Current Affairs September 2019 - Committees
1 - Steering Committee on Fintech related issues submitted its Final Report
The Steering Committee on Fintech (Financial Technology) related issues submitted its Final Report to Union Finance & Corporate Affairs Ministry. The Committee has recommended for putting in place a comprehensive legal framework for consumer protection keeping in mind the rise of Fintech and digital services.
The Steering Committee recommended adoption of regulation technology by all financial sector regulators to develop standards and facilitate adoption by financial services providers. A dedicated team on digital economy and fintech is being set up in the Investment Division, Department of Economic Affairs for coordination on fintech with relevant ministries.
2 - Centre constituted Task Force for drawing up National Infrastructure Pipeline
The Union Government has constituted a task force for drawing up the National Infrastructure Pipeline (NIP) of Rs 100 lakh crore from the fiscal year 2019-20 to 2024-25. It will be headed by Economic Affairs Secretary.
The Task Force will identify technically feasible and economically viable infrastructure projects that can be initiated during the current fiscal. India needs to spend about 1.4 trillion dollars (Rs 100 lakh crore) to achieve the GDP of five trillion dollars by 2024-25. The Task Force will submit its report by October 31 for the fiscal year 2019-20 and on the indicative pipeline for fiscal years 2021-25 by December 31, 2019.
3 - NGT formed committee to stop illegal groundwater extraction
The National Green Tribunal (NGT) has set up a committee to formulate steps required to prevent unauthorised extraction of groundwater levels. The NGT bench was headed by NGT Chairperson Justice Adarsh Kumar Goel.
The NGT bench directed the committee to evolve a robust mechanism to ensure that groundwater is not illegally extracted and to monitor manning and functioning of the Central Ground Water Authority (CGWA). The nodal agency will be the Joint Secretary, Ministry of Water Resources for coordination and compliance.
4 - NDA government sets up two Cabinet committees to make India 5 trillion economy
With an objective to make India a five trillion-dollar economy, the National Democratic Alliance (NDA) government has set up two Cabinet committees to spur investment and create new employment opportunities in the country. It has also formed a high-powered Committee on structural reforms in the agriculture sector.
To boost the automobile sector, Government has increased the allowable depreciation to 30% on all vehicles acquired from now till March 2020. The ban on the purchase of new vehicles by Government Departments has also been lifted.
5 - CoA of BCCI appoints a committee to run BCA and conduct elections
The Committee of Administrators (CoA) of the BCCI has appointed a three-member Independent Supervisory Committee to run the cricketing affairs of Bihar Cricket Association (BCA) and also to conduct fresh elections.
The Committee will have the power to supervise, regulate and suspend the powers, duties and functioning of all post holders in the BCA, appoint or replace electoral officer, ombudsman and ethics officer. It will also have the power to appoint selectors, team officials and match officials and also assign auditors to investigate utilisation of funds granted by the BCCI.
