Current Affairs 27th September 2018

Current Affairs 27th September 2018 - Important Points

• Union Finance Minister Arun Jaitley launches web portal for MSME banking credit space on - 25th September 2018
• President Ram Nath Kovind confers National Sports Awards 2018 on - 25th September 2018
• Supreme Court allows live streaming of court proceedings on - 26th September 2018
• DAC approves procurement of 1,000 engines for fitment in  -T-72 tanks
• Air pollution control device WAYU inaugurated in - New Delhi 
• 4 Northern states and 2 UTs agree to fix uniform tax rates on - Petroleum products

Current Affairs 27th September 2018 - Details

Union Finance Minister Arun Jaitley launches web portal for MSME banking credit space on - 25th September 2018

The Union Minister of Finance and Corporate Affairs, Arun Jaitley on September 25th, 2018 publicized www.psbloansin59minutes.com web portal, which is a transformative initiative in Micro, Small and Medium Enterprises credit space.
The portal will permit in principle sanction for Micro, Small and Medium Enterprises loans up to Rupees One crore within 59 minutes from Small Industries Development Bank of India and Five Public Sector Banks. 
It is a strategic initiative of Small Industries Development Bank of India headed Public Sector Banks consortium formed under the guidance of Department of Financial Services, Union Ministry of Finance. 
Important features

• The Micro, Small and Medium Enterprises financing will be carried out by Small Industries Development Bank of India and big 5 Public Sector Banks including State Bank of India, Bank of Baroda, PNB, Vijaya Bank and Indian Bank.
• It is the first-of-its-kind portal for Micro, Small and Medium Enterprises borrowers that let Micro, Small and Medium Enterprises to join with multiple banks without visiting their branch.
• It is an advanced digital platform for Micro, Small and Medium Enterprises Financing with services driven architecture and highest level of information security.
• It is the only platform in the market with a Banker Interface which shelters the Branch Level integrations in tune with present systems of Public Sector Banks.
• It is also the only platform that permits bankers to create Loan Products in line with the Scoring models and assessment methods within their permitted credit policy.

President Ram Nath Kovind confers National Sports Awards 2018 on - 25th September 2018

President Ram Nath Kovind bestowed the National Sports Awards 2018 on September 25th, 2018, at the Rashtrapati Bhawan in New Delhi. 
Cricket skipper Virat Kohli and World Champion Weightlifter Mirabai Chanu were honored with Rajiv Gandhi Khel Ratna award 2018, which is India’s highest sporting honour.
The Ministry acknowledged a huge number of recommendations for these awards this year. The
recommendations were considered by the Selection Committees consisting of a former Olympian, Arjuna Awardees, Dronacharya Awardees, Dhyan Chand Awardees, Sport Journalists, Experts and sports managers. 
Present year's award ceremony was suspended to September 25th from the normal August 29th, which is celebrated as the National Sports Day, due to clash of dates with the Asian Games 2018 which were organised in Jakarta, Indonesia.

Supreme Court allows live streaming of court proceedings on - 26th September 201

The Supreme Court of India on September 26th, 2018 permitted live streaming and video recording of court proceedings around the nation. The bench consisting Chief Justice Dipak Misra and Justices AM Khanwilkar and DY Chandrachud questioned the government to design rules in this regard under Article 145 of the Constitution.
The Apex court informed that live streaming of court proceedings will bring responsibility and transparency into the judicial system and assist the public interest. The bench informed that the Sunlight is the best disinfectant, let people get 1st-hand information about what is going on in courtroom proceedings.
The Supreme court had previously reserved its verdict on the matter on August 24th, saying it wanted to execute the concept of "open court" to decongest the courtrooms.
Important Points

• During the hearing, Attorney General K.K.Venugopal, on behalf of the Centre, informed that live streaming could be initiated as a pilot project in the Chief Justice of India’s court on issues of constitutional importance and had also released recommendations on the guidelines for the live streaming.
• K.K.Venugopal informed that the achievement of this project would regulate whether live streaming should be started in other courts of the top court and in courts across the nation.
• He had also recommended that live streaming should be delayed by 70 seconds to permit the Judges to mute the sound in case of misbehaves from lawyers or any sensitive matter, or national security.

