Daily Current Affairs - 02nd Jun 2020

Archery coach Nanoma dies in accident

  • International archer-turned-coach Jayantilal Nanoma died in a road accident in Rajasthan. Nanoma, an Asia Cup and Asian Grand Prix medallist in compound individual and team events in 2010. As a coach, he produced several national and international level archers from Rajasthan.
  • He worked as a coach with the Indian team in different overseas competitions. He received the prestigious Maharana Pratap State Sports Award.

Bollywood Music Director Wajid Khan passes away

  • Wajid Khan of Bollywood music composer duo Sajid-Wajid, credited with albums like Dabangg and Wanted, passed away in Mumbai due to complications arising from a renal ailment and COVID-19. He was 42.
  • Sajid-Wajid made their Bollywood debut with Salman Khan starrer Pyaar Kiya Toh Darna Kya in 1998, and later went on to score many albums for the superstar’s films, including Chori Chori, Hello Brother, Mujhse Shaadi Karogi, Partner, Wanted and Dabangg (1, 2 and 3).

Cabinet committee okays Rs. 50,000 cr. infusion for MSMEs

  • The Cabinet Committee on Economic Affairs approved Rs.50,000 crore equity infusion for micro, small, and medium enterprises (MSMEs) with an aim to help them enhance capacity, while also encouraging them to get listed. It has also approved Rs 20,000 crore subordinate debt for stressed MSMEs,which will benefit 2 lakh stressed MSMEs.

Elections For 18 Rajya Sabha Seats To Be Held On June 19

  • Elections for 18 Rajya Sabha seats will be held on June 19, the Election Commission has said. The elections, which were to be held in March, were deferred in view of the coronavirus pandemic and the subsequent countrywide lockdown. Now as the lockdown is being progressively eased, the Commission has announced a date for the election. '
  • The list includes 4 seats each from Andhra Pradesh and Gujarat, three each from Madhya Pradesh and Rajasthan, two from Jharkhand and one each from the northeastern states of Meghalaya and Manipur. The voting will begin at 9 am on June 19.
  • In February, the Commission had announced elections to fill 55 seats across 17 states. In March, 37 candidates across 10 states were elected unopposed.

Finance Commission holds meeting with Environment Ministry on air quality in urban areas

  • The 15th Finance Commission has held a meeting with the Ministry of Environment, Forest and Climate Change on Issues Related to Air Quality in Urban Areas. The commission is currently deliberating the recommendations to be made for the next five years from 2021-22 to 2025-26 and needs to formulate suitable provisions for continuing the grants for improving ambient air quality in a sustainable manner.
  • During the meeting, Environment Minister Prakash Javadekar appreciated the inclusion of Air Quality (AQ) of Delhi in the 15th Finance Commission Report of 2020-2021.

Flipkart’s bid to enter food retail rejected

  • The Department for Promotion of Industry and Internal Trade (DPIIT) has rejected Walmart-backed Flipkart’s proposal seeking an approval for entry into the food retail sector, citing a regulatory issue. The government permits 100 per cent foreign direct investment in food retail for food produced and manufactured in India. Last year, the company had set up a new local entity - Flipkart Farmermart - to focus on food retail in India, and had applied for requisite licences from the government.

Google rejects Australia’s call for payout

  • Google has rejected demands it pay hundreds of millions of dollars per year in compensation to Australian news media under a government-imposed revenue sharing deal. The company’s top executive in Australia said Google made barely Aus$10 million ($6.7 million) per year from news-linked advertising, a fraction of a government watchdog’s estimates for the sector.
  • The country's competition regulator, the ACCC, has estimated that Google and Facebook together earn some AUD 6 billion (roughly Rs. 30,487 crores) per year from advertising in Australia.

Hong Kong bans Tiananmen vigil for first time in 30 years

  • Hong Kong police banned an upcoming vigil marking the Tiananmen crackdown anniversary citing the COVID-19 pandemic, the first time the gathering has been halted in three decades. The candlelight memorial on June 4 usually attracts thousands of participants. However, authorities last month extended the city’s Covid-19 restrictions, including a ban on public gatherings of more than eight people, which would apply to the event.
  • The Tiananmen massacre occurred on June 4, 1989, ending months of student-led demonstrations in China. It is estimated that hundreds, perhaps thousands, of people died when the People’s Liberation Army was deployed to crack down on protesters in Beijing.

Indian Bank unveils loan scheme for MSMEs, Mudra units

  • Indian Bank has introduced IND GECLS COVID-19, (Guaranteed Emergency Credit Line Scheme), a special product for MSME, Mudra and other business enterprises to meet their working capital needs. These enterprises can avail themselves of loans of up to 20% of the outstanding credit.

LVB CEO gets extension

  • The Reserve Bank of India has approved the extension of tenure for Lakshmi Vilas Bank's MD and CEO, Subramanian Sundar by six months. This is the second extension given to Mr. Sundar who was the MD & CEO (interim) from January 1, 2020 to April 30.

