Current Affairs Quiz - July, 2020

Notes:
A Memorandum of Understanding (MoU) was recently signed between the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) for data exchange between the two organisations.
This MoU succeeds the agreement signed between them in the year 2015. During the event, a Data Exchange Steering Group has also been constituted that will meet periodically to review the data exchange status.

Notes:
India and Russia are set to sign a Defence logistics sharing pact by the end of this year. Under the pact, both the countries can have seamless access to each other’s military bases and support facilities.
An annual summit is expected to be held for signing this agreement. As Russia continues to be a leading arms supplier to India, this agreement will enhance more interoperability and support to military platforms like warships and aircraft.

Notes:
Union Bank of India that was amalgamated with Corporation Bank and Andhra Bank, has announced a corporate agency agreement with the Life Insurance Corporation of India (LIC).
Under the agreement, the bank will market various LIC products including term insurance, pension and endowment schemes among others, to its account-holders.

Notes:
India Ideas summit is a two-day virtual summit organised by the US-India Business Council. It aims to connect officials from the two nations, to discuss post-coronavirus recovery plans.
In his keynote address, the Prime Minister of India welcomed the US investors to India and added that India has attracted over USD 20 billion foreign investment even during the Covid-19 lockdown. He also highlighted the rise in India’s rank to 63 in Ease of Doing Business ranking of World Bank.

Notes:
India is set to procure HAMMER (Highly Agile Modular Munition Extended Range) standoff missiles from France.
The Indian Air Force is expected to receive first five Rafale combat aircrafts from France by July 29. HAMMER is a medium-range air-to-ground weapon. It was originally designed and manufactured for the French Air Force and Navy.

Notes:
Reserve Bank of India releases a bi annual report called the financial stability report (FSR). The latest edition was released recently.
RBI has estimated that the gross non performing asset (GNPA) ratio of all banks may increase from 8.5% in March 2020 to 12.5% by March 2021. GNPA ratio of public sector banks will increase to 15.2% in March 2021. The main reason for this dip is the slowdown in the economy due to the Covid-19 induced lock-down.

Notes:
National Intelligence Grid “NATGRID” is an attached office under the Union Ministry of Home Affairs. It aims to allow investigation and law enforcement agencies to access real-time information.
Central Board of Direct Taxes (CBDT) is to partner with the NATGRID to share the financial details of any entity with 10 agencies including the CBI, Enforcement Directorate and the NIA. This information-sharing mechanism is done under the NATGRID platform.

Notes:
The Chief Minister of Assam Sarbananda Sonowal has unveiled three Special Surveillance Quadcopters and an Anti-degradation Quick Response Vehicle, for surveillance in forest areas.
These vehicles will be deployed to strengthen surveillance and reduce man-animal conflict by the Forest Department. The surveillance drone will be used to identify poaching in the national parks, wildlife sanctuaries and other reserve forests.

Notes:
India and the United Kingdom has organised the 14th Joint Economic and Trade Committee meeting virtually.
The meeting was co-chaired by Minister for Commerce and Industry Piyush Goyal and UK Secretary of State for International Trade, Elizabeth Truss. Both the countries confirmed their shared commitment to a Free Trade Agreement.

Notes:
India Meteorological Department, Union Ministry of Earth Sciences launched a weather forecast application for general public.
Named as Mausam, the application offers information on five details including current temperature, humidity, wind speed and wind direction for 200 cities. The information is updated eight times a day. While this app is meant for everyone, IMD already has another app meant only for farmers and agriculturists called Meghdoot.