Current Affairs 3rd March 2018

Current Affairs 3rd March 2018 - Important Points

• World Rare Disease Day observed  on - 28th February 2018
• Kanchi Shankaracharya Jayendra Saraswati passed away on - 28th February 2018
• One-time relaxation in passing marks to class 10 students granted by - CBSE
• AK Pradhan appointed as Group Chief Risk Officer of PNB on - 27th February 2018
• Union Cabinet approves four MoUs between India and Jordan on Cooperation in various sectors on - 28th February 2018
• Pakistan admits being added grey list of FATF  in - February 2018
• Action Plan for Champion Sectors in Services approved by - Union Cabinet
• Rs. 9,435-crore procurement proposals for three services approved by - DAC

Current Affairs 3rd March 2018 - Details

World Rare Disease Day observed  on - 28th February 2018

The World Rare Disease Day was celebrated around the globe on February 28th, 2018 with the purpose to spread awareness about rare diseases and their effects. The day was honoured with programmes in more than 80 nations and regions around the world. The day was synchronized by the European Organisation for Rare Diseases, which encourages research on rare diseases and commercial development of orphan medicines.
Objective of the Day

• The main objective of the day is to increase awareness among the general public about rare diseases and their effects on patients.
• It also looks forward to boost researchers and decision-makers to address the requirements of those living with rare diseases.
• A rare disease, also known as an orphan disease, is any illness that disturbs a small fraction of the population.
  Theme of this day
• The subject for Rare Disease Day 2018 is research, ongoing from Rare Disease Day 2017.
• Rare disease investigation contributes to the growth of diagnostic tools, treatments and medications, and better health and social care for patients and their families. 
  Importance
• Raising awareness about rare diseases is important because 1 in 20 persons live with a rare disease at some point in their lifetime.
• Notwithstanding this, there is no treatment for the maximum rare diseases and many left untreated.

Kanchi Shankaracharya Jayendra Saraswati passed away on - 28th February 2018

The Kanchi Shankaracharya, Jayendra Saraswathi Swamigal, expired on February 28th, 2018 in Kanchipuram, Tamil Nadu. He was 82 years old. He was 69th bishop of Kanchi Kamakoti Peetam. He will be flourished by the junior bishop Sri Sankara Vijayendra Saraswathi, the 70th Shankaracharya of Kamakoti Peetam. 
More about Jayendra Saraswathi

• Jayendra Saraswathi was born as Sri Subramaniyam on July 18th, 1935, in Tiruvarur.
• He was known as the successor to Kanchi Mutt by Sri Chandrasekarendra Saraswathi Swami and was handed over the heading Jayendra Saraswathi on 22nd March, 1954, when he became the younger pontiff.
• He had his spiritual teachings from 'Maha Periyava' and distributed religious discourse apart from connecting himself in different social and spiritual events.
• Under his directions, the mutt initiated several schools and hospitals.

More about Kanchipuram Mutt

• Kanchipuram Mutt that was formed by Adi Shankaracharya in the eighth century. 
• The Kanchi mutt is a pilgrimage for Hindus across the world and mainly in south India. 
• The Mutt runs various schools, eye hospitals and other hospitals including Hindu Mission Hospital, CHILDS Trust Hospital, Tamil Nadu Hospital and other public welfare institutions of religious orientations.

One-time relaxation in passing marks to class 10 students granted by - CBSE

The CBSE has finalised to grant a 1-time relaxation in passing numbers to the students of class 10th who are planned to complete their board exams from next week. The board has finalised to device overall 33% passing mark norms for this batch of students.
Significant of this step

The board’s present decision means that the students would not require to get 33% numbers separately in board exams and the internal assessments criteria.
Key Highlights

• The examination committee of the CBSE had a meeting on February 16th to debate their matters.
• In the meeting, the committee evaluated all the aspects and facts and concluded that the present 10th batch had a different assessment contextual while they were in class IX in year 2017.
• Thus, the committee decided to grant an easing for the batch as a 1-time portion.
• As per the fresh relaxation, students would have to get a sum of 33%, in a combination of internal assessment and theory numbers.
• Earlier, CBSE had put in place a compulsory section of getting 33% in the board exams and a distinct 33% in internal assessments.
• The class 10 boards have been made compulsory from 2018 after a large gap of seven years.

