Current Affairs Quiz - January, 2019

Notes:
As per 2nd schedule of the RBI Act of 1934, the ESAF Small Finance Bank (SFB) Ltd has got approval from Reserve Bank of India (RBI) to operate as a scheduled bank. This makes ESAF the fifth scheduled bank from Kerala after Federal Bank, South Indian Bank, Catholic Syrian Bank, and Dhanlaxmi Bank. Being a scheduled bank, ESAF can step up resource mobilisation through the issue of certificate of deposits and inter-bank borrowings at competitive rates of interest. The bank can also seek funds from trusts, associations, religious institutions and mutual funds. It will also enable the bank to avail higher refinance facility. It will also assume more responsibility for the implementation of government schemes and Aadhaar enrolment services. ESAF has a presence in urban, semi-urban, rural and unbanked rural areas with a network of 432 banking outlets across 13 States. The headquarters of ESAF is located at Thrissur, Kerala.

Notes:
Recently, the Delhi High Court has ruled that Section 354A of Indian Penal Code (IPC) can be used by transgender persons to register complaints of sexual harassment. The Section 354A of the IPC deals with sexual harassment and punishment for sexual harassment. The development came after a transgender student’s complaint of sexual harassment was not entertained by the police. The Delhi University student wanted to lodge a complaint against male students who allegedly sexually harassed her on the college campus. According to the police, there was a lack of an appropriate penal section under which they could register such a complaint. In it, the HC bench also allowed the petitioner to maintain anonymity and directed that the cause title would read, Anamika versus Union of India & Ors. The bench also stated that the Supreme Court’s National Legal Services Authority of India (NALSA) judgment of 2014 was gender neutral.

Notes:
India has slashed import taxes on crude and refined palm oil sourced from Southeast Asian (ASEAN) countries after a request from suppliers. According to the official notification, the duty on crude palm oil was lowered to 40% from 44%, while the tax on refined palm oil was cut to 45% from 54% if imported from Malaysia and to 50%, if purchased from Indonesia or other member-nations of ASEAN. India imports 60% — 15.5 million tonnes annually — of its edible oil requirements, largely from Malaysia, Indonesia, Argentina and Ukraine. The reduction will lead to higher imports of palm oil by the world’s biggest edible oil buyer in coming months as it would narrow the difference between the tropical vegetable oil and competitors such as soyabean oil and sunflower oil.

Notes:
Recently, German authorities approved an $8 billion rail and road tunnel linking Denmark and Germany, despite environmental objections. The project comprises a four-lane motorway and a two-track railway. It is part-funded by the European Union (EU). The 19 km Fehmarn Belt Fixed Link is a planned immersed tunnel that is proposed to connect the Danish island of Lolland with the German island of Fehmarn. It was due to be completed in 2024, but has been delayed by environmental protests in Germany. The link would cross over the Fehmarn Belt in the Baltic Sea – 18 km wide – hence providing a direct link by railway and highway between northern Germany and Lolland, and thence to the Danish island of Zealand and Copenhagen. Once completed, it will become the world’s longest road and rail tunnel, and will open new socio-economic opportunities on both sides of the border.

Notes:
France has recently introduced a new “GAFA tax” – named after the large internet and technology companies viz. Google, Apple, Facebook and Amazon – to ensure the global giants pay a fair share of taxes on their massive businesses in Europe. The so-called GAFA tax targeting major digital firms comes into force on 1st January 2019. Some other EU member states such as Britain, Spain and Italy are also working on national versions of a digital tax, with Singapore and India also planning their own schemes.

Notes:
The Indian Panorama Film Festival (IPFF) has started at Siri Fort Auditorium II, New Delhi from 4th January. The 10-day Festival is being organized by the Directorate of Film Festivals, Ministry of Information & Broadcasting (I&B). The directors of the opening feature film ‘Olu’ and of the opening non-feature film ‘Kharvas’ viz. Shri Shaji N Karun and Shri Aditya Suhas Jambhale were presented at the inauguration of the fest. All the films selected under the Indian Panorama section in the 49th International Film Festival of India (IFFI-2018) will be screened during the Festival. The entry for the Festival is free and seating is on the first-come-first-served basis.

Notes:
The Union Ministry of Human Resource Development (HRD) has recently approved the establishment of a Centre for Classical Language at the Thunchath Ezhuthachan Malayalam University in Tirur, Kerala. The Ministry has communicated the decision to the Central Institute of Indian Languages, Mysuru. In view of this, the State government would be required to prepare a detailed project report and sign a Memorandum of Understanding (MoU) with the Ministry. The aim of the proposed centre is to study and research and other aspects of Malayalam language & will prove beneficial in implementing various projects for Malayalam language development. The centre would also assist the Malayalam University in its various initiatives.

Notes:
Indian mountaineer Dr. Arunima Sinha has become the world’s first female Amputee to scale Antarctica’s Highest Peak – Mount Vinson on 4th January 2019. Apart from this, she was also the world’s first woman amputee to climb Mount Everest in 2013. Sinha was a national level volleyball player who was pushed from a running train by some robbers in 2011 while she was resisting them. As a result, one of her legs had to be amputated below the knee. Now, her aim is to climb all the continents’ highest peaks and hoist the National Flag of India. She has already scaled five peaks — Mt Everest, Mt Kilimanjaro, Mt Ebrus, Mt Kosciuszko and Mt Aconcagua.

Notes:
Markets regulator Securities and Exchange Board of India (SEBI) has recently allowed custodial services in the commodity derivatives market. Under the new framework, existing custodians will be permitted to add commodities as an asset class and provide physical delivery of both the securities and commodities. Currently, the regulation on the custodian of securities provides safekeeping of securities, gold or gold related instruments, title deeds of real estate and incidental services. However, it is not applicable for protection of goods, which are underlying assets of commodity derivatives. To enable participation of institutional investors in commodity derivatives market, the regulator has made necessary amendments in the custodian regulations so as to provide for requisite custodial services. The responsibility of custodians will not be limited to holding of securities but would also include holding of goods. The move is aimed at enabling the participation of institutional investors such as mutual funds and portfolio managers in the commodity derivatives market.

Notes:
Dibyendu Palit (79), the renowned Bengali writer and Sahitya Akademi awardee, has passed away in Kolkata, West Bengal on 3rd January 2019. Born in Bhagalpur in Bihar in 1939, Palit had studied comparative literature in Jadavpur University and his first short story ‘Chhandopatan’ was published in 1955 in the Sunday edition of Anandabazar Patrika. It was followed by his first novel ‘Sindhu Baroan’ published in 1959. He was awarded the ‘Bankim Purashkar’ for ‘Dheu’ in 1990 and ‘Ananda Purashkar’ in 1984 for ‘Sahojoddha’. He was conferred the Sahitya Akademi for his novel ‘Anubhab’ in 1998.