Daily Current Affairs 11th August, 2017

Daily Current Affairs 11th August, 2017


NATIONAL

India’s new Vice-President Shri Venkaiah Naidu took oath of his office

  • He is an NDA backed candidate from the BJP party who recently won VP elections by winning 771 votes against his opponent’s 244 votes.
  • Gopalkrishna Gandhi who is the candidate of opposition lost by a wide margin.
  • He took oath as the 13th Vice President of India which is the second highest constitutional post in India.
  • According to the article 69 of Indian Constitution, President of India administers oath of office and secrecy to Vice President.

Financial Data Management Centre

  • The Law Ministry has approved a revised Cabinet proposal on the creation of the Financial Data Management Centre (FDMC) that would subsequently collect raw data directly.
  • FDMC will collect data in electronic format from the (financial) regulators. Over time, it will gradually build capacity to collect data from the regulated entities i.e. Financial Service Providers.
  • FDMC and the regulators can also “enter into agreement” for flow of data, “stringent confidentiality norms”. This ensures the same level of protection as provided by various acts applicable to the regulators and guarantees that the “data centre is at all times kept secure and effectively protected”.
  • In order to facilitate FDMC functioning, “consequential amendments” have been sought in the RBI Act, Banking Regulation Act and the Payment and Settlement Systems Act as their confidentiality clauses do not allow access to raw data.

ECONOMY,BANKING AND FINANCE

Amended Banking Regulation Bill gets elders’ nod

  • The Rajya Sabha has passed the Banking Regulation (Amendment) Bill, which empowers the Reserve Bank of India to issue instructions to the banks to act against major defaulters. The Bill, earlier passed by the Lok Sabha, will replace the Banking Regulation (Amendment) Ordinance, 2017.

The Banking Regulation (Amendment) Bill, 2017:

  • It seeks to amend the Banking Regulation Act, 1949 to insert provisions for handling cases related to stressed assets. Stressed assets are loans where the borrower has defaulted in repayment or where the loan has been restructured (such as by changing the repayment schedule).  It will replace the Banking Regulation (Amendment) Ordinance, 2017.
  • Initiating insolvency proceedings: The central government may authorise the Reserve Bank of India (RBI) to issue directions to banks for initiating proceedings in case of a default in loan repayment.  These proceedings would be under the Insolvency and Bankruptcy Code, 2016.
  • Issuing directions on stressed assets: The RBI may, from time to time, issue directions to banks for resolution of stressed assets.
  • Committee to advise banks: The RBI may specify authorities or committees to advise banks on resolution of stressed assets. The members on such committees will be appointed or approved by the RBI.
  • Applicability to State Bank of India:The Bill inserts a provision to state that it will also be applicable to the State Bank of India, its subsidiaries, and Regional Rural Banks.

Economic Survey Volume II admits achieving 7.5{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} growth target for this fiscal as tough

  • As per Economic Survey 2016-17 Volume II, tabled in Parliament by Finance Minister Arun Jaitley on August 11, 2017, meeting the upper end of the 6.75-7.5 per cent GDP growth forecast for 2017-18 will be a challenge.
  • In context of farm loan waivers, the report mentioned that they could reduce aggregate demand by as much as 0.7 per cent of GDP, imparting a significant deflationary shock to the economy.
  • The Economic Survey also highlighted the fact that there has been significant moderation in Consumer Price Index (CPI) headline inflation during the last three years and that the current inflation is running well below the 4 percent target, suggesting that inflation by March 2018 is likely to be below the RBI’s medium term target of 4 per cent.
  • Moreover, the fiscal deficit target of 3 per cent of Gross Domestic Product (GDP) under the Fiscal Responsibility and Budget Management (FRBM) framework is projected to be achieved in 2018-19.

RBI to Pay Rs 30,659 cr Dividend to Government

  • to the Reserve Bank of India (RBI), it will pay Rs 30,659 crore dividend to the government for the year ended June 30, less than half of what it paid in 2016. The central bank had in the previous year paid Rs 65,876 crore dividend to the government.
  • RBI had in 2014-15 paid Rs 65,896 crore dividend and Rs 52,679 crore in the year prior to that.

Bill introduced in Lok Sabha to fix a universal minimum wage

  • The Government has introduced in the Lok Sabha ‘The Code on Wages’ Bill to consolidate and amend the laws relating to wages and bonus which also seeks to empower the Centre to fix a “universal minimum wage” aimed to benefit over 40 crore unorganised sector workers.
  • The bill seeks to amalgamate four laws — Payment of Wages Act 1936, Minimum Wages Act 1948, Payment of Bonus Act 1965 and Equal Remuneration Act 1976.
  • The Code provides for the government to determine the minimum wages every five years using factors like skills required for the job, arduousness of work, geographical location of work place and other aspects. Such wages are to be fixed on recommendation of panels comprising an equal number of representatives of employers and employees, and independent persons.
  • The government will fix the number of hours of work that would include a day of rest every seven days. The payment for work on a day of rest will not be less than overtime rate.
  • The Code stipulates that the wages are to be paid in coin or currency notes or by cheque or through digital or electronic mode or by crediting the wages in the bank account of the employee and the government may specify industrial or other establishment where the salary will be paid only through cheque or digital mode.
  • Where an employee is removed or dismissed from service as also when he or she resigns, the wages payable shall be paid within two working days.
  • The Code provides employers with authority to make deductions from the wages only in case of fines imposed, absence from duty, damage or loss of goods expressly entrusted with the employee custody, housing accommodation and amenities and services.

