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Current Affairs April 1, 2020


Current Affairs Headlines: April 1, 2020
1. Virtual Meeting of G20 Trade and Investment Ministers: Piyush Goyal participates
2. MCA introduces the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement
Scheme, 2020” as a relief measure from COVID-19 for companies and LLPs
3. Govt extended upto Rs 3 lakh crop loan interest benefits to farmers till May 31
4. FPI limit in corporate bonds enhanced to 15% from 9% for FY21; FAR initiated for investment in
G-Secs by non-residents
5. ICICI Bank launches banking services on WhatsApp
6. In a 1st, BhartPe partners with ICICI lombard to launch ‘COVID-19 protection insurance cover’
for shopkeepers
7. ADB grants $60 million to Aavas financiers to improve women’s access to housing in India
8. S&P lowers India’s growth forecast for FY21 to 3.5% from 5.2%
9. IAG sold its 26% stake in SBI General Insurance for $310 mn
10. HDFC Trustee company acquires 5.45% stake in SpiceJet
11. Ministry of Tourism launched ‘Stranded in India’ portal to help foreign tourists stuck in India
12. Pune Woman behind First Indian made testing tool “Pathodetect Covid-19 Kit”
13. Government of India launches coronavirus tracking app Corona Kavach
14. IOC: Tokyo Olympics rescheduled to July 23- August 8 in 2021
15. Legendary historian Arjun Dev passes away at 81
16. Shokoofeh Azar authored a book titled- The Enlightenment of The Greengage Tree
17. The book titled- ‘Backstage: The Story Behind India’s High Growth Years’ authored by Padma
Vibhushan Montek Singh Ahluwalia
18. Satyarth Nayak authored a book- ‘Sridevi: The Eternal Screen Goddess’
19. Nagaland CM launched Self Declaration COVID-19 App
20. PM Modi holds first ever video conference with 130 heads of Indian missions
21. Princess Maria Teresa of Spain becomes 1st royal to pass away from COVID-19

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NATIONAL AFFAIRS
Virtual Meeting of G20 Trade and Investment Ministers: Piyush Goyal participates
On March 31, 2020 The G20 Trade and Investment Ministers meeting was held virtually where Union
Minister of Commerce & Industry Piyush Goyal participated through video conference.

Gist about the meeting


i.Piyush Goyal has urged the G20 nations to build a universal framework to boost the affordable access &
facilitate easy movement of health professionals across national borders to fight over COVID-19.
ii.He stated that nations should think over a framework under which critical pharma products, medical devices,
diagnostic equipment and kits and healthcare professionals can be deployed at short notice across territories
under a pre-agreed protocol.
iii.He stressed on the need to uphold multilateral commitments and improve its effectiveness to meet current
challenges.
iv.Members of the G-20 have agreed to the emergency measures designed to tackle covid-19 & they will
implement those measures which uphold the principle of international solidarity, considering other countries’
growing needs for emergency supplies and humanitarian aid.
Key Points
India has urged its FTA (free trade agreement) partners to allow import of goods without an original certificate
as local authorities could not publish the document due to the lockdown in the country.
He also stated that despite many challenges, India remains a reliable and affordable source of efficient and high
quality medical and pharmaceutical products to 190 countries across the world.
About G20:
The G20 is the premier assembly for international economic cooperation & also discusses financial and
socio-economic issues. The members are- Argentina, Australia, Brazil, Canada, China, France, Germany, India,
Indonesia, Italy, Japan, Mexico, Republic of Korea, Russia, Saudi Arabia, South Africa, Turkey, the United
Kingdom, the United States and the European Union (EU).
Current Presidency (2020)– King Salman bin Abdulaziz Al Saud- Saudi Arabia

MCA introduces the “Companies Fresh Start Scheme, 2020” and revised the “LLP Settlement
Scheme, 2020” as a relief measure from COVID-19 for companies and LLPs
In order to provide relief to law-abiding companies and Limited Liability Partnerships (LLPs) from the COVID
19 impact, the Ministry of Corporate Affairs (MCA), has introduced the “Companies Fresh Start Scheme, 2020”
and revised the “LLP Settlement Scheme, 2020”.
Both schemes provide a one-time waiver of additional filing fees for delayed filings by the companies or
LLPs with the Registrar of Companies (ROCs) during the period starting from 1st April, 2020 and ending on
30th September, 2020.