DAC approves procurement of 1,000 engines for fitment in  -T-72 tanks

Defence Acquisition Council has permitted procurement of 1,000 engines of 1,000 brake horse power,
for fixture in T-72 tanks of Indian Army. These engines will be acquired under “Buy & Make” category at
an estimated cost of more than Rupees 2,300 crores. Most of these engines will be generated by
Ordnance Factories Board. Their fixture will improve mobility, agility and acceleration of T-72 tanks
making them more versatile and effective in the battleground.
More about Defence Procurement Procedure-16

• Defence Acquisition Council also permitted several modifications to Defence Procurement Procedure-16, which is manual governing defence procurement.
• The modifications goal to decrease timelines in defence procurements and restructure Defence Procurement Procedures.
• The adjustments limit time period for implementing Repeat Order to 5 years following date of
  completion of warranty of final delivery in earlier contract. It also protracted repeat order provisions to gaining by other services like Central Armed Police Force and Border Roads Organisation.
• The alterations also consist authorizations to commence with benchmarking of cost for apparatus
  directly on receipt of trial report in Service HQ, legislating necessities for exchange rate variations when tracking procurement with ‘Option Clause’.
• These measures will go long way in removing under procedural delays. It will also speed-up activities by lessening procurement timelines and provide due preference to indigenization.

Air pollution control device WAYU inaugurated in - New Delhi

Union Minister for Science and Technology and Earth Sciences and Environment Dr. Harsh Vardhan
initiated air pollution control device Wind Augmentation PurifYing Unit- WAYU for traffic joints at ITO
intersection and Mukarba Chowk, New Delhi. The device goals at undertaking toxicity in air by slurping
in particulate matter and release fresh air.
More about Wind Augmentation PurifYing Unit

• It has been developed in India by CSIR-NEERI as part of Technology Development Project being
  sponsored by Department of Science and Technology.
• Its prototype has capacity to purify air in area of 500m square. It uses only half unit of electricity for 10 hours of running and has maintenance cost of only Rupees 1500 each month.
• The device works on 2 principles; mainly wind generation for dilution of air pollutants and active
  pollutants elimination.
• It has filters for particulate matter removal and activated charcoal and Ultra Violet lamps for the removal of poisonous gases including Volatile organic compounds and Carbon Monoxide.
• It has single fan and filter for slurping and removing Particulate Matter. It also has 2 Ultra Violet lamps and half kilograms of activated charcoal coated with special chemical Titanium Dioxide.
• Council of Scientific and Industrial Research – National Environmental Engineering Research Institute is in the process of developing bigger version of WAYU which can purify air in area of 10,000m square.
• It will also produce designs of future WAYU devices better in aesthetics and which can be installed in bus shelters etc.

4 Northern states and 2 UTs agree to fix uniform tax rates on - Petroleum products

Northern states of Punjab, Haryana, UP, HP and UTs of Delhi and Chandigarh have decided to fix uniform tax rates on petroleum items, amid rising fuel prices. Besides, these states and Union Territories also have settled to bring uniformity in taxes on liquor and registration of vehicles and transport permit. This conclusion will result into upsurge in government revenue and at the same time control black marketing. It will also benefit to control diversion of trade.
Important Points

• Decision in this regard was taken at meeting finance ministers of 5 states and officials of Union Territory Chandigarh organised in Chandigarh to discuss on fixing uniform rate of taxes on petrol and diesel.
• The meeting was inventiveness of Haryana Finance and Excise and Taxation Minister Captain Abhimanyu.
• In this meeting it was finalised to bring uniformity in Value Added Tax rates on petrol and diesel in order to deliver relief to customers.
• It was also finalised to have uniform policy for state transport so that there should be no loss of revenue from registration and permit fees due to difference in tax rates.
• The participating states also finalised to form a sub-committee, which would suggest their
  recommendation with regard to consistency in tax rates in next 15 days.
• Committee of administrators has also been formed for excise and transport, which will send report to their respective state governments on the uniformity of rates.