The Daily Brief – 30th June 2019

G-20 nations have agreed to make united efforts to address major global economic challenges. The countries have affirmed to work together to foster global economic growth while harnessing the power of technological innovation, in particular digitization and its application for the benefits of all. The summit also resolved to prevent the use of Internet to fund and facilitate terrorism and extremism, asserting that while the Internet must be open, free and secure it cannot serve as a safe haven for terrorists.

Kingdom of Saudi Arabia increased India’s Haj quota by 30,000 to 200,000 per year (from 170,000). Last year government removed the Haj subsidy it provided to pilgrims undertaking Haj in the light of a Supreme Court order of 2012 and the same year government also allowed Muslim women to go on Haj without Mehram (means male companion), following which about 1,300 women went to Hajj without any male companion. They were exempted from lottery system.

The Government of India, Government of Kerala and World Bank signed a Loan Agreement of $250 Million for First Resilient Kerala Program which seeks to enhance State’s resilience against impacts of natural disasters and climate change. The 2018 floods and landslides in Kerala affected 16% of State’s population about 5.4 Million people. This Program is part of Central government’s support to Kerala’s ‘Rebuild Kerala Development Programme’ which aimed at building a Green and Resilient Kerala.

Reserve Bank of India recently clarified that all Payment System Operators (PSOs) shall store entire payment data in systems located only in India. In April 2018 RBI had issued a directive on ‘Storage of Payment System Data‘ by which it had advised all system providers to ensure that within a 6 months period, entire data relating to payment systems operated by them is stored in a system only in India.

The Reserve Bank of India (RBI) has permitted Asset Reconstruction Companies (ARCs) to acquire financial assets from other such entities and cleared that all such transactions have to be settled in cash. This is in the view of amendment to the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest (SARFAESI) Act, 2002. This decision by RBI will help improve liquidity in Asset Reconstruction Companies’ market.

NASA has planned to launch a nuclear-powered drone, Dragonfly on Saturn’s moon Titan to search for life on Saturn’s largest moon. Dragonfly is expected to travel billions of kilometres to search for signs of microbial alien life on Titan. The mission will succeed NASA’s Cassini probe, which ended its 13-year mission orbiting Saturn in September 2017 by diving into Saturn’s atmosphere.

Government is all set to implement one nation-one ration card scheme across the country by the end of June 2020. Food Minister Ram Vilas Paswan said, the new mechanism will ensure that no poor person is deprived of Public Distribution System, PDS entitlement if the person shifts from one place to another. The system will also help to remove fake ration card holders. At present 10 states are already providing PDS system.