Thursday, 15 June 2017

Daily Update On Current Affairs - June 15, 2017

current affairs
Here's your daily summary of Current Affairs.

Centre Approves Interest Subsidy Of 2% On Farm Loans, Additional 3% For Timely Repayments

Government has approved two percent interest subsidy on farm loans and additional three percent for timely repayments. The approval was given for short-term crop loans to farmers for the current year. A decision in this regard was taken during the Cabinet meeting in New Delhi on the 14th June 2017. The scheme will apply to short term crop loan up to three lakh rupees and the rate will be four percent.

Process Of Presidential Elections Begins

The process of filing nominations for the Presidential poll began on the 14th June 2017 with the Election Commission issuing a notification. The nomination process will continue until the 28th of this month. If needed, the elections will take place on the 17th of next month. The ruling NDA government and the opposition parties have intensified their efforts to zero in on a mutually acceptable candidate for the highest constitutional post.

Petroleum Dealers' Assn Withdraws Strike Against Daily Revision Of Fuel Prices

Petroleum Dealers' Association on Wednesday called off proposed strike against daily revision of petrol and diesel prices from Friday. This comes after the government agreeing to change the timing of price revision to 6 AM every day instead of midnight. Presently, the price revision comes into effect from midnight. Petroleum and Natural Gas Minister Dharmendra Pradhan said the daily price revision will be implemented from 16th of this month as decided. Earlier, petroleum dealers met Mr. Pradhan in New Delhi to put forward their demands. During the meeting, the Minister heard all concerns of the dealers. Mr. Pradhan said, the daily price revision follows the successful pilot project in five cities and would lead to even the smallest change in international oil prices being passed on to consumers. Private pump owners, who make up for three-fourth of the nation's 54 thousand retail outlets of the public sector firms, had threatened to go on a strike over concerns of inadequate infrastructure to revise prices every midnight.

Massive Fire At 27-Storey Apartment In West London

In Britain, several people have died after a huge fire, which engulfed a 24-story block of flats in central London early today. Commissioner of the London Fire Brigade, Dany Cotton said in a televised briefing that there have been a number of fatalities and the number cannot be confirmed at this time due to the size and complexity of the building. She said at least 200 firefighters are battling the blaze, operations and evacuating residents from the building. A statement from the Fire Brigade said the blaze started around 1 a.m. London time, from the second floor of the Grenfell Tower on the Lancaster West Estate. It said the fire engulfed all floors from the second to the top of the block which contained 120 apartments. Assistant Operations at the London Ambulance Service said they have taken 50 patients to five hospitals across London.

World Bank Approves Over $500 Million For Afghanistan To Boost Economy

The World Bank has approved financing worth more than 500 million dollars for Afghanistan to support a string of projects to boost the economy, help improve service delivery in five cities and support Afghan refugees sent back from Pakistan. The bank said the international troop withdrawal, which began in 2011, and political uncertainties have impacted Afghanistan's economy. The largest chunk of the package, some 205.4 million dollars, will go toward supporting communities affected by refugees returning from Pakistan. 

US Federal Reserve Increases Rate By 25 BPS

The Federal Reserve raised interest rates on Wednesday for the second time in three months, citing continued U.S. economic growth and job market strength, and announced it would begin cutting its holdings of bonds and other securities this year. The decision lifted the U.S. central bank's benchmark lending rate by a quarter percentage point to a target range of 1.00 percent to 1.25 percent as it proceeds with its first tightening cycle in more than a decade. In its statement following a two-day meeting, the Fed's policy-setting committee indicated the economy had been expanding moderately, the labor market continued to strengthen and a recent softening in inflation was seen as transitory.

GST On Track For Scheduled Implementation From July 1st

The Goods and Services Tax (GST) is on track for scheduled implementation from 1st of July. Revenue Secretary Hasmukh Adhia said in a Twitter post yesterday that rumours about GST implementation being delayed are false and do not be misled by it. The Finance Ministry in a statement said preparations are in full swing for a smooth implementation from the Ist of July. It also said the Central Board of Excise and Customs, in coordination with the state governments, have increased their outreach programmes so as to reach the last trader.

RBI Identifies 12 Loan Accounts Constituting 25 Percent Of Gross NPAs For Immediate Resolution Under The Bankruptcy Law

The Reserve Bank of India, RBI has identified 12 loan accounts constituting 25 percent of gross NPAs for immediate resolution under the bankruptcy law. The RBI's Internal Advisory Committee has identified 12 accounts each having more than 5,000 crore rupees of outstanding loans. It accounts for 25 percent of the current gross Non Performing Assets for immediate referral and resolution under the bankruptcy law. The apex bank, in a press release yesterday said its Committee has agreed to focus on large stressed accounts which were classified partly or wholly as non-performing from amongst the top 500 exposures in the banking system.

It is reported in the Times of India that the 12 accounts identified by the RBI are the following:
1) Bhushan Power 2)Bhushan Steel 3) Jaypee Group 4) Essar 5) Alok Industries 6)Lanco 7) ABG Shipyard 8) Punj Llyod 9) Electrosteel Holding 10)Aban Holdings 11)Moneet Ispat and 12)Prayagraj Power. The total outstanding from these 12 accounts is reported to be in the region of Rs 1.75 lakh Cr.

ED Files First Chargesheet Against Vijay Mallya In IDBI Loan Default Case

Enforcement Directorate has filed its first chargesheet against Vijay Mallya and others in the IDBI Bank loan default case. The 57-page chargesheet along with voluminous annexures was filed before a special court in Mumbai on Wednesday. This comes a day after a London court granted him bail in the extradition case and scheduled his next hearing on 6th of July. ED has charged Mallya under various sections of the Prevention of Money Laundering Act - PMLA and has stated in detail how funds of over 400 crore rupees were moved abroad in alleged violation of rules. The chargesheet also explains the role played by Kingfisher Airlines' executives and officials working for IDBI Bank to get the loan approved.

Insolvency Framework Soon For Banks, Insurers

After putting in place a legal framework to resolve insolvency in non-financial entities, the Centre has moved a step closer towards creating a similar apparatus for specified financial sector bodies such as banks and insurance companies. The Cabinet on Wednesday gave its nod for the introduction of the Financial Resolution and Deposit Insurance Bill, 2017 (FRDI), in Parliament. It will create a framework to deal with bankruptcy in banks, insurance companies, and financial sector entities. Once enacted, it will also lead to the establishment of a Resolution Corporation.

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