Current Affairs 18th June 2019

Current Affairs 18th June 2019 - Important Points

• Yashovardhan Birla declared 'wilful defaulter' by UCO bank on - 16th June 2019
• New income tax rules with revised norms comes in effect from - 17^th June 2019
• Namaste Thailand film festival concludes on - 16th June 2019
• Rajasthan’s Suman Rao crowned Miss India World 2019 on - 15th June 2019
• World Day to Combat Desertification & Drought celebrated on - 17th June 2019
• Who is  new UNEP’s Executive Director ? -  Denmark’s Inger Andersen

Current Affairs 18th June 2019 - Details

Yashovardhan Birla declared 'wilful defaulter' by UCO bank on - 16th June 2019

Chairman of the Yash Birla group, Yashovardhan Birla, has announced a wilful defaulter on June 16th, 2019 by Kolkata-based UCO Bank. UCO Bank appealed that one of Yashovardhan’s group firms, Birla Surya, dodged on loans of Rupees 67.65 crore.

According to the UCO bank’s report given to the media, Yashovardhan Birla was sent multiple notices regarding the repayment of the loan. His organisation was issued a credit limit of Rupees 1 billion to produce multi-crystalline solar photovoltaic cells.

More about RBI’s wilful default definition

The term "wilful default" has been redefined in supersession of the earlier definition as under:

A "wilful default" would be believed to have happened if any of the following proceedings is noted: -

1. The unit has dodged in meeting its payment or repayment responsibilities to the lender even when it has the capacity to honour the said compulsions.
2. The unit has dodged in meeting its payment or repayment responsibilities to the lender & has not used the finance from the lender for the precise motive for which finance was availed of but has abstracted the funds for other determinations.
3. The unit has dodged in meeting its payment or repayment responsibilities to the lender & has siphoned off the funds so that the funds have not been used for the precise motive for which finance was availed of, nor are the funds available with the unit in the form of other assets.
4. The unit has dodged in meeting its payment or repayment responsibilities to the lender & has also disposed-off/removed the movable fixed assets/immovable property given by him/business for the purpose of securing a term loan without the information of the bank or lender.

New income tax rules with revised norms comes in effect from - 17^th June 2019

Revised norms of Income Tax & to make strict conclusion against tax invaders, fresh Income Tax norms has come into effect from June 17th, 2019. These revised norms released by the Income Tax Department are for those who have made thoughtful offences under black money & benami laws.

Listing 13 cases, where the offences are not to be normally compounded, & also alliance the offences in 2 parts, the Central Board of Direct Taxes has directed its senior officers to circulate the revised norms for acquiescence by related authorities.

Key Highlights

• The CBDT is the top direct tax policy making body, informed in the fresh norms that any offence linked to undisclosed foreign bank account/assets in any manner cannot be compounded.
• India had announced the Black Money as Undisclosed Foreign Income & Assets & Imposition of Tax Act in 2015 to control unaccounted wealth kept abroad & to levy tax & penalty on such wealth. 
• Central Board of Direct Taxes also informed in the fresh norms that offences connected to any wrongdoing covered under the Benami Transactions (Prohibition) Act 1988 are also not compoundable.
• According to the fresh rules, a full tax rebate is applicable for individual taxpayers with a net yearly income up to Rupees 5 lakh.
• This means that the income limit entitled to avail tax rebate under Section 87A of the Income Tax Act, has been raised from the past limit of Rupees 3.5 lakh to Rupees 5 lakh.

Namaste Thailand film festival concludes on - 16th June 2019

Namaste Thailand Film Festival, a 2-day programme was organised in Delhi from 15th-16th June 2019. This year was the 3rd edition of Thai film extravaganza programme that rejoices Thai Culture’s Diversity.

Key Highlights

• The Namaste Thailand film festival is a yearly festival that is organised with the objective of rejoicing uniqueness & diversity of Thai culture. It also pursues to continue the endeavour of bridging the gap between India & Thailand cultures.
• It was organised by Royal Thai Embassy & was initiated by Mr. Chutintorn Gongsakdi, Ambassador of Thailand to India.
• The film festival presented 6 specially curated films which displayed culture & tradition of Thailand in different ways. These films were selected on basis of various age-groups & genre & were screened with English subtitles.
• The film festival started with superhit Thai romantic comedy, ‘Friend Zone’ at PVR Select Citywalk inn New Delhi. The movie depicts a grey zone where relations are trapped in between being friends & lovers.
• Other movies presented at programme include 2,215, Homestay, The Promise, & The Legend of Muay Thai: 9 Satra & another romantic comedy Suddenly Twenty.

