Current Affairs 7th January 2019

Current Affairs 7th January 2019 - Important Points

• Recruitment for 13487 posts announced by - Railway
• Two years of insolvency and Bankruptcy Code by - The Union Finance Minister
• Yarn Bank Scheme launched by -  The Ministry of Textiles
• Prime Minister Modi lays Foundation Stone for - Mandal Dam Project
• Who has declared as Fugitive Economic Offender ? - Vijay Mallya
• PM Modi inaugurated developmental works in - Manipur 
• United Nations observes First-Ever World Braille Day on - 4th January 2019

Current Affairs 7th January 2019 - Details

Recruitment for 13487 posts announced by - Railway

The Ministry of Railways has announced recruitment for 13487 posts of JE(Junior Engineers), DMS (Depot Material Superintendent),Junior Engineers (Information Technology) and  CMA (Chemical & Metallurgical Assistant). The scale of the posts is Rs 35,400- 112400/- (Level 6) as per the 7th CPC (Central Pay Commission). The notification for the posts has also been issued on the Railway Recruitment Board (RRB) website. The last date for applications for this 2 stage recruitment (1st stage- CBT, 2nd stage- Document Verification) is 31st January 2019.

Important Highlights

• It is to be noted that the notified 13487 vacancies are spread over different railway zones and states and candidates from all over India may apply against these Indian vacancies all over India.
• The qualifications to apply for junior engineers posts are three years diploma in specified disciplines or various streams combination of the basic engineering  disciplines from a recognised institution.
• For depot store superintendent, three years diploma in engineering in any discipline from an Institute and recognised university.
• The degree in engineering disciplines will be acceptable in lieu of diploma in engineering as well.
• For junior engineer (IT), PGDCA, B.Tech (Computer Science), B.Sc. (Computer Science), DOEACC ‘B’ level course of three years duration or equivalent from recognised university and institute is needed qualifications for application.

Two years of insolvency and Bankruptcy Code by - The Union Finance Minister

The Union Finance Minister Arun Jaitley has written a FB post named “2 years of Insolvency and Bankruptcy Code”. In the written post, he elucidates how things have been altered after the Insolvency and Bankruptcy Code was approved by the Parliament.
Once the Insolvency and Bankruptcy Code was approved by the government, the government took
instant points to form Insolvency and Bankruptcy Board of India & National Company Law Tribunal-NCLT.
Recovery of Debt

• The section 29 A of Insolvency and Bankruptcy Code mandated that individuals who have contributed to the defaults of the commercial debtor/undesirable due to incapacities as mentioned in the section or are a “related party” to another defaulting party, are prohibited from gaining control of the commercial debtor by being declared disqualified to submit a resolution plan under the Code.
• As a result, the firms are paying up in anticipation of not crossing the line and being mentioned to
  National Company Law Tribunal.
• Many debtors are paying up once the creditor has filed the PIA at a pre-admission stage so that the
  announcement of insolvency does not occur.
• National Company Law Tribunal has resolved some major cases and many are on the way of resolution.

Yarn Bank Scheme launched by -  The Ministry of Textiles

The Ministry of Textiles, Government of India had initiated a Yarn Bank Scheme as one of the mechanisms of PowerTex India scheme with an objective to evade fluctuation in yarn price.
Objectives
To provide interest-free quantity fund to Special Purpose Vehicle to enable them for purchasing yarn at a wholesale price and give the yarn at a sensible price to the small weavers. To evade middleman and local supplier’s brokerage amount on sales of yarn.
Financial Assistance under the Scheme

Under the scheme, an interest-free quantity fund about Rupees 2 crore would be issued to the Special
Purpose Vehicle or Consortium set up by power loom weavers.
PowerTex India
i. In-situ Upgradation of Plain Power looms.
ii. Group Work-shed Scheme.
iii. Yarn Bank Scheme.
iv. Common Facility Centre.
v. Pradhan Mantri Credit Scheme for Power loom Weavers.
vi. Solar Energy Plan for Power looms.
vii. Facilitation, Information and Technology, Awareness, Market Development and Publicity for
Power loom Schemes.
viii. Tex Venture Capital Fund.
ix. Grant-in-Aid & Modernisation and Upgradation of Power loom Service Centres.

