11 FEBRUARY 2022 DAILY CURRENT AFFAIRS | UPSC CDS CAPF AFCAT NDA SSB

1. MONETARY POLICY

The Reserve Bank of India maintained status quo in policy rates as the Monetary Policy Committee (MPC) voted unanimously to keep the policy repo rate at 4% to keep the stance accommodative.

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While announcing the Bi-monthly policy RBI Governor Shaktikant Das said, MSF rate and bank rate will remain unchanged at 4.25%.
Reverse repo rate will also remain unchanged at 3.35%.
MPC has voted 5-1 to continue accommodative monetary policy stance as long as necessary to revive and sustain growth and mitigate impact of #COVID19 on the economy, while ensuring inflation remains within target.
He projected real GDP growth at 9.2% for 2021-22 and said that it is modestly above level of GDP for 2019-20. Real GDP growth for 2022-23 was projected at 7.8%.

Other announcements

He announced that Variable Rate Repo operations of varying tenures will henceforth be conducted as and when warranted.
Variable rate repos and variable rate reverse repos of 14-day tenures will operate as the main liquidity management tool.
He informed that from March 1, 2022, fixed rate reverse repo and MSF operations will be available only during 5.30 PM to 11.59 PM on all days, instead of from 9.00 AM to 11.59 PM.
He also announced some additional measures like extension of On-tap Liquidity Facilities for Emergency Health Services and Contact-intensive Sectors, voluntary retention route (VRR) - Enhancement of Limits, Review of Credit Default Swaps (CDS) Guidelines, Permission for Banks to deal in Foreign Currency Settled - Rupee Derivatives Market etc.

Source : The Hindu

2. TUNIC UNIFORM

Maharashtra DGP Sanjay Pandey on February 9 issued a circular discontinuing the practice of wearing a ‘tunic uniform’ for officers of certain ranks.

What is a tunic uniform worn by police?

A tunic uniform is a British era overcoat worn over the traditional uniform by the police force.
Worn by British police officers traditionally, it is suitable in the cold British climate.
However, owing to the relative high temperatures and humidity here, the use of the tunic uniform in Maharashtra was restricted to ceremonial parades – two to three times a year — where the officers would wear it along with a cross belt and a sword over the coat.

Latest circular by Maharashtra DGP

In a circular issued, DGP Sanjay Pandey has discontinued the use of the tunic uniform for officers from the rank of Police Sub Inspectors (PSI) to Deputy Superintendent (DySP). Officers from SP rank and above can continue its use.
Discomfort and it being expensive were two reasons that were cited by the DGP in his order.
Wearing the tunic uniform was uncomfortable in the hot climate and also getting the entire set including the sword, shirt, pant, tie and coat was expensive.
Considering it was a British era relic, after taking into consideration the complaints, the DGP issued the circular.

Source : Indian Express

3. RUSSIA LAUNCHES BELARUS MILITARY DRILLS

Russia rolled its tanks across Belarus for live-fire drills that drew an ominous warning from NATO and added urgency to Western efforts to avert a feared invasion of Ukraine.

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The war games — set to run until February 20 — followed a gradual Russian military build-up around Ukraine that some U.S. estimates say has reached 1,30,000 soldiers grouped in dozens of combat brigades.
Western leaders have been shuttling to Moscow in an effort to keep the lines of communication open, giving Russia a chance to air its grievances about NATO’s expansion into eastern Europe and ex-Soviet states.
Russia has also sent six warship through the Bosphorus for naval drills on the Black Sea and the neighbouring Sea of Azov.

Belarus?

Belarus is a landlocked country in Eastern Europe.
It is bordered by Russia to the east and northeast, Ukraine to the south, Poland to the west, and Lithuania and Latvia to the northwest.
Minsk is the capital and largest city.

Source : The Hindu

4. POLICE REFORMS

As many as 648 police stations in the country do not have telephones, a report by a parliamentary panel tabled in the Rajya Sabha said.

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Uttar Pradesh, one of the largest States, did not have phone connection in 75 police stations, while Jammu and Kashmir had 79 police stations without telephone connection. In Punjab, the number stood at 69.
Other than this, the largest shortfall was found in North-East States — 141 police stations in Assam, 54 in Arunachal Pradesh, 64 in Manipur, 62 in Meghalaya and 36 in Nagaland did not have telephone connection.
The report said that 257 police stations did not have vehicles and 143 did not have wireless sets.
The report was drafted by the Parliamentary Standing Committee on Home Affairs.
The committee expressed concern that even after 15 years, only 17 States have either enacted the Model Police Act, 2006, or amended their existing Act.
The progress in police reforms has been slow and recommends that the MHA may put the information in public domain about the States that are leading and lagging in the modernisation process. This will put pressure on the States lagging behind to perform better.
Due to unspent balance with the State Governments, only ₹103.27 crores out of ₹770.76 crores was released during 2020-21.

Source : The Hindu

5. LIQUIDITY WINDOW FOR HEALTHCARE

The Reserve Bank of India (RBI) proposed to extend the term-liquidity facility of ₹50,000 crore offered to emergency health services by three months till June 30.

