BIHAR
Bihar assembly passes Bill to help government borrow Rs 5,688 crore from market
The state assembly passed the Bihar Fiscal Responsibility and Budget Management (Amendment) Bill, 2020, by voice vote, increasing the cap on the limit regarding government’s market borrowings from 3% of the gross state domestic product (GSDP) to 3.5%.
It was done 12 years after the FRBM was first passed by the House in 2007 in line with the recommendation of the Finance Commission. The Finance Commission had asked the state governments to fix the cap regarding market borrowings to 3% of the GSDP in order to contain deficit financing in their annual budgets. The Bihar government, like other state governments, had witnessed deficit financing and heavy market borrowings in the past.
The main sources of the government’s income are four fold – state’s share in the central pool of taxes, grants that the state government gets from the Centre, its own tax revenue and market borrowings. However, observers said the need to increase the cap to 3.5% of the GSDP was felt because there was a shortfall in the Centre’s pool of taxes, which forced the state government to raise money through market borrowing.
Modi said the FRBM (Amendment) Bill was not moved in the House earlier, as the Centre gave its consent to revising the cap from the existing 3% of the GSDP to 3.5% only six days ago.
INTERNATIONAL
Covid-2019 is official name for disease caused by new coronavirus says WHO
The World Health Organization (WHO) says the official name for the disease caused by the new coronavirus is Covid-2019.
It comes after the death toll from the virus passed one thousand. Tens of thousands of people have been infected.
The word coronavirus refers to the group of viruses it belongs to.
Researchers have been calling for an official name to avoid confusion and stigmatisation of any group or country.
US President Donald Trump signs USD 8.3B bill to fight coronavirus outbreak
US President Donald Trump signed an 8.3 billion US
Dollars measure to help tackle the coronavirus
outbreak killed 12 people in the US and infected
more than 200.
The legislation provides federal public health
agencies with money for vaccines, tests, and
potential treatments and helps state and local
governments prepare and respond to the threat.
NATIONAL
Cabinet clears merger of 10 PSBs into 4 banks effective April 1
The Cabinet approved the amalgamation of the 10 public sector banks (PSB) into 4 PSBs that was announced on August 30, 2019.
The merger would come into effect from April 1, 2020.
The Cabinet’s approval will lead to the merger of –
- Oriental Bank of Commerce and United Bank of India into Punjab National Bank;
- Andhra Bank and Corporation Bank into Union Bank of India;
- Syndicate Bank into Canara Bank; and
- Allahabad Bank into Indian Bank
According to the government, the merger of the 10 banks will lead to the creation of stronger establishments that will be able to meet the challenge of a $ 5 trillion economy.
Mumbai set to host IOC session in 2023
Mumbai is set to host the 2023 International Olympic Committee’s session after the IOC Executive Board recommended the Indian city for the annual conference.
The IOC Executive Board decided to put Mumbai’s candidature to a vote of the members.
The decision is to be ratified at the 136th IOC session in Tokyo in July this year.
After ratification, this will be the second-ever IOC session to be held in India after a long gap of 37 years.
India last hosted an IOC session way back in 1983 in New Delhi.
Mineral Law Amendment Bill passed in Lok Sabha
The Lok Sabha approves Mines and Mineral Laws (Amendment) Bill over the Delhi violence and other issues.
Mines and Mineral Laws
The Bill proposes to remove end-use restrictions for participating in coal mine auctions, and it will open up the coal sector fully for commercial mining for all domestic and global companies. The process for the passage of the bill was underway when the House was adjourned following protests by Opposition members over controversial remarks by a Rajasthan MP against Congress president Sonia Gandhi and her family members.
The bill explains about the coal sector completely for commercial mining. It intends to remove end-use restrictions to participate in coal mine auction. The ordinance allows coal mining by any company present in industries other than steel and power and does away with the captive end-use criteria.
DAY-NULM signs MoU with Amazon for e-marketing of products made by SHGs
Deendayal Antyodaya Yojana- National Urban Livelihoods Mission (DAY-NULM) that functions under the Ministry of Housing and Urban Affairs signed MoU with Amazon for e-marketing of products made by Self Help Groups (SHGs) across the country in urban areas.
The partnership aims to provide access to a wider customer base for products made by SHGs and to strengthen the mission of creating sustainable livelihoods in urban areas.
MHA approves Automated Facial Recognition System to identify bodies, missing children, criminals
Ministry of Home Affairs has approved the automated facial recognition system (AFRS) for the identification of unrecognized bodies, missing children, and criminals.
The approval has been accorded for the implementation of AFRS by the National Crime Records Bureau (NCRB).
AFRS will use police records and will be accessible only to law enforcement agencies.
It is expected to facilitate better identification of criminals, unidentified dead bodies, and missing or found children and persons and will not violate privacy.
AFRS will use police records and will be accessible only to law enforcement agencies.