Monthly Current Affairs Quiz - November, 2018

Notes:
Yeshwant Deo (91), the veteran Marathi musician, has passed away recently in Dadar, Maharashtra on October 31, 2018. He had composed music for many films including Shabana Azmi-starrer “Saaz”. Born on 1st November 1926, Deo was a revered figure in the Marathi music circle and industry where he composed music for more than 40 Marathi films and plays. He worked in All India Radio (AIR) as a sitar player. A recipient of the Lata Mangeshkar award, Yeshwant was also known for his composition in Bhav Geet. He won several awards such as Maharashtra state award for music direction for the play Amrapali (1974). He also published books on devotional music.

Notes:
Justice Naresh Harishchandra Patil has been sworn-in as the new Chief Justice of the Bombay High Court. Maharashtra Governor C Vidyasagar Rao administered the oath of office to Justice Patil at a brief ceremony held at Raj Bhavan. The Bombay High Court is one of the oldest High Courts of India and its principle seat is at Mumbai. Its jurisdiction covers the states of Maharashtra and Goa, and the Union Territories of Daman and Diu and Dadra and Nagar Haveli.

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The Andhra Pradesh government is building a world-class and India’s first ‘Justice City’ within its new capital Amaravati with the vision to provide a state-of-the-art ecosystem built on latest technology for supporting the judicial system in the state. The Justice City will comprise integrated judicial hub spread across 3,309 acres with an estimated population of 2.5 lacs. It is expected to generate employment for more than 1.3 lac people. The Andhra Pradesh Capital Region Development Authority (APCRDA). is the nodal agency which is developing Amaravati.

Notes:
Recently, the 19th meeting of the Financial Stability and Development Council (FSDC) held under the Chairmanship of the Union Finance Minister Arun Jaitley reviewed the current global and domestic economic situation and financial sector performance. Apart from liquidity in NBFCs (segmental liquidity position and in mutual fund space), the FSDC discussed on various economic issues ranging from oil prices, rupee, inflation to improving cyber security in the financial sector including “progress made towards setting up of a Computer Emergency Response Team in the Financial Sector (CERT-Fin) under a Statutory Framework”. The FSDC is an apex-level body to strengthen and institutionalise the mechanism of maintaining financial stability, financial sector development, inter-regulatory coordination along with monitoring macro-prudential regulation of economy.

Notes:
The Republic of Seychelles has launched the world’s first sovereign blue bond – a financial instrument designed to support sustainable marine and fisheries projects. The bond developed with the assistance of the World Bank & was placed to 3 investors: Calvert Impact Capital, Nuveen and Prudential. The blue bond has a US$5m guarantee from the World Bank, and is also supported by a US$5m concessional loan from the Global Environment Facility (GEF) which will partially cover interest payments.The blue bond demonstrates the potential for countries to harness capital markets for financing the sustainable use of marine resources. It will include support for the expansion of marine protected areas, improved governance of priority fisheries and the development of the Seychelles’ blue economy.

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On October 31, Prime Minister Narendra Modi unveiled the ‘Statue of Unity’ in Narmada district of Gujarat on the birth anniversary of Sardar Vallabhbhai Patel. Sardar Patel – who served as the first Home Minister of independent India – is credited with uniting all 562 princely states in pre-independent India to build the Republic of India. That is why it is called the ‘Statue Of Unity’. It is the world’s tallest statue, with a height of 182m. It located around 3.5 km downstream from the Sardar Sarovar Dam, on islet Sadhu Bet on the bed of the river Narmada. The statue was designed by 93-year-old acclaimed sculptor Ram V. Sutar, who is Padma Bhushan awardee. It is built by Larsen & Toubro Ltd at a cost of Rs. 2,989 crore. The Statue of Unity is made up of 70,000 tonnes of cement, 18,500 tonnes of reinforcement steel, 6,000 tonnes of structural steel and 1,700 metric tonnes of bronze, which was used for the outer cladding of the structure. The viewing gallery at the height of 135 metres can accommodate up to 200 people at a time.

Notes:
Recently, China has successfully launched its first geostationary BeiDou-3 satellite ‘G1Q’ into high orbit (about 36,000 km above the Earth) to boost its home-grown BeiDou global satellite navigation system. It was launched from the Xichang Satellite Launch Centre in the southwestern Sichuan Province. In a geostationary orbit, following the Earth’s rotation, it will view the same point on Earth continuously. The satellite is meant to serve countries in the China-proposed Belt and Road Initiative (BRI). Apart from radio navigation system, the satellite is equipped with an improved radio determination satellite service that can provide short message services to 10 million subscribers each hour. With an advanced satellite-based augmentation system, the satellite can also provide low-cost and reliable navigation services to civil aviation clients at home and abroad. The satellite is carrying hydrogen and rubidium atomic clocks, which will play a key role in positioning and timing accuracy. It will be the fourth global satellite navigation system after the United States (US) Global Position System (GPS), Russia’s GLONASS and the European Union’s Galileo. By around 2020, when the BeiDou system goes global, it will have more than 30 satellites.

Notes:
The 2nd edition of the India International Cherry Blossom (IICB) festival in Shillong, which is is scheduled to be held from November 14 and 17. It is the world’s only autumn cherry blossom festival. The fest will celebrate the unique mass flowering of autumn Himalayan cherry blossoms with several cultural events in the Meghalaya capital. The visitors can enjoy fashion shows, rock concerts, beauty pageants and also compete in an amateur golf tournament. Alongside, there will be stalls showcasing the food, arts and crafts of the region, and several cultural events and a food pavilion of Japan in partnership with the Embassy of Japan in India. It is expected that the fest will attract more than one lakh visitors from across the world.

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Under the provisions of Article 124 of the Constitution, the President has recently appointed four new judges — Justices Hemant Gupta, R Subhash Reddy, M R Shah and Ajay Rastogi – of Supreme Court (SC). Chief Justice Ranjan Gogoi administered the oath of office to the four judges. The President’s assent was based on the recommendation of the Supreme Court Collegium consists of CJI Ranjan Gogoi, Justice Madan B Lokur, Justice Kurian Joseph, Justice A K Sikri and Justice S A Bobde. The apex court has a sanctioned strength of 31. With the elevation of these four new judges, the strength has risen from 24 to 28.

Notes:
The Reserve Bank of India (RBI) has initiated steps to set up a wide-based digital Public Credit Registry (PCR) to capture details of all borrowers, including wilful defaulters and also the pending legal suits in order to check financial delinquencies. The PCR will also include data from entities like market regulator SEBI, the Ministry of Corporate Affairs, Goods and Service Tax Network (GSTN) and the Insolvency and Bankruptcy Board of India (IBBI) to enable the banks and financial institutions to get 360 degree profile of existing and prospective borrowers on a real-time basis. The central bank has invited expression of interest for developing the registry from companies with a turnover of over 100 crore rupees in the last three years. The PCR would be the single point of mandatory reporting for all material events for each loan, notwithstanding any threshold in the loan amount or type of borrower. Currently, there are multiple granular credit information repositories in India, with each having somewhat distinct objectives and coverage.