Daily Current Affairs and GK | 16 November 2019
1. Insolvency and Bankruptcy Rules 2019 for Financial Service Providers (FSPs) excluding Banks
- The Ministry of Corporate Affairs has notified the Insolvency and Bankruptcy (Insolvency and Liquidation Proceedings of Financial Service Providers and Application to Adjudicating Authority) Rules, 2019. These are yet to come into effect.
- These rules shall apply to deal with an inclusive structure for insolvency and liquidation proceedings for categories of financial service providers.
- These rules do not apply to Banks.
- These financial service providers are notified by the Central Government under section 227, from time to time.
- Insolvency means the closing of a company because it cannot pay its bills, whereas Liquidation means selling all the assets of the company before its closing. Both these procedures lead to Bankruptcy.
- Financial service providers are the credit or loan giving financial institutions other than banks. Bankruptcy to such financial service providers can create havoc in the economic stability of the country.
2. Salary is not subjected to GST, declared by CBIC
- Central Board of Indirect Taxes and Customs (CBIC) clarified that the salaries given to CEOs or employees of a company do not come under the purview of GST.
- CBIC also clarified that GST is an indirect tax which is charged from the consumers that is levied on the total cost of a commodity or service when it has already included the cost of raw material, capital goods, input services and employee costs. Hence, GST does not include salaries given to employees by their employers.
- Goods and Services Tax (GST): It is a value-added indirect tax that is levied on the cost of most of the goods and services provided for domestic consumption. It is a comprehensive multileveled tax. It is charged by consumers, but it is given back to the Govt. by business personals.
- GST came into effect from 1st July 2017 through the 101st Constitution Amendment Act, 2017 of the Indian Constitution.
- Central Board of Indirect Taxes and Customs (CBIC): It is the principal agency that is responsible for administering indirect taxes in India, such as GST, Central Excise, Customs & Narcotics in India. It was established in 1944. It is headquartered in New Delhi.
3. Child Porn Prevention and Investigation Unit formed by CBI
- An Online Child Sexual Abuse and Exploitation (OCSAE) Prevention and Investigation Unit is going to be set up by the Central Bureau Investigation (CBI) at its headquarters in Delhi.
- The special unit will keep a watch on growing crime against online child abuse and monitor browsing and downloading content of such activities.
- The offenders of such crime will be charged under the Indian Penal Code (IPC), the Protection of Children from Sexual Offences (POCSO) Act, 2012, and the Information Technology (IT) Act, 2000.
4. National Award for Excellence in Journalism 2019
- On the occasion of National Press Day, which is celebrated on 16th November, the Press Council of India (PCI) has declared the names of the winners of National Awards for Excellence in Journalism for 2019.
- Raja Ram Mohan Roy Award - Gulab Kothari (Chairman of Rajasthan Patrika).
- Rural Journalism Award – Sanjay Saini (Correspondent of Danik Bhaskar) and Raj Chengappa (Editorial Director of India Today).
- Award in Developmental Reporting - Shiva Swaroop Awasthi (senior reporter of Dainik Jagran) and Anu Abrahim (Sub- Editor of Mathrubhumi).
- Award in Photo Journalism - PG Unnikrishnan and Akhil KS (Mathrubhumi).
- Award in Gender-Based Reporting - Ruby Sarkar (Deshbandhu) and Anuradha Mascarenhas (Indian Express).
- Award in Sports Reporting - Saurabh Duggal (Hindustan Times).
5. Inauguration of Sisseri River Bridge in Arunachal Pradesh
- Union Defence Minister Rajnath Singh has recently inaugurated the Sisseri River Bridge in East Siang District of Arunachal Pradesh.
- Also, Hollongi Airport is going to be set up near Itanagar, Arunachal Pradesh, by 2024.
- He also celebrated the 11th edition of Maitree Diwas held in Tawang District of Arunachal Pradesh along the Indo-China Border.
- Maitree Diwas is a two-day long program jointly organized by Indian Army and Twanag Civil Administration to encourage youths to join Indian Army. The theme of the program this year is ‘know your army.’
6. UNGA passed a resolution against Myanmar on Rohingya’s issue
- United Nations General Assembly (UNGA) has recently passed a draft resolution to ask for a practical explanation by Myanmar to ensure safe and sustainable return of Rohingyas in Myanmar.
