Daily News Digest:02 January 2019

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. 

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.

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.

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 1^st 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.

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.

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.

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.