Tag: currentaffairs

CURRENT AFFAIRS
05 April 2021

NATIONAL NEWS:

A) Modi reviews ‘alarming rate of growth’ in COVID-19 cases at high-level meeting.

Prime Minister Narendra Modi on Sunday reviewed the COVID-19 situation and vaccination exercise in the country amid an alarming rate of growth in infections and deaths, with 10 states contributing to more than 91% of them. Mr. Modi said the five-fold strategy of testing, tracing, treatment, COVID-appropriate behaviour and vaccination if implemented with utmost seriousness and commitment would be effective in curbing the pandemic’s spread, according to an official statement. The reasons for the sharp rise in cases could be mainly attributed to the severe decline in compliance of COVID-appropriate behaviour, especially in the use of masks and social distancing, pandemic fatigue and lack of effective implementation of containment measures at the field level, it said. A detailed presentation was made which highlighted that there is an alarming rate of growth of COVID-19 cases and deaths in the country with 10 states contributing to more than 91% of cases and deaths due to COVID, it said. It was noted in the meeting that vaccine manufacturers are ramping up their production capacity and are also in discussion with other domestic and offshore companies to augment the same. Noting that the situation in Maharashtra, Punjab and Chhattisgarh is of serious concern, a presentation in the meeting highlighted that the western state has contributed 57% of the total cases and 47% of deaths in the country in the last 14 days. Earlier, with daily coronavirus cases crossing 90,000 a day very near the numbers seen last September Mr. Modi chaired a high-level meeting. The meeting, attended by top officials at the Centre including the Home Secretary, Secretaries of Health, Principal Scientific Adviser, Director General, Indian Council of Medical Research, veered around the view that the spike in cases was due to severe decline in people complying with Covid-appropriate behaviour. This meant, as several communiques from the Centre have reiterated over the past month, that people had largely abjured the use of masks, maintaining ‘2 Gaj ki Doori’, (six feet distance), pandemic fatigue and that authorities weren’t effectively implementing containment measures at the field level.

B) Maharashtra introduces new restrictions.

While ruling out a stringent lockdown, the Uddhav Tackeray-led Mahasrashtra government on Sunday tightened restrictions further by announcing a night curfew and weekend lockdown across the State in wake of the relentless uptick in Covid-19 cases. The fresh norms, which come into effect today, include a curfew from 8 p.m. to 7 a.m. (Monday to Friday), a ban on gatherings of five or more persons throughout the day, and, in a determined bid to preclude gatherings, a closure malls, restaurants and bars. Theatres and cinema halls are to remain shut as well, while playgrounds and gardens are to remain closed as well. In their lieu, home delivery services will be permitted while essential services will continue unhindered. The new rules are to last till April 30, said a government notification. In order to keep the economic spokes running, there will be no curbs on industrial operations and construction activity. Agriculture and agricultural activities, transportation of food grains and agricultural commodities will continue as usual too. Film shoots, too, will be permitted, though in the strict absence of crowds. Everything except essential services will be closed on weekends. While no new restrictions are put on traffic, public transport will run at 50 % capacity. All types of shops, malls, markets, except groceries, medicines, vegetables are to remain closed till April 30.

C) Bodies of 22 jawans recovered in Sukma encounter. 

Police recovered bullet-riddled bodies of 17 jawans in the jungles of Chhattisgarh on April 4, raising to 22 the number of security personnel killed in a fierce gunbattle with Naxals the previous day the biggest massacre in more than a year that also left 30 injured. The dead include personnel from the Central Reserve Police Force (CRPF), its elite unit CoBRA (Commando Battalion for Resolute Action) and the District Reserve Guard (DRG), the official said. It was not clear how many were from which unit. Eighteen jawans were missing after five security personnel were killed on April 3 in the fierce gun battle with Naxals in a forest along the border between Bijapur and Sukma districts in Chhattisgarh, police had said. On Sunday, bodies of 17 missing personnel were recovered during a search operation, the official said. Some weapons of the security forces were missing, he added. Two bodies have been retrieved and choppers have been sent to recover the bodies of other jawans, Chhattisgarh Director General of Police (DGP) D.M Awasthi said earlier on Sunday, adding that one jawan was still missing. Union Home Minister Amit Shah spoke to Chhattisgarh Chief Minister Bhupesh Baghel on April 4 and directed Central Reserve Police Force (CRPF) DG Kuldiep Singh to visit the encounter site. Mr. Baghel who was in Assam for election campaign is returning to Chhattisgarh. Five security personnel, including two from the CRPF, were killed and more than 12 others were injured in an encounter with Maoists in Sukma district on Saturday. Two Maoists were said to be killed and the body of a woman cadre was recovered from the site of the encounter.

D) EC rejects Mamata Banerjee’s complaint of rigging at Nandigram booth.

The Election Commission on Sunday warned West Bengal Chief Minister Mamata Banerjee that her conduct at a polling booth in Nandigram was under its scanner and rejected her allegations of rigging and violence on April 1, the day of voting for the second phase of State Assembly elections. Ms. Banerjee, who is a candidate from Nandigram, reached a polling booth at Boyal in the Assembly segment on polling day, where she alleged that her party polling agent was not allowed inside the booth and outsiders were trying to create trouble while Central forces were protecting them under instructions from the Home Ministry. While the Chief Minister sat inside a polling booth at Boyal Primary School for almost an hour, passions ran high among supporters of both the Trinamool Congress and the BJP outside. The EC slammed Ms. Banerjee for her conduct and wrote that as a poll candidate and CM she sought to weave a media narrative to mislead the voters. The EC said tensions outside the polling booth could have had an adverse impact on law and order across West Bengal and may be some other States while the voting was underway. It added, there could not have been a greater misdemeanor. The EC warned Ms. Banerjee that it was examining the incident for violations under Section 131 and 123(2) of The Representation of the People Act, which deal with disorderly conduct outside the polling booth and attempts by a candidate to exert undue influence or interfere with free exercise of electoral right. There is no evidence at all to suggest that the BSF jawans who were deployed at the polling station indulged in any inappropriate behaviour. Moreover, the complaint that they did not allow the voters to go inside the booth is far from the truth, Election Commission of India secretary general Umesh Sinha wrote on April 3. The letter called the Chief Minister’s allegations factually incorrect, without any empirical evidence whatsoever and devoid of substance.

INTERNATIONAL NEWS 

A) Pakistan court jails Hafiz Saeed’s five aides.