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Last year in May, RBI had announced an on-tap liquidity window of ₹50,000 crore, at the repo rate with tenors of up to three years, to boost provision of immediate liquidity for ramping up COVID-19-related healthcare infrastructure and services in the country.
Banks were incentivised for quick delivery of credit under the scheme through extension of priority-sector classification to such lending up to March 31, 2022.
In view of the response to the scheme, it is now proposed to extend this window up to June 30, 2022 from March 31, 2022 as announced earlier.
Under the scheme, banks were expected to create a COVID-19 loan book.

Source : The Hindu

6. TULIP MANIA

A week after budget 2022-23 proposed 30 per cent tax on gains made from cryptocurrency trades, Reserve Bank of India (RBI) governor Shaktikanta Das termed it as a "threat to macroeconomic and financial stability".

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Announcing the bi-monthly monetary policy outcome, Das cautioned investors by invoking the 17th century 'tulip mania' -- which is widely considered to be the first financial bubble.
The RBI governor said that investors must remember that cryptocurrencies have no underlying, not even a tulip.
The central bank has always maintained a strong stance against private digital currencies. It had banned the banking system from aiding such trades, which was struck down by the Supreme Court in 2020.
Cryptocurrencies are said to originate or 'mined' using complex algorithms built on the blockchain platform but critics say it lacks the 'value' of legal tender whose supply is regulated.

What is 'tulip mania'?

The 'tulip mania' of the 17th century is often cited as a classic example of a financial bubble where the price of something goes up, not due to its intrinsic value but because of speculators wanting to make a profit by selling a bulb of the exotic flower.
It is also known as the Dutch tulip market bubble and occurred in Holland during early to mid 1600s. It was one of the most famous market bubbles and crashes of all times.
Speculations drove up the value of tulip bulbs and they traded for an extensively higher price.
In today's context, it serves as a parable for the pitfalls that excessive speculation can lead to.

Source : Times of India

7. MADHVACHARYA

The Prime Minister, Shri Narendra Modi paid his obeisances to Sri Madhvacharya on the occasion of Madhva Navami.

About:

Madhvacharya (CE 1199-1278 or CE 1238–1317) was also known as Purna Prajna and Ānanda Tīrtha.
He was a Hindu philosopher and the chief proponent of the Dvaita (dualism) school of Vedanta.
Madhva called his philosophy Tattvavāda meaning "arguments from a realist viewpoint".
His greatest work is considered to be the Anuvyakhyana, a philosophical supplement to his bhasya on the Brahma Sutras composed with a poetic structure.
Madhvacharya was a critic of Adi Shankara's Advaita Vedanta and Ramanuja's Vishishtadvaita Vedanta teachings.
Madhva established the Krishna Mutt at Udupi with a murti secured from Dwarka Gujarat in CE 1285.

Source : PIB

8. CHINTAMANI PADYA NATAKAM

Earlier this year, the Andhra Pradesh government banned a 100-year-old play named ‘Chintamani Padya Natakam’.

What is Chintamani Natakam?

‘Chintamani Padya Natakam’ was written in 1920 by playwright Kallakuri Narayana Rao, who was also a social reformer.
The play is about Chintamani, a courtesan and a devotee of Lord Krishna, who finds salvation by singing bhajans.
She is courted by Subbi Shetty, a businessman from the Arya Vysya community, who loses his wealth and family due to his attraction to Chintamani.

Objection

The original play had a social message, but over the years, it has been modified purely for entertainment.
Much of the play sees central character Subbi Shetty made fun of, especially for losing all his wealth to his vices.
The Arya Vysya community has been petitioning governments for several years to ban the play, saying it portrays them in a negative light. The play is exhibited across the state, mainly in rural areas, during festivals and fairs.
After reviewing the contents of the play, the state government had banned it on January 17 this year.

Source : Indian Express

9. ONE OCEAN SUMMIT

Prime Minister Narendra Modi will address the high-level segment of One Ocean Summit on Feb 11, 2022 through a video message.

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The Summit will also be addressed by several Heads of States and Governments including Germany, United Kingdom, South Korea, Japan and Canada among others.
One Ocean Summit is being organised by France from 9th to 11th February in Brest, in cooperation with the United Nations and the World Bank.
The objective of the Summit is to mobilise the international community to take tangible action towards preserving and supporting healthy and sustainable ocean ecosystems.

Source : All India Radio

10. NEW INVESTMENT IN MANUFACTURING TO HAVE SUNSET CLAUSE

Revenue Secretary Tarun Bajaj has exhorted India company to speed up new investment in manufacturing as the concessional tax rate of 15 per cent has been extended by a year till 2024 in the Union Budget.

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There is a sunset clause on the special dispensation of concessional 15 per cent tax on companies setting up greenfield manufacturing facilities and therefore the government encourages businesses to set up before the sunset date.
He also said that the new Corporate Tax regime is settling down as more and more companies are exhausting their exemptions and moving towards the lower rate of 22 per cent.

Source : All India Radio

11 FEBRUARY 2022 DAILY CURRENT AFFAIRS | UPSC CDS CAPF AFCAT NDA SSB

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