Daily Current Affairs (21st October - 2016)
No ‘blanket ban’ on Pakistan artists in India
- The government clarified that Pakistani artists remain free to perform in the Indian entertainment industry as there is no “blanket ban” against them.
- “As far as the government of India is concerned, there is certainly no blanket ban on the Pakistani artists.
- Due to the prevailing atmosphere, security situation and sentiment of local organisers, we will do so [evaluate] on a case to case basis,” said Vikas Swarup, Spokesperson of Ministry of External Affairs.
- The ban on Indian TV and radio channels in Pakistan was declared by the Chairman of Pakistan Electronic Media Regulatory Authority (PEMRA) on Wednesday and will include the DTH services.
- The MEA however maintained that its policy to highlight Pakistan as a supporter of terror-tactics remains on track. “We are all aware, in our region, which country is the epicentre of terrorism,” the Spokesperson said.
India extended support to Myanmar
- India extended support to Myanmar for a “better connected” future while welcoming State Counsellor Aung San Suu Kyi.
- Both countries agreed to cooperate in security and strategic issues and signed three agreements.
- Both sides signed three agreements following a meeting between Prime Minister Narendra Modi and Ms. Suu Kyi, to assist insurance, power and banking sectors.
- Reflecting on the agreements, Mr. Modi said the power agreement would help create a framework for advancing linkages between India and Myanmar.
- The meeting between the two delegations was held three days after Ms. Suu Kyi attended the BRICS-BIMSTEC meet in Goa where she spoke about the “common concern” of terrorism.
- Myanmar’s western province of Rakhine has been facing unrest since October 9 when a major terror strike killed several security personnel. Subsequently a major military campaign has begun to deal with the militants.
Sino-Indian military exercise in Ladakh
- India and China for the first time conducted military exercises in the state of Jammu and Kashmir in Eastern Ladakh amidst the growing uneasiness in the bilateral relationship.
- The exercise comes in the backdrop of stalemate over India's multilateral disagreements with China over blacklisting of terrorists at the United Nations and membership of the Nuclear Suppliers Group (NSG).
- In 2010, China had refused to issue a visa to the Northern Army Commander Lt. Gen. B.S. Jaswal as part of a high-level exchange saying he “controlled” a disputed area.
- This is the second joint tactical exercise under the “China-India Cooperation 2016” and was held in the Chushul area, where the two countries fought a brief but intense war in 1962.
- The first exercise was held on the Chinese side in February in the area of Border Personnel Meeting Hut at Chushul Garrison of Eastern Ladakh, along with Chinese troops of Moldo Garrison.
Draft bankruptcy bill to be ready soon
- The draft bill on the resolution of bankruptcy of financial firms would put public sector financial companies on par with their private counterparts, according to Moody's Investors Service.
- Under existing laws, resolution of public sector banks can only happen by order of the government and in the manner it directs,” according to a note prepared by Moody’s.
- While the proposed law is a credit positive for banks, Moody's said it would be a deterrent for senior unsecured creditors due to their altered rankings.
- This bill addresses the lacunae of a having a legally codified framework for resolution, and hence is a credit positive in terms of enhancing overall systemic stability.”
- The note also highlighted the fact that once enacted, the Bill would create a significant delineation of regulatory powers between the Reserve Bank of India and the Resolution Corporation (RC), the organisation to be formed under the Bill.
- A key role of the Corporation will be to assign risk ratings to financial sector companies based on their viability, according to the draft Financial Resolution and Deposit Insurance Bill, 2016.
Regional connectivity proposal may face problems
- The government’s plans to boost regional air connectivity could hit a legal air pocket as leading domestic airlines have opposed the proposal to charge a levy on flights on major routes to fund subsidies for regional flights.
- It said the government is not empowered to levy a tax on airlines to fund the regional connectivity scheme under the Aircraft Act of 1934.
- As a part of its proposed regional connectivity scheme, the Union Civil Aviation Ministry had mooted amendments to the Aircraft Rules of 1937 in August to set up a regional connectivity fund to subsidise the losses of airlines that wanted to fly on regional routes.
- The fund was proposed to be financed by a levy on domestic flights along with contribution from states and credit proceeds from other sources.
- Passengers will be able to fly to unserved and underserved airports for a fare of Rs 2,500 an hour, under the scheme which is slated to be launched on October 21.
- A levy in the nature of tax can only be levied having regard to the provisions contained in the Article 265 of the Constitution of India i.e. by authority of law.
- BJP president Amit Shah appointed Union Minister Narendra Singh Tomar as the Punjab election in-charge and Captain Abhimanyu, a Haryana Minister, as co-in- charge. The Assembly elections are due in the State early next year.
- The party’s general secretary Saroj Pandey will be in charge of the local elections in Chandigarh.