Current Affairs Flashcards
Which country has decided to give full market access- zero duty access to India?
Australia for the span of 5 years
What was the total GST collection in FY 22?
Rs 14.83 Trillion
What is the direct tax collection (Comprising Income tax and Corporation tax) in FY 22?
Rs 13.81 Trillion
Which company took over discom ops in 2 union territories?
Torrent Power on Friday announced a formal takeover of the power distribution operations in the Union Territories (UTs) of Dadra & Nagar Haveli, Daman and Diu, becoming one of the first UTs to be privatised under the gover - nment's scheme
Has the Global market turned more lucrative for auto
companies compared than domestic segment in FY 22?
Among the passenger vehicle makers, market leader Maruti Suzuki led
the rally with its overseas shipments touching a record level of 2,38,376 units
in FY22 — the highest for the company in any financial year.
Reason for the same:
- Weakening Rupee
Mexico, South Africa, Saudi Arabia, the US and Australia are
some of the export destinations for passenger vehicle makers.
Mexico is the biggest market followed by Australia
Tell me something about Jaypee Infratech
AUG 2017: Jaypee Infra sent
to IBC for debt resolution
DEC 2019: NBCC India
emerges highest bidder
MAR 2020: NCLT clears NBCC India plan with modifications NBCC appeals to NCLAT against NCLT modification
APR: SC transfers all cases
to itself
MAR 2021: SC orders CoC
to complete entire
process in 45 days
JUN: CoC clears Suraksha
ARC’s bid of ~7,736 cr against
NBCC offer ~6,536 cr
Suraksha Realty had made the winning offer of ~7,736 crore against the government- owned NBCC India’s ~6,536-crore offer in June last year. Subsequently, Suraksha’s offer was cleared by the Committee of Creditors and was submitted to the NCLT for clearance. “In spite of the large haircut, the lenders were expecting the resolution to be over in the March quarter and free their capital,” the source said. Haircut is the amount banks forego to regularise a defaulting loan account. But objections from ICICI Bank, Yamuna Expressway Industrial Development Authority, and Jaiprakash Associates, its parent firm, have delayed the process at the NCLT, the source said. ICICI Bank is seeking cash instead of land offered in the resolution plan by Suraksha Realty
Recently Bharti Airtel sold properties (4 reality assets worth Rs 5000 cr ) to which company ?
Brookfield asset management, Canada based
What is happening with Future Retail?
Debt-ridden Future Retail
(FRL) on Friday said it has
missed the due date for repayment
of ~5,322.32 crore to
lenders on account of the
ongoing litigations with ecommerce
major Amazon and
other related issues.
Last year, FRL had entered
into a one-time restructuring
(OTR) scheme for Covid-hit
companies with a consortium
of banks and was under obligation
to raise ~3,900 crore
before March 31, 2022, by way
of equity contribution.
“Further, considering the
infusion of capital, there was
an obligation on the company
to pay an aggregate amount of
~5,322.32 crore to various consortium
banks and lenders
(who are parties to the agreement
under OTR Plan) on or
before 31st March, 2022 ('due
date')," it said.
However, the company said
"due to ongoing litigations with
Amazon.com NV Investment
Holdings LLC and other connected
issues", it was not able
to raise funds by way of equity
contribution.
Also, the payment of obligations
on due date, including
monthly interest overdue for
February and March 2022,
remain unpaid as on date, the
company said in a regulatory
filing. Noting that it was in discussions
with the lenders on
the matter, FRL said, "the company
shall intimate the further
developments and updates in
this connection as and when
applicable".
The Future Group firm had
missed an earlier deadline on
December 31, 2021 for payment
of ~3,494.56 crore to the banks.
On Thursday, FRL’s CEO
Sadashiv Nayak resigned
from the post seven months
after his appointment. Earlier
this month, the company's
director Rahul Garg also put
in his papers.
FRL, which operates various
formats such as Big
Bazaar, Koryo, Foodhall and
Easyday, is among the 19
Future Group companies,
which would be transferred to
Reliance Retail as part of
~24,713 crore deal announced
in August 2020.
The deal is contested by ecommerce
major Amazon and
is under litigation at various
forums including Supreme
Court, Delhi High Court and
Singapore International
Arbitration Center.
