Current Affairs in Short: 3 November 2020

PM Narendra Modi to chair Virtual Global Investor Roundtable on November 5th

• Prime Minister Narendra Modi will be chairing the Virtual Global Investor Roundtable (VGIR) on November 5, 2020. 
• The VGIR is being organized by the Union Ministry of Finance and National Investment and Infrastructure Fund. This was announced by the Prime Minister's Office.
•The Virtual Global Investor Roundtable (VGIR) is an exclusive dialogue between leading global institutional investors and Indian business leaders.

North Korea building two submarines?

•According to a South Korean lawmaker, North Korea is building two new submarines, one of which is capable of firing ballistic missiles. The statement was made after a closed-door briefing by the South's National Intelligence Service.
•North Korea has a large submarine fleet but only one known experimental submarine is capable of carrying a ballistic missile.
•The current submarine that North Korea is allegedly building can carry a submarine-launched ballistic missile (SLBM). The nation has been subject to UN Security Council sanctions since 2006 over its nuclear and ballistic missile programmes.

India, United States, Japan and Australia begin large 'Malabar' Exercise

•The QUAD nations- India, United States, Japan and Australia kick-started ‘Malabar’ Exercise on November 3, 2020, their largest joint naval exercises in over a decade. 
•The annual exercise that India holds with the United States and Japan have been expanded to include Australia this year to cover all members of the Quad. The QUAD grouping is an informal group of the four largest democracies in the Indo-Pacific. The efforts aim to balance China's growing military and economic power in the region.
•Five Indian Naval ships including a submarine were deployed in the exercise along with US Navy's John S McCain missile destroyer, Australia's Ballarat frigate and a Japanese destroyer. Due to COVID-19 restrictions, there will be no contact between the military personnel of the four nations during the first phase of drills till November 6. 

India has time till December-end to appeal against Vodafone arbitration award

•The Indian government has time till December last week to appeal against the Vodafone arbitration award. The Vodafone Group PLC won a long-pending arbitration against India with the Permanent Court of Arbitration in Hague ruling in its favour. 
•The International court ruled that the Indian income tax authorities had violated provisions of the Bilateral Investment Treaty with the Netherlands by amending the law retrospectively to demand over Rs 20,000 crore in tax and penalties.
•Finance Secretary Ajay Bhushan Pandey said that the government is examining all aspects to arrive at a decision on whether to appeal against the arbitration award. Upon being asked if there is a time limit on the decision to file an appeal, Pandey said that all arbitration orders if at all have to be appealed, have a time limit of 90 days. 

Army Chief General MM Naravane to visit Nepal to receive honouring rank of 'General of the Nepal Army' 

•Indian Army Chief General MM Naravane will be visiting Nepal soon to receive the rank of 'General of the Nepal Army' by the President of Nepal. 
•The Army Chief stated that he is very grateful for the opportunity to be calling on the Prime Minister of Nepal. 
•He will be visiting Nepal on the kind invitation of his counterpart General Purna Chandra Thapa. He expressed confidence that the visit will go a long way in strengthening the bonds and friendships that the two armies cherish.