Current Affairs for SSC CGL Exams - 23 June 2017

::National::

India is drafting a dedicated Antarctica policy

• Preparing for a populous future in which Antarctica, India is drafting a dedicated Antarctica policy and a law that will likely be tabled in the winter session of Parliament.
• Ministry of Earth Sciences officials tasked with drafting the law said India, being among the countries that have acceded to the Antarctica Treaty, is expected to have a clear policy on the consequences of its activities in the region.
• The treaty is framed to ensure ‘in the interests of all mankind that Antarctica shall continue forever to be used exclusively for peaceful purposes and shall not become the scene or object of international discord.’
• To this end it prohibits military activity, except in support of science; prohibits nuclear explosions and the disposal of nuclear waste; promotes scientific research and the exchange of data; and holds all territorial claims in abeyance. 
• The pact applies to the area south of 60° south latitude, including all ice shelves and islands.
• Several related conventions such as the Conservation of Antarctic Seals (1972), and Conservation of Antarctic Marine Living Resources (1980) are appended to this treaty for protection. 

NATGRID empowered to track security related data

• The Centre has empowered the National Intelligence Grid (NATGRID), the integrated mechanism to keep track of security-related data, to access the Income Tax department’s records on individual taxpayers as well as PAN card holders. 
• NATGRID and the I-T department could sign a pact soon to operationalise the data sharing arrangement.
• According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from the PAN to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression. 
• The department will also share all information available in the department's database regarding residential and office addresses, addresses for communication, email addresses and phone and mobile numbers of all the taxpayers. 
• The MoU with the NATGRID that functions under the Union home ministry will also include confidentially clause so that transfer of personal data is safe. 
• As per data, while there are over 25 crore PAN holders in the country, the actual number of taxpayers is about 5 crore. 
• The NATGRID, which is still in nascent stage, in different phases, will connect data providing organisations and users besides developing a legal structure through which information can be accessed by the law enforcement agencies. 

India pointed at Pakistan and sought an end to terrorism affecting the region

• Setting the agenda of Prime Minister Narendra Modi’s first meeting with U.S. President Donald Trump later this week, India pointed at Pakistan and sought an end to terrorism affecting the region. 
• Speaking at the U.N., India’s Permanent Representative Syed Akbaruddin set the stage urging the international community to deal with the “adversary” that provides “safe haven” to terrorists who target Afghanistan.
• The Ministry of External Affairs also expressed concern about continued flow of U.S. military aid into Pakistan.
• Apart from the terror context, officials said that the upcoming visit will help both sides understand each other better.
• “We all know they have come into office recently. Therefore, there are certain areas where we need to understand each other better,” said the spokesperson who announced that the meeting between PM Modi and President Trump.

::Business and Economy:: 

RBI has asked banks to resolve 55 high value cases of bad loans

• RBI has asked banks to resolve 55 high value cases of bad loans within six months or face the prospect of being directed to go in for the new insolvency resolution mechanism as part of the strategy to rein in unacceptable level of NPAs.
• Earlier this month, Reserve Bank of India identified 12 accounts for insolvency proceedings with each of them having over Rs. 5,000 crore of outstanding loans, accounting for 25% of total NPAs of banks.
• RBI has asked banks to find solution for 55 identified NPA accounts within 6 months otherwise the central bank would examine those cases and refer for resolution under the Insolvency and Bankruptcy Code (IBC), official sources said.
• RBI is of the view that banks should expedite the NPA resolution process for these cases as soon as possible.
• In cases where a viable resolution plan is not agreed upon within six months, banks would be asked to file insolvency proceedings against the defaulters under the IBC, sources added.
• The banking sector is saddled with NPAs of over Rs. 8 lakh crore, of which Rs. 6 lakh crore is with public sector banks (PSBs). The 12 identified cases account for 25% or about Rs. 2 lakh crore of NPAs.
• IBC has defined time-frame for the resolution and there is 14-day time period for admission or rejection of a case by National Company Law Tribunal. 
• After a case is accepted by NCLT, the creditor would get 30 days to hire insolvency practitioners and then the entire process to be completed in 180 days which will look at various possibilities including revival of projects or liquidation.

Along with national market GST will reduce tax burden

• Reserve Bank Governor Urjit Patel said the soon-to-be implemented goods and services tax (GST) will not only create a national market but will also broaden the tax base which in turn will lower the overall taxes in the long-term.
• He also said GST is a precursor to a low tax regime in the country at a later stage.
• He said the broadening of tax base is an important outcome of the new uniform taxation regime and other initiatives on e-payments and digitisation.
• Besides creation of a national market, GST will also reduce many inefficiencies within the States while moving goods from within a State and also across the country, Mr. Patel said.
• He said with the emergence of technology-enabled innovation in financial services there will both opportunities and risks to financial sector stability which need to be addressed by policy makers, regulators and supervisors, as many innovations have not been tested through a full financial cycle.

Central bank expanded the size of its oversight committee 

• The Reserve Bank of India (RBI) has expanded the size of its Oversight Committee — formed to advice banks on stressed assets resolution — to five, by adding three more members.
• S. Raman and M.B.N. Rao, both former Canara Bank chiefs, and former L&T Finance Holdings chairman Y. M. Deosthalee, are the new members.
• Former SBI managing director, Janki Ballabh, is the fourth member. The committee is headed by former Central Vigilance Commissioner, Pradeep Kumar.
• The RBI said a circular giving details of the process to be followed by banks for resolution of identified stressed assets within six months would be issued separately.

Click Here for Daily Current Affairs Archive

Click Here for Study Material for SSC CGL Exam

Click Here to Join Online Course for SSC CGL Exam