Current Affairs December 22nd 2021| Current Affairs News

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CURRENT AFFAIRS: NATIONAL NEWS

Ministry of Panchayati Raj organises National Webinar on Atmanirbhar Panchayats in commemoration of Azadi Ka Amrit Mahotsav

  • As the Nation is celebrating 75 years of Independence as ‘Azadi Ka Amrit Mahotsav’, the Ministry of Panchayati Raj is undertaking several activities and initiatives to uphold the Prime Minister’s vision of ‘Atmanirbhar Bharat’ in the light of the fact that the vision of ‘Atmanirbhar Bharat’ could only be achieved if the Panchayati Raj Institutions of the country become self-dependent in all aspects, Sunil Kumar, Secretary, Ministry of Panchayati Raj.
  • Thus, it would be apt to say that only ‘Atmanirbhar Panchayats’ can lay the foundation for ‘Atmanirbhar Bharat’.
  • Shri Sunil Kumar, Secretary, Ministry of Panchayati Raj delivered a keynote address while declaring open of a day-long National Webinar with the theme ‘Atmanirbhar Panchayats – Role of Technology, Entrepreneurship and Harnessing Energy in Achieving Self-reliance for Sustainable Development’.
  • The sixth in a series of National Webinars organized by the Ministry of Panchayati Raj in commemoration of Azadi Ka Amrit Mahotsav since its nationwide launch on 12 March 2021.

Nitin Gadkari lays foundation stone and inaugurates 232 km of National Highways of Rs.4160 Crore in Uttar Pradesh

  • Union Minister for Road Transport and Highways Shri Nitin Gadkari has laid Foundation stone and Inaugurated 232 km of National Highways at a cost of Rs.4160 Crore in Jaunpur and Mirzapur in Uttar Pradesh in presence of Chief Minister of Uttar Pradesh Shri Yogi Adityanath.
  • In Jaunpur Shri Gadkari laid foundation stone for 3 national highway projects which will cover 86 kms with a total cost of Rs 1,123 crore.
  • In Mirzapur Shri Gadkari inaugurated Four National highways projects worth Rs 3037 crore with total length of 146 kms.
  • These road projects will boost the development of state, provide better connectivity in the region and will double the pace of development of the state.

CCI approves acquisition of shareholding in Air India Limited

  • Competition Commission of India (CCI) approves acquisition of shareholding in Air India Limited, Air India Express Limited and Air India SATS Airport Services Private Limited by Talace Private Limited.
  • The proposed combination envisages acquisition of 100% equity share capital of Air India Limited (Air India) and Air India Express Limited (AIXL), and 50% equity share capital of Air India SATS Airport Services Private Limited (AISATS) by Talace Private Limited (Talace).
  • Talace is a wholly owned subsidiary of Tata Sons.
  • Tata Sons is an investment holding company, which is registered as a core investment company with the Reserve Bank of India (RBI) and classified as a “Systemically Important Non-Deposit Taking Core Investment Company”.
  • Air India is wholly owned by the Government of India.
  • Air India, along with AIXL, is primarily engaged in the business of providing domestic scheduled air passenger transport service, international scheduled air passenger transport service, and air cargo transport services.
  • ISATS is engaged in the business of providing ground handling services at the following domestic airports i.e. Delhi, Bengaluru, Hyderabad, Mangalore and Thiruvananthapuram, as well as cargo handling services at Bengaluru airport.

Click here to read more;

CCI approves acquisition up to 16.94% equity share capital of IRB Infrastructure Developers Limited by Bricklayers Investment Pte. Ltd

  • The Competition Commission of India (CCI) approves acquisition up to 16.94% equity share capital of IRB Infrastructure Developers Limited by Bricklayers Investment Pte. Ltd. under Section 31(1) of the Competition Act, 2002.
  • The proposed combination relates to GIC Investor’s proposed acquisition of up to 16.94% of the share capital of the Target on a fully diluted basis and non-fully diluted basis, through the subscription of new shares issued by way of a preferential issue on a private placement.
  • The proposed combination is in the nature of an acquisition and falls under Section 5(a) of the Competition Act, 2002.
  • GIC Investor is a foreign direct investor, which is a wholly owned subsidiary of GIC Infra Holdings Pte. Ltd. (GIC Infra) which, in turn, is a wholly owned subsidiary of GIC (Ventures) Private Limited (GIC Ventures).
  • GIC Investor was incorporated on 22 May 2019 and is a special purpose vehicle (SPV) organized as a private limited company in Singapore that is part of a group of investment holding companies managed by GIC Special Investments Private Limited (GICSI).
  • Target is a public company incorporated in India in 1998 and is the holding company of the IRB Group.

