Qatar ceases to be a member of OPEC from January 1, 2019
Qatar will cease to be a member of the Organisation of the Petroleum Exporting Countries from 1 Jan 2019.
The country had sent an official notification to the OPEC expressing its wish to pull out and to focus on its liquefied natural gas production in December.Qatar in Dec 2018 announced that the country would withdraw from OPEC.
Causes for Qatar’s withdrawal from OPEC
It’s simply the result of the feud between Saudi Arabia and Qatar.Saudi Arabia, the UAE, Egypt, and Bahrain since June 2017 have cut all ties, including transport links, with Qatar, accusing it of allying with Iran in support of terrorism.
While Qatar is one of OPEC's smallest oil producers, especially when compared to the likes of de facto leader Saudi Arabia, it is one of the world's largest producers of liquefied natural gas (LNG).
OPEC
The Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organisation of 15nations, founded in 1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela), and headquartered since 1965 in Vienna, Austria.As of Dec 2018, the 14 countries accounted for an estimated 44 percent of global oil production and 81.5 percent of the world's "proven" oil reserves, giving OPEC a major influence on global oil prices that were previously determined by the so called "Seven Sisters” grouping of multinational oil companies.
Govt exempts rupee payments for Iran oil from taxes
Govt exempts rupee payments for Iran oil from taxes
Indian government has exempted rupee payments made to Iran's national oil company NIOC towards the purchase of crude oil from payment of any tax.The finance ministry in a December 28, 2018 Gazette notification said the National Iranian Oil Company (NIOC) will not have to pay any withholding tax on payments it gets from Indian refiners.
Background:
India had on November 2, 2018, signed an agreement with Iran to pay for crude oil it imports from the Persian Gulf nation in rupees.Any income a foreign company receives in an Indian bank account is subject to a withholding tax of 40 per cent, which together with sundry cesses totals to 42.5 per cent.
The rupee pact was signed following the US letting India and seven other nations to keep buying Iranian oil despite sanctions were reimposed on the Islamic state on November 5, 2018.
India, which is the second biggest purchaser of Iranian oil after China, has since then restricted its monthly purchase to 1.25 million tonnes or 15 million tonnes in a year (3,00,000 barrels per day), down from 22.6 million tonnes (4,52,000 barrels per day) bought in the 2017-18 financial year.
UP Cabinet decides to set up cow sheds for stray cattle
UP Cabinet decides to set up cow sheds for stray cattle
The Uttar Pradesh cabinet 01 Jan approved a plan to set up and run temporary ‘gauvansh ashray asthals’ under the urban and rural civic bodies in order to take proper care of stray cattle.The state government will levy Cow welfare cess for this purpose.
Highlights
Temporary cow sheds (gaushalas) will be opened in all villages, panchayats, municipalities, nagar panchayats and municipal corporations.In every district, both urban and rural areas, a cowshed with capacity of minimum 1,000 animals will be built and for this a total of 2 per cent “cow welfare cess” will be imposed on excise, mandi parishad, profitable corporations and others.
Justice T B N Radhakrishnan sworn in as Chief Justice of Telangana HC
Justice T B N Radhakrishnan sworn in as Chief Justice of Telangana HC
Justice Thottathil Bhaskaran Nair Radhakrishnan was sworn in as the first Chief justice of Telangana High Court on 1st Jan 2019.
Telangana and Andhra Pradesh Governor ESL Narasimhan administered oath to him at a ceremony held at Raj Bhavan.
With this, the separate high courts for the two states, created after Andhra Pradesh was bifurcated to carve out Telangana in June 2014, will become functional from Jan 2019.
The High Court of Judicature at Hyderabad had been serving as the common high court for Andhra Pradesh and Telangana since June 2014.
As per the notification, 12 judges, over 360 district and civil judges have been allotted to the new Telangana state. Andhra Pradesh High Court got over 500 district and civil judges as the two high courts began functioning as separate entities today onwards.
According to reports, there are currently over 2.6 lakh cases in the Hyderabad High Court, of which about 60 per cent belong to Andhra Pradesh.
US, Israel quit UNESCO citing bias
US, Israel quit UNESCO citing bias
The United States and Israel officially quit the United Nations Educational, Scientific and Cultural Organization (UNESCO) with the end of 2018.Both countries had announced their decisions in 2017 of withdrawing from the agency, accusing it of bias against Israel.
The US has demanded fundamental reform in UNESCO, which was co-founded by it after World War II to foster peace.
Israel joined the agency in 1949. It is best known for its World Heritage program, which designates cultural sites and aims to preserve traditions.
Why the US and Israel withdrew?
The Paris-based UNESCO has been denounced by its critics as a crucible for anti-Israel bias: blasted for criticizing Israel’s occupation of East Jerusalem, naming ancient Jewish sites as Palestinian heritage sites and granting full membership to Palestine in 2011.Impact on UNESCO
The withdrawals will not greatly impact UNESCO financially, since it has been dealing with a funding slash ever since 2011 when both Israel and the U.S. stopped paying dues after Palestine was voted in as a member state.It’s not the first time
The United States has pulled out of UNESCO before.
The Reagan administration did so in 1984 because it viewed the agency as mismanaged, corrupt and used to advance Soviet interests. The U.S. rejoined in 2003.
UNESCO
Its declared purpose is to contribute to peace and security by promoting international collaboration through educational, scientific, and cultural reforms in order to increase universal respect for justice, the rule of law, and human rights along with fundamental freedom proclaimed in the United Nations Charter.It is the successor of the League of Nations' International Committee on Intellectual Cooperation.
It is based in Paris.
No license required under Arms Act to manufacture defence aerospace items
Admin
No license required under Arms Act to manufacture defence aerospace items
Manufacturing of items of defence aerospace and warships will now be covered by Industries (Development and Regulation) Act and will not require any licence from the Commerce and Industry Ministry.
Department of Industrial Policy and Promotion (DIPP), under the ministry, has issued a notification clarifying the defence products’ list requiring compulsory licence under Industries (Development & Regulation) Act, 1951 (IDRA), and Arms Act, 1959 in consultation with Ministry of Home Affairs and Department of Defence Production.
RBI offers relief to MSMEs; allows restructuring of debt up to Rs 25 crore
Admin
RBI offers relief to MSMEs; allows restructuring of debt up to Rs 25 crore
Reserve Bank of India has allowed a one-time restructuring of existing debt of up to 25 crore rupees for the companies which have defaulted on payment but the loans given to them have continued to be classified as standard assets.The decision will help the micro, small and medium enterprises (MSMEs) which are facing cash crunch in the wake of demonetisation and GST implementation.
MSME Loan Structure
The MSME loan restructuring, according to the RBI statement, has to be implemented by 31 March 2020 and a provision of 5% of the total outstanding loan, in addition to the money already set aside to cover potential losses, will have to be made for such borrowers.The decision to restructuring of loans was taken during the RBI Board meeting on Dec 19.
The amount of gross bad loans in the micro and small enterprises sector (no data for medium) has been growing over the last few years and stood at ₹82,756 crore in FY17, up from ₹70,842 crore in FY16 and ₹51,952 crore in FY15.
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