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Current Affairs 23 November 2022

CONTENTS

  1. India-Australia trade agreement
  2. Olive Ridley Sea turtles
  3. Development of Great Nicobar
  4. Tipu Sultan
  5. CITES
  6. Biodiversity heritage site
  7. Loan write-off

India-Australia Trade Agreement


Context:

Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles said that duties on 100 percent tariff lines would be eliminated by Australia under the landmark India-Australia Economic Cooperation and Trade Agreement (Ind-Aus ECTA). 

Relevance:

GS II- International Relations

Dimensions of the Article:

  1. India-Australia ECTA
  2. Main features
  3. Dispute settlement mechanism

Click Here To Read More: India-Australia Trade Agreement


Olive Ridley Sea Turtles


Context:

Pairs of Olive Ridley Sea turtles have begun emerging on the sea waters off Gahirmatha Marine Sanctuary along the Odisha coast, marking the commencement of the annual mass nesting of these endangered marine species.

Relevance:

Prelims, GS-III: Environment and Ecology

Dimensions of the Article:

  1. Olive Ridley Sea Turtle
  2. Breeding Grounds of the Olive Ridley Sea Turtle in India
  3. Threats to the Olive Ridley Sea Turtle
  4. Turtles and Turtle conservation in India

Click Here To Read More: Olive Ridley Sea Turtles


Development of Great Nicobar


Context:

Recently, the Ministry of Environment, Forest and Climate Change gave environmental clearance for the ambitious Rs 72,000 crore development project on the strategically important Great Nicobar Island.

Relevance:

GS III: Environmental Pollution & Degradation

Dimensions of the Article:

  1. About the proposal
  2. About  Andaman and Nicobar Islands:
  3. Purpose of the development project:
  4. Concerns

Click Here To Read More: Development of Great Nicobar


Birth Anniversary of Tipu Sultan


Context:

The birth anniversary of Tipu Sultan was observed recently, bringing his contested legacy to the forefront of political discourse once again.

Relevance:

GS I: Modern History

Dimensions of the Article:

  1. About Tipu Sultan
  2. Was Tipu Sultan a tyrant and a religious bigot?
  3. Some of the reforms Tipu Sultan introduced
  4. How did Tipu die?

Click Here To Read More: Birth Anniversary of Tipu Sultan


CITES Agreement


Context:

India’s decision not to vote against a proposal to re-open the international trade in ivory at the ongoing conference of the Convention on International Trade in Endangered Species of Wild Fauna and Flora (CITES) surprised many.

Relevance:

GS III: Environment and Ecology

Dimensions of the Article:

  1. Details
  2. CITES agreement
  3. Tussle over ivory
  4. India and ivory trade

Click Here To Read More: CITES Agreement


Biodiversity Heritage Site


Context:

The Tamil Nadu government issued a notification declaring Arittapatti and Meenakshipuram villages in Madurai district the first biodiversity heritage site in the State.

Relevance:

GS III: Environment and Ecology

Dimensions of the Article:

  1. Arittapatti and Meenakshipuram villages:
  2. About Biodiversity heritage site

Click Here To Read More: Biodiversity Heritage Site


Loan Write-Off


Context:

Banks wrote off more than Rs 10 lakh crore in loans over the last five years, according to RBI data obtained under the Right to Information (RTI) Act.

Relevance:

GS III: Indian Economy

Dimensions of the Article:

  1. What is a loan write-off?
  2. Why do banks resort to write-offs?

What is a loan write-off?

  • Writing off a loan essentially means it will no longer be counted as an asset.
  • By writing off loans, a bank can reduce the level of non-performing assets (NPAs) on its books.
  • An additional benefit is that the amount so written off reduces the bank’s tax liability.
Why do banks resort to write-offs?
  • The bank writes off a loan after the borrower has defaulted on the loan repayment and there is a very low chance of recovery.
  • The lender then moves the defaulted loan, or NPA, out of the assets side and reports the amount as a loss.
  • After the write-off, banks are supposed to continue their efforts to recover the loan using various options.
  • They have to make provisioning as well. The tax liability will also come down as the written-off amount is reduced from the profit.
  • However, the chances of recovery from written-off loans are very low  which raises questions about the assets or collateral against which the banks lent funds to these defaulters.

-Source: Indian Express


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