Important Current Affairs 16th DECEMBER 2017

Important Current Affairs 16th DECEMBER 2017

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Current Affairs 16th DECEMBER 2017: NATIONAL NEWS

UIDAI has imposed a stop on  Airtel and Airtel payment banks Aadhar based SIM verification process.

The Unique Identification Authority of India (UIDAI), which issues Aadhar card, has done the biggest action on Airtel and Airtel Payment Bank till now.
●    The Authority has temporarily suspended the e-KYC license of Bharti Airtel and Airtel Payments Bank.
●    Country's leading telecom operator Airtel and Airtel Payments Bank will no longer be able to base card based verification of SIM card of their mobile customers through e-KYC.
●    Not only this, UIDAI has also stopped Airtel from adopting e-KYC process for verification of its payment bank customers.
●    In addition to verifying SIM from the base, Airtel will not be able to take e-KYC procedure for verification of customers of its payment bank.
●    UIDAI has imposed this restriction on Airtel due to allegations of alleged misuse of the procedure based on e-KYC SIM verification.
●    Airtel has alleged that it has opened its bank accounts without the consent of its customers.
●    The company has alleged that the customers used to get E-KYC based on SIM based and their bank accounts were opened.

GST Council sanctioned e-way bills, will be applicable from 1st February

GST (commodity and service tax) council has made it compulsory from February 1, 2018, filling a crucial e-bill in its 24th meeting on Saturday.
●    Now the rule will apply when the goods are taken from state to state.
●    Some states can implement both the interstate (within the state) and the interstate (within states) e-pay bill on February 1, on a voluntary basis.
●    The system for e-way bills will be made available from January 15.
●    At the same time, the e-way bill will be mandatory from June 1.
●    At the same time, e-bills will be started in the state from February.
●    If there is a movement from one state to another or another within the state, then the supplier will have to generate e-bill.
●    For the supplier, it will be necessary to make this bill even for the transit of those items which are not within the purview of GST.

The Cabinet approved to replenish the MDR fee applicable for the transaction of debit card / Bhim UPI / AEPS transactions upto Rs 2,000 / 

Under the chairmanship of Prime Minister Shri Narendra Modi, the Union Cabinet has approved the amount of merchant discount rate (MDR) applied for all the two years of debit card / Bhima UPI / Aadhaar enabled payment system (AEPS) transaction upto Rs 2,000 / - Has approved.
●    This will be effective from January 01, 2018 and will be repaid to its banks.
●    A committee created by the Secretary of the Department of Financial Services, the Secretary in the Ministry of Electronics and Information Technology and the CEO of Indian National Payment Corporation (NPCI) will look at the industrial expenditure structure of such transactions, through which the basis for determining the level of payment Will be prepared.
●    As a result of this approval, consumer and businessman will not be disturbed by such additional burden as MDR for any transaction costing less than Rs. 2000.
●    With this, people will adopt the digital payment mode more for this type of transaction.
●    Since the percentage of such transactions is very high, this will help in increasing the direction of cash economy.
●    In relation to transactions valued at less than Rs. 2000, the banks will be paid an MDR of Rs. 883 crores in the financial year 2018-19 to Rs. 630 crores and Rs. 883 crores in the financial year 2019-20.

The Cabinet approved the creation of a Divisional Office of the Metro Railway Safety Commissioner for the performance of Metro Railway Security Commission under the Ministry of Civil Aviation.

Under the chairmanship of Prime Minister Shri Narendra Modi, the Union Cabinet has envisaged the implementation of the functions of the Railway Protection Commission under the Ministry of Civil Aviation, like Metro Railway Safety Commission, in the 'Metro Rail (Operations and Maintenance) Act, 2002'. For the construction of a divisional office of the Commissioner of the Metro Rail Safety with all the Assistant Officers and employees.
●    The Cabinet also allowed the two existing Railway Safety Commissioners (CRS) to give additional charge of two boards which will exercise their rights within their current jurisdiction.
●    These boards will not be subject to the jurisdiction of CMRS, New Delhi.
●    Under the Ministry of Civil Aviation, the post of Commissioner of Metro Railway will be in the HAG (salary level 15) in the Railway Safety Commission.
●    Estimated expenditure on wages for a board office will be approximately Rs. 59,39,040 per annum.
●    In addition to the initial establishment of the organization, the potential expenditure for the Mandal office will be Rs. 7,50,000 per annum.
●    With the creation of these posts, it will be ensured to focus on passenger safety and metro rail operations related to existing and various upcoming railway projects, as in the Railway Safety Commission under the Ministry of Civil Aviation, the Metro Rail (Operations and Maintenance) There is a provision in the Act, 2002.

