Current Affairs Assam – July 2018
( Covers all important Assam Current Affairs & GK topics for the month of July 2018 )
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July 17
Five PSBs to get Rs 11,337 crore fund infusion
The government is likely to infuse Rs 11,3337crore in five state-owned banks viz. Punjab National Bank (PNB), Allahabad Bank, Andhra Bank, Corporation Bank and India Overseas Bank (IOB). This infusion is aimed at helping the banks meet the regulatory capital requirement.
Of the Rs 11,337 crore, Rs 2,816 crore will be infused in PNB, Rs 2,555 crore in Corporation Bank, Rs 2,157 crore in IOB, Rs 2,019 crore in Andhra Bank and Rs 1,790 crore in Allahabad Bank. The infusion will be part of the remaining Rs 65,000 crore out of Rs 2.11 lakh crore capital infusion over two financial years.
In October 2017, the cabinet had approved a Rs 2.11 lakh crore capitalisation plan for Public Sector Banks (PSBs). Of this, Rs 1.35 lakh crore was to be raised through recapitalisation bonds and the balance through raising of capital from the market. The government has already infused about Rs 71,000 crore through recap bonds in the banks and balance would be done during this fiscal.
Capital Infusion often refers to the cross-subsidization of divisions within a firm. When one division is not doing well, it might benefit from an infusion of new funds from the more successful divisions. In the context of venture capital, it can also refer to funds received from a venture capitalist to either get the firm started or to save it from failing due to lack of cash.
India 4th most unsafe country for women
India is fourth on the list of countries unsafe for women travellers, following countries like Russia and Venezuela, according to Global Peace Index report 2017. Sexual assault and rape rates have increased and advises travelers to stay cautious at all times. Despite some high profile prosecutions, there are continuing problems with sexual assault of tourists and native women including gang rapes, murder, acid attacks, domestic violence and harassment of women, as well as increasing problems with terrorism.
Another report published by the Thomsun Reuters Foundation (TRF) ranks India the most dangerous country for women. India was ranked “worst” on all four indicators, which were used to assess countries- Cultural practices, Sexual violence, Economic Opportunities and Education. The report also highlights the fact that India has seen an increase of 83 per cent in crimes against women across the country since new policies and laws were made following the Nirbhaya case in 2012.
India has the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Protection of Children from Sexual Offences Act (POCSO Act) 2012, which are stringent and foolproof, however, they aren’t being implemented.
FACTFILE – Protection of Children from Sexual Offences (POCSO) Act, 2012
- The Protection of Children from Sexual Offences (POCSO) Act, 2012 deals with sexual offences against persons below 18 years of age, who are deemed as children.
- The Act has come into force on the 14th of November, 2012, is a comprehensive law to provide for the protection of children from the offences of sexual assault, sexual harassment and pornography, while safeguarding the interests of the child at every stage of the judicial process by incorporating child-friendly mechanisms for reporting, recording of evidence, investigation and speedy trial of offences through appointment of Special Public Prosecutors and designated Special Courts.
- The Act incorporates child friendly procedures for reporting, recording, investigation and trial offences. The Act provides for stringent punishments which have been graded as per the gravity of offence.
- The Act for the first time, defines “penetrative sexual assault”, “sexual assault” and “sexual harassment”.
- The offence is considered graver if it is committed by a police officer, public servant, any member of the staff at a remand home, protection or observation home, jail, hospital or educational institution, or by a member of the armed or security forces.
FACTFILE – Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
- The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 is a legislative act in India that seeks to protect women from sexual harassment at their place of work.
- The Bill got the assent of the President on 23 April 2013 and came into force from 9 December 2013.
- This statute superseded the Vishakha Guidelines for prevention of sexual harassment introduced by the Supreme Court of India. It was reported by the International Labour Organization that very few Indian employers were compliant to this statute.
- Most Indian employers have not implemented the law despite the legal requirement that any workplace with more than 10 employees need to implement it.
- According to a FICCI-EY November 2015 report, 36% of Indian companies and 25% among MNCs are not compliant with the Sexual Harassment Act, 2013.
July 18
Europe fined Google with $5 billion antitrust fine
European antitrust regulators fined tech major Google a 4.34 billion euro ($5 billion) and ordered it to stop using its popular Android mobile operating system to block rivals.
This penalty is nearly double of the previous record of 2.4 billion euros which Google was ordered to pay last year after its online shopping search service was deemed to be unfair to competitors. Google said it would appeal the verdict.
Google’s Android system, which Google lets device makers use for free, dominate the market and runs in about 80 percent of the world’s smartphones.
According to the EU, Google’s illegal behavior dates back to 2011 and includes forcing manufacturers to pre-install Google Search and its Chrome browser together with its Google Play app store on their Android devices, paying them to pre-install only Google Search and blocking them from using rival Android systems.
FACTFILE – European competition law is the competition law in use within the European Union.
- It promotes the maintenance of competition within the European Single Market by regulating anti-competitive conduct by companies to ensure that they do not create cartels and monopolies that would damage the interests of society.
- European competition law derives mostly from articles 101 to 109 of the Treaty on the Functioning of the European Union (TFEU), as well as a series of Regulations and Directives.
Four main policy areas include:
- Cartels, or control of collusion and other anti-competitive practices, under article 101 TFEU.