CCI approves acquisition of controlling stake in Forbes Enviro Solutions Limited by Lunolux Limited

  • The Competition Commission of India (CCI) approves acquisition of controlling stake in Forbes Enviro Solutions Limited by Lunolux Limited under Section 31(1) of the Competition Act, 2002.
  • The proposed combination pertains to the acquisition of controlling stake in FESL by LL through the primary acquisition of up to 72.56% and the subsequent acquisition of up to 26% by way of an open offer under the provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
  • FESL will house the Health and Safety Business of Eureka Forbes Limited – i.e., business of (a) water purifiers, (b) air purifiers, (c) security solutions, (d) vacuum cleaners and (e) electric air cleaning systems.
  • The proposed combination is in the nature of an acquisition and falls under Section 5(a) of the Competition Act, 2002.

About CCI:

  • Founded: 14 October 2003
  • Headquarters: New Delhi
  • Chairperson: Ashok Kumar Gupta

NITI Aayog signs a Statement of Intent with United Nations World Food Program (WFP)

  • NITI Aayog signed a Statement of Intent with United Nations World Food Program (WFP) on 20th December 2021.
  • The partnership focuses on mainstreaming of millets and supporting India in taking lead globally in knowledge exchange using the opportunity of 2023 as an International Year of Millets.
  • Further, the partnership will aim at building resilient livelihoods for small-holder farmers and adaptation capacities to climate change and transforming food systems.
  • The Sol focuses on strategic and technical collaboration between NITI Aayog and WFP, to strengthen the climate resilient agriculture for enhanced food and nutrition security in India.
  • Recognizing the importance of millets, Government of India observed 2018 as a year of millets to encourage and promote the millet production.
  • Leading this initiative further, GoI spearheaded the UNGA resolution for declaring 2023 as International Year of Millets.
  • Numerous steps have been taken to promote millets including establishment of centre for Excellence, Integration of nutri-cereals in National Food Security Act and establishment of Millet Mission in multiple states.
  • Despite this, various challenges in terms of production, distribution and adaptability among consumers remain.
  • Under the distribution system, it is time that we shift the focus of food distribution programmes from ‘calories fundamentalism’ to providing a more diversified food basket, including coarse grains and millets to improve the nutritional status of pre-school children and women of reproductive age.

About NITI Aayog:

  • Objectives: Foster involvement and participation in the economic policy-making process by the State Governments of India
  • Formed: 1 January 2015
  • Headquarters: New Delhi
  • Chairperson: Narendra Modi

About UNWFP:

  • Headquarters: Rome, Italy
  • Founded: 1961
  • Head: David Beasley

CURRENT AFFAIRS: BANKING AND ECONOMY

India, ADB sign $112 million loan for establishing skill university in Assam

  • The Government of India and the Asian Development Bank (ADB) has signed a $112 million loan to set up a skill university in Assam that will strengthen industry-aligned and flexible skills education and training system in the state.
  • Mr Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs, Ministry of Finance, signed for Government of India the agreement for the Assam Skill University (ASU) Project, while Takeo Konishi, Country Director of ADB’s India Resident Mission signed for ADB.
  • ADB’s engagement in the north-eastern region including studies to develop an economic corridor emphasizes importance of aligning skills development and technical and vocational education with infrastructure and industrial development.
  • The project promotes this strategic vision by improving skills and employability of youth and adults to enhance the productivity and competitiveness of Assam’s economy and industry.
  • The project will support the design and construction of environmentally sustainable and climate-resilient ASU campus and facilities equipped with state-of-the-art technologies.
  • The loan is supplemented by a $1 million grant from the Japan Fund for Poverty Reduction to support introduction of technologies for smart campus management and integrated teaching, learning, and career development management.

