NATIONAL NEWS
1.Hearing in Supreme Court in Essar Steel Bankruptcy case, know what is the whole matter:-
Supreme Court to hear hearing in Essar Steel Insolvency case today. On the previous hearing, a bench headed by Justice Rohington Nariman issued directions to the Monitoring Committee to continue its work till 07 August. The apex court postponed the hearing in the case on August 7 and said that the matter should be decided in view of the challenges faced by the recent amendments to the Insolvency and Bankruptcy Code.The bench is hearing the petition of the Committee of Lenders against the July 4 order of the National Company Law Appellate Tribunal. The Appellate Tribunal, in its order, has approved Arsler Mittal’s bid of Rs 42,000 crore for the acquisition of Essar Steel. The tribunal has rejected a petition by a major shareholder of this company challenging the qualification of the bidder of ArcelorMittal.The Supreme Court had said on the last hearing that all the issues in this case will be resolved and the process of hearing the case will be expedited. Let us know that the financial creditors on debt-ridden Essar Steel and the lenders of goods and services for daily operations have a total of Rs 54,547 crore. To resolve this, the company was auctioned under the Insolvency and Debt Insolvency Act.
2.Jammu Kashmir and POK: Pakistan’s double character, what are the options in front of India:- 
It has been the nature of the neighboring country of Pakistan to overstate the imperfections of the mustard seed size of India and to ignore the evil as much as its own vine. That is why it is trying to take India’s initiative to divide Jammu and Kashmir into two parts. In this sequence he does not even remember how many times he has taken steps to reorganize slave Kashmir (the part of Jammu and Kashmir which he has illegally occupied) in the last seventy years.Under the Gilgit-Baltistan Empowerment and Self Governance Order, Pakistan constituted an assembly and a Gilgit Baltistan Council, under the teeth of food and food . However, the order implicated the screw that the Pakistani Prime Minister can legislate on 63 issues and reject any law passed by the Gilgit Baltistan Legislative Assembly. The final strength for amending the 2018 order will be vested in the Pakistani President.state The State Subject Rule 1927 was implemented by the princely state ofJammu and Kashmir, under which no outsider could buy land in the princely state. Pakistan has abolished this rule for Gilgit-Baltistan. He has made a provision in his so-called Azad Kashmir too. Apart from this, it has also cleared Chinese investment in slave Kashmir. In 949, two years after the unofficial capture of Jammu and Kashmir, Pakistan divided it into two parts. One was called the so-called Azad Kashmir and the other was named the Federally Administered Northern Areas. In 1969, Pakistan set up an Advisory Council for the Federally Administered Northern Areas. In 1994, this Advisory Council was converted into Northern Areas Council. Not only this, five years later the name of the Northern Areas Council was changed under the Legal Framework (Amendment) Order to the Northern Areas Legislative Council. In 2009 it was replaced by the Gilgit-Baltistan Empowerment and Self Governance Order.
Options in front of India
- Open your position internationally. Condemn Pakistan for the land occupied by Pakistan after 1947.
- Take theworld’s attention towards the increasing human rights violation in PoK. Disclose Pakistan’s policies in Ghulam Kashmir and Gilgit-Baltistan region. Advocate essential democracy in PoK.
- Pakistan should be given a strong message that it is occupying the area illegally. It should also be noted that the attention of the people at the international level is also on the steps of India.
- Astrong message should also be sent to China working on its many projects in PoK to fulfill its diplomatic wishes against India. How can he start his projects on a disputed territory without India’s approval.
- PoK also matters strategically for India. It is a gateway to Central Asia and is full of water resources. Therefore, it is important to have a strong side.
- Provide scholarship to the students of POK. Also attract the people there. Ensure that the seats of the Jammu and Kashmir Assembly are filled with migrant representatives, which are reserved for the people of PoK.
