Tag: August 2018 Current Affairs

Assam Current Affairs August 29-31, 2018

Posted on by admin 
Current Affairs Assam August 29-31, 2018

( Covers all important Assam Current Affairs & GK topics for the week of August 29-31, 2018 )

August 2018 – eBook Monthly PDF  |  eBook Monthly Quiz PDF

Go To Assam Current Affairs                                                                                                Go To Assam Current Affairs Quiz

 

August 29

EESL signed $300 mollin pact with World Bank to boost energy efficiency programme

Indian Govt, the government, World Bank and Energy Efficiency Services Limited (EESL)  signed a US$ 220 million loan agreement and a US$ 80 million guarantee pact to push energy efficiency programme in India.

To be implemented by EESL, the programme will help incrase the deployment of energy saving measures in residential and public sectors, strengthen EESL’s institutional capacity, and enhance its access to commercial financing.

The US$ 220 million loan, from the International Bank for Reconstruction and Development (IBRD) to Energy Efficiency Services Ltd, has a 5-year grace period, and a maturity of 19 years. This investment package is expected to avoid lifetime greenhouse gas emissions of 170 million tons of CO2, and contribute to avoiding an estimated 10 GW of additional generation capacity, which would be over 50 per cent of the National Mission for Enhanced Energy Efficiency target of 19.6 GW indicated in India’s Nationally Determined Contributions (NDCs) under the Paris Accord.

The key components of the program includes

  • creating sustainable markets for LED lights and energy efficient ceiling fans; facilitating well-structured and scalable investments in public street lighting
  • developing sustainable business models for emerging market segments such as super-efficient air conditioning and agricultural water pumping systems
  • strengthening the institutional capacity of EESL

FACTFILE – Energy Efficiency Services Limited (EESL)

  • Energy Efficiency Services Limited (EESL) is an energy service company (ESCO) of the Government of India and is the world’s largest public energy service company (ESCO).
  • It is 100% government owned, a joint venture of state-owned NTPC Limited, Power Finance Corporation, Rural Electrification Corporation and POWERGRID.
  • EESL was formed under India’s Ministry of Power to facilitate energy efficiency projects. Innovative business and implementation models can significantly reduce consumption and costs.
  • EESL also acts as the resource centre for capacity building of state electricity distribution companies, electricity regulatory commissions (ERCs), state-designated agencies (SDAs), upcoming ESCOs, financial institutions, etc.
  • It is backed by and promoters, and has net worth of over INR 2.144 billion. India’s energy efficiency market is estimated at US$12 billion

FACTFILE – The International Bank for Reconstruction and Development (IBRD)

  • IBRD is an international financial institution that offers loans to middle-income developing countries.
  • The IBRD is the first of five member institutions that compose the World Bank Group and is headquartered in Washington, D.C., United States.
  • It was established in 1944 with the mission of financing the reconstruction of European nations devastated by World War II. The IBRD and its concessional lending arm, the International Development Association, are collectively known as the World Bank as they share the same leadership and staff.
  • Following the reconstruction of Europe, the Bank’s mandate expanded to advancing worldwide economic development and eradicating poverty. The IBRD provides commercial-grade or concessional financing to sovereign states to fund projects that seek to improve transportation and infrastructure, education, domestic policy, environmental consciousness, energy investments, healthcare, access to food and potable water, and access to improved sanitation.
World Bank to provide USD 250 Million loan to Rajasthan to improve power distribution

An agreement was signed between the Government of India, the Government of Rajasthan and the World Bank, under which the World Bank will provide a USD 250 million loan facility to Rajasthan for improving the performance of its electricity distribution sector.

The Second Programmatic Electricity Distribution Reform Development Policy Loan for Rajasthan is the second in the series of two operations planned for a comprehensive turnaround of Rajasthan’s electricity distribution sector.

The key areas that the programme will support include, strengthening governance in the distribution sector by establishing annual performance MoUs between the DISCOMs and the State Government.

The loan from the International Bank for Reconstruction and Development (IBRD), has a 3-year grace period, and a maturity of 21 years.

