Financial Action Task Force puts Pakistan on ‘grey list’
The Financial Action Task Force (FATF) on June 27, 2018 added Pakistan to its ‘grey list’ of countries involved in providing monetary assistance to terrorism and related causes. The decision was taken during FATF meeting on Money Laundering in Paris.
At the FATF talks in Paris, a delegation led by Dr. Shamshad Akhtar, Pakistani Interim Minister for Finance and Planning apprised the FATF of steps taken by Pakistan to curb terror financing and money laundering, pleading removal of Pakistan's name from FATF grey list. Pakistan had earlier been included in the ‘grey list’ from 2012 to 2015.
Rupee falls to all-time low of 69.09 against US dollar
The rupee hit the all-time low of 69.09 against the US dollar on June 28, 2018, falling past 69 mark for the first time ever. The previous record low of rupee was 68.86 on November 24, 2016.
The rupee opened at an all-time low of 68.89 against the US Dollar. On June 27, 2018, it ended at 68.63, the worst ever closing since August 28, 2013, when it hit a record closing low of 68.82. The fall can be attributed to the week-long rise in the crude prices amid concerns of higher inflation and current account deficit.
NITI Aayog’s WEP signs five SoIs with financial institutions and social organizations
The Women Entrepreneurs Platform (WEP) of the NITI Aayog on June 27, 2018 signed five separate Statements of Intent (SoIs) with financial institutions and social organizations.
The SoIs signed with financial institutions such as the Shri Mahila Sewa Sahakari Bank, Indiabulls Housing Finance and SREI Infrastructure Finance will be included under the WEP-Finance vertical. These SoIs will provide financial assistance to women entrepreneurs and address the finance related challenges.
Emergency declared in Papua New Guinea over Polio outbreak
A public health emergency has been declared in three Papua New Guinea (PNG) provinces as the country responds to its first polio outbreak in 18 years when it was declared free of the disease.
As per the World Health Organisation (WHO), the virus was detected in a six-year-old boy in April this year. Later, it was found that the same virus stain has been identified in other healthy children in the same locality and community. That declared an official outbreak.
Government approves draft Act to replace UGC with Higher Education Commission
Union Minister of Human Resource Development, Prakash Javadekar on June 27, 2018 proposed a draft bill to repeal the University Grants Commission (UGC) and set up the Higher Education Commission of India (HECI), a move that aims to reform higher education in India.
The Act entitled ‘Higher Education Commission of India Act, 2018 (Repeal of University Grants Commission Act)’ revamps UGC Act, 1951 and its parent legislation completely. The HECI Act, 2018 is expected to be introduced in Parliament in the upcoming monsoon session.