Current Affairs for SSC CGL Exams - 19 September 2017

::National::

Centre says Rohingya’s are a serious threat to national security

• The Centre told the Supreme Court that the Rohingya were a serious threat to national security with links to terror outfits, such as the Islamic State, and those in Pakistan and other countries.

• The Centre said that unless the government took action now, illegal immigrants like the Rohingya would eat into welfare meant for India’s citizens.

• It said the decision whether or not to deport them fell within its exclusive domain. The court should refrain from hearing them.

• “If anything untoward happens to us, we will come to you,” senior advocate Fali Nariman, appearing for two Rohingya representing their 40,000-strong community, insisted at the short hearing.

• Chief Justice Misra, however, said the court would first have to “see the legal position, whether we have jurisdiction and what kind of jurisdiction we have.” He posted the case for detailed hearing on October 3.

Govt names the directors of shell companies

• In a first-of-a-kind ‘name and shame’ exercise, the Ministry of Corporate Affairs (MoCA) has begun making public the lists of disqualified directors across the nation as well as those associated with struck-off companies.

• Former Kerala Chief Minister Oommen Chandy, jailed politician V.K. Sasikala, Leader of the Opposition in the Kerala Assembly Ramesh Chennithala and Gulf-based business tycoon M.A. Yusufali are some of the prominent names figuring in these lists.

• Four ‘shell companies’ linked to Sasikala, jailed aide of former Tamil Nadu Chief Minister Jayalalithaa, are among the companies struck off by the Registrar of Companies (RoC) in Chennai.

• This follows a MoCA statement on September 12 that as on that day, it had identified 1.06 lakh directors of ‘shell companies’ for disqualification under the relevant provisions of the Companies Act, 2013.

• The move is part of actions to break the network of ‘shell companies’ and further the fight against black money/money laundering, it had said. Several Keralite businessmen, leading politicians, top civil servants, and police officers figured in the lists.

• The four shell companies with links to Sasikala which have been dissolved include Fancy Steels Private Limited, Rainbow Air Private Limited, Sukraa Club Private Limited and Indo Doha Chemicals and Pharmaceuticals Limited.

Home Minister says SC will take final call on Rohinya’s deportation

• Union Home Minister Rajnath Singh said on Monday that the Supreme Court would take a call on the Centre’s decision to deport the Rohingya who entered India illegally.

• “An affidavit has been filed. Whatever decision is to be taken, it will be taken by the Supreme Court, and we shall wait for its decision,” he told presspersons.

• Mr. Singh said at a press conference in Jammu that they were “illegal” immigrants, and a security threat from them could not be ruled out.

• The case is being heard by the Supreme Court after the Home Ministry said in July that “illegal” immigrants such as the Rohingya posed a security challenge because they might be recruited by terror groups.

• It asked the States to set up task forces in districts to identify and deport “illegally staying foreign nationals”.

::International::

US wants reforms in UN

• U.S. President Donald Trump criticised the UN for bloated bureaucracy and mismanagement on his first visit on Monday to UN headquarters, calling for “truly bold reforms” so it could be a greater force for world peace.

• Ahead of his maiden speech to the annual UN General Assembly on Tuesday, Mr. Trump hosted a short event to boost support for changes to the UN.

• The United Nations must hold every level of management accountable, protect whistleblowers and focus on results rather than on process.

• More than 120 countries were invited to attend Monday’s reform meeting after signing on to a U.S.-drafted 10-point political declaration backing efforts by UN Secretary-General Antonio Guterres “to initiate effective, meaningful reform”.

• Also, the Human Rights Watch called for targeted sanctions and an arms embargo against the Myanmar military in response to an offensive that has sent 410,000 Rohingya Muslims fleeing to Bangladesh.

• The HRW said Myanmar security forces were disregarding condemnation by world leaders over the violence and the exodus of refugees, and the time had come to impose tougher measures that Myanmar’s generals could not ignore.

• The call came as the UN General Assembly prepared to convene in New York, with the crisis in Myanmar high on the agenda.

• It also came on the eve of a highly-anticipated national address by Myanmar’s civilian leader Aung San Suu Kyi, her first on the crisis in Rakhine State.

• About a million Rohingya residents lived in Rakhine State of Myanmar until the recent violence.

Zannah Mustapha was given the annual Nansen award

• A Nigerian lawyer who helped secure the release of more than 100 schoolgirls kidnapped by Boko Haram was on Monday awarded one of the United Nations’ top prizes.

• The UNHCR said Zannah Mustapha was given the annual Nansen award for his “crucial mediating” role as well as his work helping children affected by the long-running conflict.

• Mr. Mustapha, who is in his late-50s, said the award was unexpected but he was “exceedingly happy” to have been chosen. “I look forward to being a worthy ambassador... for such a noble award,” he said.

• Mr. Mustapha set up The Future Prowess Islamic Foundation School 10 years ago, which has since proved a lifeline for children in conflict-riven and impoverished northeast Nigeria.

