Daily Current Affairs for UPSC Civil Services Exam – 02 July 2021

Daily Current Affairs for UPSC Civil Services Exam – 02 July 2021

In Today’s News:

  1. Insolvency and Bankruptcy Code.
  2. World Intellectual Property Organization.
  3. UDISE+ report
  4. GNPA and NNPA

1. Insolvency and Bankruptcy Code

News Summary

There is a piece of news related to the Insolvency and Bankruptcy Code from a different perspective.

Prelims GS – Economic Development

IBC:
  • IBC refers to Insolvency and Bankruptcy Code 2016.
  • IBC is the key mechanism for addressing corporate distress and the accumulation of bad loans in the financial sector.
  • Insolvency and Bankruptcy Code is an Act to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit, and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
  • The provisions of this Code shall apply to—
    • (a) any company incorporated under the Companies Act, 2013 (18 of 2013) or under any previous company law;
    • (b) any other company governed by any special Act for the time being in force, except in so far as the said provisions are inconsistent with the provisions of such special Act;
    • (c) any Limited Liability Partnership incorporated under the Limited Liability Partnership Act, 2008 (6 of 2009);
    • (d) such other body incorporated under any law for the time being in force, as the Central Government may, by notification, specify in this behalf.
  • Adjudicating authority for LLPs and companies: National Company Law Tribunal
  • Adjudicating Authority for Individuals and Partnership firms: Debt Recovery Tribunal
  • The corporate insolvency resolution process shall mandatorily be completed within a period of three hundred and thirty days(330 days) from the insolvency commencement date, including any extension of the period of corporate insolvency resolution process granted under section 12 and the time taken in legal proceedings in relation to such resolution process of the corporate debtor.

Click here to view the official document of IBC.

2. World Intellectual Property Organization

News Summary

The World Intellectual Property Organization (WIPO), a specialized agency of the United Nations for brand protection across the world, has ordered a Delhi-based firm against using the domain name www.urbankhadi.com, which illegally uses the brand name “Khadi”.

Click here to view the official PIB release.

Prelims GS – International Organizations

WIPO:
  • WIPO is the global forum for intellectual property (IP) services, policy, information, and cooperation.
  • WIPO is a self-funding agency of the United Nations, with 193 member states.
  • WIPO’s mission is to lead the development of a balanced and effective international IP system that enables innovation and creativity for the benefit of all.
  • WIPO’s mandate, governing bodies, and procedures are set out in the WIPO Convention, which established WIPO in 1967.
  • India is also a member state of WIPO.
  • Headquarters: Geneva, Switzerland

Click here to view the official website of WIPO.

3. UDISE+ report

News Summary

Union Education Minister, Shri Ramesh Pokhriyal ‘Nishank’  released the Report on United Information System for Education Plus (UDISE+) 2019-20 for School Education in India.

Mini Insights

Mains GS2 – Governance

UDISE+ report:
  • The Unified District Information System for Education Plus(UDISE+) report collects data from more than 15lakh schools in the country.
  • As per the UDISE+ report 2019-20, the Gross Enrolment Ratio at all levels of school education has improved in 2019-20 compared to 2018-19.
  • Pupil-Teacher Ratio (PTR) has improved at all levels of school education.
  • The UDISE+ report shows a remarkable improvement in the number of schools with functional electricity, with functional computers, internet facilities in 2019-20 over the previous year.
  • In year 2019-20, more than 90% of schools in India had hand wash facilities as compared to only 36.3% in 2012-13.
  • The UDISE+ system of online data collection from the schools was developed in the year 2018-19 to overcome the issues related to manual data filling in paper format and subsequent feeding at the block or district level, which was in practice in the UDISE data collection system from 2012-13.
  • More than 84% of schools in India had a library/reading room/ reading corner in 2019-20, an improvement of nearly 4% compared to the previous year. In 2012-13, about 69.2% schools had library/ reading room/ reading corner.

Click here to view the official PIB release.

4. GNPA and NNPA

News Summary

The RBI in its Financial Stability Report has said that the GNPA ratio of Scheduled Commercial Banks in India may rise up to 11.2% by the end of the current fiscal year.

Click here to view the RBI official press release.

Prelims GS – Economic Development

GNPA:
  • GNPA refers to the Gross Non Performing Asset.
  • Gross NPA is the total amount of all loans defaulted on by the people who have received loans from the banking institution.
NNPA:
  • NNPA refers to the Net Non Performing Asset.
  • Net NPA = Gross NPA – (Balance in Interest Suspense account + DICGC/ECGC claims received and held pending adjustment + Part-payment received and kept in suspense account + Total provisions held).
  • Net NPA is the sum that is realized after the amount of the provision has been deducted from the overall NPAs

Courtesy: RBI Glossary and Courtesy: Javatpoint

 

 

 

 

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