Daily Current Affairs 12 June 2018

Daily Current Affairs 12 June 2018

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Recommend: Times of India , Economic Times

       

#  SEBI constitutes Group to facilitate the stock market listing of startups+

Market regulator Securities and Exchange Board of India (SEBI) on June 12, 2018 constituted a Group to review Institutional Trading Platform (ITP) Framework to make stock market listing attractive for startups.

The group will submit the report to SEBI within a period of one month that is by July 2018.

Terms of Reference of the Group

• To look into the existing Institutional Trading Platform (ITP) framework and suggest measures to facilitate listing of startups. 

• To revisit the current ITP framework and identify the areas, if any, which require further changes.

• To address issues relevant to ITP which the group may like to assess.

Members of the group 

The members of the group include representatives from:

• Indian Software Product Industry Round Table (iSPIRT)

• The Indus Entrepreneurs (TIE)

• Indian Private Equity and Venture Capital Association (IVCA)

• Law firms

• Merchant bankers

• Stock exchanges

Background
SEBI had put in place the ITP framework in 2015 with a view to facilitate listing of new age companies in sectors like e-commerce, data analytics, bio-technology and other startups. 

However, this framework failed to gain any traction.

#  Trump-Kim Summit: Historic document signed

In a historic first, delegation level talks between US President Donald Trump and North Korean leader Kim Jong Un began in Singapore on June 12, 2018.

The world’s two of the most powerful leaders held a brief one-on-one meeting at the Capella Hotel in Sentosa Island before beginning with their delegation level talks. 
Speaking after the one-on-one meet, US president Trump said that both the nations have a terrific relationship ahead and this historic summit would be successful.

Kim said “it has not been easy to get here” and that “the old prejudices and practices worked as obstacles, but we have overcome them and we are here today.”

Objective

The bilateral summit is aimed at normalising ties and resolve seven decades of hostilities between the world’s largest nuclear power and the largely isolated, North Korean state.

The summit aims to kickstart a process that would lead to complete denuclearisation of the Korean peninsula.

Significance

This is the first time that a sitting US president has met a North Korean leader in the last 60 years.

The meet follows decades of hostility, which worsened recently following North Korea’s nuclear missile tests that brought America within striking range.

The exchange of threats between the two leaders had led the world to fear the possibility of a nuclear war.

Key Highlights of the Summit

• The world leaders began their historic summit with a one-on-one talk that lasted about 40 minutes, then moved into expanded bilateral discussions with their top officials.

 Trump-Kim Summit: Historic document signed

• The bilateral discussions were then followed by a working lunch, at the conclusion of which Trump said that he and the North Korean leader were on their way to a signing but did not say what was to be signed.

• Trump said that the talks with Kim Jong-un have been better than anybody could imagine.

Trump, Kim sign historic document

• The US and North Korean leaders signed an agreement after historic talks.

• Trump said we’re signing a “very important document, a pretty comprehensive document.

• Kim said “we had a historic meeting, we decided to leave the past behind.”

 Trump-Kim Summit: Historic document signed

• Summing up the day’s talks, Trump said, “we had a terrific day and we learned a lot about each other and our countries,” said Trump. Speaking about Kim Trump said “I learned he’s a very talented man and I also learned he loves his country very much.

• Trump also invited the North Korean leader to the White House and said that they will meet many times.

 Trump-Kim Summit: Historic document signed

Summit cancelled, then revived

• US President Donald Trump had cancelled the historic Singapore Summit with North Korean leader Kim Jong Un on May 24, 2018, accusing North Korea of tremendous anger and open hostility.

• The decision was reportedly taken after North Korean officials engaged in the use of sharp words against top US officials.

• North Korea too had threatened to pull out of the Singapore summit following the US-South Korean military exercises.

• In fact, the nation had cancelled its planned meeting with South Korea early in May.

• However, upon the announcement of cancellation, the North Korean leaders reverted saying that they were ready to meet anytime and anywhere.

• On May 25, 2018, Trump announced that he was open to hold the Singapore Summit with Kim Jong Un, following which the lines of communication between the United States and North Korea regarding reinstating the June 12 summit, reopened.

South Korea’s role in the summit

South Korean President Moon Jae-in has played a crucial role in setting up the diplomatic developments between the US and North Korea.

Moon has often acted as a mediator between the US and North Korea, championing the beginning of talks between the two.

He also played a significant role in the revival of the talks, after they were called off by the US.

China’s reaction to the historic Trump-Kim Summit

China has praised the summit as historic and called for “full denuclearisation” to resolve tensions on the Korean peninsula.

Speaking on the development, Chinese Foreign Minister Wang Yi said the fact that the two leaders “can sit together and have equal talks has important and positive meaning and is creating a new history.”

#  NITI Aayog announces 3000 additional Atal Tinkering Labs

NITI Aayog on June 12, 2018 announced creation of 3000 additional Atal Tinkering Labs under the Atal Innovation Mission (AIM).

For this purpose, NITI Aayog has selected 3000 additional schools for the establishment of Atal Tinkering Labs (ATLs), bringing the total number of ATL schools to 5441. 

Key Highlights

• The selected schools will receive a grant of Rs 20 lakh in the next five years to establish Atal Tinkering Labs for nurturing innovation and entrepreneurial spirit among secondary school children. 

• With the development of these over 5000 ATLSs, almost every district of India will have atleast one lab to enable an innovation ecosystem, which will facilitate transformational change in technological innovation and pedagogy.

• These additional 3000 schools will expand the reach of the ATL program, increasing the number of children exposed to innovation and technologies like 3D Printing, Robotics, IoT and microprocessors.

