Current Affairs for BANK, IBPS Exams - 21 January 2022

::National::

Daughters to inherit self-acquired properties of fathers dying without will: SC

The Supreme Court on Thursday said the daughters of a male Hindu dying without a will would be entitled to inherit self-acquired and other properties obtained in the partition by the father. The court also said that such daughters would get preference over other collateral members of the family such as sons and daughters of brothers of the deceased father. The judgement dealt with the property rights of Hindu women and widows under the Hindu Succession Act.
“If a property of a male Hindu dying intestate (without a will) is a self-acquired property or obtained in the partition of a coparcenary or a family property, the same would devolve by inheritance and not by survivorship, and a daughter of such a male Hindu would be entitled to inherit such property in preference to other collaterals (such as sons/daughters of brothers of deceased father),” a bench of justices S Abdul Nazeer and Krishna Murari said in a 51-page judgment.
The court also dealt with the question of whether such property will devolve onto the daughter upon the death of her father or on to “father’s brother’s son by survivorship” in the absence of any other legal heir.
“Right of a widow or daughter to inherit the self-acquired property or share received in the partition of a coparcenary property of a Hindu male dying intestate is well recognized not only under the old customary Hindu Law but also by various judicial pronouncements...,” the verdict said.
“The basic aim of the legislature in enacting Section 15(2) (of the Hindu Succession Act) is to ensure that inherited property of a female Hindu dying issueless and intestate, goes back to the source,” it said.
The judgment came on an appeal against the Madras high court verdict dismissing the partition suit of the daughters.
The top court said, “...since the property in question was admittedly the self-acquired property of a father despite the family being in a state of jointness upon his death intestate, his sole surviving daughter will inherit the same by inheritance and the property shall not devolve by survivorship.

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::International::

Biden issues new warning to Russia over invading Ukraine

US President Joe Biden that any Russian troop movements across Ukraine's border would constitute an invasion, saying that Moscow would “pay a heavy price” for such an action.
His stark warning to Russian President Vladimir Putin came in remarks from the White House and was another effort to clear up any confusion about the position of the US and its NATO allies after Biden was heavily criticized Wednesday for saying a “minor incursion” by Russia would elicit a lesser response.
“I’ve been absolutely clear with President Putin. He has no misunderstanding: Any, any assembled Russian units move across the Ukrainian border, that is an invasion,” Biden said. “Let there be no doubt at all if Putin makes this choice, Russia will pay a heavy price.”
His comments came as U.S. Secretary of State Antony Blinken prepares to meet Friday in Geneva with Foreign Minister Sergey Lavrov in a high-stakes bid to ease tensions that appears likely to fail.
Biden said he thinks Moscow will invade and warned Putin that his country would pay a “dear price” in lives lost and a possible cutoff from the global banking system if it does.
But Biden also prompted consternation among allies after saying the response to a Russian invasion “depends on what it does.” “It’s one thing if it’s a minor incursion and then we end up having a fight about what to do and not do, et cetera,” he said.
Biden said Thursday that “Russia has a long history of using measures other than overt military action to carry out aggression -- paramilitary tactics, so-called gray zone attacks and actions by Russian soldiers not wearing Russian uniforms.”
Ukrainian President Volodymyr Zelenskyy was among those expressing concern about Biden’s “minor incursion” remark.

::Economy::

Cabinet approves infusion of ₹1,500 crore in IREDA

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved infusion of ₹1,500 crore in Indian Renewable Energy Development Agency Limited (IREDA), which will help generate 10,200 jobs a year and reduce carbon emissions equivalent to approximately 7.49 million tonnes per year.
The additional equity infusion will enable the mini-ratna company under the ministry of new and renewable energy to lend ₹12,000 crore approximately to the renewable energy sector, thus facilitating the sector’s debt requirement of additional capacity of approximately 3,500-4,000 megawatt (MW), the CCEA said after its meeting on Wednesday.
The equity infusion will also enhance the specialised non-banking finance agency’s net worth, which will help it in additional financing, thereby contributing better to the government’s targets.
Union information and broadcasting minister Anurag Thakur said the IREDA played a big role in the field of renewable energy and its portfolio had increased from ₹8,800 crore to ₹28,000 crore in the past six years.
“But according to RBI (Reserve Bank of India), the loan can only be lent on 20% of the net worth. The net worth of IREDA is ₹3,000 crore. It could lend loans up to ₹600 crore only,” Thakur said, noting the importance of the decision.
Separately, the Union Cabinet approved a scheme for grant of ex gratia payment of ₹973.74 crore, the difference between compound interest and simple interest for six months, to borrowers in specified loan accounts.
State Bank of India (SBI), the nodal agency under the scheme for consequent reimbursement to lending institutions, told the government that it had received consolidated claims of ₹6,473.74 crore, higher than the allocated amount, and has therefore sought additional allocation of the balance amount.