This has also forced
Reliance Retail Ventures, the
retail arm of Reliance
Industries, to go for extension
of the long-stop date for the
scheme for completing the
deal with the Future Group.
In February, RRVL took
over the operations of at least
300 stores of FRL and has
offered jobs to its employees
after the Kishore Biyani-led
group failed to make lease payments
to landlords.
Last month, FRL said it is
"committed" to the reversal of
the takeover of its stores by
RRVL and takeWho is the chairman and managing director of HAL?
R Madhavan
Regional Rural Banks should be allowed to transition to SFB. Which report has mentioned the same?
Regional rural banks should be given the option to graduate into
small finance banks (SFBs) in line with cooperative banks or be
granted on-tap licenses to become SFBs, State Bank of India (SBI)
Research said in its report. “In keeping with the fast-paced
changes in the banking space and to facilitate growth, a scheme
for voluntary transition of Urban Co-operative Banks (UCBs) into
SFBs was introduced in September 2018. RRBs may also be
permitted to graduate into SFB in line with Cooperative banks or
granted on-tap licence to become SFBs,” the report said. In fact,
some of the large regional rural banks are bigger than the SFBs
operating in the market. India’s largest RRB in terms of size of
business — Baroda U.P. Bank (~72,015 crore) is bigger than the
largest SFB (AU SFB) — which has business (deposits + advances)
size of ~70,588 crore as of March 2021.
How many households benefitted from MNREGA in FY 22?
In FY22, until March 31, 2022, around 72.4 million households got work under the scheme, which makes it the second consecutive year when more than 70 million households have benefited from the MGNREGA.
Who is the foreign minister of Russia?
Russian Foreign Minister Sergey Lavrov
What is difference between Free on Board basis vs CIF Model?
- The main difference between CIF and FOB is the party that is responsible for the goods while they are in transit. With a CIF agreement, the seller is liable for the goods during transit, and with a FOB, the buyer is liable for the goods during transit.
- Under CIF contracts, the seller assumes responsibility for costs and liabilities until the shipment arrives at the destination, at which time the risk is transferred to the buyer.
- Under FOB contracts, the buyer is responsible for shipping and other costs, as well as insurance as soon as the goods are loaded onto the vessel and during the voyage.
What is difference between Free on Board basis vs CIF Model?
- The main difference between CIF and FOB is the party that is responsible for the goods while they are in transit. With a CIF agreement, the seller is liable for the goods during transit, and with a FOB, the buyer is liable for the goods during transit.
- Under CIF contracts, the seller assumes responsibility for costs and liabilities until the shipment arrives at the destination, at which time the risk is transferred to the buyer.
- Under FOB contracts, the buyer is responsible for shipping and other costs, as well as insurance as soon as the goods are loaded onto the vessel and during the voyage.
NBCC Limited?
National Buildings Construction Corporation (NBCC) is a blue-chip under the ownership of Ministry of Housing and Urban Affairs, Government of India.[4]
The government corporation’s present areas of operations are categorized into three main segments, i.e. (i) Project Management Consultancy (PMC), including redevelopment of government properties, (ii) Engineering, Procurement & Construction (EPC) and (iii) Real Estate Development.
Ministry of Housing and Urban Affairs (MoHUA), Government of India, is a federal ministry with executive authority over the formulation and administration of the rules and regulations and laws relating to the housing and urban development in India. The ministry was under the charge of Venkaiah Naidu and was given to Hardeep Singh Puri when Naidu was elected Vice President of India.[2] The Ministry became independent from the Ministry of Housing and Urban Poverty Alleviation in 2004,[3] but was later re-merged with it in 2017.[4]
The ministry also published the National City Rating, which ranked the cleanest cities in India, under which Indore was rated as the cleanest.[5]
Conversion between Barrels and Tonne?
1 Barrels = 119 Litres
What is SLS ?