A Pakistani anti-terrorism court has sentenced five leaders of Mumbai attack mastermind Hafiz Saeed’s Jamaat-ud-Dawah (JuD) to nine years of imprisonment each in a terror financing case. Three of them — Umar Bahadar, Nasarullah and Samiullah — have been convicted for the first time since the Anti-Terrorism Court (ATC) Lahore pronounced its verdict some time ago in the terror financing cases registered by the Counter-Terrorism Department (CTD) of the Punjab police. The other two — JuD spokesperson Yahya Mujahid and senior leader Prof Zafar Iqbal — had already been convicted for many years in other terror financing cases. ATC Lahore Judge Ejaz Ahmad Buttar on April 3 handed down nine-year imprisonment to each five of them. The Judge also ordered a six-month jail term to Saeed’s brother-in-law Hafiz Abdul Rehman Makki in the same case. The court found the JuD/LeT leaders guilty of offence of terrorism financing. They had been collecting funds and unlawfully financing the proscribed organisation, LeT [Lashkar-e-Taiba]. The court has also ordered confiscation of assets made from funds collected through terrorism financing, the CTD said. The JuD leaders were presented in the court amid high security and the media was not allowed to cover the proceedings. The CTD of Punjab police had registered 41 FIRs against the JuD leaders, including 70-year-old Saeed, in terror financing cases. The trial courts have so far decided 37 of them.

B) Philippines accuses China of plans to occupy more areas.

The Philippines’ Defence Secretary said on Sunday that China was looking to occupy more areas in the South China Sea, citing the continued presence of Chinese vessels that Manila believes are manned by militias in disputed parts of the strategic waterway. The continued presence of Chinese maritime militias in the area reveals their intent to further occupy (areas) in the West Philippine Sea, Defence Secretary Delfin Lorenzana said in a statement, using the local name for the South China. It was the second hostile statement by Mr. Lorenzana in two days as he repeated calls by the Philippines for Chinese boats to leave Whitsun Reef, which Manila calls the Julian Felipe Reef, located within its 200-mile exclusive economic zone. Chinese diplomats have said the boats anchored near the reef numbering more than 200 based on initial intelligence gathered by Philippine patrols were sheltering from rough seas and that no militia were aboard. On Saturday, Mr. Lorenzana said there were still 44 Chinese vessels at Whitsun Reef, despite improved weather conditions. The Chinese Embassy responded to Mr. Lorenzana’s comments, saying it was completely normal for Chinese vessels to fish in the area and take shelter near the reef during rough conditions. It added, Nobody has the right to make wanton remarks on such activities. An international tribunal invalidated China’s claim to 90% of the South China Sea in 2016, but Beijing does not recognise the ruling and has built artificial islands in the disputed waters equipped with radar, missiles batteries and hangars for fighter jets.

 

CURRENT AFFAIRS
04 April 2021

NATIONAL NEWS:

A) Five security personnel killed in encounter with Naxals in Chhattisgarh.

Five security personnel were killed and a few others injured on April 3 in an encounter with Naxals in a forest in Chhattisgarh’s Bijapur district, a top police officer said. According to the police, some Maoists are also suspected to have been killed during the exchange of fire. The gun battle broke out in Tarrem area (along Sukma and Bijapur border) when a joint team of security forces was out on an anti-Naxal operation, Chhattisgarh Director General of Police D.M. Awasthi said. The personnel belonging to the CRPF’s elite Commando Battalion for Resolute Action unit (CoBRA), the District Reserve Guard (DRG) and the Special Task Force (STF) were involved in the operation, he said. As per the preliminary information, five jawans were killed and a few others were injured in the gunfight, Awasthi said, adding that further details are awaited. On March 23, five DRG personnel were killed when Naxals blew up a bus carrying the security personnel with an IED in Narayanpur district.

B) Assam Elections | EC reduces campaign ban on Himanta Biswa Sarma to 24 hours.

The Election Commission of India (EC) on Saturday cut short the ban on campaigning by BJP leader and Assam Minister Himanta Biswa Sarma from 48 hours to 24 hours, taking into account his unconditional apology and assurance to adhere to the Model Code of Conduct (MCC). The EC had on Friday banned Sarma from campaigning for the April 6 polls for 48 hours after finding that a speech he made violated the MCC. He had said that the Bodoland People’s Front (BPF) chief Hagrama Mohilary would be jailed if he (Mohilary) engaged in extremism. On Saturday, the EC wrote to Sarma saying that it had considered his representation sent on Saturday and reduced the ban from 48 hours to 24 hours, which meant that he could campaign from Saturday evening onward. With polls on April 6, campaigning is scheduled to close on Sunday. The EC said Sarma had requested it to accept his sincere regret and assurance of abiding MCC in future. The EC said Sarma had also pleaded on the grounds that he was himself a candidate in the constituency that was scheduled for the poll on April 6. Reducing the ban from 48 hours to 24 hours, the EC said Sarma could be given permission for holding any public meetings, processions, rallies, road shows, etc., by the district authorities concerned. Meanwhile, the EC has ordered the replacement of Sarma’s brother as the Superintendent of Police of Goalpara district. In an official communication to the State’s Chief Electoral Officer on Friday, the EC ordered the transfer of Sushanta Biswa Sarma from Goalpara to some suitable post in State headquarters. 

C) No trade with India under current circumstances: Imran Khan.

Prime Minister Imran Khan decided that Pakistan cannot go ahead with any trade with India under the current circumstances after holding consultations with key members of his Cabinet on importing cotton and sugar from the neighbouring country, a media report said on Saturday. Pakistan’s U-turn on Thursday came a day after the Economic Coordination Committee (ECC), under newly-appointed Finance Minister Hammad Azhar, recommended importing cotton and sugar from India, lifting a nearly two-year-long ban on its import from the neighbouring country amidst tensions over the Kashmir issue. The Prime Minister, after consultations on Friday, instructed the Ministry of Commerce and his economic team to immediately take steps to facilitate the relevant sectors, value added, apparel and sugar, by finding alternative cheap sources of import of the needed commodities, the Dawn newspaper quoted sources as saying. While the decision was not on the formal agenda of the Cabinet meeting, the issue was brought up by Cabinet members and the prime minister instructed that the ECC’s decision be deferred and immediately reviewed, the report said. India has said that it desires normal neighbourly relations with Pakistan in an environment free of terror, hostility, and violence. India has said the onus is on Pakistan to create an environment free of terror and hostility.

