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Current Affairs March 15, 2020

Current Affairs Headlines: March 15, 2020
1. Mumbai Central station to be renamed as Nana Shankarsheth Mumbai Central railway station
2. Assam Government to construct 33 stadiums under Uttaran scheme
3. WINGS INDIA 2020 an international exhibition & conference held in Hyderabad
4. Rs 1.83 lakh crore spent under MNREGA in 2017-2020
5. Cabinet Approval on March 13,2020
6. ‘Bhoomi Rashi portal’- expedited Error free & transparent land acquisition for National
Highways project
7. 3rd edition of WION Global Summit 2020 held in Dubai,UAE
8. RBI issues guidelines for Ind AS implementation by NBFCs, ARCs
9. Prashant Kumar appointed as MD & CEO, Sunil Mehta as Non-Executive Chairman & of YES Bank
10. Newly Discovered insect species named after singer Lady Gaga
11. Scientists at ARCI- Hyderabad develops ‘solar receiver tube technology’ for industrial process
heat
12. Jaydev Unadkat led Saurashtra Cricket team won Ranji Trophy title 2019-20
13. Pi Day was celebrated on March 14, 2020

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NATIONAL AFFAIRS
Mumbai Central station to be renamed as Nana Shankarsheth Mumbai Central railway station
On 12th March 2020, the Maharashtra Government has approved to rename the Mumbai Central Station
as Nana Shankarsheth Mumbai Central Railway Station.
i.The Station name has been renamed to Nana Shankarsheth Central Railway Station because of his
involvement in the formation of Indian Railway association and the one to bring railways to our country India.
ii.The Bombay Central is designed by British architect Claude Batley. The first railway in India ran over 21
miles from Bombay to Thane.
About Nana Shankarsheth:
Jagannath (Nana) Shankarsheth is a Maharashtrian philanthropist and educationist (1803-1865), he
contributed a lot for the development of Mumbai. He is the First Indian to be nominated in the Legislative
Council of Bombay.
About Maharashtra:
Capital- Mumbai
Governor- Bhagat Singh Koshyari
National Parks- Sanjay Gandhi National Park Borivalli, Mumbai; Gugamal National Park , Melghat;Pench
National Park , Nagpur;Tadoba National Park , Chandrapur;Navegaon National Park, Gondia.

Assam Government to construct 33 stadiums under Uttaran scheme

The Assam Government plans to construct 33 stadiums across the state under the Uttaran Scheme, 300
crores will be provided to construct these stadiums announced by Principal Secretary of Sports Avinash Joshi
and Joint Director Kamaljit and 500 playgrounds are being built to encourage rural talents.
Key Points:
i.The Government has decided to provide an amount of Rs.50,000 to 1000 players and Rs.75,000 will be given
to 2500 clubs.
ii.The Uttaran Scheme is adopted by the Assam Government to give a new dimension to the visions of the MLAs
and to implement innovative projects which will be suitable to local needs.
About Assam:
State Animal- One-horned rhinoceros
State Festival- Bihu
Chief Minister- Sarbananda Sonowal
Governor- Jagdish Mukhi

WINGS INDIA 2020 an international exhibition & conference held in Hyderabad

A 4 day (March 12-15) biennial event WINGS INDIA 2020 themed as ‘Flying For All’ is an International
Exhibition & Conference on Civil Aviation sector held at Begumpet Airport, Hyderabad, is organized by
Ministry of Civil Aviation & Airports Authority of India(AAI) & Federation of Indian Chambers of Commerce and
Industry (FICCI).
Key Points:
i.The purpose of the event is to provide assistance to the rapidly changing dynamics of the sector & focus on
new business acquisition, investments, policy formation and regional connectivity.
ii.It will stimulate the aviation & the restructured focused meetings will be contributory in attaining the
objective of connecting the Buyers, Sellers, Investors & other stakeholders.
iii.This time the general public will not be allowed & the event will comprise of remarkable aerobatics twice a
day by two teams
iv.It is planned to make it a business event by advising the international delegates to participate through video
conferences.

