March 23,2019

March 22,2019
March 22, 2019
Quiz March 13, 2019
March 24, 2019

Current Affairs for Engineering Service Exam

Video lectures for ESE prelims 2020

 Topics list:

  1. National and International Issues on
    1. Economic Development
    2. Social Development
    3. Industrial Development
  2. Energy and Environment
    1. Energy
    2. Environment
  3. Information and Communication Technology
    1. Technology
    2. Application
  1. General Knowledge

Topic 1:Economic development

RBI Deferred Ind AS Implementation by Banks

RBI has again deferred the implementation of the Indian Accounting Standards (Ind AS) by banks as the requisite legislative amendments are still under consideration.

Background:

  • In 2006, Institute of Chartered Accountants of India (ICAI) initiated the process of shifting towards the International Financial Reporting Standards (IFRS).
  • For making the proper shift, Accounting Standards Board (ASB) of ICAI formulated the Ind AS in line with the IFRS.
  • In 2015, Ministry of Corporate Affairs (MCA) notified Companies (Indian Accounting Standard) Rules 2015, which listed out the applicability and adoption of Ind AS.
  • As per initial plan, MCA was to implement Ind AS for banks, insurance companies and NBFCs from 1 April 2018 onwards but in April 2018, RBI deferred the implementation of Indian Accounting Standards by one year for banks.

Highlights:

  • On March 22, 2019, RBI again deferred the implementation of Ind AS by banks till further notice.
  • The reason cited is that certain legislative amendments to the Third Schedule to the Banking Regulation Act 1949 are under consideration of the government.

What is Ind AS?

  • Indian Accounting Standards (Ind AS) are set of accounting standards that govern the accounting and recording of financial transactions as well as the presentation of statements such as profit and loss account and balance sheet of a company.
  • The standards were formulated by the Accounting Standards Board (ASB), which was constituted as a body in the year 1977.
  • ASB is a committee under ICAI which consists of representatives from government department, academicians, other professional bodies viz. ICAI, representatives from ASSOCHAM, CII, FICCI, etc.

What is IFRS?

  • The International Financial Reporting Standards (IFRS) are accounting standards that have been issued by the International Accounting Standards Board (IASB) with the objective of providing a common accounting language to increase transparency in the presentation of financial information.
  • IASB is an independent body that was formed in 2001 for establishing the IFRS.
  • It succeeded the International Accounting Standards Committee (IASC), which was earlier given the responsibility of establishing the international accounting standards. It is based in London.

Read more at: livemint

Disinvestment Exceeds Target

For the second year in a row, the government has exceeded the disinvestment target of Rs 80,000 crore set for the Financial Year 2019, which ends in March.

Key Facts:

  • Against a goal of ₹80,000 crore in FY19,  divestments have touched ₹85,000 crore with completion of the acquisition of Rural Electrification Corporation (REC) by Power Finance Corporation (PFC) for Rs 14,500 crore.
  • Meeting the disinvestment target for the current fiscal year was crucial because of the uncertainty in revenue collection from direct taxes as well as from the goods and services tax (GST).
  • This will enable the government to achieve the revised fiscal deficit target of 3.4% of gross domestic product (GDP).
  • The budgeted fiscal deficit target was 3.3% of gross domestic product (GDP) at the beginning of 2018-19 and was later revised to 3.4% of gross domestic product in the interim budget, mainly because of an expectation of higher payout because of the direct income scheme for farmers.

What is Disinvestment?

  • Disinvestment means selling of assets. In the case of Public Sector Undertakings, disinvestment means Government selling/ diluting its stake (share) in PSUs in which it has a majority holding.
  • Disinvestment is carried out as a budgetary exercise, under which the government announces yearly targets for disinvestment for selected PSUs.
  • Recently, in April 2016, the Department of Disinvestment (under Ministry of Finance) was renamed as Department of Investment and Public Asset Management (DIPAM).
  • DIPAM is the nodal agency of Union Finance Ministry mandated to advise the Union Government in the matters of financial restructuring of PSUs and also for attracting investment through capital markets. It will also deal with all matters relating to sale of Union Government’s equity in PSUs through private placement or offer for sale or any other mode in the erstwhile Central PSUs.

Read more at:  ET

Topic 2 : Environment

World Water Day- 22 March

World Water Day is celebrated every year on March 22nd.

Key Facts:

  • The theme for World Water Day 2019 is ‘Leaving no one behind,’ which is the central promise of the 2030 Agenda for Sustainable Development: as sustainable development progresses, everyone must benefit.
  • Sustainable Development Goal 6 (SDG 6) aims to ensure availability and sustainable management of water for all by 2030. By definition, this means leaving no one behind.
  • World Water Day is coordinated by UN-Water – the UN’s inter-agency collaboration mechanism for all freshwater related issues – in collaboration with governments and partners.

About World Water Day:

  • In the year 1992, March 22 was first officially added in the schedule 21 of United Nations Conference on Environment and Development as World Water Day in the Rio de Janeiro, Brazil.
  • The aim of the day is to increase awareness among people about the importance, need and conservation of water.
  • The World Water Development Report is also released by the UN every year around World Water Day.

Read more at: The Hindu

International Day of Forests- 21 March

The United Nations General Assembly proclaimed 21 March the International Day of Forests (IDF) in 2012.

Key facts:

  • The Day celebrates and raises awareness of the importance of all types of forests.
  • On each International Day of Forests, countries are encouraged to undertake local, national and international efforts to organize activities involving forests and trees, such as tree planting campaigns.
  • The theme for 2019: ‘Forests and Education: Learn to Love Forests’.

Read more at: The Hindu

Waterless chrome tanning technology

CSIR has come out with a “Game changing technology” for enabling the Indian leather sector achieve the set target of USD 27 billion by 2020 by making leather processing environmentally sustainable. This “Waterless chrome tanning technology” is a first of its kind technology to reduce chromium pollution load.

About tanning process:

  • Tanning process consists of five stages — liming, de-liming, pickling, basification and chrome tanning. About 20 thousand tons of chrome tanning agent is discharged in the wastewater.
  • Annually, about 70,000 tonnes of basic chromium sulphate is used. The average uptake (absorption) of chromium by leather pelts during tanning is only 55 per cent out of chrome tanning agent offered.
  • About 30,000 tonnes of chromium tanning agent remains unabsorbed and gets discharged along with waste water, which is a huge environmental risk.

What is WLTT?

In WCTT, the de-limed pelts are subjected to pre-treatment. Basic chromium sulfate will be added to the drum without any water. Pickling and basification need not be done so discharge of water with high salinity and chloride can be avoided.

Significance of the technology:

  • It completely eliminates two processes before and after tanning
  • Eliminates the use of water in tanning
  • Reduces the total dissolved solids in wastewater from this process by 20%
  • Brings down the usage of chromium by 15-20%, resulting in material saving

What are the benefits of WCTT?

  • Complete elimination of water input for chrome tanning
  • No discharge of waste water from chrome tanning
  • Total elimination of pickling and basification
  • Suitable for both hides and skins

How does it saves water?

  • One tonne of hide requires 1,000 litres of water in conventional process.
  • 7 lakh tonnes of hides are processed annually, which means 700 MLD of water is saved.

Read more at: IndianExpress

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