Daily Current Affairs 28th November, 2016

Daily Current Affairs 28th November, 2016

INTERNATIONAL

Pakistan Appoints Gen. Qamar Javed Bajwa as Army Chief of Staff

  • Gen Qamar Bajwa has been appointed as the chief of Pakistan Army by the Prime Minister Nawaz Sharif.
  • He will replace Gen Raheel Sharif who will retire on November 29, 2016.


WHO settles India, EU medicine dispute

  • The World Health Organisation (WHO) has dropped the term ‘counterfeit’ and retained ‘falsified’ to describe medicines of inferior quality.
  • This decision was taken by a WHO’s technical working group on draft working definitions of substandard/spurious /falsely-labelled/falsified/counterfeit (SSFFC) medical products.

The Issue

  • The terms were being used interchangeably to confiscated Indian made generic drugs exported to other countries by showing that they were in violation of intellectual property.
  • Nearly 20 shipments of generic drugs, including basic antibiotics and anti-retrovirals, were detained while in transit from India to several developing countries via Europe between 2008 and 2009, derailing the free trade agreement negotiations.

WHO`s statement

  • WHO clarified that ‘counterfeit’— will now be used by member States with respect to protection of Intellectual Property Rights (IPR).


NATIONAL

PM Modi launches Indian Police app that helps you locate nearest police stations

  • An app launched by Prime Minister Narendra Modi on 27th November helps the citizen locate the nearest police stations wherever he or she is Not just that, the Indian Police app provides the names of the police stations, the telephone numbers, the distance from the place where you are and how much time it will take to reach whichever police station one wants to go to.
  • The app also prompts one to call any of the numbers listed with the ‘Tap to call’ facility.


SOCIAL JUSTICE

Now, Railways, IRCTC include transgender as the third gender

  • Indian Railways and IRCTC have included “transgender as the third gender” in the option alongside male and female in ticket reservation and cancellation forms.
  • The Railway ministry notifies that hijras, eunuchs, apart from binary gender to be treated as the third gender for the purpose of safeguarding their rights under Part III of our Constitution and the laws made by the parliament and the State Legislature.

ECONOMY

E-commerce firms like Flipkart and Snapdeal to deduct TCS under GST

  • As per the new GST law, E-commerce giants Flipkart and Snapdeal will have to deduct 2{be19e8fcc7081f751eba9e03bd22e904e5cf3e86733381e655a03b1ab7839769} TCS(Tax Collected at Source) while making payments to their suppliers and deposited TCS amount with the government E-commerce firms like Flipkart and Snapdeal to deduct TCS under GST.
  • The new model GST law provides for 1 per cent TCS and 1 per cent tax levied on inter-state movement of goods.
  • It will not apply to aggregators like Ola,Uber etc.

About tax collected at source

  • TCS is a short form for Tax Collected at Source.
  • This tax is payable by the seller who collects in turn from the lessee or buyer.
  • The goods are as specified under section 206C of the Income Tax Act, 1961.

Insolvency and Bankruptcy Board sets up two advisory panels

  • The Insolvency and Bankruptcy Board of India (IBBI) has sets up 2 high-level committees under the Insolvency and Bankruptcy Code to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.
  • The advisory committee on services: It will be headed by educationist Mohandas Pai.It includes National Stock Exchange Vice-Chairman Ravi Narain, SEBI Executive Director J Ranganayakulu, National Institute of Public Finance and Policy’s Professor Ajay N Shah and senior lawyer Amarjit Singh Chandiok. 
  • The advisory committee on corporate insolvency and liquidation: It will be headed by noted banker Uday Kotak. It includes Credit Information Bureau Chairman M V Nair, Corporate and Economic Research Group Advisory’s Chairperson Omkar Goswami and BSE CEO Ashishkumar Chauhan.

About Insolvency and Bankruptcy Board

  • The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy.
  • The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms.The process may be initiated by either the debtor or the creditors
  • The Code establishes the Insolvency and Bankruptcy Board of India, to oversee the insolvency proceedings in the country and regulate the entities registered under it. The Board will have 10 members, including representatives from the Ministries of Finance and Law, and the Reserve Bank of India.
  • The insolvency process will be managed by licensed professionals. These professionals will also control the assets of the debtor during the insolvency process.
  • Bankruptcy and Insolvency Adjudicator: The Code proposes two separate tribunals to oversee the process of insolvency resolution, for individuals and companies:the National Company Law Tribunal for Companies and Limited Liability  Partnership firms; andthe Debt Recovery Tribunal for individuals and partnerships.

GOVT SCHEME

Government launches e-Pashuhaat portal to connect farmers and breeders of bovine animals

  • The Union Agriculture & Farmers Welfare launched e-pashuhaat portal to connect farmers and breeders of bovine animals.
  • The portal will act as a single online e-trading market platform, including availability of bovine germplasm.
  • It will enable the farmers to buy bovine animals, frozen semen and embryo.
  • e-pashuhaat portal will connect farmers with breeders- State, Central, Co-operative, Milk Federations, and private agencies.

HONOURS

Amitabh Bachchan Starrer Pink To Be Screened at UN Headquarters on Special Invitation

  • Pink, the Amitabh Bachchan starrer Bollywood film, has been invited by the Assistant Secretary-General of the United Nations for a special screening at its headquarters in New York, USA.
  • Directed by Aniruddha Roy Chowdhury and written by Ritesh Shah, the film- a modern Indian courtroom drama- highlights the issue of gender violence
  • This is keeping in line with the UN`s Sustainable Development Goal no. 5:Achieve gender equality and empower all women and girls .

OBITUARY

Marathi litterateur Anand Yadav passes away

  • Noted Marathi author and Sahitya akademi awardee Anand Yadav died in Pune on 27 November.
  • His autobiography ‘Zombi’ had won Sahitya Akadmi award in 1991.

 

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *