Current Affairs, 06 July 2018 Exam View - From The Hindu and PIB

Current Affair of 06 July 2018. Read Important Current Affairs for UPSC/SSC/Bank and other state exam

Current Affairs 06 July 2018

NATIONAL

Lieutenant Governor Does Not Have Independent Powers: Rules SC

The SC clarifies an elected government cannot be undermined by an unelected administrator.

In ruling that the Lieutenant Governor of Delhi has no independent decision-making power, and has to act mainly on the aid and advice of the Council of Ministers, the Supreme Court has restored the primary role played by the “representative government” in the National Capital Territory.

The apex court was ruling on a batch of appeals filed by the Delhi government challenging the Delhi High Court’s order holding the LG as the administrative head of the national capital.

The judgement pronounced in the court by Chief Justice Dipak Misra, who was heading a five-judge Constitution bench, also held that the LG cannot act as an "obstructionist".

In a judgment that essentially reaffirms the constitutional position, the Supreme Court has ruled that the Lt. Governor has to ordinarily act on the aid and advice of the Council of Ministers. At the same time, it has retained the Lt. Governor’s powers to refer matters to the President for a decision. However — and this is the nub of the judgment — it has significantly circumscribed this power. The power to refer “any matter” to the President no longer means “every matter”. Further, there is no requirement of the Lt. Governor’s concurrence for any proposal.

  • There is no independent authority with the LG to take decisions except in matters under Article 239 or those outside the purview of the National Capital Territory (NCT) government.
  • Delhi is Not a State: The CJI, however, stuck to the nine-judge Bench judgment of the Supreme Court in the NDMC versus the State of Punjab to conclude that Delhi is not a ‘State.’ The judgment also held that the Lieutenant Governor is not a Governor but only an “administrator in a limited sense.”

    Insolvency and Bankruptcy Board of India Amends IBBI Regulations, 2016

    The Insolvency and Bankruptcy Board of India (IBBI) has notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Third Amendment) Regulations, 2018.

    The IBBI notified revised norms for insolvency resolution process paving the way for home buyers to seek relief as financial creditors, detailing clear timelines to be followed by resolution professionals and permitting withdrawal of insolvency applications, subject to certain conditions.

    In a significant move, the Insolvency and Bankruptcy Board of India (IBBI) has mandated that a resolution professional should determine whether a corporate debtor had indulged in fraudulent transactions within a specified time period during the resolution process. With the amended norms, there is more clarity on procedural requirements for various classes of creditors, including home buyers.

  • Withdrawal of an application for closure of corporate insolvency resolution process needs to be submitted to the resolution professional before issue of invitation along with a bank guarantee towards estimated cost incurred for certain purposes under the process.
  • Payments Council of India Appoints Vishwas Patel As New Chairman

    Payments Council of India (PCI), an apex body representing the companies in the payments and settlement system, has announced the appointment of Vishwas Patel, CEO of Infibeam Avenues, as its new chairman.

    It has also announced the appointment of Loney Antony, Managing Director, Hitachi Payment Services, as its new co-chairman. He takes over from Naveen Surya, who has been elevated to the post of Chairman Emeritus.

    Bengaluru To Get India’s 1st e-Waste Plant

    Union minister of chemicals and Fertilisers Ananth Kumar announced that the country’s first e-waste recycling unit will come up in Bengaluru, Karnataka. The unit is in keeping with the Swachh Bharat Abhiyan drive.

    A 2016 study by Assocham and KPMG ranked India among the top five countries in e-waste generation, with an estimated 1.85 million tonnes generated annually.

    According to the study, computers comprised 70% of the total e-waste and telecommunication equipment accounted for 12%. Bengaluru ranked third after Mumbai and Delhi and generated nearly 92,000 tonnes of e-waste annually.

    Supreme Court upholds  RBI’s ban on Virtual Currencies

    The Supreme Court refused to put a stay on the Reserve Bank of India (RBI) circular prohibiting banks and financial institutions from dealing in virtual currencies, thus upholding the ban on the virtual currencies such as Bitcoin.

    With this ruling, all virtual currency transactions through banks would be blocked with effect from July 6, 2018, thus, resulting in a ban.

