Current Affairs – Snippets – March 18, 2019

Goa Chief Minister Manohar Parikkar Passes Away

  • Chief Minister of Goa Sri. Manohar Parikkar died of cancer on 17.03.2019.
  • He had been the Chief Minister of Goa for 4 times.
  • Earlier, he had been the Defence Minister of India from 2014 – 2017.
  • He is a Metallurgy Engineer from IIT Mumbai.
  • He was the 1st IIT Alumnus to serve as an MLA.
  • He has been awarded Honorary Doctorate by NIT, Goa during 2018.
  • He was an active RSS cadre since his younger days.

Justice PC Ghose Tipped To Be India’s 1st Lokpal

  • Justice Pinaki Chandra Ghose is tipped to become India’s first Lokpal.
  • The other members of the Lokpal would include four former High Court judges, including a woman judge, and four former civil servants.
  • Lokpal Act, which was passed in 2013 involves the setting up of a Lokpal at the Centre which would investigate corruption cases against certain categories of public servants.
  • Similarly, Lokayuktas will be formed at the state level under the act.
  • Justice Ghose is a retired Supreme judge. He was appointed to the Supreme Court in 2013.
  • He was the Judge who convicted Tamil Nadu politician Sasikala in a corruption case filed against her
  • He is presently the member of National Human Rights Commission.
  • His father was also a Chief Justice, having served in the Kolkata during the early years.

Swiggy and Zomato Tops Up Sales

  • Online food delivery service providers Swiggy and Zomato have increased their sales multifold.
  • In 2018, their joint sales increased from USD 750 million to USD 1.7 billion.
  • Zomato has its presence in 165 Indian cities, whereas Swiggy is serving in 100 cities.
  • Zomato is Gurgaon (Haryana) based and Swiggy has its Headquarters in Bengaluru.
  • Online food order has increased phenomenally, to touch 2 million orders per day, in India.
  • The average order value through the food order platform is Rs.300/= in metro cities and Rs.200/= in other cities.

President Kovind Gives Away National Grassroots Innovators Awards

President of India gave away the awards during Festival of Innovation & Entrepreneurship which was held in Gandhinagar, Gujarat recently. (FINE)

  • This festival is an initiative by the President’s office to recognize talents and reward grassroot innovations and foster a supportive ecosystem.
  • It is being held by the Government of India, in association with the National Innovation Foundation, which is a Government initiative, coming under the Department of Science & Technology.
  • In the agricultural sector, Prakash Singh Raghuvanshi has been given away the “Lifetime Achievement Award” for his innovations in new varieties of Agricultural Crops. He belongs to Uttar Pradesh.
  • Periyasami Ramasami, of Tamil Nadu, received the 1st Prize in the veterinary sector for herbal medication.
  • The vision of National Innovation Foundation is to make India innovative and adding value to its outstanding traditional knowledge base
  • The mission of National Innovation Foundation is to help India become inventive and creative and to become a global leader in sustainable technologies without social and economic handicaps affecting the evolution and diffusion of green grassroots innovations.

CVC Finds Irregularities In The Sale Of Bad Debts By State-Run Banks

  • Central Vigilance Commission (CVC) has found out various irregularities in the sale of bad-debts to Assets Reconstruction Companies (ARC) by state-run Banks.
  • Out of the 302 cases observed by the CVC, irregularities have been noticed in at least 48 accounts, with liabilities of Rs.50 crores and above.
  • An Asset Reconstruction Company buys the stressed assets of Banks (NPAs), so that the Banks can clean up their balance sheets.
  • ARCs buy the NPAs from the Bank at mutually agreed rates and issues Bonds/ Security Receipts / Debentures in exchange, to the Banks.
  • ARCs proceed with the recovery process with the customers under the Provisions of SARAESI Act.
  • Presently there are close to 15 ARCs in the market, which buy stressed assets from Banks.

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