Current Affairs for IAS Exams - 19 September 2018


Current Affairs for IAS Exams - 19 September 2018


::NATIONAL::

PM inaugurates key development projects at Varanasi

  • The Prime Minister, ShriNarendraModi, today inaugurated and laid the Foundation Stone for several important development projects, at a public gathering in Banaras Hindu University, Varanasi.
  • Among the projects inaugurated are the Integrated Power Development Scheme (IPDS) for PuraaniKashi; and an Atal Incubation Centre at BHU. Among the projects for which the Foundation Stone was laid, is the Regional Ophthalmology Centre at BHU.The cumulative value of all projects which were inaugurated, or for which foundation stone was laid today, is over Rs. 550 crore.
  • Speaking on the occasion, the Prime Minister said that the efforts to bring about change in Varanasi, are also attempting to preserve the city’s rich heritage. He said the city is being modernized, while protecting its ancient identity. He said the change that has been brought about through four years of resolve of the people of Kashi, is now visible.
  • The Prime Minister said he feels very happy when he sees citizens post pictures of Varanasi Cantt Station online. He mentioned the work being done towards modernization of transport infrastructure. He also spoke of the work being done towards cleanliness and enhancing the visual appeal of the city. He said this move, which will transform tourism is a continuing effort. In this context, he also mentioned the work being done in Sarnath.
  • The Prime Minister said that basic facilities such as roads, electricity and water, are being extended to the rural areas surrounding Varanasi as well. He said Kashi is now emerging as a health hub. Mentioning the Atal Incubation Centre that was inaugurated today, he said that startups are already beginning to get connected with this. He said Varanasi is among the select cities in the country where Piped Cooking Gas is being made available.

Government issues new operational guidelines for PradhanMantriFasalBimaYojna (PMFBY)

  • The Government has decided to incorporate the provision of penalties for States and Insurance Companies for the delay in settlement of insurance claims under the PradhanMantriFasalBimaYojana (PMFBY).
  • This crucial provision is part of the new operational guidelines issued by the Govt for the implementation of PMFBY.
  • The farmers will be paid 12% interest by insurance companies for the delay in settlement claims beyond two months of prescribed cut-off date. State Governments will have to pay 12% interest for the delay in release of State share of subsidy beyond three months of prescribed cut-off date submission of requisition by insurance companies. The new operational guidelines come at the onset of the rabi season, which starts from 1st of October.
  • In order to ensure that more non-loanee farmers are insured under the scheme, apart from various awareness activities being scheduled, the insurance companies are given a target of enrolling 10% more non-loanee farmers than the previous corresponding season. The insurance companies will have to mandatorily spend 0.5% of gross premium per company per season for publicity and awareness of the scheme.
  • The new operational guidelines address the current challenges faced while implementing the scheme by putting forth effective solutions. The much demanded rationalization of premium release process has been incorporated in the new guidelines. As per this, the insurance companies need not provide any projections for the advance subsidy.

::ECONOMY::

SEBI to issue new KYC guidelines for FPI’s

  • The Securities and Exchange Board of India (SEBI) has broadly accepted the recommendations of the H.R. Khan Committee on Know-Your-Client requirements for foreign portfolio investors (FPIs), while lowering the total expense ratio (TER) for open-ended equity schemes, thereby making it less expensive for investors to invest in mutual funds.
  • The board of the capital markets regulator, which met here on Tuesday, decided to amend the contentious circular issued in April and issue a separate circular to address the concerns raised by overseas investors.
  • In another major decision, the regulator has capped the maximum expense ratio at 1.05% for open-ended equity schemes with assets under management (AUM) in excess of Rs. 50,000 crore. Currently, schemes with AUM in excess of Rs. 300 crore charge 1.75% as total expense ratio.
  • The regulator has framed the SEBI (Settlement Proceedings) Regulations 2018 which bar offences that cause a marketwide impact, loss to investors or affects the integrity of the market, to be settled through the consent route.
  • While serious offences like insider trading or front running can be settled through consent, the regulator has said that it would use a principle-based approach while deciding on such matters.
  • The board of the capital markets has also approved a framework for permitting foreign entities having an exposure in physical commodity market to hedge in the commodity derivatives segment.

