Weekly Current Affairs 1st To 7th August 2019

Weekly Current Affairs 1st To 7th August 2019

National News

WorldSkills International Competition 2019

  • National Skill Development Corporation (NSDC) under MSDE has been leading India’s delegation at the event since 2011.
  • India won one silver, one bronze and nine medallions of excellence during the last edition at Abu Dhabi in 2017.

India’s First National Time Release Study (TRS)

  • The Time Release Study (TRS) is advocated by the World Customs Organization, and it is an internationally recognized tool to measure the efficiency of international trade flows.
  • The initiative will strengthen governance over cargo trade and has the aim to identify/address bottlenecks of border procedures and benefitting export-oriented industries and MSMEs.

UGC issued a List of recommended Institutions of Eminence

  • The recommendations were made by the government as per the empowered committee under the chairmanship of N Gopalaswami.
  • The HRD Ministry has announced a scheme in 2018 to select 20 IoEs - 10 public and 10 private that will enjoy complete administrative and academic autonomy.

Government abolished Article 370

  • Article 35A denies property rights to a woman who got married to a person residing out of Jammu and Kashmir.
  • Incorporated in the Constitution on October 17, 1949, Article 370 exempts J&K from the Indian Constitution and allows it to draft its own Constitution. All the provisions of the Constitution which are applicable to other states are not applicable to J-K.

Biggest Fall of Rupees in 6 years

  • The reasons for the downfall of the rupee is said to be the souring US-China trade relations resulting in Yuan’s slide to record low as well as the Indian government’s move to end Jammu and Kashmir’s special status.
  • A free fall has been seen in the global currency markets after China’s central bank agreed on the Yuan to slide to a record low against the dollar.

Consumer Protection Bill 2019

  • The Bill seeks to the settlement of consumer disputes and establishes authorities for timely and effective administration.
  • The Bill includes setting up of a Central Consumer Protection Authority (CCPA) to make interventions to protect consumers from unfair trade practices.

Banking

SEBI examining Feasibility of Intangibles

  • SEBI will also look into an exchange-traded fund (ETF is market security that tracks an index, bond, basket of assets or commodity, In this case, ETF is a commodity).
  • It will increase the hedger’s participation and increase delivery based settlement.

RBI ‘Fit and Proper’ Criteria for Elected Directors of PSB

  • All the banks are required to constitute a Nomination and Remuneration Committee consisting of a minimum of three non-executive directors, of which not less than one-half shall be independent directors.
  • The committee should include at least one member from the risk-management committee of the board to establish ‘fit & proper’ status of applicants.
  • The Government of India nominee director and the nominee director on behalf of the RBI shall not be part of the committee.

RBI slapped 11 Banks with Rs 8.50 Crore Fine

  • The banks are fined for violating provisions of RBI norms on “frauds classification and reporting by commercial banks and select Financial Institutions”.
  • The RBI observed that the banks didn’t report fraud in the backdrop of Central Bureau of Investigation (CBI) criminal proceedings resulting in non-compliance with RBI’s directions.

LIC launched ‘Jeevan Amar’

  • The second one is increasing sum assured in which the death benefit first increases after 5 years than after 10 years and then 15 years or till the end of the policy term.
  • The plan offers policy term from 10 years to maximum 40 years, with a maximum age of maturity at 80 years and is available for the 18-65 age group.

Reports

World Gold Council (WGC) report on Global Gold Demand

  • The key drivers for the increase are sustained growth in gold-backed exchange-traded funds (ETFs) and continued central bank buying.
  • According to the report, the overall jewellery demand in the 2nd quarter is pushed by 12% to 168.8 tonnes due to a strong recovery in India’s jewellery market.

Awards and Honours

Award Awardee
Ramon Magsaysay Award 2019 Ravish Kumar
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