Current Affairs 29th July to 3rd Aug 2018

Current Affairs 29th July to 3rd Aug 2018

Government launches logo, tagline for ‘Geographical Indication’ certified products

Union Commerce and Industry Minister Suresh Prabhu on August 2, 2018 launched the tricolour logo and a tagline for Geographical Indication (GI) certified products.

The logo has tagline “Invaluable Treasures of Incredible India” printed below it. The winning logo was designed by Adri Chatterjee and the winning tagline was coined by Akancha Tripathi. From now on, GI-registered goods will sport logo and tagline to make them more attractive. The GI logo will act as a certifying mark that can be used to identify all registered GIs irrespective of the categories.

Union Cabinet approves acquisition of IDBI Bank’s controlling stake by LIC 

The Union Cabinet on August 1, 2018 approved acquisition of IDBI Bank’s controlling stake by Life Insurance Corporation of India (LIC) as promoter in the bank. The acquisition will be done through preferential allotment or open offer of equity and through relinquishment of management control by the Government of India.

The Cabinet has also approved reduction in Government shareholding in IDBI Bank Limited to below 50 percent by dilution.  The acquisition would help financially strengthen the LIC and the bank as well as their subsidiaries which offer financial products such as housing finance and mutual funds.

Assam-NRC Draft can’t be basis of any action by any authority: SC

The Supreme Court on July 31, 2018 ruled that the National Register of Citizens (NRC) prepared for State of Assam was only a draft, and hence it cannot be the basis of any action by any authority against anyone.

The Court passed the order following the increasing concerns about the exclusion of approximately forty lakh persons from the final draft list of NRC that was published on July 30, 2018.

Lok Sabha passes Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018

The Lok Sabha on July 31, 2018 passed the Insolvency and Bankruptcy Code (Second Amendment) Bill, 2018. The Bill was introduced in the parliament on July 23, 2018.

The Bill seeks to replace the Insolvency and Bankruptcy Code (Amendment) Ordinance 2018. It amends the Insolvency and Bankruptcy Code, 2016 to clarify that allottees under a real estate project should be treated as financial creditors.

It also allows the withdrawal of a resolution application submitted to the National Company Law Tribunal (NCLT) under the Code.  This decision can be taken with the approval of 90 percent of the committee of creditors.

India breaks into top 100 in UN’s E-Government index

India has jumped 22 places to break into the top 100 of the United Nation’s E-Government Index 2018. India, which was ranked 118 in 2014, jumped 11 places to be ranked 96 in 2018.

The E-Government survey is released by the United Nations in every two years. The 2018 edition: ‘Gearing E-Government to Support Transformation towards sustainable and resilient societies’ was launched on July 19, 2018. The E-Government Development Index (EGDI) is a composite index based on the weighted average of three normalised indices.

US elevates India’s status to ease export controls for high-tech product sales

The United States has eased export controls for high-technology product sales to India by elevating its status to a Strategic Trade Authorisation-1 (STA-1) country. The information was shared by US Commerce Secretary Wilbur Ross on July 30, 2018.

The designation of ‘STA-1 country’ will allow India to buy more advanced and sensitive technologies from the United States, at par with that of the closest US allies and partners and ensure enduring cooperation into the future. The elevated status will also provide India with greater supply chain efficiency, both for defence and other high-tech products.

Assam’s National Register of Citizens’ final draft

The Assam government released the second and final draft of the state’s National Register of Citizens (NRC) on July 30, 2018. The list incorporates names of 2.89 crore people out of 3.29 crore applicants.

However, the names of 40.07 lakh people have been left out. Their claims and objections will be taken up from August 30 to September 28.

The first draft of NRC was published on December 31, 2017, and it incorporated the names of 1.9 crore people out of the total 3.29 crore applicants.

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