Weekly CA Quiz: April 2020 1st week

In the wake of national lockdown due to Covid-19, the Government has extended the benefit of two per cent Interest Subvention to Banks and three per cent Prompt Repayment Incentive to all farmers upto 31st of May this year.

The India Post extended its ‘Post Office on Wheels’ services in UP’s Agra and Bareilly in order to ensure seamless delivery of posts and services to the citizens during the coronavirus lockdown.

 BharatPe, a digital transactions interface for merchants, and general insurer ICICI Lombard have joined hands for a low cost COVID-19 insurance cover for shopkeepers across India.

The Reserve Bank of India (RBI) hiked the limit for foreign portfolio investors’ (FPI) investment in corporate bonds to 15 per cent of outstanding stock for FY2020-21.

The Asian Development Bank (ADB) has signed an agreement to lend up to $60 million to Aavas Financiers Ltd , a housing finance company in India, to improve access to housing finance for lower-income borrowers, particularly women.

S&P Global Ratings has further slashed India’s growth forecast to 3.5% for the coming fiscal from a previous downgrade to 5.2% as it expects the damages to the economy from the covid-19 pandemic for the Asia-Pacific region to be as severe as the one during the Asian financial crisis of 1997-98.

Professor Arjun Dev, the legendary educationist and historian, a kind, gentle and generous but extremely brave man, passed away in Noida.

The Jharkhand Government has launched a mobile app PRAGYAAM to issue e-passes to everyone associated with delivery of essential services during the national lockdown to combat COVID-19.

The government has put off implementation of the uniform stamp duty on transfer of shares, debentures, futures, options, currency and other capital market instruments to July 1, 2020.

Interest rate on public provident fund (PPF) scheme has been lowered to 7.1 per cent for the upcoming June quarter of financial year 2020-21.This is the lowest interest rate offered on the popular small savings scheme since 1977. Till the March quarter of FY20, PPF accounts used to attract 7.9 per cent interest.

Flipkart-owned PhonePe said it has launched a coronavirus hospitalisation insurance policy called ‘Corona Care’ in partnership with Bajaj Allianz General Insurance.

The Union Commerce and Industry Ministry announced changes in the Foreign Trade Policy (FTP) of the Government of India. The present Policy which came into force on 1st April, 2015, is for 5 years and has validity upto 31 March, 2020.

Epicentre of the COVID-19 pandemic before it gripped Europe and the USA, China will host the third edition of the Asian Youth Games in Shantou in November next year, the Olympic Council of Asia said.

 Syndicate Bank has been merged with Canara Bank with effect from April1.In March, Canara Bank had said Krishnan S will be appointed as executive director with effect from April 1, 2020 till October 31, 2020, or until further orders.

World Autism Awareness Day (WAAD) is observed every year on 2 April in order to raise awareness about people with autistic spectrum disorders including autism and Asperger syndrome throughout the world.The theme of World Autism Awareness Day 2020 is “The transition of adulthood”.

The A. P government has issued modified guidelines for the distribution of 25 lakh house sites to the poor in urban and rural areas under Navaratnalu – Pedalandariki Illu (houses for all the poor) programme as per the directions of the High Court.

 The government of India has launched its official Covid-19 tracking app Aarogya Setu, the app has been developed by Ministry of Electronics and Information Technology — through Public-Private Partnership under guidance of NIC — in just over four days.

 BSE’s India International Exchange (India INX) said state-owned SBI has listed green bonds of USD 100 million (about Rs 750 crore) on its debt listing platform.

According to Fitch Solutions, India’s fiscal deficit in 2020-21 may shoot up to 6.2 per cent of the GDP from 3.5 per cent government estimate as a fallout of the Covid-19 economic stimulus package.

 IBM is offering its AI platform ‘Watson Assistant for Citizens’ free of cost for at least 90 days, which will provide reliable information on covid-19 related queries.

The global economy could shrink by up to 1 per cent in 2020 due to the coronavirus pandemic, a reversal from the previous forecast of 2.5 per cent growth, the UN has said, warning that it may contract even further if restrictions on the economic activities are extended without adequate fiscal responses.

Asian Development Bank (ADB) projects India’s gross domestic product (GDP) will slow to 4 per cent in the fiscal year 2020 ending on March 31, 2021 due to a weak global environment and continued efforts to contain the novel coronavirus (COVID-19) outbreak in the country.

The coronavirus pandemic could cost the global economy $4.1 trillion as it ravages United States, Europe and other major economies, the Asian Development Bank warned.

 Indian Railways’ manufacturing unit, Chittaranjan Locomotive Works(CLW) has earned the unique distinction of manufacturing most locomotives in a year. CLW got the recognition from the Limca Book of Records.