D) Bombay HC grants pre-arrest bail to man accused of raping married woman for 10 years, orders probe.

The Bombay High Court recently granted pre-arrest bail to a man accused of raping a married woman for 10 years after she submitted an affidavit stating that the investigating officer had made her add charges of rape against the man. The court said the circumstances were disturbing and directed the Commissioner of Police to conduct an inquiry into the episode. A Single Bench of Justice S.V. Sarang was hearing an anticipatory bail plea filed by Sachin alias Tanaji Mahadeo Maykude. The FIR filed by the woman herself stated that Maykude had been her neighbour when she was residing with her husband and children. The FIR categorically stated that Maykude committed forcible sexual intercourse amounting to rape without her consent. She alleged that he threatened to harm her children and hence, she succumbed to the force. Maykude also blackmailed her by saying that he had her photographs in his cell phone, the FIR said. On March 7, 2020, she was allegedly raped again and then told her husband, after which an FIR was registered. The Bench also remarked that however, the circumstances in this case are quite disturbing. There are allegations against the police officers made by the lady. There is a possibility that she has made contrary statements and has changed her version through her affidavit. The matter cannot be just ignored like this. Therefore, it is necessary to conduct an inquiry to take the matter to its logical end.

E) Special NIA court extends Sachin Vaze’s custody till April 7.

The special National Investigation Agency (NIA) court extended suspended assistant police officer Sachin Vaze’s NIA’s custody till April 7 in connection with explosives found near Mukesh Ambani’s residence on February 25. Vaze was arrested on March 13 by the central agency. After arresting him at 11.50 p.m., the NIA’s spokesperson had said he was arrested for his role and involvement in placing an explosives-laden vehicle near Carmichael Road. The counsel appearing for NIA told the court on Saturday that they were not merely investigating cases under UAPA but also several other cases related to him and sought an extension of his custody. The agency has till now also raided a prominent eatery in South Mumbai after getting to know that Vaze used to hold several of his meetings there. The NIA has seized seven vehicles, including the Scorpio found with 20 gelatin sticks and a threat letter. The owner of the abandoned Scorpio, Mansukh Hiren, an auto parts dealer, was found dead on March 5 at the Thane creek. Vaze has also been charged with sections 286 (negligent conduct with respect to explosive substance), 465 (punishment for forgery), 473 (making or possessing counterfeit seal, etc., with intent to commit forgery punishable otherwise), 506 (punishment for criminal intimidation) 120 B (punishment of criminal conspiracy) of the Indian Penal Code and The Explosive Substances Act.

 

INTERNATIONAL NEWS 

A) Blinken speaks with Pearl’s family, assures them of Justice. 

Mr. Pearl, the 38-year old South Asia bureau chief for The Wall Street Journal, Was abducted and beheaded while he was in Pakistan investigating a story in 2002 on the links between the ISI and al-Qaeda. Blinken spoke with members of the family of Daniel Pearl and their representatives today to assure them that the U.S. government remains committed to pursuing justice and accountability for those involved in Daniel’s kidnapping and murder, State Department Spokesperson Ned Price said on Friday. Last week, Pakistan’s Supreme Court criticised the prosecution for its failure to prove the guilt of British-born al-Qae Saeed Sheikh, the main accused. The Sindh High Court on April 2, 2020 commuted the death sentence of Sheikh to seven years. The Supreme Court on January 28 ordered authorities to release the accused while issuing a split order.

B) Jordan Kings former adviser, others arrested.

Jordanian security forces arrested a former adviser to King Abdullah, a member of the royal family and others on security related grounds, the Petra state news agency said. U.S.-educated Bassem Awadallah, a long-time confidant of the king who later became Minister of Finance, and Sharif Hassan Ben Zaid, a member of the royal family, were detained along with other unnamed figures, Petra said. It gave no details. Awadallah, who was a driving force behind economic reforms before he resigned as chief of the royal court in 2008, has long faced stiff resistance from an old guard and an entrenched bureaucracy that flourished for years on government perks. Jordan’s powerful intelligence agency has played a bigger role since the introduction of emergency laws at the outset of the pandemic, which activists say violate civil and political rights.

C) Biden lifts Trump’s sanctions on international court officials.

President Joe Biden on Friday lifted sanctions that Donald Trump had imposed on two top officials of the International Criminal Court (ICC), undoing one of the past administration’s more aggressive moves targeting international institutions and officials. Secretary of State Antony Blinken in a statement stressed that the U.S. still strongly disagreed with some actions by the court. They believe, however, that our concerns about these cases would be better addressed through diplomacy rather than through the imposition of sanctions, Mr. Blinken wrote. The U.S. sanctions had targeted ICC chief prosecutor Fatou Bensouda and the court’s head of jurisdiction, Phakiso Mochochoko, for pressing ahead with investigations into the U.S. and its allies, notably Israel, for alleged war crimes. Two sets of sanctions were imposed, the first being a travel ban on Ms. Bensouda in March 2019, and then 18 months later a freeze on any assets she and Mr. Mochochoko may have in the U.S. or U.S. jurisdictions. The second round also made giving the pair material support a potentially sanctionable offence. The Trump administration was openly hostile to the tribunal for pursuing prosecutions of Americans for actions in Afghanistan and Israelis for actions against the Palestinians. Both sets of sanctions had been roundly denounced by the ICC. The removal of the sanctions was the latest signal that the Biden administration is intent on returning to the multilateral fold.

CURRENT AFFAIRS
02 April 2021

NATIONAL NEWS:

A) Government withdraws order on rate cut on small savings schemes.

Hours after notifying significant cuts in small savings instruments’ returns for this quarter, the government has backtracked on these sharp cuts. This is the first time that the Centre has scrapped the notified interest rates on small savings schemes after switching to a quarterly interest rate setting system in April 2016. The government appears to have had a rethink owing to a sharp backlash on social media about the middle class being squeezed. Retail inflation has been breaching the 6% mark and the government has also decided to tax Employees’ Provident Fund (EPF) savings starting this year. Interest rates of small savings schemes of GoI shall continue to be at the rates which existed in the last quarter of 2020-2021, ie, rates that prevailed as of March 2021. Orders issued by oversight shall be withdrawn, Finance Minister Nirmala Sitharaman said in a tweet early Thursday morning. Given the amount of bureaucratic paperwork behind each government notification, an oversight of this nature is unusual. The last round of rate reductions was in the April to June quarter of 2020, when small savings rates had been cut between 0.5% and 1.4%.The rates notified on Wednesday night for the April to June 2021 quarter were 40 basis points (0.4%) to 110 basis points (1.1%) lower on various instruments. The sharpest cut was proposed in the quarterly interest rate paid on one year term deposits, from 5.5% in the January to March quarter to 4.4% in this quarter. The rate of return on the Senior Citizen Savings’ Scheme was cut from 7.4% to 6.5%, while the Sukanya Samriddhi Account Scheme’s return was reduced from 7.6% to 6.9%. The rate of return on the popular Public Provident Fund (PPF) scheme was reduced from 7.9% to 7.1% last April and further slashed to 6.4% for this quarter, before the minister announced the rollback on Thursday morning.