• The primary school has 540 pupils — more than half of them girls. Students include the children of Boko Haram fighters and Nigerian soldiers.

• Mr. Mustapha is a well-known figure in northeast Nigeria having previously represented the family of Mohammed Yusuf, the founder of Boko Haram who died in police custody in 2009.

::Business and Economy::

National Company Law Tribunal orders insolvency proceedings against Stayzila

• In a significant order that could have far-reaching implications on the start-up ecosystem in the country, a Division Bench of the NCLT has ordered the initiation of corporate insolvency resolution process against Inasra Technologies Private Ltd.

• Inasra is the parent company of Stayzilla, an online homestay aggregator. The petition was filed by one of its vendors, Jigsaw Advertising and Solutions.

• NCLT has also appointed an interim resolution professional to take charge of the management of the corporate debtor. Jigsaw went to NCLT as Inasra Technologies defaulted in payment of its dues to the tune of Rs. 1.69 crore.

• Citing the criminal case filed by Jigsaw and pointing to the compliance money deposited to get bail in this instance, the corporate debtor argued that the trial court had not yet decided on the issue.

• The NCLT has directed the nominated IRP to make public the announcement of the order and call for submissions of claims in the manner prescribed.

• Also, the NCLT has restrained the corporate debtor from “transferring, encumbering, alienating or disposing of any of its assets or any legal right or beneficial interest therein.”

• The NCLT verdict in the Stayzilla case has evoked more than cursory curiosity in legal and corporate circles.

• Stayzilla hit national headlines and became a hotly-debated topic of discussion in the corporate world, in general, and the IT community, in particular, when its founder Yogendra Vasupal was held on a criminal compliant filed by Jigsaw’s owner.

• The arrest of Stayzilla’s founder saw the entire start-up fraternity close ranks and voice its apprehension over the manner in which the issue was allowed to go out of hand by both the parties.

• Leading lights in the start-up ecosystem have underscored the need for developing a sense of maturity in the still evolving start-up fraternity.

The Centre expects digital payments to gain traction again

• The Centre expects digital payments to gain traction again on its initiatives, platforms such as Unified Payments Interface (UPI) and evolution of technology, according to Finance Minister Arun Jaitley.

• The Minister’s comments come against the backdrop of marginal decline in digital transactions which had peaked in the aftermath of demonetisation.

• “Obviously, in the month of November, December and January, a lot of people went in for digitisation in terms of mode of payment more out of compulsion rather than finding it a more convenient method to transact, but that compulsion itself created a habit for many,” the Minister said.

• “We reached a peak figure, then it marginally slipped and is now bound to pick up again,” he said. As per RBI data, the number of digital payment transactions in India stood at 671.5 million in November 2016, growing to 957.5 million in December 2016.

• The process of re-monetisation triggered a dip in such payments to 870 million in January 2017, 763 million in February, almost 894 million in March, 853 million in April, 858.5 million May, 844.7 million in June and 861 million in July.

• Mr. Jaitley said with applications as simple as the one Google had unveiled, digital payments, which started as a compulsion, were likely to become a matter of convenience.

• Tez, meaning ‘fast’ in Hindi, is a payments application from the U.S. technology giant that had been developed for India first. It is powered by UPI, which is also used in BHIM.

• The application will be available for both Android and iOS users, allowing then to make payments straight from their bank accounts. “This is a product that is made for India.

FDI reforms, GST and a simplified bankruptcy code are likely to increase FDI

• Reform measures such as the foreign direct investment reforms, GST and a simplified bankruptcy code are likely to increase FDI in India, according to Moody’s Investors Service.

• “FDI has already increased substantially, albeit from a low base. Combined with reforms such as the introduction of a goods and services tax, which lowers the cost and complexity of doing business, and a simplified and clarified bankruptcy code, FDI is likely to rise further,” it said in a report.

• It, however, added that the benefits of these measures are likely to really have an impact when the global economy improves

SEBI relaxed the guidelines for REITs and Infrastructure Investment Trusts

• The Securities and Exchange Board of India (SEBI) has relaxed the guidelines for Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs) in order to broaden the scope of fund raising by such instruments.

• The board of SEBI, which met, decided to allow REITs and InvITs to raise capital by issuing debt securities while also giving approval for the former to lend to an underlying holding company or a special purpose vehicle (SPV).

• The regulator also allowed single-asset REITs on similar lines as InvITs while amending the definition of ‘valuer’ for both REITs and InvITs. REITs allow investors to invest in real estate, while InvITs allow one to invest in infrastructure projects.

• Market participants said the relaxation would help these investment products gain traction as only a few entities have so far managed to raise such funds. On the BSE, only two InvITs, India Grid Trust & IRB InvIT Fund, are listed.

• “Through these proposals, SEBI has reiterated its intent to adopt a consultative approach in refining the regulations to make REITs and InvITs successful platforms in India,” said Bhairav Dalal, partner, real estate (tax), PwC India.

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