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Daily Current Events by Civils360 November 6, 2017

GS-2

Commercial Courts: Read here

  • Union Government proposes to establish commercial courts in districts to further improve the parameters regarding enforcement of business contracts.The step is essential to go further up in Ease of Doing Business rank. The legal remedy for commercial disputes and enforcement of business contracts are parameters of the World Bank ranking.
  • India has recently moved up to 100th rank from 130th in World Bank’s Ease of Doing Business ranking

GS-3

Paradise Papers: Read Here

  • 13.4 million corporate records maintained by governments in 19 secrecy jurisdictions referred to as “tax paradises” has been revealed – similar to the past three major global financial leaks(Offshore Leaks (2013), Swiss Leaks (2015) and Panama Papers (2016)).
  • Unlike in the previous leaks, the latest revelations are more about mega corporates than individual players and how they took advantage of and, in many cases, misused offshore jurisdictions.
  • They reveal offshore footprints of some of India’s major corporate players as well as of a few high-value individuals

Non Performing Assets: Read Here

  • Finance Ministry is formulating a 2.11 lakh crore recapitalization scheme to boost the provisioning services of banks.It envisages recapitalisation bonds to issue
  • However, a mechanism to implement this package should keep in mind of the concerns raised on the impact of fiscal deficit.
  • Unlike the International Monetary Fund accounting practices, where bank recapitalisation need not be part of the deficit, according to Indian accounting practices they are.

Digital India and e-currency: Read Here

  • Existing e-money and mobile wallets provide improved efficiency, privacy, affordability and transparency in financial transactions. They eliminate some middlemen with the use of mobile devices for payments.
  • However, there are issues with regard to it. The e-money is liability issued by the service providers. Convertibility of this to legal tender rupee is subject to the management of service providers.
  • Acceptability of e-money between different schemes is difficult and is subject to the mutual agreements between the service providers.
  • Disruptions, like fraud and errors, due to inadequate cybersecurity is also a concern.

Prelims Focus

World Food India Event: Read Here

  • The total investment in food processing sector has reached $18.84 billion, as per Union Government minister.
  • A dedicated cell has been put in place to ensure each of the 50 memoranda of understandings (MoUs) signed materialise on the ground level and help boost food processing levels from the current 10%.
  • Maharashtra and Telangana governments announced their own food processing policy at the event