July 26, 2018

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NATIONAL NEWS

  1. Jyoti Structures Ltd, being the first among the 12 large corporate defaulters identified for insolvency resolution under a new law, head for liquidation after a bankruptcy court rejected the resolution plan submitted by a group of wealthy investors.
    • Jyoti Structures is the first firm on RBI list of 12 NPAs referred to NCLT that has been directed to go for liquidation.
    • On 4 July 2017, NCLT admitted the insolvency petition filed by SBI.
    • The deadline of 270 days got over on 31 March 2018.
    • Only one bid was received from a group of investors led by Sharad Sanghi of Netmagic.
    • The company owes around 7,625 crore to its lender.
    • The National Company Law Tribunal or NCLT is a quasi-judiciary body established in India, that makes a formal judgment on a disputed matter, relating to the companies issues in India. It was set up to govern the companies registered in India. It is a successor to the Company Law Board.

 

  1. Deaths from heart-related disease among rural Indians have surpassed those among urban Indians, according to a forthcoming study in The Lancet.
    • The study, which provides the first-of-its-kind nationally representative estimates of cardiovascular mortality in India, shows that heart ailments caused more than 2.1 million deaths in India in 2015 at all ages, or more than a quarter of all deaths. 
    • At ages 30-69 years, of 1.3 million cardiovascular deaths, 9 million (68.4%) were caused by coronary heart disease and 0.4 million (28.0%) by stroke.
    • The study is part of the Million Death Study project set up by the Registrar General of India (RGI) in collaboration with global health experts to investigate the causes of deaths in India using nationally representative survey data.
    • Between 2000 and 2015, the age-standardized rate of mortality (per 100,000 person years) due to coronary heart diseases increased among rural men by over 40% even as it declined among urban men.
    • For females, the increase was over 56% in rural India.
    • While coronary heart disease-related deaths have increased in relatively prosperous states such as Tamil Nadu, Karnataka, Punjab and Haryana, stroke-related deaths have increased in the relatively poorer states of the Northeast, West Bengal, and Chhattisgarh.
    • A comparison with 2015-16 data on obesity sourced from the National Family Health Survey (NFHS) shows that there is an inverse relation between obesity and stroke-related deaths across states among both men and women.
    • A 2016 WHO report showed that 58% of doctors in urban areas had a medical degree, while only 19% of those in rural areas had such a qualification.

 

  1. Digital thermometers and Blood Pressure (BP) monitoring equipment, will soon come with quality assurance certificates from the government.
    • India’s highest drug advisory body, the Drug Technical Advisory Body (DTAB) approved the proposal to include mercury-free thermometers and BP monitoring equipment under the purview of the Drugs and Cosmetics Act, 1940.

 

  1. Chief Minister of Delhi Mr. Arvind Kejriwal launched the ‘Mukhyanmantri Kisan Aaye Badhotri Solar Yojna’.
    • It aims to increase the income of farmers by three to five times in the national capital.
    • Without affecting the agricultural activity maximum one-third of the land would be used for installation of solar panels.

 

  1. Rajasthan Chief Minister Vasundhara Raje said that,Bijli Mitra’ Mobile app is launched on a pilot basis from Jhalawara, Rajasthan, to help farmers to get their defunct transformers replaced within 6 hours of registering a complaint through the app.

 

  1. The Tamil Nadu government has rolled out the draft state Forest Policy aimed at preserving forests and wildlife, conservation of ecosystems, and climate change mitigation among others in the state.
    • According to the Vision Tamil Nadu 2023 document released by former Chief Minister J Jayalalithaa in 2014, preserving the ecology was one of the themes of the document which aims at increasing forest cover, protection of wetlands and other waterbodies in the state.
    • Tamil Nadu has about 92 percent of the forest declared as ‘protected areas’ and has 15 wildlife sanctuaries, five National parks, 15 bird sanctuaries, three biosphere reserves, four project tiger areas.

 

  1. Formal employment, as measured by the number of subscribers in the Employees’ Provident Fund (EPFO), Employees’ State Insurance Scheme (ESIC), and the National Pension Scheme (NPS), witnessed double-digit growth in May 2018, according to official payroll data released by the Ministry of Statistics.
    • EPFO – The Employees’ Provident Fund (EPF) is a savings tool for the workforce. It is a scheme managed under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, by the Employees’ Provident Fund Organisation (EPFO).
      1. Under the EPF scheme, an employee has to pay a certain percentage from his pay and an equal amount is contributed by the employer
      2. The employee gets a lump sum amount (which includes his own and employer’s contributions) with interest upon retirement or two months after switching jobs.
    • ESIC – is a self-financing social security and health insurance scheme for Indian workers.
    • This fund is managed by the Employees’ State Insurance Corporation (ESIC) according to rules and regulations stipulated there in the ESI Act 1948.
    • NPSNational Pension Scheme (NPS), a government-sponsored pension scheme, was launched in January 2004 for government employees.
      1. A subscriber can contribute regularly in a pension account during her working life, withdraw a part of the corpus in a lumpsum and use the remaining corpus to buy an annuity to secure a regular income after retirement.

 

  1. The Securities and Exchange Board of India (SEBI) has proposed allowing investors to use the Unified Payments Interface (UPI) while bidding for shares in an Initial Public Offer (IPO) to reduce the public issue timeline from the current T+6 to T+3.
    • T+3 refers to a system wherein the equity shares would be listed on the bourses on the third day from the day the IPO closes for subscription.

