Daily Update On Current Affairs – March 24, 2017

Here’s your daily summary of Current Affairs.

Cabinet Approves
Setting Up Of National Commission For Socially And Educationally
Backward Classes

The Union Cabinet approved setting up of National Commission for Socially and Educationally Backward Classes (NSEBC) as a constitutional body. In this regard, constitutional amendment bill for amending Constitution mainly by insertion of Article 338B will be soon introduced in the Parliament. Composition of the new NSEBC will include Chairperson, Vice-Chairperson and three other members. Insertion of provision after Article 341 and 342 by inserting Article 342 A to provide for Parliament’s approval for every inclusion into and exclusion from the Central List of Other Backward Class (OBCs). Insertion of a new Clause (26C) under Article 366 of the Constitution to define Socially and Educationally Backward Classes; Repealing of National Commission for Backward Classes Act, 1993 and Rules framed under it. Dissolution of the Commission constituted under the Act of 1993.

Mou Signed
Between India And USA On Cyber Security

The Union Cabinet has approved Memorandum of Understanding (MoU) signed between the Indian Computer Emergency Response Team (CERT-ln) and the US Homeland Security Department on cooperation in the field of Cyber Security. The MoU was signed in January 2017 in New Delhi. It intends to promote closer co-operation and exchange of information pertaining to the Cyber Security between both strategic partners in accordance with the relevant laws, rules, and regulations and on the basis of equality, mutual benefit, and reciprocity.

Rajya Sabha Passes
HIV And AIDS (Prevention And Control) Bill, 2014

The Rajya Sabha has passed HIV and AIDS (Prevention and Control) Bill, 2014. The Bill seeks to safeguard the rights of people living with HIV and affected by HIV. It aims to prevent social stigma and discrimination against people living with HIV (PLHIV). It also seeks to strengthen legal accountability and establish formal mechanisms for inquiring into complaints and redressing grievances to probe discrimination complaints against those who discriminate against PLHIV.

Assam Government
Launches Sacred Initiative To Make Majuli Carbon Neutral Island

Assam Government launched Sustainable Action for Climate Resilient Development (SaCReD) Initiative to develop Majuli, the world’s largest river island, as the country’s first carbon neutral district. It was launched by state Chief Minister Chief Minister Sarbananda Sonowal on the occasion of International Day of Forests (observed on March 21).

Key facts: SaCReD Initiative will also ensure that infrastructure in Majuli has less carbon. It aims to battle climate change and reduce greenhouse gas emissions. It will also aim to make the Majul island a biodiversity heritage site (BHS), first in the state in order to preserve its rich heritage and legacy. State Government also launched registry in Majuli to record and analyse the climate impact of all proposed projects in the district.

Centre Approves
Over Five Thousand Crore Rupees Assistance To Ten States Affected By The Flood,
Drought And Other Natural Disasters

Central Government has approved assistance of about five thousand 21 crore rupees to ten states affected by the flood, drought and other natural disasters. These states are Andhra Pradesh, Assam, Bihar, Himachal Pradesh, Karnataka, Manipur, Rajasthan, Tamil Nadu, Telangana and Uttar Pradesh. This was decided at a High-Level Committee meeting chaired by Home Minister Rajnath Singh in New Delhi. An official release said, four thousand 979 crore rupees are approved from National Disaster Response Fund and over 40 crore rupees from the National Rural Drinking Water Programme. Agriculture Minister Radha Mohan Singh, Home Secretary Rajiv Mehrishi and senior representatives from NITI Aayog and Finance Ministry also attended the meeting.

Nation Pays
Tribute To Freedom Fighters – Bhagat Singh, Rajguru And Sukhdev On Their 86th
Martyrdom Day

The nation paid tributes to freedom fighters – Bhagat Singh, Rajguru and Sukhdev on their 86th martyrdom day today. Prime Minister Narendra Modi also paid tributes to the freedom fighters. On March 23, 1931, the three freedom fighters were hanged by British rulers in Lahore jail for their involvement in the killing of John Saunders.

Cabinet Approves
Proposal To Establish ‘Fund Of Funds For Start-Ups’ (FFS)

The Union Cabinet has approved proposals to tweak Fund of Funds of Start-ups (FFS) rules to enable a greater flow of resources. FFS was established in June 2016 with a corpus of Rs. 1,000 crores. The proposals approved are Alternate Investment Funds (AIFs) supported by FFS shall invest at least twice the amount of contribution received from FFS in Start-ups. Further, if the amount committed for a Start-up in whole has not been released before a Start-up ceases to be so, the balance funding can continue thereafter. The operating expenses for carrying out due diligence, legal and technical appraisal, convening meeting of Venture Capital Investment Committee, etc. will be met out of the FFS. These expenses will be to an extent of 0.50% of the commitments made to AIFs and outstanding. This will be debited to the fund at the beginning of each half year i.e. April 1 and October 1.

Indian Overseas
Bank To Get Additional Capital Infusion

The Chennai-based PSU Bank, Indian Overseas Bank, is all set to get an additional capital infusion of Rs 1100 Crores from the Centre. This was announced on March 22, 2017. This is part of the turnaround linked Capital Infusion Plan for PSU Banks.

India Notifies
Amended Tax Treaty With Singapore

The Govt of India has officially announced the third Protocol amending the India – Singapore Double Taxation Avoidance Agreement (DTAA) on March 23, 2017. The third DTAA will come into force with effect from April 1, 2017. The India – Singapore DTAA will provide source-based taxation of capital gains arising out of the sale of shares in a company. This will curb revenue loss, prevent double nontaxation and ensure a free flow of investments.
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