11 March 2016 Current Affairs
Lok Sabha clears Aadhaar Bill
On 11 March 2016, the Lok Sabha cleared the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Bill, 2016. It was introduced as Money Bill. The government would save crores of rupees by routing government subsidies through the unique identification or Aadhaar system. The Bill “will empower the States to distribute resources to deserving people and save the resources that undeserving people get”.
New frog species found in China
A new frog species which unlike ordinary frogs lives only in clean mountain brooks and produces a special sound during mating season has been found in southwest China’s Yunnan Province. The new species Leptolalax tengchongensis, commonly known as the Asian litter frog, was spotted in the Tengchong Section of Gaoligong Mountain National Nature Reserve in the west of Yunnan and was named after the county of Tengchong. The discovery was jointly made by scientists from the Hong Kong-based Kadoorie Farm and Botanic Garden (KFBG), Sun Yat-Sen University and Kunming Institute of Zoology under the Chinese Academy of Sciences.
Bangladesh, India sign $2 billion new line of credit
Bangladesh and India have signed a new $2 billion credit agreement to implement socio-economic development projects in Bangladesh and strengthen bilateral relations. This is the biggest line of credit India has extended to any country so far. Prime Minister Narendra Modi had promised the assistance during his Bangladesh visit last year. The interest rate has been fixed at 1 percent annually with a 20-year repayment term, including a five-year moratorium.India first extended a Line of Credit of $1 billion to Bangladesh in 2010.
The Union Cabinet approves cyber security deal with UAE
The Union Cabinet has given its approval for the MoU between India and United Arab Emirates (UAE) on Technical Cooperation in Cyber Space and Combating Cyber-Crime. The MoU would provide help in handling of the issues related to the cyber-crime between the two countries. The Union Ministry of Home Affairs (MHA) will be the nodal agency on the Indian side responsible for the implementation of this agreement.Both the countries shall cooperate in cyber space and combating cyber-crime in all forms, particularly through coordination and exchange of information in relation with cyber crime.
Arab League elects Ahmed Aboul-Gheit as new chief
The Arab League’s 22 member states have picked veteran Egyptian diplomat Ahmed Aboul-Gheit to head the body on 10 March 2016. Ahmed Aboul-Gheit was the only contender for the post of secratary-general. He was the last foreign minister under former president Hosni Mubarak. The appointment came at a critical time for the Middle East, with Syria marking the fifth anniversary of its civil war, proxy wars between Saudi Arabia and Iran, and the battle against the Islamic State of Iraq and the Levant (ISIL, also known as ISIS) group raging across the region. Aboul-Gheit was also served as Egypt’s ambassador to the United Nations, had been widely expected to win approval from the league members.
Rajya Sabha gives it nod to real estate bill
“The Rajya Sabha has passed the Real Estate (Regulation and Development) Bill, 2015 to protect the interests of consumers and curb the malpractices in the real estate sector. The bill seeks to create a uniform regulatory mechanism across the country and enhance the growth of construction sector. It also ensures to bring transparency and accountability in the real estate sector to access capital and financial markets essential for its long term growth. Establishes state level regulatory authorities called Real Estate Regulatory Authorities (RERAs) and tribunals called Real Estate Appellate Tribunals (REAT) to settle disputes. 70% of the amount collected from buyers for a project must be maintained in a separate bank (escrow) account and must only be used for construction of that project. State government can alter this amount to less than 70%. All information for registered projects must be disclosed on website of the RERA. It will include details of promoters, land status, layout plan, schedule of execution and status of various approvals.”
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