Current Affairs 10th October 2018

Updated : 10-Oct-2018

Current Affairs 10th October 2018 - Important Points

• Government launches Sovereign Gold Bond Scheme 2018 -19 on - 8th October 2018
• Government sets up Strategic Policy Group to assist National Security Council on - 8th October 2018
• William Nordhaus, Paul Romer awarded 2018 Nobel Prize in  - Economics
• Bangladesh enacts Digital Security Bill, 2018 by - President Abdul Hamid
• Weightlifter Jeremy Lalrinnunga wins India’s maiden gold medal at - Youth Olympic Games

Current Affairs 10th October 2018 - Details

Government launches Sovereign Gold Bond Scheme 2018 -19 on - 8th October 2018

The Union Government, in discussion with the RBI, on October 8th, 2018 finalised to release Sovereign Gold Bonds 2018-19.  The Sovereign Gold Bonds will be distributed monthly from October 2018 to February 2019 via banks, Stock Holding Corporation of India Limited, assigned Post Offices, and registered stock exchanges including National Stock Exchange and Bombay Stock Exchange.
Important Facts

• The Sovereign Bonds will be distributed by RBI on behalf of the Government of India.
• The Sovereign Bonds will be limited for sale to resident units including individuals, HUFs, Trusts, Universities and Charitable Institutions.
• The Sovereign Bonds will be issued in multiples of grams of gold with a basic unit of One gm.
• The tenure of the Bond will be for a time period of eight years with exit option in 5, 6 year and 7th year to be done on the interest payment dates. Least permissible investment will be One gm of gold.
• The uppermost limit of investment shall be four kilograms for individual, four kilograms for HUF and twenty kilograms for trusts and same entities in a year.
• Payment for the Sovereign Bonds will be via cash payment up to an extreme of Rupees 20000 or
  DD/cheque/electronic banking.
• The interest on Gold Bonds shall be taxable according to the provision of Income Tax Act, 1961 (43 of 1961).
• Commission for circulation of the bond shall be paid at the rate Rupee 1 per hundred Rupees of the total subscription got by the receiving offices and further receiving offices shall share minimum 50 paisa per Rupees 100 of the commission so received with the agents and further.

Government sets up Strategic Policy Group to assist National Security Council on - 8th October 2018

The Union Government on October 8th, 2018 formed the Strategic Policy Group, led by NSA Ajit Doval, to assist the National Security Council. 
Members of the Strategic Policy Group

• The Associates of the Strategic Policy Group will consist Vice Chairman of NITI Aayog, Cabinet Secretary, Chiefs of the all 3 defence services, Reserve Bank of India Governor, Foreign Secretary, Home Secretary, Finance Secretary, and Defence Secretary. 
• The Secretary of the Department of Defence Production and Supplies; the Scientific Adviser to the Defence Minister and the Secretary (R), Cabinet Secretariat will also be the associates of the panel. 
• Representatives of other ministries and departments will be requested to the meetings of the group as and when needed.
  Terms of Reference of the Strategic Policy Group
• The SPG will help the National Security Council and undertake among other tasks, a long-tenure strategic review of nation's security affairs. 
• It will work as a chief process for inter-ministerial co-ordination and integration of related inputs in the formulation of National Security Policies. 
• The National Security Advisor will organize the meetings of the Strategic Policy Group and the cabinet secretary will co-ordinate execution of the group's conclusions by Union Ministries and Departments, and State Governments.

William Nordhaus, Paul Romer awarded 2018 Nobel Prize in  - Economics

American economists William Nordhaus and Paul Romer were mutually bestowed 2018 Nobel Prize in
Economics Sciences for assimilating climate change and technological innovation into macroeconomic
analysis. Their researches have meaningfully broadened scope of economic analysis by creating models
that explain how market economy relates with nature and knowledge. Their studies have assisted to
address few of present time’s most straightforward and pressing questions about generating long-term
continued and sustainable growth.
More about William Nordhaus

• William Nordhaus is professor at Yale University who was 1st person to produce economic model that defines global interplay between economy and the climate in the 1990s.
• This model had presented that the most efficient medication for problems caused by greenhouse gases is a global plan of universally forced carbon taxes.
  More about Paul Romer
• Paul Romer is professor at New York University’s Stern School of Business who has demonstrated that how economic forces oversee willingness of organisations to generate fresh ideas and innovations.
• This had laid basis for fresh model for development, also known as endogenous growth theory.
  Nobel Prize in Economic Sciences
• Nobel Prize in Economic Sciences is formally known as Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.
• It was not part of original group of awards like Chemistry, Literature, Peace, Physics, and Physiology formed in dynamite tycoon Alfred Nobel’s 1895 will. It was introduced in 1968 by Sveriges Riksbank.
• It is presented yearly by the Royal Swedish Academy of Sciences as per to the similar principles as for Nobel Prizes. The 5 Nobel Prizes are grounded on fund formed from wealth bestowed by Alfred Nobel, whereas Economic Prize is grounded on donation received by Nobel Foundation in 1968 from Sveriges Riksbank.

