Current Affairs - September, 2018

Latest Current Affairs September, 2018 with Current Affairs, news summary on current events of National and International importance of September, 2018 for Banking, SSC, CLAT, UPSC, State PCS, IBPS, Railways and other Competitive Examinations.

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Government sets up Injeti Srinivas High Level Committee on Corporate Social Responsibility

The Union Ministry of Corporate Affairs (MCA) has constituted High Level Committee on Corporate Social Responsibility – 2018 (HLC-2018) under Chairmanship of Injeti Srinivas, Secretary, MCA. It will review existing framework and guide and formulate roadmap for coherent policy on Corporate Social Responsibility (CSR).

Committee’s Terms of Reference

It will review existing CSR framework as per Act, Rules and Circulars issued from time to time and recommend guidelines for better enforcement of CSR provisions. It will analyze outcomes of CSR activities, programmes and projects and suggest measures for effective monitoring and evaluation of CSR by companies. It will also give suggestions on innovative solutions, use of technology, platform to connect stakeholders, and social audit. It will submit its report to Government within three months from date of holding its first meeting.

Corporate Social Responsibility (CSR)

CSR is referred as initiative undertaken by CST to assess and take responsibility for company’s effects on environment and impact on social welfare and to promote positive social and environmental change. Its basic philosophy is that income is earned only from the society and therefore it should be given back. Thus, CSR aims at promoting responsible and sustainable business through inclusive growth.

The provisions of section 135 of Companies Act, 2013 (Act) pertains to CSR. The existing provisions of in Companies Act, 2013 fully empower Board of Company to decide on their CSR Policy, approve projects and oversee implementation. Under this Act, any company with net worth of Rs 500 crore or more or turnover of Rs 1000 crore or more o net profit of Rs 5 crore or more has to spend at least 2% of last 3 years average net profits on CSR activities as specified in Schedule VII of Act.

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NITI Aayog inks SoI for with Oracle collaboration against counterfeit drugs in India

NITI Aayog has singed Statement of Intent (SoI) with Oracle to pilot real drug supply-chain using blockchain distributed ledger and Internet of Things (IoT) software to fight growing problem of counterfeit drugs in India. Strides Pharma Sciences and Apollo Hospitals will partner in this effort. Oracle is US multinational computer technology corporation that specializes primarily in developing and marketing database software and technology, cloud engineered systems, and enterprise software products.

Need

The problem of fake and counterfeit drugs is a major issue, costing Indian pharma industry billions. At the same time, it is also putting patients at higher risk. This agreement with Oracle, will help ensure that Indian drug manufacturers and healthcare experts have access to standards-based, modern technology platform – blockchain and Internet of Things (IoT) to help eliminate fake drug distribution.

Blockchain technology in drug supply-chain

Blockchain technology will help to permanently register drug’s record in manufacturer’s drug supply chain (serial number, scanning, labelling). This will leave no scope for record tampering. At every point of hand change of drug, it records drug’s movement from manufacturer to logistics, stockiest, hospital or pharmacy to consumer. In case of fake drug, software will detect irregularity. Additionally, critical information such as chemical ingredients of drug or maintenance of temperature control in case of life saving drugs or vaccines, can also be tracked.

Major Advantages of blockchain software

It will allow sharing of information across drug supply chain securely with every exchange of information getting recorded. This system cannot be tampered with record of drug movement. Besides being decentralized database, it has inability to delete any records so there can be no dispute, if offender is caught.

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