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Daily News Digest:24 October 2020

INDIA ASSUMES CHAIRMANSHIP OF GOVERNING BODY OF ILO AFTER A GAP OF 35 YEARS

India has been given the chairmanship of the ILO after a gap of 35 years. The secretary of the Ministry of Labour and Employment, Apurva Chandra has been appointed as the chairman of the Governing Body of the International Labour Organisation (ILO). He has been elected as the Chairperson of the Governing Body of the ILO for the period October 2020-June 2021.

LABOUR MINISTRY CHANGES BASE YEAR FOR CPI-IW FROM 2001 TO 2016

The Ministry of Labour for Consumer Price Index-Industrial Workers (CPI-IW) will change the base year for Consumer Price Index (Industrial Workers) from 2001 to 2016, which will give higher weightage to the non-food items (i.e education, health, and housing). The new series of CPI(IW) with base 2016=100 will replace the series with base 2001=100. It will help in measurements of macroeconomic indicators of the Indian economy.

FIRST EVER OPEN MARKET OPERATION IN STATE DEVELOPMENT LOANS-2020

The Open Market Operations conducted in State Developments Loans was carried out for the first time in 2020. OMOs are conducted by the Reserve Bank of India (RBI) only in State Developments Loans.

OMOs are carried out by the central bank by selling or purchasing of Government Securities to or from the market to adjust the conditions of rupee liquidity in the market.

JOGINDER WAR MEMORIAL INAUGURATED AT BUM LA

The Government of Arunachal Pradesh has constructed a War Memorial at Bum La, where Subedar Joginder Singh from the 1st Battalion of the Sikh Regiment made the supreme sacrifice. For his bravery, he was awarded the highest gallantry award, Param Vir Chakra in the Eastern Theatre during the 1962 Sino- India War.

PAKISTAN TO REMAIN ON “GREY LIST” BY FINANCIAL ACTION TASK FORCE (FATF)

The country has failed to act on 6 key mandates the Financial Action Task Force (FATF) has taken the decision to keep Pakistan on its "grey list". The Financial Action Task Force asked Pakistan to conclude an internationally agreed action plan by Feb 2021. 

The grey list is officially called ‘Jurisdictions Under Increased Monitoring.’ It consists of those nations that show significant risks of money laundering and terror-financing but which have committed to working closely with the FATF in the development and implementation of action plans that address their deficiencies.

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