Home Daily Updates IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 13 - SEPTEMBER - 2016
IMPORTANT CURRENT AFFAIRS & DAILY NEWS UPDATES : 13 - SEPTEMBER - 2016
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Wednesday, 14 September 2016 04:00

 

 

 


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DAILY NEWS UPDATES

13- SEPTEMBER - 2016

 

:: NATIONAL  ::

SC TO HEAR KARNATAKA GOVT’S PLEA FOR CAUVERY WATER SHARING

  • The Supreme Court will open on a holiday to hear the Karnataka government’s plea to modify an order directing it to share Cauvery water with distressed neighbour Tamil Nadu.
  • Turmoil and public unrest happened in the State after the Supreme Court order on September 5 to release 15,000 cusecs of Cauvery water to Tamil Nadu.
  • Karnataka said 66,000 cusecs had already been released between September 5 and 10 to Tamil Nadu as a goodwill gesture.
  • It said the water was for storage purposes in Tamil Nadu while Karnataka was reeling under a drinking water crisis.
  • The apex court had ordered Karnataka to release 15,000 cusecs for 10 days to feed its parched agricultural lands in the “interests of justice”.

NITI AAYOG SUBMITTED REPORT TO PMO FOR ROAD MAP FOR ELIMINATION OF POVERTY

  • A task force headed by NITI Aayog Vice-Chairman Arvind Panagariya to prepare a road map for elimination of poverty has submitted its report to the Prime Minister’s Office.
  • It has suggested setting up of a committee to identify people below the poverty line (BPL).
  • The task force, which included NITI Aayog member Bibek Debroy and secretaries from the Ministries of Rural Development, Housing and Urban Poverty Alleviation, has also suggested participation from the States in defining the BPL population.
  • Task force was not mandated to work on fixing the poverty line. Its terms of reference included developing a working definition of poverty and coordinating and developing synergy with Central Ministries and State government task forces.
  • According to the discussion paper on poverty, official measures are based on the Tendulkar poverty line. But the line is not without its share of controversies, with many terming it being too low.
  • This has prompted the previous government to appoint the Rangarajan Committee, which has recommended higher rural and urban poverty lines.
  • The paper talks of considering four options for tracking the poor. First, continue with the Tendulkar poverty line.Second, switch to the Rangarajan or other higher rural and urban poverty lines.
  • Third, track progress over time of the bottom 30 per cent of the population and last, track progress along specific components of poverty such as nutrition, housing, drinking water, sanitation, electricity and connectivity.
  • Third and fourth options can complement measurement of poverty using a poverty line, the paper suggested, adding that they could not be a substitute for it.

IAS OFFICERS URGE GOVT TO REVIEW PREVENTION OF CORRUPTION ACT AND CRPC

  • A delegation of the Central IAS Officers’ Association called on Minister of State in the PMO and urged the government to review some of the provisions of the Prevention of Corruption Act, 1988, and the Criminal Procedure Code, 1973.
  • It will ensure that ‘honest and sincere officers’ are not made scapegoats for ‘bona fide’ decisions taken in public interest.
  • The meeting came against the backdrop of the recent suspension of a senior officer in the Home Ministry following the renewal of Foreign Contribution Regulation Act licence to Islamic preacher Zakir Naik’s Islamic Research Foundation (IRF).
  • The association requested the Centre to immediately revoke his suspension.

:: INTERNATIONAL ::

RUSSIA TO JOIN FORCES WITH CHINA IN SOUTH CHINA SEA

  • China and Russia will hold joint naval exercises in the South China Sea (SCS), sending a calibrated message to the United States and its allies that Beijing has a powerful partner in waters riven by rival territorial claims.
  • The show of strength will be showcased during the eight-day Navy drill in the South China Sea off southern China’s Guangdong Province.
  • The exercises follow a spike in tensions after an arbitration court in The Hague rejected China’s claims in the SCS, and slammed it for causing environmental damage there.
  • China has rejected the ruling in a government white paper that was released in the aftermath of the Award.
  • Joint Sea-2016,” will feature Navy surface ships, submarines, fixed-wing aircraft, ship-borne helicopters marine corps and amphibious armoured equipment from both navies.
  • Most of the Chinese participants will come from the Nanhai Fleet under the People’s Liberation Army Navy (PLAN).
  • The two sides will undertake defence, rescue, and anti-submarine operations, in addition to joint island seizing and other activities.