B) Vaccine centres to stay open on all days in April.

The Centre has decided to operationalise both public and private COVID Vaccination Centres (CVCs) on all days in April, according to a statement from the Health Ministry on Thursday. The Centre has directed all States and UTs to make necessary arrangements to provide vaccination at the centres on all days, including gazetted holidays, during April. This step has been taken after detailed deliberations with the States/UTs on March 31, to optimally utilise all COVID Vaccination Centres across the public and private sectors to ensure rapid increase in the pace and coverage of COVID vaccination, noted the release. It added that the decision was in line with the graded and pro-active approach employed for Covid-19 vaccination. Covid-19 vaccination for all people above 45 has started from April 1.

C) Bengal elections: Mamata Banerjee alleges irregularities in Nandigram.

Alleging irregularities in the polling process in Nandigram, West Bengal Chief Minister Mamata Banerjee on Thursday said that she will approach the courts over the issue. Banerjee, who is a candidate from Nandigram, reached a polling booth at Boyal in the Assembly segment, where allegations were made that her party polling agent was not allowed inside the booth. He have come here to prove that 80% of the votes have been rigged here. Since morning, about 63 complaints have been made but not a single action has been taken, Banerjee told journalists at the polling booth. The Chief Minister said that outsiders were trying to create trouble and the Central forces were protecting them under instructions from the Home Ministry. She also urged Governor Jagdeep Dhankhar to ensure a free and fair poll. While the Chief Minister sat inside a polling booth at Boyal Primary School for almost an hour, supporters of both the Trinamool Congress and the BJP came face to face with each other outside. The police and security personnel guarded the primary school by forming a human chain. Passions ran high among the supporters of both the TMC and the BJP, who raised slogans against each other. The security personnel did their best to prevent clashes. The voting started in the morning and the candidate is coming out now. You can understand the situation, BJP candidate Suvendu Adhikari said. Adhikari, who lauded the efforts of Central forces and Election Commission, said 70 % of polling was over. Nandigram went to the polls with 29 other Assembly constituencies in the second phase on Thursday. By 5 p.m. 80.43% of the 75.94 lakh voters who were set to exercise their franchise in the second phase of the polls had cast their votes.

D) Rajinikanth to be bestowed with Dada Saheb Phalke award.

Five days ahead of the Tamil Nadu polls, the Narendra Modi government on Thursday announced the Dadasaheb Phalke Award for Rajinikanth for his contributions as an actor, producer and screenwriter. Announcing the decision in Delhi on Thursday, Information and Broadcasting Minister Prakash Javadekar said, For the last 50 years, Rajinikanth has been ruling the film industry. His work is like the sun. Through his talent and hard work, he has made a space for himself in the hearts of millions of people. He will be conferred the award on May 3, a day after the results of the Assembly elections are announced. Instituted in 1969, the Dadasaheb Phalke Award is India’s highest award in cinema. It is presented annually at the National Film Awards Ceremony by the Directorate of Film Festivals, an organisation of the Ministry of Information and Broadcasting. Reacting to the news of him being honoured with the 51st Dadasaheb Phalke Award, Rajinikanth thanked Indian Prime Minister Narendra Modi, and several other friends, family members and mentors for the award. He further added that he dedicate this award to his friend, bus driver Raj Bahadur, for recognising his acting ability and providing encouragement, his brother Thiru Sathyanarayana Rao Gaikwad for making many sacrifices to help him follow his dreams even when we lived in poverty, his mentor K Balachander for giving him his first break and making him Rajinikanth, all his film producers, directors, technicians distributors, theatre owners, the media, the Tamil people who have helped him thrive, and my fans all over the world.

E) EC bars DMK’s A. Raja from campaigning for 48 hours.

The Election Commission of India (ECI) on Friday debarred DMK deputy general secretary A. Raja from campaigning for 48 hours with immediate effect, besides reprimanding him for violation of the Model Code of Conduct (MCC) for making certain remarks against AIADMK leader and Chief Minister Edappadi K. Palaniswami. It also delisted Raja’s name from the list of DMK’s star campaigners. Raja’s interim reply to the notice issued by the Commission was not found satisfactory, it said. As for his request for hearing his side through his advocate, the Commission said, More time to represent is an attempt to buy time which the Commission cannot afford to give in the midst of elections. The Commission urged the former Union Telecom Minister to be watchful and not to make intemperate, indecent, derogatory, obscene remarks and lower the dignity of women in future during election campaign. Following a complaint from the AIADMK, the ECI had issued a notice to Raja on March 30 and the following day, the DMK MP had submitted his interim reply to the Commission.

INTERNATIONAL NEWS 

A) Biden lets H-1B ban expire.

U.S. President Joe Biden on Thursday let the ban on foreign workers visa, in particular H-1B, lapse as the notification issued by his predecessor Donald Trump expired, a move which is likely to benefit thousands of Indian IT professionals. Amidst a national lockdown and the Covid-19 crisis, Trump had in June last year issued a proclamation that suspended entry to the U.S. of applicants for several temporary or non-immigrant visa categories, including H-1B, arguing that these visas presented a risk to the U.S. labour market during the economic recovery.

 

B) Pakistan defers decision to import sugar, cotton from India.

