DAILY CURRENT
AFFAIRS: 3 AUG 2017
(DAILY NEWS INDIA)
1.
BRICS TRADE MINISTERS MEETING HELD IN SHANGHAI
i. Union Commerce
Minister Nirmala Sitharaman attended BRICS Trade Ministers meeting in Shanghai,
China. On the sidelines of this meeting she also held meeting with Chinese
Minister of Commerce Zhong Shan.
ii. Measures to expand
e-commerce cooperation among Brazil, Russia, India, China and South Africa were
discussed at this meeting.
iii. Economic and
technological cooperation was included in the agenda for the 1st time in the
trade ministers’ meeting’s history to improve the bloc’s capabilities in
service trade, e-commerce and other fields.
2.
JUSTICE B.N SRIKRISHNA HEADED COMMITTEE TO STUDY ISSUES RELATED TO DATA
PROTECTION
i. The Ministry of
Electronics and Information Technology has appointed an expert panel committee
that would study various issues relating to data protection in the country and
will suggest a draft data protection Bill.
ii. It is a 10 member
panel and it is headed by Supreme court Judge (retired) Justice B N Srikrishna.
The panel includes the members from government, academia and industry will
study and identify key data protection issues and recommend methods to address
them.
iii. The committee will
design a broader framework which will cover all other kinds of data and ensure
that the deliberations on the issue start as soon as possible.
iv. The panel includes
the following members: Rajat Moona, Director, IIT Raipur, is a key member in
the panel, Rama Vedashree is CEO of Data Security Council of India, Ajay Kumar,
Additional Secretary, IT Ministry, Ajay Bhushan Pandey is CEO of Unique
Identification Authority of India, UIDAI, Aruna Sundararajan is Secretary,
Department of Telecom, Arghya Sengupta, Research Director of Vidhi Centre for
Legal Policy, Rajat Moona, Director of IIT Raipur and Gulshan Rai, National
Cyber Security Coordinator.
3.
RESERVE BANK ANNOUNCES ITS THIRD BI-MONTHLY POLICY REVIEW OF CURRENT FISCAL
i. Reserve Bank of India
announced 3rd Bi-Monthly Monetary Policy Statement for financial year 2017-18.
This time, RBI has cut the policy repo rate by 25 basis points to 6%.
ii. Policy Repo Rate-
6.00% , Reduced by 25 basis points. Earlier it was 6.25%.
Reverse Repo Rate- 5.75%
, Reduced by 25 basis points. Earlier it was 6.00%.
Bank Rate- 6.25% ,
Reduced by 25 basis points. Earlier it was 6.50%.
Marginal Standing
Facility Rate- 6.25% , Reduced by 25
basis points. Earlier it was 6.50%.
iii. Statutory Liquidity
Ratio- 20.00% , Unchanged – since 7th June 2017.
Cash Reserve Ratio- 4.00%
, Unchanged – since 9th February 2013.