3.Strict instructions of Finance Ministry, companies should accelerate crop insurance claim payment:- 
The Finance Ministry has given strict instructions to insurance companies to pay crop insurance claims in the flood affected areas at the earliest. These include Karnataka, Kerala, Maharashtra and many other states. According to sources, the ministry has asked the insurance companies to verify and pay all insurance claims in the flood affected area as soon as possible, including the Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Pradhan Mantri Fasal Bima Yojana.Insurance sector regulator IRDA has also asked insurance companies to pay claims only in the flooded areas where dead bodies of the deceased have not been found, in the manner adopted during the 2015 floods in Chennai.while the government is preparing to take the path of loan waiver under the existing Insolvency and Bankruptcy Code (IBC) to the borrowers facing the pressure of small loans. However, the government will not give a loan waiver of more than Rs 10,000 crore in the next three-four years.Corporate Affairs Secretary Injeti Srinivas said that he will get the pardon, whose total size of the debt does not exceed Rs 35,000. This offer can be made under the ‘New Beginning’ provisions of IBC. Srinivas said that there has been a discussion with the microfinance industry on what should be the criterion of debt waiver for small and under pressure borrowers of the economically weaker (EWS) category.He insisted that this loan waiver would be given to the most pressurized borrowers in the EWS category. Srinivas said that it would be like a haircut (payment with a small cut in total debt and interest) for the lenders, and also its size. Will not grow. Srinivas said, “We have discussed with the micro finance industry and noted their concerns. The aim is not to let the micro finance industry go to waste.” Our aim is to get the debt of small borrowers forgiven on the basis of eligibility. Eligibility has been discussed extensively with the micro finance industry.
INTERNATIONAL NEWS
4.5th Meeting of India-Nepal Joint Commission to be held in Kathmandu:-
The 5th Meeting of India-Nepal Joint Commission will be held in Kathmandu on 21- 22 August. Minister for External Affairs of Dr S. Jaishankar and Nepal’s Minister of Foreign Affairs Pradeep Kumar Gyawali will co-chair the meeting and lead their respective delegations.According to Nepal’s Ministry of Foreign Affairs, the Joint Commission Meeting will review the overall state of bilateral relations and various areas of cooperation such as connectivity and economic partnership, trade and transit, power and water resources, culture, education and other matters of mutual interest.India-Nepal Joint Commission was established in June 1987. Its meetings are held alternately in Nepal and India. The last meeting of the Commission was held in New Delhi on October 2016.During the visit, the Minister of External Affairs Dr Jaishankar will pay courtesy calls on President of Nepal Bidya Devi Bhandari and Prime Minister Mr K P Sharma Oli. Nepal’s Minister for Foreign Affairs will also host a dinner in honour of Dr Jaishankar.
5.Bangladesh govt convenes meeting to resolve crisis in raw-hide sector:-
Commerce Ministry of Bangladesh is holding a meeting today in the afternoon to resolve the tussle between the rawhide merchants and tanners on the issue of low prices for animal hide and government decision to allow exports.
The hide traders and tanners are blaming each other for the worst rawhide season the sector has seen in a decade.
The price of raw hide slumped this year after Eid-Ul-Zuha during which over 1 crore animals were sacrificed across the country. A large part of the demand for leather in Bangladesh is fulfilled through the rawhides of animals sacrificed on Eid-Ul-Azha.Opposition Bangladesh Nationalist Party (BNP) accused the government that its decision to allow for export of raw hide will destroy the leather industry.The leather industry is the second largest export-earning sector of Bangladesh garnering over 1 billion dollar annually. The domestic demand for leather goods is above 16,000 crore Taka. The leather industry generates employment for close to 8,50000 people in Bangladesh out of which 70 percent are women.
SPORTS NEWS
6.Hima Das, Mohammad Anas win gold at Athleticky Mitink Reiter event:-
Top Indian sprinters Hima Das and Mohammad Anas have won a gold each in 300m races at the Athleticky Mitink Reiter event in Czech Republic. While Hima won the gold in women’s event yesterday, Mohammad Anas claimed the yellow metal in men’s category today. This was Hima’s sixth gold in 2019 in European races since last month.Mohammad Anas won the gold clocking 32.41 seconds. India’s Nirmal Tom clinched a bronze medal in the same event by clocking a timing of 33.03 seconds.National record holder Anas has already qualified for 400m event for the World Championships to be held in Doha in September-October while Hima is yet to achieve it.
