Finance bill and Bankruptcy bill approved:-
- Rajya sabha approved the finance bill on 11th may, 2016 which was passed in lok sabha in the previous week.
- The bankruptcy bill was passed too on the same day.
- The creation of the law will also improve India’s position in the World Bank’s Doing Business ranking.
- Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors.
- Bankruptcy typically involve concealment of assets, concealment or destruction of documents,conflicts of interest, fraudulent claims, false statements or declarations, and fee fixing or redistribution arrangements.
- For banks or lenders, the money recovered can be lent again,promoting efficient allocation of resources, besides development of financial markets such as a bond market with clarity on repayment for debtors.
- A committee headed by former law secretary T K Viswanathan has suggested a timeline of 180 days —extendable by 90 days — to deal with applications for resolving cases of bankruptcy.
- The proposal is to promote the Deposit Insurance and Credit Guarantee Corporation (DICGC) as resolution corporation.
EU-INDIA SUMMIT ,Brussels, 30 March,2016
- Held at Brussels, Belgium on 30.3.2016.
- Represented by-Mr. Donald Tusk (President- European Council), Mr. Jean-Claude Juncker (President- European Commission).India was represented by PM Shri Narendra modi.
- In 2004, India became the EU’s “Strategic Partner”.
- Since 2005, the Joint Action Plan has been running which was revised in 2008.
- A Memorandum of Understanding on the Multi-Annual Indicative Programme (MIP) 2011-2013 was signed between the EU and India in February 2011.
- The EU’s Agenda for Jobs, Growth, Fairness and Democratic Change and India’s “Sabka Saath, Sabka Vikas” – (“Collective Efforts, Inclusive Growth”) initiatives create new opportunities for mutually beneficial cooperation between people and businesses on both sides.
- The EU is India’s largest trading partner, accounting for 13% of India’s overall trade and also first foreign investor.
- Agreement on research and innovation:- This agreement is particularly addressing current global challenges including Health and highlights the extension of the India-EU Science and Technology Cooperation Agreement until 2020
|Key Concerned Reforms/Agendas|
|Terrorist attacks in Brussels on 22 March 2016.|
|EU demanded ‘low duties’ on automobiles (presently 60-120%).|
|India asked for ‘data security’ and ‘easier visas’ for professionals with skills.|
|To come together on ‘GVK issue’(EU banned around 700 pharma products tested by GVK biosciences.)|
|The pending status of murder case against Italian marines in ‘International court of Arbitrage’, Hague( Netherlands).|
|Promote Sustainable Water Management, Clean Energy and Smart Cities.|
|European Investment Bank’s largest ever financing in India- Rs.33 billion for 1st metro line in Lucknow, capital of UP.|
Elections on 2nd July, 2016
Australian prime Minister Malcolm Turnbull has announced that fresh elections is going to be held on 2nd July, 2016.
- A ‘double-dissolution election’ is likely to be called by Turnbull Government for 2nd July after the Senate defied it and defeated legislation establishing a construction ‘industry watchdog’ , the Australian Building and Construction Commission (ABCC).
- A separate bill to abolish the tribunal which set minimum pay rates for truck owner-drivers had been strongly backed by the govt.
- Also the defeat of the ABCC legislation marks the start of an ‘unofficial election’ campaign.
- The News Polls are putting Labor ahead in two-party preferred terms (49% to 51%).
69th Edition of annual Cannes festival
The 69th Edition of annual Cannes festival is currently being held from 11th to 22nd may 2016 in France.
- The President of the Jury for the main competition is George Miller (australian director) as announced.
- The host for the opening/Closing ceremonies is Laurent Lafitte( French actor).
- The Japanese director Naomi Kawase would serve as the ‘Cinéfondation’ and ‘Short Film’ Jury president.
- Woody Allen’s (american director) film ‘Café Society’ has been selected to open the festival.
Solar Power Project
- Skypower( canadian renewable energy company) partnered with BYD Co. Ltd.(Chinese manufacturer) on a bid in the upcoming tenders for 750 megawatts of solar power generation and energy storage capacity in India.
- The company also won 200 megawatts of solar projects in the southern state of Telangana.
- The ‘SkyPower’ made its debut in India’s solar auctions in July 2015, winning half of the 300 MW of capacity on offer in the state of MP at a tariff of Rs.5.05 a kwh, joining slew of foreign firms which have derived down solar prices.
Arts, Culture and Awards News:-
Habitat Film Festival
- The Habitat Film Festival, being organised in Delhi till 15th May, 2016 and will end with screening of the well- received film “Angry Indian Goddesses”.`
Science And Technology News:-
NASA Kepler mission
- NASA kepler mission has announced that they had discovered the largest collection of 1,284 new planets outside the solar system.
- NASA’s planet-hunting Kepler spacecraft, which is carrying out a new mission has made its first exoplanet discovery — a ‘super-Earth’ located 180 light-years from Earth.
- This led to the discovery of a planet, HIP 116454b, which is 2.5 times the diameter of Earth and follows a close, nine-day orbit around a star that is smaller and cooler than our Sun, making the planet too hot for life as we know it.
- The discrete signals of distant planets are captured by kepler by the phenomenon – that when a planet passes in front of , the brightness decreases.
- This is based on a statistical analysis method that can be applied to many planet candidates simultaneously.
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