Current Affairs Assam – July 2018
( Covers all important Assam Current Affairs & GK topics for the month of July 2018 )
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July 19
TRAI orders telecom firms to stop spam with Blockchain tech
Indian telecom regulator TRAI has asked operators to adopt Blockchain technology to ensure only registered telemarketers have access to phone databases and that user consent to receive such communication is explicitly recorded.
TRAI asked telecom service providers to use the distributed ledger technology to control the flow of commercial communication on their networks in its Telecom Commercial Communication Customer Preference Regulations, 2018.
Blockchain is essentially a collection of records where every person who accesses it also has a copy. But participants have to agree to make a change in the database. Since blockchain secures information cryptographically through the use of ‘keys’ and signatures to control who can do what within the shared ledger, only registered telemarketers will be able to discharge certain functions.
FACTFILE – Telecom Regulatory Authority of India (TRAI)
- The Telecom Regulatory Authority of India (TRAI) is a statutory body set up by the Government of India under section 3 of the Telecom Regulatory Authority of India Act, 1997.
- It was established on 20 February 1997 by an Act of Parliament to regulate telecom services and tariffs in India. Earlier regulation of telecom services and tariffs was overseen by the Central Government.
- It consists of a Chairperson and not more than two full-time members and not more than two part-time members.
- TRAI’s mission is to create and nurture conditions for growth of telecommunications in India to enable the country to have a leading role in the emerging global information society.
Govt warns of legal action to WhatsApp, if fails to check fake news
Indian Govt expressed dissatisfaction over measures listed by WhatsApp for checking fake news that have in several cases led to mob violence, saying the company cannot escape its responsibility for such rampant abuse and needs to find originators of provocative messages.
The government warned that in the absence of adequate checks, it will treat the messaging platform as ‘abettor’ of rumour propagation and legal consequences will follow.
Facebook-owned WhatsApp has been under fire from the Indian government over fake news and false information being circulated on its messaging platform. Such messages have incited mob-fury, triggering multiple cases of lynching across the country.
WhatsApp announced a new feature to let its users identify the messages that are forwarded. The messaging service also brought out full-page advertisements in leading newspapers, first in the series of its user awareness campaign, giving ‘easy tips’ to decide if information received is indeed true.
FACTFILE– WhatsApp Messenger
- It is a freeware and cross-platform messaging and Voice over IP service owned by Facebook.
- It allows the sending of text messages and voice calls, as well as video calls, images and other media, documents, and user location.
- In September 2017 WhatsApp announced a forthcoming business platform which will enable companies to provide customer service to users at scale.
- The client was created by WhatsApp Inc., which was acquired by Facebook in February 2014 for approximately US$19.3 billion.
- It the most popular messaging application and has a user base of over one and a half billion.
India fastest growing economy in Asia says ADB
Asian Development Bank (ADB) said that South Asia, led by India, will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region. For 2018 and 2019 also, growth in Asia and the Pacific’s developing economies will remain solid as it continues apace across the region, despite rising tensions between the US and its trading partners.
India’s economy is on track to meet fiscal year 2018 projected growth of 7.3% and further accelerating to 7.6% in 2019, as measures taken to strengthen the banking system and tax reform boost investment,retaining the fastest-growing Asian economy tag.
Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia
FACTFILE – The Asian Development Bank (ADB)
- ADB is a regional development bank established on 19 December 1966, which is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila, Philippines.
- The company also maintains 31 field offices around the world to promote social and economic development in Asia.
- The bank admits the members of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP, formerly the Economic Commission for Asia and the Far East or ECAFE) and non-regional developed countries.
- From 31 members at its establishment, ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside.
- The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions.
July 20
SEBI pushes large corporates to borrow more from bond markets
To deepen the corporate bonds market, SEBI on 20th July came out with a proposal that will require large corporates to raise 25% borrowings through this route from next fiscal. The framework is proposed to be implemented from 1 April next year and the large corporates identified as on 31 March 2019 will have to garner at least 25% of their borrowings made in 2019-20 through bond market.
This is part of an effort to reduce reliance on banks for financing corporates and simultaneously developing a liquid and vibrant corporate bond market.
According to SEBI, the regulatory intent would be to operationalise the budget announcement in a manner which provides for a ‘light touch’ framework and at the same time provides an appropriate timeframe to the market for smooth transition to the new guidelines.
FACTFILE – The Securities and Exchange Board of India (SEBI)
- SEBI was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992.
- The Preamble of the Securities and Exchange Board of India describes the basic functions of the Securities and Exchange Board of India as “to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto”.
RBI told SC to Regulate cryptocurrency to curb illegal transaction
The Reserve Bank of India (RBI) told the Supreme Court that it is necessary to regulate the Bitcoin and other cryptocurrencies to check illegal transactions which will impact the international flow of funds.
The RBI told the bench of Chief Justice Dipak Misra, Justice A.M. Khanwilkar and Justice D.Y. Chandrachud that its stand is of extreme caution as it has severe policy implications.
In a bid to protect consumers and curb money laundering and other financial irregularities, the RBI had, on April 5, barred all its regulated entities, including banks, from dealing in virtual currencies like bitcoins, following its earlier multiple warnings on their risks.
Virtual currencies, also variously referred to as cryptocurrencies and crypto assets, raise concerns of consumer protection, market integrity and money laundering, among others.
FACTFILE – The Reserve Bank of India (RBI)
- RBI is India’s central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 in accordance with the Reserve Bank of India Act, 1934 and was nationalised on 1 January 1949.
- The original share capital was divided into shares of 100 each fully paid, which were initially owned entirely by private shareholders.
- It is a member bank of the Asian Clearing Union.
SIT on black money suggests Rs 1 crore cap on cash holding
The Special Investigation Team (SIT) on black money has recommended the central government to cap the cash holding limit at Rs 1 crore instead of its earlier suggestion of Rs 20 lakh. The SIT has also recommended that the entire amount found in seizures crossing that limit should go to the government treasury.
As per the existing rules, an offender can retrieve seized cash by paying 40% income tax and penalty. The recommendations have come after huge amounts of cash were seized in recent search operations by tax authorities in the country.
The SIT was formed by the central government in 2014 on directions of Supreme Court. The panel has been continuously suggesting anti-black money measures to the government.
FACTFILE – Special Investigation Teams (SIT)
- The Special Investigation Teams or SIT are a specialized team of officers in Indian law enforcement consisting of personnel trained to investigate serious crimes.
- The SIT is formed when the existing investigative agencies are not perceived to be able to conduct a proper investigation in the matter.
- The sole purpose of SIT is to conduct free and fare investigation and bring the culprit to justice. SIT on any case can be formed by the Supreme Court of India, Central as well as state government.
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