Bangladesh enacts Digital Security Bill, 2018 by - President Abdul Hamid

Bangladesh’s President Abdul Hamid has specified his assent controversial Digital Security Bill, 2018, by endorsing it as a law. This new law syndicates earlier colonial-era Official Secrets Act with rough new
provisions including arrests without warrant. Bangladesh Government headed by PM Sheikh Hasina has
fortified the digital law as essential to fight against cyber-crime.
Digital Security Bill 2018

• It was approved by Bangladesh’s Parliament to deal with cyber-crimes, consisting hurting religious
  sentiment, scattering negative propaganda against 1971 Liberation War and Bangabandhu.
• It also covers illegal actions in e-transactions and scattering defamatory information under its domain.
• It delivers for at least of seven years and an extreme of fourteen years’ imprisonment, and monetary fines of at least Taka 25 lakh and maximum of Taka One crore, or both for illegal access and damage of any crucial data related to state affairs.
  Opposition to law
• The law faced extensive vocal opposition from rights groups and journalists that it could risk freedom of speech, especially on social media.
• These groups are informing that this law will form atmosphere of fear and terrorization, which will make journalism and investigative journalism, effectively impossible.
• Opponents also have disapproved digital law as latest authoritarian initiative by PM Sheikh Hasina.
• The law has also drawn opposition internationally counting from United States ambassador to Bangladesh, Marcia Bernicat who had cited that this law could be utilised to suppress and criminalise free speech which in-turn could be disadvantageous to Bangladesh’s democracy, development and affluence.

Weightlifter Jeremy Lalrinnunga wins India’s maiden gold medal at - Youth Olympic Games

Weightlifter Jeremy Lalrinnunga age 15 years earnt India’s maiden Gold Medal at 2018 Youth Olympic
Games being organised in Buenos Aires, Argentina. He secured the medal in the men’s 62 kilograms
group by lifting over-all 274 kilograms, with 124 kilograms+150 kilograms weight to end on top. The
silver medal was secured by Turkey’s Toptas Caner, who lifted 263 kilograms with 122 kg+141 kilograms and bronze medal to Colombia’s Villar Estiven Jose who lifted 260 kilograms with 115
kilograms+143kilograms. Till date, this was India’s 4th medal in continuing 2018 Youth Olympic Games,
which consisted 3 silver medals previously secured by Tushar Mane in 10 metres Air Rifle, Tababi Devi in 44 kilograms Judo and Mehuli Ghosh in 10 metres Air Rifle game.
More about Jeremy Lalrinnunga

• Jeremy was born on 26th October 2002 in Aizwal, Mizoram. He had initiated weightlifting at the age of 10 years.
• He had started his training with Indian Army at Army Sports Institute in Pune, Maharashtra.
• In 2018, he surpassed two National Records claiming Bronze medal (Junior) and Silver medal (Youth) in Asian Championships.
  Other Achievements
  2017: Gold at Commonwealth Youth Championships, Gold Coast.
  2017: Gold at Commonwealth Junior Championship, Gold Coast.
  2016: Silver at IWF Youth World Championships, Penang.
  Thangjam Tababi Devi clinches India’s first
  judo medal at Youth Olympics Games
  Thangjam Tababi Devi aged 16 years became India’s 1st judo medallist at the Olympic level. She won this feat after winning silver medal at current Youth Olympics Games in Buenos Aires, Argentina. She secured the medal after losing to Venezuela’s Maria Giminez in the final game of the women’s 44kilograms group. 
  Earlier to this, India had never won any Olympic medal in judo’s senior or youth levels. Her silver medal is, till date, India’s 2nd medal at current games. Tababi Devi hails from north-eastern state of Manipur.
  Youth Olympic Games
• It is international multi-sport programme held by International Olympic Committee. The age restriction of the athletes taking part in this event is 14 to 18 years.
• The games are organised every 4 years in stunned summer and winter programmes reliable with present senior lever Olympic Games format.
• The 1st summer version was organised in Singapore from 14-26th August 2010 while 1st winter version was organised in Innsbruck, Austria from 13-22nd January 2012.
• India had secured just 2 medals, silver and bronze in the past Youth Olympics in 2014 organised in Nanjing, China.
• India’s best performance at these games came was in inaugural edition in 2010 when it had secured 6 silver and 2 bronze medals.