    Election Commission of India Launches 'cVigil' App

    Chief Election Commissioner of India Mr Om Prakash Rawat, along with the Election Commissioners Sunil Arora and Ashok Lavasa, launched an Android-based mobile application named ‘cVigil’ for citizens to report any violation of the model code of conduct during elections.

    cVIGIL will allow anyone in the election-bound state to report violations of Model Code of Conduct (MCC) that comes into effect from the date of announcement of elections and goes on till a day after the polls.

    Income Tax Department launches ‘Instant’ PAN Card Service

    The Income Tax Department launched the ‘Instant’ Aadhaar-based PAN allotment service for individuals seeking to obtain the unique identity for the first time. The facility is free of cost.

    Under the facility, instant allotment of e-PAN will be available for a limited period on a first-come, first-served basis for valid Aadhaar holders.

  • A fresh PAN will be allotted on the basis of a one-time password sent on the mobile number linked to the Aadhaar number of a person.
  • The new PAN will have the same name, date of birth, gender, mobile number and address as in the Aadhaar.
  • Once the PAN is allotted to an applicant through his electronic Aadhaar-based verification system, in a few seconds, the applicant will be sent the PAN card by post.
  • MP government launches subsidised power scheme ‘Sambal’

    The Madhya Pradesh state government on July 3, 2018 launched an outstanding power bill waiver scheme and subsidised power scheme called ‘Sambal’ for labourers and poor families.

    Under Sambal Yojana, the Below Poverty Line (BPL) families would be provided electricity at a cost of Rs 200 per month.

    Objective: The main objective of the scheme is to make sure that all the households have power facility in the state.

    Under the subsidised power segment of the scheme, the registered labourers of the unorganised sector and Below Poverty Line (BPL) families would be provided with electricity at Rs 200 per month.

  • Power connection would be provided free of cost to all the beneficiaries.
  • The scheme is expected to benefit 88 lakh families in the state.
  • Piyush Goyal launches the Coal Mine Surveillance & Management System and 'Khan Prahari' App

    Union Minister of Coal, Railways, Finance & Corporate Affairs, Piyush Goyal on July 4, 2018 launched the Coal Mine Surveillance & Management System (CMSMS) and Mobile Application ‘Khan Prahari’.

    The ‘Khan Prahari’ app has been developed by CMPDI, Ranchi, a Subsidiary of Coal India Limited (CIL) and Bhaskarcharya Institute of Space Application and Geo-informatics (BISAG).

  • The ‘Coal Mine Surveillance & Management System (CMSMS) aims to report, monitor and take suitable action on unauthorised coal mining activities.
  • The CMSMS is a web based GIS application through which location of sites for unauthorised mining can be detected.
  • The system also uses information provided by responsible citizens using smartphones using the mobile application ‘Khan Prahari’.
  • Delhi Government Launches ‘Happiness Curriculum’ For School Students

    The Delhi government launched 'Happiness Curriculum' for school students up to class 8. The Dalai Lama, Delhi Chief Minister Arvind Kejriwal and Deputy Chief Minister and education department in-charge Manish Sisodia were present at the occasion.

    The 'Happiness Curriculum' was termed as the third stage of reforms in the education sector initiated by his government after infrastructure development and motivation of teachers at the government schools.

    SPORTS

    ICC Introduces Stricter Sanctions For Ball-Tampering

    International Cricket Council (ICC) has introduced stricter sanctions for ball-tampering. The new regulations were introduced at its annual conference held in Dublin, Ireland. Ball-tampering has been upgraded from a level 2 to a level 3 offence.

    Tampering with the ball will be now penalized with a ban of up to 6 Tests or 12 ODIs. ICC also added obscenity and personal abuse to the list of offences to bring better behaviour on the field.

    INTERNATIONAL

    World's 1st Digital Art Museum Opens in Tokyo

    The world’s first digital art museum opened its doors to the public in Tokyo, Japan allowing patrons to step all the way into the artworks.

    Attendees are able to move freely through the 9,000-square meter interactive gallery. The exhibition itself is linked in real-time to the real-world seasons, which means that no two trips to the museum will be the same.

    US think tank announces India US Fellows Exchange programme

    A prominent American think tank has announced a fellows exchange programme aimed at enabling India and the US to better harness technology to improve the lives of their citizens. Funded by the Ford Foundation, the programme by New America will bring fellows from India to the United States, and fellows from the United States to India, in order to devise novel technology-based solutions to policy challenges.

