Current Affairs Questions & Answers - Nov 23, 2017

ANSWER: Insolvency and Bankruptcy Code

Explanation:
The Union Cabinet on 22^nd Nov 2017 approved a proposal to promulgate an Ordinance to amend the Insolvency and Bankruptcy Code (IBC).

Official sources said the move is to strengthen the IBC by explicitly preventing certain persons - including wilful defaulters, disqualified directors, those who have indulged in fraudulent transactions.

It also includes promoters whose account is classified as non-performing assets (NPA) beyond a prescribed duration - from regaining control of the defaulting company through the backdoor in the garb of a resolution applicant.

The IBC provides for an effective and robust legal framework for time-bound insolvency resolution to release assets locked up in NPA and promote maximisation of value of assets, failing which, under-utilised resources of unviable business are released through liquidation.

These amendments have been proposed because in the initial phase of the Corporate Insolvency Resolution Process (CIRP) under the IBC, a number of cases are likely to have long pending default requiring deep haircut for the creditors, the sources said.

The ordinance is likely to be tabled during the winter session of Parliament with a view to get its nod soon.

ANSWER: Imphal, Manipur

Explanation:
The first ever North East Development Summit (NEDS) 2017 was held in Imphal, Manipur. It was inaugurated by President of India Ram Nath Kovind.

It was organised by Delhi-based think tank India Foundation in collaboration with Union Government and Manipur government.

The two-day business summit of Northeast India and Association for South East Asian Nations (ASEAN) countries concluded today at City Convention Centre, Palace Compound signing 39 agreements worth INR 4000-5000 crores.

The positive outcomes from this summit would transform the business and development environment of the Northeast region in general and Manipur in particular.

Out of the 39 memorandum of understandings (MoUs) signed today; the state forest department signed four MoUs - two with HSMM Group for Agarwood plantation and production of essential oil, commercial production of orchids and essential oils.

The department also signed MoU with NRL for production of biofuels from bamboo and with TRIFED for minimum support prices for minor forest produces.

Higher education department signed MoU with M/s UNESCO Centre (UK) for setting up a private university in Manipur.

Finance department signed MoU with INDO SWISS Centre (Switzerland) for facilitating attracting investment, trade, tourism.

Agriculture department signed MoU with MSTC for e-marketing of agricultural produces from Manipur.

Tourism department signed MoU with Lao PDR for development of tourism.

Tourism department also signed MoU with M/s Star Track Business House Pvt Ltd Mumbai for infrastructure development project for INR 50 crore.

Manipur Police Housing Corporation (MPHC) signed MoU with M/s Fitzroy Salai Holdings, Kolkata for Cable Car Project.

Sangai Festival

• The historic event for the state and the region as a whole was held as part of Sangai festival for business development of the state.
• It had five sessions focusing on areas of trade and investment, connectivity and infrastructure development, tourism development in the region, skill development, capacity building and entrepreneurship.
• Sangai festival is an annual cultural festival organised by Manipur Tourism Department every year from November 21 to 30,
• Even though many editions of this Festival has been celebrated over the past few years with the name of Tourism Festival, since 2010 this has been renamed as the Sangai Festival to stage the uniqueness of the shy and gentle brow-antlered deer popularly known as the Sangai Deer, which is the state animal of Manipur.
• As this festival is being celebrated to promote Manipur as a world class tourism destination, it showcases the best of what the state has to offer to the world in terms of art and culture, handloom, handicrafts & fine arts, indigenous sports, cuisines & music, eco & adventure sports as well as the scenic natural beauty of the land

ANSWER: mercedes-benz

Explanation:
Mercedes-Benz, the country's biggest luxury car maker, will start introducing vehicles meeting the stringent Bharat Stage VI (BS-VI) emission standards in India from next year. It is the first in the segment to say so.

The first such cars will be rolled out for the Delhi market.

The central government has decided only BS-VI fuel must be supplied in the capital from April 1, two years before national rollout.

All new vehicles sold at present comply with BS-IV norms.

ANSWER: a State Investment Promotion Board

Explanation:
To accelerate industrialisation and attract investment, the Yogi Adityanath government in Uttar Pradesh has set up a State Investment Promotion Board.

Leading industrialists have been inducted as members of the Board. The setting up of the Board was among the promises of the Bharatiya Janata Party (BJP) in its UP poll manifesto.

While, UP Chief Minister Yogi Adityanath is the chairman of the Investment Promotion Board it would, among others, comprise 11 industrialists as members representing different industrial sectors.

ANSWER: Custom

Explanation:
The government on 22nd Nov 2017 approved signing of an agreement between India and the Philippines on cooperation and mutual assistance in customs matters.