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About Companies Fresh Start Scheme, 2020


To facilitate Indian companies to make a fresh start, MCA has taken certain alleviative measures for the benefit
of all companies by exercising its power under section 460 & 403 of the Companies Act, 2013 and introduces
the scheme “(CFSS-2020)” with effect from 1st April 2020 to 30th September 2020.
It should be noted that Companies Act 2013 mandates all companies to make statutory compliance by filing
Annual Return and Financial Statements along with various other documents on MCA21 electronic registry
within the prescribed time limit. Under this scheme, stakeholders are granted with one-time opportunity to
complete their pending compliances including annual filings without any additional fees on account of any
delay. It also grants immunity for any prosecution or proceeding against the company for imposing any penalty
on account of delay in filing documents.
The Scheme also provides an opportunity to the inactive company to convert into a dormant company
under section 455 of companies act, 2013 by filing form MSC-1 with nominal fees.
About LLP Settlement Scheme, 2020
On March 3, 2020, Ministry of Corporate Affairs (MCA) introduced a scheme namely “LLP Settlement Scheme,
2020” for limited liability partnership (LLPs) by allowing a one-time condonation of delay in filing statutorily
required documents with the Registrar of Office (ROC). Now to further reduce their compliance burden certain
modifications have been made in that. The modifications are:
The scheme shall come into force from April 1, 2020, and remain till 30th September 2020.
Applicability: Any defaulting LLP is permitted to file belated documents which were due for filing till August
31, 2020.
The defaulting LLP which has filed belated documents till September 30, 2020 and made good the default shall
not be subjected to prosecution by Registrar.
Click here to Read about LLP Settlement Scheme, 2020

Govt extended upto Rs 3 lakh crop loan interest benefits to farmers till May 31

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On March 31, 2020, the government has extended the benefit of 2% interest subvention (IS) to banks and 3%
prompt repayment incentive (PRI) to all farmers up to May 31, 2020 for all crop loans up to 3 lakh which have
become due or are becoming due between March 1 and May 31, 2020. The decision has been taken due to the
national lockdown situation to prevent COVID-19 infection.
The lockdown has restricted movement of people therefore farmers are facing difficulty in visiting bank
branches.
Also, the hassle in timely sale and receipt of payment of their produce, farmers may be facing monetary
issues in repayment of their crop loans.
This extension will help farmers to payback the loan and also become eligible for loans in next financial year.
Point to be noted:
The government provides concessional crops loans to farmers through banks with 2% per annum interest
subvention to banks and 3% additional benefit on timely repayment to farmers. So, overall the govt. is
providing loans up to Rs 3 lakh at 4% per annum interest on timely repayment.

BANKING & FINANCE


FPI limit in corporate bonds enhanced to 15% from 9% for FY21; FAR initiated for investment
in G-Secs by non-residents
On March 30, 2020, the Reserve Bank of India (RBI) has increased the foreign portfolio investment (FPI) limit
in corporate bonds to 15% of outstanding stock for FY 2020-21 from 9%to strengthen the segment of the
corporate bonds.The limit has been increased under sections 10(4) and 11(1) of the Foreign Exchange
Management Act, 1999 (42 of 1999). Importantly, this move was proposed by Union finance minister Nirmala
Sitharaman during her FY20-21 budget speech.

Currently, an investor can invest Rs 3.17 lakh crore in Indian corporate bonds through FPI but with this hike
investor can hold Rs 4.29 lakh crore of corporate bonds for the half year ended September 2020, and Rs 5.41
lakh crore for the half year ending March 2021.
RBI enabled FAR for investment by non-residents in G-Secs
Apart from raising FPI limit in corporate bonds, RBI has also enabled a Fully Accessible Route (FAR) for
investment by non-residents in government securities.
All new issuances of government securities of 5-year, 10-year and 30-year tenors from the FY20-21, will be
eligible for investment under the FAR.
The limits for FPI investment in Central Government securities (G-secs) and State Development Loans (SDLs)
for FY 2020-21, separately.
This scheme shall operate along with the two existing routes, viz., the Medium Term Framework (MTF) and the
Voluntary Retention Route (VRR),” the RBI said.
Following table showing the current limit for FPI in G-secs and SDLs
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Category G-Sec General G-Sec Long Term SDL General SDL Long Term
FPI(Crore) 2,46,100 1,15,100 61,200 7,100
What is FPI?
It is an investment by non-residents in Indian securities including shares, government bonds, corporate bonds,
convertible securities, infrastructure securities etc. It should be noted that FPI does not provide direct control
over the assets or the businesses.

