Current Affairs Update – 10th June, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 10th June, 2015. These are Important for the upcoming SBI PO 2015 Mains Exam.

• The Reserve Bank of India (RBI) on 9 June 2015 issued Draft Framework on Issuance of Rupee linked Bonds Overseas.
• It is intended to permit Indian corporate and International Financial Institutions (IFIs) to issue rupee-linked bonds overseas.

• Indian corporates eligible to raise external commercial borrowings (ECBs) are permitted to issue Rupee linked bonds overseas.
• The corporates which, at present, are permitted to access ECB under the approval route will require prior permission of the RBI to issue such bonds and those coming under the automatic route can do so without prior permission.
• The bonds may be floated in any jurisdiction that is Financial Action Task Force (FATF) compliant.
• The subscription, coupon payments and redemption may be settled in foreign currency. The proceeds of the bonds can be parked as per the extant provisions on parking of ECB proceeds.
• Banks incorporated in India will not have access to these bonds in any manner whatsoever.
• International Financial Institutions, of which India is a shareholding member intending to deploy the entire proceeds of the issuance in India, would not be requiring any  prior permission for the issuance of rupee bonds overseas irrespective of amount of issuance.

• The Reserve Bank of India (RBI) on 8 June 2015 announced Strategic Debt Restructuring (SDR) Scheme which allows banks and non-banking lending institutions to convert their loans into equity stake.
• The scheme will benefit all Scheduled Commercial Banks, excluding Regional Rural Banks (RRBs), all-India term-lending and Refinancing Institutions including Export-Import (EXIM) Bank and National Housing Bank (NHB) and National Bank for Agriculture and Rural Development (NABARD).

• Lenders will have the right to convert their outstanding loans into a majority equity stake if the borrower fails to meet conditions stipulated under the restructuring package.
• Lenders must stipulate in the debt restructuring deal itself that if the borrower fails to meet certain milestones in terms of performance, they would have the option to convert part or whole of the debt into equity.
• A decision on invoking the SDR should be taken within 30 days after a review of the account of borrowers.  It should be approved by 75 percent of the creditors by value and 60 percent of creditors by number.
• The lenders must approve the SDR conversion package within 90 days after taking such a decision.
• Post conversion, all lenders should together own 51 percent or more of the company's equity.
• A joint lenders forum (JLF) should closely monitor a company's performance and appoint a suitable professional management.
• Lenders should divest equity holdings of the company to new promoters as soon as possible.
• New promoter should not be a person/entity/subsidiary/associate, etc (domestic as well as overseas), from the existing promoter/promoter group.
• The new promoter has to acquire the entire 51 percent. However, if foreign investment is limited to less than 51 percent, the new promoter should own at least 26 percent of the paid-up equity capital or up to the applicable foreign investment limit.

• PVR Ltd, India’s largest multiplex chain, on 9 June 2015 agreed to acquire DLF's DT Cinemas for 500 crore rupees. The board of directors of the company at its meeting approved the acquisition of the cinema exhibition business of DLF Utilities ltd.
• This deal is part of DLF's strategy to exit non-core businesses and cut huge debt of over 20000 crore rupees. On the other hand, it will help PVR Cinemas expand its presence in North India.
• DT Cinemas is the wholly-owned subsidiary of realty giant DLF. It has 29 screens with a seating capacity of more than 6000, while PVR Cinemas has 467 screens in 105 properties in 43 cities.

• The Cabinet today approved the signing of a motor vehicles pact between India and three other nations of the SAARC grouping — Bhutan, Bangladesh and Nepal on June 15, which will enable seamless transit of passenger and cargo vehicles among these nations.
• Following the nod, Road Transport and Highways Minister Nitin Gadkari will this week visit Bhutan where the pact is scheduled to be signed by transport ministers of the participating nations.
• Signing of the BBIN pact will promote safe, economical efficient and environmentally sound road transport in the sub-region and will help each country in creating an institutional mechanism for regional integration.
• A meeting of Secretaries of Transport of the BBIN countries was organised by the Ministry of Road Transport and Highway (MoRTH) in February 2015 to discuss and finalise the draft of the BBIN pact, which is similar to the SAARC Motor Vehicle Agreement (MVA) draft with minor changes.
• BBIN is Bangladesh, Bhutan, India and Nepal