Gross NPAs may improve to 10% by March 2019

The gross non-performing assets (GNPAs) of the banking sector is likely to improve to 10% in March 2019, from 11.52% as on June 30, 2018, as nearly 60% of the bad loans of the sector are under active resolution.

The net NPA is also expected to decrease to 4.3%, from 5.92% as of June-end this year. GNPA and NNPA may be higher at 12.2% and 5.6%, respectively, in absence of resolution.

ICRA estimated that 70 big companies accounting for around Rs 3.8 trillion of debt may be heading for resolution under the Insolvency and Bankruptcy Code (IBC).

Expect GNPAs and NNPAs for banking sector are likely to reduce to close to 10% and 4.3% respectively by March 2019, same may be higher at 12.2% and 5.6%, respectively, in absence of resolution. The GNPAs declined to 11.52% as on June 30, 2018, from 11.68% as on March 31, 2018, while the NNPAs decreased to 5.92%, against 6.27%.

FACTFILE – Non-performing asset (NPA)

  • A Non-performing asset (NPA) is defined as a credit facility in respect of which the interest and/or installment of principal has remained ‘past due’ for a specified period of time. In simple terms, an asset is tagged as non performing when it ceases to generate income for the lender.
  • Once the borrower has failed to make interest or principal payments for 90 days the loan is considered to be a non-performing asset.
  • Non-performing assets are problematic for financial institutions since they depend on interest payments for income. Troublesome pressure from the economy can lead to a sharp increase in NPLs and often results in massive write-downs.

 

August 30

Govt approves 80% hike in spending for India Post Payments Bank to Rs 1,435 crore

The Cabinet approved 80 per cent increase in spending for India Post Payments Bank (IPPB) to Rs 1,435 crore. The IPPB is set to go live with 650 branches and 3,250 access points across the country on September 1.

It will offer financial services in rural areas including savings and current accounts, money transfer, direct benefit transfer, bill and utility payments and enterprise and merchant payments.

This financial push will increase IPPB project outlay to Rs 1,435 crore from Rs 800 crore, giving it additional firepower to compete in the market with existing operators like Airtel Payments Bank and Paytm Payments Bank.

The revised cost estimate of Rs 635 crore is on account of Technology Costs (Rs 400 crore) and HR expenses (Rs 235 crore). IPPB will begin scaling up its operations immediately from the 650 branches and 3,250 access points.

All 1.55 lakh post offices will be linked to its system by December 31, 2018. Of these, 1.30 lakh access points will be located in rural areas, taking it to vast untapped market.

FACTFILE – India Post Payments Bank

  • India Post Payment Bank (IPPB) is a Payments bank headquartered in New delhi.It is a goverment owned Public limited company. The bank was inaugurated on September 1, 2018.
  • It’s 100 per cent Government owned, set up under the aegis of Department of Post, and will offer products and services though multiple channels such as counter services, micro ATMs, mobile banking app etc.
  • On August 19, 2015 India post got licence to run payments bank from Reserve Bank of India.
  • On August 17 ,2016 registered as public limited government company for setup payments bank. First branch of IPPB inaugurated on 30 January 2017 at Raipur and Ranchi. The payment bank was nationwide inaugurated on September 1, 2018.
  • India Post Payment Bank is a digital bank. Account can open from mobile app of the bank using Aadhaar and PAN.
  • Account: The bank offer savings and current accounts up to a balance of Rs 1 Lac.

Key Person – Suresh Sethi, MD & CEO

FACTFILE – Payments banks

  • Payments banks is a new model of banks conceptualised by the Reserve Bank of India (RBI).
  • They can accept a restricted deposit, which is currently limited to ₹1 lakh per customer.
  • Payments banks cannot issue loans and credit card, but can issue services like ATM cards, debit cards, net-banking and mobile-banking.

Point2Remember -Bharti Airtel set up India’s first live payments bank.