Pakistan’s Foreign Minister Mahmood Qureshi on Thursday said that the decision to import cotton and sugar from India has been deferred, citing the abrogation of Article 370. He said that the normalisation of ties is impossible until the decisions taken on August 5, 2019 are reconsidered by India. In a video released earlier today, the Minister said the Economic Coordination Committee’s (ECC) decision was deferred following a debate in the Cabinet. An impression was emerging that ties with India are moving towards normalisation and trade has been opened. He said it was impossible to normalise relations until the unilateral decisions taken by India on August 5, 2019 are reconsidered. On August 5, 2019, India had revoked the special status granted to Jammu and Kashmir under Article 370. Pakistan’s Minister for Human Rights Shireen Mazari said in a tweet soon after a Cabinet meeting chaired by Pakistan Prime Minister Imran Khan on Thursday that it had turned down the proposal. PM made clear there can be no normalisation of relations with India until they reverse their actions viz Kashmir of August 5 2019, tweeted Mazari. The Cabinet decision comes a day after Pakistan’s new Finance Minister Hammad Azhar on Wednesday announced that the country will lift a nearly-two year long ban on the import of cotton and sugar from India after a meeting of the ECC chaired by him.

CURRENT AFFAIRS
01 April 2021

NATIONAL NEWS:

A) Mamata writes to 14 Opposition parties on Delhi NCT Bill, says BJP wants to establish ‘one-party authoritarian rule’

The BJP wants to establish a one-party authoritarian rule in India, reducing state governments to mere municipalities, West Bengal Chief Minister Mamata Banerjee said in a letter to heads of 14 opposition parties. She has urged them to come together to counter the BJP after the ongoing assembly polls. She has written to Congress President Sonia Gandhi, NCP chief Sharad Pawar, DMK President M K Stalin, Samajwadi Party President Akhilesh Yadav, RJD leader Tejashwi Yadav, Shiv Sena leader and Maharashtra Chief Minister Uddhav Tackeray, among others. In her three page letter, Banerjee expressed concern about the series of assaults by the BJP and the union government on democracy and Constitutional Federalism in the context of recent passage of the National Capital Territory of Delhi (Amendment) Bill by the two houses of Parliament. With this law, all policy decisions taken by the elected Delhi government have to be cleared by Lt Governor, who is nominated by the Centre, before implementation. The National Capital Territory of Delhi (Amendment) Act is a direct attack on the federal structure of the Indian republic as enshrined in the Constitution. It also makes a mockery of the letter and spirit of democracy since it disempowers the people of the national capital,” Banerjee wrote. This legislation, she wrote, also violates the Supreme Court judgement of 2018, which upheld the pre-eminence of Delhi’s elected government in all matters other than police, public order and land.

B) Supreme Court panel on farm laws submits report.

A Supreme Court-appointed panel has submitted its report on the three agricultural reform laws in a closed cover. The report will be revealed during the next hearing of the case. They submitted the report in a sealed envelope to the registrar of the court on March 19. It will be made public on the date of the next hearing of the PIL, said Anil Ghanwat, one of the members of the committee who also heads a farm union and has advocated in favour of the laws. Asked about the stakeholders consulted by the committee and their views on the laws, Ghanwat said that their role is over now. They are not authorised to say anything about it before it is made public. The three laws which were passed by Parliament in September and are being opposed by farmers’ unions are The Farmers’ Produce Trade and Commerce (Promotion and Facilitation) Act, The Essential Commodities (Amendment) Act and The Farmers (Empowerment and Protection) Agreement on Price Assurance and Farm Services Act. On January 12, the Supreme Court suspended the implementation of the three laws and appointed a four-member committee of experts to listen to the grievances of the farmers on the farm laws and the views of the government and make recommendations.  After one member, farm union leader Bhupinder Singh Mann, recused himself from the panel, the remaining three members met the stakeholders, including farmers’ groups, farmer producer organisations, officials and industry representatives from various States. However, the farm unions refused to meet the panel.

C) Government defers labour codes implementation.

The four labour codes will not come into effect from April 1 as states are yet to finalise the relevant rules, which means that there will be no change in the ‘take home’ pay of employees and provident fund liability of companies for now. Once the wages code comes into force, there will be significant changes in the way basic pay and the provident fund of employees are calculated. Since the states have not finalised the rules under the four codes, the implementation of these laws are deferred for the time being, a source told PTI. Since labour is a concurrent subject under the Constitution of India, both the Centre and the states would have to notify rules under the codes to bring those into force in their respective jurisdictions. Under the new wages code, allowances are capped at 50%. This means half of the gross pay of an employee would be basic wages. Provident fund contribution is calculated as a percentage of basic wage, which includes basic pay and dearness allowance. The employers have been splitting wages into numerous allowances to keep basic wages low to reduce provident fund and income tax outgo. The new wages code provides for provident fund contribution as a prescribed proportion of 50% of gross pay. In case the new codes had come into effect from April 1, the ‘take home’ pay of employees and provident fund liability of employers would have increased in many cases. Now the employer would get some more time to restructure salaries of their employees as per the new code on wages.

D) World Bank projects India’s growth in 2021-22 at 10.1%.

India’s economy is expected to grow at 10.1% for the year starting April 1, 2021, as the vaccine roll-out drives activity in contact-intensive sectors, as per the World Bank’s South Asia Economic Focus South Asia Vaccinates report. However, given the significant uncertainty around epidemiological and policy factors, real GDP growth could range from 7.5% to 12.5%, stabilising at 6-7% in the medium term, it said. It is not normal to talk about these wide ranges in the forecast, Hans Timmer, Chief Economist for the World Bank’s South Asia region, said on a briefing call with reporters. The reason is that we are really in unprecedented circumstances, he said. GDP had been difficult to forecast due to the size of the hit and also its nature. The normal rules of extrapolation were not usable at the moment, Timmer said. The fiscal year ending March 31 2021, is expected to register the worst economic damage due to the pandemic, the report says (the economy contracted 8.5% in FY20-21 as per the World Bank’s estimate).

 

E) Covid Watch: Numbers and Developments.

The number of reported coronavirus cases from India stood at 1,22,13,561 with the death toll at 1,64,291. India on Wednesday reported 354 deaths in the last 24 hours, the highest since December 17 when 355 Covid-19 fatalities were reported in a single day. This is also the highest single-day spike in casualties this year. According to the Health Ministry, six States account for 82.20% of the new deaths with Maharashtra registering the highest (139) followed by Punjab (64 daily deaths). Meanwhile, the Tamil Nadu government, which extended the Covid-19 lockdown across the state with existing restrictions and relaxations till April 30, has allowed local authorities to impose fresh restrictions to contain the spread of the pandemic in their respective areas. “Based on their assessment of the situation, local restrictions at district/sub-district and city/ward level, with a view to contain the spread of Covid-19 shall be imposed,” Chief Secretary Rajeev Ranjan said in a G.O. issued in this regard on Wednesday. All the District Collectors are to strictly enforce various measures spelt out by the State government, he said and added, For the enforcement of physical distancing, the District Administrations, as far as possible, use the provisions of Section 144 of the Criminal Procedure Code (CrPC) of 1973.

