Current Affairs for BANK, IBPS Exams

19 November 2015

:: National ::

Delhi government clears the Jan Lokpal bill

• The Bill brings the Chief Minister’s office under its purview and ensures that any investigation and trial by the Lokpal has to be completed within six months.

• The draft Bill envisages a system where a corrupt person found guilty would go to jail within two years of the complaint being filed and his ill-gotten wealth confiscated.

• It also envisages power to the Jan Lokpal to prosecute politicians and bureaucrats without government permission.

• The Bill also envisages CAG audit in the cases.

• The Jan Lokpal Bill (Ombudsman Bill) is an anti-corruption Bill drawn up by activists seeking the appointment of an independent body that would investigate corruption cases, complete the investigation and trial in a time-bound manner.

• Once passed and notified, people will be able to complain directly and imprison corrupt politicians and bureaucrats under the law.

Telangana’s tribal master craftsman set to zoom into big league

• 65-year old tribal master craftsman from the remote confines of Adilabad district in Telangana State would be conferred prestigious national-level ‘Shilp Guru Award’ from President Pranab Mukherjee.

• The Ojha artisan community which primarily makes brass metal objects for the GondAdivasis of Adilabad district to which he belongs.

• The brass metal casting of Pjhas, popularly known as Dhokra art though has its range of traditional artefacts limited to about 50 is looking up after a few design development projects taken up recently.

Justice Thakur has been appointed as CJI

• President Pranab Mukherjee appointed Justice T.S. Thakur, judge of the Supreme Court, the Chief Justice of India with effect from December 3 as 43rd Chief Justice of India till January 3, 2017.

• Justice Thakur’s appointment comes shortly after a five-judge Constitution Bench on October 16 struck down the National Judicial Appointments Commission law and restored the collegium system of judicial appointments.

• The present incumbent and Chief Justice of India H.L. Dattu had recommended Justice Thakur’s name, following which the Union Law Ministry processed his file and sent it to the Prime Minister’s Office, from where after approval, it reached the President.

Apex court nod for draft paper on appointment of judges

• A five-judge Constitution Bench, led by Justice J.S. Khehar, gave Mr. Rohatgi a broad outline of what it expected from the memorandum, including the establishment of an independent secretariat to help the collegium.

• Another suggestion was to have the government and the judiciary equally share the burden of evaluation of complaints against shortlisted candidates. The Bench suggested that complaints about the professional performance would be evaluated by the judiciary, while the government would probe charges against candidates' integrity.

• Justice Khehar explained that a secretariat would bolster efforts towards an “open-ended selection process.” “We will mine our minds together,” Justice Khehar told the top government law officer.

• The Bench undertook to reform the 21-year-old collegium system, which was restored after it struck down the NJAC.

• But the Constitution Bench's move to accept Mr. Rohatgi's offer to prepare a draft memorandum evoked both positive and negative responses from top legal minds present in the courtroom.

Cabinet okays Rs.2,000-cr. package for Kashmiri migrants' rehabilitation

• The first signs of implementation of the economic package that was recently announced by Prime Minister NarendraModi for Jammu and Kashmir were seen Wednesday as the Cabinet approved Rs. 2,000 crore for the rehabilitation of Kashmiris who moved to different parts of India in the early 1990s.

• The ruling BJP-PDP coalition welcomed the move, saying it will encourage a positive change in the conflict-torn region and possibly repair ties between the Muslim and Pandit communities of Kashmir.

• Rs. 2,000 crore was part of the big package of Rs. 80,000 crore that was recently announced by the Prime Minister at his Srinagar rally.

• The money is specifically meant for the people who are registered as residents of Kashmir province. For Jammu and Ladakh provinces a separate allocation would be approved in the next phase.

• Since the first batch of Pandits left Kashmir in January 1990, several Pandit advocacy groups have blamed Jammu and Kashmir Liberation Front (JKLF), a militant outfit that surrendered before the Indian government in 1993, for what they called an “exodus.” JKLF leader Yasin Malik called for a unilateral ceasefire in 1994.

• Registered Kashmiri migrant families numbering 62,000 and residing in Jammu, Delhi and NCR stand to benefit from the initiative.

:: International ::

Strike at the root of terror funding: Modi

• They derive funding from a variety of criminal activities, which includes smuggling of narcotics, bank robberies, vehicle thefts, fake currency or State-sponsored activities in failed States.

• The Prime Minister said disrupting fund flow would constrain the capabilities of terrorists and reduce their ability to execute attacks.

• Globalisation of organised crime poses a major threat to economies throughout the world.

• The Black Money Undisclosed Foreign Income and Assets and Imposition of Tax Act, providing stringent penalties and prosecution of offenders, was enacted.

:: Economy ::

CCEA approves 10 per cent stake sale in CIL

• The Cabinet Committee on Economic Affairs approved a 10 per cent disinvestment in Coal India, the third government stake sale in the company’s history

• At the company’s current market capitalisation, a 10 percent stake sale will fetch the government around Rs. 21,100 crore.

• the disinvestment target of the government is Rs.69,500 crore for this financial year

• So far, the government has been able to pare its stake in only four companies —Power Finance Corporation, Ru-ral Electrification Corporation,Dredging Corporation and Indian Oil Corporation — and has earned only Rs.12,600 crore.

• The Department of Disinvestment has reportedly asked for the disinvestment target to be brought down to Rs.30,000crore. If this happens, then a suc-cessful Coal India stake sale could see the government overshooting its target.

• The CCEA also approved a three per cent interest subvention scheme for SME exporters in a move to boost exports.

• The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Mr.NarendraModi, has given its approval for Interest Equalisation Scheme(earlier called Interest Subvention Scheme) on Pre & Post Shipment Rupee Export Credit with effect from April 1, 2015 for five years,

• Cabinet had given its approval to several moves that would empower the National Highway Authority of India to get stalled projects moving.

• The first has to do with allowing NHAI to extend the tolling period for concessionaires who have been facing project delays for no fault of their own, such as unavailability of land or relevant clearances.

• The second involves authorising NHAI to pay compensatory annuities to the concessionaire corresponding to the actual period of delay, when the delay was not attributable to the concessionaire.

Tata Steel commissions Kalinganagar Steel Project

• Indian steel major Tata Steel commissioned the first phase (3 million tonnes per annum) of its 6 MTPA capacity Kalinganagar Steel Plant—the largest single-location greenfield steel project in India —in Odisha

• The state-of-the-art plant, which will produce world-class flat and lighter, high-tensile strength steel.

• It is India’s largest blast furnace at 4,330cubic meter with production capacity of 3.2 MTPA.

:: Sports ::

Delhi High Court paves the way for DDCA hosting India-South Africa Test

• In a respite for Delhi and Districts Cricket Association (DDCA), the Delhi High Court on Wednesday paved the way for holding of fourth cricket Test match of the India-South Africa series at FerozshahKotla Stadium here from December 3 to 7.

• The Court directed the South Delhi Municipal Corporation (SDMC) to issue a provisional occupancy certificate for the venue.

• The Court directed DDCA to deposit Rs.50 lakh with the municipal body towards property tax dues within two weeks.

• Disposing of DDCA's writ petition, a Division Bench also appointed Justice MukulMudgal, a former Judge of Delhi High Court and former Chief Justice of Punjab and Haryana High Court, to oversee the affairs of the match.

• The Delhi and Districts Cricket Association (DDCA), facing numerous corruption-related charges from the Delhi Government, had appealed to the High Court for permission to stage the Test.

• Justice Mudgal was asked by the High Court on Wednesday to oversee the conduct of the match.

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