GDP to register 7.4% growth on industrial activity, says RBI

The Reserve Bank expects India’s (RBI) says India’s economic growth rate to accelerate to 7.4% in the current financial year on pick up in industrial activity and good monsoon, as compare to 6.7% in the previous year.

RBI also expressed that its monetary policy objective will continue to be of achieving the medium-term target for retail inflation of 4%, within a tolerance band of +/- 2%, while supporting growth.

Several experts, including SBI, expects the CAD to widen this fiscal on account of persistent high oil prices and large trade deficit. The CAD was estimated at 2% of the GDP in fiscal year ending March 2018.

The prevailing negative credit-to-GDP gap indicates that there is sufficient scope for credit absorption and expansion in bank lending on a sustained basis.

India’s Chandrayaan-2 Moon Mission to be launched in 2019

Kailasavadivoo Sivan, the chairperson of the Indian Space Research Organisation (ISRO) has said that the window to launch India’s second mission to the moon – Chandrayaan-2 – has been slotted between 3 January 2019 and 16 February 2019.

FACTFILE – Chandrayaan-2

  • The mission is planned to be launched to the Moon by a Geosynchronous Satellite Launch Vehicle Mark III (GSLV Mk III).
  • Chandrayaan-2 will be equipped with a lander and rover probe which will descend on the surface of the moon from where it will observe the lunar surface and send back data which will be useful for analysis of the lunar soil.
  • The mission will have an orbiter weighing 2,379kg, lander named Vikram weighing 1,471kg and a rover weighing 27kg.
  • Chandrayaan-2 is scheduled to be launched no earlier than January 2019, and will attempt to soft land a lander and rover in a high plain between two craters, Manzinus C and Simpelius N, at a latitude of about 70° south. If successful, Chandrayaan-2 will be the first-ever mission to land a rover near the lunar south pole.

 

August 2018 – eBook Monthly PDF  |  eBook Monthly Quiz PDF

Go To Assam Current Affairs                                                                                               Go To Assam Current Affairs Quiz

Pages: 1 2

Assam Current Affairs August 22-28 , 2018

Posted on by admin 
Current Affairs Assam – August 22-28, 2018

( Covers all important Assam Current Affairs & GK topics for the week of August 22-28, 2018 )

August 2018 – eBook Monthly PDF  |  eBook Monthly Quiz PDF

Go To Assam Current Affairs                                                                                               Go To Assam Current Affairs Quiz

 

August 22

Satya Pal Malik appointed as J&K Governor

Bihar Governor Satya Pal Malik is appointed the Governor of Jammu and Kashmir, replacing N.N. Vohra who was in the post for more than 10 years.

With Satya Pal Malik transferred to Jammu and Kashmir, where Governor’s Rule was imposed on June 20 after the fall of PDP-led governmentt, President Ram Nath Kovind also appointed three new governors in Bihar, Haryana and Uttarakhand and transferred three Governors to new states.

Satya Pal Malik will only be the second politician to enter the Kashmir Raj Bhavan as 11 others were former bureaucrats or from military personnel.

  • Lalji Tandon is appointed as Bihar Governor.
  • Satyadev Narayan Arya has been appointed as Haryana Governor.
  • Baby Rani Maurya has been appointed Uttarakhand Governor.
  • Meghalaya Governor Ganga Prasad has been transferred to Sikkim.
  • Tripura Governor Tathagata Roy has been transferred to Meghalaya.
  • Kaptan Singh Solanki, Governor of Haryana, has been transferred to Tripura.

President’s rule– President’s rule refers to suspension of state government and imposition of direct Central Government rule in a state of India. Under Article 356 of the Constitution of India, if any state government is unable to function according to constitutional provisions, the Central government can take direct control of the state governance.

In such scenario, executive authority is exercised through the centrally appointed governor.

Governor of Indian state – Governor is a de jure constitutional head of Indian state. During President’s rule, the Council of Ministers is dissolved, vacating the office of Chief Minister. Furthermore, the Vidhan Sabha is either prorogued or dissolved, necessitating a new election.

