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Daily Curret Affairs : 28-Nov-2019

Updated: Feb 12, 2020

Major Topics Covered :

  1. RBI REVISES FRAMEWORK ON CURRENCY SWAP ARRANGEMENT FOR SAARC NATIONS

  2. NAMED DRIVER POLICY; TELEMATICS

  3. EMISSIONS GAP REPORT 2019

  4. LOKPAL LOGO, MOTTO RELEASED- ‘MA GRIDHAH KASYASVIDHANAM’

  5. WAR CASUALTIES’ HOUSING LIMIT EX-TENDED

  6. LOK SABHA PASSES SPECIAL PROTECTION GROUP (AMENDMENT) BILL

  7. PSLV-C47 SUCCESSFULLY LAUNCHES CARTOSAT-3 AND 13 COMMERCIAL NANOSATELLITES INTO SUN SYNCHRONOUS POLAR ORBIT

  8. THE DADRA AND NAGAR HAVELI AND DAMAN AND DIU (MERGER OF UNION TERRITORIES) BILL, 2019

  9. INDO-SRI LANKA JOINT EXERCISE FROM DEC 1- EXERCISE MITRA SHAKTI-VII: 2019



RBI REVISES FRAMEWORK ON CURRENCY SWAP ARRANGEMENT FOR SAARC NATIONS

Part of GS- 2 IR


Why in news:

With an objective to strengthen financial stability and economic cooperation, the Reserve Bank of India revised the framework on currency swap arrangement for SAARC countries till 2022.


Highlights:

  • A currency swap between countries is an agreement to exchange currencies with predetermined terms and conditions.

  • South Asian Association for Regional Cooperation (SAARC) member countries are: Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka.

  • Under the framework for 2019-22, the central bank will continue to offer swap arrangement within the overall corpus of $2 billion.

  • The framework is valid from November 14, 2019 to November 13, 2022.

  • Based on the terms and conditions of the framework, the RBI would enter into bilateral swap agreements with SAARC central banks, who want to avail swap facility.

  • Earlier, the SAARC currency swap facility came into operation on November 15, 2012 with an intention to provide a backstop line of funding for short term foreign exchange liquidity requirements or balance of payment crises till longer term arrangements are made.



Source: Economic Times


NAMED DRIVER POLICY; TELEMATICS

Part of GS-3 Economy


Why in news:

The working group set up by the Insurance Regulatory and Development Authority (IRDAI) has proposed the implementation of telematics insurance - the system of ‘pay as you drive’ and ‘pay how you drive’ covers based on data gathered from the insured vehicle and its driver - for motor vehicles.


Highlights:

  • The panel has recommended ‘Named Driver Policy’ as an option for private car and two wheeler policies.

  • A ‘named driver policy’ as an automobile insurance policy provides coverage only for drivers specifically named on the policy and not for other individuals driving the vehicle.

  • Telematics, or black box insurance, is a car insurance where a small box is fitted to the car.

  • The black box measures various aspects of how, when and where the car is driven.

  • This data can be used to calculate a personalised renewal quote or premium, or in services like the accident alert and theft recovery.

  • The device will have four components - a GPS system, a motion sensor (or accelerometer), a SIM card, and a computer software.

  • “IIBI (Insurance Information Bureau of India), which acts as data repository for insurance companies, can manage the data and its protection,” the IRDAI panel said.



Source: Indian Express


EMISSIONS GAP REPORT 2019

Part of GS-3 Environment and Ecology


Why in news:

World action to combat global warming inadequate, says UNEP. UN Environment Programme (UNEP) released its annual Emissions Gap Report for the year 2019.


Highlights:

  • The Greenhouse gas emissions have risen 1.5 per cent per year over the last decade. Emissions in 2018, including from land-use changes such as deforestation, hit a new high of 55.3 gigatonnes of CO2 equivalent.

  • Even if all current unconditional commitments under the Paris Agreement are implemented, temperatures are expected to rise by 3.2°C over pre-industrial levels.

  • The United States is the highest producer of greenhouse gases when measured on a per capita basis. Overall, China is the world’s largest producer.

  • India is the third-largest emitter behind the United States and China respectively.

  • India’s per capita emissions, however, are significantly below the United States, China and many others.

  • G20 nations collectively account for 78 per cent of all emissions, but only five G20 members have committed to a long-term zero emissions target.

  • Initiatives for reducing CO2- To meet the 1.5°C temperature goal of the Paris Agreement, global greenhouse gas emissions must fall by 7.6 per cent each year between 2020 and 2030.

  • To deliver on these cuts, the levels of ambition in the Nationally Determined Contributions (NDCs) must increase at least fivefold for the 1.5°C goal and threefold for the 2°C.

  • Each year, the Emissions Gap Report assesses the gap between anticipated emissions in 2030 and levels consistent with the 1.5°C and 2°C targets of the Paris Agreement.

  • For the first time, it looks at how large annual cuts would need to be from 2020 to 2030 to stay on track to meeting the Paris goals.



Source : The Hindu


LOKPAL LOGO, MOTTO RELEASED- ‘MA GRIDHAH KASYASVIDHANAM’

Part of GS-2 Policy and Governance


Why in news:

Anti-corruption ombudsman Lokpal released its logo and motto . Lokpal Chairman Justice (retired) Pinaki Chandra Ghose launched the new logo for the apex anti-corruption ombudsman. A new motto was also adopted.


Highlights:

  • The new motto of Lokpal is ‘Ma Gridhah Kasyasvidhanam’ which in English means “Do not be greedy for anyone’s wealth.”

  • It has been taken from a sloka of ‘Ishabasou