About ADB:

  • Headquarters: Mandaluyong, Philippines
  • President: Masatsugu Asakawa
  • Membership: 68 countries
  • Founded: 19 December 1966

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India, ADB sign $350 million loan for sustainable urban services in India

  • The Government of India and the Asian Development Bank (ADB) has signed a $350 million policy-based loan to improve access to urban services in India by accelerating policy actions and reforms to enhance service delivery and promote performance-based central fiscal transfers to urban local bodies (ULBs).
  • Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs signed for Government of India, the loan agreement for the first subprogram of $350 million under Sustainable Urban Development and Service Delivery Program while Takeo Konishi, Country Director of ADB’s India Resident Mission, signed for ADB.
  • The first subprogram will establish essential policies and guidelines for urban reforms at the national level followed by specific reform actions and program proposals at the state and ULB-level under second subprogram.
  • The program will also promote performance-based central fiscal transfers to ULBs on the recommendations of the 15th Finance Commission by linking fiscal transfers to improved urban service delivery.
  • This will help boost local financial resource generation in ULBs resulting in improved urban governance.
  • ADB will provide knowledge and advisory support to the Ministry of Housing and Urban Affairs in program implementation, including monitoring and evaluation.
  • It will also support urban local bodies particularly in select low-income states to implement policy reforms, prepare investment plans, and provide recommendations on cross-cutting issues like climate change, environmental and social safeguards assessment, and gender equality and social inclusion.

India, ADB sign $150 million loan to provide affordable housing for urban poor in Tamil Nadu

  • The Government of India and Asian Development Bank (ADB) has signed a $150 million loan to provide access to inclusive, resilient, and sustainable housing for the urban poor in the state of Tamil Nadu.
  • The signatories to the loan agreement for Inclusive, Resilient and Sustainable Housing for Urban Poor Sector Project in Tamil Nadu were Mr. Rajat Kumar Mishra, Additional Secretary, Department of Economic Affairs in the Ministry of Finance who signed for the Government of India, and Mr. Takeo Konishi, Country Director of ADB’s India Resident Mission, who signed for ADB.
  • The project is aligned with the Government of India’s development priorities and policies on urban sector development, particularly the flagship program PMAY-Housing for All (Urban), and will address housing shortage among poor urban dwellers in Tamil Nadu with provision of housing to eligible families.
  • A portion of ADB’s assistance will be invested by the state government as equity into the Tamil Nadu Shelter Fund to catalyze private sector financing and support investments mainly in industrial housing and working women’s hostels for low-income and migrant workers.
  • In addition, ADB will provide a $1.5 million technical assistance (TA) grant from its Technical Assistance Special Fund to support the capacity building of government agencies responsible for delivering affordable housing and regional planning in Tamil Nadu.
  • The TA will document successful approaches to affordable housing delivery, including the graduation program for vulnerable relocated beneficiaries, that can be adopted in other cities and countries.

Karnataka Gramin Bank in pact with Care Health Insurance

  • The Bellari-headquartered Karnataka Gramin Bank (KGB), sponsored by Canara Bank, has signed a memorandum of understanding (MoU) with Care Health Insurance Ltd to market health insurance products for customers of the bank across 22 districts of Karnataka.
  • Shreenath Joshi, Chairman of KGB, the products will go a long way in building a sense of security amongst the customers in the current Covid pandemic situation.
  • Shreenath Joshi and Atul Sabharwal signed the MoU in Bellari.
  • The products include those designed for the rural masses and farmers who comprise a chunk of the total clientele of the bank exceeding 1.5 crore.

CURRENT AFFAIRS: APPOINTMENTS AND RESIGNATION

Piyush Somani named CCICI President

  • The Cloud Computing Innovation Council of India (CCICI) appointed Piyush Somani, Chairman and Managing Director of ESDS Software Solution, as its President.
  • He succeeds Pamela Kumar as the President of CCICI, an independent, not-for-profit body of professionals from industry, academia and government in the cloud computing space.
  • The eight-year-old CCICI represents Indian interests in international cloud forums.
  • It works for providing an open collaborative platform to accelerate the adoption and innovation of cloud computing technologies in the country.
  • The cloud sector has so much potential and with the help of right minds and dedication we can do ground-breaking work in the cloud technology sector in India as well as globally.

