Prelims Tidbits 16 Sep 17

AADHAR to be linked to driving License 

Context:
1. Union Minister for Electronics and Information Technology Ravi Shankar Prasad announced that after linking Aadhaar to PAN cards, the Union government would now link it with driving licences as well. It will help check the menace of multiple licences.
2. Mr. Prasad said: “I already had a word with Union Minister for Road Transport and Highways Nitin Gadkari in this regard and the process to link Aadhaar with driving licences will be set in motion soon.”
3. Secure tool:- He added that Aadhaar was a safe and secure tool for good governance and empowerment.

Ministry clarifies on FCRA License 

Context:
1. The HRD Ministry on Friday clarified that the institutions created through an Act
of Parliament do not need an FCRA licence to receive foreign funds.
2. The Home Ministry has cancelled the FCRA licences of several hundred organisations, including the Delhi University, Jawaharlal Nehru University and IIT Delhi, for failing to file annual returns for five consecutive years.
3. “Institutions created through an Act of Parliament are exempted from filing returns as they are covered under the annual government audit,” a senior HRD Ministry official said. Citing Section 50 of FCRA 2010, the official said the statutory bodies created though Central or state Acts are exempt.

To know more about FCRA Click Here 

Forex reserves hit $400 Billion 

Context:
1. The country’s foreign exchange reserves have touched $400 billion for the first time.
2. Four years after the rupee hit a historic low, the RBI’s forex kitty has swelled by more than $125 billion.
3. The reserves act as a buffer to be used in challenging times.

4. Data showed foreign exchange reserves rose by $2.6 billion from the previous week to $400.7 billion in the week ended September 8.


5. Foreign currency assets mainly contributed to the increase in the period.

Foreign-exchange reserves:
1. Foreign-exchange reserves (also called forex reserves or FX reserves) is money or other assets held by a central bank or other monetary authority so that it can pay if need be its liabilities, such as the currency issued by the central bank, as well as the various bank reserves deposited with the central bank by the government and other financial institutions

Countries Ranking in Foriegn Exhange Reserves

OPEN SKY AGREEMENT

Context:

1. India-Japan sign open sky agreement, fares may come down
2. India and Japan have agreed to an open sky arrangement under which the airlines of both countries can operate an unlimited number of flights. The agreement was signed after talks between Prime Minister Narendra Modi and Japan PM Shino Abe.
3. The agreement will not only encourage connectivity and passenger travel between the two countries, but will also result in reduction in airfares on these routes.
4. The agreement was signed in accordance with the National Civil Aviation Policy
5. (NACP), 2016.
6. The NACP permits the government to enter into an ‘open sky’ air services agreement on a reciprocal basis with SAARC nations as well as countries with territory located entirely beyond a 5,000 kilometre radius from New Delhi.
7. Last year, India signed an open sky agreement with Greece, Jamaica, Guyana,Czech Republic, Finland, Spain and Sri Lanka.
8. India also signed a bilateral open sky agreement with the US in 2005.
9. In 2003, India had signed an open sky agreement with the 10-member Association of South East Asian Nations (ASEAN).

PIB

Swachhta Hi Seva

1. It is the nation-wide sanitation campaign from 15th September to 2nd October 2017 to highlight the third year anniversary of Swachh Bharat mission.
2. It is coordinated by the Ministry of Drinking Water and Sanitation, the convening Ministry for the Swachh Bharat Mission.

Trade & Development Report 2017

1. Trade & Development report 2017 was recently released by United Nation Conference on Trade and Development (UNCTAD).
2. In its recent report titled ‘Beyond austerity — towards a global new deal’, it states that India, China unlikely to be ‘growth poles’ for global economy.
3. The report pegs India's rate at 6.7% in 2017, down from 7% in 2016.
4. It pointed out that effects of demonetisation and rollout of the Goods & Services Tax regime on the informal sector and reduction in pace of credit creation may affect India’s growth prospects.

UNCTAD

1. UNCTAD is a permanent intergovernmental body established by the United Nations General Assembly in 1964.
2. It is headquartered in Geneva, Switzerland and part of the UN Secretariat.
3. It is also a part of the United Nations Development Group (UNDG).
4. It was formed specifically to handle the problems of developing countries dealing with trade, investment and development issues.
5. Other reports published by UNCTAD – World Investment Report, The Least Developed Countries Report, Information and Economy Report, Technology and Innovation Report and Commodities and Development Report.