ICICI Bank launches banking services on WhatsApp


On March 31, 2020, the ICICI Bank has launched Whatsapp banking to assist its customers in meeting
the banking needs from homes during the lockdown.
Beneficiaries
Any existing ICICI Bank Savings Account customer on WhatsApp can access the new service.
The customer who has only an ICICI credit card can use the service to block/ unblock the card.
The Non-ICICI Bank customers can also use this service to know the nearby location of the Bank’s branches /
ATMs.
Services provided
i.Banking services- Customers can check their Account balance, Last 3 transactions, Credit Card Limit, Block
/Unblock the card, get details of the pre-approved loan offer & also enquire about the travel, dining, shopping,
discounts and more offers around the customers.
ii.Other services- Customers can Track the delivery status of the Debit Card, Credit Card, Cheque Book and
Passbook, Check nearby ICICI Bank ATMs & branches
Process to avail the service
The customers need to save ICICI Bank’s Verified WhatsApp profile number, 9324953001 to their contacts and
send ‘Hi’ to this number using the mobile number registered with the bank.
About ICICI bank
Headquarters– Mumbai, Maharashtra
Managing Director & Chief Executive Officer (CEO)– Sandeep Bakhshi

In a 1st, BhartPe partners with ICICI lombard to launch ‘COVID-19 protection insurance cover’
for shopkeepers
On March 30, 2020, For the first time, BharatPe, a New Delhi-based startup that is doing payment transaction
business, has entered into the partnership with ICICI Lombard General Insurance Company Limited, a
general insurance company in India, to introduce ‘COVID-19 Protection Insurance Cover’ for shopkeepers,
who are most affected financially due to Coronavirus (COVID-19) outbreak.
Key Points:
i.According to this policy, 100% of the sum assured will be paid to the policyholder for the diagnosis of
Coronavirus. This includes expenses incurred after hospitalization.
ii.The ICICI Lombard Health Cover, available on the BharatPe app, provided at a reasonable cost & offers a
premium starting from Rs 199 and a sum assured of Rs 25,000 and value-added benefits. Along with health
assistance,teleconsultation, ambulance assistance and many attractive offers have been made. It will cover
everyone in the age group of 18 to 65 years.
About BharatPe:
Headquarters– New Delhi
CEO & Co-founder– Ashneer Grover
About ICICI Lombard General Insurance Company Ltd:
Headquarters– Mumbai, Maharashtra
MD– Bhargav Dasgupta

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ADB grants $60 million to Aavas financiers to improve women’s access to housing in India
On March 31, 2020, Asian Development Bank (ADB), a regional development bank, has signed a loan
agreement worth of $60 million with affordable housing loan provider Aavas Financiers Ltd to provide
housing finance to women in low-income communities either as primary borrowers or co-borrowers.
Key Points:
i.The grant, provided under the ADB’s supporting access to housing finance for women and in lagging states
project, will help increase higher rates of property ownership for women in lower-income groups.
ii.At present, India saw the acute housing shortage of 18.7 million units in urban region & 43.7 million units in
rural region, that mostly affecting low-income groups, who are facing major problems in receiving mortgages
including a lack of documents to prove their incomes.
iii.Earlier the ADB announced to invest $100 million in Indian infrastructure sector through National
Investment and Infrastructure Fund (NIIF).
About Aavas Financiers Ltd:
Headquarters– Jaipur, Rajasthan
Managing Director and CEO– Sushil Kumar Agarwal
About Asian Development Bank (ADB):
Headquarters– Mandaluyong, Philippines
President– Masatsugu Asakawa

