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Must Read Daily Newspaper Articles - 19th October, 2019

1. Terror-funding: FATF retains Pak. on grey list : (GS-3)

UPSC Syllabus : Money-laundering and its prevention; Financial Action Task Force

The Financial Action Task Force or Groupe d'action financière is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering. In 2001 its mandate expanded to include terrorism financing.

2. MPC sees further slowdown in growth : (GS-3)

UPSC Syllabus : Economic Development

MPC is a six-member committee constituted by the Central Government (Section 45ZB of the amended RBI Act, 1934).The policy interest rate required to achieve the inflation target is decided by the Monetary Policy Committee (MPC).

The MPC is required to meet at least four times in a year. The quorum for the meeting of the MPC is four members. Each member of the MPC has one vote, and in the event of an equality of votes, the Governor has a second or casting vote

3. No MDR on digital payment to large firms’ : (GS-3)

UPSC Syllabus : Economic Development

MDR is charge or fee imposed on merchant by bank for accepting payment from their customers in credit and debit cards every time card is used for payments (like swiping) in their stores. MDR charges are usually shared in pre-agreed proportion between them and are expressed in percentage of transaction amount.

MDR compensates bank issuing card, bank which puts up swiping machine (Point-of-Sale or PoS terminal) and network providers such as Mastercard or Visa for their services. In India, the RBI specifies maximum MDR charges that can be levied on every card transaction.

4. Zomato, BioD Energy tie up for cooking oil-to-biodiesel project : (GS-3)

UPSC Syllabus : Energy

5. Venezuela wins seat on UN Rights Council : CSAT-1

UPSC Syllabus : Current events of national and international importance.

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