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.

Regards

Team ExamPundit

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