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Current Affairs - 1st August 2018

NATIONAL


The Walled City of Jaipur, Rajasthan, India” is the next proposed site for UNESCO World Heritage recognition
  • The recognition of World Heritage is a matter of great pride. It impacts the local economy by giving a boost to domestic and international tourism.
  • There are a total of 37 World Heritage sites in India at Present.
Set procedure to vet NRC claims: SC
  • The Supreme Court on Tuesday directed authorities to not initiate any ‘action’ against 40 lakh persons left out of the draft Assam National Register of Citizens (NRC) published on July 30.
  • The National Register of Citizens (NRC) contains names of Indian citizens of Assam. 
  • The NRC was last prepared in 1951,after 1951 Census of India.
  • Those whose names were in the 1951 NRC or in any or the electoral rolls up to the midnight of March 24.1971 and their descendants are considered Indian citizens.
  • The copies of NRC, 1951 and the copies of Electoral Rolls up to 1971 referred to as Legacy Data.
  • Names of only those persons would ordinarily be available in the Legacy Data who would have been 21 years of age in 1971.

Rajasthan first State to implement biofuel policy

  • The desert State will lay emphasis on increasing production of oilseeds and establish a Centre for Excellence in Udaipur to promote research in the fields of alternative fuels and energy resources.
  • The policy on biofuels seeks to help farmers dispose of their surplus stock in an economic manner and reduce the country’s oil import dependence.
More time for Citizenship Bill JPC

  • The tenure of the Joint Parliamentary Committee examining the contentious Citizenship (Amendment) Bill, 2016 has been extended till the last week of the winter session of Parliament
  • The Bill proposes citizenship to six persecuted minorities — Hindus, Jains, Sikhs, Parsis, Christians and Buddhists —who came to India from Pakistan, Afghanistan and Bangladesh before December 31, 2014.
Tender for fighter jets by mid­-2019
  • The final tender (the request for proposal) for the purchase of 110 fighter aircraft for the Indian Air Force (IAF) can be expected only around mid-2019
  • The IAF will lower the specifications and will not be rigid to accommodate more aircraft in the short-list so as to avoid the repeat of the situation during the short-listing of the Medium Multi-Role Combat Aircraft when only two twin-engine jets qualified.


ECONOMY

Centre is pulling out FRDI Bill
  • Union Finance Minister Piyush Goyal has written to the Joint Parliamentary Committee studying on the controversial Financial Resolution and Deposit Insurance (FRDI) Bill, stating his intention to withdraw it.
  • The “bail-in” clause of the Financial Resolution and Deposit Insurance Bill (FRDI) has led to worries about the safety of bank deposits. It is different from a traditional bailout in which government’s money helps bank tide over the crisis.
  • In case of a bail-in, it is the bank’s own deposits that are used to rescue the bank or reduce its liabilities.
  • According to Section 52 of the proposed Bill, depositors will lose their rightful claim to retrieve their savings in case of liquidation of banks and insurance companies.
Centre imposes 25% safeguard duty on import of solar cells

  • The Centre issued a notification putting into effect a safeguard duty of 25% on import of solar cells from China and Malaysia 
  • While the move is aimed at helping the domestic solar cell manufacturing sector, it could affect existing projects dependent on cheap imports

Core industries growth quickens to 6.7% in June

  • The combined index of eight core industries stands at 129.8 in June 2018..., 6.7% higher as compared to the index of June 2017. Its cumulative growth during April to June 2018-19 was 5.2%,
  • Core Sector Industries (8) : coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.
Mauritius’s SBM gets RBI approval for subsidiary

  • Mauritius-based SBM Group has received Reserve Bank of India’s approval to operate in the country through a wholly-owned subsidiary route — the first foreign lender to receive such a licence after local incorporation was introduced in 2013.
  • SBM, which has been in India since 1994, currently operates through four branches, in Mumbai, Chennai, Hyderabad and Ramachandrapuram.