THE UNITED STATES MARKS THE 15TH ANNIVERSARY OF THE 9/11 ATTACKS

  • The United States marks the 15th anniversary of the 9/11 attacks with solemn services to commemorate the victims of the deadliest terror strikes on U.S. soil, which changed the world forever.
  • Nearly 3,000 people were killed on September 11, 2001 when 19 al-Qaeda suicide bombers hijacked four passenger jets, crashing them into the Twin Towers in New York, the Pentagon in Washington and a field in Shanksville, Pennsylvania.
  • The names of the dead were to be read out in a remembrance service at Ground Zero in New York on the site of the rebuilt World Trade Center, and President Barack Obama was to address a ceremony at the Pentagon.
  • Both the presidential candidates were expected to attend the New York ceremony.
  • Held at the September 11 memorial, the service was to pause six times -- to mark the moments when each of the two planes hit, when each tower fell, as well as the attack on the Pentagon and Flight 93 that crashed in Pennsylvania.

:: INDIA AND WORLD ::

NEPAL WILL SEEK TO START A NEW CHAPTER WITH INDIA PRIORITISING INFRASTRUCTURE DEVELOPMENT

  • Nepal will seek to start a new chapter with India prioritising infrastructure development in a bid to overcome the impact of the 2015 earthquake and months-long economic blockade.
  • Talks on the Pancheshwar dam hydroelectricity power project were on track. He is likely to firm up the schedule and agreements before Prime Minister Pushpa Kamal Dahal ‘Prachanda’ arrives in New Delhi on September 15 for a four-day visit.
  • Apart from the dam, the Hulaki road project, construction of cross border railways and building new skill development centres in Nepal are also likely to feature in the discussions between Mr. Mahat and his counterpart Sushma Swaraj.
  • Following the new constitution, Nepal’s Madhesi population started an agitation which turned into a blockade on India-Nepal border. Prime Minister Oli had blamed India for the blockade, triggering a diplomatic spat.

:: BUSINESS AND ECONOMY ::

UNION CABINET IS LIKELY TO TAKE UP IN ITS NEXT MEETING THE CONSTITUTION OF THE GST COUNCIL

  • Following the President’s assent to constitutional amendment enabling the roll-out of the Goods & Services Tax (GST), India’s move to introduce the new indirect tax is all set to enter a crucial stage.
  • The Union Cabinet is likely to take up in its next meeting on Monday the constitution of the GST Council.
  • This constitutional body, to be headed by the Union Finance Minister and comprising State Finance Ministers, will decide the rates at which the GST will be levied and collected and have to be paid across the country by consumers.
  • Opposition parties says the standard GST rate should be kept below the 18 per cent-mark, the States are keen to fix it at a higher level, closer to 20 per cent, to protect revenue collections.
  • The Council, likely to be in place before the end of September, will also have to finalise the number of slabs the GST will be pegged at for different categories of goods and services.
  • Besides the standard rate, there could be a lower rate for wage goods consumed by the poor and another one for demerit or luxury goods, also called ‘sin goods.’
  • The GST Council will have to decide if it would be politically feasible to tax the service at the standard GST rate, which could be 18 per cent or even higher.
  • Before the Council is set up, the Empowered Committee of State Finance Ministers is likely to meet to thrash out these and two other crucial issues for determining the GST rates.
  • Issues like list of goods, such as food grains, to be made exempt from the new tax and the threshold level below which sellers will be exempt from charging the GST, a tax on consumption.
  • States would like to see the GST rate closer to 20 per cent as they are concerned about revenue collections after the transition.
  • Several states have expressed their worries over the calculations of the revenue neutral rate for the GST.
  • A government committee under Chief Economic Advisor Arvind Subramanian had given the Centre last year recommended that the standard rate for the GST should be about 18 per cent.
  • The calculations, they have found, underestimate the current indirect tax collections revenue by nearly Rs.7 lakh crore.

NEW SET OF CRITERIA’S FOR RECAPITALISATION OF STATE-OWNED BANKS

  • State-owned banks looking forward to the next round of capital infusion will need to fulfil a new set of criteria, including credit recovery, as the Finance Ministry has revised the recapitalisation norms.
  • The second tranche of capital allocation for the current fiscal would be based on cost of operations as well as recovery and quality of credit on the basis of risk weighted assets.
  • Only those lenders that fulfil the criteria post third quarter (October-December) results of the current fiscal will be eligible for the second round of funding.
  • The money was allocated last fiscal on the twin principles of ensuring 7.5 per cent Common Equity Tier 1 (CET 1) at the end of the 2016 and growth capital to five major banks.
  • The government in July had announced the first round of capital infusion of Rs.22,915 crore for 13 banks.
  • The first tranche was announced with the objective to enhance their lending operations and enable them to raise more money from the market.
  • Out of the Rs.22,915 crore, State Bank of India (SBI) was provided Rs.7,575 crore followed by Indian Overseas Bank (Rs.3,101 crore) and Punjab National Bank (Rs.2,816 crore).
  • The capital infusion exercise for the current fiscal is based on an assessment of need as per the compounded annual growth rate (CAGR) of credit growth for the last five years.
  • Finance Minister in his Budget speech had proposed to allocate Rs.25,000 crore towards recapitalisation of PSU banks.

