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Home » IMPORTANT NEWS ANALYSIS FOR UPSC 11 AUGUST 2017

IMPORTANT NEWS ANALYSIS FOR UPSC 11 AUGUST 2017

The UPSC Daily

 

11th August 2017

-Achievers IAS Academy

Note:  The following Current affairs has been selected from AIR, PIB, PRS,BBC, The Hindu, IDSA (Institute for Defence Studies and Analyses), Live mint, Indian Express, Quora.com,Hindustan Times, Telegraph,The Times ,WTO,New Indian express , The guardian and is highly recommended for UPSC prelims and mains


In news : Code on Wages bill,2017

The government  introduced in the Lok Sabha ‘The Code on Wages’ bill which seeks to empower the Centre to fix a “universal minimum wage” aimed to benefit over 40 crore unorganised sector workers.

The Code would ensure universal minimum wage for all industries and workers. Moreover, it will also cover those workers who are getting a monthly pay of higher than Rs 18,000.

– The Code on Wages Bill seeks to empower the Centre to set a minimum wage across sectors and states will have to maintain that.

– Moreover, the best part is that states will be able to provide for higher minimum wage in their jurisdiction than fixed by the Central government.

– Besides, the minimum wage would be applicable on all classes of workers. At present, it is applicable for scheduled industries or establishments in the law.

– The universal minimum wage would be applicable for all workers irrespective of their pay.

– As of now, minimum wages are now applicable to 51 scheduled employments only. Now, the wage code amalgamates the provisions of four extant Acts — the Minimum Wages Act, 1948, The Payment of Wages Act, 1936, The Payment of Bonus Act, 1965, and the Equal Remuneration Act, 1976. It means the wage code aims at reducing disparity in minimum wages across states. This means the proposed Code on Wages will subsume the Minimum Wages Act of 1948, the Payment of Wages Act of 1936, the Payment of Bonus Act of 1965 and the Equal Remuneration Act of 1976.

– The wage code will empower the Centre to notify a ‘national minimum wage’ (below which no state can fix their minimum wages) and this will be revised every two years (five years if the dearness allowance becomes part of the minimum wages).


In news :15th BIMSTEC ministerial meeting begins in Kathmandu

Foreign ministers of member countries will review the progress in identified fourteen areas of cooperation and discuss ways to accelerate cooperation under the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) process.

Bay Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation(BIMSTEC)

http://www.abnews24.com/english/assets/images/news_images/2017/03/22/bimstec-countries-grid-news_8719.jpg

Members:

South Asia : Bangladesh, India, Sri Lanka, Bhutan and Nepal.

South East Asia:Myanmar, Thailand

  • BIMSTEC uses the alphabetical order for the Chairmanship.
  • Nepal current chair
  • Dhaka headquarters

Objectives:

  • technological and economic cooperation
  • The ADB has become development partner since 2005.
  • a bridge between South and South East Asia
  • Intra-regional cooperation between SAARC and ASEAN members.
  • 14 priority sectors. Each country leads one or more area in a voluntary manner. India leads two -- counter terrorism and transnational crime, telecommunication and transports

Facts:

  • The BIMSTEC region is home to around 1.5 billion people which constitute around 22% of the global population.
  • combined gross domestic product (GDP) of $2.7 trillion.
  • In the last five years, BIMSTEC Member States have been able to sustain an average 6.5% economic growth trajectory despite global financial meltdown.
  • crucial place for India’s ambitious connectivity plans for northeastern region.
  • India-Myanmar-Thailand highway key project

Free trade agreement

“BIMSTEC FTA may help activate production links among member countries and help in rationalising various non-tariff measures which would give a big push to regional trade and generate regional value chains. India should work closely with all members for its conclusion,” a study by Assocham on the opportunities and challenges of economic integration of BIMSTEC said.

Other recommendations to boost economic engagement include elimination of non-tariff barriers within a mutually agreed timeframe, reduction in negative list (prohibited imports) to unlock trade potential, introduction of transit facilities to promote effective intra-BIMSTEC trade, improvement in regional connectivity and introduction of a BIMSTEC visa to facilitate movement of people particularly for investors and businessmen.

Read :

http://www.livemint.com/Politics/GxcCHglHmc5GelTo5GPLeI/India-softens-stance-on-Bay-of-Bengal-free-trade-agreement.html


In news : District Collectors start preparing vision document for new India initiative 

Mr Modi appealed to all the district collectors to move beyond files and go into the field to understand the ground realities.

Responding to the Prime Minster Narendra Modi's directive, District Collectors have started preparing vision document for the new India initiative.

 


In news :The Banking Regulation (Amendment) Bill, 2017

Parliament has passed the Banking Regulation (Amendment) Bill, 2017

  •  It seeks to amend the Banking Regulation Act, 1949 to insert provisions for handling cases related to stressed assets.  Stressed assets are loans where the borrower has defaulted in repayment or where the loan has been restructured (such as by changing the repayment schedule). 
  • Initiating insolvency proceedings:  The central government may authorise the Reserve Bank of India (RBI) to issue directions to banks for initiating proceedings in case of a default in loan repayment.  These proceedings would be under the Insolvency and Bankruptcy Code, 2016.
  • Issuing directions on stressed assets:  The RBI may, from time to time, issue directions to banks for resolution of stressed assets.
  • Committee to advise banks:  The RBI may specify authorities or committees to advise banks on resolution of stressed assets.  The members on such committees will be appointed or approved by the RBI.
  • Applicability to State Bank of India: The Bill inserts a provision to state that it will also be applicable to the State Bank of India, its subsidiaries, and Regional Rural Banks.

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