National cabinet approved to set up National Nutrition Mission

In the chairmanship of Prime Minister Narendra Modi, the Union Cabinet has given its approval for the establishment of the National Mission on Nutrition (NNM) starting from 2017-18 with a budget of Rs 9046.17 crore.
●    NNM will monitor, supervise, guide and guide the nutritional interventions of the ministries as a top body.
●    The government has implemented several schemes to deal with cases of malnutrition between children and women under the age of six years.
●    Despite these schemes, the level of malnutrition and related problems in the country is high.
●    There is no shortage of plans but to achieve the common goal, there has been a reduction in the plans for coordination with each other.
●    NNM will establish a strong system by establishing a strong system.

Jaypee Group deposits Rs 150 crore in Supreme Court

Real Estate Company Jaiprakash Associates Ltd. Following the order of the Supreme Court, deposited Rs 150 crore in the court registry on Thursday.
●    The court had instructed the company to protect the interests of home buyers.
●    The company also filed a petition before a bench chaired by Chief Justice Deepak Mishra and requested to increase the time limit given to deposit the remaining 125 crore rupees.
●    The period for depositing the deposit will end on December 31.
●    While hearing the petition, the court on Friday increased the deadline for the deposit of Rs 125 crore by the company till January 25.
●    The court had accepted the demand draft of Rs 275 crore entrusted by the company on December 22 and directed it to deposit up to Rs 150 crore till December 14 and Rs 125 crore by December 31.
●    The court also prohibited the company's 13 directors from selling their own property.

Current Affairs 16th DECEMBER 2017: ECONOMY 

Cabinet gives approval for giving capital investment subsidy to industrial units located in North Eastern Region

Under the chairmanship of Prime Minister Narendra Modi, the Cabinet Committee on Economic Affairs (CCEA), the four industrial units located in the North-Eastern region including Sikkim under the Central Capital Investment Subsidy Scheme (CCISS), 2007 of the Northeast Industrial Investment and Promotion Policy (NEIIPP), 2007.
●    CCEA has revised financial powers for approval of capital investment subsidy claims upto Rs.500 crores, which will be approved by the Ministry of Commerce and Industry.
●    This will lead to faster settlement of claims.
●    To provide subsidy to the industrial units will not only encourage the operating units, but also the confidence of potential investors in the North-Eastern states along with existing investors.
●    The Government is implementing this scheme to promote industrialization in the North-Eastern region.

Cabinet approves second financial restructuring of Konkan Railway Corporation Limited

Under the chairmanship of Prime Minister Shri Narendra Modi, Cabinet Committee on Economic Affairs (CCEA) has approved the second financial restructuring of Konkan Railway Corporation Limited (KRCL).
●    KRCL is the Central Public Sector Enterprises in the administrative control of Ministry of Railways.
●    Through the Ministry of Railways, the non-cumulative redeemable preference shares (RPS) of Rs 4,079.51 crores held by the President of India have been approved to be converted into compulsory convertible non cumulative preference shares (CCPS).
●    This will increase the net value of the company after the new accounting standard ID-AS is implemented.
●    According to the INR-AS, KRCL has to present data of the balance sheet of the previous year viz., March 31, 2016 and April 01, 2015, starting the business.
●    Converting non-cumulative redeemable preference shares (RPS) into compulsory convertible non cumulative preference shares (CCPS) with effect from March 31, 2015, the net value of KRCL will become positive.