Daily Current Affairs Date-27th May 2021

Daily Current Affairs Date-27th May 2021

Topics

  • U.N. has warned, “there is a risk of famine in Tigray region
  • Prevention of Anti-Social Activity (PASA) Act in Lakshadweep
  • ‘SEBI to appoint Forensic Auditors for Listed Firms
  • Why WhatsApp sue Indian Government ?
  • SBI research: GDP likely grew by 1.3% in Q4 FY21
  • NASA Partners ISRO to develop Earth System Observatory
  • Foreign direct investment jumps 19% to $59.64 bn in 2020-21

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Questions-

Q. The Tigrary region was recently in the news due to U.N. warned it that region may face a risk of famine this region belongs to which country/CountriesTracking Subtle Changes in earth surfaces

A)Eretria B)Ethiopia C)Djibouti D)Somalia Options-A)3&2 B)1,2,3 C) 2 only D)4 only

U.N. has warned, “there is a risk of famine in Tigray region

United Nation has warned, “there is a risk of famine in Tigray region, if assistance is not provided urgently”. According to officials of UN, measures need to be taken to avoid famine in Ethiopia Tigray region.

  • Issue-Prime Minister of Ethiopia, Abiy Ahmed, had ordered ground and air military operation in Tigray in November 2020.
  • Operations were launched after accusing then-ruling party of northern region, that is Tigray People’s Liberation Front (TPLF), of attacking on federal army camps.
  • This operation is in seventh month now. Conflict has killed about thousands of people and left about five million in need of aid.
  • Current situation in Tigray
  • About 20 percent of population in war-torn area is facing emergency food insecurity.
  • Destruction and violence against civilians are still continuing.
  • In about seven months, about two million people have been displaced. Civilians are being killed and injured.
  • Rape and similar forms of abhorrent sexual violence are widespread. Public and private infrastructure like hospitals and agricultural lands have been destroyed.
  • As a result of which, 90 percent of the harvest was lost and 80 percent of livestock were looted or slaughtered.

Q. Recently prevention of Anti-Social Activity (PASA) Act impose in Lakshadweep what are the implications of PASA

a)Indian National which are resident of outside of Lakshadweep have obtain inner line permit to travel through the the U.T.

b) It gives the administrator powers to remove or resolute islanders from their property for development

c) Under this a person can be detained without any public disclosure for a period up to one year

d) PASA is only applicable to U.T.’s

Prevention of Anti-Social Activity (PASA) Act in Lakshadweep

  • Administrator of Lakshadweep, Praful Khoda Patel, is being opposed by people of the union territory and politicians over policies he drafted in recent time.
  • Policies–
  • 1.   Draft Lakshadweep Development Authority Regulation 2021 (LDAR)
  • Lakshadweep Development Authority (LDA) was recently created with extensive powers such as eviction of land owners. This is being criticised as they think LDA was pushed by real estate lobby against the will of islanders. The legislation, LDAR, provides extensive powers to authority to prepare comprehensive development plans for any area and to remove or relocate people living in Lakshadweep from their property for the purpose of town planning or any developmental activity.
  • 2.   Prevention of Anti-Social Activities Act (PASA)
  • This act was introduced in January 2021. According to it, person can be detained without any public disclosure for a period of up to one year.
  • 3.   Draft Panchayat notification
  • According to the notification, a member with more than two children stands disqualified from being a member
  • About Praful Khoda Patel
  • Praful Khoda Patel, an Indian politician, is currently holding the post as Administrator of Union Territory of Dadra & Nagar Haveli and Daman & Diu and Lakshadweep. He is the 1stadministrator of Dadra & Nagar Haveli and Daman & Diu. He was made administrator of Lakshadweep in December 2020 by unfollowing the earlier practice of appointing only IAS officers as administrator.
  • Who appoints administrator?
  • Administrator is appointed by the President of India. This is an important post for any union territory because person is charged to do all functions in area. Administrator acts on behalf of the President

‘SEBI to appoint Forensic Auditors for Listed Firms

  • Security and Exchange Board of India is considering to appoint auditors in a bid to conduct forensic audits of financial statements of listed companies to strengthen its efforts towards curbing frauds.
  • In recent times, SEBI has already conducted forensic audit of several companies.
  • To initiate the process, SEBI has invited applications from eligible chartered accountant firms to take up assignments on forensic audit of financial statements of listed companies
  • In October 2020, SEBI had asked several listed firms to disclose information about initiation of forensic audit in October 2020, because gaps were there in the availability of information.
  • What is forensic auditing?
  • Forensic auditing investigates if the concerned firms are engaged in financial reporting misconduct. The process applies different skills and methods to determine if there is financial fraud of not. It looks for Economic damage calculations, Bankruptcy, insolvency, Money laundering, Tax Fraud, Securities fraud, Business valuation and Computer forensics.
  • Does RBI allow Forensic Auditing?
  • Yes, Reserve Bank of India has also made forensic audits compulsory for large advances and accounts restructuring.
  • Who can be Forensic Auditor?
  • Forensic auditors or accountants is not different than financial accountants. But they have some special skills to detect fraud & document it. Thus; any graduate candidate, with at least one year experience in banking & financial sector; will have to clear Certified Banking Forensic Accountant exam to become forensic auditor.

