Current Affairs for SSC CGL Exams - 22 October 2018

::NATIONAL::

Assam to block citizenship bill rally

•  The Assam government has said it would not allow a proposed rally of 27 Bengali organisations in support of the Citizenship (Amendment) Bill, 2016 that seeks to grant citizenship to non-Muslim refugees from Afghanistan, Bangladesh and Pakistan
•  This followed a State-wide shutdown call by a conglomerate of 42 organisations of indigenous communities on October 23, coinciding with the scheduled meeting of the Joint Parliamentary Committee with officials of the Home and External Affairs Ministries on the controversial Bill.
•  The Citizens’ Rights Protection Forum-Assam, an umbrella organisation of Bengali groups, had proposed the pro-Citizenship Bill rally in Guwahati on November 17.
•  The pro-talks faction of the United National Liberation Front had warned the forum against organising the rally. “We will not allow the proposed rally because of possible law and order problem,” Additional Director-General of Police (Special Branch) Pallab Bhattacharya said. Several NGOs and political parties had asked the State government to clear its stand on the rally that they deemed intimidating.
•  Former Chief Minister Prafulla Kumar Mahanta said the AsomGanaParishad (AGP) would contest the next panchayat poll on its own if New Delhi went ahead with its plan to clear the Citizenship (Amendment) Bill.

::ECONOMY::

India emerges as fastest growing low cost carrier market

•  India has emerged as the fastest growing low-cost carrier (LCC) market in the world by recording the largest increase (an additional 15.6 million) in departure seats in the first nine months of this year, aviation consulting and research firm Centre for Asia Pacific Aviation (CAPA) said.
•  Indian has also reinforced its position as the second largest LCC country market, it said.
•  “It [the LCC market in India] also had the largest year-on-year rise among the top ten country markets, up 20.7%,” CAPA said in a report. Double-digit rises were also recorded in the top ten by China (+19.1%), Germany (+18.7%) and Thailand (+16.5%). The U.S., where the model was born, remains the largest LCC market at more than two-and-a-half times the size of the emerging Indian market.
•  CAPA said almost 115 million additional seats were offered by LCCs around the world during the first nine months of 2018, versus the same period last year. This is a 10.1% rise to over 1.25 billion global seats (over 4.5 million seats per day).

Insolvency Law Committee submits its 2nd Report

•  The Insolvency Law Committee (ILC) constituted by the Ministry of Corporate Affairs to recommend amendments to Insolvency and Bankruptcy Code of India, 2016, has submitted its 2nd Report to the Government, which deals with cross border insolvency. The Report was handed over today to ShriArunJaitley, Minister of Finance and Corporate Affairs by Corporate Affairs Secretary, ShriInjetiSrinivas.
•  The UNCITRAL Model Law has been adopted in as many as 44 countries and, therefore, forms part of international best practices in dealing with cross border insolvency issues. The advantages of the model law are the precedence given to domestic proceedings and protection of public interest.
•  The other advantages include greater confidence generation among foreign investors, adequate flexibility for seamless integration with the domestic Insolvency Law and a robust mechanism for international cooperation.
•  The model law deals with four major principles of cross-border insolvency, namely direct access to foreign insolvency professionals and foreign creditors to participate in or commence domestic insolvency proceedings against a defaulting debtor; recognition of foreign proceedings & provision of remedies; cooperation between domestic and foreign courts & domestic and foreign insolvency practioners; and coordination between two or more concurrent insolvency proceedings in different countries.
•  Although the proposed Framework for Cross Border Insolvency will enable us to deal with Indian companies having foreign assets and vice versa, it still does not provide for a framework for dealing with enterprise groups, which is still work in progress with UNCITRAL and other international bodies.

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