Current Affairs Assam – July 2018
( Covers all important Assam Current Affairs & GK topics for the month of July 2018 )
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July 26
PRANAM to come into force from Oct 2, says Assam Health and Family Welfare Minister
The Assam Employees’ Parental Responsibility Norms for Accountability Monitoring (PRANAM) Act, obligating the State government employees to look after their aged and dependant parents, will come into force from October 2, said Health and Family Welfare Minister Himanta Biswa Sarma.
A PRANAM Commission will be constituted which will be headed by a retired government official of the rank of Additional Chief Secretary or above. Two social workers will also be part of the commission. Two Additional Commissioners will also be appointed.
As per the Act, the designated authority will be mandated to deduct up to 10 per cent of the ward’s gross salary for the needy parents. In special cases, the deduction may go up to 15 per cent.
Rs 6,700 crore penalty to hit bankrupt cement companies
National Company Law Appellate Tribunal has upheld the Rs 6,700 crore penalty imposed by Competition Commission of India on 11 companies for cartelisation. ACC, UltraTech and JaiprakashAssociates will be impacted the most as the trio was asked to pay upwards of Rs 1,000 crore each.
The order would also impact resolution value for companies like Binani Cement, which is still under National Company Law Tribunal,waiting to know whether it will be sold to Kumar Mangalam Birla-led UltraTech or the Dalmia Bharat group.
The CCI case was filed by Builders Association of India under Section 19(1) (a) of the Competition Act, 2002, alleging anti-competitive agreement against Cement Manufactures’ Association and 11 companies.
Despite CCI coming out with an order followed by detail investigations, none of the companies bothered to make provisions for the full amount of penalty after paying 10% of their respective shares to the Competition Appellate Tribunal (Compat).
FACTFILE – National Company Law Appellate Tribunal (NCLAT)
- NCLAT was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders of National Company Law Tribunal(s) (NCLT), with effect from 1st June, 2016.
- NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by NCLT(s) under Section 61 of the Insolvency and Bankruptcy Code, 2016 (IBC), with effect from 1st December, 2016.
- NCLAT is also the Appellate Tribunal for hearing appeals against the orders passed by Insolvency and Bankruptcy Board of India under Section 202 and Section 211 of IBC.
- NCLAT is also the Appellate Tribunal to hear and dispose of appeals against any direction issued or decision made or order passed by the Competition Commission of India (CCI) – as per the amendment brought to Section 410 of the Companies Act, 2013 by Section 172 of the Finance Act, 2017, with effect from 26th May, 2017.
India to Hold Top Spot for Economic Growth, says Reuters poll
India will remain the fastest-growing major economy this year supported by increased government spending, but rising oil prices pose the biggest downside risk. The over $2 trillion economy, which surpassed France recently to become the world’s sixth-largest economy, is expected to grow 7.4 per cent in the fiscal year ending in March 2019 and 7.6 percent next, according to average forecasts in the latest poll of nearly 70 economists, taken July 19-24.
In contrast, analysts in the most recent Reuters poll expect China’s economy, the world’s second largest, to grow 6.6 per cent this year. But record high costs of diesel and petrol – which are the biggest items on India’s import bill – at a time when the rupee is weakening and close to a record low has become a major burden, posing a risk to those forecasts.
India’s economy has started to recover after a slowdown caused by a ban on high-value currency notes in November 2016, followed by the hasty implementation of a goods and services tax (GST) in July last year.
Indeed, growth has been accelerating over the past year from a low of 5.6 percent to above 7 percent in recent quarters.
But, while the quarterly growth outlook for India is relatively steady through to the end of next year, it is not expected to match or surpass the 7.7 percent rate reported for the latest quarter.
The Reuters poll growth forecast for India this fiscal year is now a touch higher than the International Monetary Fund’s projection, at 7.3 percent.
Indian Prime Minister addressed the Ugandan Parliament
Prime Minister Narendra Modi, who is on a five-day Africa visit, addressed the Ugandan Parliament during which he spelled out 10 principles that India would focus on to better ties with the African nations.
