12 December 2018: UPSC Exam PIB Summary & Analysis

Read the daily PIB update and stay up-to-date on current affairs for the UPSC exam

Deep Sea Submarine Rescue System

Context: Indian Navy’s first flyaway Deep Sea Submarine Rescue System was formally inducted by Admiral Sunil Lanba, Chairman Chiefs of Staff Committee and Chief of the Naval Staff, at the Naval Dockyard, Mumbai.

About:

  • The Indian Navy currently operates submarines of the Sindhughosh, Shishumar, Kalvari Classes as well as nuclear powered submarines. The operating medium and the nature of operations undertaken by submarines expose them to high degree of inherent risk.
  • In such a scenario traditional methods of search and rescue at sea are ineffective for a disabled submarine. To overcome this capability gap the Navy has acquired a third generation, advanced Submarine Rescue System considering of a Non-tethered Deep Submergence Rescue Vehicle (DSRV) and its associated equipment.
  • The Deep Sea rescue system would have a global footprint and can be mobilised from the Naval base at Mumbai to the nearest mobilisation port by air/land or sea to provide rapid rescue to the Submarines in distress.
  • The Indian Navy’s Deep Sea Submarine Rescue System considered to be the most advanced system currently in operation globally, is capable of undertaking rescue from a disabled Submarine upto 650 m depth.

Central Board of Indirect Taxes and Customs (CBIC) to notify the Korean Won (WON) and Turkish Lira (TRY) in the List of Currencies for Exchange Rate

About:

  • Under Section 14 of the Customs Act, 1962, the Central Board of Indirect Taxes and Customs (CBIC) notifies the Rate of Exchange for the purpose of conversion of foreign exchange to Indian Rupees (INR) and vice versa for assessment of imports & exports.
  • Currently, CBIC notifies exchange rates for 20 currencies for the purpose of valuation of imported and exported goods and it has been now decided to include 2 more currencies namely Korean Won (WON) & Turkish Lira (TRY) in the list of such currencies.
  • Notifying Korean Won and Turkish Lira by CBIC will facilitate trade & business by easing the process of conversion of these currencies into INR and vice versa. The initiative is also anticipated to help the exporters claim the benefits of Merchandise Export Incentive Scheme (MEIS) easily, as the rates of TKY and WON will be readily available on the realization date of remittances.

What is Merchandise Exports from India Scheme (MEIS)?

  • MEIS was launched under Foreign Trade Policy of India (FTP) 2015-20.
  • It is one of the two schemes introduced in FP 2015-20, as a part of Exports from India Scheme.
  • The other scheme is Service Exports from India Scheme (SEIS). Objective of MEIS is to offset infrastructural inefficiencies and associated costs involved in export of goods and products, which are produced and manufactured in India.
  • It seeks to enhance India’s export competitiveness of these goods and products having high export intensity, employment potential.

Year End Review 2018 – Ministry of Power

  • 9 States achieve 100 % household electrification under Saubhagya; total 16 states have 100 % household electrification now
  • More than 2 crore electricity connections released under Saubhagya and 100 per cent village electrification achieved under DDUGJY
  • Energy deficit reduced to almost zero and India emerges as net exporter of electricity to Nepal, Bangladesh and Myanmar
  • 31.68 crore LED bulbs distributed under UJALA scheme and 74.79 lakh LED street lights have been installed
  • India’s rank improved to 24 in 2018 from 137 in 2014 on World Bank’s Ease of doing business – “Getting Electricity” Ranking

To ace UPSC current affairs section, read more PIB articles here.

Also see:

Maiden Sea Trial of First Scorpene Submarine Started
Pradhan Mantri Sahaj Bijli Har Ghar Yojana- Saubhagya Scheme
Directorate General of Foreign Trade

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