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Day#69 Current Affairs Flash Cards [PRELIMS 2020]

World Digital Competitiveness Ranking; East Container Terminal (ECT); Debenture Redemption Reserve (DRR); Domestic Gas Pricing Formula; National Commission for Scheduled Tribes (NCST);
By IASToppers
October 12, 2019

 

 

Which Constitutional Amendment Act established National Commission for Scheduled Tribes (NCST)?

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Answer:

  • 89th Constitutional Amendment Act, 2003

Enrich Your Learning:

National Commission for Scheduled Tribes (NCST)

  • The 89th Amendment of the Constitution established the National Commission for Scheduled Tribes under Article 338A.
  • With this amendment, the erstwhile National Commission for Scheduled Castes and Scheduled Tribes was replaced by two separate Commissions namely- (i) the National Commission for Scheduled Castes (NCSC), and (ii) the National Commission for Scheduled Tribes (NCST).
  • The First commission was constituted on 2004 with Kunwar singh as the chairperson.
  • The Commission comprises a Chairperson, a Vice-Chairperson and three full-time Members (including one lady Member).
  • The term of all the Members of the Commission is three years from the date of assumption of charge.
  • It investigates and monitor all matters relating to the safeguards provided for the Scheduled Tribes under the Constitution.
  • It enquires into specific complaints with respect to the deprivation of rights and safeguards of the Scheduled Tribes.

 

 

Which global benchmarks are weighed within domestic gas pricing formula in India?

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Answer:

  • The domestic gas price is the weighted average price of four global benchmarks — the US-based Henry Hub, Canada-based Alberta gas, the UK-based NBP, and Russian gas.

Enrich Your Learning:

Domestic Gas Pricing Formula

  • It is a formula which is used to fix the price of the fuel every six months.
  • As per the formula, the domestic gas price is the weighted average price of four global benchmarks — the US-based Henry Hub, Canada-based Alberta gas, the UK-based NBP, and Russian gas.
  • The domestic price is based on the prices of these international benchmarks in the prior year, and kicks in with a quarter’s lag.
  • It applies for six months.
  • So, the price applicable from April 1 to September 30, 2019 is based on benchmark prices from January to December 2018.

Features and significance of formula

  • The formula has no mention about gas actually imported into India.
  • Domestic gas prices have been rising in the past couple of years but due to the formula, they are still cheaper than imported gas.

 

 

When a company issuing Non-Convertible debentures faces liquidity crunch, it uses which reserve to repay the lenders?

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Answer:

  • Debenture Redemption Reserve

Enrich Your Learning:

Debenture Redemption Reserve (DRR)

  • In order to protect the interests of retail investors in the cases where companies raising funds through Non- Convertible Debentures at high rates of interest have failed to pay their dues, the Companies Act mandated that companies must maintain a redemption reserve.
  • As per the Companies (Share Capital and Debentures) Rules 2014, all listed companies, NBFCs, HFCs and unlisted companies were to create a DRR with 25 per cent of the value of outstanding debentures from their profits.

Importance

  • A DRR ensures that a company sets aside a portion of its profits toward repayment of long-term NCDs out of its current profits.
  • When a company that has issued NCDs goes bankrupt or faces a liquidity crunch, it usually defaults on its repayments to lenders.

In such cases, the existence of the DRR reduces the investment risk for the buyer of the debentures.

 

 

The East Container Terminal (ECT) is being developed by which countries and where?

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Answer:

  • The ECT will be developed by Sri Lanka, India and Japan in the Colombo Port.

Enrich Your Learning:

East Container Terminal (ECT)

  • Sri Lanka, Japan and India signed an agreement to jointly develop the East Container Terminal at the Colombo Port.
  • The joint initiative is estimated to cost between $500 million and $700 million.
  • the Sri Lanka Ports Authority (SLPA) retains 100% ownership of the East Container Terminal (ECT), while the Terminal Operations Company, conducting its operations, is jointly owned, the SLPA said in a statement. 
  • Sri Lanka will hold a 51 per cent-stake in the project and the joint venture partners will retain 49%.
  • Japan is likely to provide a 40-year soft loan with a 0.1 percent interest rate.
  • Over 70 per cent of the transhipment business at the strategically located ECT is linked to India.

Location

  • The ECT is located some 3 km away from the China-backed international financial city, known popularly as “port city”, being built on reclaimed land on Colombo’s sea front.

 

 

In which international ranking India has advanced four places to 44th position in terms of digital competitiveness in the world?

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Answer:

World Digital Competitiveness Ranking

Enrich Your Learning:

World Digital Competitiveness Ranking

  • The Ranking is produced by the IMD World Competitiveness Center.
  • It measures the capacity and readiness of 63 nations to adopt and explore digital technologies as a key driver for economic transformation in business, government and wider society.
  • To evaluate an economy, it examines three factors:
    • Knowledge, the capacity to understand and learn the new technologies.
    • technology, the competence to develop new digital innovations
    • future readiness, the preparedness for the coming developments.
  • In 2019 rankings India has advanced four places to 44th position in terms of digital competitiveness in the world.
  • India rose from 48th place in 2018 to 44th rank this year as the country has improved overall in all factors.
  • The largest jump in the overall ranking was registered by China, moving from 30th to 22nd, and Indonesia, from 62nd to 56th.
  • The US was ranked as the world’s most digitally competitive economy, followed by Singapore in the second place. Sweden was ranked third on the list, followed by Denmark and Switzerland in the 4th and 5th place, respectively.
Topics
Daily Current Flash Cards 2020 Prelims 2020
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