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Current Affairs November 26th 2021| Current Affairs News

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CURRENT AFFAIRS: IMPORTANT DAYS

International Day for the Elimination of Violence against Women- Nov 25

CURRENT AFFAIRS: NATIONAL NEWS

Union Minister Prahlad Joshi inaugurates E-portal of accreditation scheme for minerals exploration     

Note :

About Ministry of Mines :

List of Cabinet approvals

I) Cabinet approves extension of Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) for another four
months (December 2021-March 2022):

II) Cabinet approves Privatization of Electricity Distribution and Retail Supply Business in the Union Territory of Dadra & Nagar Haveli and Daman & Diu:

III) abinet approves Continuation of the umbrella scheme “Atmosphere’ & Climate Research-Modelling Observing Systems & Services (ACROSS)”:

IV) Cabinet approves continuation of the umbrella scheme “Ocean Services, Modelling, Application, Resources and Technology (O-SMART)”:

V) Cabinet approves continuation of National Apprenticeship Training Scheme for next five years:

Union Minister of Chemicals and Fertilizers to inaugurate 2nd Global Chemicals & Petrochemicals Manufacturing Hub

Minister of State for MNRE inaugurates 1st International Conference on Hydrogen Energy

EAM S Jaishankar has attended 20th meeting of SCO Council of Heads of Government

CURRENT AFFAIRS: INTERNATIONAL NEWS

India and US agree on a transitional approach on Equalisation Levy 2020

13th ASEM Summit to be held virtually

CURRENT AFFAIRS: BANKING AND ECONOMY

India, ADB sign $300 million loan to improve primary health care in India

CURRENT AFFAIRS: APPOINTMENTS AND RESIGNATION

Nicolae Ciuca as the New Prime Minister of România

About Romania:

Sweden’s first female PM Magdalena Andersson quits

About Sweden:

CURRENT AFFAIRS: AWARDS AND HONOUR

49th International Emmy Awards held in New York City

K Sohan Roy becomes  the first Indian to be honoured with the Knighthood of Parte Guelfa

CURRENT AFFAIRS : ACQUISITIONS & MERGERS

CCI Approves FedEx India’s Minority Acquisition In Delhivery

About CCI :

About Delhivery :

CURRENT AFFAIRS : SCIENCE & TECHNOLOGY 

NASA Selects New Mission to Study Storms, Impacts on Climate Models                            

Purpose :

China launches Gaofen 11-03 high resolution satellite

Note :

About Gaofen satellites :

About China :

NASA launches world’s first planetary defence system – DART 

Goal of NASA’s DART spacecraft :  

DART’s Mission Objectives are:

About NASA :

CURRENT AFFAIRS : SPORTS NEWS

Zverev beats Medvedev to win second ATP Finals title

About Alexander Zverev :

About 2021 ATP Finals :

UNION GOVERNMENT SCHEME

NIRVIK SCHEME

The NIRVIK Scheme (also known as Niryat Rin Vikas Yojana) is a scheme implemented under the

administrative control of Export Credit Guarantee Corporation of India (ECGC) with a target of easy

lending of loans and enhancing credit availability to small-scale exporters.

Launched on: –

The scheme was announced by the finance minister Nirmala Sitharaman during the union budget 2020-

2021 i.e., 1 st February 2021.

Ministry involved: –

ECGC Ltd. (Formerly known as Export Credit Guarantee Corporation of India Ltd.) wholly owned by

Government of India, was set up in 1957 with the objective of promoting exports from he country by

providing credit risk insurance and related services for exports.

As ECGC is under the Ministry Of Commerce And Industry, The implementation of NIRVIK scheme

is also under the Ministry Of Commerce And Industry

Minister of commerce and industry – Piyush Goyal

Objectives :

 To improve the accessibility and affordability of credit for exporters making Indian

exports more competitive.

 To dispense with the usual red-tape and other procedural Problems in order to become

exporter friendly.

 To extend insurance cover which can result in decrease in the cost of credit with factors

such as capital relief, better liquidity and quick settlement of claims in play.

 MSME’s (Micro, Small and Medium Enterprises) will stand to benefit as well due to

improvement in the ease of business and making ECG procedures much more simplistic.

Eligibility: –

 To get the benefit of the scheme, the business must be owned by an Indian citizen.

 According to the details of the scheme, the lower premium rate will be applicable only to the

exporter whose bank account limits do not cross Rs. 80 crore mark.

Target group: –

As scheme aims to achieve higher export credit disbursement to provide high insurance cover, reduction

in premium for small exporters and simplified procedures for claim settlements, the beneficiaries of the

scheme are exporters.

Benefits: –

At the time of announcement of the scheme, Indian exporting sectors suffered a sharp decline with

respect to outbound shipment in 2019.

The development of the NIRVIK Scheme came as relief to exporters as they were concerned about credit

availability.

Features of the NIRVIK Scheme

 The scheme will provide Insurance coverage up to 90% of the principal amount and interest

 The scheme ensures extension in coverage will make sure that foreign export credit interest rates

are below 4%. The rupee export credit interest rates will be restricted to 8%.

 The scheme will cover both pre and post-shipment credit.

 as the loss ratio is high for borrowers from the gems, jewellery and diamond with a limit of over

Rs 80 crore, it will have a higher premium rate as compared to those from other sectors.

 For the accounts having limits below Rs. 80 crore, the premium rates will be 0.60 per annum. For

those whose limits are beyond Rs. 80 Crore, the rates will be 0.72 per annum.

 In the event that there will be losses exceeding Rs. 10 Crores, the exporter will be subjected to

inspection by the ECGC Banks shall pay a premium to the ECGC on a monthly basis as the

principal and interest are covered for both outstandings.

About ECGC:-

The ECGC Limited (Formerly Export Credit Guarantee Corporation of India Ltd) is a government

owned export credit provider.

ECGC was setup in 1957

Chairman – M. Senthilnathan

Daily CA On Nov 26 :