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  • Current Affairs 23rd June 2018

    Updated : 23-Jun-2018

    Current Affairs 23rd June 2018 - Important Points

    • Draft on cross- border insolvency resolution releassed by -  The Ministry of Corporate Affairs 
    • PM Narendra Modi today laid the foundation stone of Vanijya Bhawan at Delhi’s Akbar road on - 22nd June 2018
    • Modi inaugurates nature center in New York on - 22nd June 2018
    • HDFC Bank featured in BrandZ ranking on - 22nd June 2018

    Current Affairs 23rd June 2018 - Details

    Draft on cross- border insolvency resolution releassed by -  The Ministry of Corporate Affairs 

    The Ministry of Corporate Affairs has published policy on cross-border insolvency to fortify Insolvency and Bankruptcy Code. It will assist banks access external assets of firm undergoing resolution. In the same way, Indian establishments will also be needed to unite with overseas creditors to domestic firm.
    Need 
    The present Insolvency and Bankruptcy Code offers for 2 Sections 234 and 235 relating to cross-border
    insolvency but these are not sufficient to efficiently deal with default cases of domestic business debtor having assets and actions outside India. In many of continuing cases under Insolvency and Bankruptcy Code, various firms have assets and operations outside India, for which permissible outline is needed to deal foreign assets.
    Current provisions only permit Central government to enter into MoU with overseas nation for enforcing provisions of Code. 2nd, the government can release a request letter to nation outside India looking forward data. The draft standards have now been released to plug these dodges and have any effective determination process in place for cross-border insolvency.
    Key Facts

    • The policy on cross-border insolvency favours adoption of United Nations Commission on International Trade Laws Model Law on Cross-Border Insolvency, 1997.
    • Under it, central government after inflowing into contract with other nations may carry foreign asset of domestic business borrower into contemplation of insolvency resolution in India.
    • Originally, cross-border insolvency framework will be applicable only to corporate borrowers,
      however, it will be stretched to cases of personal insolvency resolution also.

    PM Narendra Modi today laid the foundation stone of Vanijya Bhawan at Delhi’s Akbar road on - 22nd June 2018

    PM Narendra Modi laid the footing stone ofVanijya Bhawan, on June 22nd , 2018,which a new office compound for the Government of India Commerce Department, in New Delhi. The Department of Commerce is presently working inUdyog Bhawan.
    More about the Infrastructure of the new building

    • It is being manufactured on4.33 acres, at the intersection of Akbar and Man Singh Roads.
    • It has a land of19233.75 square meters. It will house approximately1000majors and staff.
    • It will be a totally paperless workplace with state of the art amenities including Smart Access Control, Centrally AC, Video Conferencing, and entirely networked systems.
    • Above 56 percent of the 214 trees on the plot are either being left untouched or are being replanted.
    • About 70 percent of the big trees have been saved.230fresh trees are also being imbedded on the
      same plot.
      Objectives of the new building
    • New tasks including ILSD- Integrated Logistics Sector Development to its previously variety of
      collection consisting the preparation, employment, monitoring and evaluation of the nation’s Foreign Trade Policy.

    Modi inaugurates nature center in New York on - 22nd June 2018

    PM Narendra Modiinitiated a nature centre on June 22nd , 2018,on the occasion of4th “International
    Yoga Day” at New York City.
    More about the Centre

    • The centre is known as“YO1 Nature Cure Centre”.YO1, that meansYouthful in Sanskrit and it is the
      1 st of its kind of Nature Cure Centre inUSA. It is located in Catskills area of New York.
    • A state-of-art provision and will be a wellness terminus that will proposal therapies grounded on
      ancient Indian Yoga and Pranayam.
    • It has been started by the centre, originated byMember of Parliament Rajya Sabha and Essel
      Group Chairman Subhash Chandra.
    • It will deliver employment to minimum500persons and indirect jobs to over 1500 people.

    HDFC Bank featured in BrandZ ranking on - 22nd June 2018

    HDFC Bank has been highlighted at60 thrank in theBrandZ Top 100 Most Valuable Global Brandsranking, on June 22nd , 2018. The total brand value of HDFC Bank at $20.9 billion, above 22 percent.
    Google and Apple reserved the number1 st and2 ndpositions in the grades, followed by Amazon, which
    moved into the 3rd place ahead of Microsoft.
    More about other rankings by BrandZ

    • The report has also positioned India as 2 nd in the “Best Mover Countries” ranking afterwardsUnited Arab Emirates.
    • Singapore wasplaced 3rd in the list.
    • As per to BrandZ’s‘Cars top ten, 2018’,Toyotawas positioned 1 stshadowed byMercedes-Benzat
      2 nd andBMW at 3 rdandMaruti Suzukifinished itsdebuton the top 10 list atposition 9.

    More About BrandZ

    • BrandZ Top100Most Valuable Global Brands position is approved by WPP’s marketing and brand
      consultancyKantar Millward Brownsince pastthirteenyears.
    • This ranking, positions the nations, which have latent to augment more brands in the ‘Top 100’ in
      forthcoming years.