Why WhatsApp sue Indian Government ?

As the New IT (Digital Media) Rules of India came into force, WhatsApp has sued the Indian government in Delhi Court and asked to block regulations..

  • Why WhatsApp sued?
  • WhatsApp sued the government because, it is believed, law will compel social media units to break privacy protections. Thus, the lawsuit has asked Delhi High Court to declare “one of the new rules” is a violation of privacy rights as per Indian constitution because it requires social media companies to identify “first originator of information” if the authorities ask. Further, if WhatsApp starts identifying the wrongdoers it will break encryption policy of the app.
  • BackgroundIndian government has implemented the “new Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules 2021”. New guidelines were released in February and provided three months’ time to social media platforms like WhatsApp, Facebook, Koo, Instagram and Twitter to comply with it.New IT Rules 2021 for digital media platformsAccording to new rules, now resident grievance officer will be appointed under larger grievance redressal mechanism. There will be active monitoring of content on social media platforms and monthly compliance reports will be made for Indian users. Now, authorities in. India can also ask these platforms to identify the origin of any message

SBI research: GDP likely grew by 1.3% in Q4 FY21

  • India’s GDPis likely to have grown at 1.3%in the fourth quarter of 2020-21 and may have contracted by about 7.3% for the full financial year, according to an SBI research report ‘Eco wrap’. The National Statistical Office (NSO) will release the GDP estimates for the March 2021 quarter and provisional annual estimates for the year 2020-21 on May 31.
  • State Bank of India (SBI)has developed a ‘nowcasting model’with 41 high-frequency indicators associated with industry activity, service activity, and the global economy in collaboration with the State Bank Institute of Leadership (SBIL), Kolkata. The economics research team said that going by the estimate of 1.3% GDP growth, India would still be the fifth-fastest-growing country among 25 nations that have released their GDP numbers so far.

Questions

Recently NASA partners ISRO TO Develop earth system observatory which is also known as NISAR what are its key objective-

a). It will help in measure changing ecosystem

b). Provide defence to Indian boarder from hostile hazards

c).It can help in detect natural hazards

d). Can provide help in detecting the ground water level

Options- A) a,b,c,d B)a,c,d C)c&d d) none of the above

NASA Partners ISRO to develop Earth System Observatory

  • The US space agency, National Aeronautics and Space Administration (NASA)is developing a new system called the Earth System Observatory,to mitigate efforts related to climate change and disaster mitigation. NASA has also partnered with the Indian Space Research Organization (ISRO) which will provide NASA-ISRO Synthetic Aperture Radar (NISAR). NISAR will carry two radar systems to measure changes in the Earth’s surface, during one of the observatory’s first missions intended as a pathfind
  • About the Earth System Observatory:
  • The Earth System Observatory will be a set of missions designed to study “designated observables”such asaerosols, clouds and weather, water supply, and the Earth’s surface and ecosystems, for an unprecedented understanding of the critical interactions between Earth’s atmosphere, land, ocean, and ice processes, which determines how the changing climate will play out at regional and local levels, on near and long-term time scales.
  • Each new satellite under Earth System Observatory will be uniquely designed to create a 3D, holistic view of Earth,from bedrock to atmosphere, providing a new architecture to advanced space-borne Earth observation systems

Question’s

Q.In the financial year 2020 arrange the countries in ascending order that inflow the FDI in India to least to highes

t1) Singapore

2) Mauritius

3) Netherlands

4). Japan

Options- a) 5,4,3,2,1 b)1,2,3,4,5 c)4,5,2,3,1 d)2,1,3,5,4

Also Read: Daily Current Affairs Date-26th May 2021

Questions

Despite the covid situation India FDI grow by 13% which are other countries / country show the positive growth rate in 2020-211)china 2) Russia 3) U.K. 4)U.S.

Options-A)1&2

B)1,2,3,4

C)3only

D)1only

Foreign direct investment jumps 19% to $59.64 bn in 2020-21

  • Foreign direct investments (FDI)into the country grew 19 per centto USD 59.64 billion during 2020-21 on account of measures taken by the government on the fronts of policy reforms, investment facilitation and ease of doing business. Total FDI, including equity, re-invested earnings and capital, rose 10 per cent to the “highest ever” of USD 81.72 billion during 2020-21 as against USD 74.39 billion in 2019-20.
  • In terms of top investor countries, Singapore is at the top with a 29 per centshare. It was followed by the US (23 per cent) and Mauritius (9 per cent)during the last fiscal. FDI equity inflow grew by 19 per cent in 2020-21 (USD 59.64 billion), compared to 2019-20 (USD 49.98 billion).