In the state of Jammu and Kashmir, failure of governmental function results in Governor’s rule, imposed by invoking Section 92 of the Constitution of Jammu and Kashmir. The state’s governor issues the proclamation, after obtaining the consent of the President of India. If it is not possible to revoke Governor’s rule within six months of imposition, the President’s Rule under Article 356 of the Indian Constitution is imposed.

Darrang awarded best CSC performing district

The Union Ministry of Electronics and Information Technology (MeitY) has recognised Darrang as the best performing district in the field of digital online services through Common Service Centres or CSCs.

The Additional Secretary of the Electronics and Information Technology Pankaj Kumar in the presence of Union IT Law and Justice Minister, Ravi Shankar Prasad, Chief Executive Officer (CEO) of CSC Dr Dinesh Kumar Tyagi, Director MeitY, Pravin Chandekar, Joint Secretary, MeitY Sanjay Goel, and other senior officials from the North East offered a memento and a certificate of appreciation to Darrang Deputy Commissioner Ashok Kumar Barman and Additional Deputy Commissioner (IT) cum Project Director of DRDA, Darrang Pankaj Chakravarty.

This award was given ceremonially in a function organised in connection with the launching of the North East Vision Document recently in Guwahati.

FACTFILE – Common Service Centres or CSCs

  • CSCs are the access points for delivery of essential public utility services, social welfare schemes, healthcare, financial, education and agriculture services, apart from host of B2C services to citizens in rural and remote areas of the country.
  • It is a pan-India network catering to regional, geographic, linguistic and cultural diversity of the country, thus enabling the Government’s mandate of a socially, financially and digitally inclusive society.
  • Common Service Centres (CSC) scheme is one of the mission mode projects under the Digital India Programme.
  • Based on the assessment of CSC scheme, the Government launched the CSC 2.0 scheme in 2015 to expand the outreach of CSCs to all Gram Panchayats across the country. Under CSC 2.0 scheme, at least one CSC will be set up in each of the 2.5 lakh GPs across the country by 2019.

August 23

Veteran Journalist-Author Kuldip Nayar passes away at 95

Veteran journalist Kuldip Nayar passed away on 22 August at the age of 95. Nayar was also an author, with 15 books to his name, and was appointed as High Commissioner of India to the United Kingdom in 1990. He was also nominated as a Member of Parliament in the Rajya Sabha in 1997.

Kuldip Nayar was born in Punjab’s Sialkot in British India (now Pakistan) on 14 August, 1923 to Gurbaksh Singh and Pooran Devi. He completed a BA from Forman Christian College in Lahore and LLB from the Law College Lahore.

Kuldip Nayar was known as an editor who “refused to bend or crawl” during the Emergency under former Prime Minister Indira Gandhi’s tenure. Apart from his work in journalism, Kuldip Nayar was also a part of India’s delegation to the United Nations in 1996.

He was awarded 2003 Astor Award for Press Freedom and 2007 Shaheed Niyogi Memorial Award for Lifetime Achievement.

PV Sindhu among the World’s highest earning non-tennis female athlete

World championship and Rio Olympics silver medallist PV Sindhu is the seventh highest paid female athlete in the world based on the earnings from prize money and endorsements for the last 12 months ending June 1, 2018.

Sindhu and race car driver Danica Patrick are the only non-tennis players in the top-10 list that is headed by 23-time Grand Slam singles champion Serena Williams.

According to Forbes, Sindhu earned a total of $8.5 million in the corresponding 12 months with her prize money only accounting for $500,000, with the remaining $8 million coming from endorsements.

The top 10 women earned a total of $105 million in these 12 months through prize money and endorsements, which was 4% down from last year and 28% down from five years ago.