- The name of the draft is 'Situation of human rights of Rohingya Muslims and other minorities in Myanmar.'
- The draft was introduced by the UAE and Finland on behalf of the Organisation of Islamic Cooperation (OIC) and European Union (EU).
- The draft seeks to review the controversial 1982 citizenship law of Myanmar and demands to set up a special independent authority to investigate the act of violation of Human Rights in Myanmar and establish its accountability.
7. Mission ‘NISHTHA’ was launched in Jammu and Kashmir
- The formal inauguration of the National Initiative for School Heads’ and Teachers’ Holistic Advancement (NISHTHA) was held in Union Territory of J&K.
- ‘NISHTHA’ aims to improve elementary level schooling through an integrated training of teachers. Under this scheme, around 86000 Elementary teachers of Govt. Schools will be trained in J&K.
8. 2nd Ebola vaccine developed by Johnson & Johnson to be offered in Congo
- Along with WHO-approved Merck’s jab vaccine, now the new vaccine, which is developed by Johnson & Johnson (J&J) will be offered in Democratic Republic of Congo as a part of clinical trial.
- Merck’s jab vaccine is given to those who have come in either direct or indirect contact with an Ebola patient, whereas J&J vaccine will be given in addition to protect people who have not yet exposed to Ebola virus.
- Ebola virus:
- It is a deadly virus that causes high fever, body ache, diarrhoea, etc. It depletes the immune system and the blood clotting cells, which in turn causes heavy bleeding inside or outside the body. It is incurable.
- It was 1st discovered in DR Congo in 1976. Western countries of Africa are highly infected by Ebola Virus.
9. ISRO is going to launch Chandrayaan-3 by November 2020
- After the unsuccessful landing of Chandrayaan-2, the Indian Space Research Organisation (ISRO) is all set to launch Chandrayaan-3 by November 2020.
- Chandrayaan-3 is another attempt for a soft landing on the surface of the moon. The mission will be headed by S Somnath, Director of Vikram Sarabhai Space Centre (VSSC).
- On 7th September 2019, ISRO lost contact with the lander of Chadrayaan-2 just a few minutes before it was supposed to land, whereas the Chandrayaan-2 orbiter is still in orbit. Vikram and Pragyaan are the names of lander and rover of Chandrayaan-2, respectively.
- The main focus of the Chandrayaan-3 will be its rover, lander, and landing operations, the names of which are yet to be revealed.
- Vikram Sarabhai Space Centre (VSSC) is a specialized space centre of ISRO, which is responsible for satellite programmes of India. It was established in 1963. It is located in Thiruvananthapuram, Kerala.
10. UNESCO’s World Heritage Week from 19-25 November 2019
- UNESCO’s World Heritage week is going to be celebrated from 19-25 November 2019.
- The main objective is to create awareness throughout the country about the conservation and preservation of the rich culture and heritage of India including monuments.
- In India, there are a total of 38 World Heritage sites (30 Cultural, 7 natural and 1 mixed) in which the city of Jaipur is the latest addition.
- The tag of World Heritage site is conferred by UNESCO based on the cultural and physical importance of that geographical site, which is known for its remarkable importance in the pages of history.
- UNESCO stands for United Nations Educational, Scientific and Cultural Organization. It is a specialized agency of United Nations which deals in contributions regarding education, scientific temperament, and cultural enhancement across the globe. It was established in 1946. It is headquartered in Paris, France.
Multiple Choice Questions
1. Which of the following items does not come under the purview of GST?
- Food in an AC restaurant
- Real Estate
- Bamboo Furniture
Correct answer: c
2. Child Porn Prevention and Investigation Unit is going to be set up by which of the following agency?
- Indian Council for Child Welfare
- Central Bureau of Investigation
- Central Investigation Department
- Ministry of Women and Child Welfare
Correct answer: b
3. Sisseri River Bridge is located in which of the following states?
- Arunachal Pradesh
Correct answer: d
4. National mission ‘NISHTHA’ is an initiative taken for the advancement of ________?
- Elementary School teachers
- Students in higher education
- Defence personals
Correct answer: b
5. Which of the following Indian sites is the latest addition to the UNESCO’s World Heritage sites list?
- Qutub Minar in Delhi
- Vishwanath temple of Varanasi
- City of Jaipur
- Humayun’s tomb in Delhi
Correct answer: c