 

  1. Sumitra Mahajan received five privilege notices against the Prime Minister and five against the Defence Minister from members of Opposition parties for allegedly misleading the House on the Rafale deal during the debate on the motion of no-confidence against the Modi government.
    • Parliamentary privileges are certain rights and immunities enjoyed by members of Parliament, individually and collectively, so that they can “effectively discharge their functions”.
    • When any of these rights and immunities are disregarded, the offence is called a breach of privilege and is punishable under law of Parliament.
    • The rules however mandate that any notice should be relating to an incident of recent occurrence and should need the intervention of the House. 
    • The Speaker/RS chairperson is the first level of scrutiny of a privilege motion. The Speaker/Chair can decide on the privilege motion himself or herself or refer it to the privileges committee of Parliament.

 

  1. The West Bengal government proposed to build crematoria for animals to prevent disposal of dead bodies in Ganga and other waterbodies.
    • Disposal of dead bodies of animals is one of the reasons for pollution in Ganga.
    • The work on 15 ghats and four crematoria are under progress and officials were instructed to complete it by December 2018.

 

  1. VVPAT (Voter Verifiable Paper Audit Trial) machines
    • The machines will be used during the elections to ensure that the vote polled by a voter goes to the intended candidate.
    • The machines print a slip containing the name of the candidate and the election symbol so that voters can verify their votes.

 

BANKING AND ECONOMY

  1. The Real Effective Exchange Rate (REER)
    • REER is an indicator of the competitiveness of a country’s currency with respect to a basket of currencies, adjusted for inflation effects.
    • India’s REER is measured as a weighted average of India’s bilateral real exchange rates with all the countries in the basket.
    • Thus, REER has two components: (i) real exchange rates and (ii) weights assigned to each currency.
    • The real exchange rate calculates the purchasing power of a currency by adjusting the nominal exchange rate for inflation effects.
    • If the dollar/rupee nominal rate is 69, it means that you have to pay ₹69 to buy one dollar in the money market.
    • However, while nominal exchange rate focuses on the exchange of money, real exchange rate focuses on the exchange of goods and services (US goods vs Indian goods).
    • It measures the number of units of a domestic good you have to pay to buy one unit of the equivalent foreign good.
    • The second component, weights, depends on the importance of the countries in the currency basket as India’s trading partners.
    • In April 2014, the Reserve Bank of India (RBI) released a circular which mentioned that its 36-currency trade-weighted REER index assigns a weight of 8.8% for the dollar.

 

  1. The government’s decision to infuse ₹11,336 crore in five public sector banks will help meet the regulatory capital requirements as per rating agency Moody’s.
    • These banks Common Equity Tier 1 (CET1) ratios were the weakest among all public-sector banks as of fiscal 2018, and were at the risk of breaching the minimum regulatory capital requirement of 5% under the Basel III norms.
    • Capital is classified in terms of its degree of contribution from the owners (share holders).
    • The Bank capital structure consists of Core Tier 1, Tier 2 and Common Equity Tier 1.
    • Core Tier 1 Capital is more equity capital or it is provided by the most responsible people of the bank – its share holders. It includes CET 1 and along with non-redeemable non-cumulative preference equity (or ‘Preferred stock’).
    • On the other hand, tier 2 capital is more in the form of reserves, debts etc.
    • if you are managing huge money in the form of loans given, you should put more money into your bank.
    • Such a deployment of money will make you more responsible while you give loans (because loans are financed out of deposits, if loans are not coming back, the depositors should not suffer).

 

 

IMPORTANT DAYS

  1. On July 26th 1999, the Kargil war between India and Pakistan came to an end.
    • The Kargil war was an armed conflict that took place between India and Pakistan between May and July 1999.
    • The war took place in the Kargil district of Kashmir and other places along the Line of Control (LOC).
    • The Kargil war is also referred to as Operation Vijay on the Indian side.

 

  1. 2018 Earth Overshoot Day will fall on August 1, the earliest date since ecological overshoot began in early 1970s.
    • Earth Overshoot Day marks the date when humanity’s demand for ecological resources and services in a given year exceeds what Earth can regenerate in that year.
    • To determine the date of Earth Overshoot Day for each year, Global Footprint Network calculates the number of days of that year that Earth’s biocapacity suffices to provide for humanity’s Ecological Footprint.
    • The remainder of the year corresponds to global overshoot.

 

SPORTS

  1. The Junior Asian Wrestling Championship was held in New Delhi.
    • Iran topped the team championships with 189 points.
    • India ranked second with 173 points and Uzbekistan ranked third with 128 points.
  1. The newly-elected Delhi and District Cricket Association (DDCA) President Rajat Sharma announced a three-member Cricket Committee to deal with the State’s cricket affairs.
    • The Cricket Committee is, “authorised to form various selection committees as per the recommendations made by the Lodha Committee and the BCCI guidelines for State associations and to give valuable guidance to the Association for improvement of cricket in Delhi.

 

 

MISCELLANEOUS

  1. A book titled “Gandhi: The years that changed the world (1914-1948)” has been written by Ramachandra Guha.
    • This book will be released in September 2018.
    • The book tells about the Biography of Gandhi ji.
  1. Former Fiat Chrysler Chief Executive Sergio Marchionne has died.

 

  1. The book “The Dhoni Touch: Unravelling the Enigma That Is Mahendra Singh Dhoni” has been authored by Bharat Sundaresan.
    • The author tracks down the cricketer’s closest friends in Ranchi and artfully presents the different shades of Dhoni-the Ranchi boy, the fauji, the diplomat, Chennai’s beloved ‘Thala’, the wicketkeeping Pythagoras-and lays bare the man underneath.