Current Affairs Quiz - December, 2020

Notes:
The Central Government has decided to forego interest on eight specified categories of loans paid up to Rs two crore, on account of Covid-19 pandemic.
The Supreme Court of India has directed the government again to take steps to forego the interest in eight categories of loans, namely MSME, Education, Housing, Consumer durable, Credit card, Automobile, Personal and Consumption.

Notes:
The Gross Domestic Product (GDP) of India has contracted by 7.5 % in the second quarter of the financial year 2020-21. The contraction in GDP is registered for the second consecutive quarter and hence India is said to have entered ‘Technical Recession’.
The real GDP in the first quarter of 2020-21 (April – June) registered a record low of 23.9% contraction.

Notes:
The Central Board of Indirect Taxes and Customs (CBIC) has mandated to mention the 8- digit HSN code or tariff code for 49 chemical-based products.
The HSN (Harmonised System of Nomenclature) code should be mentioned while issuing the Goods and Services Tax (GST) invoice. At present, businesses mention up to 4-digit tariff code, while issuing invoice. This new direction is expected to curb tax evasion.

Notes:
The International Day of Persons with Disability is observed on 3rd December of every year.
The theme for this year is “Building back better: towards an inclusive, accessible and sustainable post COVID-19 world by, for and with persons with disabilities”. UNESCO is organizing a global awareness camp named “Tell our stories, enable our rights” on this occasion.

Notes:
The Reserve Bank of India (RBI) has proposed to increase the limit for contactless card transactions to Rs 5,000 from Rs 2,000 per transaction from January 1, 2021.
This announcement was part of the RBI’s Statement on Developmental and Regulatory Policies, announced during the RBI’s bi-monetary policy announcement. The limit for e-mandates for recurring transactions using cards and UPI is also raised to Rs 5000.

Notes:
The Union Government has announced the post of a Deputy Chief of the Army Staff, or DCOAS, (Strategy), to bring about structural reforms in the army.
The proposal for creating this post was initiated before two years. The DCOAS would oversee the work of the Director General of Military Operations (DGMO) and the Director General Military Intelligence (DGMI), who would otherwise report to the Vice Chief f Army Staff.

Notes:
The Special Borrowing Window to make good the GST Compensation Cess shortfall is operationalised by the Union Finance Ministry.
All states and 3 Union territories have opted for the “option 1”, under which centre has set up the special borrowing window under which the Government would borrow funds to be passed on to the states.

Notes:
Waqf Boards and Waqf Council is administered under the Ministry of Minority Affairs.
The central Waqf council has decided recently that the Waqf Boards will be set up in the Union Territories of Jammu and Kashmir and Ladakh, soon. This is the first time, Waqf Boards will be established in the J&K and Leh-Kargil areas of India.

Notes:
Every year 6th December is observed as Mahaparinirvana Diwas, which marks the death anniversary of Dr BR Ambedkar.
He died in this date in the year 1956 and this year marks the 64th death anniversary. Parinirvana is one of the important principles of Buddhism which means release or freedom after death.

Notes:
International Civil Aviation Day is observed on December 7 every year worldwide, to create awareness of the role of international civil aviation organisation (ICAO) in air travel across the globe.
The ICAO is an autonomous UN Body to monitor the safety standards of international aviation. UN General Assembly declared the day in 1996. The theme of the day from 2020 to 2023 is “Advancing Innovation for Global Aviation Development”.