Narendra Modi and Ugandan President Museveni earlier unveiled a bust of India’s first home minister SardarVallabhbhai Patel at the Indian community event. Earlier, both leaders held delegation-level talks and signed four MoUs in defence co-operation and other areas.
Prime Minister Modi also hailed India’s ties with Uganda and other African nations, saying the resource-rich continent is now in the centre of his government’s foreign policy. He announced that India will open 18 new embassies, taking the total number of the country’s missions in Africa to 47.
FACTFILE – Uganda
- The Republic of Uganda is a landlocked country in East Africa. It is bordered to the east by Kenya, to the north by South Sudan, to the west by the Democratic Republic of the Congo, to the south-west by Rwanda, and to the south by Tanzania.
- The southern part of the country includes a substantial portion of Lake Victoria, shared with Kenya and Tanzania. Uganda is in the African Great Lakes region.
- Capital – Kampala.
- The official languages are English and Swahili, although “any other language may be used as a medium of instruction in schools or other educational institutions or for legislative, administrative or judicial purposes as may be prescribed by law.”
- The president of Uganda is Yoweri Kaguta Museveni, who came to power in January 1986 after a protracted six-year guerrilla war.
July 27
Four Indians in Fortune's list of influential people
The recently-declared “Fortune’s 40 of the most influential and inspiring young people in business under the age of 40” has brought India enough reason to cheer. After all, four people of Indian-origin, including three women, have made it to the list. General Motors CFO Dhivya Suryadevara and Vimeo CEO Anjali Sud are the likes who have made India proud.
DhivyaSuryadevara: General Motors CFO. But Dhivya’s name at 4th rank isn’t a surprise. After all, she made history by being the first female CFO in the lineage of the 110-year-old automobile giant, General Motors.
Anjali Sud: Vimeo CEO 34-year-old Anjali Sud, the current Vimeo CEO, comes next at 14th place. She’s also the youngest CEO of NYC-headquartered IAC (InterActiveCorp) company, which owns over 150 brands across 100 countries, mostly in the media and online space.
Baiju Bhatt: Robinhood co-founder Next up in the line is 33-year-old Baiju Bhatt at the 24th place. The second-generation American co-founded stock brokerage service Robinhood, which allows “users trade public stocks from their mobile devices without paying a commission or maintaining a minimum balance.”
Anu Duggal: Female Founders Fund founder At 32nd, Anu Duggal’s company is all for women’s empowerment. Having launched the Female Founders Fund (or ‘F Cubed,’ in short) in 2014, 39-year-old Duggal’s goal is “really to prove that you can invest in a portfolio comprised of 100% female founders and deliver great returns to your investors.”
Commercial Paper borrowings jump in June
Indian firms borrowed more using short term market instruments like commercial paper in the month of June, as working capital requirements rose. A drop in interest rates for short term borrowings also allowed non-bank finance companies and corporates to shift borrowings back to market instruments from banks.
Commercial paper issuances rose 51.3 percent in June compared to a month ago, shows RBI data. The quantum of borrowings in June was at the highest since March 2017.
The surge in commercial paper borrowings can be attributed to a pick-up in working capital needs across the industry following the introduction of the Goods and Services Tax.
Short term borrowings had moved from bonds to banks as interest rates have risen quicker in the debt markets.
A jump in the benchmark government bond yields starting September meant that corporate borrowing costs through debt instruments rose.
For commercial paper maturing in two months the rates fell by more than 100 basis points at the start of June. This prompted a jump in short term borrowings via this instrument.
Commercial paper tenors typically range from a minimum of seven days to a maximum of one year. It is an unsecured money market instrument issued in the form of a promissory note.
FACTFILE – Commercial paper
- Commercial Paper is an unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories and meeting short-term liabilities. Maturities on commercial paper rarely range any longer than 270 days.
- Commercial paper is usually issued at a discount from face value and reflects prevailing market interest rates.
- Commercial paper is not usually backed by any form of collateral, making it a form of unsecured debt. As a result, only firms with high-quality debt ratings will easily find buyers without having to offer a substantial discount (higher cost) for the debt issue.
