6th July 2019 Daily Current Affairs:
Pink City Jaipur gets UNESCO World Heritage tag:
- Popularly known as the 'Pink City', Jaipur is a famous tourist destination known for its vibrant culture and history.
- The announcement was made after the 43rd Session of the UNESCO World Heritage Committee (WHC), underway at Baku (Azerbaijan) from June 30 to July 10, examined the nomination of the Walled City of Jaipur for inclusion in the World Heritage list.
- The historic walled city of Jaipur in Rajasthan, was founded in 1727 AD under the patronage of Sawai Jai Singh II. It serves as the capital city of the culturally-rich state of Rajasthan.
- Some of the well-known tourist destinations in the city include Amber Palace, Jantar Mantar, City Palace and Hawa Mahal.
- Some other destinations that made it to the list include Dilmun Burial Mounds, Bahrain; Budj Bim Cultural Landscape, Australia; Archaeological Ruins of Liangzhu City, China; Ombilin Coal Mining Heritage of Sawahlunto, Indonesia; Mozu-Furuichi Kofun Group: Mounded Tombs of Ancient Japan, Japan, among others.
- In addition, Jaipur City is an exceptional example of a late medieval trade town in South Asia and defined new concepts for a thriving trade and commercial hub. In addition, the city is associated with living traditions in the form of crafts that have national and international recognition, it said.
Core Investment Companies:
- The Reserve Bank has constituted a working group that will review the regulatory and supervisory framework for core investment companies.
- The six-member working group is to be headed by Tapan Ray, non-executive chairman, Central Bank of India and former secretary, Ministry of Corporate Affairs.
- The terms of reference of the working group include examination of the current regulatory framework for CICs in terms of adequacy, efficacy and effectiveness of every component thereof and suggest changes therein.
- CICs are non-banking financial companies with asset size of ₹100 crore and above which carry on the business of acquisition of shares and securities, subject to certain conditions.
- CICs, which are allowed to accept public funds, hold not less than 90% of their net assets in the form of investment in equity shares, preference shares, bonds, debentures, debt or loans in group companies.
- Investments of CIC in the equity shares (including instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the date of issue) in group companies constitutes not less than 60% of its net assets as mentioned in clause.
- Exemption: CICs having asset size of below Rs 100 crore are exempted from registration and regulation from the RBI, except if they wish to make overseas investments in the financial sector.
US corporate sector welcomes India's Budget:
- American corporate sector has hailed the maiden Budget of Finance Minister Nirmala Sitharaman, noting that it is not only inclusive but also attractive for foreign investments.
- President of US India Strategic and Partnership Forum (USISPF) Mukesh Aghi said the budget opens up the Indian market and encourages US companies to invest more, at the same time it ensures prosperity and growth for the lower sections. He said the budget is trying to make positive structural changes.
- US India Business Council president Nisha Desai Biswal said budget delivers a forward-looking and reform-minded approach for the Modi government's second term.
- Singapore Bank said the Budget marks a sense of continuity but also carries winds of change.
- In her reaction to Union budget, Radhika Rao, Economist at DBS Group Research says, the broader fiscal consolidation path was adhered to along with a continuation of emphasis on improving infrastructure and welfare construct.
- About monetary policy, she said, as the government maintains fiscal restraint, this reinforces the view that another 50 basis points cuts are likely in rest of the current fiscal.