FEBRUARY MONTHLY SUMMARY – CURRENT AFFAIRS 2022

As of 17-Feb-2022, 207 points are added to this course. Some sample points ( 1 ) Liquidation is the process of converting a company’s assets into cash and using those funds to repay the company’s debts as much as possible . ( 2 ) Alpha refers to the excess returns that a portfolio generates over an appropriate benchmark. ( 3 ) The LLP Amendment Act 2021 largely decriminalises minor procedural offences and non-compliances and imposed certain penalties instead. For this, the Act has introduced a new section for the appointment of adjudicating officers by the Central government for awarding penalties for defaults by LLPs under the Act.The Act had also introduced the concept of small LLPs and penalties payable by such firms . ( 4 ) The Companies Act 2013 requires companies with a net worth of ₹500 crore of more, or turnover of ₹1,000 crore or more or a net profit of ₹5 crore or more during the immediately preceding three years to spend 2 per cent of their average net profit on CSR activities . ( 5 ) Aspirational Districts programme was launched in January 2018, the programme is anchored by NITI Aayog.The objective of the program is to monitor the real-time progress of 112 most under-developed districts across the country.The ranking is based on the incremental progress made across 49 Key Performance Indicators (KPIs) under 5 broad socio-economic themes – Health & Nutrition, Education, Agriculture & Water Resources, Financial Inclusion & Skill Development and Infrastructure . ( 6 ) In March 2019, RBI has introduced the scheme of VRR to encourage FPIs to undertake long-term investments in Indian debt markets (in government and corporate debt securities). The VRR was formed with an objective to provide a separate channel, broadly free of macroprudential controls, to FPIs with long-term investment horizons.RBI has increased the investment limit under the Voluntary Retention Route (VRR) for foreign portfolio investors (FPIs) from 1.5 lakh crore to Rs 2.50 lakh crore (increased by Rs 1 lakh crore) with effect from April 1, 2022.The minimum retention period shall be three years. Investment limits shall be available ‘on tap’ and allotted on ‘first come, first served’ basis . ( 7 ) Trade Receivables Discounting System (TReDS), which facilitates discounting / financing of receivables of MSMEs, was launched by the RBI to support the Micro, Small and Medium Enterprises (MSMEs) sector. ii.TReDS settlements are carried out through mandates in the National Automated Clearing House (NACH) system. Currently, the amount of the NACH mandate is capped at Rs 1 crore (proposed to be increased to Rs 3 Crores). iii.To encourage innovation and competition through increased participation, ‘on-tap’ authorisation of TReDS operators was introduced by RBI in October 2019 . ( 8 ) RBI has decided to allow banks in India to undertake transactions in the offshore Foreign Currency SettledOvernight Indexed Swap (FCS-OIS) market with non-residents and other market makers. Objective: To reduce the segmentation between the onshore and offshore markets, enable more efficient price discovery and further deepen the interest rate derivatives market in India. Banks could participate through their branches in India, their foreign branches or through their IFSC (International Financial Services Centres) Banking Units . ( 9 ) In June 2019, Banks in India have already been permitted to offer Rupee interest rate derivatives such as OIS to non-residents. ii. Overseas entities were also allowed to undertake OIS transactions for purposes other than hedging with banks in India either directly or on a back-to-back basis through a foreign branch/parent/group entity (foreign counterpart) of the market-maker in India . ( 10 ) Rashtriya Gokul Mission(RGM): For the development and conservation of indigenous bovine. All the components of the Scheme are implemented on a 100% grant-in-aid basis except the components of i) accelerated breed improvement programme under the component subsidy of Rs. 5000 per IVF pregnancy is made available to participating farmers as GoI share; ii) promoting sex-sorted semen under the component subsidy up to 50% of the cost of sex-sorted semen is made available to participating farmers and iii) establishment of breed multiplication farm under the component subsidy up to 50% of the capital cost maximum up to Rs. 2.00 crore of the project is made available to . ( 11 ) National Programme for Dairy Development (NPDD): For creating/strengthening of infrastructure for the production of quality milk, procurement, processing and marketing of milk and milk products by State Implementing Agency.Funding Pattern: ( a) 60:40 cost-sharing basis between GOI and State/State Implementing Agency (SIA)/End Implementing Agency(EIA) ( b ) 90:10 cost-sharing basis between GOI and State/SIA/EIA for NER States and Hilly ( c ) The Central assistance for UTs will be 100%.Major components funded under the scheme: Bulk Milk Coolers, Milk Testing Laboratories, Certification and Accreditation, ICT, Training, Awareness, Planning & Monitoring and Research & Development . ( 12 ) Dairy Processing and Infrastructure Development Fund(DIDF): For creation /modernization /expansion of dairy processing, chilling and value addition infrastructure.Contribution share of States: Under DIDF, the contribution of End Eligible Borrowers (EEB) is a minimum of 20% of the total project.Eligible Beneficiaries: