Current Affairs for July 26, 2019
BANKING AND ECONOMY
CURRENT AFFAIRS VIDEO
- CMs of Punjab, Haryana, Rajasthan, Uttarakhand and Himachal Pradesh have decided to set up a joint working group to share knowledge about their respective campaigns against drugs, during the 2nd Regional Conference on Drug Menace.
- They also considered to form a regional training centre for investigators under the Narcotic Drugs and Psychotropic Substances (NDPS) Act at Chandigarh.
- They also considered to frame laws, similar to Maharashtra Control of Organised Crime Act (MCOCA).
- Supreme Court has ordered to set up one dedicated court in each district within 60 days to resolve the cases of sexual offences under Protection of Children from Sexual Offences (POCSO) Act.
- The courts will be opened in the areas where more than 100 cases under are pending trial.
- Currently, 1.5 lakh cases are pending trial before 670 designated courts.
- Kerala has the worst judge-case ratio while Chhattisgarh and Punjab have the lowest average of 51 cases per designated court.
- Rajasthan has become the second state to generate high employments with 16 crore man-days under the National Rural Employment Guarantee Act (NREGA).
- State is also planning to hold social audit of NREGA works in every village panchayat twice a year.
- Companies (Amendment) Bill, 2019 has been introduced in the Lok Sabha which seeks to amend the 16 sections of Companies Act, 2013.
- Purpose: – It will tighten corporate social responsibility compliance and reduce the load of cases on the National Company Law Tribunal (NCLT).
- Allowing companies to transfer their unspent CSR funds to a separate account under Schedule-VII of the Act.
- It also seeks to enable the National Financial Reporting Authority (NFRA).
- NITI Aayog is finalizing the plan for building four Tesla-style giga factories to manufacture batteries at a cost of $4 billion
- Aim: – To boost electric vehicles.
- According to Kantar Worldpanel’s data, fast-moving consumer goods (FMCG) sales volumes in rural India fell 2% while in urban area, volumes fell 1% in the 12 months ended May 31.
- Share of consumers buying more than 20 categories rose from 15% in 2017-18 to 22% in 2018-19.
- National Thermal Power Corporation (NTPC) signed an MoU with Bharat Heavy Electricals Ltd. (BHEL) to jointly set up 800 mw technology demonstration plant at NTPC’s existing power plant in Sipat, Chhattisgarh.
- Aim: – The plant shall reduce carbon-dioxide emission by about 20% and thus, become the most effective in the world.
- PayPal has opened the 3rd Global Technology Centre in Hyderabad, Telangana after Bengaluru and Chennai.
9. Ministry of Housing and Urban Affairs (MoHUA) has proposed light urban rail transit system – ‘Metrolite’ in small cities and towns.
- Each train will have 3 coaches with the capacity of carrying 300 passengers with speed limit of 25 kmph.
- It will run like a feeder system to high capacity Metro and will be developed on surface and elevated stretches.
- Cabinet has approved the sale of 481.79 acres of land owned by Fertilizers and Chemicals Travancore Ltd (FACT) to Kerala Government.
- Aim: – To reduce the bank borrowings of FACT and to enhance fertiliser production capacity.
- ‘CARE4U’ app has been developed by IIT Kharagpur to help elderly people which will inform the caregiver when the elderly person falls down with the exact location.
- National Health Authority (NHA) and Healthcare Federation of India (NATHEALTH) have signed an MoU to ensure effective delivery of services under Ayushman Bharat.
- NHA is implementing agency of Ayushman Bharat.
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- China launched its first private rocket named ‘Hyperbola-I’, which can carry satellites.
- Interstellar Glory Space Technology, also known as iSpace, developed it.
- Ukraine seized Russia tanker, named ‘Nika Spirit’, (earlier name was ‘NEYMA’) in the Black Sea port of Izmail.
- Dubai Expo 2020 theme is “Connecting Minds, Creating the Future” with three sub themes include “Opportunity, Mobility and Sustainability”.
