Current Affairs of 5 November 2015

1. PM Narendra Modi launched three gold related schemes
Prime Minister Narendra Modi launched three gold related schemes.
The schemes are – Gold Monetization Scheme, Sovereign Gold Bond Scheme and Indian Gold Coins.
The three schemes were announced by the Union Finance Minister Arun Jaitley in his 2015-16 budget speech in February 2015.
The primary purpose of the schemes is to reduce dependence on imported gold, recycle the unutilized gold in the country and most importantly, streamline the gold business in the country. At present, India is the largest consumer of gold in the world.
Gold Monetization Scheme (GMS)
Its objective is to mobilize unutilized gold from individuals, households and institutions and make them available to gold-base industries including jewellers.
Sovereign Gold Bond Scheme
The purpose of the scheme is to reduce the demand for physical gold and to shift part of the estimated 300 tons of physical bars and coins purchased every year for investment into Demat (Dematerialised) gold bonds.
Indian Gold Coins
• Its purpose is to revive investment and reduce dependence on imports of gold coins. At present, India has been importing about 60 tonnes of gold coins annually that are sold at a premium of 8-10 per cent.
• Under the scheme, gold coins bearing the Ashok Chakra will be minted by the Security Printing and Minting Corporation of India.
• Initially, the coins will be available in denominations of 5 gm and 10 gm.
• They will be sold through banks, post offices and state-run MMTC Ltd. (Metals and Minerals Trading Corporation of India) which will sell them through the World Gold Council (WGC).

2. Dr T K Viswanathan Committee on Bankruptacy Law Reforms submitted its report
The Bankruptcy Law Reforms Committee (BLRC) headed by Dr T K Viswanathan  submitted its report to the Union Ministry of Finance.
The Report of the BLRC is in two parts-
• Rationale and Design/Recommendations
• A comprehensive draft Insolvency and Bankruptcy Bill covering all entities
Key recommendations of the report
• Insolvency Regulator: The Bill proposes to establish an Insolvency Regulator to exercise regulatory oversight over insolvency professionals, insolvency professional agencies and informational utilities.
• Insolvency Adjudicating Authority: The Adjudicating Authority will have the jurisdiction to hear and dispose of cases by or against the debtor.
• The Debt Recovery Tribunal (DRT) and the National Company Law Tribunal (NCLT) shall be adjudicating authorities over individuals and unlimited liability partnership firms and companies and limited liability entities respectively.
• NCLAT shall be the appellate authority to hear appeals arising out of the orders     passed by the Regulator in respect of insolvency professionals or information utilities.
• Insolvency Professionals: The draft Bill proposes to regulate insolvency professionals and insolvency professional agencies. Under Regulator’s oversight, these agencies will develop professional standards, codes of ethics and exercise a disciplinary role over errant members leading to the development of a competitive industry for insolvency professionals.
• Insolvency Information Utilities: The draft Bill proposes for information utilities which would collect, collate, authenticate and disseminate financial information from listed companies and financial and operational creditors of companies.

3. Romania's Prime Minister Victor Ponta resigned
Romania's Prime Minister Victor Ponta  resigned from his position following a deadly nightclub blaze which left 32 dead and nearly 200 injured. His resignation came after more than 20000 people rallied in Bucharest to demand he step down.
Since September 2015, he has been facing weeks of intense pressure to quit after going on trial in facing charges of fraud, tax evasion and money laundering. Ponta is mired in a corruption scandal.
Ponta had been Romania's Prime Minister since 2012. 
The fire at Colectiv Club broke out as some 400 people gathered for a free rock concert by the band Goodbye to Gravity. The fireworks set off inside the club ignited foam decor.

4. Union Government constituted Empowered Committee to approve schemes under Nirbhaya Fund
The Union Government on 4 November 2015 constituted an Empowered Committee to approve schemes proposed under the Nirbhaya Fund.
 The Committee comprises officials from various ministries, including Women and Child Development, Home Affairs, Road Transport and Railways.
The Secretary of the Women and Child Development Ministry will be the chairperson of the committee. 
The Members of the Empowered Committee may nominate an officer not below the rank of Joint Secretary as representative to the Empowered Committee of Officers. 
The Empowered Committee of Officers will take decision on the sanction of schemes/projects from Nirbhaya Fund within 15 days of the date of receipt of the proposal by the Ministry of Women & Child Development.

5. Justin Trudeau sworn in as Prime Minister of Canada
Justin Trudeau of Liberal Party has sworn in as 23rd Prime Minister of Canada ending 10 years of Conservative rule. Along with him 30-member of his Cabinet also sworn-in at a public ceremony held at Rideau Hall in Ottawa, Canada. With this Justin Trudeau (43) became the second youngest PM of Canada after Joe Clark (40) who was youngest PM was of Conservative party and had entered in office in 1979 Justin Trudeau is eldest son of Canada’s former PM Pierre Trudeau who was in office for 16 years and led the country till 1984. With this he also became first to follow a parent into PM’s office.

6. Former Indian Ambassador to Nepal Bimal Prasad passes away
India’s former Ambassador to Nepal and modern Indian historian Bimal Prasad passed away in New Delhi at the age of 92. He was a close associate of independence activist, social reformer Jayaprakash Narayan who had pioneered Total Revolution Movement in 1974-75.

7. PM Narendra Modi ranks 9th in 2015 Forbes’ World’s Most Powerful Person
Indian Prime Minister Narendra Modi has emerged as World’s ninth Most Powerful Person in the Forbes annual ranking of 73 persons list of 2015. The list gives the annual ranking of the World’s 72 Most Powerful People on the basis of their financial resources, scope and use of power and the number of people they impact.
For the consecutive 3rd year, Russian President Vladimir Putin has been named the world’s most powerful person in the list. German Chancellor Angela Merkel was ranked 2nd overtaking US President Barack Obama. She continues her reign as the most powerful woman on the planet for consecutive 10 years.
Reliance Industries Chairman Mukesh Ambani was placed at 36th position.

8. Indian Boxer Shiv Thapa attains No.2 spot in World Rankings
Ace Indian boxer Shiva Thapa has attained second rank in the latest international rankings of boxing in the 56 kilogram category. He ranked second with total 1,550 points in the 56 kilogram category, becoming the highest-ranked Indian boxer. He has moved up by five places from the previous list of rankings. Shiva had won a bronze medal at the 2015 World championships. He was next best-placed Indian at sixth position in the 75kg middleweight division. The top spot in the 56 kilogram category was occupied by Michael Conlan from Ireland with total 2150 points, who had won the gold medal at the 2015 World Championships.

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