Top GKToday’s News Headlines-18 May 2020

Top GKToday’s News Headlines-18 May 2020

INDIA

  • National Disaster Management Authority (NDMA) extends the ongoing countrywide lockdown to combat the COVID-19 spread till May 31
  • Prohibition on all public gatherings, closure of schools, malls and restaurants, and suspension of flights and Metro services will remain in force till May 31

ECONOMIC PACKAGE

  • Finance Minister Nirmala Sitharaman announces fifth and final tranche of economic package to combat impact of COVID-19 on the economy.
  • MGNERGS
  • Rs 40,000 crore increase in allocation for MGNREGS to provide employment boost

HEALTH

  • Public Expenditure on Health will be increased by investing in grass root health institutions and ramping up Health and Wellness Centres
  • Setting up of Infectious Diseases Hospital Blocks in all districts

EDUCATION

  • PM eVIDYA, a programme for multi-mode access to digital/online education to be launched
  • Manodarpan, an initiative for psycho-social support for students, teachers and families for mental health and emotional well-being to be launched

EASE OF DOING BUSINESS THROUGH IBC

  • Minimum threshold to initiate insolvency proceedings under the IBC (Insolvency and Bankruptcy Code) has been raised to Rs. 1 crore (from Rs. 1 lakh) which will insulate a large number of MSMEs
  • Suspension of fresh initiation of insolvency proceedings up to one year, depending upon the pandemic situation
  • Centre empowered to exclude COVID 19 related debt from the definition of “default” under IBC for the purpose of triggering insolvency proceedings.

DECRIMINALISATION OF COMPANIES ACT VIOLATIONS

  • Decriminalisation of Companies Act violations involving minor technical and procedural defaults such as shortcomings in CSR reporting, inadequacies in Board report, filing defaults, delay in holding of AGM.

EASE OF DOING BUSINESS FOR CORPORATES

  • Direct listing of securities by Indian public companies in permissible foreign jurisdictions.
  • Power to create additional/ specialized benches for NCLAT
  • Lower penalties for all defaults for Small Companies, One-person Companies, Producer Companies & Start Ups.

PUBLIC SECTOR

  • List of strategic sectors requiring presence of PSEs in public interest will be notified
  • In strategic sectors, at least one enterprise will remain in the public sector but private sector will also be allowed

STATE GOVERNMENTS

  • Centre raises borrowing limit of states from 3% of gross state domestic product (GSDP) to 5% in 2020-21
  • Part of the borrowing will be linked to specific reforms
  • Reform linkage will be in four areas: universalisation of ‘One Nation One Ration card’, Ease of Doing Business, Power distribution and Urban Local Body revenues

WORLD

  • Israel: New unity government led by PM Netanyahu and his former rival Benny Gantz approved by Knesset (Parliament) in 73-49 vote
  • Afghanistan: President Ashraf Ghani and political rival Abdullah Abdullah strike power sharing deal; Ghani to remain President and Abdullah to lead National Reconciliation High Council
  • World Telecommunication and Information Society Day celebrated on May 17; theme: ‘Connect 2030: ICTs for the Sustainable Development Goals (SDGs)’

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