- Because commercial paper is issued by large institutions, the denominations of the commercial paper offerings are substantial, usually $100,000 or more. Other corporations, financial institutions, wealthy individuals and money market funds are usually buyers of commercial paper.
Lok Sabha passed the Anti Trafficking Bill
The Lok Sabha on 26th July passed the Trafficking of Persons (Prevention, Protection and Rehabilitation) Bill 2018. The Bill was introduced by Minister of Women and Child Development, Maneka Gandhi.
Major Highlights of the Bill
- The Bill addresses the issue of trafficking from the point of view of prevention, rescue and rehabilitation. Punishment for promoting or facilitating trafficking of person.
- The confidentiality of victims/ witnesses and complainants by not disclosing their identity. Further the confidentiality of the victims is maintained by recording their statement through video conferencing.
- Time bound trial and repatriation of the victims – within a period of one year from taking into cognizance.
- Immediate protection of rescued victims and their rehabilitation. The Victims are entitled to interim relief immediately within 30 days to address their physical, mental trauma etc. and further appropriate relief within 60 days from the date of filing of charge sheet.
- Rehabilitation Fund created for the first time. To be used for the physical, psychological and social well-being of the victim including education, skill development, health care/psychological support, legal aid, safe accommodation,etc.
- The Bill creates dedicated institutional mechanisms at District, State and CentralLevel. These will be responsible for prevention, protection, investigation and rehabilitation work related to trafficking.
- National Investigation Agency (NIA) will perform the tasks of Anti-Trafficking Bureau at the national level present under theMHA.
- Punishment ranges from rigorous minimum 10 years to life and fine not less than Rs. 1 lakh.
- The Bill comprehensively addresses the transnational nature of the crime. The National Anti-Trafficking Bureau will perform the functions of international coordination with authorities in foreign countries and international organizations; international assistance in investigation; facilitate inter-State and trans-border transfer of evidence and materials, witnesses and others for expediting prosecution; facilitate inter-state and international video conferencing in judicial proceedings etc.
Bharat Vatwani and Sonam Wangchuk won Ramon Magsaysay award
Two Indian nationals, Bharat Vatwani and SonamWangchuk, are among the six personalities named for this year’s Ramon Magsaysay award.The Ramon Magsaysay award, widely known as Asia’s premier prize, is now in its 60th year of “honouring greatness of spirit and transformative leadership in selfless service to the peoples of Asia.”
The other recipients of the annual honour include Cambodia’s Youk Chhang, who has been honoured for “preserving historical memory for healing and justice”; Maria de Lourdes Martins Cruz from East Timor for “building a caring society brick by brick”; Howard Dee of the Philippines for “Championing the human face of peace, justice and economic growth”; Vietnam’s Vo Thi Hoang Yen for “claiming opportunities for the differently abled”.
The prestigious award is given to persons, regardless of race, nationality, creed or gender, who address issues of human development in Asia with courage and creativity, and in doing so have made contributions which have transformed their societies for the better. The awards will be presented on August 31 at Main Theater, Cultural Center of the Philippines.
FACTFILE – The Ramon Magsaysay Award
- It is an annual award established to perpetuate former Philippine President Ramon Magsaysay’s example of integrity in governance, courageous service to the people, and pragmatic idealism within a democratic society.
- The prize was established in April 1957 by the trustees of the Rockefeller Brothers Fund based in New York City with the concurrence of the Philippine government.
- The award is internationally-recognized as Asia’s Nobel Prize counterpart and is the highest award given to Asian individuals and organizations
Indian women's Compound Archery team ranked World No 1
The Indian Women’s Compound Archery team added a new feather in their cap. They rose to number one in world rankings with 342.6 points and lead second placed Chinese Taipei by 6 points.
This was achieved after they delivered consistent performances over the last few months. The Women’s Compound team had recently won the silver medal in Berlin, Germany. They had lost by a whisker against France.
This new feat will give the team a major boost and will also see the sport become famous in India.
In Compound Archery the bow is different to that of recurve one. It’s much stiffer and that in turn allows more accuracy. The archer gets a mechanical benefit and the bows are energy efficient. But this section of archery is not recognized in Olympics.
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