Current Affairs Quiz - February, 2021

Notes:
As per a recent report by Alvarez & Marsal India, as at September 2020, it took an average of 440 days for resolving 277 cases approved by the NCLT under the IBC.
The report stressed on the need for time-bound resolution of stressed assets and enhancing the resolution processes under Insolvency and Bankruptcy code as recovery percentages fell sharply to 15-25 % whenever there is an increase in time taken for resolution.

Notes:
Chauri Chaura is a town located near Gorakhpur, in the state of Uttar Pradesh. Prime Minister Narendra Modi is to inaugurate the Chauri Chaura Centenary celebrations.
The historic Chauri Chaura incident took place on 5 February 1922 at the Chauri Chaura town in the United Province in British India. After a clash between the Police and a group of volunteers, the Police opened fire and the group torched the Police station. Gandhi withdrew the Non-cooperation movement after this incident.

Notes:
IN FAC T-81 is the Indian Naval Fast Attack Craft of the Super Dvora MK II class, which served the nation successfully for more than 20 years in surveillance and Search & Rescue.
It was recently decommissioned at Naval Dockyard, Mumbai. It is a 25-meter-long vessel with 60 tonnes displacement and was built at Goa Shipyard Ltd in collaboration with an Israel manufacturer. The INFAC was commissioned into the Navy in 1999.

Notes:
The National Bank for Financing Infrastructure and Development (NaBFID) Bill 2021 is to be introduced in the Budget session.
The government is set up a National Bank for Financing Infrastructure and Development (NaBFID), which will facilitate the infrastructure financing of the country. The developmental financial institution (DFI) will act as a principal financial institution and development bank to support infrastructure projects.

Notes:
India exported 4.45 million tonnes basmati rice (worth USD 4.33 billion) in financial year 2019-20. It has a 65 per cent share in global basmati trade.
Pakistan makes the rest of the global trade. Recently, Pakistan’s basmati rice has received a Geographical Indication (GI) registration within the country. India has applied to the EU for the GI tag for its basmati rice in September 2020. Both countries are exporting basmati to the EU without a GI tag from it.

Notes:
The ‘India Justice Report’ was an initiative of Tata Trusts, along with the Centre for Social Justice and some other social agencies.
The report analysed expenditure, vacancies, representation of women and members of SC, ST and OBCs across large, mid-sized states and smaller states. Bihar has employed most women in its police force at 25.3 per cent. Tamil Nadu has the highest percentage of women police officers and Karnataka is the only state to meet SC, ST and OBC quotas.

Notes:
The UN counterterrorism chief has urged countries to repatriate the children stranded in a massive camp in Al Hol.
Out of the 27,000 abandoned children, many of them are children of Islamic State extremists. Al Hol camp is the largest camp for refugees and displaced Syrians in the country, located in the north-eastern Syria.

Notes:
The 15th Finance Commission headed by NK Singh, with 117 core recommendation, has tabled its report in the Parliament recently.
The Finance Commission maintained the vertical devolution of taxes with the states at 41%. The divisible pool of financial resources is recommended at 42%, with 1% adjustment made for change of status. So, the vertical devolution of taxes to the states stands at 41%.

Notes:
As per the Union Budget 2020-21, the government would be incentivizing the incorporation of One Person Companies (OPC) in order to boost the ease of doing business.
The Government has reduced the time limit for Indian citizen to start an OPC from 182 days to 120 days. This move allows NRIs to incorporate OPCs in India.

Notes:
As per the Union Budget 2021-22, the threshold for paid up capital applicable for Small Companies has been revised from “not exceeding Rs 50 lakh” to “not exceeding Rs 2 crore”.
This enhancement in capital limit is expected to benefit more than 2 lakh small companies and would ease various compliance requirements for them.