AK Pradhan appointed as Group Chief Risk Officer of PNB on - 27th February 2018

After being stroked by approximately Rupees 12700 crores scam, Punjab National Bank on February 27th, 2018 designated its GM A.K.Pradhan as the Group Chief Risk Officer. However, the bank did not reveal the roles and tasks of the Group Chief Risk Officer. 

Important Highlights

• The Fraud On February 14th, 2018, the PNB investigated the scam in which jeweller Nirav Modi and contacts allegedly fraud the bank by acquiring fake letters of undertaking from one of its divisions for foreign credit from other Indian creditors.
• The scam was assessed at Rupees 11400 crores.
• However, freshly on February 26th, 2018, it was investigated that the amount of scam in Nirav Modi’s case was reviewed to Rupees 12700 crores.
• Nirav Modi, was listed in Forbes India's Richest People List in 2016 with a net value of USD 1.74 billion, and is already being examined by the Central Bureau of Investigation for supposed scam involving Rupees 280 crores at a Punjab National Bank branch.
• In addition to him, 3 other jewellers, Gitanjali, Nakshatra and Ginni are also under the scan with the Central Bureau of Investigation. The ED is looking at their provisions with various banks and end utilise of the money.
  Finance ministry's directions for banks
• After Considering the Nirav Modi scam case, the Union Finance Ministry had told all the state retained banks to inspect all their Non-Performing Accounts of more than Rupees 50 crores for possible scam and therefore, report the issue to CBI.

Union Cabinet approves four MoUs between India and Jordan on Cooperation in various sectors on - 28th February 2018

The Union Cabinet passed the signing of 4 MoUs between India and Jordan on coordination in various fields on February 28th, 2018. These Memorandum of Understandings were engaged in the areas of Health and Medical Science, Customs Matters, Manpower and mining and beneficiation of Rock-Phosphate and MOP.
MoU on Cooperation in Health Sector

• This Memorandum of Understanding covers different areas of collaboration- Universal Health Coverage; Health Research; National Health Statistics; Services and Information Technology in Health; Health System Governance; Health Finance and Health Economy; Tobacco Control & TB Treatment.
• A Functional Committee will be formed to further decorate the details of collaboration and to oversee the execution of this MoU.

MoU on cooperation in Field of Manpower

• The Memorandum of Understanding goals at enhancing coordination among the both sides in endorsing best practices in the management of contractual recruitment and to increase the safety and welfare of Indian workers in Jordan. 
• It also amends for coordination among the both sides in usage of online portal for employment of Indian manpower to usher in better transparency and control malpractices in the employment procedure.
• The Memorandum of Understanding will be legal for a period of 5 years, includes provision of automatic restitution and a monitoring process through a Joint Technical Committee.
  MoU on Cooperation in Customs Matters
• It will aid in the availability of appropriate information for the inhibition and examination of Customs offences. 
• It is also supposed to smooth business and safeguard efficient clearance of things imported between the nations.
  MoU for mining and beneficiation of Rock Phosphate & MOP 
• This Memorandum of Understanding also demands for initiating manufacturing talent in Jordan for Phosphoric Acid, DAP and NPK Fertilizers with a long duration contract for 100% off-take to India.
• It will confirm constant supply of raw material, disinterested party and finish P&K manures to supply to the requirements of the nation at a affordable rate.

Pakistan admits being added grey list of FATF  in - February 2018

Pakistan has make sure that it will be additional on “grey list” of the FATF in June 2018, once an action
strategy is mutually exchanged. But it has uncertain claims of being put on “black-list” from “Grey-List’,
which are primarily non-cooperative nations. Previous, Pakistan was on the Financial Action Task Force
grey-list from 2012-2015.
Did you know?