INTERNATIONAL NEWS 

A) Pakistan allows import of cotton, sugar from India.

Partially reversing a two-year old decision to suspend all trade with India, Pakistan announced on Monday that it would allow the import of cotton and sugar from across the border. The decision follows the Line of Control (LoC) ceasefire announced by India and Pakistan in February, and a number of moves seen as part of a larger dialogue process to de-freeze ties. Addressing the media at the end of a Cabinet meeting that cleared the two proposals from Pakistan’s Commerce Ministry, Pakistan’s newly appointed Finance Minister Hammad Azhar said, however, that the decision was driven by rising prices and Pakistani industry’s need for the specific products. The decision to cancel trade was taken by the Imran Khan government on August 9, 2019, days after the government amended Article 370 and reorganised Jammu and Kashmir. India’s Ministry of External Affairs did not respond to the development, nor did it respond to questions on whether it was considering any complimentary steps. While India had not banned trade with Pakistan, it suspended cross-LoC trade and withdrew Most Favoured Nation (MFN) status to Pakistan in the wake of the amended Article 370 and reorganised Jammu and Kashmir. Experts said that the move by Pakistan, which follows the granting of sports-related visas by India after a gap of three years, scheduling a much-delayed meeting of the Indus Water Commissioners in Delhi in March, peace at the LoC after more than 5,000 ceasefire violations last year, as well as the exchange of salutary messages between Prime Minister Narendra Modi and PM Khan, has raised hopes for further measures.

B) Brazil military chiefs quit after Bolsonaro fires Defence Minister. 

The leaders of all three branches of Brazil’s armed forces jointly resigned on Tuesday following President Jair Bolsonaro’s replacement of the Defence Minister, causing widespread apprehension of a military shakeup to serve the President’s political interests. The Defence Ministry reported the resignations apparently unprecedented since at least the end of military rule 36 years ago. Replacements were not named. But analysts exe pressed fears the President, increasingly under pressure, was moving to assert greater control over the military. Since 1985, they haven’t had news of such clear intervention of the President with regard to the armed forces, said Carlos Melo, a political science professor at Insper University in Sao Paulo. Mr. Bolsonaro, a conservative former Army captain who has often praised Brazil’s former military dictatorship, has relied heavily on current and former soldiers to staff key Cabinet positions since taking office in January 2019, but Mr. Melo said the military itself has so far refrained from politics. The announcement came after the heads of the Army, Navy and Air force met with the new Defence Minister, General Walter Souza Braga Netto, on Tuesday morning. Gen. Braga Netto’s first statement on the new job showed he is aligned with Mr. Bolsonaro’s views for the armed forces. The incoming Defence Minister, unlike his predecessor Fernando Azevedoe Silva, celebrated the 1964-1985 military dictatorship that killed and tortured thousands of Brazilians. The 1964 movement is part of Brazil’s historic trajectory. And as such the events of that March 31st must be understood and celebrated. Mr. Bolsonaro on Monday carried out a shake-up of top Cabinet positions that was initially seen as a response to demands for a course correction over his handling of the pandemic that has caused over deaths.

CURRENT AFFAIRS
31 March 2021

NATIONAL NEWS:

A) COVID-19 surge has gone from ‘bad to worse’, says Health Ministry.

The COVID-19 situation in India has gone from bad to worse over the last few weeks, the Union Health Ministry said today. Trends show the virus is still very active and breaches our defences just when we think we can control it, VK Paul, the Chairman of National Expert Committee on Vaccine Administration said at the ministry briefing. Paul, however, denied that the mutated strains have a role to play in this surge. States, he said, are being told to enforce Covid-appropriate behaviour, including the use of masks. Use the law, use fine as an option, people need to wear a mask, he said. Delhi, taken as one district, is among the top ten Covid-19 high-burden districts. Eight such districts are from Maharashtra, he added. They have taken pride that fatality has been low. But the death rate is now at four times — at 271 from 73. The virus needs to be eliminated, Paul said. They want to emphasize that without contact tracing, quarantining, and isolation, they cannot contain the virus. There are 10 districts across the country that have the most number of active cases — Pune, Mumbai, Nagpur, Thane, Nashik, Aurangabad, Bengaluru Urban, Nanded, Delhi and Ahmednagar, health secretary Rajesh Bhushan said, adding, they have been in constant touch with officials to ensure higher rate of testing. The number of reported coronavirus cases from India stood at 1,21,22,703 with the death toll at 1,63,684.

B) After backlash, Manipur retracts letter on Myanmar refugees.

The Manipur government has withdrawn the letter issued last week directing officials to not set up any camps for Myanmar nationals crossing the border into India and to politely turn away those seeking refuge. It appears that the contents of the letter have been misconstrued and interpreted differently. The State government has been taking all humanitarian steps, including taking them to Imphal, to treat the injured Myanmarese nationals. The State government continues to provide all aid, said H. Gyan Prakash, Special Secretary (Home) in Manipur government in the letter dated March 29. In order to avoid this misunderstanding he is directed to convey the decision of the government that it has decided to withdraw the letter dated 26.03.2021 mentioned above, Prakash added. Meanwhile, even though the Union Home Ministry asserted that the refugees should be identified and deported, the Mizoram government is planning to provide employment to refugees under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS). The neighbouring state Mizoram, which shares a 510-km border with Myanmar, has been at odds with the Centre on the treatment of Myanmar nationals seeking refuge in India. Initially, the Mizoram government had issued guidelines directing officials to provide shelter to those crossing over following the coup on February1. The guidelines were withdrawn following directions from the Ministry of Home Affairs (MHA).

C) President Kovind undergoes successful bypass surgery.

President Ram Nath Kovind has undergone a successful bypass surgery at the All India Institute of Medical Sciences (AIIMS) in the national capital on Tuesday, Defence Minister Rajnath Singh said. He congratulate the team of doctors for the successful operation. Spoke to Director AIIMS to enquire about Rashtrapatiji’s health. Praying for his well-being and speedy recovery, Defence Minister Rajnath Singh said on Twitter. Last Friday, Kovind visited the Army’s Research and Referral (R&R) Hospital following chest discomfort where he underwent routine check-up and was kept under observation. On Saturday, Kovind was shifted to AIIMS where after investigations, doctors advised him to undergo a bypass procedure, the Rashtrapati Bhavan had stated earlier.

