Home Daily Updates IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 03 - AUGUST - 2016
IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 03 - AUGUST - 2016
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Wednesday, 10 August 2016 05:46

 

 

 


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DAILY NEWS UPDATES

03- AUGUST - 2016

 


LOK SABHA PASSES BILL ON RECONSTRUCTION OF FINANCIAL ASSETS

The Lok Sabha passed the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Bill, 2016.
The bill was passed by a voice vote.

The bill seeks to amend four laws:

• The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002

• The Recovery of Debts due to Banks and Financial Institutions Act, 1993

• The Indian Stamp Act, 1899

• The Depositories Act, 1996

Highlights of the Bill

• It simplifies the procedures by which there will be a quick disposal of claims of banks and financial institutions.

• It will empower the Reserve Bank of India (RBI) to examine the statements and any information of Asset Reconstruction Companies related to their business.

• The RBI may penalise a company if it fails to comply with any directions issued by the central bank.

• It says the stamp duty will not be charged on transactions undertaken for transfer of financial assets in favour of asset reconstruction companies. Financial assets include loans and collaterals.

PARLIAMENT PASSES NATIONAL INSTITUTES OF TECHNOLOGY, SCIENCE EDUCATION AND RESEARCH (AMENDMENT) BILL, 2016

Rajya Sabha passed the National Institutes of Technology, Science Education and Research (Amendment) Bill, 2016.

Lok Sabha passed the bill on 21 July 2016. Now, the bill will be sent to the President for his assent.

Key features of the Bill

• The Bill seeks to establish the National Institute of Technology (NIT), Andhra Pradesh as an institute of national importance under the National Institutes of Technology, Science Education and Research (NITSER) Act, 2007.

• The NIT will be deemed to have been an institute of national importance as on 20 August 2015. This is the day the central government approved its establishment.

The Bill was introduced in Lok Sabha by the Minister of Human Resource Development, Prakash Javadekar, on 19 July 2016. For the current year, an amount of 40 crore rupees have been allocated for the establishment of the Institute.

PARLIAMENT PASSES INDIAN MEDICAL COUNCIL (AMENDMENT) BILL, 2016

Rajya Sabha passed Indian Medical Council (Amendment) Bill, 2016 by voice vote. The Bill seeks to amend the Indian Medical Council Act, 1956.

It also seeks to replace the Indian Medical Council (Amendment) Ordinance, 2016. The Bill states that its provisions will come in to force from 24 May 2016.

The bill was passed in Lok Sabha on 19 July 2016 after being introduced by Minister of Health and Family Welfare, Jagat Prakash Nadda on the same day. Now it will be sent to President Pranab Mukherjee for his nod.

The Indian Medical Council (Amendment) Bill, 2016

• It seeks to introduce a uniform entrance examination for all medical educational institutions. This would be applicable at the undergraduate and the post-graduate level.

• It states that in case a state has not opted for the uniform entrance examination, then the examination will not be applicable at the undergraduate level for the academic year 2016-17. This provision will apply to state government seats in government and private medical colleges.

• It states that the entrance examinations will be conducted in Hindi, English and other languages.

• It provides powers to the MCI to frame regulations with regard to:

a) The authority designated with the conduct of the exams

b) The manner of conducting the exams

c) Specifying languages other than English and Hindi in which the examinations may be conducted.

• Under the existing 1956 Act, the MCI regulates:

a) Standards of medical education

b) Permission to start colleges

c) Courses or increase the number of seats

d) Registration of doctors

e) Standards of professional conduct of medical practitioners, among others

TYPHOON NIDA MAKES LANDFALL IN CHINA’S DAPENG PENINSULA; LASHES HONG KONG

Typhoon Nida made its landfall near Dapeng Peninsula in China’s Guangdong province on 2 August 2016.

Nida that carried gale-force and heavy rain lashed the Chinese city Hong Kong that is located about 42 kilometers from the Dapeng Peninsula.

The Hong Kong Observatory reported that Nida generated winds up to 145 kilometers per hour as it moved toward Hong Kong but showed signs of weakening after it struck land.

Chinese State Oceanic Administration had issued a red alert, the highest in China’s four-tier colour coded warning system, for ocean waves and storm tides.

Warnings issued

• The government warned of flooding in low-lying areas.

• People living in Guangdong province in southern China were warned to stockpile food and other essentials.

• Temporary shelters have been established while schools in flood-prone areas have contingency plans in place.

• Hundreds of train routes and flights had already been canceled in cities across southern China as Nida barreled toward land after battering the Philippines over the weekend.

Nida, also called Tropical Storm Carina, hit the Philippines on 30 July 2016, pouring up to 11 inches of rain over the northern parts.

MALAYSIAN SECURITY LAW COMES INTO FORCE

Malaysia enforced a new legislation that grants sweeping powers to its National Security Council (NSC).

Powers conferred to the Council

• The ability to take charge of security forces.

• Declare security areas for up to six months within which authorities can arrest, search or seize without warrants.

Different takes on the law

• Government said that the NSC Act is must to deal with terror threats.

• The human rights activists and the UN Human Rights Office for Southeast Asia fear that the law gives security forces and the Prime Minister too much power. They say that the draconian law would be used to silence the critics of the Government.

Background

Prime Minister Najib Abdul Razak, who came in power in 2009 by pledging an end to ruling-party corruption and authoritarianism, is facing calls to resign over a huge alleged 1MDB (Malaysia Development Berhad) corruption scandal. Najib's ruling party has controlled Malaysia since independence from the United Kingdom in 1957.

The step to enforce the law, which was rammed in December 2015, came into effect after the US Justice Department in last week of July 2016 launched a move to seize more than 1 billion dollar in assets, including Wolf of Wall Street rights, which were purchased with money stolen from 1MDB economic development fund.

Earlier in December 2015, the National Security Council Act was rammed by the Malaysian Government through Parliament, giving it powers to declare virtual martial law in areas of the country determined to be facing a security threat.

ANITA GOPALAN WINS 2016 PEN/HEIM TRANSLATION FUND GRANTS

Translator and artist Anita Gopalan was awarded the 2016 PEN/Heim Translation Fund Grants for her English translation of Hindi novelSimsim by Geet Chaturvedi.

Gopalan is the second Indian translator to be selected for the grant.

Simsim, the lyrical, award-winning novella was first published in 2008. It is recognized for its groundbreaking contribution to contemporary Hindi fiction.

Simsim focuses on four central characters and a decaying library sitting on prime Mumbai real estate. The book narrates the clash between two Indias, i.e. one old and traditional, and the other driven by consumerism and corporate greed.

Who is Anita Gopalan?

Anita Gopalan is a translator and artist.

She graduated in Computer Science and Mathematics from BITS Pilani.

She worked in Banking Technology sector for over 14 years in India, Australia, New Zealand, Singapore and the Middle East.

She has translated prose and poetry by contemporary Hindi author Geet Chaturvedi.

About PEN/Heim Translation Fund Grants

The PEN/Heim Translation Fund Grants were established in 2003 by PEN American Center.

It was established following a gift of 730000 US dollar by Michael Henry Heim, a noted literary translator.

Previously known as the PEN Translation Fund Grants, the awards were renamed in honour of Heim.

The Grants' purpose is to promote the publication and reception of translated world literature in English.

Grants are awarded each year to a select number of literary translators based on quality of translation as well as the originality and importance of the original work.

 

 

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Last Updated on Wednesday, 10 August 2016 06:00
 

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