• Special Forces of the Indian Army in coordination with the Air Force on 9 June 2015 carried out surgical operations (cross-border operation) inside Myanmar to target militant groups.
• In this one of the first-of-its-kind cross-border operation about 50 militants of groups namely NSCN (kiss) and KYKL were killed. They were hiding along the Nagaland-Myanmar and Manipur-Myanmar border.
• The move for such a surgical operation was taken after militant groups killed 18 jawans of 6 Dogra Regiment of Indian Army in an ambush in Chandel district of Manipur on 4 June 2015.
• The operation was guided by specific and precise intelligence input. The strike was carried out inside Myanmar with the coordination of local authorities.

• Ahmadabad Municipal Corporation (AMC) on 9 June 2015 announced USE and GET PAID scheme, under which people will be paid one rupees for using public toilets. The announced scheme aims to eradicate the practice of open defecation and will help to keep the city clean.
• The scheme was recently approved by the standing committee of the AMC. According to the health officer of AMC, every user will not be paid but the corporation will identify people who defecate in open and sensitise them to use public toilets. The scheme will be implemented in next few days.
• AMC has turned around its previous scheme PAY and USE, under which people were supposed to pay for using the public toilets.
• The scheme was launched after the corporation indentified 120 spots in the city where people used to defecate in the open. Now, these places will be provided with lavatory facilities.

• G7 Summit 2015 was held at Schloss Elmau in Bavaria, Germany from 7 June to 8 June 2015. This was the 41st G7 summit and the theme for the summit was Think Ahead. Act Together.
• The Summit focused on the global economy as well as on key issues regarding foreign, security, environment and development policy. Further, the UN conferences to be held in 2015 as well as the post-2015 agenda and the issues of sanctions against Russia were also discussed.

• Protection of the marine environment and resources and marine governance.
• Antibiotic resistance, neglected and poverty-related diseases and Ebola.
• Retail and supply chain standards.
• Empowerment of women by giving vocational training.

• Dr. Srivari Chandrasekhar on 9 June 2015 was appointed as the Director of Hyderabad-based CSIR-Institute of Chemical Technology (IICT). The appointment was made by the Prime Minister Narendra Modi, who is President of the CSIR (Council of Scientific and Industrial Research).
• He is currently working as Chief Scientist at the IICT to which he was appointed in 2010.  He has made significant contributions in the field of organic chemistry, synthesis of active natural products and pharmaceutical products.
• He has more than 250 publications under his name along with 5000 citations. He is also the fellow of all the three science academies of the country including National Academy of Sciences, Indian Academy of Sciences and Indian National Science Academy.

• Kolkata Knight Riders (KKR) co-owner Shah Rukh Khan on 9 June 2015 acquired Carribean Premier League (CPL) T20 team Trinidad & Tobago (T&T).
• Shah Rukh Khan is the first owner of an Indian Premier League team to own an overseas cricket franchise. Khan's company Red Chillies Entertainment Pvt Ltd along with KKR co-owners Juhi Chawla and her husband Jay Mehta invested in the T&T franchise.
• Hollywood stars Mark Wahlberg and Gerard Butler already own CPL franchises. Wahlberg owns reigning champions Barbados Tridents, led by Kieron Pollard, while Butler owns Jamaica Tallawahs, captained by Chris Gayle.

• Former Maharashtra wicket-keeper Hemant Kanitkar, who played in two Tests as a batsman in the home series against Clive Lloyd’s West Indies in 1974-75, passed away in Pune at his residence Tuesday night.
• The wicket-keeper batsman was 72 and is survived by his wife and two sons — Hrishikesh and Aditya.
• Kanitkar, a hard-hitting wicket keeper batsman, whose first class career started in 1963, batted at no. 3 in the opening Test of the series against Lloyd’s West Indians at Bangalore and made 65 runs.
• Kanitkar kept playing for Maharashtra till 1978.
• In his first class career spanning a decade-and-a-half, Kanitkar amassed 5,007 runs at an impressive average of 42.79 with 13 centuries and 87 dismissals.

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