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Current Affairs on Economy

Banking and Financial Awareness 29 April 2015 - 4 May 2015

Union Cabinet on 29 April 2015 gave its approval to NDA government's which flagship project and the new urban renewal mission with a total outlay of about Rs one lakh crore?: 100 smart cities project

Explanation: Smart City project is aimed at recasting the urban landscape of the country by making cities more livable and inclusive besides driving the economic growth. Thus, in a meeting chaired by Prime Minister Narendra Modi approved Smart Cities Mission for development of 100 smart cities and Atal Mission for Rejuvenation and Urban Transformation (AMRUT) of 500 cities with outlays of Rs 48,000 crore and Rs 50,000 crore respectively. 

In a major decision that tops the govt's agenda, the cabinet has approved the Prevention of Corruption (Amendment) Bill, 2013, pending before the Rajya Sabha by moving official amendments. What are key benefit of the Prevention of Corruption (Amendment) Bill, 2013?:

  • Existing graft law will be strengthened 
  • India will be able to effectively meet UN norms on corruption 

Explanation: In process of eradicating corruption plaguing the country, the Union Cabinet on 29 April 2015 gave its approval to amend the Prevention of Corruption Act, 1988 by pursuing the Prevention of Corruption (Amendment) Bill, 2013. Thus the proposed amendments would make a huge difference in the mechanism that tackles corruption in India. Firstly, it would fill in perceived gaps in the domestic anti-corruption law And help in meeting the country's obligations under the United Nations Convention Against Corruption (UNCAC) more effectively. The proposed amendments are mainly aimed at laying down more stringent measures to tackle corruption as follows: 

MAJOR AMENDMENTS PROPOSED

- Providing for more stringent punishment for the offences of bribery, both for the bribe giver and the bribe taker. (stringent punishment for bribe giver & bribe taker) 

- Penal provisions being enhanced from minimum 6 months to 3 years and from maximum 5 years to 7 years. 

The seven year imprisonment brings corruption to the heinous crime category. 

(minimum punishment increased to 3 years from 6 months, maximum increased to 7 years from 5) 

(corruption to come under 'heinous crime' category) 

- To contain gain of benefits from profits of corruption, the powers of attachment are proposed to be conferred upon the trial Court (Special Judge) instead of the District Court. (Trial court judge to acquire power to attach profits from corruption) 

- Expanding the ambit of provision for containing inducement of public servant from individuals to commercial entities is being added to contain supply side of corruption. ( stricter punishment for inducing public servants) 

-  Providing for issue of guidelines for commercial organizations to prevent persons associated with them from bribing a public servant. (organisations directed to issue guidelines against bribery for members, employees) 

- The average trial period of cases under PC Act in the last 4 years has been above 8 years. It is proposed to ensure speedy trial by providing a trial completion within 2 years. (speedy trials of 2 years instead of earlier average of 8 years) 

- Intentional enriching by public servants will be construed as criminal misconduct and possession of disproportionate assets as proof of such illicit enrichment. 

(Intentional acquisition and possession of disproportionate assets to be'criminal misconduct') 

-  Non-monetary gratification has been covered within the definition of the word gratification. (stringent action against non-monetary gratification) 

It is also proposed to extend the protection of prior sanction for prosecution to public servants who cease to hold office due to retirement, resignation etc.(protection of prior sanction to be extended for public servants after retirement, resignation) 

Further, prior sanction for inquiry and investigation shall be required from the Lokpal or Lokayukta, as the case may be, for investigation of offences relatable to recommendations made or decision taken by a public servant in discharge of official functions or duties. ( lokpal/ lokayukta's prior sanction necessary for investigation into offences in discharge of official duties).

A helping step towards cash-starved sugar mills to clear dues worth Rs 21,000 crore to farmers, the government on 29 April 2015 hiked import duty on sugar to 40 percent and scrapped the excise duty on which substance?: Ethanol made from molasses

Explanation: Ethanol produced from molasses generated in the next sugar season (starting October 2015) and supplied for ethanol blending would be exempted from excise duty. Price benefit would be passed on the to the sugar mills/distilleries. India imports very small quantity of sugar, the scrapping of excise duty will give the millers Rs 5 per litre extra on ethanol they produce from sugarcane. The customs duty has been hiked from 25 percent to 40 percent. The Cabinet also decided to remove "excise duty on ethanol supplied for blending". Presently 12.36 percent central excise duty is levied.

