Current Affairs – March, 2019

Current Affairs 2019 (March) with Latest Current Affairs and news summary on current events of national and international importance for UPSC, Banking, SSC, CLAT, State PCS, IBPS, Railways and other Competitive Examinations.

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Implementation of Indian Accounting Standards deferred by RBI

The Reserve Bank of India (RBI) has deferred the implementation of new accounting rules, Indian Accounting Standards (Ind AS) for banks till further notice. This is the second extension provided by the RBI. Earlier in April 2018, RBI had postponed the implementation of Ind AS by the banks by one year.

RBI has reasoned that since the legislative amendments recommended by the RBI are under consideration of the government it has been decided to defer the implementation of Ind AS till further notice.

Indian Accounting Standards

Indian Accounting Standards (Ind AS) is a set of accounting norms developed by Indian authorities, which converge with the International Financial Reporting Standards (IFRS). Urban Cooperative Banks (UCBs) and Regional Rural Banks (RRBs) shall not be required to apply Ind AS and shall continue to comply with the existing Accounting Standards.

This delay in the implementation of Ind AS will give banks more time to prepare for the expected credit-loss model. Fitch Ratings estimated that India’s state-run lenders would have had to increase provisions by as much as 1.1 trillion rupees ($16 billion) in the fiscal first quarter ending June 30 if the rules had gone ahead. This huge capital requirement would have forced public sector lenders to raise substantial amounts of extra capital, beyond the estimated 1.9 trillion rupee infusion already committed by the government.

Month: Categories: Business, Economy & BankingUPSC

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Japan donates $69 million to the United Nations World Food Programme

Japan has donated $69 million to the United Nations World Food Programme to provide vital aid to 28 countries in the Middle East, Africa, and Asia, with the biggest shares of the money being earmarked for Yemen and Iraq.

World Food Programme

World Food Programme is a leading humanitarian organization saving lives and changing lives, delivering food assistance in emergencies and working with communities to improve nutrition and build resilience.

In the 1960 Food and Agriculture Organization (FAO) Conference, there were calls for setting up a multilateral food aid programme. In line these demands, the World Food Programme was established in 1961 by the FAO and the United Nations General Assembly.

The Food for Work programmes of the World Food Programme promotes environmental and economic stability and agricultural production.

The World Food Programme strives to eradicate hunger and malnutrition, with the ultimate goal to eliminate the need for food aid itself. The objectives of the World Food Programme are:

  • Save lives and protect livelihoods in emergencies.
  • Support food security and nutrition and (re)build livelihoods in fragile settings and following emergencies.
  • Reduce risk and enable people, communities and countries to meet their own food and nutrition needs.
  • Reduce under-nutrition and break the inter-generational cycle of hunger.
  • Zero Hunger in 2030.

World Food Programme also aims to fight micronutrient deficiencies, reduce child mortality, improve maternal health, and combat disease, including HIV and AIDS.

Month: Categories: InternationalUPSC

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