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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































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