Rank Athlete Total Earnings
1 Serena Williams $18.1mn
2 Caroline Wozniaki $13mn
3 Sloane Stephens $11.2mn
4 Garbine Muguruza $11mn
5 Maria Sharapova $10.5mn
6 Venus Williams $10.2mn
7 PV Sindhu $8.5mn
8 Simona Halep $7.7mn
9 Danica Patrick $7.5mn
10 Angelique Kerber $7mn

 

August 2018 – eBook Monthly PDF  |  eBook Monthly Quiz PDF

Go To Assam Current Affairs                                                                                                  Go To Assam Current Affairs Quiz

Pages: 1 2 3 4

Assam Current Affairs August 15-21, 2018

Posted on by admin 
Assam Current Affairs – August 15-21, 2018

( Covers all important Assam Current Affairs & GK topics for the week of August 15-21, 2018 )

August 2018 – eBook Monthly PDF  |  eBook Monthly Quiz PDF

Go To Assam Current Affairs                                                                                                Go To Assam Current Affairs Quiz

 

August 15

India celebrates 72nd Independence Day

Every year India celebrates 15th of August as Independence Day to commemorate the day India got independence from British rule, after the UK Parliament passed the Indian Independence Act 1947 transferring legislative sovereignty to the Indian Constituent Assembly. India still retained King George VI as head of state until its transition to full republican constitution.

India attained independence following the Independence Movement noted for largely non-violent resistance and civil disobedience led by the Indian National Congress (INC). Independence coincided with the partition of India, in which the British India was divided along religious lines into the Dominions of India and Pakistan; the partition was accompanied by violent riots and mass casualties, and the displacement of nearly 15 million people due to religious violence.

On 15 August 1947, the first Prime Minister of India, Jawaharlal Nehru raised the Indian national flag above the Lahori Gate of the Red Fort in Delhi. On each subsequent Independence Day, the incumbent Prime Minister customarily raises the flag and gives an address to the nation.

Odisha CM Naveen Patnaik launches Biju Swasthya Yojana

Odisha Chief Minister Naveen Patnaik launched a new health scheme, the Biju Swasthya Kalyan Yojana, on 15th Aug on the occasion of the 72nd Independence Day.

The Odisha government had rejected the National Health Protection scheme, widely called the Modicare scheme, as it covered much lesser number of people in Odisha by adopting the 2011 census.

The Odisha government has gone ahead with its own Biju Swasthya Yojana with an extended coverage up to Rs 5 lakh per year. The amount is Rs 7 lakh for women.

FACTFILE – The Biju Krushak Kalyan Yojana or BKKY

  • It is a health insurance scheme for the farmers in the state of Odisha, India.
  • The Biju Krushak Kalyan Yojana (BKKY) was launched in Angul district of Odisha to provide people financial support through health and accident insurance.
  • There are many hospitals, Community Health Centre (CHCs) in each district of Odisha under Biju Krushak Kalya Yojana (BKKY) to provide people health care with low cost.
Smitha Crishna tops the list of India’s richest women list

Kotak Wealth-Hurun, for the first time, has compiled a list of India’s wealthiest women, which features the heir of the Godrej empire, Smitha Crishna, as India’s richest woman.

Kotak Wealth-Hurun used multiple parameters including industry parameters like price-to-earnings, price-to-sales etc. to calculate wealth and prepare the list. The ranking recognizes India’s leading women, viz. entrepreneurs, businesswomen, investors and inheritors. The report acknowledges the Indian woman’s role in creating wealth in one of the fastest growing economies in the world.

Smitha Crishna’s top-ranked net worth of Rs. 37,570cr is followed by HCL CEO and Executive Director Roshni Nadar’s Rs. 30,200cr. Occupying the third spot is Times Group chairperson, Indu Jain, with a net worth Rs. 26,240cr. Fourth is the Biocon founder Kiran Mazumdar-Shaw with a net worth of Rs. 24,790cr, the only self-made woman in the list. Fifth is HCL’s Kiran Nadar (Rs. 20,120cr).

The youngest woman in the rankings is Outcome Health co-founder Shradha Agarwal, with a net worth of Rs. 8,200cr. In a sector-wise breakdown, 22% of India’s top 100 wealthiest women come from the pharmaceutical sector, while 18% hail from the software services sector.

August 16

Former Indian Test captain Ajit Wadekar passed away

Former Indian captain Ajit Wadekar passed away on 15th Aug in Mumbai, at the age of 77.

