National Current Affairs - 2019

Latest India Current Affairs and Current Affairs related to Government policy, polity and administration in India. India’s National Current Affairs updates for 2018.

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Frauds caused Rs 6,600 cr loss to Indian Economy

As per the first edition of Ernst & Young’s Fraud Indicators in India, different types of frauds may have caused Rs 6,600 crore loss to Indian economy in the last fiscal and banks were the most common victim in scamming cases.

As per the report:

  • 61 % of the frauds are insider enabled.
  • Magnitude of frauds in the second half of FY2012 increased by 36 % over the first half, while the number of frauds rose by a mere 8% during the same period.
  • Around 63 % of the total fraud cases in FY12 were reported in the financial services sector
  • Banks were the most common victim of frauds followed by insurance and mutual fund companies.
  • Losses incurred by banks due to fraud increased by 88%  in 2010-11 to exceed Rs 3,790 crore (more than Rs 2,010 crore in 2009-10).
  • 79% of the major fraud cases (majority cases above Rs 100 million) were due to involvement of senior management of the company owing to their authority and direct interference in the company’s decisions.
  • Delhi witnessed the largest number of fraud cases and highest aggregate losses by fraud in 2011-12.
  • Delhi recorded the highest average losses (Rs 0.8 billion) followed by Rs 5 billion for Andhra Pradesh.
  • Around 86 % of the total loss is cause by top 10 frauds amounting to a loss of Rs 5,670 crore
  • The survey noted that a proactive Forensic Data analysis can assist governments, regulatory bodies and corporate to battle the increasingly complex nature of frauds.

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Chhattisgarh tribals denied sterilisation facilities for three decades

Primitive Tribal Groups (PTGs) have been denied of sterilization facilities for three decades. It was happening due to misinterpretation of an order issued in 1979 by the then Madhya Pradesh government during the period when targets were set to attain population control.

  • However, 26 blocks were exempted from this, which had a high population of PTGs, now re-named Particularly Vulnerable Tribal Groups (PVTGs), as the infant mortality rate was very high in the tribal areas and their numbers were fast declining. These groups are Behor, Pahari Korvas, Abhujmadias, Kamar and Baiga.

While the order held that an exception should be made for tribal communities whose population was either stagnant or was decreasing and that they should have access to other contraceptives if they required, it was understood as a blanket ban on sterilizations for these groups and has been implemented as such since then.

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