Dairy Co-operative, Multi-State Dairy Cooperative, Milk Producer Companies (MPC), NDDBs subsidiaries, Self Help Groups (SHGs) and Farmer Producer Organisations (FPOs) registered under State Cooperative and Companies . ( 13 ) Supporting Dairy Cooperatives and Farmer Producer Organizations engaged in dairy activities (SDC&FPO): To assist the Dairy Cooperatives and Farmer Producer organizations by providing soft loans for working capital and to provide stable market access to the dairy . ( 14 ) National Livestock Mission(NLM): For sustainable growth and development of livestock sector particularly sheep/goat/pig and poultry & increasing availability of feed and fodder, risk management and livestock.Funding Pattern: Cost Sharing Ratio of 60:40 between the Central & the State Government except for the North Eastern States and three Himalayan States where the ratio is 90:10 and For Union territories, 100 % central . ( 15 ) Animal Husbandry Infrastructure Development Fund(AHIDF): Incentivizing investments by individual entrepreneurs, private companies, MSME, Farmers Producers Organizations (FPOs) and Section 8 companies to establish (i) dairy processing and value addition infrastructure, (ii) meat processing and value addition infrastructure and (iii)Animal Feed Plant . ( 16 ) Livestock Health & Disease Control(LH&DC) Programme: For control and containment of livestock National Animal Disease Control Programme (NADCP): To control Foot & Mouth Disease (FMD) and Brucellosis and eventual eradication. Funding Pattern: 100% central assistance for NADCP, Critical Animal Disease Control Programme and the non-recurring components of Establishment and strengthening of Veterinary Hospitals and Dispensaries(ESVHD). Other components of ESVHD and Assistance to States for Control of Critical Animal Disease (ASCAD) is on 60:40 sharing of funds between Central and State government, with 90:10 for hilly and NE States and 100% for UTs . ( 17 ) Pradhan Mantri Matsya Sampada Yojana (PMMSY): For promotion and overall development of Fisheries. Funding Pattern: (a) Central Sector Scheme Component: (i) The entire project/unit cost will be borne by the Central Government (i.e. 100% central funding), (ii) wherever direct beneficiary oriented e. individual/group activities are undertaken by the entities of Central Government including National Fisheries Development Board (NFDB), the central assistance will be up to 40% of the unit/project cost for General category and 60% for SC/ST/Women category. (b) Centrally Sponsored Scheme (CSS) Component: For the non-beneficiary orientated sub-components/activities under CSS component to be implemented by the States/UTs, the entire project/unit cost will be shared between Centre and State/UTs as detailed below: North Eastern & Himalayan States: 90% Central share and 10% State; Other States: 60% Central share and 40% State; Union Territories (with the legislature and without legislature): 100% Centre . ( 18 ) The Department of Fisheries, Animal Husbandry & Dairying is implementing a flagship programme of Pradhan Mantri Matsya Sampada Yojana (PMMSY)- a scheme to bring about Blue Revolution through sustainable and responsible development of the fisheries sector with a highest-ever investment of Rs. 20,050 crore for a period of 5 years with effect from 2020-21 to 2024-25 in all the States/Union Territories. PMMSY inter-alia has also provision for welfare-related activity namely (i) Livelihood and nutritional support for socio-economically backward active traditional fishers families during fishing ban/lean period. Under this component, assistance is provided @ Rs. 4500/- per fishers which includes Rs. 3000/- per fishers to be provided by the Governmental and Rs. 1500/- to be contributed by the beneficiary for three months consisting of fishing ban/lean periods and (ii) Insurance to Fishers. The insurance coverage for fishers includes (i) Rs.5,00,000/- against accidental death or permanent total disability,(ii) Rs.2,50,000/- for permanent partial disability and (iii) insurance coverage for hospitalization expenses in the event of an accident for a sum of Rs. 25,000 . ( 19 ) Software Technology Parks of India (STP) Scheme: Software Technology Parks of India (STPI), an autonomous society under the Ministry of Electronics and Information Technology is implementing the Software Technology Parks of India (STP) Scheme, which is a 100% export-oriented scheme for the development and export of computer software, including export of professional services using communication links or physical media. The exports by STPI registered IT/ ITeS Units for the year 2020-21 were Rs. 5.02 lakh crore . ( 20 ) Special Economic Zones (SEZs): The SEZ Act, 2005, supported by SEZ Rules, came into effect on 10th February 2006, providing for simplification of procedures and for single window clearance on matters relating to central as well as state governments. The main objectives of the SEZ Act are: generation of additional economic activity; promotion of exports of goods and services; promotion of investment from domestic and foreign sources; creation of employment opportunities; development of infrastructure facilities National Policy on Software Products-2019: GoI has approved National Policy on Software Products-2019 with an aim to develop India as the global software product hub, driven by innovation, improved commercialization, sustainable Intellectual property (IP), promoting