SEBI Launches Online Registration for Custodians of Securities

  • Markets regulator SEBI has introduced an online registration mechanism for custodians of securities to make it convenient for them to do business.
  • The new system would help custodian of securities to complete registration and other regulatory filings with Sebi much faster and in a cost-effective manner.

Facebook Launches Youtube Competitor Called ‘Watch’

  • In an apparent bid to take on Google-owned YouTube, Facebook has rolled out ‘Watch’, a redesigned video platform for creators and publishers.
  • Watch is a platform for all creators and publishers to find an audience, build a community of passionate fans, and earn money for their work. It is personalized to one in discovering new shows, organized around what your friends and communities are watching.

GOVT SCHEME/DIGITAL INDIA

NSDC, Google India to Launch Mobile App Development Program

  • National Skill Development Corporation (NSDC) and Google India launched Android Skill Development Programme to impart mobile app development training on the Android and Web platform and improve the quality of mobile app development ecosystem in India.
  • Under the initiative, NSDC would introduce a specific course to create applications for the mobile platform that can be used on smart phones and tablets running on the Android operating system.

Government to launch new sub-scheme under Deendayal Antyodaya Yojana- National Rural Livelihoods Mission (DAY-NRLM)

  • The scheme is named as Aajeevika Grameen Express Yojana
  • Interest free loan will be provided to these SHGs upto Rs. 6.5 lakh for the purchase of vehicle.
  • The Community Investment Fund under DAY-NRLM scheme will be utilized under this sub-scheme.
  • This will also provide an additional avenue of livelihood for SHGs.

Kerala and Haryana top performers in Swacch Survekshan Gramin 2017

  • Swachh Sarvekshan Gramin 2017 is a survey launched by Ministry of Drinking Water and Sanitation in which Kerala and Haryana performed top as almost all their rural households has access to toilets.
  • Sikkim, Manipur and Nagaland are top performers among the North Eastern states where 95{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} rural households have access to toilets.
  • This survey is conducted by Quality Council of India.

EVENTS

India and US to Co-host the Global Entrepreneurship Summit at Hyderabad

  • Prime Minister Narendra Modi has stated that India and the United States will co-host the Global Entrepreneurship Summit at Hyderabad from November 28, 2017.
  • President Donald Trump’s daughter Ivanka will lead the American delegation.
  • The Summit is a unique opportunity for bringing together entrepreneurs and start-ups with global leaders.
  • The summit is being organized by the NITI Aayog in coordination with the Ministry of External Affairs.

ENVIRONMENT,SCIENCE AND TECH

 Namami Gange Jagriti Yatra: The New Clean Ganga Campaign Launched by UP Government

  • Uttar Pradesh Government has launched a new awareness drive called Namami Gange Jagriti Yatra. The drive will be focusing on cleanliness along the banks of Ganga river and maintain hygiene.
  • The drive will be covering a total area of around 1,025 kms. It will pass through 108 blocks of 25 districts of UP from Bijnore to Ballia alongside the Ganga river.

Water as propellant for tiny satellites

  • Engineers from US have designed and tested a micropropulsion system that uses liquid water as the propellant for orbital maneuvering of tiny satellites called CubeSats.
  • With rapid developments in miniaturisation of technologies CubeSats — which typically weigh about two kilograms — are poised to take over the sky in the future to carry out tasks like imaging and remote-sensing currently performed by heavier satellites which are expensive to build and launch. However, today’s CubeSats cannot totally replace their larger counterparts as they are incapable of changing orbit or performing complex manoeuvres.

Government fixes target of installing 60 Giga watt wind power capacity by 2022

  • Government has fixed an ambitious target of installing 60 giga watt (GW) wind power capacity in the country by 2022.
  • Power Minister Piyush Goyal said, the current wind power installed capacity in the country is over 32.5 GW.
  • Till 2016-17 the wind power was being procured through Feed in Tariff determined by respective State Electricity Regulators.
  • Annual wind power capacity addition of around 5500 megawatt is required to meet wind capacity target of 60 GW by 2022.

IMPORTANT DAYS

World Bio Fuel Day 2017

  • Ministry of Petroleum and Natural Gas celebrated the World Biofuel Day 2017 on 10th August. It aims is to sensitize youths (school and college going students), farmers and other stakeholders about the benefits of biofuel and seek their involvement in Biofuel programme run by the GThe government will also be coming out with the BioFuel Policy soon. The policy will taken into consideration various facets like Role of Government, Return on investment, Minimum Assurance etc.
  • Recently Ministry of Petroleum and Natural Gas has been made responsible for BioFuel Policy. Both the Ministry of New and Renewable Energy and Ministry of Petroleum and Natural Gas will be working towards more utilisation of biofuels.

SPORTS

Davinder Singh Kang, First Indian to Qualify for Javelin Throw Finals

  • Davinder Singh Kang has become the first Indian to qualify for the final round of the javelin throw World Championships while his compatriot Neeraj Chopra crashed out in the qualification round.
  • He had an 82.22m in his opening throw and then came up with 82.14m in his second. No Indian has ever qualified in the men’s javelin throw final round in any world championship

 

 

 

 

 

 

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