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v.The event hosts conferences between various company heads & CEO’s forum, about 1000 delegates from
across the world are expected to take part in the event.
vi.Under Ude Desh Ka Aam Nagrik(UDAN) scheme 48 new airports are operationalized & 100 more to be added
in next 5 years
vii.During the event UDAN 4.0+ Knowledge Base on the changing landscape of the Indian Aviation sector under
regional connectivity scheme released
Spice Jet signed tripartite MoU with GHIAL, Ras-Al-Khaimah International Airport
During the event, Spice Jet signed a tripartite Memorandum of Understanding (MoU) with GMR Hyderabad
International Airport Limited (GHIAL)& Ras-Al-Khaimah International Airport, United Arab Emirates(UAE).
• It aims to boost export of agricultural produce & assist the farmers in transporting agricultural
commodities.
• It is in line with the Krishi Udaan scheme of Ministry of Civil Aviations (MoCA)
About Telangana:
Capital– Hyderabad
Governor– Tamilisai Soundararajan
Chief Minister– K. Chandrashekar Rao

Rs 1.83 lakh crore spent under MNREGA in 2017-2020

On March 13, 2020 the government states that Rs 1.83 lakh crore is spent under Mahatma Gandhi National
Rural Employment Guarantee Act, (MNREGA) in 2017-2020 which is nearly double the amount of Rs 92,483
crore spent in 2011-14
• As on 9th March 2020, 526.97 lakh families have been provided employment, against 603.81 lakh
families seeking employment under the scheme
• There are provisions for payment of wages in the event of delay in providing employment or
payment to beneficiaries.
About MNREGA:
i.Indian legislation enacted on August 25, 2005. It provides a legal guarantee for 100 days of employment in
every financial year to adult members of any rural household who willingly does unskilled manual work.
ii.The aim of the act is to improve the purchasing power of the rural people, to provide primarily semi or
unskilled work to people living below the poverty line in rural places.It seeks to bridge the gap between the
rich and the poor of the country. One-third of the designated workforce must be women.
iii.The scheme implementation in association with state governments is monitored by The Ministry of Rural
Development (MRD)
iv.It is also known as Mahatma Gandhi National Rural Employment Guarantee Scheme (MNREGS).

Cabinet Approval on March 13,2020

Union cabinet chaired by Prime Minister Narendra Modi has approved the following approvals on March 13,
2020.Union Cabinet approves Yes Bank reconstruction plan; SBI, HDFC, ICICI, Axis are among others to
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invest
The Cabinet approved the reconstruction scheme proposed by the Reserve Bank of India (RBI) titled “Yes Bank
Ltd. Reconstruction Scheme, 2020” for Yes Bank that will be led by State Bank of India (SBI). Other
participants in the plan include HDFC (Housing Development Finance Corporation) Ltd, ICICI Bank (Industrial
Credit and Investment Corporation of India), Axis Bank, Kotak Mahindra Bank, RK Damani, Rakesh
Jhunjhunwala and the Azim Premji Trust.

• A total ₹12,000 crore will be infused by all investors.