Mohit Jain elected Indian Newspaper Society President

  • Mohit Jain of The Economic Times was elected as president of the Indian Newspaper Society (INS) president at its 82nd Annual General Meeting (AGM) held through video conference.
  • He succeeds Lakshmipathy Adimoolam of Health & The Antiseptic.
  • While K. Raja Prasad Reddy (Sakshi) was elected the deputy president, Rakesh Sharma (Aaj Samaj) was the vice-president and Tanmay Maheshwari (Amar Ujala) was elected the honorary treasurer of the Society for 2021-22.

About Indian Newspaper Society :

  • Founded : 27 February 1939
  • President: Somesh Sharma
  • Headquarters: Rafi Marg, New Delhi
  • It is an apex body of Publishers of Newspapers, Magazines & Periodicals in the country.

Rishabh Pant appointed as Uttarakhand’s brand ambassador              

  • Uttarakhand Chief Minister Pushkar Singh Dhami announced that Indian wicket-keeper batsman Rishabh Pant has been appointed as the brand ambassador of the state.

Aim :

  • To promote sports and create mental health awareness among the state’s youth.

About  Rishabh Pant :

  • Rishabh Pant, 24, was born in the state’s Roorkee town in Haridwar district, Uttarakhand.
  • He plays as a middle order wicket-keeper batsman for India, Delhi, and the Delhi Capitals in the Indian Premier League.
  • In 2015, he was named in India’s squad for the 2016 Under-19 Cricket World Cup.
  • In 2019, Pant was named the ICC Emerging Player of the Year at the 2018 ICC Awards.
  • In 2021, he was named the Men’s Player of the Month in the first edition of the ICC Player of the Month Awards.

About Uttarakhand :

  • Governor: Gurmit Singh
  • Chief minister: Pushkar Singh Dhami
  • National Parks : Gangotri National Park, Govind Pashu Vihar National Park, Jim Corbett National Park, Nanda Devi National Park, Rajaji National Park, Valley of Flowers National Park
  • Wildlife Sanctuaries : Askot Musk Deer Sanctuary, Govind Pashu Vihar National Park, Naina Devi Himalayan Bird Conservation Reserve, Nandhaur Wildlife Sanctuary, Binsar Wildlife Sanctuary, Kedarnath Wildlife Sanctuary, Sitabani Wildlife Reserve

Gabriel Boric becomes Chile’s youngest ever president 

  • On Dec 19, 2021, Leftist candidate 35-year-old Gabriel Boric won Chile’s presidential election to become the country’s youngest ever leader.
  • Boric won with 56% of the votes, while his opponent 55-year-old José Antonio Kast trailed with 44% of the votes.

About Gabriel Boric :

  • Gabriel Boric was born in Punta Arenas in 1986.
  • He was the President of the University of Chile Student Federation in 2012.
  • Boric was elected two times to the Chamber of Deputies representing the Magallanes and Antarctic district, first as an independent candidate in 2013 and then in 2017.
  • He is set to become the youngest president in Chile’s history and second youngest state leader in the world.

About Chile :

  • President: Sebastián Piñera
  • Capital: Santiago
  • Currency: Chilean peso
  • Continent: South America

CURRENT AFFAIRS : AWARDS & HONORS

Avani Lekhara Bags ‘Best Female Debut’ Honor At 2021 Paralympic Awards

  • Indian shooter Avani Lekhara won the “Best Female Debut” honor at the 2021 Paralympic Awards for her record-breaking gold medal at the Tokyo Games.
  • The awards were announced by the International Olympic Committee.
  • She was also awarded Major Dhyan Chand Khel Ratna, India’s highest sporting honour, for the achievement.