Prime Minister Modi lays Foundation Stone for - Mandal Dam Project

PM Narendra Modi has placed the foundation stone for the Mandal Dam Project on the North Koel River. The Mandal Dam Project would be benefit for the states of Jharkhand & Bihar.
Mandal Dam Project

• The Mandal Dam project will assist around 111000 hectares of agricultural land in Jharkhand & Bihar to get irrigation amenities.
• 24 megawatts of electricity will also be generated.
• The project is planned to be accomplished in 30 months at the projected cost of Rupees 1622.27 crores.
• 60% would be funded by the central government as a grant from Long-Term Irrigation Fund under
  Pradhan Mantri Krishi Sinchai Yojana.
• Balance 40% will be accepted by the States via loan financed by NABARD.
  Purpose for this project
• The building of the Mandal Dam started in 1972 & sustained till 1993.
• Later it was stalled over the concerns elevated by the Bihar Forest Department.
• This project impends to submerge the shares of the Palamau Tiger Reserve and Betla National Park. 
• The central government has now sanctioned the “in principle” for diversion of forest under Palamu Tiger Reserve for the structure of Mandal Dam. The Central Government has formed some conditions for this.
  North Koel River
  North Koel River initiates on Ranchi plateau in Jharkhand & connects the Sone River, a few miles North-West of Haidarnagar in Jharkhand. The river wanders via the northern part of Betla National Park. The principal branches of the North Koel River are Auranga & the Amanat.

Who has declared as Fugitive Economic Offender ? - Vijay Mallya

The Prevention of Money Laundering (PMLA) court in Mumbai has declared Vijay Mallya as a Fugitive
Economic Offender. Vijay Mallya is the first businessman to be charged under the new fugitive economic offender’s act 2018.
Declaration of the Fugitive Economic Offender

• According to the Fugitive Economic Offenders Act, 2018 a fugitive economic offender is a person against whom an arrest warrant has been issued for his or her involvement in economic offences involving at least Rs. 100 crore or more & has left India to avoid prosecution.
• The investigating agencies have to file an application in a Special Court under the Prevention of Money-Laundering Act, 2002 containing details of the properties to be confiscated, & any information about the person’s whereabouts.
• The Special Court will issue a notice for the person to appear at a specified place & date at least six weeks from the issue of notice.
• Proceedings will be terminated if the person appears. If not the person would be declared as a Fugitive Economic Offender based on the evidence filed by the investigating agencies.

PM Modi inaugurated developmental works in - Manipur 

Prime Minister Modi initiated a slew of developmental works & laid the foundation stone for 4 projects during his visit to the North-Eastern state of Manipur.
Development Works Inaugurated
Prime Minister Modi inaugurated 8 projects during his visit to the Manipur including-
1. Integrated check-post in Tengnoupal district.
2. Dolaithabi Barrage Project of Imphal East district.
3. Food Corporation of India’s food storage godown in Imphal East district.
4. Buffer water basins in Ukhrul district.
5. Improved & upgraded water supply for Churachandpur zone.
6. Eco-tourism complex at Thangapat in Kangpokpi district.
7. Combined tourist destination in Noney district.
8. Water supply plan at JNV, Lambui & its nearby villages.

Foundation Stone for New projects

I. Infrastructure development of Dhanamanjuri University in Imphal west district.
II. Flood-lighting of hockey stadium as well as of the main stadium at the Khuman Lampak Sports
Complex in Imphal East district.
III. Astro-Turf laying in Langjing Achouba of Imphal West district.
These developmental projects will benefit in reaching-out to the people of North-East particularly
Manipur & help in the bridging of the gap between North-East & the rest of India.

United Nations observes First-Ever World Braille Day on - 4th January 2019

The UN celebrated the 1st official World Braille Day on 4th January to spread awareness about the importance of Braille for about 1.3 billion people living with some form of distance/near vision
impairment.
The announcement for the celebration of World Braille Day was accomplished by the UN General
Assembly as a means for realising the human rights of visually-impaired &partially-sighted persons, & bringing written language to the forefront as a critical precondition for promoting fundamental
freedoms.
More about 4th January

• World Braille Day is observed on the January 4 to honour Louis Braille, who is attributed for inventing the Braille script.
• Louis Braille was born in France on 4th January 1809.
• The World Braille Day is observed on his Birthday.