• These schools will facilitate the creation of over 1 million Neoteric Child Innovators by 2020. 

• ATLs will function as innovation hubs for these student innovators to explore solutions to unique local problems which they come across in their everyday lives.

• With these new schools, the Atal Innovation Mission envisions strong growth in the collaborative ecosystem, where students, teachers, mentors and industry partners work to facilitate innovation.

What are Atal Tinkering Labs?
• The labs aims to be innovative play workspaces for students between Grade VI to Grade XII, which stimulate innovations combining science & technology.

• These open-ended innovation workspaces would be equipped with state of the art technologies such as 3D printers, Robotics, Sensor Technology Kits, Internet of Things and miniaturized Electronics, which enable the students to learn and solve local community problems using emerging Technologies.

• Through the labs, the students will be encouraged to explore and experience Design Thinking and Innovation, using a do-it-yourself approach and develop innovative solutions to India’s social, community or economic problems.

• The young students who have already got exposure to creative technology platforms to nurture their curiosity, creativity and imagination from ATLs in their schools, have already started designing prototype solutions and started creative projects such as better irrigation management, waste management, and sensor based solutions.


#  Union Government launches 5000 Wi-Fi Choupals in villages

The Union Government on June 11, 2018 launched 5,000 Wi-Fi Choupals in villages and delivery of rail tickets through Common Service Centres (CSCs).

The service was inaugurated by Union Electronics and IT Minister Ravi Shankar Prasad and Railway Minister Piyush Goyal in New Delhi.
Besides this, Railway Minister Goyal also accepted the proposal of CSC e-Governance to allow all CSCs to operate as banking correspondents and also proposed to disburse ‘Mudra Loan’ through CSCs. The Minister also stated that giving loan is a task for great responsibility and the VLE will have to be vigilant to check misuse of loan disbursed through him/her.

Goyal also proposed the opening of CSC at 8,000 railway stations where they can provide all their services besides telemedicine and education.

Background

• The launch of Wi-Fi hotspots under BharatNet has seen 190 per cent jump in data usage to 95 terabyte in six months of the service.

• While the first half of last 12 months saw a data consumption of around 33 TB, the second half witnessed a consumption of around 95 TB.

• Broadband internet is currently available in 7,183 gram panchayats.

About Common Service Centres

• The centres, which are an important part of the government’s Digital India initiative, function as access points for delivery of various electronic services to villages including passport and Aadhaar enrollment.

• The centres are positioned as change agents, promoting rural entrepreneurship and building rural capacities and livelihoods.

• Till now, the centres have been set up in 1.8 lakh gram panchayats and will be extended to 2.50 lakh gram panchayats by the end of 2018.

• Overall, as many as 2.91 CSCs operate in the country currently.

• Under the Digital India programme, at least one CSC (preferably more than one) is envisaged in 2.5 lakh Gram Panchayats for delivery of various electronic services to citizens across rural India.

#  Trump-Kim Summit: Historic document signed

In a historic first, delegation level talks between US President Donald Trump and North Korean leader Kim Jong Un began in Singapore on June 12, 2018.

The world’s two of the most powerful leaders held a brief one-on-one meeting at the Capella Hotel in Sentosa Island before beginning with their delegation level talks. Speaking after the one-on-one meet, US president Trump said that both the nations have a terrific relationship ahead and this historic summit would be successful. Kim said “it has not been easy to get here” and that “the old prejudices and practices worked as obstacles, but we have overcome them and we are here today.”

#  RBI releases draft guidelines to modify loan system for large borrowers

The Reserve Bank of India (RBI) on June 11, 2018 released the draft guidelines to modify the loan system for delivery of bank credit, making the rules stricter to regulate larger borrowers enjoying working capital facility from the banking system.

The draft specifies a minimum level of loan component in fund based working capital finance and a mandatory Credit Conversion Factor (CCF) for the undrawn portion of cash credit availed of by large borrowers. Banks provide working capital finance by way of cash credit, working capital demand loan, purchase/discount of bills, bank guarantee, letter of credit, factoring, etc.

#  Mauritius to host 11th World Hindi Conference

The 11th World Hindi Conference will be held in Mauritius from August 18 to August 20, 2018 with an aim to increase the popularity of Hindi globally.

The Union External Affairs Ministry has already undertaken the work on the international meet. The World Hindi Secretariat (WHS) will be the organising authority of the event. The conference will cover both classical and modern elements of Hindi and will see participation of delegates and scholars of Hindi from all over the world. 

#  Government to launch Rs 500-crore credit enhancement fund

The Union Government is planning to launch Rs 500-crore worth credit enhancement fund in July to boost infrastructure financing.

The move aims to facilitate infrastructure investments by insurance and pension funds. The fund was first proposed in the financial budget for fiscal year 2016-17. The information was shared by Kumar Vinay Pratap, joint secretary (infrastructure, policy and finance), Ministry of Finance while speaking at an event on private sector participation in resource mobilisation organised by the Finance Ministry.

#  NITI Aayog announces 3000 additional Atal Tinkering Labs 

NITI Aayog on June 12, 2018 announced creation of 3000 additional Atal Tinkering Labs under the Atal Innovation Mission (AIM).

For this purpose, NITI Aayog has selected 3000 additional schools for the establishment of Atal Tinkering Labs (ATLs), bringing the total number of ATL schools to 5441. The selected schools will receive a grant of Rs 20 lakh in the next five years to establish Atal Tinkering Labs for nurturing innovation and entrepreneurial spirit among secondary school children.

Source : Jagran Josh

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