Current Affairs1st July 2019

Current Affairs 1st  July 2019 - Important Points

• RBI permits ARC  is permitted to buy financial assets from Peers  by - RBI
• President’s award for excellent CSR in social development  to be received by - NALCO
• India-assisted IT- Biotechnology Park inaugurated at - Grand-Bassam

Current Affairs 1st  July 2019 - Details

RBI permits ARC  is permitted to buy financial assets from Peers  by - RBI

The RBI has allowed Asset Reconstruction Companies to acquire financial assets from peers which means other such entities. However, Reserve Bank of India, the apex banking regulator, explained that all such transactions have to be settled in-cash.
Key Highlights

• The Asset Reconstruction Companies have been permitted to attain financial assets from other Asset Reconstruction Companies, in the view of modification to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002.
• Conditions for transfer of assets by one Asset Reconstruction Companies to another includes-
  Price discovery for such transaction shall not be detrimental to interest of Security Receipt holders.
  Also selling Asset Reconstruction Companies must use proceeds so acknowledged for redemption
  of underlying security receipts.
• Improvement date of underlying Security Receipts and total Period of Realisation including
  conversion of assets, goods and services into cash/receivables via sale, should not encompass
  beyond a period of eight years from date of achievement of financial asset by 1st Asset
  Reconstruction Companies.
• All such transactions have to be established in cash.
• This decision by Reserve Bank of India will benefit progress liquidity in Asset Reconstruction Companies’ market.

About SARFAESI Act, 2002
It allows banks as well as other financial institutions of India auction commercial/residential
properties, of defaulters, for purpose of loan recovery.

 President’s award for excellent CSR in social development  to be received by - NALCO

NALCO, an Odisha-based Navaratna Company has been nominated for President’s award for
usage of Corporate Social Responsibility fund in social development. National Aluminium
Company Limited was nominated for its Aliali Jhia Scheme.
More about Aliali Jhia

• In 2015 National Aluminium Company Limited began a scheme known as Aliali Jhia. The scheme
  was on the guideline of Beti Bachao Beti Padhao to acclimatize and promote the poor and talented
  girls for education.
• It focused to encourage the education of Girls of Below Poverty Line families.
• Under this scheme, National Aluminium Company Limited accepted 416 girls from Below Poverty
  Line families of 66 villages in Anugul and Koraput districts of Odisha. These girls are studying in 45
  different schools and under this scheme organisation is bearing all expenditure for education and
  promotion of talent from 8th to 10th class.
• Scheme is now united by employees of the organisation.
  More about National Aluminium Company Limited
• National Aluminium Company Limited is a Navratna Central Public Sector Enterprises,
  under Union Ministry of Mines. Centre Government grabs 52 percent equity of National Aluminium
  Company Limited.
• It was recognised in 1981, with its registered office at Bhubaneswar, Odisha.
  It is one of the largest combined primary producers of Aluminium in Asia.
• It includes whole vale chain from bauxite mining, alumina refining, aluminium smelting and casting, power generation, rail and port operations.

India-assisted IT- Biotechnology Park inaugurated at - Grand-Bassam

Mahatma Gandhi Information Technology and Biotechnology Park constructed with India’s help was
recently initiated at Grand-Bassam in Cote d’Ivoire. It was combinedly initiated by Sailas Thangal,
Ambassador of India to Cote d’Ivoire and nation’s Vice President Daniel Kablan Duccan.
More about MGIT-BP

• It is a dedicated Free Trade Zone for IT and Biotechnology. It is being constructed with India’s help
  via EXIM Bank Line of Credit of $20 million.
• MGIT-BP Project consists of 2 parts–
  (1) Architectural concept and outline for buildings of Free Trade Zone and building of main structure to host IT enterprises. 1st part of project was executed by Shapoorji Pallonji, an Indian Conglomerate company.
  (2) Supply and commissioning of gadgets which included, computer assembly plant, Very Small
  Aperture Terminal with satellite earth station, human DNA lab, networking lab, information storage
  area network, an audio-visual lab, and a power generator. 2nd part was executed by United Telecom
  Limited, an Indian firm specializing in telecom networks.
  Significance of MGIT-BP
• It demonstrates increasing and shining example of collaboration between India and Cote d’Ivoire,
  energised by high-level of political commitment from both countries.  It is supposed to bring direct
  advantage to Cote d’Ivoire’s people.
• It will further combine collaboration and bilateral ties between India and Cote d’Ivoire, especially in
  context of technology transfer and sharing of development experience to construct capacities of
  partner nations in Africa.
• It is significant milestone to mark 150th celebration of birth anniversary of Mahatma Gandhi. It also
  displays India’s promise to expediting projects under 100 days plan.