9 PM Daily Current Affairs Brief – 14 March 2017

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Live Mint

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Front Page / NATIONAL

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[1].Curbs on cash withdrawal lifted

 

The Hindu

 

Context

Restrictions on cash withdrawals due to demonetisation

 

What has happened?

• Restrictions on cash withdrawals, which came into effect from November 9, 2016, following the ban on high-value currency notes lifted. The RBI announced the easing of curbs during its bimonthly monetary policy review
• While the limits on current accounts were lifted earlier, restrictions on savings account deposits is also lifted now
• Though no limit on cash withdrawals, currency in circulation is still far below the pre-November 8, 2016, levels

 

Fact Check:

The currency in circulation till the week ended March 3 was Rs. 11,984.1 billion which is 67% of the currency in circulation, pre-demonetization.

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Editorial/OPINION

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[1].For a bold foreign policy

 

The Hindu

 

Context

National interest is not served by avoiding problems left over by a previous order

 

Moving to a multipolar world

Increasing Leverage of China:

• The China-led Asian Infrastructure Investment Bank & the New Development Bank of the BRICS could provide the required $8-15 trillion, marginalising the World Bank.
• China is projecting the One Belt, One Road (OBOR) initiative as a replacement for the U.S.-led post-1950 multilateral institutions.

 

Trump’s Approach

Questions Role of the UN:

• Trump Favoring bilateral Deals instead of International Co-operation
• Resetting priorities of the UN away from peacekeeping, environment and human rights to trade
• Prepared to limit imports and boost exports even at the cost of upsetting long-standing agreements and allies

Impact:

• Other rich countries like Japan and the U.K. are likely to adopt this new template of Trump (America First) doing away with concessions to others
• consequences for the World Trade Organisation, in particular if the WTO dispute resolution panels rule against the U.S., leading to a questioning of the rule-based system itself

Sees China as greatest Threat:The combination of military and economic strength creates a strategic situation where, like in the Cold War, the U.S. will need to seek a “constructive relationship” in Asia rather than dominance and may join the OBOR

 

Asian connectivity and India

• Chinese exports to the U.S. are declining, the shift to a consumption-driven economy will open markets for U.S. goods
• India is more vulnerable with two-thirds of the exports of the $150-billion IT industry to the U.S. and the ‘Make in India’ strategy colliding with Mr. Trump’s priorities, requiring India to make strategic choices.

 

Author Suggests

• Need a bold vision on Kashmir and must not just seek to isolate Pakistan
• Should join the OBOR, while maintaining our reservations on its branch passing through Kashmir, and become part of the growing Asian market
• With world-class cyber-space-biotech capability, we should reconsider large-scale purchases from abroad for massive investment in cybersecurity and the related digital economy that will make the ‘Digital India’ initiative into ‘Digital Asia’.

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Economy

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[1]. Non-life premia set to increase

 

The Hindu

 

Context

Consistent losses, falling interest rates may force insurers to go in for hike

 

What has happened?

• In view of the consistent losses arising from large claim settlements and other negatives like falling interest rates that will crimp their investment income, non-life insurers are planning to increase premium rates by 10-15% in certain segments to protect their bottomline

 

• Segments likely to be affected: total 10 segments including, pharma, power and cement under property and even group health insurance

 

• The largest non-life insurer New India is also set to hike premium in certain segments, like fire and group health in the new fiscal

 

New strategy

Private sector non-life insurer SBI General:

Three-pronged strategy — better efficiency, better expense control and better selection

 

Give the rest of the article a go through.

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