Rajasthan’s Suman Rao crowned Miss India World 2019 on - 15th June 2019

Suman Rao from Rajasthan secured the Femina Miss India World 2019 beauty tittle during a ceremony organised at Sardar Vallabhbhai Patel Indoor Stadium, Mumbai. She was crowned as Miss India 2019 by her predecessor Miss India 2018, Tamil Nadu’s Anukreethy Vas. Suman Rao has now become 56th Miss India.

Key Highlights about Programme

• Chhattisgarh’s Shivani Jadhav, an engineer by qualification, grabbed Femina Miss Grand India 2019 title & Bihar’s Shreya Shanker, a management student, secured Miss India United Continents 2019 title during grand finale of beauty pageant. Sanjana Vij of Telangana was titled as Miss India Runner Up 2019.
• Judges for the prestigious programme included Miss World 2018 Vanessa Ponca de leon, Remo D’Souza who is Bollywood choreographer along with actress Huma Qureshi, Chitrangada Singh, Falguni Shane Peacock as fashion designer duo, sprinter Dutee Chand & Sunil Chhetri, who is Indian footballer among others.
• The programme also witnessed the dance performances by film stars Katrina Kaif, Nora Fatehi, Vicky Kaushal & Mouni Roy.
• Hosts for programme were Bollywood filmmaker Karan Johar, actor Manish Paul along with Manushi Chillar, who is Miss World 2017.

More about Suman Rao

• The 20 years old Suman is a resident of Rajsamand, Rajasthan.
• She is presently pursuing a course in Charted Accountancy from New Delhi along with B.com.
• She will next represent India at Miss World 2019 in Pattaya, Bangkok, Thailand on December 2019.

World Day to Combat Desertification & Drought celebrated on - 17th June 2019

The World Day to Combat Desertification & Drought was celebrated universally on 17th June 2019. As per to United Nations, Desertification means degradation of land in arid, semi-arid & dry sub-humid areas & that Desertification does not refer to expansion of current deserts.

Key Highlights

• World Day to Combat Desertification & Drought was announced on 30th January 1995 by United Nations General Assembly’s resolution A/RES/49/115, following the day when UN Convention to Combat Desertification was drafted.
• In 2019, UN Convention to Combat Desertification also rejoices 25 years of development made by nations on sustainable land management.
• Theme for this year  is- Let’s Grow the Future Together, which imitates on 25 years of progress & envisioning upcoming 25 years.
• The day is celebrated every year to encourage public awareness about presence of desertification & drought, lime-lighting methods of preprograming desertification & also about international efforts to struggle desertification.
• World Day to Combat Desertification & Drought is a unique occasion that works as a reminder worldwide community that desertification can be effectively undertaken & that solutions are conceivable with tools including strengthening community participation & cooperation at all levels.

Who is  new UNEP’s Executive Director ? -  Denmark’s Inger Andersen

Denmark’s Inger Andersen freshly took charge as the fresh Executive Director of UN Environment Programme. She will grasp the designation for period of four years.

More about Inger Andersen

• Inger is a Danish economist & environmentalist with more than 30 years of experience in international development economics, environmental sustainability & policy-making.
• Now as Executive Director of UN Environment Programme, she brings to the role a passion for conservation & sustainable development.
• She was designated for the position by United Nation’s Secretary-General Antonio Guterres & sanctioned by United Nations General Assembly in February 2019.
• She took over the charge from Joyce Msuya of Tanzania, who worked as acting head of United Nations Environment Programme since late 2018. Msuya will now will be as Deputy Executive Director.

Previous Appointments

She has worked as DG of International Union for Conservation of Nature between January 2015-May 2019.

Prior to joining International Union for Conservation of Nature, she planned various leadership roles at World Bank as World Bank’s Vice President of Middle East & North Africa, Vice President for Sustainable Development & Head of Consortium of International Agricultural Research Centre’s Fund Council.

Did you know?

Even prior to joining World Bank, she worked at the United Nations for more than 12 years