Born in Mumbai, Wadekar made his international debut in 1966 against West Indies. Ajit Wadekar was the captain of the Indian side that won the series in England and West Indies. Wadekar was India’s first ODI captain, although he appeared in just two matches.

Wadekar also served as India’s manager in the ’90s during Mohammed Azharuddin’s tenure as captain. He later went on to become the chairman of selectors as well.

In 1967, the Government of India bestowed Wadekar with the Arjuna Award. He received the Padma Shri Award, the country’s fourth highest civilian honour. He was also awarded with CK Nayudu Lifetime achievement award, Sportsperson of the Year, and the Castrol Lifetime Achievement award.

All-women SWAT team guards Red Fort

India’s first all-women SWAT team from the north-east beamed with pride as guarded the historic Red Fort on the Independence Day. The SWAT unit was formed in 2009 in the wake of 26/11 terror attack in Mumbai, to counter terror operations in highly complicated situations.

The 36-member all-women Special Weapons And Tactics (SWAT) team has been trained by the NSG for anti-terrorism duty under the Delhi Police’s Special Cell.

They are equipped with AK-47 rifles, MP5 machine guns, Glock 17 or 26 pistols and corner shot devices for enhanced night vision.

The women commandos were also trained in Krav Maga, which is a self-defence system developed for the Israel Defence Forces.

The women commandos were trained to undertake complex operations during terrorist attacks at crowded markets, residential complexes or government premises.

The commandos are further equipped with a pencil torch, bulletproof helmet, bulletproof jacket, a cutter and a commando dagger. They also wear special knee and elbow pads for protection during covert operations.

Anandiben Patel takes oath as Governor of Chhattisgarh

Madhya Pradesh Governor Anandiben Patel, who has been given the additional charge of Chhattisgarh following the death of governor Balramji Dass Tandon, was sworn in at a ceremony. Chhattisgarh High Court Chief Justice Ajay Kumar Tripathi administered the oath of office to Patel during a simple function at the Raj Bhawan.

President Ram Nath Kovind gave Patel the additional charge of Chhattisgarh following the demise of Tandon, Patel will discharge the additional duties until regular arrangements for the office of the governor of Chhattisgarh are made.

Term of Governor– The governors and lieutenant-governors are appointed by the president for a term of five years.

Qualifications – Article 157 and Article 158 of the Constitution of India specify eligibility requirements for the post of governor. They are as follows:

      • be a citizen of India.
      • be at least 35 years of age.
      • not be a member of the either house of the parliament or house of the state legislature.
      • not hold any office of profit.

August 2018 – eBook Monthly PDF  |  eBook Monthly Quiz PDF

Go To Assam Current Affairs                                                                                                Go To Assam Current Affairs Quiz

Pages: 1 2 3 4

Assam Current Affairs August 08-14, 2018

Posted on by admin 
Assam Current Affairs –  August 08-14, 2018

( Covers all important Assam Current Affairs & GK topics for the week of August 08-14, 2018 )

August 2018 – eBook Monthly PDF  |  eBook Monthly Quiz PDF

Go To Assam Current Affairs                                                                                               Go To Assam Current Affairs Quiz

 

August 8

India’s GDP growth rate will be 7.3% in 2018-’19, 7.5% in 2019-’20, says IMF  Report

The International Monetary Fund (IMF) expressed that the macroeconomic outlook for India for the 2018-’19 financial year is “broadly favourable”, as the economy continues to recover after the implementation of the GST and demonetization. India’s Gross Domestic Product growth rate will rise to 7.3% in the present financial year and 7.5% in 2019-’20.

India’s Current Account Deficit will also widen to 2.6% of GDP due to higher oil prices and strong demand for imports. The IMF described the Goods and Services Tax (GST) as a “milestone reform” in India’s tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs.

The overall inflation will rise to 5.2% in 2018/19 from a 17-year low of 3.6 percent in the previous fiscal year, due to higher oil prices, implementation of the minimum selling price for farmers, depreciation of the rupee and housing rent allowances.

