1.The leading problem in the country right now is alarming volume of Non-Performing Assets with the banking system. Several attempts were made to tackle NPAs. A serious such step was the creation of dedicated institutions called Asset Reconstruction Companies or ARCs that purchases bad assets or NPAs from banks at a negotiable price and helps banks to clean up their balance sheets (by removing the NPAs). Performance of the ARCs are under evaluation in the context of the mounting NPAs. At the same time, the new Insolvency and Bankruptcy Act will give a critical role to the ARCs in settling the bad assets through the insolvency process.
2.An Asset Reconstruction Company is a specialized financial institution that buys the NPAs or bad assets from banks and financial institutions so that the latter can clean up their balance sheets. Or in other words, ARCs are in the business of buying bad loans from banks. ARCs clean up the balance sheets of banks when the latter sells these to the ARCs. This helps banks to concentrate in normal banking activities. Banks rather than going after the defaulters by wasting their time and effort, can sell the bad assets to the ARCs at a mutually agreed value.
3.US buyout giant KKR & Co has become the first foreign investor to fully own an asset reconstruction company (ARC) in India as it received approval from the Reserve Bank of India at a time when lenders are fighting with a pile of bad loans that have crippled their businesses.
4.Scientist Pratibha Laxman Gai has been named for damehood, the female equivalent of a knighthood, leading a number of people of Indian-origin from various walks of life in the Queen’s New Year’s Honours List 2018.
5.Noted Urdu poet Anwar Jalalpuri was died .Anwar Jalalpuri, a Yash Bharti recipient, is best known for his translation of shaloks of Bhagvad Gita into Urdu verses.
6.The entire Nagaland has been declared as “disturbed area” for six more months, till June- end, under the controversial AFSPA, which empowers security forces to conduct operations anywhere and arrest anyone without any prior notice.
7.Armed Forces (Special Powers) Acts 1958 (AFSPA), are Acts of the Parliament of India that grant special powers to the Indian Armed Forces in what each act terms "disturbed areas".The Articles in the Constitution of India empower state governments to declare a state of emergency due to one or more of the following reasons: 1.Failure of the administration and the local police to tackle local issues. 2.Return of (central) security forces leads to return of miscreants/erosion of the "peace dividend". 3.The scale of unrest or instability in the state is too large for local forces to handle.
8.State-owned gas utility GAIL has commissioned the country's second-largest rooftop solar power plant with a capacity of 5.76 MWp (mega watt peak) at its Pata petrochemicals complex in UP.GAIL chairman B C Tripathi.
9.The country's largest rooftop solar plant is located in Amritsar and has a capacity of 12 MW. Built by Tata Power Solar, the plant produces more than 150 lakh units of power annually and offsets over 19,000 tonne of carbon emissions every year.
10.An Indian citizen residing outside India for a combined total of at least 183 days in a financial year (from April 1 to March 31).What are the benefits of being a NRI : 1
.You can get special bank accounts from Indian banks. 2.You can continue to own land and property in India. 3.Your earnings outside India are not taxed by the Indian government, provided you have paid taxes in the nation you reside in. Local earnings in India (interest, rental income) are still taxed. 4.There is a special quota of seats in Indian universities reserved for NRIs. 5.You can still vote, but you have to be in India to do it.
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