ECONOMY & BUSINESS


S&P lowers India’s growth forecast for FY21 to 3.5% from 5.2%
On March 31, 2020 Standard & Poor(S&P) Global Ratings has slashed down India’s growth forecast
to 3.5% from 5.2% for the Financial Year(FY)21.
Key points
i.The growth rate has been slashed due to the deteriorating credit conditions in the Asia-Pacific region as a
result of Covid-19 outbreak.
ii.It also expects a sharp growth at 7.3% in the Indian economy for FY22 & also has lowered India’s growth rate
to 5.2% from 5.7% before lockdown.
About S&P:
Headquarters– New York, United States
President and Chief Executive Officer(CEO)– Douglas L. Peterson

ACQUISITIONS & MERGERS


IAG sold its 26% stake in SBI General Insurance for $310 mn
On March 30, 2020, Insurance Australia General (IAG) has sold its entire 26% stake in the SBI (State Bank of
India) General Insurance Co Ltd for USD 310 million (about Rs 2,325 crore) to Napean Opportunities LLP (an
affiliate of Premji invest)and WP Honey Wheat Investment Ltd (Warburg Pincus Group).
As a result, IAG earned a net profit on the sale of its stake in SBI General Insurance for approximately USD 310
million in the second half of FY20.IAG’s regulatory capital position also increased by nearly USD 450 million.
Importantly, Napean Opportunities LLP has acquired 16.01% interest whereas WP Honey Wheat Investment
Ltd acquired a 9.99% interest.
About SBI General Insurance
It was a joint venture between SBI and Insurance Australia Group where SBI owns 70% stake.
Establishment– 2010
Headquarter– Mumbai, Maharashtra

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Chairman– Rajnish Kumar


Managing Director (MD) & Chief Executive Officer (CEO)– PushanMahapatra

HDFC Trustee company acquires 5.45% stake in SpiceJet


On March 30, 2020, HDFC Trustee Company Ltd, a wholly-owned subsidiary of Housing Development Finance
Corporation Limited (HDFC), has acquired 3.4 crore shares or 5.45% stake in Indian low-cost airline SpiceJet.
Key Points:
i.The shares were bought by HDFC trustee from the open market, where the SpiceJet’s shares were trading at
Rs 35.65 apiece, a reduction of 3.65% as against the previous close.
ii.The acquisition shows the confidence of HDFC in the airline, which has suffered a huge impact on their
businesses as travel has almost completely reduced due to the Coronavirus (COVID-19) pandemic.
About HDFC Trustee Company Limited:
Headquarters– Mumbai, Maharashtra
It is an arm of HDFC Mutual Fund, Chairman- Mr.Vimal Bhandari
About SpiceJet:
Headquarters– Gurugram, Haryana
Chairman & Managing Director– Mr Ajay Singh

SCIENCE & TECHNOLOGY


Ministry of Tourism launched ‘Stranded in India’ portal to help foreign tourists stuck in India

The Ministry of Tourism has launched a portal ‘Stranded in India’ as a support network to help foreign
tourists who are stuck in various parts of India. Its web address is strandedinindia.com.
The portal consists of information around Covid-19 helpline numbers and call centres that foreign tourists can
reach out for help, information around Ministry of External Affairs (MEA) control centers along with their
contact information and information around state-based/regional tourism support infrastructure.
The COVID-19 helpline number for foreign tourists stuck in India is +91-11-23978046 or 1075.

Pune Woman behind First Indian made testing tool “Pathodetect Covid-19 Kit”
Virologist Minal Dakhave Bhosale from Pune had headed the designing team for the corona virus testing kit
called ‘Mylab PathoDetect COVID-19 Qualitative PCR kit’.She is the research and development chief
of Mylab Discovery Solutions in Pune, the first Indian company has received full approval to make and sell
Covid-19 testing kits.

