GA- 11 Nov 2017

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GA- 11 Nov 2017

RBI release new outsourcing norms for NBFCs

  • RBI issued fresh directions on managing risks and code of conduct in outsourcing of financial services by NBFCs.
  • RBI said that Non-banking financial companies (NBFCs) cannot outsource core management functions like internal audit, strategic and compliance functions for know your customer (KYC) norms, sanction of loans and management of investment portfolio. 
  • NBFCs have to ensure that service providers are able to isolate and clearly identify the NBFC’s customer information, documents, records and assets to protect the confidentiality of the information.

Haryana first state to treat Hepatitis-C patients with oral medicine

  • Haryana has become the first state in the country to treat Hepatitis-C patients of all categories through oral medicine.
  • The state govt has included oral medicine in government hospitals. 
  • The medicine and treatment costs about Rs 28,000 to Rs 30,000 in the market, but the state government would provide this facility free of cost

Environment ministry forms 7-member panel to find solutions to air pollution in Delhi-NCR

  • The Union environment ministry formed a seven-member committee headed by environment secretary, to formulate short and long-term measures to solve the problem of air pollution in the Delhi-NCR region. 
  • The committee will include the secretary, department of science & technology, secretary, department of biotechnology, the additional secretary of the Niti Aayog, chief secretary of Delhi, the chairman, Central Pollution Control Board and a representative of Vidhi Centre for Legal Policy, a policy think-tank.
  • The committee will ensure that the measures are implemented and the hotspots where pollution is a major problem are regularly surveyed to monitor the situation.

Cabinet approvals

Approves appointment of 2nd National Judicial Pay Commission

  • The Union Cabinet approved appointment of Second National Judicial Pay Commission (SNJPC) for subordinate judiciary in country.
  • It will be headed by Justice (Retd) J P.Venkatrama Reddi, former Judge of Supreme Court.  R Basant, former Judge of Kerala High Court will be its member.

Approves Double Taxation Avoidance Agreement with Hong Kong

  • The Union Cabinet approved Agreement between India and Hong Kong, special administrative region of China for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to taxes on income.
  • The agreement will stimulate flow of investment, technology and personnel from India to HKSAR & vice versa.
  • It will also prevent double taxation and provide for exchange of information between them. 

Approves MoU with Philippines on agriculture and related fields

  • The Union Cabinet approved signing of Memorandum of Understanding (MoU) between India and Philippines in field of agriculture and related fields.
  • It will improve bilateral cooperation in field of agriculture and will be mutually beneficial to both countries.

Approves creation of National Testing Agency

  • The Union Cabinet approved creation of National Testing Agency (NTA) as an autonomous and self-sustained premier testing organization to conduct entrance examinations for higher educational institutions.
  • It will be society registered under Indian Societies Registration Act, 1860.

Approves protocol amending DTAA between India and Kyrgyz

  • The Union Cabinet approved protocol amending Agreement between India and Kyrgyz for avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income.
  • The Protocol amending Double Taxation Avoidance Agreement (DTAA) aims to update Article 26 (Exchange of Information) of DTAA to international standards.

Approves Joint Interpretative Declaration between India and Colombia

  • The Union Cabinet approved signing of Joint Interpretative Declaration (JID) between India and Colombia regarding existing Agreement for Promotion and Protection of Investments.
  • The agreement was signed between them signed in November 2009. 

2nd Meeting of EAC-PM focuses on Job Creation, Social Sector and Infrastructure

  • The Second Meeting of Economic Advisory Council to the Prime Minister (EAC-PM) has spelt out ‘clear road map’ for govt to ramp up job creation and infrastructure financing avenues while investing more resources in health, education and skill development.
  • The meeting was chaired by Dr. Bibek Debroy, Member NITI Aayog. 
  • It identified key issues, strategies and recommended interventions in respect of these themes. 
  • Prime Minister Narendra Modi has constituted five member EAC-PM in September 2017 as an independent body to provide advice on economic issues to the government, specifically to the Prime Minister.

UNHCR to receive Mother Teresa Award 2017 for social justice

  • The United Nations High Commission for Refugees (UNHCR) was named as the recipient of Harmony Foundation’s Mother Teresa Memorial Award for Social Justice 2017 for its exceptional work worldwide.
  • Harmony Foundation’s 2017 theme is ‘Compassion Beyond Borders’ and UNHCR efforts aptly fit into this theme.

Debjani Ghosh to be first woman President of NASSCOM in 2018

  • The National Association of Software and Services Companies (NASSCOM) has named Debjani Ghosh its president-designate.
  • She will succeed R Chandrashekhar after his tenure ends in March 2018.
  • It will make her first female president global trade body representing software companies.
  • She is former Managing Director of Intel South Asia.
  • She is also member of NASSCOM’s Executive Council and a trustee of NASSCOM Foundation.

Padma Shri awardee author Manu Sharma passes away

  • Noted author and Padma Shri awardee Manu Sharma died following a prolonged illness. He was 89.
  • Manu Sharma alias Hanuman Prasad Sharma died.

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