SC upholds NCLAT’s order onwinding up of Devas Multimedia

The Supreme Court cleared the decks for winding up of Devas Multimedia at the instance of ISRO’s commercial arm Antrix, as it affirmed the findings of the National Company Law Appellate Tribunal (NCLAT) that Devas was set up for a “fraudulent and unlawful purpose” of “unjust enrichment”.
Signing off on the first case of winding up of a firm on the ground of fraud under India’s 2013 Companies Act, the top court also called three international arbitral awards in favour of Devas “infected with the poison of fraud”, raising questions about the arbitration proceedings initiated by the company.
Devas and its shareholders currently hold arbitral awards to the tune of ₹15,000 crore against Antrix, and through it the Union of India over the 2011 cancellation of a deal between the two firms. India has not paid any money yet to Devas and has challenged the arbitral awards. It will likely cite the apex court’s order in some of the challenges.
Devas and Antrix signed a contract in 2005 under which Antrix had to build and launch two ISRO satellites and lease S-band satellite spectrum on them to Devas, which in turn would use it to provide its internet services. However, after reports of procedural and regulatory irregularities in the deal emerged, Antrix cancelled the contract in 2011 by invoking the force majeure (extraordinary circumstances) clause, prompting Devas to approach arbitral tribunals for damages.
Devas and its shareholders maintained that Antrix, which is a corporate entity wholly owned by the Centre (it is the commercial arm of the Indian Space Research Organisation), sought liquidation of the company in India only to deprive Devas of the arbitral awards passed by a Delhi-seated International Chamber of Commerce (ICC) Tribunal and by the Permanent Court of Arbitration (PCA) under two bilateral investment treaties (BIT).
But a bench of justices Hemant Gupta and V Ramasubramanian rejected these contentions, emphasising that the arbitral awards are products of a fraud.

::Science and tech::

India successfully test-fires new version of BrahMos missile

India successfully test-fired a new version of the BrahMos supersonic cruise missile off the coast of Odisha in Balasore, news agency ANI reported. According to the Defence Research and Development Organisation (DRDO), the missile was equipped with new technological developments which were successfully proven, according to ANI.
More than a week ago, on January 11, the DRDO had successfully test-fired a naval variant of the BrahMos from a stealth guided-missile destroyer of the Indian Navy.
Union defence minister Rajnath Singh had congratulated DRDO officials for successful launch and said that it "reconfirmed the robustness of the Indian Navy's mission readiness".
BrahMos is a joint India-Russia venture, between the DRDO and Russia’s NPO Mashinostroyeniya, which, together, formed the Brahmos Aerospace. The missile derives its name from two rivers: the Brahmaputra in India and the Moskva of Russia.
BrahMos Aerospace, the India-Russia joint venture, produces the supersonic cruise missile that can be launched from submarines, ships, aircraft, or land platforms.
BrahMos missile flies at a speed of 2.8 Mach or almost three times the speed of sound.
India has already deployed a sizeable number of the original BrahMos missiles and other key assets in several strategic locations.

::Sport::

ICC announces schedule for T20 World Cup 2022; India begin campaign with blockbuster tie against Pakistan on October 23

India will open their 2022 T20 World Cup campaign with a blockbuster tie against Pakistan at the iconic Melbourne Cricket Ground on October 23 this year as the International Cricket Council on Friday announced the schedule for the 2022 T20 World Cup. It will be the first World Cup match between the two Asian teams at the MCG. India and Pakistan last played a World Cup match in Australia in the 2015 edition at the Adelaide Oval.
The eighth edition of the global tournament will begin on October 16, and played across seven venues in Adelaide, Brisbane, Geelong, Hobart, Melbourne, Perth and Sydney, with the final to be played November 13 at the MCG. The ICC event will kick off with defending champions and hosts Australia taking on Trans-tasman rivals New Zealand on October 22. A total of 16 international teams will clash in 45 matches as the pinnacle global event in men's T20 cricket comes to Australia for the first time.
India, placed in Group 2, are joined by Bangladesh and South Africa, plus the winner of Group B and runner-up in Group A from the First Round. The Men in Blue will then take on the runner-up of Group A four on October 27, followed by a fixture against South Africa three days later on October 30, which is the second match of a double-header at Perth's Optus Stadium. India will square off against Bangladesh on November 2 at the Adelaide Oval before facing Group B winners on November 6 at the MCG.