The Union Ayush Minster Sarbananda Sonowal laid the foundation stone for the Heartfulness International Yoga academy at Hyderabad. The Academy will set new benchmarks in yoga training.

Food Processing Industries Minister Pashupati Kumar Paras launched six brands developed as part of the ‘One District-One Product’ approach under the Pradhan Mantri Formalisation of Micro food processing Enterprises Scheme in New Delhi. The Ministry has signed an agreement with NAFED for developing ten brands of selected One District One Product under the branding and marketing component of the scheme.The products are Amrit Phal, Cori Gold, Kashmiri Mantra, Madhu Mantra, Somdana, and Whole Wheat Cookies of Dilli Bakes.

The Akshaya Patra Foundation (TAPF) and the United Nations World Food Programme (WFP) in India have entered into a partnership to enhance the effectiveness of the Pradhan Mantri Poshan Shakti Nirman (formerly mid-day meal scheme).

Antigua and Barbuda becomes the 102nd country to join International Solar Alliance.

Reserve Bank of India (RBI) has cancelled the authorisation certificates of Muthoot Vehicle and Asset Finance Ltd and Eko India Financial Services Private Ltd for non-compliance with regulatory requirements.

Deepak Kumar and Ajay Kumar Choudhary have been promoted as executive directors of the Reserve Bank of India (RBI), the central bank said.

The first-ever Guinness World Record in Numerology and the first world record of 2022 was achieved by one of India’s top numerologists JC Chaudhry educating about ancient science to around 6000 participants, enthusiasts of numerology joined from USA, UK, Middle East, and India.

The Odisha government has partnered with Syntizen, a Digital Identity Solutions provider, to provide life certificates to pensioners in the state via video KYC.

Puducherry has been handpicked by Prime Minister Narendra Modi to host the 25th National Youth Festival, organised as part of the Azadi ki Amrit Mahotsav marking the 75th year of Independence.

SBI General Insurance has announced the launch of a campaign to increase awareness of Indians around the need to buy health insurance to save tax. The campaign #BahaneChhodoTaxBachao will also underline other benefits of opting for health insurance.

Airtel Payments Bank announced a collaboration with Park+ to offer FASTag-based smart parking solutions to marquee commercial and residential properties across the country.

TickerPlant, a subsidiary of 63 Moons technologies limited, announced its collaboration with Google Cloud for the development of the CryptoWire eco-system, catering to all stakeholders of crypto and the blockchain industry on a common platform.

Alphabet Inc-owned Google said its cloud division had acquired Israeli cybersecurity startup Siemplify, as the U.S. tech giant expands its security offerings amid rising cyber attacks.

TS Tirumurti, India’s permanent representative to the United Nations was named the new Chair of the UN Counter-Terrorism Committee (CTC).

Pakistan has elevated Justice Ayesha A Malik to the country’s Supreme Court, making her the first woman judge in the country’s history to hold a top judicial position.

The US Chamber of Commerce said ambassador Atul Keshap was being appointed as president of the US-India Business Council (USIBC) effective from January 5.

The Centre has again appointed Vijay Paul Sharma as the chairman of Commission for Agricultural Costs & Prices (CACP) after he relinquished the post in May last year following completion of the five-year tenure.

The Kerala-based lender South Indian Bank has won the UiPath Automation Excellence Awards 2021 for Best Automation under Crisis for Business Continuity.

The book titled “Gandhi’s Assassin: The Making of Nathuram Godse and His Idea of India” written by Dhirendra Jha has been released recently.

The Forensic Science Laboratory (FSL) won SKOCH Award in Silver category for its work towards combating Crime and Violence against Children. It was given on the 78th SKOCH Summit organised with theme of “State of Governance”.

The Constitutional Convention of Chile elected as its new president the dentist and epidemiologist María Elisa Quinteros, after nine rounds of voting.

To promote women’s empowerment, Legends League Cricket (LLC) has appointed cricketer Jhulan Goswami as an ambassador, LLC said.

Nodirbek Abdusattorov, a 17-year-old chess prodigy from Uzbekistan, emerged as the World Rapid Chess champion after overcoming a stacked field in the open event which included Ian Nepomniachtchi, defending champion Magnus Carlsen and Fabiano Caruana. In the women’s section, Alexandra Kosteniuk won her first world crown in rapid chess.

Rising cases of the Omicron variant of Covid-19 and the subsequent curbs will have an adverse impact on India’s Q4FY22 GDP, said India Ratings and Research (Ind-Ra). For the entire FY22, the GDP is expected to clock a growth rate of 9.3 per cent YoY, 10 bp lower than our earlier estimate of 9.4 per cent.

Union Minister of State for Science and Technology Dr Jitendra Singh inaugurated India’s first Open Rock Museum in Hyderabad, displaying around 35 different types of rocks from different parts of India with ages ranging from 3.3 billion years to around 55 million years of the Earth’s history.

KVIC chairman Vinai Kumar Saxena launched the country’s first Mobile Honey Processing Van at a Sirora village in Ghaziabad, UP.

The Department for Promotion of Industry and Internal Trade (DPIIT) and the Ministry of Commerce and Industry have decided to organise a week-long virtual innovation celebration called ‘Startup India Innovation Week’ to showcase the spread and depth of entrepreneurship across India. The virtual event will be organised from January 10 to January 16, 2022. The event also aims to commemorate the 75th year of India’s independence ‘Azadi Ka Amrit Mahotsav’.