• Authorised capital has been raised to Rs 6,200 crore from Rs 1,100 crore.
• Private investors will have a lock-in period of 3 years for 75% of their investment.
• SBI will invest ₹7,250 crore in Yes Bank with a stake of 45% and will retain a minimum 26% stake in
Yes Bank for three years, as per the RBI plan.
• HDFC and ICICI Bank will invest ₹1,000 crore each, while Axis Bank will put in ₹600 crore.
• ICICI Bank and HDFC will own about 6% stakes each and Axis Bank 3-4%. Kotak, Damani,
Jhunjhunwala and the Premji trust are expected to chip in nearly ₹500 crore each and will own
about 3% each.
Read the draft plan for YES Bank reconstruction here: RBI announced draft scheme “Yes Bank Ltd.
Reconstruction Scheme, 2020” for Yes Bank’s revival; SBI willing to invest
Read about SBI infusion in Yes Bank here: SBI Board approved Rs 7,250 cr fund infusion into Yes Bank, Stake
remains under 49%
Read about moratorium on Yes Bank here: Centre imposed moratorium on Yes Bank; withdrawals restricted to
Rs 50,000 per month till April 3, 2020; Prashant Kumar named as its administrator
Cabinet clears 4% DA hike for central government employees to 21% from 17%
With effect from 01.01.2020, Union Cabinet has approved to release an additional instalment of Dearness
Allowance (DA) and Dearness Relief (DR) for central government employees. This resulted in 4% hike in the
Basic Pay/Pension to 21% from the existing rate of 17%. The decision has been taken on the recommendations
of the 7th Central Pay Commission and in respect to price rise.
• The increase in both DA & DR would cost Rs.12,510.04 crore per annum to the centre and
Rs.14,595.04 crore in Financial Year 2020-21 (for a period of 14 months from January, 2020 to
February, 2021).
• This move will benefit about 48.34 lakh Central Government employees and 65.26 lakh pensioners.
Cabinet approves scheme for “Remission of Duties and Taxes on Exported Products (RoDTEP)” for
enhancing Exports to International Markets
The Union Cabinet has approved to introduce a scheme “Remission of Duties and Taxes on Exported Products
(RoDTEP)” to create a mechanism for reimbursement of taxes/ duties/ levies, at the central, state and local
level, which are currently not being refunded under any other mechanism, but are incurred in the process of
manufacture and distribution of exported products.
• As a part of this scheme, an inter-ministerial Committee will be formulated that will look after the
rates and items for which the reimbursement of taxes and duties would be provided. The
notification for the same will be provided by Department of Commerce (DoC).
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• The refund to the exporters will be made in the form of transferable duty credit/electronic scrip,
which will be maintained in an electronic ledger; on the lines of “Digital India”.
• The refunds under the RoDTEP scheme would be a step towards “zero-rating” of exports. This
would lead to cost competitiveness of exported products in international markets and better
employment opportunities in export oriented manufacturing industries.
• The rebate would be claimed as a percentage of the Freight On Board (FOB) value of exports.
Need of RoDTEP Scheme:
At present, GST(Goods and Services Tax) and import/customs duties for inputs required to manufacture
exported products are either exempted or refunded. However, certain taxes/duties/levies are outside GST, and
are not refunded for exports, such as, VAT on fuel used in transportation, Mandi tax, Duty on electricity used
during manufacturing etc. These would be covered for reimbursement under the RoDTEP Scheme.
Govt approves Rs 7,660 crore green highway project in four states of HP, RJ, UP & AP
The Centre government has given its approval for the construction of 780 km of green highways at a cost of Rs
7,660 crore. The project aims to rehabilitation and upgradation of various National Highways (NHs) covering a
total length of over 780 km in four states of Himachal Pradesh, Rajasthan, Uttar Pradesh, and Andhra
Pradesh.
Cabinet approves removal of ambiguities in the Modified NPS-III for determination of fixed costs for the
urea units
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Shri Narendra Modi, has given its
approval to the proposal of Department of Fertilizers to remove ambiguities in the Modified New Pricing
Scheme -III (NPS-III) for determination of fixed costs for the urea units.
• The decision will facilitate its smooth implementation which will result in grant of Additional Fixed
Cost of 350/MT to 30 urea manufacturing units.
• The approval will also grant the special compensation of 150/MT to urea units which are more than
30 years old and converted to gas.
• The measures will ensure maximum domestic production of urea and reduce will reduce import
dependency.
• Modified NPS-III was notified on 2nd April, 2014. However, due to ambiguous language of the
notification, it could not be implemented.
Cabinet approves Minimum Support Price for Copra for 2020 season
The Cabinet Committee on Economic Affairs has given its approval for the Minimum Support Prices (MSPs) for
copra for 2020 season on the on recommendations of the Commission for Agricultural Costs and Prices (CACP).
Importantly, India is number one in production and productivity of Copra in the World.
• The MSP for Fair Average Quality (FAQ) of milling copra has been increased to 9,960/- per
quintal for 2020 season from Rs. 9,521/- per quintal in 2019.
• The MSP for ball copra has been increased to 10,300/- per quintal for 2020 season from Rs.
9,920/- per quintal in 2019. This will accrue a benefit of Rs 439/- per quintal in the milling copra
and Rs 380/- increase in the Ball Copra.
• The above will increase is to ensure a return of 50% for milling copra and 55% for ball copra over
the all India weighted average cost of production.
• The National Agricultural Cooperative Marketing Federation of India Limited (NAFED) and National
Cooperative Consumer Federation of India Limited (NCCF) will continue to act as Central Nodal
Agencies to undertake price support operations at the MSP in the coconut growing states.