About Avani Lekhara :

  • Avani Lekhara was born on 8 November 2001 in Jaipur, Rajasthan, India.
  • She is an Indian Paralympian and rifle shooter.
  • She won a gold medal in 10m air rifle standing and a bronze medal in 50m rifle 3 positions at Tokyo 2020 Paralympics.
  • She became the first Indian female Paralympian to win two medals in Paralympics history.

Note :

  • India won an unprecedented 19 medals at the Paralympic Games including five gold, eight silver and six bronze.

CURRENT AFFAIRS: MOUS AND AGREEMENT

Prasar Bharati signs MoU with ICCR to promote Indian Culture

  • Prasar Bharati and Indian Council for Cultural Relations signed a Memorandum of Understanding for promoting Indian culture.
  • The performances of the eminent artists associated with the Indian Council for Cultural Relations (ICCR) will be telecast on the national and International Channels of Door darshan
  • The dance and music performances will be showcased on DD National, DD India, regional channels of Door darshan and Prasar Bharati News Services in the form of a weekly programme.
  • The MoU aims to bring forth the best of Indian Culture to the National and International audiences and provide TV and Digital platforms to the performing artists.
  • In collaboration with ICCR, Doordarshan will produce 52 half an hour episode, based on cultural events/concerts/performances of music/dance organized by ICCR.
  • The MoU was signed between Shri Mayank Kumar Agrawal, Director General, Doordarshan and Shri Dinesh K Patnaik, Director General, Indian Council for Cultural Relations in the presence of Shri Shashi Shekhar Vempati, Chief Executive Officer, Prasar Bharati, Shri D P S Negi, Member (Finance), Prasar Bharati and other senior officers from Prasar Bharati and Indian Council for Cultural Relations.
  • This MoU will be in operation for the period of three years from December 2021 till December 2024.

CURRENT AFFAIRS : DEFENCE NEWS

Indian Navy’s second indigenous stealth destroyer sails for maiden sea Trials 

  • On the occasion of Goa Liberation Day (Dec 19, 2021) Mormugao, the Indian Navy’s second indigenous stealth destroyer of the P15B class, proceeded on her maiden sea sortie.
  • It is the Indian Navy’s second indigenous stealth destroyer of the P15B class, planned to be commissioned in mid-2022.
  • Mormugao’, built at Mazagon Dock Shipbuilders Ltd (MDSL) as part of the Project 15B destroyers, incorporates several niche indigenous technologies.
  • The ship’s name was dedicated to the maritime state of Goa with the goal to enhance the bonding between the Indian Navy and the people of Goa and to link the ship’s identity permanently to the crucial role the Navy played in nation-building.
  • In November 2021 of INS Visakhapatnam and the fourth P75 submarine INS Vela, commencement of sea trials of Mormugao is testimony to the cutting-edge capabilities of MDSL and the strong indigenous shipbuilding tradition of a modern and vibrant India.

About Ministry of Defence :

  • Headquarters : New Delhi
  • Defence Minister : Rajnath Singh
  • Minister of State : Ajay Bhatt
  • Defence Secretary : Dr. Ajay Kumar

About Indian Navy :

  • Founded: 26 January 1950
  • Headquarters : New Delhi
  • Commander-in-Chief: President Ram Nath Kovind
  • Chairman of the Chiefs of Staff Committee : General Manoj Mukund Naravane
  • Chief of the Naval Staff : Admiral R. Hari Kumar
  • Vice Chief of the Naval Staff : Vice Admiral Satish Namdeo Ghormade
  • Deputy Chief of the Naval Staff : Vice Admiral Ravneet Singh

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CURRENT AFFAIRS : SCIENCE & TECHNOLOGY

ISRO developing a SSLV with private participation

  1. Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh stated, ISRO is developing a Small Satellite Launch Vehicle (SSLV) with private participation to be launched in 1st quarter of 2022.
  2. The SSLV will provide a payload capability of 500 kg to a 500 km planar orbit.
  3. The union government has sanctioned ₹169 crore for the development of the SSLV project including the development & qualification of the vehicle systems and the flight demonstration through three development flights (SSLV-D1, SSLV-D2 & SSLV-D3).
  4. The development of SSLV has been primarily envisaged to realize a cost-effective launch vehicle with high launch frequency and quick turnaround capability in order to cater to the growing opportunity in the global launch services market for small satellites.

