CURRENT AFFAIRS :  10-11-2020

Table of Content :

1. All Discoms to comply with Energy Conservation Act

2 . G20 debt service suspension initiative 

3. National Mission on Saffron 

4. Anti Satellite (A-SAT) Missile

5. Father Valles.

6. Income Tax Appellate Tribunal (ITAT)

1. ALL DISCOMS TO COMPLY WITH ENERGY CONSERVATION ACT :

Recently, the Ministry of Power in consultation with Bureau of Energy Efficiency (BEE), issued a notification to cover all the Electricity Distribution Companies (DISCOMs) under the preview of the Energy Conservation Act.

Key Highlights :

• All entities having issued distribution license by State/Joint Electricity Regulatory Commission under the Electricity Act, 2003 are notified as Designated Consumers (DCs).
• As per the notification, all the DISCOMs will be governed under the various provisions of EC Act, such as Appointment of Energy Manager, identification of Energy Losses Category wise, Implementation of energy conservation & efficiency measures etc. for each DISCOMs.
• Earlier, the DISCOMs whose annual energy losses were equal to or above 1000 MU were only covered as DCs.

Significance of all Discoms under Energy Conservation Act

• The decision will facilitate Energy Accounting & Auditing as mandatory activity for all the DISCOMs, leading to the actions towards reducing losses and increase profitability of DISCOMs.
• The amendment is expected to help DISCOMs to monitor their performance parameters and bring in transparency in the Distribution sector through professional inputs.
• It will assist in developing projects for reducing the electricity losses by DISCOMs and implementing effective solutions.
• The amendment is expected to improve the financial state of the DISCOMs.
• The quarterly data of these DISCOMs will be collected and monitored by the government to suggest measures for increasing the efficiency and reduce the energy loss.

Bureau of Energy Efficiency (BEE)

• It was set up in 2002 under the provisions of the Energy Conservation Act, 2001.
• It is a statutory body under the Ministry of Power.
• Its mission is to assist in developing policies and strategies with a thrust on self-regulation and market principles, within the overall framework of the Energy Conservation Act, 2001.
• It co-ordinates with designated consumers, designated agencies and other organizations and recognize, identify and utilize the existing resources and infrastructure, in performing the functions assigned to it under the Energy Conservation Act.

Source: The Economic Times

2. G20 DEBT SERVICE SUSPENSION INITIATIVE :

Recently, the Union Minister of Finance Smt. Nirmala Sitharaman had participated in the 1st BRICS Finance Ministers and Central Bank Governors (FMCBG) meeting under the BRICS Russian Chairmanship.

The Finance Minister observed that the G20, of which all BRICS countries are members, has delivered significant initiatives during COVID-19 times such as the G20 Debt Service Suspension Initiative.

About :

• It was launched in April 2020 following the G20 Finance Ministers and Central Bank Governors Meeting.
• It is the initiative for a time-bound suspension of loan repayments (of both principal and interest) for countries which request it.

Eligibility:

• The Initiative applies to the 76 countries that are eligible to receive assistance from the World Bank's International Development Association.
• All nations defined as 'least developed countries' by the United Nations are also eligible under DSSI.
• The eligible countries must be current on any debt service to the IMF and the World Bank, so countries with arrears to those institutions will be ineligible to participate.
• The G20 agreed a common term sheet setting out the key features and conditions to be eligible for debt relief as follows:
• Access to the Initiative will be limited to countries which: have made a formal request for debt service suspension from creditors; and  are benefiting from, or have made a request to IMF Management for, IMF financing including emergency facilities (RFI/RCF).

In addition, each beneficiary country will be required to commit to:

• use the created fiscal space to increase social, health or economic spending in response to the crisis, with a monitoring system expected to be put in place by the IMF and World Bank; 
• disclose all public sector financial commitments (debt), while respecting commercially sensitive information.
• contract no new non-concessional debt during the suspension period, other than agreements under the Initiative or in compliance with limits agreed under the IMF Debt Limit Policy or World Bank Group policy on non-concessional borrowing.
• Duration and Implementation: The Initiative applies from 1 May 2020 until the end of the year, with a possible extension based on the individual liquidity needs of eligible countries.
• The initiative would be achieved through either a rescheduling or refinancing of debt, which again could give rise to concerns under other financing agreements.

Source: PIB

3. NATIONAL MISSION ON SAFFRON :

Recently, the North East Centre For Technology Application and Reach (NECTAR) has supported a pilot project to explore the feasibility of growing saffron in North East region of India and extending the National Mission on Saffron in the North-east.

About :

• It was launched by the Union Government in 2010 to increase saffron production in the Kashmir valley.
• It is a sub-scheme under the Rashtriya Krishi Vikas Yojana (RKVY).
• The government approved Rs 373 crore as part of the four-year mission (2010-14).

