Daily current Affairs : 5th Nov 2019
Finance Minister launches IT initiatives ICEDASH, ATITHI for improved customs clearance
Finance Minister Nirmala Sitharaman has unveiled two new IT Initiatives – ICEDASH and ATITHI for improved monitoring and pace of customs clearance of imported goods and facilitating arriving international passengers.
ICEDASH is an Ease of Doing Business monitoring dashboard of the Indian Customs helping the public see the daily Customs clearance times of import cargo at various ports and airports.
The ATITHI app will facilitate hassle-free and faster clearance by Customs at the airports and enhance the experience of international tourists and other visitors at the airports.
Biggest US-Bangladesh Navy exercise starts in Chattogram
The second phase of the biggest US- Bangladesh Navy exercise named ‘Cooperation Afloat Readiness and Training (CARAT)- 2019’ started in Chattogram, Bangladesh.
The exercise provides an opportunity to gain a better understanding of the operational activities of the Navies of two countries and to get acquainted with advanced technology through various theoretical and practical training.
The second phase of the exercise is being conducted from 4 to 7 November with different subject-based training and exercise.
Germany marks 30 years of Berlin Wall fall
Germany marks three decades since the fall of the Berlin Wall. The Wall was built in 1961 to stop an exodus from the eastern, communist part of divided Germany to the more prosperous West. After decades the wall was built, rising political protest in 1989 put pressure on the East German government to relax travel rules. It was on 11th November 1989, that the first pieces of the wall were pulled down.
According to reports, at least 140 people were killed trying to cross the wall during the era.
India opts out of RCEP agreement
India has decided not to join the Regional Comprehensive Economic Partnership (RCEP) deal as negotiations failed to address India’s outstanding issues and concerns. Prime Minister Narendra Modi made the announcement during his speech at the RCEP Summit in Bangkok yesterday, which was attended by several world leaders.
Mr Modi said, the present form of the agreement does not fully reflect the basic spirit and the agreed guiding principles. He said the agreement also did not satisfactorily address India’s outstanding issues and concerns, hence it was not possible for New Delhi to sign it.
In recent months serious apprehensions and reservations on RCEP have been expressed by a large number of sectors including steel, plastics, copper, aluminium, machine tools, paper, automobiles, chemicals, petro-chemicals and others.
Further, there were not enough positive developments in the area of trade in services including easier mobility for our professionals and service-providers.
India, Russia to conclude mutual logistics agreement
India and Russia are expected to conclude a mutual logistics agreement and review the setting up of joint ventures for manufacturing spares for defence platforms in India during the visit of Defence Minister Rajnath Singh to Moscow from November 5 to 7.
The Agreement on Reciprocal Logistics Support (ARLS) is expected to be signed.
Logistics agreements are administrative arrangements facilitating access to military facilities for exchange of fuel and provisions on mutual agreement when the Indian military is operating abroad.
National Tribal festival to be held from Nov 16 in New Delhi
The 15-day Aadi Mahotsav, National Tribal festival will be held in New Delhi from 16th of this month. The theme of the festival is a celebration of the spirit of tribal culture, craft, cuisine and commerce. More than one thousand tribal artisans from 27 states will participate in the event.
The festival will feature exhibition-cum-sale of tribal handicrafts, art, paintings, fabric, jewellery and much more through two hundred stalls.
Rafael Nadal secures No 1 spot for eighth time in his career
Rafael Nadal is back to the world No. 1 for the eighth time in his career in the ATP rankings released. He goes up one place to overtake Novak Djokovic even though the Serb sealed his fifth Paris Masters title on Sunday with a 6-3, 6-4 victory over Canadian Denis Shapovalov.
Nadal, whose last stint at the top ended a year ago on November 4, 2018.
Rajnath Singh to co-chair India-Russia Inter-Governmental Commission on Military and Military Technical Cooperation
Defence minister Rajnath Singh will co-chair the 19th India-Russia Inter-Governmental Commission on Military and Military Technical Cooperation starting today in Moscow. During his visit, Mr Singh is expected to hold discussions with Defence Minister of Russian Federation General Sergei Shoigu.
RBI issues compensation norms for foreign, private banks
The Reserve Bank of India has issued compensation guidelines for whole-time directors and chief executives of foreign, private, small finance, payments banks and local area banks, mandating the cash component of variable pay.
The RBI said if the variable pay is up to 200 per cent of the fixed pay, at least 50 percent of it should be in non-cash. If the variable pay is above 200 per cent, 67 per cent of it should be paid via non-cash instruments.
The RBI said that banks should continue to formulate and adopt a comprehensive compensation policy covering all their employees and conduct annual reviews. It added that the new guidelines will be effective from April next year.
Foreign banks operating under the branch mode will have to continue to submit a declaration to RBI annually from their head offices confirming that the compensation structure of those working in the country are in conformity with principles and standards set by the Financial Stability Board.
RBI tightens norms for NBFC liquidity
The Reserve Bank of India (RBI) has tightened the liquidity management framework for non-banking financial firms to strengthen their asset-liability management following the liquidity crisis faced by these firms in the past year.
The central bank has prescribed a specific cap on negative asset liability mismatches for particular liquidity buckets and also mandated them to maintain liquidity coverage ratios (LCR).
The guidelines are applicable to all non-deposit-taking NBFCs with an asset size of Rs.100 crore and above, systemically important Core Investment Companies and all deposit-taking NBFCs irrespective of their asset size.
As per the new norms — applicable to all non-deposit taking NBFCs withan asset size of Rs.100 crore and above, systemically important Core Investment Companies and all deposit-taking NBFCs irrespective of
asset size — the net cumulative mismatches for 1-7 days, 8-14 days,and 15-30 days shall not exceed 10%, 10% and 20% of the cumulative cash outflows in the respective time buckets. The RBI also mandated liquidity coverage ratios.
Aditya Mishra appointed as the chairman of LPAI
Senior IPS officer Aditya Mishra appointed as the chairman of the Land Ports Authority of India (LPAI). The appointment of Mishra was approved by the Appointments Committee of the Cabinet (ACC) as the chairman of the LPAI on the recommendations of a search-cum-selection panel. It was announced by the Ministry of Personnel, Public Grievances and Pensions. Mishra is a 1989 batch IPS officer of Uttar Pradesh cadre.
Himachal Pradesh to organize 2019 Global Investors Meet
Himachal Pradesh State government is to organize Global Investors’ Meet 2019 at Dharamshala on 7-8 November 2019. This event aims to showcase the policy and regulatory environment, investment opportunities in eight focus sectors. The event will boost manufacturing and employment generation in the State. The event will have many sessions on Ease of Doing Business, tourism, wellness, and AYUSH will and Growing economic ties between Invest India and UAE. Eight identified sectors.
P.S. Sreedharan Pillai was sworn in as the Governor of Mizoram
P.S. Sreedharan Pillai was sworn in as the new Governor of Mizoram on 5 November 2019. The oath-taking office was administered by Chief Justice of Gauhati High Court Justice Ajai Lamba at the Raj Bhavan, Mizoram. Mr.Pillai is the third Governor to be appointed as Mizoram Governor from Kerala. The other two governors were Vakkom Purushothaman and Kummanam Rajasekharan.
Coimbatore Railway Station is now visually challenged friendly
Coimbatore Railway Station has now become visually-challenged friendly. It became the fourth station to have such a facility after Mysuru, Bengaluru, and Borivali station in Mumbai, Maharashtra. The railway station has installed Braille information boards and Braille-embossed handrails on 1 November 2019. This initiative in the Coimbatore Railway Station is made by Anuprayas, a Bengaluru-based NGO