About ISRO :

  • Headquarters: Bengaluru, Karnataka
  • Founder: Vikram Sarabhai
  • Director: Kailasavadivoo Sivan
  • Founded: 15 August 1969

Click here to read more;

SpaceX launches 52 Starlink satellites from California base

  • On Dec 18, 2021, A SpaceX rocket carried 52 Starlink internet satellites into orbit from California.
  • The two-stage Falcon 9 rocket lifted off from coastal Vandenberg Space Force Base.
  • The Falcon’s first stage returned and landed on a SpaceX drone ship in the ocean & the second stage continued into orbit and deployment of the satellites was confirmed
  • It was the 11th launch and recovery of the stage.
  • The mission was the 34th launch for Starlink, a constellation of nearly 2,000 satellites in low Earth orbit.
  • SpaceX also launched a Turkish communications satellite from Florida.
  • Starlink is a satellite-based global internet system that SpaceX has been building for years to bring internet access to underserved areas of the world.

About SpaceX :

  • Founder: Elon Musk
  • Founded: 6 May 2002
  • CEO: Elon Musk
  • Headquarters: Hawthorne, California, United States
  • Space Exploration Technologies Corp. is an American aerospace manufacturer, space transportation services and communications corporation.

CURRENT AFFAIRS : RANKING & INDEX

India 4th most spam-call affected nation: Truecaller Report

  • Truecaller has launched its fifth edition of the annual report titled 2021 Global Spam & Scam Report India has moved up in rankings from ninth to the fourth spot this year in the tally of top 20 countries affected by spam calls owing to a significant increase in sales and telemarketing calls.
  • Most spam calls in India were about sales (5 percent), followed by financial services (3.1 percent), nuisance (2 percent), and scams (1.4 percent).
  • Brazil has retained its title of the most spammed country in the world (four years in a row) with 32.9 spam calls per user per month.
  • The data for Truecaller’s conclusions was based on incoming and outgoing calls & messages between January 1, 2021 and October 31, 2021.
  • Truecaller claims to have identified 184.5 billion calls and 586 billion spam SMS’ around the globe.

Top 10 Countries affected by spam calls in 2021 :

  • Brazil
  • Peru
  • Ukraine
  • India
  • Mexico
  • Indonesia
  • Chile
  • Vietnam
  • South Africa
  • Russia

In terms of incoming spam messages per user per month, Cameroon topped the list, followed by Somalia, Tanzania, Congo, Burkina Faso, Ivory Coast, and Benin.

Click here to read more;

CURRENT AFFAIRS : SPORTS NEWS

BWF World Championships 2021: Kidambi Srikanth becomes first Indian male shuttler to win silver

  • Kidambi Srikanth became the first Indian male shuttler to win silver in men’s singles event at the BWF World Championships 2021.
  • He settled for the silver after losing to Singapore’s Loh Kean Yew in straight sets of 21-15, 22-20.
  • Also, Yew has become the first male shuttler from Singapore to win a gold medal at the BWF World Championships.
  • Previously, legendary Prakash Padukone (bronze in 1983) and B Sai Praneeth (bronze in 2019) were the medal winners in men’s singles while the 20-year-old Lakshya Sen joined the elusive list after losing to Srikanth in a nail-biting semi-final clash.

About Kidambi Srikanth :

  • Srikanth Kidambi was born on 7 February 1993 in Ravulapalem, Andhra Pradesh,
  • He ranked as world number 1 at the BWF ranking in April 2018.
  • At the Commonwealth Games in Gold Coast, Kidambi was more successful, winning a gold in the mixed team event, and a silver in the singles event.
  • Kidambi became the first Indian male to win gold at the 2015 Swiss Open Grand Prix Gold

Awards & Honors :

  • Kidambi was awarded the Arjuna award in 2015 & India’s fourth highest civilian award Padma Shri, in 2018.

About BWF World Championships 2021:

  • The 2021 BWF World Championships officially known as the TotalEnergies BWF World Championships 2021 for sponsorship reasons.
  • It was a badminton tournament which took place from 12 to 19 December 2021 at Palacio de los Deportes Carolina Marín in Huelva, Spain.

