Current Affairs Quiz - February, 2021

Notes:
The Ministry of Corporate Affairs (MCA) has recently introduced several changes to the Corporate Social Responsibility (CSR) Rules.
It includes mandatory “Impact Assessment” for big CSR projects. It also includes mandatory disclosure of all CSR projects and the CSR Committee’s composition on the company’s website.

Notes:
In the Economic Survey 2020-21 tabled in the budget session of the Parliament recently, the Government has pegged in the country’s GDP growth rate for FY 2021-22 at 11%. The GDP growth for the current financial year has been estimated at minus 7.7%.
Economic survey is an annual document prepared by the Ministry of Finance under the guidance of Chief Economic Advisor. Krishnamurthy Subramanian is the present Chief Economic Advisor.

Notes:
The central government has recently announced the closure of the government owned Scooters India Limited, on account of persistent losses posted by the company. The company was incorporated in the year 1972 and is headquartered at Lucknow.
The company has presently 100 employees and has been manufacturing three wheelers in the name of Vijai Super, Vikram and Lambro.

Notes:
Bangladesh has sent a third group of Rohingya refugees to Bhashan Char Island, which is a newly developed island in the Bay of Bengal.
Around 4,000 refugees have been sent to the island since December. After the third set of 1,778 refugees, the fourth set is also expected to be sent soon. There have been several calls from human rights activists against resettlement of refugees in the island.

Notes:
The 13-day long Khelo India Zanskar winter sports and youth festival concluded at Zanskar Valley of the Union Territory of Ladakh.
The festival was organized by the Department of Sports & Youth Services and the Ladakh Tourism Department, under the Khelo India scheme. It aims to promote the economic activities and winter tourism in Ladakh.

Notes:
The ‘Neptune Declaration on Seafarer Wellbeing and Crew Change’, is a declaration released by the global maritime industry recently.
The declaration focusses on recognising seafarers as key workers by all governments in line with the UNGA resolution adopted recently. The Maritime Union of India (MUI) urged the Centre to consider the declaration while formulating ‘Maritime India Vision 2030’.

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.

Notes:
The Union Budget 2021-22 contain that the permissible Foreign Direct Investment (FDI) limit in Insurance Companies would be increased from 49% to 74%. Foreign ownership with safeguard would be allowed in this segment.
Insurance Act of 1938 would be amended to make effect to the proposed hike in FDI limit.