Why Saffron growing is extending towards North-east?

• The similarity of climatic and geographical conditions between Pampore (Kashmir) and Yangyang (Sikkim) leads to successful sample farming of Saffron in Yangyang.
• Saffron production has long been restricted to a limited geographical area in the Union territory of Jammu & Kashmir and thus, its production remained limited.
• The Botany and Horticulture department of Sikkim Central University carried out tests to understand the soil and actual pH conditions of Yangyang of Sikkim and found it comparable to saffron growing places of Kashmir.
• The saffron production has fallen in its traditional cultivation area of Pampore near Srinagar due to climate change and the haphazardly set up cement factories.

The key objectives of the Mission are:

• To make vertical and horizontal improvement in the overall production of saffron
• To enhance quality of saffron
• To enhance research and extension capabilities,
• To develop appropriate systems for organized marketing, quality-based pricing of saffron and for formulating direct transactions between growers, traders, exporters and industrial agencies.

The components of the National Saffron Mission are:

• Rejuvenation/Replanting of existing saffron area for improving productivity
• Support for creation of irrigation facilities
• Production of planting Material (Public Sector Nurseries)
• Support for creation of irrigation facilities
• Transfer of technologies and Human Resource Development (HRD)

Saffron Cultivation

• The wild saffron is botanically known as Crocus cartwrightianus and the commercially cultivated saffron is botanically called Crocus sativus.
• The major saffron production states/UTs in India are Jammu & Kashmir and Himachal Pradesh.
• It is locally known as Kesar in Hindi, Kong in Kashmiri, Jafran in Bengali, Zafran in Punjabi, Keshar in Gujarati, Zafran in Urdu, Asra, Aruna, Asrika, Kunkuma in Sanskrit.

The conditions suitable for Saffron cultivation are:

• The cultivation of saffron is mainly found in both sunken and dry areas with an elevation of 1500 to 2500 meters above sea level.
• The soil is one of the basic requirements in saffron cultivation and loamy, sandy or calcareous soils are suitable for saffron growing.
• Gravelly soil is also friendly for saffron farming, but a heavy, clayey soil is not suitable for farming.
• Saffron prefers acidic soil and it grows well when pH of soil is around 5.5 to 8.5.
• Saffron requires less water as the soil must not be completely dry but just a little moist.

Source: PIB

4. ANTI-SATELLITE (A-SAT) MISSILE

A model of Anti Satellite (A-SAT) Missile installed inside the DRDO Bhawan premises was unveiled today by Raksha Mantri Rajnath Singh.

About:

• ‘Mission Shakti’ was country’s first ever Anti-Satellite (ASAT) Missile Test successfully conducted on 27th March 2019 from Dr AP J Abdul Kalam Island in Odisha, where a fast-moving Indian orbiting target satellite in Low Earth Orbit (LEO) was neutralised with pinpoint accuracy.
• This was a highly complex mission, conducted at extremely high speed with remarkable precision.
• The successful conduct of Mission Shakti made India the fourth nation in the world with the capability to defend its assets in outer space.

Source : PIB

5. FATHER VALLES

Prime Minister Narendra Modi has expressed grief on the demise of veteran author and Gujarati columnist Father Carlos Gonzalez Valles SJ, popularly known as Father Valles.

About:

• Carlos Gonzalez Valles S. J., popularly known as Father Valles (1925 — 2020) was a Spanish-Indian Jesuit priest and author.
• He lived in India for five decades and wrote extensively in Gujarati and on mathematics. He had also written in English and Spanish.
• He was a recipient of the Ranjitram Suvarna Chandrak, the highest award in Gujarati literature, in 1978. He was the first foreign recipient of the prize.
• He was also named an Honorary Jain for his friendship with Jain community in Mumbai.

Source : Indian Express

6. INCOME TAX APPELLATE TRIBUNAL (ITAT)

Prime Minister Narendra Modi will inaugurate the state-of-the-art office-cum-residential complex of Income Tax Appellate Tribunal (ITAT) at Cuttack on 11th November, 2020.

About:

• Income Tax Appellate Tribunal, also known as ITAT, is an important statutory body in the field of direct taxes and its orders are accepted as final, on findings of fact.
• It is presently headed by Mr. Justice (Retd) P.P. Bhatt, formerly Judge of the High Court of Jharkhand and High Court of Gujarat.
• ITAT was the first Tribunal to be created on 25th January, 1941 and is also known as ‘Mother Tribunal’. Starting with three benches in the year 1941, at Delhi, Bombay and Calcutta it has now grown to 63 Benches and two circuit benches spread across thirty cities of India.
• The Cuttack Bench of the ITAT was created and started functioning from 23rd May, 1970. The jurisdiction of Cuttack Bench extends to the whole of Odisha.

Source : Business Standard

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