D) Motor vehicle tax rebate proposed for scrapping old vehicles.

The Ministry of Road Transport and Highways has brought out a draft notification proposing concessions in motor vehicle tax for those who take their old vehicle for scrapping. The notification dated March 29 invites objections and suggestions to the proposal for a period of 30 days. The draft proposes up to 25% concession in motor vehicle tax for non-transport vehicles and up to 15% in case of transport vehicles upon submitting a Certificate of vehicle scrapping. The concession will be valid for a period of 15 years for non-transport vehicles and for 8 years for transport vehicles. The concession is among the several incentives planned by the Centre, including waiver of registration fees on purchase of new vehicles, to encourage scrapping of old vehicles.

INTERNATIONAL NEWS 

A) IS attack survivors stranded around Mozambique town.

Thousands of Palma residents remained stranded on Tuesday, hiding around the besieged northern Mozambique town and scrambling to escape the area overrun by violent jihadist militants last week, sources said. Insurgents affiliated with the Islamic State group (IS) launched a raid on the coastal town last Wednesday, ransacking buildings and murdering and beheading civilians. Dozens have been killed in what witnesses describe as a coordinated attack, just 10 km from a multibillion dollar gas project led by France’s Total. Shaken survivors have since streamed into the neighbouring town of Mueda and regional capital Pernba. But sources told AFP thousands were still wandering around Palma, desperate to find refuge. Total ferries 1,400 Some trudged days through surrounding forest, walking west towards Mueda and north to reach the Tanzanian border. Hundreds more travelled to the Afungi peninsula, the site of the gas exploration project, where they gathered outside Total’s fortified complex, UN work. ers said. Total ferried around 1,400 people, including both gas and government workers, to Pemba on Sunday, but has since been accused of turning its back on desperate residents.

B) Global leaders push for new pandemic treaty. 

World leaders pushed Tuesday for a new international treaty to prepare for the next global pandemic and avoid the unseemly scramble for vaccines hampering the COVID-19 response. Leaders from 25 countries, the European Union and the World Health Organization (WHO) sought to get the ground rules down in writing to streamline and speed up the reaction to future global outbreaks. The treaty would aim to ensure that information, virus pathogens, technology to tackle the pandemic and products such as vaccines are shared swiftly and equitably among nations. The time to act is now. The world cannot afford to wait until the pandemic is over to start planning for the next one, WHO chief Tedros Adhanom Ghebreyesus told a virtual press conference. Without an internationally-coordinated pandemic response plan, they remain vulnerable, he warned. The call came in a joint article published in international newspapers on Tuesday, penned by leaders from five continents.

C) Myanmar crackdown death toll crosses 500.

The death toll in the Myanmar military’s crackdown on protesters has passed 500, as armed rebel groups on Tuesday threatened the junta with retaliation if the bloodshed does not stop. World powers have ramped up their condemnation of the military’s campaign against the anti-coup movement that is demanding the restoration of the elected government and the release of civilian leader Aung San Suu Kyi. Washington suspended a trade pact with Myanmar and UN chief Antonio Guterres called for a united global front to pressure the junta after more than 100 protesters were killed in a bloody weekend. Adding to that pressure campaign, a trio of ethnic rebel groups on Tuesday condemned the crackdown and threatened to fight alongside protesters unless the military reined in its violence. Daily rallies across Myanmar by unarmed demonstrators have been met with tear gas, rubber bullets and live rounds. The Assistance Association for Political Prisoners (AAPP) said it had confirmed a total of 510 civilian deaths but warned the true toll was probably significantly higher. On Tuesday, protesters in Yangon emptied rubbish bags in the streets as part of the latest action, while in the town of Muse in Shan state a 35-year-old protester was shot dead. There was also another fatality at Myitkyina, Kachin State, rescue workers confirmed.

CURRENT AFFAIRS
30 March 2021

NATIONAL NEWS:

A) Eight states account for over 84% of India’s fresh Covid-19 cases.

Eight States, including Maharashtra, Karnataka and Punjab have reported a high number of daily Covid-19 cases and account for 84.5% of the 68,020 fresh cases recorded in the country in a day, the Union Health Ministry said. Maharashtra has reported the highest daily rise of 40,414 Covid-19 cases, followed by 3,082 in Karnataka, 2,870 in Punjab, 2,276 in Madhya Pradesh, 2,270 in Gujarat, 2,216 in Kerala, 2,194 in Tamil Nadu and 2,153 in Chhattisgarh, the Ministry said. Five States — Maharashtra, Kerala, Punjab, Karnataka and Chhattisgarh cumulatively account for 80.17% of the total active cases in the country, it added. Ten States — Maharashtra, Gujarat, Punjab, Madhya Pradesh, Delhi, Tamil Nadu, Chhattisgarh, Karnataka, Haryana and Rajasthan — are displaying an upward trajectory in the daily new cases, the Ministry said, adding that the total vaccination coverage in India has crossed 6 crore. India’s total active caseload has reached 5,21,808 and constitutes 4.33% of the total infections. A net rise of 35,498 cases has been recorded in the total active caseload in a day, the Ministry said. The total number of reported coronavirus cases from India stood at 1,20,40,001 with the death toll at 1,63,263.

B) Mehbooba Mufti denied passport after ‘adverse’ CID report.

Former Jammu and Kashmir chief minister and Peoples Democratic Party (PDP) president Mehbooba Mufti has been denied a passport after an adverse report by the Criminal Investigation Department (CID) of the J&K police. The Passport Officer, Srinagar, on Monday submitted to the High Court that the Additional Director General of Police (DGP) of the Criminal Investigation Department (CID), J&K, has categorised the application of Mufti as not recommended for passport case. As per norms, clear Police Verification Report (PVR) is mandatory (for issuance of a passport). The PVR received from the ADGP, CID, do not favour issuance of passport and (was) returned as ‘not recommended for passport case’. In view of the CID report, your case was found to attract refusal under the provision Section 6(2) (c) of the Passport Act, 1967, the Passport Officer’s submission reads. Mufti had applied for a fresh passport on December 11, 2020. She has now been asked to appeal before the Joint Secretary (PSP) and the Chief Passport Officer, Ministry of External Affairs, Patiala House, New Delhi, within 30 days in case of any grievance against the decision. Reacting to the decision, Mufti, in a tweet, said that the Passport Office refused to issue his passport based on CID’s report citing it as ‘detrimental to the security of India’. This is the level of normalcy achieved in Kashmir since August 2019 that an ex-Chief Minister holding a passport is a threat to the sovereignty of a mighty nation.

