Current Affairs for BANK, IBPS Exams - 09 March 2022

::National::

SC notice to Centre, court registry on plea to build a ‘judicial vista’ in Delhi

The Supreme Court on Tuesday sought the Centre’s response on a petition for developing a “judicial vista” on the land adjoining the Supreme Court building providing more office space for judges, lawyers and officials of the top court’s registry in addition to facilities for litigants.
A bench of justices Vineet Saran and Aniruddha Bose issued notice to the Centre and registrar general of the Supreme Court on a petition filed by advocate Ardhendumauli Kumar Prasad, who is also the secretary of the Supreme Court Bar Association. The plea for a judicial vista, as the petitioner referred to the proposed complex to create additional office space for the top court, will be heard next on March 30.
In his petition, Prasad sought setting up an independent central authority under the administrative control of the Chief Justice of India to cater to the infrastructural requirement of the judiciary across the country, which will include high courts, subordinate courts and tribunals established under various laws.
The petition comes at a time when the Central Vista is being redeveloped by the Union government providing for all government offices, residences of top constitutional political functionaries and a new Parliament building within the Central Vista complex.
According to Prasad, who appeared in person, the new complex should provide for a multi-level complex of about 50 courtrooms with video conferencing facility and adequate seating capacity, multi-level chamber complex for lawyers, underground multilevel parking, office space for registry staff and law officers of central government, library, waiting longue and conference rooms among other facilities.
Proposing the location for a judicial vista, the petition said, “At present, the area situated between Bhagwandas Road, TilakMarg, Tilak Lane, PuranaQila Road and Mathura Road is government land, over which old government accommodations are situated, besides the two new chamber complexes (for Supreme Court lawyers), Indian Law Institute and Indian Society for International Law and surrounding area including bungalows for the Centre, foreign correspondents club, etc can be used for the creation of the Judicial Vista with a long term goal of adequate infrastructure for decades to come.”

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::International::

NATO urges Russia to ensure conflict doesn't spread beyond Ukraine

The North Atlantic Treaty Organization (NATO), the military alliance of several western nations, said there were credible reports Russian forces were targetting civilians in Ukraine and urged the Kremlin to ensure the war would not spread beyond.
NATO secretary-general Jens Stoltenberg said Russia's invasion of Ukraine was causing horrific suffering and that the humanitarian impact was devastating.
"We have a responsibility to ensure the conflict does not escalate and spread beyond Ukraine," Stoltenberg said, adding, "We will protect and defend every inch of all allied territory."
Meanwhile, Russian forces intensified their bombardment of Ukraine’s capital Kyiv, the US said. Residents of the northeastern city of Sumy fled west in buses, a train and their own vehicles, taking advantage of humanitarian corridors.

::Economy::

Rupee inches 5 paise higher; bond yield tests 6.9%

The Indian rupee that plunged to a record low on Monday staged a comeback on Tuesday, gaining 5 paisa to close the day at 76.91 against the dollar.
Bond yields, on the other hand, remained elevated as crude oil prices hovered around $130 barrel. The yield on the 10-year government paper may harden further if the Russia-Ukraine tension continues as crude oil prices will also stay elevated.
Analyst said the central bank may revise its inflation target for the next financial year due to the sharp rise in crude oil prices in the past 10-12 days after the geopolitical situation worsened.
“Although food prices are likely to remain benign, an increase in retail fuel prices is already overdue given the sharp increase in crude oil prices since January22. A significant pass through will start to have an impact on headline CPI inflation which has already soared to a 7-month high of 6.01 per cent YoY in January 22 partly due to the base factor,” Acute ratings stated.

Interest subsidy scheme for exporters extended till March 2024: RBI

The Reserve Bank on Tuesday extended the interest equalisation scheme for pre and post shipment rupee credit for MSME exporters till March 2024 with the objective of boosting outbound shipments.
Exporters get subsidy under the 'Interest Equalisation Scheme for pre and post-shipment Rupee Export Credit'.
In April last year, the scheme was first extended till June end and later till September 2021.
The interest equalisation rates under the scheme have been revised to 2 per cent and 3 per cent for specified categories of MSME manufacturer exporters, the RBI said.
"The government has approved the extension of Interest Equalization Scheme for Pre and Post Shipment Rupee Export Credit up to March 31, 2024 or till further review, whichever is earlier. The extension takes effect from October 1, 2021 and ends on March 31, 2024," the RBI said in a notification.
The scheme will not apply to telecom instruments and entities availing benefits under the Production Linked Incentive (PLI) scheme of the government.
While issuing approval to the exporter, the bank will be required to furnish the prevailing interest rate, the interest subvention being provided, and the net rate being charged to each exporter, so as to ensure transparency and greater accountability in the operation of the scheme, the RBI said.
It further said from April 1, 2022, banks shall reduce the interest rate charged to the eligible exporters upfront as per the guidelines and submit the claims in original within 15 days from the end of the respective month in the prescribed format.
The RBI further said for the October 1, 2021 to March 31, 2022 period, banks shall identify the eligible exporters as per the scheme, credit their accounts with the eligible amount of interest equalisation and submit sector-wise consolidated reimbursement claim for the period to the Reserve Bank by April 30, 2022.
India's merchandise export in February 2022 was USD 33.81 billion, an increase of 22.36 per cent over USD 27.63 billion in the same month of 2021.

::Science and tech::

First photos from the Moon under the hammer in Denmark

The first NASA photographs taken on the Moon, including the first shot of an "Earthrise" and Buzz Aldrin walking on the surface, will be auctioned off in Copenhagen.
"One of my favourite photos from this fantastic collection depicts a photo of Buzz Aldrin taken by Neil Armstrong, and you can actually see Neil Armstrong being reflected in Buzz Aldrin's visor", Kasper Nielsen, the head of the Bruun Rasmussen auction house's valuation team, told AFP.
A total of 74 unique NASA photographs are up for sale, including 26 taken on the Moon during the Apollo missions in the 1960s and 1970s.
"Of course, the highlight is the Apollo mission reaching the Moon for the first time" on July 20, 1969, said Nielsen.
Bruun Rasmussen -- which was contacted by a foreign collector who wanted to sell the photos and who has asked to remain anonymous -- has estimated the collection at 1.4 million kroner, or almost 190,000 euros ($205,000).
The collection also includes photos from the dramatic Apollo 13 mission, which never landed on the Moon due to a malfunction, instead looping around it before splashing down in the South Pacific Ocean after six days.
Several of the photos are on public display for the first time, having previously been part of NASA's archives.
Others have appeared on the cover of US magazines such as National Geographic or Life, illustrating America's success in the space race.

::Sport::

Russian football federation appeals against FIFA, UEFA bans

The Russian football federation appealed Tuesday to have its FIFA and UEFA bans frozen and other punishments overturned.
Russian teams were expelled from competition on Feb. 28 “until further notice” following the country's invasion of Ukraine. FIFA and UEFA did not specify their legal reasons.
The Court of Arbitration for Sport said it hoped to decide on the appeals in the coming days.
Russia's men's national team was scheduled to play Poland on March 24 in a World Cup qualifying playoff. Poland has refused to play Russia in the match. The winner of that match would have played the winner of the game between Sweden and the Czech Republic in the next round, but they also have refused to play against the Russians.