Pakistan suspends bilateral trade with India afterrevoking article 370
Pakistan on Wednesday expelled the Indian High Commissioner and
suspended bilateral trade in response to New Delhi’s decision to end the
special status to Jammu and Kashmir.
The decisions were taken at a National Security Committee (NSC)
meeting chaired by Prime Minister Imran Khan at his office in Islamabad.
Foreign Minister Shah MehmoodQureshi read out the NSC decisions, while
addressing a joint session of Parliament.
Political analyst MosharrafZaidi says the NSC decisions represent
Pakistan’s effort to express its rejection of India’s altering of the status
“Unlike India, it shows that Pakistan remains committed to
bilateral and regional peace. But the patience of Pakistan’s leaders does
not mean Pakistanis will fall in line.
Centre unveils draft plan for coastal zone management
The Environment Ministry has unveiled a draft plan that will
dictate how prospective infrastructure projects situated along the coast
ought to be assessed before they can apply for clearance.
The draft Environmental and Social Management Framework (ESMF) is
part of a World Bank-funded project.The document lays down guidelines for
coastal States to adopt when they approve and regulate projects in coastal
Integrated coastal zone management (ICZM) has to be a continuous
process rather than a “one-off” investment action, the report said.
So far three coastal States, namely Gujarat, Odisha and West
Bengal, have prepared Integrated Coastal Zone Management Plans with support
from the World Bank.Such plans would be prepared for the selected coastal
stretches in other States/UT, the project notes.
The key activities proposed for coastal zone development that
consist of investments by States include: mangrove afforestation/shelter
beds, habitat conservation activities such as restoration of sea-grass
meadows, eco-restoration of sacred groves, development of hatcheries,
rearing/rescue centres for turtles and other marine animals, creation of
infrastructure for tourism, restoration and recharge of water bodies, beach
cleaning and development, and other small infrastructure facilities.
Post policy rate change, rupee sees high volatility against dollar
The Rupee witnessed high volatility and slipped towards 71 level
after the Reserve Bank of India on August 7 cut key interest rate by 35
basis points to boost the slowing economy.
The Rupee had opened on a weak note at 70.92 at the interbank
Forex market, then fell further to 70.99 against the U.S. Dollar. The
domestic currency was trading at 70.91 at 1215 hrs, down 10 paise over its
Following the RBI’s Monetary Policy Committee (MPC) decision, the
local currency witnessed heavy volatility. It fell to a low of 70.99 and a
high of 70.88 within minutes of RBI policy decision.
The RBI also revised real GDP growth for 2019-20 downwards to 6.9%
from 7 % in the June policy. Meanwhile, brent crude futures, the global oil
benchmark, fell 0.29% to $58.77 per barrel, as U.S.-China trade dispute
rattled investor sentiments.
China has meanwhile reported to have said that it is halting new
purchases of U.S. agricultural products after President Trump vowed last
week to impose new tariffs on Chinese goods starting in September.
RBI to make NEFT facilities to customers round the clock
The Reserve Bank of India today announced that the National
Electronic Funds Transfer(NEFT) facility will be available round-the-clock
for the customers.
Speaking at a press conference after the release of the third
bi-monthly policy statement, RBI Governor Shaktikanta Das said the RBI will
make available the NEFT system on a 24x7 basis from December 2019.
Currently, NEFT payment system operated by the Reserve Bank as a
retail payment system is available for customers from 8 AM to 7 PM on all
working days of the week except 2nd and 4th Saturdays of the month.
Addressing the media, the RBI Governor said that the RBI has also
decided to create a central payments fraud information registry system to
deal banking frauds adding that the details of the same will be shared
UN signs UN convention on international settlement agreements
India on Wednesday signed a key UN convention on international
settlement agreements, even as experts called for local laws to support the
treaty’s implementation in business contracts.
The United Nations Convention on International Settlement
Agreements (UNISA) was signed by India’s High Commissioner to Singapore
Jawed Ashraf, representing the Government of India. 46 countries signed the
treaty named Singapore Convention on Mediation.
Singapore Minister of Home Affairs and Law K. Shanmugam
appreciated the strong support shown by the 70 countries represented at the
He highlighted the participation by the world’s three largest
economies the USA, China and India.
“On the ease of doing business, as for the legal front, we are up
by 50 per cent just by signing this convention and it is a dramatic jump,”
said Mr.Panchu, a member of the National Legal Service Authority, India.
::SCIENCE & TECHNOLOGY::
Mexican cactus becomes good alternative to plastic
Mexico’s prickly pear cactus, which is emblazoned on the country’s
flag, could soon play a new and innovative role in the production of
A packaging material that is made from the plant has been
developed by a Mexican researcher and is offering a promising solution to
one of the world’s biggest pollution conundrums.
That substance is then mixed with non-toxic additives and
stretched to produce sheets that are coloured with pigments and folded to
form different types of packaging.
Given the rampant production of industrial plastics and the time
it takes to make her material, there would need to be “other recycling
strategies” to make any concrete difference, an expert said.
In March, UN member states committed to “significantly reduce”
single-use plastics over the next decade, although green groups warned that
goal fell short of tackling the Earth’s pollution crisis.
Mary Kom and Lovlina selected for world boxing championships
Six-time world champion M C Mary Kom and LovlinaBorgohain have
been selected for the upcoming women's world boxing championships based on
their recent performances.
The 36-year-old Mary Kom, who has already claimed two gold medals
this year India Open and a recent tournament in Indonesia, has been selected
in the 51kg category. World and Asian bronze-medallist Borgohain will be
competing in the 69kg category.