Weekly CA Quiz: May 2021 4th week

Central government has notified and revised the rate of Variable Dearness Allowance (VDA) with a view to provide relief to different category of workers engaged in various scheduled employments in the central sphere.

 The Global G20 Health Summit was co-hosted by European Commission along with Italy as part of its G20 presidency amid the surge and spread of coronavirus cases.

The COVID-19 pandemic has substantially increased informality in employment, leading to a decline in earnings for the majority of workers, and consequent increase in poverty in the country, according to ‘State of Working India 2021: One Year of Covid-19’, a report brought out annually by Azim Premji University’s Centre for Sustainable Employment, Bengaluru.

 Barcelona put on a brilliant display to beat Chelsea 4-0 to win the Women’s Champions League final for the first time in the club’s history.

 The Reserve Bank of India has appointed Rajesh Bansal, an expert in electronic cash transfers and digital financial services, as the Chief Executive Officer of the Reserve Bank Innovation Hub with effect from May 17.

The Badminton Association of India (BAI) president Himanta Biswa Sarma was elected to the BWF council for the period 2021-25.

TRIFED will now be partnering with NITI Aayog to implement the Van Dhan Yojana in the districts that have been identified as aspirational by NITI Aayog.

India and Israel have signed a three-year work program for cooperation in agriculture. India and Israel are implementing the “INDO-ISRAEL Agricultural Project Centres of Excellence” and “INDO-ISRAEL Villages of Excellence”.

 The Ministry of Home Affairs (MHA) has permitted existing Foreign Contribution (Regulation) Act (FCRA) account holders, including NGOs and associations, to open their “FCRA Account” in the New Delhi Main Branch (NDMB) of the State Bank of India up to June 30, 2021.

Country’s Foreign exchange reserves crossed the USD 590 billion mark on the week ended 14th March.In terms of rupee, it is 43,24,574 crores.

Red Bull’s Max Verstappen has won the Monaco Grand Prix for the first time to take the Formula One championship lead from Lewis Hamilton.

The book titled “The Spiritual CEO”, penned by secretary of Heartfulness Institute, S Prakashhas been released. The book was published by Westland Publication.

International Missing Children’s Day is observed globally on 25th May every year.

With an objective of providing psychological first-aid and emotional support to children affected during the pandemic, the National Commission for Protection of Child Rights (NCPCR) is providing tele-counselling to children through SAMVEDNA (Sensitising Action on Mental Health Vulnerability through Emotional Development and Necessary Acceptance) – a toll-free helpline.

The Union Government has released Rs 1605 crore to eight North Eastern states under Jal Jeevan Mission to provide tap water supply to rural homes in the current financial year.

The International Financial Services Centres Authority, IFSCA has constituted an expert committee on Investment Funds.

The Finance Ministry formally notified the amendment to the Indian Insurance Companies (Foreign Investment) Rules, 2015 and clarified on the final rules for increasing the foreign direct investment limit in the insurance sector to 74% from the existing 49%,which came into effect on May 19, 2021.

Equitas Small Finance Bank has now become the first Small Finance Bank to offer its NRI customer segment the ease of account opening online. The company will also be the only one in the Small Finance Bank sector to have Virtual Relationship Managers based on time zones.

Markets regulator Sebi doubled the overseas investment limit of alternative investment fundsand venture capital funds to USD 1,500 million.

The President of the Republic of Congo, Denis Sassou Nguesso has appointed Anatole Collinet Makosso as the country’s Prime Minister. He replaced Clement Mouamba, in-office since 2016.

The National Aeronautics and Space Administration has announced its first mobile robot to the moon in late 2023. The rover will search for ice as well as other resources on and below the lunar surface.

 Indian Commonwealth Day is celebrated on May 24. Also known as Empire Day, Commonwealth Day commemorates the formation of the British Empire in India and other colonies of Britain.

Microsoft announced that the Internet Explorer 11 desktop browser will be retired on June 15, 2022, for certain versions of Windows 10.

The Union Cabinet has approved the opening of a new Consulate General of India in Addu City, Maldives in 2021. India and Maldives share ethnic, linguistic, cultural, religious and commercial links steeped in antiquity.

The Power Ministry has decided to set up a National Mission on the use of Biomass in coal based thermal power plants.

The National Payments Corp. of India (NPCI) announced it has onboarded Turkey’s global payment solutions company PayCore as one of the certified partners for RuPay SoftPOS to drive cashless payments across the country.

The country’s GDP is likely to grow at 1.3 per cent in the fourth quarter of 2020-21 and may see a contraction of around 7.3 per cent for the full financial year, according to an SBI research report ‘Ecowrap’.

