Daily Current Affairs 7th August 2019 For All Government Examinations

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Parliament passes Consumer Protection Bill 2019

Parliament passed the Consumer Protection Bill 2019, which aims to protect the rights of consumers by establishing authorities for timely and effective administration and settlement of consumers’ disputes.

The Bill was passed by the Lok Sabha on 30th July, 2019 and was passed by Rajya Sabha through a voice vote.

The Bill will replace the more than three decades old Consumer Protection Act, 1986.

The bill, among other things, proposes setting up of a Central Consumer Protection Authority (CCPA) to promote, protect and enforce the rights of consumers as a class.

The Bill also envisages simplified dispute resolution process, has provision for Mediation and e-filing of cases. The Consumer will be able to file cases in the nearest commission under the jurisdiction of which he resides.......Read More

RBI has announced Third Bi-Monthly Monetary Policy Statement 2019-20: Point-to-Point Details

RBI Governor Shaktikanta Das has announced the Third Bi-monthly Monetary Policy Statement for the year 2019-20.

On the basis of an assessment of the current and evolving macroeconomic situation at its meeting, the Monetary Policy Committee (MPC) decided to:-

Reduce the policy repo rate under the liquidity adjustment facility (LAF) by 35 basis points (bps) from 5.75 per cent to 5.40 per cent with immediate effect.

Consequently, the reverse repo rate under the LAF stands revised to 5.15 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 5.65 per cent.

The Cash Reserve Ratio (CRR) of scheduled banks unchanged at 4.0% of (NDTL).

Current RBI Policy Rates Given Below:

*Policy Repo Rate*	5.40%
Reverse Repo Rate	5.15%
Marginal Standing Facility (MSF) Rate	5.65%
Bank Rate	5.65%
Cash Reserve Ratio (CRR)	4%
Statutory Liquidity Ratio (SLR)	18.75%

Former External Affairs Minister Sushma Swaraj passes away at 67

Former external affairs minister Sushma Swaraj passed away. She was 67. The senior BJP leader suffered a cardiac arrest.

The 67-year-old BJP leader Swaraj had a kidney transplant in 2016 and had opted out of contesting Lok Sabha polls earlier this year for health reasons.

Swaraj who was the foreign minister 26 May, 2014 to 30 May, 2019, was the second woman to hold the office, after Indira Gandhi.

A seven-time Member of Parliament, she also served as MLA for three terms. She also served as 5th Chief Minister of Delhi from 13 October, 1998 to 3 December, 1998.

At the age of 25 in 1977, she became the youngest cabinet minister in Haryana.

Swaraj had a tweet in the evening congratulating Prime Minister Modi following the move by the Center to grant special status to Jammu and Kashmir and the border state to get the approval of Parliament in the two union territories. "Narendra Modi - Thank you Prime Minister. Thank you very much. I was waiting to see this day in my lifetime," she said.......Read More

5th National Handloom Day to be celebrated across India

The 5th National Handloom Day will be celebrated today across the country. Union Minister of Textiles and Women and Child Development, Smriti Zubin Irani, will preside over a function at Vigyan Bhawan in New Delhi to mark the occasion.

The main event will be held in Bhubaneswar, Odisha. Bhubaneswar has been chosen as the venue for the main event due to its rich tradition of Handlooms. More than fifty percent of total weavers population of India resides in Eastern and North Eastern Regions and most of them are women.

The prime objective of holding the National Handloom Day in Bhubaneswar is to empower women and girls.

The National Handloom Day is observed annually on 7th August to honour the handloom weavers in the country and also highlight India’s handloom industry. National Handloom Day seeks to focus on the contribution of handloom to the socio economic development of the country and also increase the income of weavers........Read More

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Daily Current Affairs 7th August 2019 For All Government Examinations