All India Radio News Summary: 05 NOVEMBER 2017

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All India Radio News Summary: 05 NOVEMBER 2017


  1. The GST and reforms push by the government will catapult India to high middle income economy in 30 years

The World Bank has said that the GST and reforms push by the government will propel India to high middle income economy in 30 years. It credited India’s extraordinary achievement of quadrupling of per capita income to reforms taken in last three decades.

  • High level ownership and championship of reforms is critical for success.
  • Commenting on India of securing 100th rank in the latest Ease of Doing Business Report, WB Chief Executive Officer said a jump of that nature is very rare since the beginning of the survey 15 years ago.
  • Praising the efforts of Prime Minister to carry forward reforms, including unification of indirect taxes, the World Bank CEO said, the GST reform creates an incredible opportunity for India to grow through a unified internal market.

 

  1. The Indian Army has launched an independent and fully-integrated Joint Training Node (JTN) at Umroi cantonment in Shillong.

Aiming to host foreign armies in joint exercises, the Indian Army has launched an independent and fully-integrated Joint Training Node (JTN) at Umroi cantonment in Shillong.

Significance:

  • The JTN is the first of its kind in eastern command and is different from other joint training centres in Belgaum, Varangte and Bakloh.
  • The concept was envisaged keeping in mind the conducive weather terrain offering optimal training environment, and has been developed at par with training centres of leading armies of the world.

 

The JTN is ready to host the Bangladesh Army, and exercises with Myanmar and Chinese armies are planned for next year.

 

  1. Anti-Black Money week is being organized from 4th to 12th of this month

On the 9th of November last year, Demonetisation was implemented by the Government of India to curb the menace of black money.

  • In view of this, Anti-Black Money week is being organized from 4th to 12th of this month.
  • During the demonetisation process, people faced difficulties, but a large section of people in Tripura have expressed hope that the government’s move will go a long way in curbing black money in the country.
  • This initiative has been appreciated by the youth of the country as it will help to curb corruption which is deeply rooted in our society.

 

  1. Government strikes off over 2 lakh companies for remaining inactive for two years or more.

Government has struck off around 2.24 lakh companies till date for remaining inactive for a period of two years and more and restrictions have been imposed on the operation of their bank accounts.

  • 35 thousand companies deposited and withdrew over 17 thousand crore rupees from 58 thousand accounts post demonetization.
  • In one case, a company with a negative opening balance on 8th of November 2016, deposited and withdrew nearly 2500 crore rupees post-demonetization.
  • Apart from restrictions on bank accounts, action has also been taken to restrict sale and transfer of assets of these companies until they are restored.
  • The state governments have been advised to take necessary action in this regard by disallowing registration of such transactions.
  • Separately, action has also been taken to disqualify directors on the board of companies that has failed to file financial statements and annual returns for a continuous period of three financial years.

 

  1. CVC has sought details from public sector banks about all fraud reported by them to the CBI since 2001

The Central Vigilance Commission, CVC has sought details from public sector banks about all fraud reported by them to the CBI since 2001.

The exercise is part of a first-of-its-kind initiative being undertaken by the anti-corruption watchdog.

 

Aim:

  • It is aimed at bringing in systematic improvements in the banking system to prevent fraud.
  • The Commission has asked banks to provide information of all the cases of fraud involving 3 crore rupees and more.
  • Chief Vigilance officers of the banks have been asked to submit the data by the 15th of this month.
  • The information will be analysed to find out the common modus operandi used in various types of fraud.
  • After analysing the information, they will take up issue with the RBI as to how systematic improvements are required to be made.   

 

Central Vigilance Commission (CVC)

  • Central Vigilance Commission (CVC) is an apex Indiangovernmental body created in 1964 to address governmental corruption.
  • It has the status of an autonomous body, free of control from any executive authority.
  • It was set up by the Government of Indiain February, 1964 on the recommendations of the Committee on Prevention of Corruption, headed by Shri  Santhanam, to advise and guide Central Government agencies in the field of vigilance.
  • Charged with monitoring all vigilanceactivity under the Central Government of India, advising various authorities in central Government organizations in planning, executing, reviewing and reforming their vigilance work.

 

  1. Demonetisation is the largest economic reform by the Government to fight against the black money – RBI’s Annual Report

Demonetisation is the largest economic reform by the Government to fight against the black money and brought many positive impacts since its implementation last November.

  • In this mammoth task the bank played a crucial role in normalizing the payment system and increasing the digitalisation of financial transactions.
  • RBI in its Annual Report for 2016-17 says that Rs. 15.28 lakh crore of the banned currency was returned.
  • The banks were the hands of the Government that played the significant role of bringing back the old currencies, circulating the new currencies and also enhancing the digital financial transaction across the country.
  • As per sources, Kerala is among the top of three states that recorded the maximum number of electronic transactions per 1000 people in both financial and non-financial transaction since demonetisation.
  • Banks arranged many awareness programmes to make the public aware about the cashless economy and the advantages and especially the background under which the demonetisation was introduced by Govt. of India to eradicate the black money as well as the antisocial elements like practices in our country.

 

Banks are continues to play their role in realizing the Govt. mission to curb black money and also to build up Digital India.

 

  1. Typhoon Damrey

The death toll due to the typhoon that pummelled central and southern Vietnam has risen to 27. Typhoon Damrey made landfall with winds of up to 90 kilimetre per hour that damaged more than 40,000 homes, knocked down electricity poles and uprooted trees.

 

Typhoon:

  • A typhoon is a mature tropical cyclonethat develops between 180° and 100°E. This region is referred to as the Northwestern Pacific Basin 
  • It is the most active tropical cyclone basin on Earth, accounting for almost one-third of the world’s annual tropical cyclones
  • A typhoon differs from a cyclone or hurricane only on the basis of location.
  • hurricaneis a storm that occurs in the Atlantic Ocean and northeastern Pacific Ocean,
  • A typhoon occurs in the northwestern Pacific Ocean,
  • cyclone occurs in the south Pacific or Indian Ocean.