CURRENT AFFAIRS - SEPTEMBER 2018

DAY: 11 SEPTEMBER News Title 01 : States may get ₹22,700 cr. from oil
price rise: SBI report
NATIONAL AFFAIRS
 The increase in petrol and diesel prices is likely to
News Title 01: Nitish flags off bus service between give States a windfall gain of around ₹22,700 crore
India and Nepal over and above the budget estimates for the
current fiscal.
 Bihar Chief Minister Nitish Kumar flagged off bus
 Alternatively, a $1/barrel increase in oil prices
service between India and Nepal to facilitate better
translates, on an average, into ₹1,513 crore
connectivity between important destinations of
revenue gain to all the major 19 States.
the two neighbouring countries.
 Bihar State Road Transport Corporation (BSRTC) News Title 02: SC orders status quo on RBI’s February
run buses would ply between Bodhgaya and 12 circular
Kathmandu and Patna and Janakpur.  The Supreme Court ordered status quo on the
News Title 02: TN govt inks pact with Centre for implementation of a February 12 circular of the
Ayushman Bharat Reserve Bank of India which mandates insolvency
proceedings for a debt servicing default beyond
 The Tamil Nadu government entered into an
180 days.
agreement with the Centre for implementing the
 A Bench of Justices Rohinton F. Nariman and Indu
Ayushman Bharat Scheme (ABS) in association
Malhotra transferred the cases against the RBI
with the Chief Minister’s Comprehensive Health
circular pending in various High Courts and agreed
Insurance Scheme (CMHIS) in the State.
to hear them together in November.
 Tamil Nadu is the 30th State to sign up for ABS.
 Meanwhile, the apex court ordered that insolvency
 The existing CMCHIS covers 1.57 crore families
proceedings should not commence against the
and provides a coverage of ₹1 lakh per year for
defaulting power companies.
1,027 procedures, including ₹ 2 lakh per year for
 The circular, in a bid to efficiently realise bad
154 specified procedures.
loans, is part of a revised RBI framework.
 The government has also stated that CMCHIS will
 Power firms have argued that the provision was
also be covered to the same extent of ₹5 lakh to
unfair as their debt repayment capacity was
ensure uniform benefit to all.
directly linked to revenue from power distribution
 So, all CMCHIS beneficiaries, irrespective of
companies and availability of coal, a natural
whether they are covered under National Health
resource closely regulated by the State.
Protection Scheme / Ayushman Bharat or not, will
 The circular had said the revised framework was
get enhanced coverage of ₹5 lakh a year.
meant for resolution of stressed assets in the
 The current arrangement of all high-end
economy.
procedures up to ₹25 lakh being covered under
 “In view of the enactment of the Insolvency and
corpus fund of CMCHIS will continue.
Bankruptcy Code, 2016, it has been decided to
 Individuals not enrolled under CMCHIS but are in
substitute the existing guidelines with a
the SECC list will be issued new CMCHIS cards
harmonised and simplified generic framework for
after enrolment as per procedure.
resolution of stressed assets,” the RBI had said.
BANKING AND FINANCE  If a resolution was not found by August 27, NPA
accounts were to be sent to bankruptcy courts.

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 CURRENT AFFAIRS - SEPTEMBER 2018

 Banks have exposure of about ₹1.74 lakh crore to  Through this partnership, Unlimit will leverage
stressed power assets. BSNL’s pan-India wireless network footprint to
provide solutions and services, which include
BUSINESS AND ECONOMY
managed connectivity, application enabling
News Title 01: From October 2, demat must for shares platform and device management, and advance
of unlisted public firms analytics.
 Launched in 2016, Unlimit provides end-to-end
 The Centre set October 2 as deadline for issuance
IoT business solutions in India.
and transfer of shares of all unlisted public
companies. SPORTS
 Grievances would be handled by the Investor
Education and Protection Fund (IEPF) Authority. News Title 01: Boxer Panghal nominated for Arjuna
 According to the Ministry, elimination of risks award
associated with physical certificates such as loss,  Asian Games gold medallist boxer Amit Panghal
theft, mutilation and fraud, would be a key benefit (22 year old) was nominated for this year’s Arjuna
from the decision on having shares in demat form. awards by the Boxing Federation of India.
 Other benefits include, improving the corporate  Amit joined Sonia Lather and Gaurav Bidhuri in
governance system by increasing transparency the list of boxing nominees for the second highest
and preventing malpractices such as benami sporting honour after the Khel Ratna.
shareholding, back-dated issuance of shares,
exemption from payment of stamp duty on
transfer and ease in transfer, pledge, etc, of
securities.
 According to Companies Act 2013, a public
company is formed by seven persons or more,
while for a private company this number is two
or more. If shares of such companies are not
traded on a stock exchange, they are normally
called unlisted companies.
 As on December 20, 2017, there were 11.34 lakh
unlisted companies, out of which more than 66
thousand were unlisted public companies.
 The new norms are aimed at these 66,000 plus
companies.

News Title 02: BSNL gets ‘Unlimit’ed reach and IoT

solutions
 Bharat Sanchar Nigam Ltd (BSNL) has entered into
a partnership with Unlimit, a part of the Reliance
ADA Group, to provide Internet of Things (IoT)
solutions and services to enterprise customers
across India.

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