- Market dominance, or preventing the abuse of firms’ dominant market positions under article 102 TFEU.
- Mergers, control of proposed mergers, acquisitions and joint ventures involving companies that have a certain, defined amount of turnover in the EU, according to the European Union merger law.
- State aid, control of direct and indirect aid given by Member States of the European Union to companies under TFEU article 107.
IAF to participate in 'Exercise Pitch Black 2018' in Australia
The Indian Air Force will be participating in Exercise Pitch Black 2018 (PB-18) multinational drill in Australia. The IAF contingent will consist of 145 air-warriors including a Garud commando team, four Sukhoi-30 MKI fighter planes and a C-130 and a C-17 transport aircraft in the exercise which will end on August 18.
Ex Pitch Black is a biennial large force employment warfare exercise hosted by the Royal Australian Air Force (RAAF). It would be led by Group Captain CUV Rao and would aim to undertake simulated air combat exercises in a controlled environment and mutual exchange of best practices towards enhancing IAF’s operational capability.
During the flight from India to Australia and back, Sukhoi-30 MKI jets will carry out air-to-air refuelling with IL-78 tanker aircraft.
FACTFILE – Indian Air Force (IAF)
- The Indian Air Force (IAF) is the air arm of the Indian armed forces.
- Its complement of personnel and aircraft assets ranks fourth amongst the airforces of the world. Its primary mission is to secure Indian airspace and to conduct aerial warfare during armed conflict.
- It was officially established on 8 October 1932 as an auxiliary air force of the British Empire which honored India’s aviation service during World War II with the prefix Royal.
- After India gained independence from the United Kingdom in 1947, the name Royal Indian Air Force was kept and served in the name of Dominion of India.
Govt introduced Banning of Unregulated Deposit Schemes Bill, 2018 in Parliament
Union government introduced the Banning of Unregulated Deposit Schemes Bill, 2018 in the Lok Sabha, to protect small investors from ponzi schemes and prevent unregulated entities from collecting deposits from individuals.
The bill plugs the loopholes in existing laws and gives powers to the government to stop companies from soliciting such funds. Once the bill is passed by the legislature, people running ponzi schemes could face a jail term of up to 10 years and a penalty of up to Rs50 crore.
The central legislation will put a comprehensive ban on unregulated deposit-taking activity and for its effective enforcement. It also proposes to prevent unauthorised companies from promoting, operating or advertising such schemes or collecting deposits.
The bill also proposes to set up a competent authority at the state government level with powers to attach properties and recover dues to depositors in case entities do manage to raise funds illegally.
Govt is also trying to pass the Fugitive Economic Offenders Bill in the ongoing monsoon session of Parliament to ensure that these offenders stand trial in India.
FACTFILE – Ponzi Scheme
- A Ponzi scheme is a form of fraud in which a purported businessman lures investors and pays profits to earlier investors using funds obtained from newer investors. Investors may be led to believe that the profits are coming from product sales, stock growth, or other means.
- A Ponzi scheme is able to maintain the illusion of a sustainable business as long as most of the investors do not demand full repayment and are willing to believe in the non-existent assets that they are purported to own, and there continue to be new investors willing to contribute new funds.
Govt hike sugarcane price to Rs 275 per quintal
The Cabinet Committee on Economic Affairs (CCEA) headed by Prime Minister has taken the decision to increase the minimum price sugar mills pay to cane growers by Rs 20 per quintal to Rs 275 per quintal for the next marketing year starting October.
The FRP, which is the minimum price that sugar mills have to pay to sugarcane farmers, is Rs 255 per quintal for the 2017-18 marketing year (October-September). The government has fixed the FRP at Rs 275 per quintal for a recovery rate of 10 per cent for the 2018-19 marketing year.
If the recovery rate is higher than 10 per cent, then a premium of Rs 2.75 per quintal would be given for each 0.1 per cent increase in sugar recovery. For a recovery rate below 9.5 per cent, farmers will get Rs 261.25 per quintal.
Taking into account the likely sugarcane output in 2018-19, total remittance to the sugarcane farmers will be more than Rs 83,000 crore. At present, the FRP price is linked to a basic recovery rate of 9.5 per cent, subject to a premium of Rs 2.68 per quintal for every 0.1 per cent point increase in recovery rate.
Point2Remember – India is world’s second-largest sugar producer after Brazil and the production this year is estimated to reach a record 32.25 million tonnes in the current 2017-18 marketing year.
FACTFILE – Cabinet Committee on Economic Affairs (CCEA)
- CCEA has a mandate to review economic trends on a continuous basis, as also the problems and prospects, with a view to evolving a consistent and integrated economic policy framework for the country.
- It also directs and coordinates all policies and activities in the economic field including foreign investment that require policy decisions at the highest level. Matters regarding fixation of prices of agricultural products as well as reviewing progress of activities related to rural development including those concerning small and marginal farmers are in CCEA’s competence.
- Price controls of industrial raw materials and products, industrial licensing policies including industrial licensing cases for establishment of Joint Sector Undertakings, reviewing performance of Public Sector Undertakings including their structural and financial restructuring are also within the purview of CCEA, as are all matters relating to disinvestment including cases of strategic sale, and pricing of Government shares in Public Sector Undertakings (except to the extent entrusted to an Empowered Group of Ministers).
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