What is it? The duration of licence issued to Uber to operate in London, as compared to normal tenure of 5 years.
Why is it important? The US-based taxi app accepted to change the way it operates in London. It will now proactively report crimes to the police, allow drivers to operate only in licensed area, and an uninterrupted break of six-hours after logging 10 hours of work. Other cities could emulate this and regulate Uber.
Tell me more:Transport for London, which regulates taxis in England’s capital, declined to issue a five-year license last year. Uber claims to carry 3.6 million passengers through its network of 45,000 drivers in London.
What is it? The percentage of accumulated balance that can be withdrawn from the Employee Provident Fund (EPF) account after one-month of unemployment.
Why is it important? At present, an EPF subscriber can withdraw the entire amount only after two months of unemployment. While doing so, the employee has to shut down the social security account. Now, one can withdraw 75% of the corpus and decide to retain the account.
Tell me more: To be eligible to receive pension, a subscriber has to keep the EPF account active continuously for 10 years. The Employees’ Provident Fund Office has 55 million subscribers with pension fund worth Rs10.5 trillion.
What is it? The projected gross non-performing advances (GNPA) of 11 state-run banks by March 2019, as compared to 21% in March 2018. These 11 banks are monitored by India’s central bank under the prompt corrective action (PCA) framework.
Why is it important? The worsening bad loan of these banks would mean they would require additional capital support from the government, and credit expansion would be constrained as these 11 banks are not allowed to grow their loan portfolio. The overall GNPA of the banking sector will increase to 12.2 per cent in March 2019, up from 11.6 per cent in March 2018.
Tell me more: PCA is triggered if capital adequacy is less than the minimum, bad loans has crossed 15% of total assets, and return on assets is less than 0.25%. Banks under PCA are put under restriction to grow their loan portfolio.
What is it? The number of medical devices, including CT scan and MRI equipments, that is likely to come under price control. Drugs Technical Advisory Board, the highest decision making body on matters related to drugs, recommended this move.
Why is it important? The recommended is likely to be converted as a notification in 21 days, and one year after that, government can control the prices of these medical devices. Price control could result in cheaper CT scan or MRI. At present, 23 medical devices are notified as drugs, but only five are under the price control.
Tell me more:Under Section 3 of the Drugs and Cosmetics Act, DTAB has powers to include medical devices as drugs and subject them to price control.
What is it? The number of smartphone manufacturing plants operated by Xiaomi in India.
Why is it important? The Chinese company, which has 30.3% market share in smartphone sales in India,is aiming to manufacture printed circuit board assembly (PCBA) in these six plants and meet the entire demand through domestic production. PCBA, according to Xiaomi, accounts for half the value of a smartphone.
Tell me more: Government, with an aim to boost local manufacturing, imposed 10% import duty on PCBA in April this year. Duty on imported mobile phones too were increased by 5% to 20% in the last budget.