• In February 2018 plenary session of Financial Action Task Force, United States, United Kingdom, France and Germany had forced for pushing Pakistan on Grey-list for its uselessness to deal Islamist terrorists particularly Haqqani Network and its organizers.
• Financial Action Task Force had finalised to put Pakistan again on ‘Grey list,’ exposing it to direct monitoring and intense inspection by the International Co-operation Review Group on terrorism funding, pending added review in June 2018.
• The Financial Action Task Force decision was by agreement, after days of closed-room debates inside the 37 members group.
  Impact of Grey-listing
• It will risk Pakistan’s minority of residual banking links to outside world, triggering real financial
  discomfort to the economy.
• It will crush the economy of Pakistan and make it tough to encounter its rising foreign financing requirements.
• It will also overhang international funds and help to Pakistan such as Coalition Support Funds, money which United States lends to Pakistan for military actions.
  Financial Action Task Force
• Financial Action Task Force is an intergovernmental policy creating organisation that goals to establish international morals for fighting against money-laundering and terror-financing.
• It was constituted in 1989 during the G7 Summit in Paris to fight the rising issue of money laundering.
• It includes more than 39-member nations including India. FATF Secretariat is located at the headquarters of the OECD in Paris.

Action Plan for Champion Sectors in Services approved by - Union Cabinet

Union Cabinet has sanctioned the proposal of Ministry of Commerce and Industry to provide focused
care to 12 recognized Champion Services Sectors for endorsing their development and understanding
their potential.
12 identified CSS

• Transport and Logistics Services, IT & ITeS, Tourism and Hospitality Services, Audio Visual Services,
  Accounting and Finance Services, Legal Services, Construction and Related Engineering Services,
  Medical Value Travel, Communication Services, Financial Services, Education Services and
  Environmental Services.
  Key Points
• Cabinet also has instructed Ministries and Departments related to these sectors to use available draft sectoral strategies to finalize and implement Action Plans for recognized Champion Services Sectors.
• The respective Ministries and Departments will confirm Action Plans and operation timelines along with monitoring process to monitor operation under complete direction of Committee of Secretaries.
• These Action Plans will form vision for each of these recognized Champion Sectors by year 2022 and tally steps that required to be complete to attain that vision.
  Importance
• It will improve competitiveness of nation’s service sectors through application of attentive and
  monitored Action Plans.
• It will encourage GDP growth, produce extra jobs and encourage exports to global markets.

Rs. 9,435-crore procurement proposals for three services approved by - DAC

The Defence Acquisition Council led by Defence Minister Nirmala Sitharaman has sanctioned various
gaining proposals for 3 services assessed at about Rupees 9,435 crores.
The proposals include acquisition of 41,000 light machine guns and over 3.5 lakh close quarter battle
carbines, High-capacity radio relay and 2 Pollution control vessels. Defence Acquisition Council is
Defence Ministry’s chief decision-making body.
Key Points

• LMGs and Close Quarter Battle carbines- The carbines will be acquiring at cost of Rupees 4,607 crores and LMGs Rupees 3,000 crores.
• The sanction is 1st step in long-drawn defence gaining procedure, and decision of final deals will take many years.
• Of the acquisitions, 75 per cent will be through Indian industry and remaining through Ordnance Factory Board.
• It will permit the defence forces to complete their instant needs for troops positioned on border.
  High-capacity radio relay- 
• It will be obtained at vital numbers for Indian Army and Air Force at approximate Rupees 1,092 crores. The High-capacity radio relays will deliver safe and trusted communication along with raised bandwidth in strategic battle area.
  Pollution control vessels- 
• Indian Coast Guard will receive 2 pollution control vessels at an estimate value of Rupees 673 crores.
• These Pollution Control Vessels will assist pollution control and will be talented to undertaking patrolling, hunt & rescue and partial salvage and fire-fighting tasks at sea.
• They will be manufactured by Indian shipyards at an estimate cost of Rupees 673 crores. It will improve Indian Coast Guard’s capability to quickly undertake pollution control measures off east coast and island regions.