Business, Economy & Banking Current Affairs - 2019

Business, Economy and Banking in Current Affairs 2019 with latest news and current affairs in Agriculture, Industry, Banking, Capital Markets, Import and Export and Government schemes in commercial sector.

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Medicine Labels in Regional Language

The Ministry of Health and Family Welfare has said that in order to curb fake, sub-standard and expired drugs drug names and expiry date during tendering will be in Hindi/regional language along with English.

In the beginning, the proposal will be implemented for Iron tablets and polio drops as they are the drugs most commonly administered to children at government centres. The Health Ministry has stated that if the rollout is successful and the feedback encouraging, then the proposal could be extended to other medicines.

The government has taken the step to ensure that those seeking drugs under government schemes have access to all the requisite information about them. The decision to incorporate regional languages was taken as per the advisory of the Drugs Technical Advisory Board (DTAB).

Drugs Technical Advisory Board

Drugs Technical Advisory Board (DTAB) is the highest statutory decision-making body on technical matters related to drugs in the country. It is constituted as per the Drugs and Cosmetics Act, 1940. It is part of the Central Drugs Standard Control Organization (CDSCO) in the Ministry of Health and Family Welfare.

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Departments to Conduct Review of Govt Guarantees

The Ministry of Finance has asked all the departments to undertake a review of government guarantees given by respective ministries to their Central Public Sector Enterprises (CPSEs) or entities.

Review of Government Guarantees

  • The review will look into aspects like whether the discharge of repayment obligations or interest obligations as per terms of the loan agreement and covenants and conditions met.
  • Further, the details of CPSEs or entities on due guarantee fee paid on time to the government should also be submitted.

Why there is a review of Government Guarantees?

  • Guarantees are contingent liabilities which have the potential to impact the financial performance of the government.
  • Further, the FRBM Rules stipulates that the government cannot guarantee more than 0.5 per cent of the GDP of the respective financial year to CPSE/entities.

Hence the Ministry of Finance has requested all ministries and departments to prioritised guarantee requirement for 2019-20 to include only such proposals where the loan agreement can be signed and guarantee agreement can be executed during the year.

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