Current Affairs for BANK, IBPS Exams - 04 March 2022

::National::

Supreme Court trashes Loop’s plea for refund of 2G licence entry fee

The Supreme Court rejected a petition by Loop Telecom seeking refund of ₹1,400 crore paid as entry fee for acquiring 2G licences for 21 service areas in 2008 after its acquittal in the case by the trial court in December 2017.
A three-judge bench headed by justice Dhananjaya Y Chandrachud said, “The acquittal of the promoters (Essar group) of the appellant (Loop Telecom) of the criminal charges does not efface or obliterate the findings which are contained in the final judgment of this court in Centre for Public Interest Litigation in 2012 (by which 122 2G spectrum licences were cancelled).”
Loop approached the court against an order passed by the telecom dispute settlement appellate tribunal (TDSAT) in 2018 rejecting the company’s request. The company had questioned the decision to refund entry fee to telecom service providers whose spectrum licences stood quashed by the 2012 SC judgment but who were willing to bid afresh in the subsequent transparent auction of 2G licences.
The bench, also comprising justices Surya Kant and VikramNath, said, “It is important to note that the criminal trial before the special judge, CBI was limited to the question as to whether the promoters of the appellant had cheated the DoT by providing a false representation of its compliance with Unified Access Service licences (UASL) Guidelines, since it was allegedly being controlled by the Essar group.”
The 2012 judgment declared the government policy of first come first serve basis in grant of 2G licences to be illegal. As a consequence, the UASLs were quashed.
The court deprecated the conduct of Loop in withdrawing its earlier appeal from the top court and said, “A party must not be allowed to conduct litigation in this manner. Such a course of action is subject to grave abuse since it lays bare an effort at forum-shopping and selectively deciding where and before whom it would pursue its remedies.

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::International::

Saudi crown prince offers war mediation in call with Putin

Saudi Crown Prince Mohammed bin Salman offered to host mediation talks between Russia and Ukraine in a phone call Thursday with Russian leader Vladimir Putin as the conflict entered its second week.
The Gulf state's de facto leader called for a "political solution" after the Russian invasion and also reiterated his support for the OPEC group of oil producers, which includes Russia, to stabilise oil markets.
"The crown prince explained the kingdom's... support for efforts that lead to a political solution that leads to (the war's) end and achieves security and stability, and that the kingdom is ready to make efforts to mediate between all parties," the official Saudi Press Agency (SPA) said.
Arab countries in the Gulf including Saudi Arabia, the world's biggest oil exporter, have mostly refrained from criticising the invasion by Russia, with which they have growing ties.
On Wednesday, however, the Gulf states voted for a UN General Assembly resolution that "demands" Russia "immediately" withdraw from Ukraine.
The prince "reiterated the kingdom's keenness to maintain the balance and stability of oil markets, highlighting the role of the OPEC agreement in this regard and the importance of maintaining it", SPA said.

::Economy::

SBI stops transactions related to Russian entities under sanctions

State Bank of India, the nation's largest lender, has stopped processing transactions of Russian entities that have been sanctioned by the West over Moscow's invasion of Ukraine, sources said.
To effect this, SBI has issued a circular as it fears that any transaction with entities or sectors under sanction will invite sanction on it as well, sources said.
No transactions involving entities, banks, ports or vessels appearing on a US, European Union or United Nations sanctions list would be processed irrespective of the currency of the transaction, they said.
Payments due to such entities have to be processed by other mechanism rather than through the banking channel, sources added.
SBI operates a joint venture in Moscow called Commercial Indo Bank Llc, where Canara Bank is another partner with 40 per cent stake.
The bank has not responded to e-mail seeking comment on the matter.
Russia is one of biggest suppliers of defence products and equipment to India mostly under government-to-government contract.
Bilateral trade between India and Russia stood at USD 9.4 billion so far this fiscal year, against USD 8.1 billion in 2020-21.
India's main imports from Russia include fuels, mineral oils, pearls, precious or semi-precious stones, nuclear reactors, boilers, machinery and mechanical appliances; electrical machinery and equipment and fertilisers.
Major export items from India to Russia include pharmaceutical products, electrical machinery and equipment, organic chemicals and vehicles.
In the past too, India had devised a mechanism to pay for imports from Iran, when sanctions were imposed on the Persian Gulf nation.
The Russia-Ukraine war entered its eight day on Thursday, with fighting intensifying in Ukrainian capital Kyiv and other big cities.
Last week, the Group of seven (G-7) major economies imposed punitive sanctions against the Russian central bank.

E-Bill system will end 'rent seeking' in govt contracts: FM Sitharaman

Finance MinisterNirmalaSitharaman said the new Electronic Bill (e-Bill) processing system will stop any possible 'rent seeking' in the clearance of dues to contractors or suppliers of government departments.
The e-Bill processing system, which was announced in the Budget, was launched on Wednesday. It will be implemented across all central ministries and departments and suppliers and contractors will now be able to submit their claim online, which will be trackable on a real-time basis.
Speaking at the 46th Civil Accounts Day, Sitharaman said this will ensure end-to-end digitisation and make the payment process transparent by using technology not just within the government departments, but extending the second leg to the citizen's use.
The e-Bill, she said, will shut even "any small window which is available" for "misuse in terms of rent-seeking", as a contractor or supplier to the government will be able to file their claims digitally.
"Put your claim with digital signatures, and you do not have to come to government offices. Your payment reaches (to you) as soon as your claim reaches with a digital signature," Sitharaman said.
The civil accounts officers, she said, have ensured that the common man who works with the government will not have to wait for months, or not even go and meet officials, seeking the release of their dues.

::Sport::

Russian, Belarusian athletes banned from Winter Paralympics

Faced with threats of withdrawals and growing animosity in the Athletes Village, organizers of the Winter Paralympics on Thursday reversed course and expelled athletes from Russia and Belarus.
The about-face came less than 24 hours after the International Paralympic Committee announced it would allow Russians and Belarusians to compete when the Games open on Friday, but only as neutral athletes with colors, flags and other national symbols removed because of the invasion of Ukraine.
“The war has now come to these Games and behind the scenes many governments are having an influence on our cherished event,” IPC President Andrew Parsons said Thursday after announcing the ban.
“We were trying to protect the Games from war.”