- Indian Pavilion will be constructed in the ‘Opportunity’ segment.
- This World Expo is held once in five years.
- Jordan has built its first underwater military museum off the coast of Aqaba in Red Sea.
BANKING AND ECONOMY
- Budget 2019: – It imposed 10% import duty on newsprint and 5% import duty on printed books.
- Oppo has transferred the sponsorship rights for Indian cricket team to Byju’s.
- State Bank of India has empanelled 83 agencies to monitor end-use of loans.
- Aim: – To restrict the diversion of funds.
- Nandan Nilekani committee recommended the setting up of an ‘account aggregator model’ called Sahamati to help businesses and individuals share their digital financial data with third-parties in a safe and secure manner.
- Sahamati will be headed by former journalist BG Mahesh.
- In 2016, RBI had approved a new class of NBFCs to act as account aggregators.
- Account aggregator model is an industry body which compiles information of loan taking clients from different accounts into a single place.
- SBI revised its export-related charges to improve the ease of doing business, to be implemented from September 1.
- Export-related service charges will be fixed at 0.1% per annum (excluding GST) of export credit limit.
- The service charges will be segregated in two major segments- export credit customers and non-export credit customers.
- A report released by All India Management Association (AIMA) and Hinrich Foundation, mentions that digital trade benefits to Indian economy can grow 14 fold from $35 to 512 billion.
- It also mentions that India’s digital trade has a potential to grow to Rs 12.8 lakh crore by 2030.
- Total value of virtual goods and services enabled through e-commerce is estimated to grow more than 200% from $58 billion to $197 billion by 2030.
- Singapore lender DBS forecasts GDP growth rate for India for 2019-20 at 6.8%.
- Economic Survey 2018-19 mentioned that India would grow at 7% in FY20.
- According to the ‘Status of Unaccounted Income/Wealth Both Inside and Outside the Country – A Critical Analysis’ report, India’s unaccounted wealth aboard estimated to exist between $216.48 billion and $490 billion during the 1980-2010 period.
- Total illicit outflows of the estimated unaccounted income are estimated on an average at 10% at Rs 9,41,837 crore ($216.48 billion) during 1990-2008.
- The report has been prepared by the M Veerappa Moily committee based on three separate studies of NIPFP, NCAER and NIFM.
- National Institute of Public Policy and Finance (NIPFP), National Council of Applied Economic Research (NCAER), and National Institute of Financial Management (NIFM).
- Asian Development Bank (ADB) has sanctioned Rs 1,925 crore amount for power generation up-gradation and distribution projects in Tripura.
- Insolvency and Bankruptcy Board of India (IBBI) has tightened norms for resolution professionals which restricts them from getting employed when they are in possession of authorisation to take up work under the insolvency law w.e.f. Jan 2020.
- As per the amended norms, the resolution professional, and his/her relatives, cannot accept any employment from the successful resolution applicant concerned for 1 year.
- Drew Baglino has been appointed as the new Chief Technical Officer (CTO) of Tesla.
- Sanjeev Naryani has been appointed as the Head of Business of Bandhan Bank.
- Priti Patel has become the first Indian-origin home secretary of UK in the cabinet of Boris Johnson.
- Indian men’s 4x400m relay team won the gold in the Balkan Relays, held at Erzurum, Turkey.
- Australia’s women’s quartet has set a world record of 7:41.50 in the women’s 4×200 freestyle relay at the FINA World Swimming Championships, in Gwangju, South Korea.
- Manny Pacquiao won the WBA Welterweight Championship 2019 held in Las Vegas, USA.
- The championship was organized by World Boxing Association (WBA).
- First democratically elected President of Tunisia Beji Caid Essebsi, has died at 92.
- “Indo-Pak Relations: Beyond Pulwama and Balakot” book has been authored by Dr. U V Singh.
COMPLETE UNION BUDGET HAS BEEN COVERED IN THIS VIDEO: –