‘Bhoomi Rashi portal’- expedited Error free & transparent land acquisition for National
Highways project
On March 13, 2020 The Ministry of Road Transport and Highways (MoRTH) announced that the ‘Bhoomi
Rashi’ portal has significantly increased the process of land acquisition for National Highways project. The
portal has made the process error-free & more transparent with the notifications at every stage being
processed in real-time.
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Key Points:
i.About Bhoomi Rashi portal: MoRTH has launched the portal BhoomiRashi on April 1, 2018.
ii.In past, the acquisition of land for the purpose of National Highway projects, payment of compensation to the
land owners were done manually & the physical movement of documents were in the form of files. So there was
delay in issuing notification, errors in the land/ area details etc.,
iii.In order to overcome the delays, issues and to avoid parking of public funds with the Competent Authority
for Land Acquisition (CALA), MoRTH has developed web based Utility- ‘Bhoomi Rashi’ to fully digitize and
automate the entire process of land acquisition.
iv.It has been integrated with PFMS (Public Financial Management System) for depositing the compensation in
the account of interested/ affected persons immediately.
About Ministry of Road Transport and Highways:
Headquarters- New Delhi.
Union Minister- Nitin Jairam Gadkari.

INTERNATIONAL AFFAIRS
3rd edition of WION Global Summit 2020 held in Dubai,UAE
On March 5, 2020, WION (World Is One News), the India’s first International News Channel,has organized its
3rd edition of Global summit 2020 based on the theme “Navigating and negotiating global imperatives” at
The Oberoi, in Dubai, UAE ( United Arab Emirates).

Key Points:
i.It saw the participation of global leaders to engage in dialogue on a common global agenda to underscore the
critical challenges of climate change, global governance, economic slowdown, and global crisis that threatens to
become the new normal.
ii.The Summit focused on 4 key sessions namely- India and the Emerging World focusing on the dynamics,
Balancing and Recalibrating Pakistan’s Diplomatic Strategy, Climate change & Global Leaders forum.
iii.During the event, Former Pakistan Minister Khurshid Mahmud Kasuri recalled the plan for Sir Creek pact.
What is Sir Creek?
Sir Creek (originally Ban Ganga), is a 96 km long stream of water disputed between India & Pakistan in the
Rann of Kutch marshland.
The boundary line of this stream is named after a British representative. This stream falls into the Arabian Sea,
dividing the Sindh province of Pakistan from the Kutch region of Gujarat.
What is the dispute?
The Sir Creek boundary line dispute has virtually arisen due to a vague interpretation of the maritime
boundary line between Kutch and Sindh.
Prior to independence, this provincial region was part of the Bombay Presidency of British India. After India’s
independence in 1947, Sindh became part of Pakistan, while Kutch remained part of India. According to the
claims submitted by Pakistan, the entire creek area has the right as per Article 9 and 10 of the ‘Bombay
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Government Resolution’ signed between the then Sindh government & Rao Maharaj of Kutch in 1914.
About UAE:
Capital– Abu Dhabi
Currency– United Arab Emirates dirham
President– Khalifa bin Zayed Al Nahyan
Prime Minister– Mohammed bin Rashid Al Maktoum