technology start-ups and specialized skill sets, for development of the sector, based on ICT. The objective of the policy is to create a robust Indian Software Product development ecosystem leading to a ten-fold increase in India share of the Global Software product market and so as to generate direct and indirect employment for 3.5 million people by 2025. Next Generation Incubation Scheme (NGIS) has been approved to support the software product ecosystem and to address a significant portion of the National Policy on Software Product (NPSP 2019). It is envisaged to create a vibrant software product ecosystem to complement the robust IT Industry for continued growth, new employment and enhanced competitiveness . ( 21 ) As per Section 30 of the SEZ Act, 2005, any goods removed from an SEZ to the Domestic Tariff Area (DTA) shall be chargeable to duties of customs including anti-dumping, countervailing and safeguard duties under the Customs Tariff Act, 1975, where applicable, as leviable on such goods when imported . ( 22 ) Under the umbrella scheme of the National Health Mission (NHM), the Government of India implements the National Programme for Prevention and Control of Deafness (NPPCD) . As per the programme guidelines of NPPCD, there is a provision of financial support at a budget of Rs. 50 thousand for Community Health Centres (CHCs) and Rs.20 thousand for Primary Health Centres (PHCs) every five years to develop institutional capacity for ear care services by providing support for equipment and audiometry instruments. For District Hospitals, there is a provision of financial support of Rs. 20 Lakhs for equipment, which includes sound-treated room ( 23 ) Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) has been formulated by the Ministry as part of “AatmaNirbhar Bharat Abhiyaan” for enhancing India's manufacturing capabilities and enhancing exports with an outlay of Rs 10,900 crore. The scheme has three broad components. The first component relates to incentivizing manufacturing of four major food product segments viz. Ready to Cook/ Ready to Eat (RTC/ RTE) including millet-based foods, Processed Fruits & Vegetables, Marine Products and Mozzarella Cheese. The second component is intended for incentivizing Innovative/ Organic products of SMEs across all the above four food product segments including Free Range - Eggs, Poultry Meat and Egg Products. The third component relates to support for branding and marketing abroad to incentivize the emergence of strong Indian brands . ( 24 ) The government of India (GOI) has been promoting Organic farming in the country through dedicated schemes of Paramparagat Krishi Vikas Yojana (PKVY) and Mission Organic Value Chain Development in the North East Region (MOVCDNER) since 2015. Farmers are provided financial assistance (RS 31000/ ha / 3 years in PKVY and 32500/ ha/ 3years under MOVCDNER) for organic inputs such as seeds, bio/organic fertilisers, bio-pesticides, botanical extracts etc. Support is also provided for capacity building i.e training of farmers, certification, value addition and marketing of their organic produce. In addition, Organic cultivation on either side of the River Ganga, large area certification and support for individual farmers have also been introduced under PKVY . ( 25 ) The Mission for Integrated Development of Horticulture (MIDH), a Centrally Sponsored Scheme is being implemented w.e.f. 2014-15, for holistic growth of the horticulture sector covering fruits, vegetables, root and tuber crops, mushrooms, spices, flowers, aromatic plants, coconut, cashew, cocoa and bamboo. All States and UTs are covered under MIDH . ( 26 ) Sub-Mission on Agroforestry (HarMedh Par Ped) Scheme was launched in 2016-17 to encourage tree plantation on farmland along with crops/ cropping system to help the farmers get additional income and make their farming systems more climate-resilient and adaptive. Under the scheme, assistance to farmers is given through State Govt. for nursery development, boundary plantation and block plantation of prominent tree species to promote, inter-alia, fruit-bearing trees, tree-borne oilseeds, medicinal & aromatic plants, silk & lac rearing host plants in addition to timber species, so that farmers get early returns . ( 27 ) Ministry of Food Processing Industries (MoFPI) is implementing a Central Sector umbrella scheme Pradhan Mantri Kisan SAMPADA Yojana (PMKSY) since 2016-17 to support the creation of modern infrastructure projects, setting/upgrading the food manufacturing units, value chain development in perishables, backward and forward linkages etc. Also, MoFPI is implementing centrally sponsored "PM Formalization of Micro Food Processing Enterprises (PMFME) Scheme" for providing financial, technical and business support for up-gradation/setting up of 2 lakh micro food processing units in a period of five years from 2020-21 to 2024-25 with an outlay of Rs. 10,000 crore. The Scheme adopts the One District One Product (ODOP) approach to reap the benefit of scale in terms of procurement of inputs, availing common services and marketing of products. Besides, under the aegis of DA&FW, Rs. one lakh crore ‘Agri infrastructure fund’ has been provided for post-harvest infrastructure for farmers. Also, the Mission for Integrated Development of Horticulture (MIDH) is being implemented to ensure forward and backward linkage through a cluster approach with the active participation of all stakeholders.