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14th June 2018 Part-3: Daily News Analysis
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Jatin Verma is teaching live on Unacademy Plus

Jatin Verma
Have appeared in UPSC CSE thrice. Have been taking Unacademy Plus courses Academics- Polity, Economics & Current Affairs.

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thank u sir ji🙏🙏🙏
Letter of undertaking (LOU) is a form of bank guarantee under which a bank can allow its customer to raise money from another Indian bank's foreign branch in the form of a short term credit
Yor are very important part of my preparation and biggest part in revolution on education. Love you sir . Emandari se😁
thank you sir thanks for your efforts and valuable time....
this is the best news analysis I seen in market
shell company n dummy company are same naa?
  1. want teo he starting Page 13 News: PNB and three dummy firms at thh Diamond merchant Nirav Modi was the personal beneficiary of 137.33 crore paid by Punjab National Bank (PNB) from three dummy companies and also an indirect recipient of letter of undertaking (LoU) funds, says a complaint filed by the Enforcement Directorate. The LoUs issued in 2017 became due in January 2018, and the scam came to the fore since the new officials posted at the PNB Brady House branch refused to issue new LoUs without the requisite documents and sanctions, resulting in subsequent default in the repayment by the said three firms. Initially, the LoUs were issued for smaller durations for three months. However, it was later changed to 360 days in order to gain maximum benefit out of these dealings. te he It is seen that the repayments towards previous LoUs were made either by diverting money received 2240.63 crore was transferred to Firestar Group Companies from Axis Bank accounts ofthe three e ar from some other LoU or by creating more and more LoUs, whereby increasing the exposure ent firms, namely, Diamond R US, Solar Exports and Stellar Diamond. From the credits in PNB accounts of the three firms, it has come to light that out of the said 2,240.53 crore which was transferred to Firestar Group, run by Modi, 2,076.06 crore was further sent to the PNB accounts for payment to earlier LOUs, completing a full circle. .Modi has been paid 137.33 crore from the three dummy companies and therefore is an indirect recipient of the LoU funds and 1,302 crore was received in PNB accounts of the three companies from other sources. tis

  2. want teo he starting Page 13 News: PNB and three dummy firms (contd.) .A total of R12,655 crore was paid to banks from PNB accounts to settle the earlier issued LoUs, it at thh says. The ED has searched Mr. Modi's companies: two in Delhi, seven in Surat, five in Mumbai, and one in Jaipur. .It found various assets including raw gold, diamonds, pearls, precious stones and much more. The total seizure value as per the books is more than 31,785 crore while the worth as per the valuation report is around 489 crore. Last year, approximately 100-150 LoUs were issued to Modi's group companies of around crore. he 5,000 e ar k h ent Dummy corporation or dummy company: . It is an entity created to serve as a front or cover for one or more companies. It can have the appearance of being real (logo, website, and sometimes employing actual staff), but lacksu the capacity to function independently. The dummy corporation's sole purpose is to protect "an individual or another corporation from liability in either contract or import" Dummy companies are established in an international location, usually by the "attorney or bagman" of the creator in order to conceal the true owner of the often-illegitimate and empty company . tis that

  3. want teo he starting Page 13 News: National Dam Safety Authority in the works at thh . The Union Cabinet, chaired by Prime Minister, has approved a proposal for introduction of the Dam . The Bill envisages a National Dam Safety Authority, which will liaise with State-level dam safety The NDSA will investigate dam failures and have the authority to fine the States that are found It will look into "unresolved points of issue" between the States which share dam territory and look A case in point is the Mullaperivar dam in Kerala, which is a perennial flashpoint between the State Safety Bill, 2018 in Parliament. organisations and the owners of dams for standardising safety-related data and practices heremiss in implementing safety measures. to eliminating potential causes for inter-State conflicts. e ar and neighbouring Tamil Nadu The Chennai floods of 2015 due to unusually heavy rain were thought to have been compounded by an unprecedented release of water from the Chembarambakkam dam into the Adyar Due to lack of legal and institutional architecture for dam safety in India, dam safety is a perennial. concern ent tis that

