• Admin

Daily Current Affairs : 08-Nov-2019

Major Topics Covered :

  1. COMPENSATION RULES FOR PRIVATE BANK CHIEFS

  2. DOCUMENTATION IDENTIFICATION NUMBER

  3. BRU REFUGEES

  4. VARIOUS MoU SIGN BETWEEN INDIA & OTHER COUNTRIES

  5. CLIMATE CHANGE AND HEAT-INDUCED MORTALITY IN INDIA

  6. SAMUDRA SHAKTI

  7. INDIAN AIR QUALITY INTERACTIVE REPOSITORY (IndAIR)

  8. THE INDIA JUSTICE REPORT 2019



COMPENSATION RULES FOR PRIVATE BANK CHIEFS

Part of GS- 3 Economy


Why in news:

The compensation paid to chiefs of private sector banks and key officials has now come under the radar of the Reserve Bank of India and from April 1, 2020, new regulations will come into force.

According to the new rules, at least 50% of the compensation paid to CEOs, whole-time directors, material risk takers and control function staff should comprise performance-linked payouts.


Highlights:

The central bank wants a proper balance between fixed pay and variable pay.

The Indian regulator of banks and financial institutions has based its guidelines on the recommendations contained in the Implementation Standards of the Financial Stability Board (FSB), with headquarters in Basel, Switzerland.

FSB’s recommendations state that “a substantial proportion of compensation, that is, at least 50%, should be variable and paid on the basis of individual, business-unit and firm-wide measures that adequately measure performance".

Further defining this formula for fixed versus variable pay, the RBI said where the variable pay is upto 200% of the fixed pay, a minimum of 50% is dependent on overall compensation for the variable pay.

Where it is above 200%, then the minimum stipulated is 67%.

In any case, the ceiling for variable pay should not exceed 300% of the fixed pay.

These new guidelines, as indicated, will come into force from April 1, 2020 and are applicable to private sector banks, including local area banks, small finance banks and payments banks.

This also includes foreign banks operating in a wholly-owned subsidiary structure.

There is also a mention of deferral arrangements, with the stipulation that at least 60% of the variable must be covered under the deferral arrangement.

This is meant to ensure the performance or results of the banks stay on course beyond the term for which the compensation is paid.



Source: Live Mint, Economic Times.


DOCUMENTATION IDENTIFICATION NUMBER

Part of GS- 3Economy


Why in news:

DIN System of CBIC comes into existence from 08-Nov-2019.


Highlights:

The Documentation Identification Number (DIN) system of Central Board of Indirect Taxes (CBIC) will come into existence from 08-Nov-2019.

This path breaking system in indirect tax administration has been created as per the direction of Finance Minister Nirmala Sitharaman.

Now, any CBIC communication will have to have a Documentation Identification Number.

The correspondent reports that the step is aimed at bringing transparency and accountability in the indirect tax administration through widespread use of information technology.

The Government has already executed the DIN system in the direct tax administration.

The DIN would be used for search authorisation, summons, arrest memo, inspection notices and letters issued in the course of any enquiry.

Any communication from GST or Custom or Central Excise department without a computer-generated DIN, would be treated as invalid and shall be non-est in law or deemed to be as if it has never been issued.

It will provide the taxpayer a digital facility to verify any communications.


About :

Central Board of Indirect Taxes (CBIC):

CBDT is the nodal national agency responsible for administering Customs, GST, Central Excise, Service Tax & Narcotics in India.

The Customs & Central Excise/CGST department was established in the year 1855 by the then British Governor General of India, to administer customs laws in India and collection of import duties / land revenue.

It is one of the oldest government departments of India.



Source: All India Radio.


BRU REFUGEES

Part of GS- 3 Internal Security & GS- 4


Why in news:

On 7-Nov-2019, the Tripura government announced that it would restore food supplies, leading to Brus withdrawing a road blockade they had set up for eight days.


Highlights:

The restoration of supplies, however, is only until a deadline of November 30, within which the Brus have to decide whether they will accept a package for repatriation to Mizoram.

Since October 1, six members of the Reang or Bru community have reportedly died in relief camps in Tripura, after the Centre decided to stop food supplies and cash dole.

They were among 32,000 Brus living in these camps since 1997, when they fled their homes in Mizoram.


Who are the Brus?

Bru or Reang is a community indigenous to Northeast India, living mostly in Tripura, Mizoram and Assam.

In Tripura, they are recognised as a Particularly Vulnerable Tribal Group.

In Mizoram, they have been targeted by groups that do not consider them indigenous to the state.

In 1997, following ethic clashes, nearly 37,000 Brus fled Mamit, Kolasib and Lunglei districts of Mizoram and were accommodated in relief camps in Tripura.

Since then, 5,000 have returned to Mizoram in eight phases of repatriation, while 32,000 still live in six relief camps in North Tripura.



Source: Indian Express