Current Affairs Quiz - July, 2020

Notes:
The Insurance Regulatory and Development Authority (IRDAI) has constituted a working group to study feasibility of forming a ‘pandemic risk pool’.
A pool is proposed to be formed, which addresses the risks that are arising out of the pandemic. The existing insurance laws do not cover business interruption losses and this pool is aimed to address this issue. The panel is expected to submit its report in eight weeks.

Notes:
The Union Shipping Ministry has issued a draft ‘Aids to Navigation Bill, 2020’ and sought suggestions from stakeholders and general public.
This draft bill seeks to replace the colonial Lighthouse Act, 1927, which is over nine decades old. The bill seeks to empower the Directorate General of Lighthouses and Lightships (DGLL) with additional power. It also proposes to include global best practices.

Notes:
England’s present skipper Ben Stokes recently became the second-fastest all-rounder to reach 4000 runs and 150 wickets in test matches.
The 29-year-old all-rounder is only after the West Indies legend Gary Sobers, who achieved the feat in 63 tests, while Stokes reached the milestone in 64 tests. He achieved this during the third day of the first Test match held between England and West Indies at the Ageas Bowl.

Notes:
India has become the second largest source of foreign direct investment (FDI) for the United Kingdom in 2019.
As per the UK government figures recently released, India is up from its third position in 2018 and it is second only to the United States. India has invested in 120 projects and created above 5000 new jobs in the UK. India is followed by Germany, France and China.

Notes:
The incumbent Prime Minister of Singapore, Lee Hsien Loong’s People’s Action Party has retained its power in the recently held general elections.
The ruling party has been in power in Singapore since 1965. This time it has won 83 of 93 parliamentary seats, which implies 61.2 per cent of the vote. In a surprise move, the opposition Workers’ Party made their best performance by securing a record 10 seats, for the first time.

Notes:
Central Public Sector Undertaking under Ministry of Power NTPC Ltd has won the prestigious CII-ITC Sustainability Award 2019, under Outstanding Accomplishment in Corporate Excellence Category.
The enterprise also received Commendation for Significant Achievement in category of Corporate Social Responsibility (CSR). The company runs a CSR program called GEM (Girl Empowerment Mission), which is a residential program for school going girls, who are residing near the company’s power stations.

Notes:
International environmental conservation group, World Wide Fund for Nature (WWF) and Fauna & Flora International (FFI) have warned about the change in the law of Myanmar, which has allowed commercial farming of endangered species.
The wildlife conservation groups have cautioned that the change may boost the demand for rare animals in the world and may create a parallel trade market. In June, Myanmar passed a law, which allowed private zoos to breed 90 wildlife species including endangered ones.

Notes:
TDS is deductible at the rate of 2 % if cash withdrawal of above 1 crore made by a person who is an income-tax payee. While, TDS is deductible at the rate 2 % if cash withdrawal exceeds 20 lakh rupees and at the rate of 5 % if it exceeds one crore rupees, if made by a non-income-tax filer.
The Central Board of Direct Taxes (CBDT) has launched a new tool, through which Banks and Post offices can determine the TDS rates on cash withdrawals, by entering their PAN number.

Notes:
Reliance Industries Ltd (RIL) became the first Indian company to hit a market capitalisation of Rs 12 lakh crore.
In less than a month, the company has added over a market capitalisation of Rs 1 lakh crore, to stand at Rs 12.24 lakh crore. Since April, the company witnessed investments from 12 global investors. Recently, the wireless technology leader Qualcomm invested Rs 730 crores in Jio platforms.

Notes:
The historic Sree Padmanabhaswamy Temple located at Thiruvananthapuram in Kerala, has been in dispute over its management. It is considered as one of the richest temples in the country.
The Supreme Court of India has recently upholded the rights of Travancore royal family in the administration of the temple. This dispute has been pending in the Supreme Court for the past nine years after charges of financial irregularities. The Travancore Royal house had ruled southern Kerala and some parts of Tamil Nadu.