Which private financing arm of the World Bank, has notified that it would partner the Indian Renewable Energy Development Agency (IREDA) to provide infrastructure financing for energy projects in India?: International Finance Corporation (IFC)

Explanation: IREDA, the financing arm of the renewable energy ministry, has become the second institution in India after PTC India Financial Services to sign IFC`s master cooperation agreement. Thus this collaboration will help to standardise steps that lenders take when co-financing projects with the IFC. However, the ultimate aim is to make local currency financing available in shorter time-frames and reduce financing costs for lenders and borrowers. The partnership will help the IREDA increase its portfolio in financing renewable energy projects to support the government`s plans to establish up to 175 gigawatts of renewable energy projects over the next seven years.

Which district of West Bengal was declared as the first Open Defecation Free (ODF) district in the country on 30 April 2015?: Nadia

Explanation: The mission to make Nadia Open Defecation Free (ODF) district was started on 19 November 2013 and on 30 April 2015 finally West Bengal Chief Minister Mamata Banerjee made this announcement. The efforts to make two more districts – Hooghly and Burdwan as ODF districts is also in process and will announce very soon. Thus, the state govt. also declared 30 April as the “Nirmal Bangla Diwas” to mark the occasion.

Union Minister for Road Transport, Highways and Shipping - Nitin Gadkari announces Rs 5,130 crore road projects on 1 May 2015 for which 3 states of India?: Meghalaya, Nagaland and Arunachal Pradesh

Explanation: After this announcement, the new roads were seen as important for the economic growth of the north east, as the 102-km Jowai-Ratacherra road in Meghalaya would be built at an estimated cost of Rs 630 crore. The projects are four-laning of 48-km Dimapur-Kohima road, the 35-km-long four lane Dimapur by-pass and the 17-km-long Kohima by-pass. The cost for construction of the 100-km road in Nagaland is estimated to be Rs 2,000 crore. Arunachal Pradesh new road project costing Rs 2,500 crore is expected to start within two months.

Which associations of Bangladesh and the National Seed Association of India have inked a pact to facilitate traders of both nations to increase business in high-yielding varieties of rice seeds?: Seed associations of Bangladesh

Explanation: In Bangladesh and India, serious problem with regard to making variety rice seeds available and accessible to farmers is noticed. Thus to challenge and overcome this serious issue the Memorandum of Understanding (MoU) was signed between the Bangladesh Seeds Association and the National Seed Association of India here in which traders, exporters and importers of both the countries to initiate the cross-border trade in high-yielding varieties of rice seeds.

Current Affairs 2 May 2015

Which associations of Bangladesh and the National Seed Association of India have inked a pact to facilitate traders of both nations to increase business in high-yielding varieties of rice seeds?: Seed associations of Bangladesh

Explanation: In Bangladesh and India, serious problem with regard to making variety rice seeds available and accessible to farmers is noticed. Thus to challenge and overcome this serious issue the Memorandum of Understanding (MoU) was signed between the Bangladesh Seeds Association and the National Seed Association of India here in which traders, exporters and importers of both the countries to initiate the cross-border trade in high-yielding varieties of rice seeds.

Posted on: 02nd May 2015 Read complete Article →

Union Minister for Road Transport, Highways and Shipping - Nitin Gadkari announces Rs 5,130 crore road projects on 1 May 2015 for which 3 states of India?: Meghalaya, Nagaland and Arunachal Pradesh

Explanation: After this announcement, the new roads were seen as important for the economic growth of the north east, as the 102-km Jowai-Ratacherra road in Meghalaya would be built at an estimated cost of Rs 630 crore. The projects are four-laning of 48-km Dimapur-Kohima road, the 35-km-long four lane Dimapur by-pass and the 17-km-long Kohima by-pass. The cost for construction of the 100-km road in Nagaland is estimated to be Rs 2,000 crore. Arunachal Pradesh new road project costing Rs 2,500 crore is expected to start within two months.

Current Affairs 1 May 2015

Which district of West Bengal was declared as the first Open Defecation Free (ODF) district in the country on 30 April 2015?: Nadia

Explanation: The mission to make Nadia Open Defecation Free (ODF) district was started on 19 November 2013 and on 30 April 2015 finally West Bengal Chief Minister Mamata Banerjee made this announcement. The efforts to make two more districts – Hooghly and Burdwan as ODF districts is also in process and will announce very soon. Thus, the state govt. also declared 30 April as the “Nirmal Bangla Diwas” to mark the occasion.

Posted on: 01st May 2015 Read complete Article →
Posted on: 01st May 2015 Read complete Article →
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