CCI imposes penalty upon sugar mills

  • The Competition Commission of India (CCI) has imposed penalties upon 18 sugar mills and 2 Associations (Indian Sugar Mills Association and Ethanol Manufacturers Association of India) for rigging the bids in respect of a Joint Tender floated by Oil Marketing Companies (HPCL/ BPCL/ IOCL) on 02.01.2013 for procurement of ethanol for blending with petrol.
  • The Informant (India Glycols Limited), however, alleged that Indian Sugar Mills Association (ISMA) and Ethanol Manufacturers Association of India (EMAI) persuaded the OMCs to come-out with a Joint Tender for the purpose of procuring ethanol.
  • The said joint tendering by OMCs was alleged to be an Agreement amongst horizontal players to procure ethanol from various suppliers in contravention of the provisions of Section 3 of the Competition Act, 2002 (‘the Act’) which was likely to cause appreciable adverse effect on competition within India in supply and distribution of ethanol.
  • The Commission in its order noted that the bidders through their impugned conduct have contravened the provisions of Section 3(3)(d) read with Section 3(1) of the Act by acting in a collusive and concerted manner which has eliminated and lessened the competition besides manipulating the bidding process in respect of the impugned tender floated by OMCs.
  • Accordingly, a total penalty of Rs. 38.05 crore was imposed upon 18 Sugar Mills and their Trade Associations (ISMA/ EMAI). Besides, a Cease and Desist Order was also issued against them. While imposing penalties, the Commissionapplied the principle of relevant turnover and based the penalties on the revenue generated by the sugar millsfrom sale of ethanol only.

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::INTERNATIONAL::

India Bangladesh unveils new projects

  • Prime Minister ShriNarendraModi, and the Prime Minister of Bangladesh, Sheikh Hasina, today jointly unveiled e-plaques for the ground-breaking ceremony of two projects, via video conference. External Affairs Minister of India, Ms.SushmaSwaraj, and Minister for Petroleum and Natural Gas, ShriDharmendraPradhan, also joined the proceedings.
  • The projects include: (a) India-Bangladesh Friendship Pipeline (b) Dhaka-Tongi-Joydebpur Railway Project
  • Speaking on the occasion, the Prime Minister described the cooperation between the two countries as an example for the world. He said that the two countries are neighbours, geographically; and family, emotionally.
  • He said the proposed pipeline will further energize, not just Bangladesh’s economy, but also the relationship between the two countries. He expressed confidence that the proposed railway project will contribute to the process of strengthening national and urban transport in Bangladesh.

U.S –China step up trade wars

  • The trade rivalry between the U.S. and China escalated to an unprecedented level on Tuesday, with both countries announcing new tariffs on imports from each other.
  • The U.S. has announced 10% tariff on $200 billion of imports from China, whose retaliatory tariffs between 5% and 10% will apply on $60 billion of imports from the U.S. The new tariffs on both sides will go into effect on September 24.
  • With the new announcements, U.S. tariffs will apply to $250 billion of Chinese goods and Chinese tariffs will apply to $110 billion of U.S. goods. The rate of the new tariffs will be raised to 25% by the end of 2018, the U.S. administration has said.
  • Around 5,000 American items are expected to face the new measures, including aircraft, soya bean oil, smoked beef, coffee and flour, according to a provisional list released last month.
  • “China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me... There will be great and fast economic retaliation against China if our farmers, ranchers and/or industrial workers are targeted!” the President tweeted, after his administration announced fresh 10% tariff on $200 billion of imports from China.
  • Separately, the Chinese Foreign Ministry too hinted that talks with the U.S. could stall. “China has always emphasised that the only correct way to resolve the China-U.S. trade issue is via talks and consultations held on an equal, sincere and mutually respectful basis. But at this time, everything the U.S. does is not giving the impression of sincerity or goodwill,” said spokesperson GengShuang.

::SCIENCE & TECHNOLOGY::

UN report warns about under 15 mortality rates

  • An estimated 6.3 million children under 15 years of age died in 2017, or one every five seconds, mostly of preventable causes, according to the new mortality estimates released by UNICEF, the World Health Organization (WHO), the United Nations Population Division and the World Bank Group on Tuesday.
  • The report notes that for children everywhere, the most risky period of life is the first month.In 2017, 2.5 million newborns died in their first month while 5.4 million deaths — occur in the first five years of life, with newborns accounting for around half of the deaths.
  • Also, a baby born in sub-Saharan Africa or in South Asia was nine times more likely to die in the first month than a baby born in a high-income country. And progress towards saving newborns has been slower than for children under five years of age since 1990.
  • The report adds that even within countries, disparities persist. Under-five mortality rates among children in rural areas are, on average, 50% higher than among children in urban areas. In addition, those born to uneducated mothers are more than twice as likely to die before turning five than those born to mothers with a secondary or higher education.
  • Despite these challenges, there is a drop in children dying each year worldwide. The number of children dying under five has fallen dramatically from 12.6 million in 1990 to 5.4 million in 2017. The number of deaths in older children aged between five to 14 years dropped from 1.7 million to under a million in the same period.

::SPORTS::

Wrestling federation selects Rituphogat

  • Miffed with the Wrestling Federation of India (WFI), grappler Pinki on Tuesday refused to turn up for the World Championship re-trial, paving the way for RituPhogat’sselection in the 53kg category.
  • Pinki, who had a disappointing Asian Games but had won a gold medal at the YasarDogu International before heading to Jakarta, had actually booked a place for herself in the 53kg for both the Asian Games and the World Championship when the trials were held earlier in Lucknow.
  • However, the WFI decided to give Ritu, who competes in the 50kg category, a chance to compete in the 53kg since she had missed out on the Asian Games trials due to a flight issue.

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