Current Affairs of 5 May 2018
Keshav Kishore, Published On:05-May-2018
1. What is National Investment and Infrastructure Fund?
• The National Investment and Infrastructure Fund (NIIF) is formed to maximise economic impact through infrastructure development in viable projects both in the Brownfield and Greenfield.
• It has been structured as a funds of funds with a total corpus of Rs. 40000 crore.
• The 20000 crore will be contributed by the government and rest by private sector where 49% stake of government and 51% of private sector.
2. FDI Confidence Index
• Foreign Direct Investment (FDI) Confidence Index, 2018 has been released by Global consultant AT Kearney.
• India’s rank is 11th in the index three less than its previous year rank.
• US topped in the index list followed by Canada and Germany.
3. Insurance Regulatory and Development Authority
• Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body to regulate and promote the insurance and re-insurance industries in India.
• The headquarter of IRDAI is in Hyderabad and it comprises 10 members including the chairman, five full time and four part time members appointed by the government.
• The chairman of IRDAI is Subhash Chandra Khuntia.
4. Employee’s Provident Fund Organisation
• Employment Provident Fund Organisation (EPFO) was established in 1952 under the Ministry of Labour and Employment.
• It is a nodal agency for Provident Fund Scheme, Pension Scheme and Insurance Scheme for the organised sector in India
• Recently, EPFO has started a new service for pensioners through the Umang app through which pensioners can view their pension passbook on the app.
5. Foreign Contribution Regulating Act
• Foreign Contribution Regulating Act (FCRA) regulates the foreign contribution and other foreign facilities (plane ticket, hotel lodging etc.) given to NGOs, public servants, institutes etc.
• Any organisation working for cultural, social, religious, economic and educational programs can accept foreign contributions.
• Organisations need to take permission from Home Ministry and if anyone violates provisions of the act, can be sent jail up to five years.
• Organisations accepting foreign contribution must maintain a separate account book and get it audited by a Chartered Accountant and submit to Home Ministry.
Source: The Hindu, Wikipedia, PIB