  4. want teo he starting Page 13 News: Will lateral entry have quota: Paswan .Will there be reservation in the Centre's new scheme of lateral entry to the bureaucracy? at thh Union Minister posed this question during a meeting of a Group of Ministers on Dalit issues . The group met to discuss the confusion over the Supreme Court order on reservation in promotions for Scheduled Castes and Scheduled Tribes Minister asked if the government would follow the reservation policy while allowing lateral recruitment of 10 "outstanding" individuals at the level of Joint Secretary he The government had not thought on those lines. The meeting was held to clarify if the Supreme Court order applied to the States too There is no room for confusion, the court order is clear, the order is applicable to the State governments too. The Department for Personnel and Training has been told to sent out directions soon to the State governments e ar k h ent . On the delay in issuing an ordinance to restore certain provisions to the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act following a Supreme Court order. Whenever the government wants it will be issued. tis that

  5. want teo he starting Page 14 World: N. Korea no longer a nuclear threat . North Korea no longer poses a nuclear threat, nor is it the "biggest and most dangerous problem" at th for the United States, U.S. President Donald Trump said on his return from a summit in Singapore with North Korean leader Kim Jon-un Everybody can now feel much safer, there is no longer a nuclear threat from North Korea. Meeting with North Korea was an interesting and very positive experience. North Korea has great potential for the future After the summit U.S. is thinking to lift sanctions against the North but not immediately. North Korean state media lauded the summit as a resounding success he U.S. expressed an intention to halt U.S.-South Korea military exercises while North Korea e ar k h ent negotiated on denuclearization and offer security guarantees to the North and lift sanctions against it as relations improve. Both the leaders invited each other to their respective countries and they "gladly accepted". All parties sould "grasp the moment of positive changes" on the peninsula to take constructive steps towards a political resolution and promoting denuclearisation. tis that

  6. want teo he starting Page 14 World: Prabhu's visit fails to resolve issues at thh Union Commerce Minister's meetings with U.S. Ministers and industry leaders did not resolve lingering disputes between the two countries on multiple trade issues. A delegation of senior Indian officials will travel to the U.S. soon to continue talks. The price control on medical devices imposed by the Indian government and requirement of data re localisation announced by the Reserve Bank of India (RBI) remain intractable questions. he.American interlocutors did not appreciate India's move to take the question of U.S steel tariffs to the World Trade Organisation. Bone of contention . The mode of price control on medical devices in India is "neither tenable nor tolerable" e ar k h ent American medical device manufactures worry that if the Indian model of price control is allowed to stand, other developing countries may soon follow suit. Union Commerce Minister offered to engage the companies on their concerns, but this promise did u little to resolve the tensions American companies are also protesting the data localisation requirement for financial services companies. If the U.S. were to impose such a requirement with regard to American consumers, the backbone of Indian BPO sector would be broken tis

  7. want teo he starting Page 14 World: Prabhu's visit fails to resolve issues (contd. at thh Imagine what will happen if the U.S decides that U.S. data cannot be processed outside. The American industry has been "very bullish on India", it is concerned by "certain policy and regulations in recent months that inhibit trade and innovation in Indian economy Medical device companies are among the big investors in India in recent years. There is a large demand for medical devices in India he.The government of India wants consumers to get devices at fair prices. But the policy is misguided. "Not sustainable . It does not reduce the consumer price. It does not impact the mark-up prices. It artificially caps the* entry price for manufacturers. It is not sustainable for companies to bring innovative products. e ar k h ent The RBI guidelines on data localisation "creates constraints for companies" When supply chains and operations are global, this creates inhibitions to investment and innovation in India. Industry understand the concerns of the Indian government and is willing to work with it u on finding a resolution tis that