The decision was taken in a meeting chaired by Prime Minister Narendra Modi.

The agreement will help in the availability of relevant information for prevention and investigation of customs offences.

Philippines

• The Philippines is a Southeast Asian country in the Western Pacific, comprising more than 7,000 islands.
• Its capital, Manila, is famous for its waterfront promenade and centuries-old Chinatown, Binondo. Intramuros, a walled city in colonial times, is the heart of Old Manila.
• Currency: Philippine peso

ANSWER: Both a and b

Explanation:
The Union Cabinet has approved signing an Agreement on Cooperation between India and Russia in field of combating all forms of terrorism and organized crime.

The agreement is proposed to be signed during upcoming visit of Indian Delegation led by Home Minister Rajnath Singh to Russia in November, 2017.

The proposed Agreement, which will replace previous agreement, signed in October 1993.

It is considered as step towards consolidating benefits accrued in field of security and seeks to jointly fight new and evolving risks and threats.

The Agreement will reinforce relationship between India and Russia through exchange and sharing of information, expertise, best practices and will help in curbing terrorism and enhancing, security in region.

ANSWER: European Bank for Reconstruction & Development (EBRD)

Explanation:
The Union Cabinet has approved India's Membership for European Bank for Reconstruction & Development (EBRD). Department of Economic Affairs,

Ministry of Finance will take necessary steps to acquire the membership of the EBRD.

The membership of EBRD will enhance India's international profile and promote its economic interests.

It will give India access to EBRD's Countries of Operation and sector knowledge. Moreover, it will boost India's investment opportunities and also improve investment climate in country.

ANSWER: Arbind Modi

Explanation:
The Union Finance Ministry has constituted task force to review Income Tax (IT) Act 1961 and draft new direct tax law in consonance with current economic needs.

CBDT member Arbind Modi will be convener of task force. Chief Economic Adviser Dr. Arvind Subramanian will be its permanent Special Invitee.

Terms of Reference of Task Force

Taskforce main mandate is to draft appropriate Direct Tax Legislation keeping in view direct tax system prevalent in various countries, international best practices.

It will also take into consideration, economic needs of country and any other matter connected thereto.

ANSWER: Article 280 (1)

Explanation:
The Union Cabinet chaired by the Prime Minister Narendra Modi has approved setting up of 15th Finance Commission (FC). It is a constitutional obligation to set up FC under Article 280 (1) of the Constitution.

The Terms of Reference for 15th FC will be notified in due course of time. In terms of constitutional provisions, setting up 15th FC, its recommendations will cover five years commencing on April 1, 2020.

15^th Finance Commission

• The recommendations of the 15th Finance Commission will be implemented in the period 1 April 2020 to 31 March 2025.
• The 14th Finance Commission is considered to have fundamentally reset the centre-state fiscal relationship by raising the untied share of states in net central taxes to 42% from 32% after ending discretionary resource transfers from the centre to the states.
• Economist Indira Rajaraman, who was a member of the 13th Finance Commission opined the 15th Finance Commission will change considerably after GST was implemented.

ANSWER: Sukhoi-30MKI

Explanation:
The world's fastest supersonic cruise missile BrahMos was successfully test fired from Indian Air Force's (IAF) Sukhoi-30MKI fighter jet for the first time.

The missile was gravity dropped from Su-30MKI from its fuselage and two-stage missile's engine fired up and was propelled towards the intended target in Bay of Bengal.

BrahMos Missile: Know More

• The 2.5-ton BrahMos-ALCM (air-launched cruise missile) "can also easily go over 400-km", like its 2.9-ton land and ship-launched variants already inducted into the armed forces.
• The BrahMos missile combined with the Sukhoi-30MKI fighter, which has a cruising range of 3,200-km or a combat radius of about 1,500-km without mid-air refuelling, constitutes a decidedly deadly weapons package.
• The conventional (non-nuclear) weapon, for instance, can target Chinese aircraft carriers and other warships, or block Pakistan's Gwadar port by sinking a few ships in the harbour for that matter.
• The world-class BrahMos is now capable of being launched from the land, sea and air, completing the tactical cruise missile triad for India.
• The missile's capability coupled with the Sukhoi-30Mki's superlative performance gives IAF a strategic reach and allows it to dominate the ocean and the battle-fields.
• It has already placed orders worth INR 6,516 crore for the BrahMos-ALCM, which takes the total orders for the missiles to INR 27,150 crore from the three Services till now.
• BrahMos committed to continue providing the world's fastest supersonic cruise missile to the Army, Navy and IAF.