FACTFILE – The International Monetary Fund (IMF)

  • IMF is an international organization consisting of “189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.”
  • Formed at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.
  • It has headquarters in Washington, D.C., US.
  • It now plays a central role in the management of balance of payments difficulties and international financial crises.
  • Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion (about $666 billion).

Govt appoints S Gurumurthy, Satish Marathe to RBI board

The Centre has appointed Swadeshi Jagaran Manch co-convenor Swaminathan Gurumurthy and businessman Satish Kashinath Marathe to the Central Board of the Reserve Bank of India (RBI).

The names were approved on 07th Aug as per provisions of Section 81 C of the RBI Act, 1934 by Prime Minister Narendra Modi-led Appointments Committee of the Cabinet.

They have been appointed as a part-time, non-official director for the period of four-year. With the two new appointments, the total number of government-appointed directors on the RBI board has reached 10. 

FACTFILE – Central Board of the Reserve Bank of India (RBI)

  • The central board is the RBI’s highest decision-making body, which approves all key decisions the central bank takes, the central board members are responsible for the broad direction the central bank takes.
  • Under the RBI Act, 1934, the central board is designed to consist of 21 members: the governor and four deputy governors [under Sec 8(1)a], four directors from the four regional boards of the RBI [under Sec 8(1)b] who are elected by their respective local board members, 10 directors nominated by the Union government who are usually experts in their respective fields [under Sec 8(1)c], and two government appointed officials (usually from the finance ministry) [under Sec 8(1)d].
  • Unlike the monetary policy committee (MPC), which releases the minutes of its meetings, central board meetings are closed-door affairs, and hence, do not attract the same level of public scrutiny as MPC meetings.
  • Mandate of the central board is far larger than that of the MPC.

Lok Sabha passes Rs 11,698 cr extra expenditure for current fiscal

Parliament on 07th Aug approved gross additional expenditure of Rs 11,697.92 crore for the current fiscal, including Rs 980 crore for equity infusion into the heavily indebted Air India’s Turnaround Plan (TAP), which is burdened with accumulated debt of Rs 50,000 crore.

The Lok Sabha passed the Supplementary Demands for Grants for 2018-19 and demands for excess grants for 2015-16 along with the appropriation bills by voice vote. This is the lowest in the last 15 years. It is just 0.2 per cent of the total budget compared to 14 per cent in 2008-09.

400 schemes had been brought under the Direct Benefit Transfer (DBT) scheme under which Rs 4 lakh crore have been disbursed directly to beneficiaries.

As per the latest demands for grants, the net cash outgo amounts to Rs 5,951,22 crore and the government’s gross additional expenditure have been shown at Rs 5,745.68 crore. These are on account of expenditure of Rs 1,791.62 crore for the Agriculture Ministry, Rs 1,500 crore for the Textiles Ministry, Rs 1,057.84 crore for the Defence Ministry and Rs 1,708 crore for the Petroleum Ministry towards creation of capital assets under various schemes.

DMK chief Karunanidhi passes away

DMK chief M Karunanidhi, one of the foremost Dravidian politicians of in recent time, passed away at the age of 94. Karunanidhi became the chief minister for the first time in 1969 after the demise of Annadurai. He subsequently helmed the state as chief minister in 1971, 1989, 1996 and 2006. He was elected to the Legislative Assembly 13 times, the last time as a 92-year-old in 2016.

He has also made contributions to Tamil literature, having written stories, plays, novels, and a multiple-volume memoir. He was popularly referred to as Kalaignar, meaning artist in Tamil.

August 9

76th anniversary of Quit India Movement on 9th August

The Quit India Movement which was an agitation launched by Mahatma Gandhi in 1942 demanding an end to the British Rule. 9th August 2018 is the 76th anniversary of the start of the event.

The movement was started on August 9, 1942, and since then the day is celebrated as August Kranti Day/Diwas. The day is celebrated by paying tribute to freedom fighters with national integration speeches and other events.

