Coal India to lose monopoly Opening up commercial coal mining for Indian and foreign companies in the private sector, the Cabinet Committee on Economic Affairs approved the methodology for auction of coal mines/blocks for sale of the commodity. Basis of auction The auction — on an online transparent platform — will be an ascending forward... Continued.
Cabinet approves New Bill to ban Unregulated Deposit Schemes and Chit Funds (Amendment) Bill, 2018 (Relevant for GS Prelims, GS Mains Paper III)
In a major policy initiative to protect the savings of the investors, the Union Cabinet has given its approval to introduce the following bills in the Parliament:- (a) Banning of Unregulated Deposit Schemes Bill, 2018 in parliament & (b) Chit Funds (Amendment) Bill, 2018 The Banning of Unregulated Deposit Schemes Bill, 2018 The bill is... Continued.
What is the Payments feature on WhatsApp? Who can get it? It’s a feature that allows users to send money to their contacts on the app directly from their bank accounts. WhatsApp has based its Payments feature on the Unified Payments Interface (UPI), which allows instant direct bank-to-bank transfers via a virtual payee address. Since... Continued.
Cloth, idea, brand: What is khadi, to whom does it belong? (Relevant for GS Prelims, GS Mains Paper III)
The Khadi and Village Industries Commission (KVIC), the statutory body in charge of the development of khadi and other village industries, has threatened to sue Fabindia, the country’s “largest private platform for products that are made from traditional techniques, skills and hand-based processes”, for Rs 525 crore for “illegally” using its trademark “charkha”, and for... Continued.
Members’ terms end on March 31 this year and no indication yet on extension’ The Banks Board Bureau (BBB) is facing an uncertain future with the tenure of its members coming to an end on March 31, 2018. About BBB The BBB was set up under the government’s Indradanush programme to reform public sector banks.... Continued.
The alleged fraud was carried out through misuse of Letters of Undertaking or LoUs issued by Punjab National Bank. What are LoUs, and how do they work? In trade finance, which is the business of imports and exports, companies need funds to pay overseas suppliers in foreign currency. When an Indian company approaches its banker... Continued.
What is it? Industrial activity, as measured by the government’s Index of Industrial Production (IIP) and the private sector Purchasing Managers’ Index (PMI), has improved significantly over the last two months. Growth in the IIP soared to 8.8% in November, the highest since October 2015, and stood at a slightly slower but still robust 7.07%... Continued.
What did the regulator do? The National Pharmaceuticals Pricing Authority (NPPA), India’s drug pricing regulator, has further brought down the cost of drug-eluting stents (DES) from ₹29,600 to ₹27,890, while marginally increasing the cost of bare-metal stents from ₹7,400 to ₹7,660. The move comes a year after the NPPA slashed stent rates by nearly 85%.... Continued.
ISRO planning to launch Chandrayaan-2 mission around April this year (Relevant for GS Prelims, GS Mains Paper III)
The Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh said that Indian Space Research Organisation (ISRO) is planning to launch Chandrayan-2 Mission around April this year. Chandrayaan-2 is the country’s second mission to... Continued.
What’s the mystery bug stalking the Winter Olympics in Korea? (Relevant for GS Prelims, GS mains Paper III)
PyeongChang 2018, the ongoing XXIII Olympic Winter Games at the South Korean city of Pyeongchang, has been hit by an extraordinary outbreak of disease. A Norovirus infection is sweeping through the Games Village. The number of cases since the lead-up to the Games opening on February 9 has reached 232. 92 countries are taking part... Continued.