Same Language Subtitling
As a result of Brij’s untiring efforts, India is
the first country pursuing a scale up of SLS on
mainstream entertainment and educational
content for reading literacy. After two decades
of evidence-based-policymaking, SLS became
a part of the Ministry of Information and
Broadcasting’s (MIB’s) Accessibility Standards
under the Rights of Persons with Disabilities
Act, 2016. Half the entertainment content on
TV, in every language, state, and channel, is
required to carry SLS by 2025. A number of
TV channels have begun implementing MIB’s
Accessibility Standards but the current quality
of SLS ranges from fair to poor (for example,
unreadable fonts).
What is NARCL?
Indian Banks’ Association chief executive Sunil Mehta said on October 4 that the National Asset Reconstruction Company Limited (NARCL) has received a license from the Reserve Bank of India (RBI), enabling it to start operations as a so-called bad bank, an entity formed to take over and dispose of the identified stressed assets worth Rs 2 lakh crore of commercial banks.
Under the new framework, banks will aggregate and consolidate stressed assets with NARCL for resolution. Public sector banks will hold 51 percent ownership in NARCL.
NARCL will acquire fully provisioned stressed assets by making an offer to the lead bank in a consortium of lenders; once the offer is accepted, NARCL will engage with India Debt Resolution Company Ltd. (IDRCL) for management and resolution of the stressed assets. In IDRCL, private entities will maintain 51 percent ownership, with the government holding the rest.
How will NARCL work?
How will NARCL acquire bad loans?
NARCL will acquire stressed assets of about Rs 2 lakh crore in a phased manner. The stressed assets will be acquired through a 15 percent upfront cash payment and 85 percent in the form of security receipts.
On September 16, the cabinet cleared the proposal to provide a government guarantee worth Rs 30,600 crore to security receipts issued by NARCL. The difference between the face value of the stressed asset from the realised value from the sale or liquidation of assets represent the guarantee offered by the government.
The guarantee will be valid for a period of five years.
Under the process, the lead bank will go for the so-called Swiss Challenge form of public procurement in which other asset reconstruction companies will be invited to make offers to find the higher valuation of the stressed assets on sale.
The assets for sale will have been fully provided for by banks on their books. Banks have so far identified 22 bad loans amounting to Rs 90,000 crore which will be transferred to NARCL in the first phase.
Q. What will IDRCL do?
IDRCL is a service company/operational entity established to manage the stressed assets and engage with market professionals including turnaround experts. Public sector banks and state-owned financial institutions will own a 49 percent stake in the entity and the rest by private sector lenders.
Stressed assets acquired by NARCL will be managed by IDRCL for price discovery and value addition.
How will NARCL work?
How will NARCL acquire bad loans?
NARCL will acquire stressed assets of about Rs 2 lakh crore in a phased manner. The stressed assets will be acquired through a 15 percent upfront cash payment and 85 percent in the form of security receipts.
On September 16, the cabinet cleared the proposal to provide a government guarantee worth Rs 30,600 crore to security receipts issued by NARCL. The difference between the face value of the stressed asset from the realised value from the sale or liquidation of assets represent the guarantee offered by the government.
The guarantee will be valid for a period of five years.
Under the process, the lead bank will go for the so-called Swiss Challenge form of public procurement in which other asset reconstruction companies will be invited to make offers to find the higher valuation of the stressed assets on sale.
The assets for sale will have been fully provided for by banks on their books. Banks have so far identified 22 bad loans amounting to Rs 90,000 crore which will be transferred to NARCL in the first phase.
Q. What will IDRCL do?
IDRCL is a service company/operational entity established to manage the stressed assets and engage with market professionals including turnaround experts. Public sector banks and state-owned financial institutions will own a 49 percent stake in the entity and the rest by private sector lenders.
Stressed assets acquired by NARCL will be managed by IDRCL for price discovery and value addition.
Who is the Chief Justice of India ?
N V Ramana
What is KVIC ?
The Khadi and Village Industries Commission (KVIC) is a statutory body formed in April 1957 (During 2nd Five Year plan)(as per an RTI) by the Government of India, under the Act of Parliament, ‘Khadi and Village Industries Commission Act of 1956’. It is an apex organisation under the Ministry of Micro, Small and Medium Enterprises, with regard to khadi and village industries within India
Vinai Kumar Saxena is the chairman
Vice chairman of Niti Aayog
Rajiv Kumar