7.Indian women’s Hockey team hold Australia to 2-2 draw:-
Indian women’s hockey team held Australia to a 2-2 draw in Olympic Test Event in Tokyo today. India is ranked 10th in world ranking while Australia is world number 2 side.
Vandana Katariya scored for India in the 36th minute while Gurjit Kaur struck in the 59th minute. For Australian eves, Kaitlin Nobbs and Grace Stewart scored one goal each in their second match of the tournament. India had beaten hosts Japan 2-1 in their first match yesterday.The Indian women’s team will now face China on Tuesday in their third and last round-robin match of the tournament.In men’s hockey, New Zealand beat India 2-1 in the Olympic Test Event in Tokyo. An early goal by Harmanpreet Singh gave India lead in the first quarter. However, despite spirited performance by the Indian side throughout the four quarters, a late goal by New Zealand pulled India down. India had defeated Malaysia 6-0 in their opening encounter yesterday.
BUSINESS NEWS
8.Tax officials will treat taxpayers friendly, will not let unnecessary pressure:-
The Income Tax Department has decided that it will adopt a friendly attitude from the income tax payers while investigating tax matters. Last week on Friday, Finance Minister Nirmala Sitharaman in Ahmedabad had clearly stated that income tax authorities need to change their traditional thinking. Then, Sitharaman directed the Income Tax Department on Saturday to end the communication gap between the tax authorities and the taxpayer (assessee) under scrutiny. According to sources, in view of this, the department has decided that it will try to eliminate the possibility of unnecessary pressure on taxpayers.
Sitharaman said last week that the role of tax administrators is very delicate. The citizens of the country are becoming knowledgeable and aware and the tax authorities will have to change their thinking to deal with such citizens. As far as assesi and their affairs are concerned, we should communicate with them and resolve their problems with full respect.Sources say that the Income Tax Department is ready for a friendly change in interaction and behavior with Assisi. But while doing so, he will not ignore the legal mistakes of Assisi. Significantly, the Income Tax authorities have often been accused that the tone of their conversation with assessee is threatening and blaming. In recent years, people have started calling it tax-terrorism. In view of this, the Central Board of Direct Taxes (CBDT) said last week that no income tax notice will be sent to any assessee without document identification number (DIN). After this it will not be possible to send fake tax notice to anyone.Recently, VG Siddharth, the owner of the famous Indian coffee chain Cafe Coffee Day (CCD), in an email to his employees before he went missing in Mangaluru, Karnataka, also mentioned the pressure from the tax authorities. His body was recovered from a river near Bengaluru the very next day of his disappearance.The government is making every effort to keep the corporate world free from any undue pressure from the tax authorities. Last week, Prime Minister Narendra Modi also said that every entrepreneur who contributes to the economy deserves respect. But there seems to be a lack of communication between the central government and tax department officials. Naresh Penumaka, Chief Commissioner of Customs and CGST, Visakhapatnam Zone, has said that they will take strict action against those who do not file GST returns.
9.Government can forgive the debt of small borrowers, work is being done on the plan:-
The debt of small borrowers of the economically weaker (EWS) class can be forgiven. The government is working on this plan. The government has also discussed with the microfinance industry about its eligibility. A senior officer has given information about this. Corporate Affairs Secretary Injeti Srinivas said that the terms of proposed loan waiver for small borrowers of economically weaker section have been discussed with the microfinance industry. He said that this loan waiver would be under personal bankruptcy and insolvency and it would be for the worst cases of EWS category.The proposed loan waiver will be offered under the ‘New Start’ provision of the Lending Disability and Insolvency Code (IBC). Srinivas said, ‘If you once took advantage of the provision of’ new beginning ‘, then you will not be able to take advantage of it for the next five years. We have worked on all security measures to the satisfaction of the microfinance industry. This would be like reducing outstanding debt. It will not exceed 10 thousand crore rupees in a span of three to four years across the country.He said, ‘We have discussed with the microfinance industry and noted their concerns. The objective is not to let the microfinance industry go to waste. Our aim is to get the debt of small borrowers forgiven on the basis of eligibility. Eligibility has been discussed extensively with the microfinance industry.
