Current Affairs Update – 27 Sept, 2014

Finance
1. K.V. Kamath-led panel
to examine financial architecture for MSME sector
  • ·        
    The Finance Ministry has appointed a
    15-member committee under the Chairmanship of ICICI Bank Chairman K V Kamath to
    examine the financial architecture for Micro, Small and Medium Enterprises
    (MSME) sector.
  • ·        
    The committee will, among other things, come
    up with concrete suggestions to improve the share of institutional finance to
    MSME from the low levels seen currently.
  • ·        
    Besides looking at innovative financial
    products for MSMEs, the committee will suggest measures to increase the flow of
    equity support to MSMEs by targeting incubator-based funds, angel/ seed funds,
    impact funds and venture capital/ private equity funds.
  • ·        
    It will also look at regional disparities in
    credit flow to MSMEs.
  • ·        
    The Department of Financial Services move to
    set up this committee comes two-and-a-half months after Finance Minister Arun
    Jaitley announced in his maiden Budget speech that a committee will be set up
    to examine the financial architecture for the MSME sector.
  • ·        
    The terms of reference of the committee
    include assessing the current structure of flow of finance to MSME
    sector-delivery channels, products and services and policy environment.
  • ·        
    The committee will also undertake a
    comparitive study of the financial architecture in other developed and emerging
    economies for strong support to MSMEs.

India
2. Jayalalithaa
sentenced to four years in jail, fined Rs. 100 crore

  • ·        
    The Special Court in Bangalore on Saturday
    convicted and sentenced Tamil Nadu Chief Minister Jayalalithaa to four years in
    prison and a fine of 100 crores, in the disproportionate assets case.
  • ·        
    Since the sentence in the case exceeded three
    years, the special court does not have jurisdiction to grant bail and she will
    be taken into custody.
  • ·        
    Judge John Michael Cunha pronounced the
    verdict at Gandhi Bhavan, in front of Bangalore Central Prison at Parappana
    Agrahara, where the court has been temporarily shifted for pronouncing the
    verdict in view of Z+ security provided to Ms. Jayalalithaa.
  • ·        
    The conviction in the case lead to her
    immediate disqualification as an MLA and made it untenable for her to hold the
    post of Chief Minister of Tamil Nadu.
  • ·        
    The other three accused in the case, V.K.
    Sasikala, V.N. Sudhakaran, and J. Ilavarasi, who were also convicted, were
    senetenced to four years in jail and a fine of 10 crores.
  • ·        
    All four accused in the case were convicted
    under the provisions of the Prevention of Corruption Act, 1988 in the
    disproportionate assets case registered almost 18 years ago.

International
3. Sri Lanka wins
backing of 22 nations against U.N. rights probe

  • ·        
    Sri Lanka has won the backing of 22 nations
    in its battle against the U.N.’s war crimes probe into the country’s human
    rights record during its brutal civil war.
  • ·        
    A government statement said the countries in
    a joint statement had termed the U.N. Human Rights Council (UNHRC) resolution
    passed last March as an intrusive mandate and unwarranted in the context of Sri
    Lanka’s own local investigation.
  • ·        
    The like-minded group was chaired by Egypt
    included Algeria, Angola, Bangladesh, Belarus, Bolivia, China, Cuba, Ecuador,
    Indonesia, Iran, North Korea, Myanmar, Nicaragua, Pakistan, Russia, South
    Sudan, Sudan, Uganda, Venezuela and Zimbabwe.
  • ·        
    This support was in addition to the concerns
    raised by India as Sri Lanka’s all important giant neighbour had questioned the
    methodology of the investigation.
  • ·        
    This is in view of Sri Lanka’s decision not
    to cooperate with the investigation.
  • ·        
    India backed the U.S.-sponsored 2012 and 2013
    UNHRC resolutions which pinned Colombo to a credible process of reconciliation
    with the Tamil minority.

4. Narendra Modi meets
Nobel Laureate Harold Varmus

  • ·        
    Prime Minister Narendra Modi on Saturday had
    a meeting with eminent Nobel Laureate and famous cancer specialist Professor
    Harold Varmus and invited him to visit India to assist in health and public
    care research.
  • ·        
    Interestingly, 74-year-old Dr. Varmus,
    currently director of the U.S. National cancer Institute, had done his
    apprenticeship in a mission hospital in Bareilly in 1960s. He received 1989
    Nobel Prize in Physiology or Medicine for his discovery of the cellular origin
    of retroviral oncogenes.
  • ·        
    During his 30-minute interaction with Mr.
    Modi, the two discussed a wide range of public health care issues, including
    those related to cancer research, vaccine and possibilities of research in
    India.
  • ·        
    “The Prime Minister invited him to visit
    India on a regular basis. The professor congratulated Modi on the laws in India
    on anti-smoking,” the spokesperson Ministry of External Affairs told reporters.
  • ·        
    Recollecting his India days in 1960s, Mr.
    Varmus also talked about how medicines have evolved since them.

Sports
5. Asian Games: Indian
squash team bags silver medals

  • ·        
    Gold proved elusive but it was nonetheless a
    historic silver for the Indian women’s squash team after it went down to
    Malaysia in the final of the 17th Asian Games here today.
  • ·        
    The team lost 0—2 to Malaysia to settle for
    the silver after Deepika Pallikal and Anaka Alankamony lost their matches in a
    contest which lasted a little over an hour.
  • ·        
    Alankamony opened the proceedings for India
    and did put up some fight before going down 9—11 10—12 2—11 to Odette Arnold
    Delia in 43 minutes.
  • ·        
    Next up was Dipika Pallikal, who once again
    came face to face against world number one Nicol David after losing the singles
    semifinal to her earlier this week.
  • ·        
    The face off, however, did not yield a
    different result as Pallikal went down 7—11 6—11 3—11 in 29 minutes.
  • ·        
    Joshana Chinappa’s inconsequential final
    rubber did not take place after her rival Wee Wern Low withdrew from the
    contest.

6. Asian Games: Indian
men’s archery team wins gold, women’s team bags bronze
  • ·        
    Indian archers scripted history in the Asian
    Games today when the compound men’s team shot its way to a maiden gold medal by
    shocking favourites South Korea before squad member Abhishek Verma picked up
    the individual silver even as women added two bronze to the tally.
  • ·        
    The women’s trio had set the tone in the
    morning by clinching the compound team bronze by defeating Iran in the play-off
    for the third position at the Gyeyang Asiad Archery Field. Later, Trisha Deb
    bagged a bronze in the individual event.
  • ·        
    India had won one silver and three bronze
    medals from the bow and arrow discipline in past Games and today’s gold lifted
    the sagging spirits of the huge contingent which had endured a gold drought
    after pistol shooter Jitu Rai’s top finish six days ago.
  • ·        
    India defied odds to shock world archery
    powerhouse Korea 227—225 in the gold medal clash.
  • ·        
    The men’s trio of Rajat Chauhan, Sandeep
    Kumar and Abhishek Verma worked wonderfully well in unison to lead their
    formidable hosts – the world silver medallists – right through the 24-arrow
    finals to emerge triumphant by two points (227—225) in the non-Olympic Compound
    event which has made its debut here.
  • ·        
    This was the second medal of the day from the
    venue, and came just one hour after the young Indian women’s trio of Trisha
    Deb, Purvasha Shende and Jyothi Surekha Vennam clinched the bronze medal by
    winning the play-off against Iran 224—217. 

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