About BWF :

  • President: Poul-Erik Høyer Larsen
  • Headquarters: Kuala Lumpur, Malaysia
  • Founded: 5 July 1934
  • Membership: 194 member associations
  • The Badminton World Federation (BWF) is the international governing body for the sport of badminton recognised by the International Olympic Committee (IOC).

UNION GOVERNMENT SCHEME

Pradhan Mantri Vaya Vandana Yojana (PMVVY)

Launched on:

Pradhan Mantri Vaya Vandana Yojana (PMVVY) was launched on 4th May 2017.

Ministry involved:

Pradhan Mantri Vaya Vandana Yojana (PMVVY) is under the administrative control of ministry of finance.

Finance minister of india – Nirmala sitharaman (Karnataka)

Minister of State in the Ministry of Finance – Bhagawat Karad (Maharashtra), Pankaj Chaudhary (Uttarpradesh)

Finance secretary of india – T.V.Somnathan.

Objectives :

To provide social security during old age and to protect elderly persons aged 60 and above against a future fall in their interest income due to uncertain market conditions.

The scheme enables old age income security for senior citizens through provision of assured pension/return linked to the subscription amount based on government guarantee to Life Insurance Corporation of India (LIC).

Eligibility:

There are no specific eligibility criteria as such for PMVVY scheme except that the subscriber must be a senior citizen (above the age of 60 years).

The applicant must be an Indian citizen.

There is no maximum entry age for PMVVY scheme. Also, the applicant must be ready to avail the policy term of ten years. The minimum purchase price is Rs 1.5 lakh, and it offers a monthly pension of Rs 1,000.

The maximum purchase price is Rs 15 lakh, and it offers a monthly pension of Rs 10,000.

Benefits :

The scheme provides an assured return of 8% per annum for 10 years.( at the time of launch)

Pradhan Mantri Vaya Vandana Yojana rate of return reduced to 7.4%, scheme extended until March 2023. The scheme provides for an assured return of 7.4% percent per annum payable monthly (equivalent to 7.66% per annum) for 10 years.

The differential return, i.e. the difference between return generated by LIC and the assured return of 8% per annum would be borne by Government of India as subsidy on an annual basis.

Pension is payable at the end of each period during the policy tenure of 10 years as per the frequency of monthly/quarterly/ half-yearly/yearly as chosen by the subscriber at the time of purchase.

Minimum purchase price under the scheme is Rs.1,50,000/- for a minimum pension of Rs. 1,000/- per month and the maximum purchase price is Rs.7,50,000/- for a maximum pension of Rs.5,000/- per month.

The scheme is exempted from Goods and Services Tax (GST).

Features of schemes:

Surrender Value

The scheme allows premature exit during the policy term under exceptional circumstances like the Pensioner requiring money for the treatment of any critical/terminal illness of self or spouse. The Surrender Value payable in such cases shall be 98% of Purchase Price.

Loan facility

Loan facility is available after completion of 3 policy years. The maximum loan that can be granted shall be 75% of the Purchase Price.

The rate of interest to be charged for loan amount shall be determined at periodic intervals. For the loan sanctioned in Financial Year 2016-17, the applicable interest rate is 10% p.a. payable half-yearly for the entire term of the loan.

Loan interest will be recovered from pension amount payable under the policy. The Loan interest will accrue as per the frequency of pension payment under the policy and it will be due on the due date of pension. However, the loan outstanding shall be recovered from the claim proceeds at the time of exit.

Free Look period

If a policyholder is not satisfied with the “Terms and Conditions” of the policy, he/she may return the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy stating the reason of objections.

The amount to be refunded within free look period shall be the Purchase Price deposited by the policyholder after deducting the charges for Stamp duty and pension paid, if any.