Moody's downgrades India's ratings to Baa3, maintains negative outlook

  • Moody's Investors Service downgraded India's foreign currency and local currency long-term issuer ratings to Baa3 from Baa2, citing the country's policymaking institutions will be challenged in enacting and implementing policies which effectively mitigate the risks of a sustained period of relatively low growth.
  • It has also downgraded India's local currency senior unsecured rating to Baa3 from Baa2, and its short-term local-currency rating to P-3 from P-2.

Panghal, Krishan for Khel Ratna

  • The Boxing Federation of India (BFI) recommended names of World championships silver medallist Amit Panghal and former Worlds bronze medallist Vikas Krishan for the Rajiv Gandhi Khel Ratna Award. The BFI has nominated world bronze-winning trio of Lovlina Borgohain (69kg) and Simranjit Kaur (64kg) and Manish Kaushik (63kg) for the Arjuna awards.

PM Modi Launches Video Blogging Contest "My Life, My Yoga" On His Radio Show

  • Prime Minister Narendra Modi launched a video blogging competition and invited citizens to participate in it during his "Mann Ki Baat" address to the nation. The "My Life, My Yoga" contest (also called "Jeevan Yoga") is a joint effort by the Ministry of AYUSH and the Indian Council for Cultural Relations (ICCR).
  • It focuses on the transformative impact of yoga on the lives of individuals and it comes as one of the activities related to the observation of the sixth International Day of Yoga (IDY) coming up on June 21.

Public Sector Banks sanction collateral free loans worth 3,200 crore rupees in a single day under Aatmanirbhar Bharat Abhiyan

  • Public Sector Banks have sanctioned collateral free loans worth three thousand 200 crore rupees in a single day under the Atmanirbhar Bharat Abhiyan. Union Finance Minister Nirmala Sitharaman informed that largely the Micro, Small and Medium Enterprises (MSMEs) located in over three thousand TIER-2 towns were covered on the first day of sanctions of the collateral free loans. The amount sanctioned will help the MSMEs to meet the expenses towards payment of salaries, rent and restocking of goods.
  • Collateral free loans worth three lakh crore rupees with one year moratorium was provisioned under the scheme. Under this scheme, MSME and borrowers from other stressed sectors with up to 25 crore rupees of total borrowing were allowed to avail an additional 20 per cent of the outstanding loan from banks and other financial institutions.

RIL rights issue subscribed 1.1 times

  • Reliance Industries' mega Rs 53,124 crore rights issue was oversubscribed 1.1 times, two days ahead of the issue closing. According to issue subscription data on stock exchanges, total bids received for RILNSE 0.70 %'s rights shares stood at 46.04 crore, overshooting the 42.26 crore shares on offer by 8.9 per cent.
  • The oversubscription figure indicates that shareholders applied for many more shares than their entitlements.
  • Billionaire Mukesh Ambani and promoter group had pledged to subscribe to the full extent of their rights entitlements and any unsubscribed portion of the issue.

Russia: Putin sets July 1 for constitutional reform vote

  • Russian President Vladimir Putin has said a delayed vote on constitutional reforms that could extend his rule beyond 2024 will take place on July 1, pressing ahead with the plan despite the threat of the coronavirus pandemic.
  • Putin announced the series of surprise constitutional reforms earlier this year which would allow him to run for president again when his fourth term expires in 2024, and potentially to stay in power until 2036.

Southwest monsoon hits Kerala coast

  • The southwest monsoon hit the Kerala coast on Monday, and is expected to deliver more rainfall than previously forecast, the weather office said. Rainfall will also be well distributed across the country, with only the northeastern region forecast to get slightly lower rainfall, the India Meteorological Department said. It also said total rainfall in the June-September season would be 102% of normal, 2% more than what it had forecast in the middle of April.

Three more states - Odisha, Sikkim and Mizoram included in One Nation One Ration Card scheme

  • Three more states have been included in One Nation, One Ration Card scheme. These are Odisha, Sikkim and Mizoram. Consumer Affairs Minister Ram Vilas Paswan announced the inclusion of these states in the scheme on Integrated Management of Public Distribution System.
  • Under this system, nation-wide portability of the benefits under National Food Security Act through One Nation, One Ration Card plan is implemented to enable the NFSA ration card holders to lift their entitled quota of subsidized food grains from any e-PoS enabled Fair Price Shop of their choice anywhere in the country, by using the existing and same ration card after Aadhaar authentication. The facility is enabled in 17 States and UTs so far.

US: No let up in violence over death of George Floyd

  • The eruptions of violence in cities all over US have not let up despite the arrest of former Minneapolis Police Officer Derek Chauvin. He has been charged with third-degree murder. The unrest began with peaceful protests over the death of African-American George Floyd in police custody. His death caused outrage across a nation that people took it to the streets and clashed with police. Curfews have been imposed in nearly 40 cities across the United States.