Current Affairs Quiz: March 17, 2020

Notes:
The Union Cabinet approved the Remission of Duties or Taxes on Export Products (RoDTEP). It is a scheme for exporters to reimburse taxes and duties paid, like value added tax, coal cess and electricity duties which are not exempted or refunded under existing mechanism.
Last year, the RoDTEP scheme was announced by the Finance Minister Nirmala Sitharaman at an estimated cost of Rs 50,000 crore, to incentivise exporters. It will replace the Merchandise Export from India Scheme (MEIS) which will be phased out.

Notes:
The Reserve Bank of India (RBI) the single borrower and group exposure limit for Urban cooperative banks (UCBs) to 15% and 25% of tier I capital, respectively.
This reduction in limit is to mitigate concentration risks arising out of large loans. Existing norms allowed 15% for single borrowers and 40% to group exposures of a bank’s total capital (tier I and tier II capital). The banks will have to bring their existing exposures to the new limits by 31 March 2023.

Notes:
Union Consumer Affairs Ministry announced that the government has declared face masks and hand sanitizers as essential commodities up to June 30, 2020, by amending the schedule of the Essential Commodities Act 1955.
This decision will enable the government and States/Union Territories to regulate the production, quality and distribution of masks and hand sanitizers. Hence these commodities would be made available to all common citizens in affordable prices without hoarding and black-marketing.

Notes:
The Reserve Bank on Friday issued regulatory guidelines for implementation of Indian Accounting Standards (Ind AS) by Non-banking financial companies (NBFCs) and Asset reconstruction companies (ARCs) when they prepare their financial results from FY20.
Indian Accounting Standards is the Accounting standard adopted by companies in India and they are issued under the supervision of Accounting Standards Board (ASB). The Ind AS have been formulated to converge our standards with International Financial Reporting Standards (IFRS)

Notes:
The Cabinet has recently approved building 780-km Green National Highway project at a cost of Rs 7,660 crore. It includes upgradation of various National Highways in four states – Himachal Pradesh, Rajasthan, Uttar Pradesh and Andhra Pradesh.
The aim of the ‘Green Highways (Plantation, Transplantation, Beautification & Maintenance) Policy’ is to promote greening of Highway corridors with participation of the community. 1% of the total project cost of all highway projects will be kept aside for highway plantation and its maintenance.