C) Less than 6% of houses sanctioned under Central scheme reach completion.

Less than 6% of the houses sanctioned under the Centre’s flagship rural housing scheme in 2020-21 have reached completion so far this year, with Covid-19 stalling progress, the Rural Development Ministry told a Parliamentary Standing Committee last month. However, some States such as Odisha and Jharkhand used the scheme to provide employment opportunities for migrant workers who returned to their villages during the crisis. With a little over a year to go to achieve its goal of Housing for All, the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) has completed only 55% of its construction target, although money has been sanctioned for almost 85% of beneficiaries. Of the 2.28 crore houses to be built for the rural poor under the Yojana, less than 1.27 crore had been completed by January 28, 2021, according to the Committee’s report presented to the Lok Sabha earlier this month. Another 61 lakh are under construction. The PMAY-G was launched in April 2016. It aims to provide the end of March 2022 a pucca house with basic amenities to all rural families who are homeless or living in kutcha or dilapidated house. According to data provided by the Ministry in 2019, it takes an average of 114 days to construct a house under the scheme. However, the advent of the pandemic caused long delays at every stage. Implementation was affected at the ground level due to unavailability of construction materials, labour, delay in inspection of stages of house construction etc., the Ministry told the Committee. Although the nationwide lockdown in March 2020 brought work to a complete standstill, the Ministry issued an advisory to all States to start house construction activities from April 20, 2020, while adhering to safety protocols such as mask-wearing and distancing.

D) SC directs police stations to send reports to accident claim tribunals within 48 hours.

The Supreme Court has directed police stations to send accident information reports to Motor Accident Claims Tribunals and insurers within 48 hours of the road mishap. The jurisdictional police station shall report the accident under Section 158(6) of the Motor Vehicle Act (Section 159 post 2019 amendment) to the tribunal and insurer within the first 48 hours either over email or a dedicated website, the Supreme Court directed. This is part of a set of eight directions issued by the court to prevent delays in disbursement of compensations to victims. These directions should be uniformly practised by the police, motor accident claims tribunals, and insurers across the country. A Bench of Justices S.K. Kaul and R. Subhash Reddy ordered the Centre to launch a national online platform, which could be operated and accessed across the country for submission of accident reports, claims and responses to claims, etc. This would end the distress felt by victims when accidents happened in places other than their native State. Tamil Nadu and NCT of Delhi have already progressed from having email accounts for submission of accident reports by the police to the tribunal and the insurer, to operating an online platform/website for submission of accident reports, the Bench noted. However, it said every State having its own online system would hamper efficient adjudication of claims. Therefore, Central government shall develop an online platform accessible to the tribunals, police authorities and insurers throughout India, the court directed.

INTERNATIONAL NEWS 

A) Boston Dynamics introduces ‘Stretch’, new warehouse worker robot.

U.S. robotics company Boston Dynamics on Monday unveiled a new robot called Stretch, designed to perform one very specific warehouse job: moving boxes. Stretch is the first robot for one task that the company has built, based on requests received from companies around the world, said Michael Perry, vice president of business development for Boston Dynamics. Stretch has a small mobile base that allows it to move around tight spaces in existing warehouses without having to reconfigure them for automation. It is equipped with an arm and a smart-gripper with advanced sensing and computer vision cameras that can identify and handle a large variety of boxed and shrink wrapped cases. They are looking at picking up boxes around 50 pounds (23 kilograms), and our maximum rate of picking up and moving boxes can reach up to 800 cases per hour. So, it’s a fast moving, highly versatile robot, Perry said. The Waltham, Massachusetts-based company is known for YouTube videos of its dog-like ‘Spot’ and humanoid ‘Atlas’ robots. Hyundai Motor Group recently agreed to buy a controlling stake in Boston Dynamics from SoftBank Group Corp in a deal that values the robot maker at $1.1 billion.

B) Abroad fans will not get full refunds of Tokyo Olympics tickets from brokers. 

Many fans living outside Japan who bought tickets for the Tokyo Olympics from brokers — known as Authorised Ticket Resellers (ATRs) — will not get full refunds. And they may have a long wait to get any refunds at all. The question of refunds came into play a week ago when local organisers and the Japanese government decided to bar most fans from abroad because of the pandemic. There are dozens of ATRs. They are typically appointed by national Olympic committees and are allowed to charge a 20% handling fee on tickets. For $2,000 worth of tickets, for instance, the reseller can charge $2,400. CoSport, the ATR for the United States and other territories and countries, said in a letter over the weekend to ticket holders that it would not refund the handling fee. It said it would refund the face value of the ticket and the shipping fees.

C) Traffic in Suez Canal channel resumes after stranded ship is refloated.

In a photo released by Suez Canal Authority, the Ever Given, a Panama-flagged cargo ship is pulled by one of the tugboats on March 29, 2021. The stranded container ship blocking the Suez Canal for almost a week was re-floated on Monday and is currently being secured, Inchcape Shipping Services said, raising expectations the vital waterway will soon be reopened. The ship was successfully re-floated at 4.30 a.m. local time and was being secured at the moment, Inchcape, a global provider of marine services, said on Twitter. The rescue teams, according to media reports, were aided by the moon and the tides in prising the ship free. About 15% of world shipping traffic transits the Suez Canal, which is an important source of foreign currency revenue for Egypt. The stoppage is costing the canal $14-$15 million a day. More than 350 vessels, including container ships and oil tankers, were caught in the ‘traffic jam’ as they waited to transit the canal.

D) Global banks warn of significant losses from hedge fund default.

Swiss bank Credit Suisse said Monday it may have suffered a highly significant loss from a default by a U.S.-based hedge fund on margin calls that it and other banks made last week, while Japan’s Nomura said it could face a loss of $2 billion due to an event with a U.S. client. A margin call is triggered when investors borrow using their stock portfolio as collateral and have to make up the balance required by banks when the share prices fall and the collateral is worth less. Credit Suisse didn’t identify the significant hedge fund or the other banks affected, or give other details of what happened. News reports identified the hedge fund as New York-based Archegos Capital Management. Following the failure of the fund to meet these margin commitments, Credit Suisse and a number of other banks are in the process of exiting these positions, the company said. The Financial Times reported that Archegos had large exposures to ViacomCBS and several Chinese technology stocks and was hit hard after shares of the U.S. media group fell last week.