24Th July 2018 : Daily Current Affairs - UPSC CSE/IAS and State PSC

This page contains "24Th July 2018" current affairs analysis from different newspapers and magazines like The Hindu, Indian express, PIB and Yojna.

Quality and relevance are two key features considered while writing the content, all the topics are based on the pattern of previously asked questions in exams like UPSC CSE, IAS, State PCS, SSC, Banks PO and likewise competitive exams.

PM Modi visits Rwanda : India Rwanda relations

In a bid to boost the bilateral strategic ties, India has extended 200 million Dollar credit lines to Rwanda, one of Africa's fastest growing economies. The move will help in strengthening cooperation in trade and agriculture sectors of two countries.

Two lines of credit has been extended by India to Rwanda, 100 Million Dollar each for industrial parks development in Kigali special economic zone (SEZ) and for agriculture development.

While the credit lines will help in boosting Rwanda's development, an agreement on defence is also signed between two countries.

PM Modi, being the first ever PM of Indian to visit Rwanda, assured the host about India's plan to open a High Commission in Rwanda. The mission will help in establishing communication between two countries while ensuring facilities for consular, passport and visa.

Mutual agreements on leather, allied areas and agricultural research were also signed beside talks on strengthening partnership in trade and investment, capacity building, development partnership and people to people ties.

Genocide Memorial visit by Indian PM is also scheduled to attend an event "Girinka", Grinika is a national social protection scheme of Rwanda to provide one cow per family.

Why the visit is important ?

Rwanda, a landlocked country in central Africa has pulled itself up from the ravages of a civil war in the mid 1990s, and would hope to retain stability with international support. That is why Rwanda would look forward to becoming an important ally of India in the continent.

Chinese President Xi Jinping has also visited the small country a day before PM Modi, this indicates the importance of a tiny African state located in the Great Lakes Region of Central Africa.

India must not loose opportunity to make a hold in the region as China has already moved into the African continent in a big way and intends expanding its Belt and Road Initiative (BRI) to cover Africa.
Discuss: PM Modi visits Rwanda : India Rwanda relations

What is Sukanya Samriddhi Yojna ?

In a bid to widespread Sukanya Samriddhi Yojna's benefits to public, government has amended the Sukanya Samriddhi Account Rules - 2016 that will slash the minimum annual deposit requirement for accounts of the scheme from 1000 Rupees to 250 Rupees per annum.

What is Sukanya Samriddhi Yojna ?

Sukanya Samriddhi scheme launched in 2015, is a government backed scheme targeted towards a girl child and her financial needs. Under the scheme a parent or legal guardian can open an account in the name of the girl child until she attains the age of ten years.

The account can be opened in any post office or commercial bank (generally in all banks where PPF accounts can be opened) with a minimum of 250 and maximum of 1.5 lakh rupees deposited per annum. The special feature of these accounts is their validation of 21 years, where after 21 years of account opening the total amount in the account will be paid to the girl whose name is mentioned in the account.

The account will automatically closed, if the girl is married before the account maturity of 21 years. Deposits can be made up to 14 years from the date of opening of the account. After this period the account will only earn interest as per applicable rates.

Parents can open only one account in one girl's name and a maximum of two accounts for two girl child, while in case of twin girls two accounts will be opened but counted as one i.e. if a parent has two twin girls and one another girl, three accounts can be deepened in that case.

Interest rate, provided under the scheme will be notified by the government, and interest so earned, compounded yearly will be credited to the account, till now the average interest rate is between 8-9 per cent.

Premature withdrawl

1) Premature withdrawal of money from the account is allowed to the girl only, whose name is mentioned in the account, that too if she attains 18 years of age at the time of withdrawal.

2) Secondly premature withdrawal will be allowed only for the purpose of higher education or the marriage of the girl, limiting to only 50 per cent of total amount available in the account in that preceding year.

3) Thirdly, premature withdrawal is available from only those account that have completed at least 14 years of deposit or more.
Discuss: What is Sukanya Samriddhi Yojna ?

Negotiable Instruments (Amendment) Bill, 2017

Why such an amendment was needed ?
In parent act, where the sufferers are mostly middle and lower-middle classes, there is no time stipulated as regards in how many days the trial would be completed.

The present bill being soft in nature makes it easy for people with bad intentions to adopt delaying tactics while it comes to paying the amount of cheques issued by them.

Additionally, 16 lakh cases in subordinate courts and 35,000 cases in higher court of cheque bouncing are still waiting to be concluded, the new amendment is also aimed to deduce these numbers.

What is Negotiable Instruments (Amendment) Bill, 2017 ?

The Negotiable Instruments (Amendment) Bill, 2017 is passed in Lok sabha to deal firmly with cheque bounce cases, the new bill will preserve the sanctity of cheque transactions by stopping the practice of people trying to deliberately delay cases.

The bill proposes to insert a new provision wherein a court is allowed to try an offence related to cheque bouncing and to direct the drawer(issuer) to pay interim compensation to the complainant(payee). The compensation not more than 20 per cent of the amount written on cheque, will have to be paid by the drawer within 60 days of court's order.

A similar provision has also been inserted in case of an appeal is filed by the drawer of the cheque against a conviction. The appellate court may order the appellant to deposit at least 20 per cent of the fine or compensation awarded by the trial court.

Way ahead
While the new changes in the bill will decrease the burden on courts by stopping the practice of people trying to deliberately delay cases.

The government should adopt more punitive measures and best practices as prevalent in other countries, in France for instance a cheque defaulter's name is added to a central register known as the FCC and he is banned from issuing any cheque for a period of five years.
Discuss: Negotiable Instruments (Amendment) Bill, 2017

Test Your preparation with: 24 Jul, 2018 | Current Affairs multiple choice questions

Share your suggestions, ideas, inputs on the topics discussed above. Its always good to be interactive ! :)