Daily CA On Dec 22 :

  • As the Nation is celebrating 75 years of Independence as ‘Azadi Ka Amrit Mahotsav’, the Ministry of Panchayati Raj is undertaking several activities and initiatives to uphold the Prime Minister’s vision of ‘Atmanirbhar Bharat’ in the light of the fact that the vision of ‘Atmanirbhar Bharat’ could only be achieved if the Panchayati Raj Institutions of the country become self-dependent in all aspects, Sunil Kumar, Secretary, Ministry of Panchayati Raj.
  • Union Minister for Road Transport and Highways Shri Nitin Gadkari has laid Foundation stone and Inaugurated 232 km of National Highways at a cost of Rs.4160 Crore in Jaunpur and Mirzapur in Uttar Pradesh in presence of Chief Minister of Uttar Pradesh Shri Yogi Adityanath.
  • The Competition Commission of India (CCI) approves acquisition of shareholding in Air India Limited, Air India Express Limited and Air India SATS Airport Services Private Limited by Talace Private Limited.
  • The Competition Commission of India (CCI) approves acquisition up to 94% equity share capital of IRB Infrastructure Developers Limited by Bricklayers Investment Pte. Ltd. under Section 31(1) of the Competition Act, 2002.
  • The Competition Commission of India (CCI) approves acquisition of controlling stake in Forbes Enviro Solutions Limited by Lunolux Limited under Section 31(1) of the Competition Act, 2002.
  • NITI Aayog signed a Statement of Intent with United Nations World Food Program (WFP) on 20th December 2021.
  • The Government of India and the Asian Development Bank (ADB) has signed a $112 million loan to set up a skill university in Assam that will strengthen industry-aligned and flexible skills education and training system in the state.
  • The Government of India and the Asian Development Bank (ADB) has signed a $350 million policy-based loan to improve access to urban services in India by accelerating policy actions and reforms to enhance service delivery and promote performance-based central fiscal transfers to urban local bodies (ULBs).
  • The Government of India and Asian Development Bank (ADB) has signed a $150 million loan to provide access to inclusive, resilient, and sustainable housing for the urban poor in the state of Tamil Nadu.
  • The Bellari-headquartered Karnataka Gramin Bank (KGB), sponsored by Canara Bank, has signed a memorandum of understanding (MoU) with Care Health Insurance Ltd to market health insurance products for customers of the bank across 22 districts of Karnataka.
  • The Cloud Computing Innovation Council of India (CCICI) appointed Piyush Somani, Chairman and Managing Director of ESDS Software Solution, as its President.
  • Mohit Jain of The Economic Times was elected as president of the Indian Newspaper Society (INS) president at its 82nd Annual General Meeting (AGM) held through video conference & he succeeded Lakshmipathy Adimoolam of Health & The Antiseptic.
  • Uttarakhand Chief Minister Pushkar Singh Dhami announced that Indian wicket-keeper batsman Rishabh Pant has been appointed as the brand ambassador of the state.
  • On Dec 19, 2021, Leftist candidate 35-year-old Gabriel Boric won Chile’s presidential election to become the country’s youngest ever leader.
  • Indian shooter Avani Lekhara won the “Best Female Debut” honor at the 2021 Paralympic Awards for her record-breaking gold medal at the Tokyo Games.
  • Prasar Bharati and Indian Council for Cultural Relations signed a Memorandum of Understanding for promoting Indian culture.
  • On the occasion of Goa Liberation Day (Dec 19, 2021) Mormugao, the Indian Navy’s second indigenous stealth destroyer of the P15B class, proceeded on her maiden sea sortie & It is the Indian Navy’s second indigenous stealth destroyer of the P15B class, planned to be commissioned in mid-2022.
  • Union Minister of State (Independent Charge) Science & Technology; Minister of State (Independent Charge) Earth Sciences; MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy and Space, Dr Jitendra Singh stated, ISRO is developing a Small Satellite Launch Vehicle (SSLV) with private participation to be launched in 1st quarter of 2022.
  • On Dec 18, 2021, A SpaceX rocket carried 52 Starlink internet satellites into orbit from California.
  • Truecaller has launched its fifth edition of the annual report titled 2021 Global Spam & Scam Report India has moved up in rankings from ninth to the fourth spot this year in the tally of top 20 countries affected by spam calls owing to a significant increase in sales and telemarketing calls.
  • Kidambi Srikanth became the first Indian male shuttler to win silver in men’s singles event at the BWF World Championships 2021.

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