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 4th Trilateral Meeting on Maritime Security Cooperation between India, Sri Lanka, and Maldives was hosted by Sri Lanka.
It was held in Colombo and India was represented by the National Security Advisor Ajit Doval. The earlier such meetings were held in Maldives (2011), Sri Lanka (2013) and in India (2014).

Notes:
Mount Semeru is an active volcano located in East Java, Indonesia. It is the highest mountain on the island of Java. This is also known as Mahameru, meaning ‘The Great Mountain’.
Recently, hot ash fell as far as 3,000 metres down the slopes of Mount Semeru. Earlier, Mount Ili Lewotolok of the country spew out hot clouds for 4,000 metres into the sky. The country’s disaster management team evacuated thousands of people.

Notes:
The France’s new security bill makes it an offence to show the face or identity of any Police Officer on duty with the aim of damaging the officer’s integrity. The offence would make the convict liable of one-year imprisonment.
This proposed amendment is protested by many people in France and is seen a curtail of press freedom. It is feared by many that this law would increase police brutality on civilians.

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:
INS Vikrant is the first indigenous aircraft carrier of India. The sea trials are expected to begin in 2021 and it will be commissioned by 2022.
Also called as the ‘Indigenous Aircraft Carrier 1 (IAC-1)’, INS Vikrant has been constructed by Cochin Shipyard Limited in Kochi, Kerala for the Indian Navy. Recently, the two organisations completed the Basin Trials of the aircraft carrier.

Notes:
As per the Union Ministry of Finance, the Indian Economy is registering a V Shaped recovery of GDP. This was expressed in the latest Monthly Economic Review.
The contraction of GDP in Q1 of current financial year was 23.9% where as the economy has contracted by 7.5 % in Q2. Maximum growth is registered by Agriculture sector followed by Construction.

Notes:
The Reserve Bank of India’s Monetary Policy Committee (MPC) held on December 4, 2020 decided to keep interest rates unchanged with an “accommodative” policy stance.
The MPC has kept repo rate unchanged at 4% and maintained reverse repo rate at 3.35%. RBI also predicted a real GDP growth of -7.5% for FY21, from the earlier prediction of -9.5%. MPC also expected that the inflation rate will remain high.

Notes:
During the India-Oman virtual dialogue recently held, Oman announced to establish first-of-its-kind Oman-India Friendship Association.
This is the first such initiative in West Asia led by the Foreign Ministry. In December 2019, India and Oman signed a Maritime Transport Agreement during the visit of Foreign Minister Jaishankar to the country.

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.