  8. want teo he starting Page 15 Business: Govt. mav list AI after failed stake sale at thh India is open to listing ailing state carrier Air India, a government source said on Wednesday, after failing to attract buyers for a 76% stake in the company. While the government is considering several proposals related to reviving the divestment process, it l not allow complete foreign ownership of the airline. Option of listing first he.One proposal could involve the government retaining a share in the debt-laden carrier and selling it at a later date so it can capitalise on any financial upside that may occur from listing the airline. The government may also consider reducing the debt it passes on to potential buyers and restructuring the large workforce. e ar k h ent . Decision will be taken in next few days on changing conditions before inviting fresh bids. . The government is committed to selling its stake in the national carrier in the current financial year but could defer it if it fails to get the right price. The government in March finalised plans to divest a majority stake in Air India and offload about $5.1 billion of its debt, but prospective buyers stayed away, with some citing onerous terms as a reason for their lack of interest. The lack of buyers in a booming aviation market underlines the challenges the government faces in fixing the debt-laden carrier. tis

  9. Page 15 Business: Govt. may list AI after failed stake sale (contd.) .Air India has some of India's most lucrative international and domestic landing and parking slots at thh that are key for airlines. .While a buyer would have got management control and gained access to more than 2,500 international slots and over 3,700 domestic slots, it would also have been required to take on Air India's 27,000 employees, 40% ofwhom are permanent staff. The terms had also stipulated that the government would have continued to hold a 24% stake, with the need for the bidder to abide by conditions, not yet detailed, designed to safeguard employee interests. The government will soon arrange a bank loan for Air India, to meet working capital needs and buy he . e ar k h ent time before inviting fresh bids. Stake sale can deferr to the next fiscal year. tis that

  10. want teo he starting Page 15 Business: India, China discuss 'Oil Buyers Club' . With oil producers' cartel OPEC playing havoc with prices, India discussed with China the at thh possibility of forming an 'oil buyers club' that can negotiate better terms with sellers as well as getting more U.S. crude oil to Asia to cut dominance of the oil block De-bottlenecking infra On the discussion table was de-bottlenecking infrastructure to facilitate more U.S. crude oil coming heto Asia so as to cut the dominance of the Organization of the Petroleum Exporting Countries (OPEC), which supplies about 60% of India's oil needs. Production cuts by OPEC have led to international oil prices hitting a four-year high last month that forced a 3.8 per litre raise in petrol and 3.38 a litre increase in diesel prices. Rates started to cool towards month end and retail prices have been cut thereafter. In a throwback to 2005 when the then oil minister Mani Shankar Aiyar had proposed an alliance of the oil consuming nations, Pradhan wants to form an oil buyers' club with China, Japan and South ur Korea to take up issues like premium being charged from Asian buyers ent .At the IEF meeting, India and China agreed to join hands to have a collective bargaining power against cartelisation of oil producers. Singh's visit was to take this forward with concrete proposals for cooperation. tis en thec

  11. want teo he starting Page 15 Business: Fitch cuts SBI,Bank of Baroda viability ratings at thh Ratings agency Fitch has downgraded viability ratings of State Bank of India and Bank of Baroda by a notch to 'bbt' and 'bb' respectively citing the lenders' weakened risk profile due to poor asset quality and the vulnerability of their capital buffers to moderate shocks . Eleven banks reported common equity Tier 1 ratios that fell short of the 8% requirement for Basel he.Capital generation is expected to remain weak, although many state banks should be able to recover Sector NPL ratios are closer to what we believe would be full recognition of legacy problems and . The ratings agency said Indian banks' solid and resilient funding and liquidity positions remained E III's final phase of capital migration from losses in FY19. Fitch has a 'negative sector outlook on Indian banks provision cover has improved. e ar k h ent intact and while deposit growth had slowed since demonetisation, depositor confidence remained high due to state banks' government ownership "This is evident in banks' retail deposit composition, which generally exceeds 80%. oun . tis that

  12. Thank you Jatin Verma 155k Followers Follow Ratings & Reviews Roman Saini A great course by Jatin Verma where he has literally covered all the important news from The Hindu. Must watch. Mohit Rai If i achieve my aim, my first salary will go to this great individual making this great informative and well-researched videos. I should take this opportunity to thanlk and congratulate him for the wonderful work he is doing for all the aspirants. He is meticulous and almost perfect in his approach and understanding. Please keep making such videos as a single 26k Enrollments Enroll