The Ministry of Rural Development said that it is releasing a lump sum amount of Rs. 500 per head to women account holders under Pradhan Mantri Jan Dhan Yojana (PMJDY) for April and the same have been credited to the designated accounts of individual banks on April 2.

 Department of Science & Technology, Government of India in a rapid response to combat COVID-19 global pandemic approved setting up of a Centre for Augmenting WAR with COVID-19 Health Crisis (CAWACH) at a total cost of Rs 56 Cr to scout, evaluate and support the innovations and start-ups that address COVID-19 challenges.

The coronavirus (COVID-19) outbreak has led to rise in cases of hospitalisation. To deal with this, the insurance regulator has clarified that the standard health insurance plan Arogya Sanjeevani will also cover the hospitalisation treatment costs of COVID-19.

 National Health Authority (NHA) has announced its partnership with Uber India to provide transport services to India’s frontline health workers engaged in the treatment of COVID-19 patients.

Fitch Ratings cut its GDP growth forecast for India to 2 per cent for the fiscal year ending March 2021 after lowering it to 5.1 per cent previously, which will make it the slowest growth in India over the past 30 years.

The government has extended the tenure of acting President of National Company Law Tribunal BSV Prakash Kumar for another three months with effect from 5th April, 2020, or till joining of new President, or until further orders, whichever is earlier.

World-renowned virologist Gita Ramjee has become the first Indian-origin South African to have died after contracting the novel coronavirus that has killed five people in the country.

 V Safe Tunnel, a disinfectant tunnel was installed at the office of Director General of Police by S3V Vascular Technologies Private Limited. DGP M. Mahendar Reddy inspected the first-of-its-kind tunnel to be installed in State.

 Fitch Ratings projected that the global economy will fall into a deep recession in 2020 due to the massive disruptions caused by the Covid-19 pandemic, with growth print contracting by 1.9 per cent, pulled down by larger contraction in the US and the Euro zone.

The 2021 World Games have been pushed back by a year to avoid clashing with the Tokyo Olympics which were rescheduled due to the coronavirus pandemic.

Veteran music composer MK Arjunan, popularly known as Arjunan Master, passed away at his home in Palluruthy, Kochi. He was 84.

Amid the growing demand for hospital ventilators due to the COVID-19 pandemic, IIT-Roorkee has developed a low-cost portable ventilator in association with AIIMS-Rishikesh, which can be manufactured for just ₹25,000.

The Goa Government on Sunday launched the ‘COVID-Locator’ app, a GPS based location tracker that will help the government in tracking those who have been home quarantined.

The first International Day of Conscience (IDC)Was observed on April 5, 2020 to Promte the Culture of Peace with Love and Conscience.

To curb the spread of highly contagious coronavirus, Indian Railways set up a fumigation tunnel at Jagadhri Workshop near Yamuna Nagar in Haryana.

The government notified the empowered group set up for coordination with private sector, NGOs and international organisations for COVID-19 related response activities.

Standard Chartered Bank has come forward as the first entity to support an indigenized, affordable, portable and invasive ventilator prototype being developed by IIT Kanpur and its incubated company Nocca Robotics along with the Indian Angel Network.

Airtel Payments Bank said it has partnered with Bharti AXA General Insurance to offer health insurance plans to provide cover and give financial protection against COVID-19.

 SBI house economists have pegged the growth forecast for January-March at 2.5 per cent and for 2020-21 at 2.6 per cent given the massive disruptions to businesses and the economy due to the COVID-19-driven lockdowns, which has upended at least 70 per cent of the economy.

The Independent Member Federation Sanctions Panel (IMFSP) of the International Weightlifting Federation (IWF) has imposed disciplinary sanctions on Thailand and Malaysia and banned both the countries to from participating in weightlifting events at the Tokyo Olympics.

 IT services industry body Nasscom has appointed UB Pravin Rao, chief operating officer, Infosys, as the chairman for the current financial year.

NASA is working on the Artemis program that aims to land humans on the moon by 2024. The space agency has put forward a plan showing what a US lunar presence may look like after the milestone.

Famous Kannada actor Bullet Prakash passed away in Bengaluru. He was 44.

Noted film-theatre actor Sasi Kalinga, who immortalised a number of significant characters both on stage and silverscreen and known for his characteristic humorous expression, died. He was 59.

Veteran actor Forrest Compton, best known for playing the role of district attorney Mike Karr in the long-running soap opera “The Edge of Night“, has passed away due to coronavirus complications at the age of 94.

The World Health Day is a global health awareness day celebrated every year on 7 April, to spread the awareness around maintaining good health and a balanced lifestyle.The tagline of World Health Day 2020 is ‘Support nurses and midwives’. To generate attention towards their contribution during the COVID-19 outbreak, the World Health Day will “highlight the current status of nursing around the world.