08 August 2016 Current Affairs
HDFC ERGO launches political risk insurance policy
HDFC ERGO General Insurance Company has launched a political risk insurance policy, whereby companies operating internationally will be protected against arbitrary government actions and their investments protected. While covering businesses against political violence, the policy will also protect businesses against unfavourable currency inconvertibility. The policy is designed to protect investors’ investments in overseas markets against unpredictable losses due to specified political perils such as expropriatory acts, selective discrimination, forced abandonment, forced divestiture, political violence and currency inconvertibility.
Parliament passes The Constitution (122nd Amendment) (GST) Bill, 2014
The Parliament passed The Constitution (122nd Amendment) (GST) Bill, 2014 after it was unanimously passed by the Lok Sabha by approved all the amendments made by Rajya Sabha. The bill now will go states (15 out of total 29 states) for approval as per Article 368 of Constitution as it constitutional amendment bill dealing with changes in the features of fiscal federalism. The passage of bill will pave the way for the roll out of Goods and Services Tax (GST) i.e. uniform taxation regime across the country.
RBI keeps policy rates unchanged in 3rd bi-monthly monetary policy review
The Reserve Bank of India (RBI) in its third bi-monthly monetary policy review for year 2016-17 has maintained status quo in key policy interest rate. It was last bi-monthly monetary policy review of RBI Governor Raghuram Rajan who will step down in September 2016 after completing his term.
Rajya Sabha passes Mental Health Care Bill
The Rajya Sabha has passed the Mental Health Care Bill to provide better healthcare for people suffering from mental illness and also to decriminalise suicide. The progressive legislation and is patient centric Bill was introduced in Rajya Sabha by the Union Health and Family Welfare Minister J P Nadda. The Bill provides, every person has right to access mental health care and treatment from services run or funded by the government.
Banned Ponzi schemes not under regulatory purview: SEBI
The Securities and Exchange Board of India (SEBI) told the Supreme Court that banned Ponzi schemes do not fall under its regulatory purview. This announcement was made after the apex court had asked government and SEBI, the stock market regulator about measures undertaken by them to check the menace of ponzi schemes. SC had asked for their response while hearing on PIL filed against menace of ponzi scheme running across the country in various forms which robbed the poor and small investors of their hard-earned money.