:: IMPORTANT DETAILED NEWS ::

URJIT PATEL ASSUMES CHARGE AS 24TH GOVERNOR OF RESERVE BANK OF INDIA

Urjit R Patel assumed charge as the 24th Governor of the Reserve Bank of India (RBI).

The handover ceremony will take place on 6 September 2016.

Patel had been serving as the Deputy Governor since January 2013.

Patel succeeds Raghuram Rajan, who after serving a three-year term, is going back to academia.

On 20 August 2016, the appointment committee of cabinet approved the appointment of Patel for three years.

About Urjit R Patel

Urjit Patel headed a panel that recommended landmark changes to monetary policy in India. The changes included a switch to inflation-targeting and the creation of a panel to set interest rates.

In January 2016, he was reappointed as the Deputy Governor in Charge of monetary policy, the department he headed from 2013.

Earlier between 1990 and 1995, he had worked with the International Monetary Fund (IMF) covering US, India, Bahamas and Myanmar.

He carries a doctorate from Yale University.

He also carries M Phil from Oxford.

SIKKI, PRANAAV CLINCHED BRAZIL OPEN GRAND PRIX TITLE

India's mixed doubles pair of Pranaav Jerry Chopra and N Sikki Reddy won the 2016 Brazil Open Grand Prix. It was their maiden Grand Prix title.

In the final clash, the top seeded Indian pair, ranked World no. 65, defeated Canadian combo of Toby Ng and Rachel Honderich 21-15, 21-16 in straight games at Costa Cavalcante.

The 23-year-old Sikky won as many as five international challenger titles in 2015, which includes two mixed doubles and three women's doubles crowns. She was also a part of the bronze medal winning Indian team at the 2014 and 2016 Uber Cup. So far, she played mixed doubles with six different partners, including V Diju, Alwin Francis, Tarun Kona, Manu Attri and K Nandagopal.

Pranaav was part of the Indian team that stunned mighty China 3-2 to win a bronze in the Asia Badminton Team Championships.

JACKIE CHAN TO BE GIVEN HONORARY OSCAR

Action movie star, writer, director and martial artist Jackie Chan will be given an honorary Academy (Oscar) Award for his extraordinary achievements in the movies.

Chan will receive an honorary Oscar statuette at the Academy's 8th Annual Governors Awards to be held on 12 November 2016.

The Board of Governors of the Academy of Motion Picture Arts and Science recently voted to present the award to Chan, British editor Anne V Coates, casting director Lynn Stalmaster and documentary maker Frederick Wiseman.

Academy President Cheryl Boone Isaacs described the four as true pioneers and legends in their crafts.

Academy Honorary Award

• The Academy Honorary Award was instituted in 1948 for the 21st Academy Awards (previously called the Special Award).

• It is given by the discretion of the Board of Governors of the Academy of Motion Picture Arts and Sciences (AMPAS) to celebrate motion picture achievements that are not covered by existing Academy Awards.

• Prior winners of competitive Academy Awards are not excluded from receiving the Honorary Award.

• The Honorary Award is presented at the annual Governors Awards.

RELIGARE ENTERPRISES APPOINTS SUNIL GODHWANI AS CEO

Religare Enterprises Limited (REL) appointed Sunil Godhwani as its Chief Executive Officer (CEO).

Godhwani is appointed the Whole Time Director and CEO for the remaining period of his tenure.

Who is Sunil Godhwani?

Sunil Godhwani has been the Managing Director since 9 April 2007 and Chairman since 6 April 2010 of Religare.

He holds a BS and MS degrees from New York University Tandon School of Engineering.

He actively participates in various business platforms such as the Confederation of Indian Industry (CII) and the Federation of Indian Chambers of Commerce & Industry (FICCI).

About Religare Enterprises

Religare Enterprises Limited (REL) is the holding company for one of India's leading diversified financial services groups.

It is headquartered in New Delhi, India.

It offers an integrated suite of financial services through its underlying subsidiaries and operating entities.

It has one million clients in India and more than 1700 offices across India.

 

 

 

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Last Updated on Friday, 16 September 2016 04:12
 

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