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Key Points:
i.Mylab Discovery Solutions , Pune-based molecular diagnostics company had created a history by developing
the first made in India for Covid-19 diagnostic test kits (also known as the Reverse transcription
polymerase chain reaction (RT-PCR) tests) in a six weeks of time period.
ii.This became the first kit which obtained a commercial approval from Indian FDA/ Central Drugs Standard
Control Organisation (CDSCO) and is named as’ Mylab PathoDetect COVID-19 Qualitative PCR kit’.
Also Germany’s Altona Diagnostics is other company to get the approval for same.
iii.Mylab has received clearance from Drugs Controller General of India (DCGI) to manufacture the COVID-
19 Qualitative kit. The Mylab COVID-19 kit has been evaluated at Indian Council of Medical Research (ICMR).
iv.‘Mylab PathoDetect COVID-19 Qualitative PCR kit screens and detects the infection within 2.5 hours,
compared to 7+ hours taken by current protocols and Mylab could manufacture up to 1 lakh test kits in a week.
v.Minal Dakhave Bhosale submitted the complete design of the kit a day before giving birth to her daughter.
Motive behind the invention:
India is currently testing 6.8 per million populations which considered as lowest compared to other countries
in this difficult circumstance. Indian government is receiving millions of testing kits from Germany to diagnose
Corona virus patients.
Additional Info about Mylab
Mylab has an experience of several years in manufacturing of RTPCR kits and manufactures a range of kits at
the facility approved by Indian FDA/CDSCO and compliant with MDR 2017 regulation for manufacturing
medical devices of Class C and D, the most stringent and regulated products by the government. Mylab
currently manufactures ID-NAT screening kits for blood banks/hospitals, Quantitative HIV, HBV and HCV kits.

Government of India launches coronavirus tracking app Corona Kavach


The Government of India has launched a Coronavirus risk-tracking Application (app) called “Corona
Kavach”. The app was jointly developed by the Union Ministry of Electronics and Information Technology
(MeitY) & the Union Ministry of Health and Family Welfare (MoHFW).
The app uses a person’s location to assess whether they are in the high risk geographical zone or not and the
app is available on the Google Play Store.
Key Points:
i.About Corona Kavach: The app is designed to provide information about COVID-19 and capture information.
The app uses the information of all the identified positive cases identified in the country so far.
ii.The app makes users sign in, using their mobile phones & uses the GPS (Global Positioning System) to track
their movement.
iii.The app tracks the data of the users every one hour to alert the people whether they have crossed paths with
any person who has tested positive for the infection. This helps in identifying the relevant chain of contact.
iv.The app uses a colour code to figure out whether the user has come in contact with a COVID-19 carrier or

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not.
v.One colour will identify a user who has never come in contact with an infected person, another will indicate if
a user is in close proximity.

SPORTS
IOC: Tokyo Olympics rescheduled to July 23- August 8 in 2021
On March 30, 2020, The IOC (International Olympic Committee) and the Japanese organisers
of Tokyo Olympic & Paralympic games headed by Yoshiro Mori, announced the rescheduled dates of the
32nd edition of Tokyo Olympics that will be held in Tokyo, Japan from July 23 to August 8, 2021, almost exactly
a year after the games were to commence in 2020.

The Paralympics dates were also confirmed from August 24 to September 5, 2021.
Key Points:
i.The Tokyo Olympics were postponed due to Coronavirus (COVID -19).
ii.The motto of the Tokyo Olympics is “United by Emotion”.
iii.World Swimming Championships: The International Swimming Federation has postponed the World
Swimming Championships to 2022, as it was scheduled on July 16 to August 1, 2021 in Fukuoka, Japan.
World athletics championships get postponed to 2022
The World Athletics organization announced that the new Tokyo Olympic dates will conflict with the scheduled
World athletics championships going to be held in Eugene, Oregon, US (United States) will be postponed to
2022. The World Athletics Championships were scheduled on August 6 to August 15, 2021.
About International Olympics Committee (IOC):
Headquarters– Lausanne, Switzerland.
President– Thomas Bach.
About World Athletics:
Headquarters– Monaco.
President– Sebastian Coe.

OBITUARY
Legendary historian Arjun Dev passes away at 81
On March 29, 2020, Professor Arjun Dev, the legendary historian and educationist passed away at the age of
81 in Noida, Uttar Pradesh (UP). He was born on November 12, 1938 in Leiah, West Punjab (now in Pakistan).
Key Points:
i.About Arjun Dev: He served as a historian at the National Council of Education Research and Training
(NCERT). He also co-wrote some of the extremely popular textbooks with his wife Indira Arjun Dev.
ii.Arjun Dev served as Member Secretary of the National Steering Committee on Textbook evaluation.
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iii.One of his books, which was discontinued by NCERT and was republished by Orient Blackswan as “History of
the World: From the Late 19th to the Early 20th century”, has remained a widely read text.

