Home Daily Current Affairs Apr 26, 2021

Apr 26, 2021 : Current affairs for UPSC/State PSC

Chandler Good Government Index (CGGI)

India has been ranked 49th in the Chandler Good Government Index (CGGI), which classifies 104 countries in terms of government capabilities and outcomes.

Finland has topped the CGGI list, in which each country is measured across over 50 open data points.

Polity

Ways and Means Advances (WMA)

The Reserve Bank of India (RBI) decided to continue with the existing interim Ways and Means Advances (WMA) scheme limit of Rs 51,560 crore for all States/ UTs for six months.

The scheme is revised based on the recommendations of Sudhir Shrivastava's Advisory Committee on WMA to State Governments, 2021.

The Ways and Means Advances (WMA) scheme was introduced in 1997 to meet mismatches in the receipts and payments of the government.

Under the scheme, the government can avail immediate cash from the RBI, if required. But it has to return the amount within 90 days. Interest is charged at the existing repo rate.

If the WMA exceeds 90 days, it would be treated as an overdraft (the interest rate on overdrafts is 2 percentage points more than the repo rate).

The limits for WMA (for Centre) are decided by the government and RBI mutually and revised periodically.

There are two types of Ways and Means Advances - normal and special.

A Special WMA or Special Drawing Facility is provided against the collateral of the government securities held by the bank. After the state has exhausted the limit of SDF, it gets normal WMA.

The interest rate for Special Drawing Facility (Special Ways and Means Advances (WMA)) is one percentage point less than the repo rate.

Economy

National Commission for Minorities (NCM)

In 1993, the first Statutory National Commission was set up under Minorities Act, 1992, and five religious communities - the Muslims, Christians, Sikhs, Buddhists and Zoroastrians (Parsis) were notified as minority communities.

In 2014, Jains were also notified as a minority community.

National Commission for Minorities (NCM) consists of a Chairperson, a Vice-Chairperson and five members and all of them shall be from amongst the minority communities.

Each Member holds office for a period of three years from the date of assumption of office.

Polity

19th edition of VARUNA-2021

The 19th edition of the Indian and French Navy bilateral exercise "VARUNA-2021" is scheduled to be conducted in the Arabian Sea from 25th to 27th April 2021.

The Indian Navy also took part for the first time in the France-led naval exercise La P?rouse with the navies of the US, Australia and Japan.

Defence