In May 1942, Mahatma Gandhi called on Britain to “Leave India to God. If this is too much then leave her to anarchy”. In July 1942, the Congress Working Committee met at Wardha and a resolution was passed which was termed The Wardha Resolution. It is also known as Quit India Resolution which demanded, “The British Rule in India must end immediately.

The resolution was ratified in the AICC with minor amendments and a non-violent mass struggle under the leadership of Mahatma Gandhi was sanctioned. The session began on the August 7 and concluded post midnight of August 8, 1942 at Gowalia Tank Maidan, Bombay. In a speech entitled, “Do or Die (Karo ya Maro),” given on by Mahatma Gandhi, he urged the masses to act as an independent nation and not to follow the orders of the British.

RBI to pay Rs 50,000 crore dividend to govt for FY18

The RBI decided to pay Rs 50,000 crore as dividend to government in line with the Union Budget provisions, helping the Centre stick to its fiscal road-map. The Reserve Bank, which follows July-June financial year, has paid about 63 per cent higher dividend than previous year (2016-17). The RBI made a dividend payout of Rs 30,659 crore for the fiscal ended June 2017.

The Central Board of Directors of the Reserve Bank of India (RBI), at its meeting, approved the transfer of surplus amounting to Rs 500 billion (Rs 50,000 crore) for the year ended June 30, 2018 to the Government of India. Earlier in March month, RBI paid interim dividend of Rs 10,000 crore at the insistence of the government to support fiscal position.

As per the Budget Estimate, the government projected to collect Rs 54,817.25 crore as dividend or Surplus of Reserve Bank of India, Nationalised Banks and Financial Institutions.

It is to be noted that the RBI transferred a surplus of Rs 30,659 crore as dividend to the government for the year ended June 30, 2017, which was less than half of what it paid in the previous year (Rs 65,876 crore).

Point2Remember – Under the RBI Act, 1934, the central bank is required to pay the government its surplus after making provisions for bad and doubtful debts, depreciation in assets and, contribution to staff and superannuation fund among others.

Average Per Capita Income Edges Closer to Rs 80,000 in the Last 4 Years

The Parliament on 8th Aug  was informed that India’s average per capita income in the last four financial years was higher at Rs 79,882 as compared to the preceding four fiscals. Between 2011-12 to 2014-15, it was much lesser at Rs 67,594.

The average Per Capita NNI (net national income) in the country during 2011-12 to 2014-15 is estimated at Rs 67,594 whereas average Per Capita NNI in the country during 2014-15 to 2017-18 is estimated at Rs 79,882.

The data that the per capita income in India grew by :

  • 6 percent in 2013-14 to Rs 68,572
  • 2 percent to Rs 72,805 in 2014-15
  • 9 percent to Rs 77,826 in 2015-16
  • 7 percent to Rs 82,229 in 2016-17

FACTFILE – Per Capita Income

  • It is a measure of the average income earned per person in the country for the given period.
  • It can apply to the average per-person income for a city, region or country, and is used as a means of evaluating the living conditions and quality of life in different areas.
  • It can be calculated for a country by dividing the country’s national income by its population.

NDA candidate Harivansh Narayan Sing elected RS Deputy Chairman

NDA candidate and JD(U) member Harivansh Narayan Singh was elected as Rajya Sabha Deputy Chairman, defeating Opposition’s BK Hariprasad by 125 votes to 105 votes.

Rajya Sabha Chairman M Venkaiah Naidu initiated the process of the election by calling for division of votes in the House.

Point2Remeber – Shri S.V. Krishnamoorthy Rao was the first Deputy Chairman of the Rajya Sabha of India

FACTFILE – Deputy Chairman of the Rajya Sabha

  • The Deputy Chairman of the Rajya Sabha presides over the proceedings of the Rajya Sabha in the absence of the Chairman of the Rajya Sabha.
  • The Deputy Chairman is elected internally by the Rajya Sabha.

August 2018 – eBook Monthly PDF  |  eBook Monthly Quiz PDF

Go To Assam Current Affairs                                                                                                  Go To Assam Current Affairs Quiz

Pages: 1 2 3 4