Amazon.com Inc said that it is buying MGM, the fabled US movie studio home to the James Bond franchise, for 8.45 billion US Dollars.

IPS officer Subodh Kumar Jaiswal took charge as director of the CBI, officials said.

Indian economist and Nobel Laureate Amartya Kumar Sen has been conferred with Spain’s top Princess of Asturias Award in the social sciences category, the Spanish prize foundation announced.

 India is expected to acquire four Heron long-endurance drones from Israel on lease in the next few months to primarily crank up its surveillance capabilities along the Line of Actual Control (LAC) with China.

A portal that provides comprehensive details on all the CSR activities in Karnataka was launched by Chief Minister B S Yediyurappa in Bengaluru.

Max Mosley, the former head of Formula 1’s governing body who went on to become a high-profile privacy campaigner, has died aged 81 from cancer.

 A book has titled “Nehru, Tibet and China” authored by Avtar Singh Bhasin.

The World Health Organization (WHO) and the Swiss Confederation will launch the first facility to share rapidly virus and pathogen samples between laboratories worldwide, as the WHO BioHub Facility was approved through a Memorandum of Understanding.

ICICI Bank announced the launch of a unique facility of linking a UPI (Unified Payments Interface) ID to its digital wallet ’Pockets’, marking a departure from the current practice that demands such IDs be linked with a savings bank account.

PNB Housing Finance has executed a revised Trademark Agreement (Agreement) with Punjab National Bank.

Fintech startup FlexiLoans has partnered with Vivriti Capital to disburse working capital loans of more than Rs 300 crores to micro, small, and medium enterprises (MSMEs).

Samoa’s first female prime minister took office in an unconventional ceremony outside a locked Parliament, underlining the pacific island’s ongoing constitutional crisis.

The Appointments committee of the Cabinet has approved a one year extension to both Chief of the country’s premier intelligence agency – Intelligence Bureau ( IB) and Research & Analysis Wing ( R&AW).

As India prepares to tackle the upcoming Cyclone Yaas, disaster management has emerged as a critical part of the global agenda as climate change leads to increased cyclonic storms, wildfires and major forest fires.

The Reserve Bank has imposed a penalty of Rs 10 crore on HDFC Bank for deficiencies in regulatory compliances with regard to its auto loan portfolio.

Banking technology solutions provider Zeta has become the 14th startup to join the unicorn club this year after it raised $250 million from Japanese investment giant SoftBank for its series-C round.

American professional golfer, Phil Mickelson has created history by winning the 2021 PGA Championship, at the age of 50.

Jagjit Pavadia, the former Narcotics Commissioner of India, has been elected as the President of the International Narcotics Control Board (INCB).

Amazon founder Jeff Bezos has picked a date to step down as CEO.He will become executive chair at Amazon and focus on new products and initiatives.

The International Day of Action for Women’s Health (International Women’s Health Day) is observed every year on May 28 raise awareness on the issues related to women’s health and well being.

The Union Government has decided to provide monetary assistance to students through Direct Benefit Transfer under the Mid-Day Meal Scheme.

Centre has enhanced and liberalised the insurance compensation schemes under Employees State Insurance Corporation and Employees Provident Fund Organization with a view to mitigate the financial difficulties faced due to death of single earning member in the family.

The second BRICS Sherpas’ and Sous Sherpas’ meeting was convened under India’s Chairship.

Syrian President Bashar al-Assad won a fourth term in office with 95.1 per cent of the votes in an election that will extend his rule over a country ruined by war but which opponents and the West say was marked by fraud.

Corporal Yuvraj Singh who served with the United Nations Mission in South Sudan (UNMISS) and two civilian peacekeepers — Ivan Michael Picardo, who served with UNMISS, and Mulchand Yadav, who worked for the UN Assistance Mission in Iraq (UNAMI) — were honoured posthumously with the Dag Hammarskjold Medal during a sombre virtual ceremony here on the occasion of the International Day of United Nations Peacekeepers.

 As tensions with Russia simmer, thousands of NATO troops, several warships and dozens of aircraft are taking part in military exercises stretching across the Atlantic, through Europe and into the Black Sea region.

 ZebPay launched a lending platform where investors can lend their coins to the cryptocurrency exchange and earn returns depending on the token and the time period it is loaned for. Lending facility will be available in two options — open term and fixed term.

In Tennis, world number one Novak Djokovic clinched the Belgrade Open title after defeating Slovakia’s Alex Molcan in Serbia. Serbian maestro Djokovic outclassed first-time ATP Tour finals Molcan 6-4, 6-3 in 88 minutes.