    Aim of this program is to enable both countries to better harness technology to improve the lives of their citizens, and to improve and strengthen the bilateral relationship between India and the United States

    BUSINESS

    Small savings interest rates unchanged

    The government has kept the interest rates on small savings schemes, including NSC and PPF, unchanged for the July-September quarter.

    Interest rate for the five-year Senior Citizens Savings Scheme has been retained at 8.3 per cent. The interest on the senior citizens’ scheme is paid quarterly. Interest on savings deposits has been retained at 4 per cent annually.

    Public Provident Fund (PPF) and National Savings Certificate (NSC) will fetch annual interest rate of 7.6 per cent while Kisan Vikas Patra (KVP) will yield 7.3 per cent and mature in 11 months.

    Term deposits of 1-5 years will fetch interest rate of 6.6-7.4 per cent, to be paid quarterly, while the five-year recurring deposit is pegged at 6.9 per cent.

    Higher Education Financing Agency Capital Base Enhanced To Rs.10,000 crores

    The Cabinet Committee on Economic Affairs (CCEA) has approved proposal for expanding the scope of Higher Education Financing Agency (HEFA) by enhancing its capital base to Rs. 10,000 crore and tasking it to mobilise Rs. 1,00,000 crore for Revitalizing Infrastructure and Systems in Education or RISE by 2022.

    The modalities for raising money from the market through Government guaranteed bonds and commercial borrowings would be decided in consultation with the Department of Economic Affairs

    Karnataka Budget Announced: Important Highlights

    Karnataka Chief Minister HD Kumaraswamy presented his government's first budget. He announced a farm loan waiver of Rs34,000 crore.

    The Loans of up to Rs2 lakh for each farmer will be waived. Farmers who repaid the loan within time will be credited the repaid loan amount or Rs25000 whichever is less.

    IndiaFirst Ties Up With Oxigen

    IndiaFirst Life Insurance Company Limited, a joint venture between Bank of Baroda, Andhra Bank and Legal and General (UK), has announced its tie-up with Oxigen Services India Pvt. Ltd., to establish the distribution of its insurance products at Oxigen retail outlets.

    Oxigen is one of the leading providers of money transfers and prepaid recharges as low as Rs. 10.

    SCIENCE and Technology

    ISRO successfully carries out flight tests for Crew Escape System

    The Indian Space Research Organisation, ISRO, today successfully carried out a flight test for a newly-designed Crew Escape System.

  • It is meant for saving lives of astronauts in an exigency.
  • In a release, the ISRO said the first 'Pad Abort Test' demonstrated the safe recovery of the crew module in case of any exigency at the launch pad.
  • It said after a smooth five-hour countdown, the Crew Escape System along with the simulated crew module lifted off at 7.00 AM from its pad at the Satish Dhawan Space Centre at Sriharikota.
  • It was the first in a series of tests to ascertain the trustworthiness and efficiency of the Crew Escape System.
  • The system is an emergency measure designed to quickly pull away the crew module along with the astronauts to a safe distance from the launch vehicle if the mission gets aborted.

    LIFE

    Under Water Museum

    • Bolivia is going to build an underwater museum in its sacred Lake Titicaca.
    • It is in partnership with Belgium and UNESCO would contribute $2 million to the project.    
    • Titicaca is located between the border of Bolivia and Peru with an area of 8,500 sq.km.
    • It will be both a tourist complex and a centre for archaeological geological and biological research which will make it the only one in the world.

    Asian Ministerial Conference on Disaster Risk Reduction (AMCDRR) 2018

    • The conference is to be held in Ulaanbaatar, Mongolia in the month of July.
    • Theme of the AMCDRR 2018 is ‘Preventing Disaster Risk: Protecting Sustainable Development’.
    • It will enable governments and stakeholders to review progress made against the commitments at the AMCDRR 2016, i.e. the New Delhi Declaration, the Asia Regional Plan.
    • It will provide a unique forum for those countries and cities that have not yet developed and/or updated their Disaster Risk Reduction strategies under the Sendai framework.
    • India will participate in this conference and also organize a side event on Cultural Heritage and Disaster Risk Management.

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