BANKING & FINANCE

RBI issues guidelines for Ind AS implementation by NBFCs, ARCs
On March 13, 2020, the Reserve Bank of India (RBI) has framed regulatory guidance on Indian Accounting
Standards (Ind AS) to be applicable on Ind AS implementing Non-Banking Financial Companies (NBFCs) and
Asset Reconstruction Companies (ARCs) for preparation of their financial statements (FS) from financial year
(FY) 2019-20 onwards. The guidance has been framed to promote a high quality, consistent implementation,
and better supervision of FS.

• As per the guidance, all Non-Banking Financial Companies (NBFCs) covered by Rule 4 of the
Companies (Indian Accounting Standards) Rules, 2015 are required to comply with Ind AS for the
preparation of their FS.
Key Points regarding guidelines:
-The guidelines mandate NBFCs/ARCs to follow board approved policies stating clear and effective business
models and portfolios.
-They are mandate to frame their policy for sales out of amortised cost business model portfolios and disclose
the same in their notes to FS.
-The BoDs should approve sound methodologies to be computated for expected credit losses (ECL).
-The audit committee of the board (ACB) will have to approve the classification of accounts that are due
beyond 90 days but not treated as impaired. The number of such accounts and the total amount outstanding
and the overdue amounts should be disclosed in the notes to FS.
-NBFCs/ ARCs shall hold impairment allowances as required by Ind AS.
-NBFCs/ARCs shall also maintain the asset classification and compute provisions as per extant prudential
norms on Income Recognition, Asset Classification and Provisioning (IRACP).
-The guidelines also asked NBFCs/ARCs to educate their customers on the need to make payments in a timely
manner.
Point to be noted:
For the matters that are not dealt with in the above guidelines, NBFCs/ARCs are required to refer to the
notified accounting standards, application guidance, educational material and other clarifications issued by the
Institute of Chartered Accountants of India (ICAI).

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About Reserve Bank of India (RBI):

Headquarters– Mumbai, Maharashtra
Formation– 1 April 1935
Governor– Shaktikanta Das
Deputy Governors– 4 (Bibhu Prasad Kanungo, N S Vishwanathan (will retire on March 31, 2020), Mahesh
Kumar Jain, Michael Debabrata Patra).

APPOINTMENTS & RESIGNATIONS

Prashant Kumar appointed as MD & CEO, Sunil Mehta as Non-Executive Chairman & of YES
Bank
On March 14, 2020 Government appointed former Chief Financial Officer & deputy Managing Director(MD) of
SBI Prashant Kumar as MD & Chief Financial Officer(CEO), the former Punjab National Bank(PNB) MD Sunil
Mehta as Non-Executive Chairman, Mahesh Krishnamurthy & Atul Bheda as non-executive directors of the
reconstructed board of Yes Bank.

i.State Bank of India (SBI), which has a 49 % stake in Yes Bank, will nominate 2 directors & Reserve Bank could
appoint one or more additional directors.
ii.Any investor other than SBI with 15% voting rights can nominate 1 director. Until an alternate board is
constituted board members will have a term of 1 year.
iii.The moratorium on Yes Bank to be lifted by March 18 which means depositors will be able to withdraw an
amount without a cap.
iv.On March 5 2020, the RBI put a moratorium on Yes Bank restricting withdrawals to Rs 50,000 per depositor
till April 3.

