TNPSC Current Affairs March 02, 2018

www.tnpsc.academy – TNPSC Current Affairs March 02, 2018 (02/03/2018)

 

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Topic : India’s Foreign Policy, Latest Diary of Events

Paschim Leher (XPL-18)

The Western Naval Command of the Indian Navy has concluded a large scale operational exercise named ‘Paschim Leher’ in the Arabian Sea.

What is it?

The exercise tests operational readiness of the Western Naval Command and the execution of it’s operational plans.

The XPL 2018 enabled testing and revalidation of operational plans and manoeuvres in a hostile maritime scenario on India’s Western Seaboard.

The exercise will enable further refine the operational, logistics and administrative plans of the Western Naval Command.

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Topic : Profile of States, Latest Diary of Events, General Administration

Phirangipuram to be Andhra’s first all-women rail station

Phirangipuram is all to be Andhra Pradesh’s first all-women rail station.

It will be the third-of-its-kind railway station in the country after Jaipur’s Gandhi Nagar and Mumbai’s Matunga.

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Topic : General Administration, New Economic Policies in India, Latest Diary of Events

National Financial Reporting Authority

The Union Cabinet has approved the proposal for establishment of National Financial Reporting Authority (NFRA). The decision aims at establishment of NFRA as an independent regulator for the auditing profession which is one of the key changes brought in by the Companies Act, 2013.

About NFRA:

National Financial Reporting Authority (NFRA) is a body proposed in Companies Act 2013 for the establishment and enforcement of accounting and auditing standards and oversight of the work of auditors.

Functions:

It would be an overarching watchdog for auditing profession and once set up, the current powers of the ICAI to act against erring chartered accountants will be vested with the new regulator.

The NFRA will have powers to debar an erring auditor or auditing firm for up to ten years besides slapping heavy penalties.

Composition:

The regulator will have 15 members, including a chairperson and three full-time members. Besides, there would be a secretary.

What necessitated this move?

The need for establishing NFRA has arisen on account of the need felt across various jurisdictions in the world, in the wake of accounting scams, to establish independent regulators, independent from those it regulates, for enforcement of auditing standards and ensuring the quality of audits to strengthen the independence of audit firms, quality of audits and, therefore, enhance investor and public confidence in financial disclosures of companies.

Impact:

The decision is expected to result in improved foreign/domestic investments, enhancement of economic growth, supporting the globalisation of business by meeting international practices, and assist in further development of audit profession.

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Topic : Latest Diary of Events

DefExpo 2018 Chennai

DefExpo India has become one of the largest events of its kind in the world for the last 10 years.

For the first time DefExpo is being held in Chennai from 11 to 14 April 2018.

The location of the event is Tiruvidanthal, Kancheepuram district on the East Coast Road near Chennai.

42 countries have already confirmed their participation and the number is expected to grow in the coming days.

The main theme of this DefExpo 2018 is to showcase India as a major hub of defence production in the world.

This has generated tremendous enthusiasm amongst the domestic industries to showcase their indigenously manufactured platforms and components.

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Topic : Games and Medals, Latest Diary of Events

2018 Asian Wrestling Championships

The 2018 Asian Wrestling Championships took place at the Kozhomkul Sports Palace, Bishkek in Kyrgyzstan. The event took place from February 27 to March 4, 2018.

Winners:

Under Men’s freestyle:

Bajrang Punia, India won Bronze medal in 65 kg category. Vinod Kumar Omprakash, India won Bronze Medal in 70 kg category.

Under Men’s Greco-Roman:

Rajender Kumar, India won Bronze Medal in 55 kg category. Harpreet Singh won the Bronze Medal in 82 kg category.

Under Women’s freestyle:

Vinesh Phogat, India won the silver in the 50kg category. Lei Chun, China won the gold medal by defeated Vinesh Phogat.

Sangeeta Phogat, won the Bronze Medal in 59 kg category. Sakshi Malik won the Bronze Medal in the 62 kg category.

Navjot Kaur, India won the Gold Medal in 65 kg category.

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Topic : New Inventions on Science and Health, Persons in News

Indian-American scientist awarded grant for cancer research

An Indian-American scientist, Navin Vardarajan has been awarded a grant of over USD 1.1 million for his ground- breaking research on cancer.

Navin Vardarajan, along with another University of Houston researcher Sanghyuk Chung, were awarded huge grants by Cancer Prevention & Research Institute of Texas (CPRIT), an organisation that funds pioneering cancer research and prevention programmes in the state.

Associate professor of chemical and bimolecular engineering, Navin was awarded to improve effectiveness of T-cell immunotherapy.