BOOKS & AUTHORS


Shokoofeh Azar authored a book titled- The Enlightenment of The Greengage Tree
Shokoofeh Azar’s The Enlightenment of The Greengage Tree was originally published in 2017 by
ReadHowYouWant.com, Limited & has been reprinted by Europa Editions in January 2020. The book has been
named(among 13) in the longlist of Booker Prizes (annual) 2020 for a £50,000 (USD 98,000) prize, which is
shared between the author & translator of the winning book.

Key Points
i.She becomes the 1st Iranian author to be named in the Prize. She has authored essays, articles, & children’s
books.
ii.It is her 1st novel to be translated in English which was originally written in Farsi(Persian) & also was
shortlisted for Australia’s Stella Prize for Fiction.
iii.The novel is about the unbreakable connection between the living and the dead. The core of the story is
based on the hardships and sorrows of everyday life in Iran after the Islamic Revolution in 1979 which is
narrated by the ghost of a 13-year-old girl, Bahar.
iv.The prize is given to a single novel or short-story collection translated into English and published in Britain
or Ireland.

The book titled- ‘Backstage: The Story Behind India’s High Growth Years’ authored by Padma
Vibhushan Montek Singh Ahluwalia
The Economist, civil servant & Deputy Chairman of the Indian Planning Commission, with the rank of Cabinet
Minister, from July 2004 to May 2014 & Padma Vibhushan awardee(2011) Montek Singh Ahluwalia authored
a book titled ‘Backstage: The Story Behind India’s High Growth Years’ which captures the essence of
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policymaking between 1985 and 2014.

Key Points
i.The book states about India’s spectacular economic growth and its historic achievements in poverty
alleviation during the 10-year tenure of the United Progressive Alliance (UPA), as well as allegations of policy
freeze and corruption in India’s recent history & is published by Rupa Publication.
ii.He has served in a number of positions in Government of India like, – Special Secretary to the Prime Minister,
Commerce Secretary etc., and also worked with the World Bank & the International Monetary Fund.

Satyarth Nayak authored a book- ‘Sridevi: The Eternal Screen Goddess’


Author & screenwriter Satyarth Nayak authored his 1st non-fiction book titled as ‘Sridevi: The Eternal
Screen Goddess’ which is about the late actress Sridevi. It is published by Penguin eBury Press

Key Points:
i.The book states about her cinematic journey from child star to megastar & also give glimpses of her as a
person, sister, mother & wife.
ii.Satyarth Nayak is known for his bestselling novel The Emperor’s Riddles(2014), a historical thriller.
iii.He has won the Youth Inspiration Award (Literature) 2017, Shri Award for Men Achievers (Literature)
2016,South Asian Association for Regional Cooperation (SAARC)Heal Honour Award 2008.

STATE NEWS
Nagaland CM launched Self Declaration COVID-19 App
Nagaland CM (Chief Minister) Neiphiu Rio launched the Self Declaration COVID-19 application at Kohima,
Nagaland. The app is crucial for tracking and surveillance of high-risk cases.
Key Points:
i.The app will be mandatory for any person who entered Nagaland after March 6, 2020.
ii.The app can be downloaded from the website nagalandhealthproject.org. The user will be directed to click

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the menu button & select the nCOVID-19 App.


About Nagaland:
Capital– Kohima.
Governor– Ravindra Narayana Ravi.

AC GAZE
PM Modi holds first ever video conference with 130 heads of Indian missions
Prime Minister Narendra Modi held a video conference with 130 heads of India’s diplomatic missions and
urged them to assist Indian nationals who are stranded in various countries that are severely affected by the
outbreak COVID-19 pandemic.

Princess Maria Teresa of Spain becomes 1st royal to pass away from COVID-19
Spanish Princess Maria Teresa of Bourbon-Parma has become the first royal to pass away due to Covid-19
complications who was born on July 28, 1933, and studied in France and became a professor at Paris’ Sorbonne
as well as a professor of Sociology at Madrid’s Complutense University. She was known for her outspoken views
and activist work, which led to her nickname the “Red Princess.”

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