SCIENCE & TECHNOLOGY

Newly Discovered insect species named after singer Lady Gaga
On March 11, 2020 A newly discovered species of treehopper has been named “Kaikaia Gaga” after American
singer Lady Gaga. The species was named by Brendan Morris, PhD candidate in entomology from University of
Illinois, United States (US).
Key Points:
i.The species were found near the Pacific coast of Nicaragua and the species looks beautiful, vibrant as pop
diva, have crazy horns with wacky fashion sense.
ii.The information about the new insect species was published in the journal Zootaxa (which focuses on
animal taxonomy).
iii.The treehopper is not the first species to be named after a famous musician. A deep-sea crustacean was

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named from American heavy metal band Metallica and is now known as Macrostylis metallicola in february
2020 and the Synalpheus pinkfloydi shrimp was named after the English rock band Pink Floyd.

Scientists at ARCI- Hyderabad develops ‘solar receiver tube technology’ for industrial process
heat
On March 13, 2020, Scientists at the International Advanced Research Centre for Powder Metallurgy and
New Materials (ARCI), Hyderabad (Telangana), has developed a cost-effective ‘solar receiver tube
technology’ that absorbs solar radiation and converts it into heat for the targeted applications, especially in
industries.
Key Points:
i.ARCI has filed 2 patent applications for this technology, and also inked an MoU(Memorandum of
understanding) with Greenera Energy India Private Limited for technology transfer, that aims to develop the
solar receiver tube for wider market absorption.
ii.The solar receiver tube, which has a high corrosion resistance, functions based on the Concentrating Solar
Thermal (CST),that provides a better solution to handle the demands on industrial process heat (≤ 250 °C).
iii.The receiver tube has the capability of 93% absorption ,14% emittance & has better thermal stability as
well. The trial of absorber coating has been made successfully for heat gain and heat loss studies in a testing
facility established at ARCI.
About ARCI:
Chairman– Dr. Anil Kakodkar
It is an Autonomous Research and Development Centre of Department of Science and Technology (DST),
Government of India (GoI) with main campus at Hyderabad .

SPORTS
Jaydev Unadkat led Saurashtra Cricket team won Ranji Trophy title 2019-20
On March 13, 2020 Jaydev Dipakbhai Unadkat, 28 years old, led Saurashtra team and won the maiden Ranji
Trophy title, on the basis of earning 44 runs in the first innings defeating Bengal team at the Saurashtra Cricket
Association Stadium, Rajkot, Gujarat.

Key Points:
i.The final of the Ranji trophy is headed towards a draw, then the winner Saurashtra is decided on the basis of a
first-innings lead, as per the rule.
ii.Saurashtra team has ended as runners-up three times in the last seven Ranji seasons.
iii.Fact: Previous teams of Saurashtra were Nawanagar & Western India. Nawanagar won the Ranji trophy in
1936-37, while Western India won the trophy in 1943-44.

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About Ranji Trophy:

• The Ranji Trophy is a domestic first-class cricket championship played in India between multiple
teams representing regional & state cricket associations.
• The most successful champion of Ranji trophy was Mumbai (41 times).

IMPORTANT DAYS
Pi Day was celebrated on March 14, 2020
Pi Day was celebrated on March 14, 2020 because the date stands as 3/14 in the month/day format. Pi (Greek
letter “π”) is the symbol used in mathematics to represent a constant and its value up to five decimal
places 3.14159. Coincidentally, March 14 is also Physicist Albert Einstein’s birthday.

Key Points:
i.About Pi: Pi (π) is the ratio of a circle’s circumference to its diameter. The diameter of a circle is the distance
from edge to edge (measuring through the center) & the circumference is the distance around the circle.
ii.In 2009, the United States House of Representatives supported the designation of Pi day.
iii.Facts: Pi Approximation Day is observed on July 22 (22/7 in the day/month format), since the fraction
(22/7) is the common approximation of Pi.
iv.Two Pi day, also known as Tau Day for the mathematical constant (τ), is observed on June 28 (6/28 in the
month/day format) and the constant is equal to 2π (2 times of pi) and approximately 6.28.

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