Quiz – May 23, 2018May 24, 2018
Quiz – May 24, 2018May 25, 2018
Current Affairs for Engineering Service Exam
- National and International Issues on
- Economic Development
- Social Development
- Industrial Development
- Energy and Environment
- Information and Communication Technology
- The Key Initiatives of Government
Topic 1:Economic development
Sebi eases market access for foreign investors
The markets regulator Security Exchange Board of India (SEBI) allowed ‘segregated nominee account structure’ in International financial services centre (IFSC) for foreign investors to trade on stock exchanges.
- In segregated nominee account structure, orders of foreign investors will be routed through eligible segregated nominee account providers for trading on stock exchanges in IFSC while adhering to regulatory requirements relating to identification of end-client, unique client code, order placement at client level, client level margining and position limits.
- It will be obligatory on the stock exchanges for brokers and providers to furnish information relating to trades on bourses in IFSC originated through providers including KYC details of their end-clients, as and when requested.
- The exchanges in IFSC will have to ensure that the provisions of Prevention of Money Laundering Act (PMLA) and including those relating to capturing the KYC information for sharing with the central KYC Registry are adhered by providers for their end-clients.
- An IFSC caters to customers outside the jurisdiction of the domestic economy.Such centres deal with flows of finance, financial products and services across borders
- Gujarat International Finance Tec-City (GIFT) has been set up by the state government as India’s first IFSC that brings together world class infrastructure, connectivity, people and technology on a single platform for businesses across the world.
The services an IFSC provides:
- Fund-raising services for individuals, corporations and governments
- Asset management and global portfolio diversification undertaken by pension funds, insurance companies and mutual funds
- Wealth management
- Global tax management and cross-border tax liability optimization, which provides a business opportunity for financial intermediaries, accountants and law firms.
- Global and regional corporate treasury management operations that involve fund-raising, liquidity investment and management and asset-liability matching
- Risk management operations such as insurance and reinsurance
- Merger and acquisition activities among trans-national corporations
Read more at: ET
The government has reconstituted the Financial Stability and Development Council (FSDC), the apex body of financial sector regulators.
- The council, headed by the finance minister
- It will now include the minister of state responsible for the Department of Economic Affairs (DEA), currently P Radhakrishnan.
- The secretary of Department of Electronics and Information Technology also becomes a member, given the importance the government gives to digital transactions and issues of data privacy.
- The reconstituted FSDC will include the chairperson of the Insolvency and Bankruptcy Board of India (IBBI) and the revenue secretary.
- Other members of the FSDC, which was constituted in December 2010, are the governor of the Reserve Bank of India, chief of Securities and Exchange Board of India, finance secretary, Department of Economic Affairs, secretary, financial services, secretary, chief economic adviser and chairpersons of the Insurance Regulatory and Development Authority of India and Pension Fund Regulatory and Development Authority.
- The FSDC was set up to create an institutional structure and mechanism for financial stability, financial sector development and inter-regulatory coordination.
- It is charged with financial literacy, financial inclusion and macro prudential supervision of the economy, including the functioning of large financial conglomerates
Read more at: ET
Topic 1:Social development
New system of technical education
A new integrated system of technical education at the secondary school stage has been proposed by the Centre
- It seeks to vocationalise secondary education
- The scheme envisages two points of entry – one at the end of the seventh class and the other at the end of the tenth class.
- The integrated course will be of five years duration to run concurrently with secondary education but as a distinct and specialised course.
- The idea is that students completing seventh class and tenth class may be siphoned off into technical education, oriented towards industrial employment.
Read more at: The Hindu
Topic 2 : Environment
Clean Air India Initiative
Prime Minister of Netherlands launched the ‘Clean Air India Initiative’ in the national capital of India.
- The Clean Air India Initiative is a collaborative project between Get In The Ring, a platform for start-ups, the government of the Netherlands, Start-up India, and INDUS Forum, an online matchmaking platform of Indian and Dutch businesses
- The campaign aims to curb air pollution in Indian cities by promoting partnerships between Indian start-ups and Dutch companies
- Build a network of entrepreneurs working on business solutions for cleaner air.
- An ‘INDUS impact’ projects aims to halt the hazardous burning of paddy stubble by promoting business partnerships that “upcycle” it.
Read more at: The Hindu
Topic 2 : Energy
First’ civic body in country to generate solar energy
- South Delhi Municipal Corporation becomes ‘first’ civic body in country to generate solar energy, selling surplus power
- It has installed panels over rooftops of its over 55 buildings
- Earned a huge income in three months by selling surplus power to a power distribution company
Read more at: ET
Topic 4: The Key Initiatives of Government
- Direct Benefit Transfer for LPG consumer (DBTL) scheme called, `PAHAL‘ aims to reduce leakage of subsidy, reduce intermediaries and eliminate duplicate LPG connections by introducing direct cash transfer of subsidies
- LPG consumers, who join the scheme, will get the LPG cylinders at market price and receive the subsidy directly into their bank accounts
- The scheme required the consumer to mandatorily have a bank account linked with Aadhaar number for availing LPG Subsidy.
- If they do not possess Aadhaar number, they will have to link their bank account directly with their 17 digit LPG ID.
- Upgrading the Skills in Training in Traditional Arts/Crafts for Development (USTAAD) is a 100% central sector scheme
- The scheme aimed at capacity building and updating the traditional skills of master craftsmen/artisans.
- These trained master craftsmen/artisan will train the minority youths in various specific traditional arts/crafts.
- Under the Scheme, skill development programme will be provided for all important traditional arts/crafts being practiced by minority communities, for their development and market linkages
Modified Special Incentive Package Scheme (M-SIPS)
- The scheme aims to provide a special incentive package to boost domestic electronic product manufacturing sector and move towards Union Government‘s goal of Net Zero imports‘ in electronics by 2020
- It promotes large scale manufacturing in the Electronics System Design and Manufacturing (ESDM) sector by
- Providing subsidy for capital expenditure upto 20% for investment in SEZ and 25% in non-SEZs
- Providing reimbursement of duties and central taxes for projects with high capital investments
- The incentives will be available for investments made within 5 years from the date of approval of the project.
- Unit receiving incentive will provide undertaking to remain in commercial production for at least 3 years