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10th May, 2016
Economics

Union Government releases Commemorative
Coin & Circulation Coin on Maharana Pratap
On 9 May 2016 the Union Government released a
commemorative coin of hundred rupees and a circulation coin
of ten rupees on Maharana Pratap.
The coin was released as a part of 475th Birth Anniversary
celebrations of Maharana Pratap.

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The coin was released by Minister of State for Culture and
Tourism Dr Mahesh Sharma in New Delhi.

10th May, 2016
Environment

Ministry of Environment & Forests launches webbased application on Integrated Waste
Management System
On 9 May 2016 the Ministry of Environment and Forests launched a
web-based application on Integrated Waste Management System
(IWMS). The system’s web address is www.iwms.nic.in.
The government launched the system for better management of
waste.
The user-friendly application is capable of tracking the movement of
hazardous waste.

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The objective of the IWMS is to enhance transparency in the working
of the Ministry and other Centre/State level regulatory bodies.
To reduce the time taken for processing applications, seeking various
types of permissions under the recently notified waste management
regulations.

10th May, 2016
Economics

Asia's first Rice Technology Park to be
established in Gangavati, Karnataka
In the first week of May 2016 the Karnataka Government decided to
establish Asia’s first-ever Rice Technology Park at Gangavati in
Koppal district.
Besides, a Maize Technology Park will also be established at
Ranebennur in Haveri district.
The rice park is being established at Navali-Karatagi villages on the
outskirts of Gangavati, and the maize park is to be come up in the
APMC market yard at Ranebennur.

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These parks will be established under public private partnership
(PPP).
These parks would pave the way for opening new avenues for rice and
maize growers to add value to their produce and get better returns
and also enhance quality of the produce.

10th May, 2016
Economics

RBI releases consultation paper on Peer to
Peer lending to classify it as NBFC
Peer to peer (P2P) lending is a form of crowd -funding which can be defined as
the use of an online platform that matches lenders with borrowers in order to
provide unsecured loans.
On 28 April 2016 the Reserve Bank of India (RBI) released consultation paper
on P2P lending to classify it as Non-Banking Financial Company (NBFC).
The Consultation paper outlines the pros and cons of regulating the sector and
proposes a suitable framework. It includes minimum capital, permitted activity,
governance requirements, and fair practices code for customer dealing and
data security.

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P2P lending is regulated in five different ways;
- Exempt market/ Unregulated through lack of definition- China, Ecuador,
Egypt, South Korea, Tunisia
- Intermediary Regulation- Australia, Argentina, Canada (Ontario), New
Zealand, United Kingdom
- Banking Regulation- France, Germany, Italy
- US Model- United States of America
- Prohibited- Israel, Japan
In India, at present, there is no clear regulatory framework governing in
functioning of P2P lending platforms despite having many online P2P lending
platforms.

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