Daily Current Affairs – 14th April 2020

World Bank Report On South Asia’s Economy: Growth Rate Will Come Down To 1.8%

The World Bank has released a report on the economy of South Asia on 12 April. According to this report, the corona virus epidemic has wreaked havoc globally. The economy of South Asia has also been hurt by this. The World Bank warned that South Asia could lose the benefits of poverty alleviation due to this deadly epidemic.

In the estimate, the World Bank has said that the governments of the region should intensify the action to deal with this emergency, and especially focus on the safety of the very poor and prepare the way for rapid economic recovery.

The report said that the economies of the eight countries of the region will decline strongly. Economic activity in the region is at a standstill, business is losing and the financial and banking sectors are under pressure. Whatever benefit the region has gained in poverty alleviation will be eliminated.

Former RBI Governor Raghuram Rajan Was Made A Member Of The External Advisory Group To Head The IMF.

Raghuram Rajan, former Governor of Reserve Bank of India (RBI), has been made a member of the External Advisory Group of International Monetary Fund (IMF) chief Kristalina Georgieva. 11 other economists, including Rajan, have been made members of the external advisory group. These advisors will give their opinion to the IMF chief on the changes and policy issues taking place around the world, including the steps being taken due to the crisis caused by the corona virus epidemic.

Rajan has been the Governor of RBI for three years till September 2016. He is currently a professor at the University of Chicago. Other members included in the group are senior Singaporean Minister and Chairman of the Monetary Authority of Singapore Taraman Shanmugaratnam, Professor Christine Forbes of the Massachusetts Institute of Technology, former Prime Minister of Australia Kevin Rudd, former UN Secretary General Lord Mark Maloka Brown. Are included.

April 13: Jallianwala Bagh Massacre, Establishment Of Khalsa Panth

Every year on April 13, the nation pays tribute to the martyrs on the anniversary of the Jallianwala Bagh Massacre. On the same day, in 1919, British Army Brigadier General Dyer had indiscriminately opened fire on unarmed crowds at Jallianwala Bagh in Amritsar. More than 1000 people lost their lives in this heinous massacre. On 13 April 1920, 101 years of this ruthless massacre have been completed.

Establishment of ‘Khalsa Panth’

The day of April 13 is also important in many other ways. On this day in 1699, Guru Gobind Singh Ji, the tenth Sikh Guru, founded the ‘Khalsa Panth’ at Anandpur Sahib. On this day, the festival of Baisakhi is celebrated with great pomp and joy in the harvest.

Khalsa is a collective form of duly initiated followers of Sikhism. On this day Guru Govind Singh Ji first made five love amritpana by making it Khalsa and after that he himself did nectar from the hands of those five love.

Male initiated followers have to take an oath to wear five kakaras (hair, comb, briefs, kadha and kirpan) which symbolize the ‘Khalsa Panth’. They also take an oath not to consume tobacco or alcohol.

Jallianwala Bagh Ruthless Massacre: A Sight

At the time this incident was carried out, the people present there were holding a meeting to protest against the Rowlatt Act.

On the day this incident was carried out, it was Baisakhi.

After this incident, a wave of patriotism ran in many revolutionary youths including Udham Singh, Bhagat Singh in the country.

During this time, innocent people jumped into the well in the garden to save their lives, which is now called ‘Shaheedi Kuan’.

In 1919, under the pressure of India, the Hunter Commission was formed to investigate this incident.

Dyer was sent back to Britain following a Hunter Commission report.

A document issued by the British government stated that 379 people were killed and 1,200 people were injured in the Jallianwala Bagh massacre.

Extension Of Facility Of Issue Of ‘Ugens’ Loan Letter By Coal India Limited

In order to provide relief to the consumers of the power sector and to ensure adequate availability of coal, Coal India Limited- CIL paid for a fixed period in the future instead of cash payment in advance under the Fuel Security Agreement. The facility of issuing loan letter (ugens) has been provided. CIL has started a similar system for consumers of non-power sector from the month of April this year.

What Are Ugens Loan Letter:

Eugenic (or deferred) loan letters are specific types of loan letters that are payable in a predetermined period or in the future after meeting the conditions mentioned in the letter of credit.

Trust between the buyer and seller is a key element in this preferred financial instrument.

In the letter of credit, the loan maturity and the actual repayment period are determined. It is used as a reference by both parties.

Benefits Of Ugens Credit Letter:

It is a flexible financial tool for the buyer to increase his working capital as well as ensure the availability of stock to sell before the seller is paid.

The buyer gets interest-free working capital and efficient working capital management helps in improving the capital cycle.

Due to the receipt of the goods before the buyer receives the payment, the quality of the goods is checked.

Limitations Of Eugenics Loan:

The seller has to manage the working capital by giving the buyer a credit period.

Eugence loan cards are commonly used when the buyer has a high credit rating or is a buyer’s market. For this reason the seller agrees to the liberal terms of the ugens loan letter

Benefits To Electricity And Non-Electricity Consumers:

This will not only provide relief to the consumers of the power sector, but also increase the liquidity in the power system.

This will greatly help the power producers to improve the working capital cycle.

Along with ensuring availability of coal, the consumers of coal will get the much-needed relief.

Non-electricity consumers will benefit from increased liquidity.

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