Current Affairs for BANK, IBPS Exams - 18 December 2021

::National::

India to host Central Asia Dialogue, focus to be on Afghanistan

India will host the third edition of the India-Central Asia Dialogue in New Delhi from Saturday to discuss further strengthening of relations between member states with a focus on trade, connectivity and development cooperation. The three-day event will go on till Monday (December 20).
External affairs minister (EAM) S Jaishankar will host the dialogue that will be attended by foreign ministers of five countries - Turkmenistan, Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan - according to the foreign ministry.
Jaishankar already visited Kazakhstan, Kyrgyz Republic, Tajikistan and Uzbekistan this year and met Turkmenistan's foreign minister in October.
"The holding of annual meetings of the India-Central Asia Dialogue is symbolic of the interest on the part of all member countries for greater engagement between them in a spirit of friendship, trust and mutual understanding," according to MEA spokesperson ArindamBagchi.
"The foreign ministers of the Central Asian countries are expected to pay a joint courtesy call on Prime Minister NarendraModi," he said, adding that they will exchange views on regional and international issues of global interest.
The recent developments in Afghanistan after the Taliban's takeover have reinforced the importance of Central Asian countries with Tajikistan, Turkmenistan and Uzbekistan- that share borders with Afghanistan.
Previously, the national security advisors (NSAs) of Turkmenistan, Kazakhstan, Tajikistan, Kyrgyzstan and Uzbekistan took part in India-hosted regional dialogue on Afghanistan in November. The event also saw participation from the NSAs of Iran and Russia.

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::International::

US offers 18 million barrels of oil from its emergency reserves to cool prices

The US Department of Energy on Friday said it will sell 18 million barrels of oil from the Strategic Petroleum Reserve, with offers from companies to purchase it due on Jan. 4, as part of a previously announced release aimed to cool fuel prices.
The announcement of the sale was expected, after the Biden administration announced it as part of a wider 50 million barrel release from the reserve in coordination with other oil-consuming countries including China, India and South Korea. The Energy Department said last Friday the sale would be posted on Dec. 17.
The administration has been trying to deal with the concerns of US consumers about high fuel costs and inflation as they travel more, even though President Joe Biden has few tools to deal with the price of crude, which is traded in a global market.
In conducting the sale, the Energy Department is speeding up an auction that had been authorized by Congress in 2018 to fund the government.
Deliveries of oil to companies from the SPR, a series of caverns on the Texas and Louisiana coasts, will be from Feb. 1 to March 31, the department said.
The department also plans to loan up to 32 million barrels of oil from the SPR to companies required to return the crude with interest. The first batch of that exchange will be 4.8 million barrels with Exxon Mobil Corp, the largest U.S. oil company, the department.

::Economy::

Net direct tax collection jumps 60.8% to Rs 9.5 trillion in FY22 so far

Net direct tax collection in FY22 as of December 16 rose 60.8 per cent to Rs 9.5 trillion, signalling that the government may end up this fiscal year with a comfortable revenue position.
The government earlier this month sought approval from Parliament for a net additional spending of Rs 3 trillion in FY22, according to the second batch of supplementary demands for grants, tabled by Union Finance Minister NirmalaSitharaman.
The additional expenditure will be on food and fertiliser subsidies, export and production incentives, and repaying Air India’s past dues.
The data released by the finance ministry showed net direct tax collection till includes corporation tax at Rs 5.16 trillion and personal income tax, including securities transaction tax (STT), at Rs 4.29 trillion.
Cumulative advance tax collection for the first, second, and third quarters in FY22 rose 53.5 per cent to Rs 4.6 trillion as of Thursday. This includes corporation tax of Rs 3.49 trillion and personal income tax at Rs 1.1 trillion.
The finance ministry said this amount was expected to increase as further information was awaited from banks.
“The healthy expansion in advance tax collection reinforces our view that the recovery is K-shaped, with the formal sectors gaining market share. The spate of price increases this quarter seems to have buffered margins to an extent in some sectors. We expect direct tax collection to exceed the Budget estimates by around Rs 85,000 crore to Rs 1 trillion,” he added.
Sustained improvement in revenue collection also bodes well for achieving the government’s fiscal deficit target at 6.8 per cent of GDP for the current fiscal year.
In the first seven months of FY22, the government stepped up public capital expenditure in infrastructure by 28.3 per cent over the corresponding period of last year with a focus on the railways, highways, housing, and urban affairs. Revenue expenditure during this period saw a much lower growth rate of 7.5 per cent, indicating a pronounced shift towards a much improved quality of expenditure.

ICAI to soon get powers to act against erring partnership firms

Chartered accountants' apex body ICAI will soon have powers to initiate disciplinary action against erring partnership firms as well, with the government proposing amendments to the Chartered Accountants Act.
The apex institutes for cost accountants and company secretaries too will get similar powers.
As part of efforts to bolster the disciplinary mechanism of the ICAI as well as the institutes of cost accountants and company secretaries, Corporate Affairs Minister NirmalaSitharaman on Friday introduced a bill in the LokSabha to amend the Acts governing these professions.
Over the years, the government has taken various measures to curb possible corporate misdoings. In recent years, the role of some chartered accountants has come under the regulatory scanner.
Against this backdrop, the proposed amendments seek to empower ICAI to take disciplinary action against partnership firms of Chartered Accountants (CAs).
At present, the Institute of Chartered Accountants of India (ICAI) can only initiate action against its members.
ICAI President Nihar N Jambusaria told PTI that the proposed amendments to the Act would empower the institute to take action against partnership firms.
Various amendments have been proposed to the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959 and the Company Secretaries Act, 1980.
The Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Bill, 2021 was introduced in the LokSabha on Friday.
In a statement, the Institute of Company Secretaries of India (ICSI) said the scope to deal with professional misconduct will be widened with the inclusion of a member in his individual capacity or as partner/owner of the firm.
"The bill aimed at strengthening the disciplinary mechanism by making the disciplinary directorate independent will initiate the appointment of non-member, nominated by the central government, as Presiding Officer. ICSI also appreciates the time bound disposal of cases proposed in the bill," ICSI said.
A new provision in the Act has been proposed for registration and register of firms.
Besides, names can be removed from the register of firms and reviewed before the ICSI council. This will help in effective supervision of the firms as well as streamline the process of registration and function of firms of company secretaries.

::Sport::

Andy Murray downs rusty Rafael Nadal in Abu Dhabi exhibition event

Andy Murray defeated Rafael Nadal 6-3 7-5 in the Spaniard's comeback game during the World Tennis Championship exhibition tournament in Abu Dhabi.
Former world number one Andy Murray eased past RafaNadal 6-3 7-5 in the Spaniard's comeback match at the World Tennis Championship exhibition tournament in Abu Dhabi on Friday to set up a summit clash with Russia's AndreyRublev.
More than five years on from their last meeting, both players made impressive starts but Scot's superior match practice told as he saved a break point in the third game of the match and then broke himself to easily claim the first set.
"Me and Rafa have played so many tough matches over the years... both of us have gone through injury troubles and it's just great to have the opportunity to be with him on court again," said Murray.