Current Affairs Update – 10th September, 2015

• In a bid to provide greater flexibility for structuring of
  trade credit arrangements, the Reserve Bank of India (RBI) has allowed resident
  importers to raise trade credit in rupees provided the riders are met.
• It can be raised after entering into a loan agreement with
  the overseas lender.
• “Trade credit can be raised for import of all items
  except gold permissible under the extant Foreign Trade Policy,” said the
  regulator on Thursday.
• Trade credit period for import of non-capital goods can be
  up to one year from the date of shipment or up to the operating cycle whichever
  is lower.
• According to RBI trade credit period for import of capital
  goods can be up to five years from the date of shipment. Besides that no
  roll-over or extension can be permitted by the bank beyond the permissible
  period.
• As per the riders banks can permit trade credit up to $20
  million equivalent per import transaction. Banks are permitted to give
  guarantee, letter of undertaking or letter of comfort in respect of trade
  credit for a maximum period of three years from the date of shipment.

• Private life insurer HDFC Life has announced the launch of
  Click2Retire, an online Unit Linked Pension plan that aims to help individuals
  to plan retirement by starting to invest as early as 18 years of age.
• The plan only charges fund management fee and investment
  guarantee charge.
• This plans provides option of single, limited & regular
  pay in one product. It also has capital guarantee along with the benefit if
  gaining from upsides from the market.

• Ford Motor Company today confirmed new investment dedicated
  towards expanding operations in Tamil Nadu. Sources said that the company would
  invest around Rs 5,000 crore, however company did not confirm it.
• The company did not disclose the investment, which will be
  additional to previous recent investment in India of $2 billion, this new
  investment will be dedicated towards future capacity expansion at the Ford
  Chennai Plant and the establishment of a new global engineering and technology
  center.
• Sources said that the investment could be in the rage of
  around Rs 5,000 crore over the next 5 years, which the company did not confirm
  and spokesperson was not available for comment.
• Representatives from Ford and the Government of Tamil Nadu
  signed a memorandum of understanding (MoU) at Global Investor Meet, paving the
  way for a Ford campus across 28 acres land.

• The Union Cabinet on 9 September 2015 approved India’s
  Preferential Treatment to Least Developed Countries in Trade in Services in the
  World Trade Organisation (WTO).
• In the realm of Trade in Goods, India has already made a
  very generous offer to LDCs in the form of a Duty Free Tariff Preference (DFTF)
  scheme.

• It is applicable to following three areas
• Article XVI of the GATS (Market Access)
• Technical Assistance and capacity building
• Waiver of visa fees for LDC applicants applying for Indian
  Business and employment visas

• The INS Vajrakosh was on 9 September 2015 commissioned by
  the Defence Minister Manohar Parrikar at Karwar, Karnataka. INS Vajrakosh is
  the latest establishment of the Indian Navy.
• The Naval units operating out of Karwar are required to be
  equipped with specialised armaments and missiles. These sophisticated missiles
  and ammunition require special storage facility and specialised servicing
  facilities. INS Vajrakosh will have all the required infrastructure to meet
  these requirements.
• The commissioning of INS Vajrakosh, the third naval
  establishment commissioned in Karwar, will allow the Indian Navy to further
  bolster the offensive and defensive capabilities of its platforms. INS
  Vajrakosh has some of the most significant naval assets already in service or
  being inducted.

• India and Indonesia on 9 September 2015 signed a pact for
  repatriation of wanted prisoners and cooperation in all criminal matters
  including gathering evidence.
• In this regard, Union Ministry of Home Affairs issued an
  official gazette notification for service or execution of summons or warrant in
  relation to criminal matters in both countries.
• Under the agreement, India will execute summons to an
  accused person or to any person requiring to attend and produce documents or a
  search-warrant issued by an Indonesian court. While, Indonesia will reciprocate
  with similar action, if there is any request from any Indian court.

• US-based global renewable energy company SunEdison Inc,
  SunEdison on 9 September 2015 signed Memorandum of Understanding (MoU) with
  Tamil Nadu government to develop 2 gigawatts (GW) of wind and solar power
  projects in the state in the next five years.
• The company will invest 12000 crore-14000 crore rupees in
  the next five years for setting up the projects. Of the 2GW planned projects,
  1.2 GW will be solar and the rest will be wind energy. The company will set up
  the solar projects in small capacities of 10 MW to 50 MW as it requires smaller
  parcels of land than big projects.
• The 2 gigawatts project is a part of SunEdison’s larger plan
  to develop 15.2 gigawatts of renewable energy in the country by 2022. With this
  MoU,  SunEdison will support Tamil Nadu’s
  clean energy future and will make progress towards larger commitment.

• Short story writer and novelist Jhumpa Lahiri was on 10
  September 2015 awarded with the 2014 National Humanities Medal by the White
  House, United States. The medal was conferred onto her by President Barack
  Obama at a ceremony at the White House.

• Born in London, Lahiri holds a bachelor’s degree from Barnard
  College at Columbia University; master’s degrees in English literature, and a
  Ph.D. in Renaissance studies from BU.
• In July 2015, Lahiri joined the Princeton University faculty
  as a professor of creative writing in the Lewis Centre for the Arts. Prior to
  coming to Princeton, Lahiri was a writer in residence at John Cabot University
  in Rome, and she has held the same position at Vassar College and Baruch
  College.

• Bollywood actor Anupam Kher was on 7 September 2015
  conferred with the Honoured Guest of Texas award for his contribution to the
  cinema and the world of art.
• The 60-year-old actor received the award by Deputy Mayor of
  Houston Ed Gonzalez on behalf of Texas Governor Greg Abbot.
• Earlier in first week of September 2015, he was conferred
  with a Senate Proclamation award by the Texas State Senate.
• Besides, Houston Mayor Annise Parker in August 2015 declared
  7 August as Anupam Kher Day in Houston, after success of his show titled Anupam
  Kher’s play Mera Matalab Vo Nahi Tha (My intention was not that). The show
  gathered immense popularity in Houston and 15 other cities of America like
  Toronto, Vancouver and others.

• NASA is planning to launch a landing probe to Jupiter’s moon
  Europa by mid-2020s in the hope of discovering alien life on the
  ocean-harbouring moon.
• While the main thrust of the Europa mission, which NASA aims
  to launch by the mid-2020s, involves characterising the icy satellite from afar
  during dozens of flybys, the space agency is considering sending a small probe
  down to the surface as well.
• NASA has also asked the European Space Agency if it would be
  interested in contributing a lander, ice-penetrating impactor or other
  piggyback probe to the roughly $2 billion Europa mission, Space.com reported.
• Europa is covered by an ice shell perhaps 80 kilometres
  thick, but underneath this crust is thought to lie a huge ocean of liquid water
  about 20 kilometres deep.
• At least five other moons in the solar system are believed
  to harbour such subsurface seas, Kevin Hand, deputy chief scientist at JPL’s
  Solar System Exploration Directorate, said.

• World Suicide Prevention Day (WSPD) was observed on 10
  September 2015. The theme of the World Suicide Prevention Day 2015 is
  Preventing Suicide: Reaching Out and Saving Lives.
• The theme speaks up to reduce the stigma around talking
  about suicide prevention. It encourages us all to consider the role that
  offering support may play in combating suicide.
• The day is observed, in order to provide worldwide
  commitment and action to prevent suicides, with various activities around the
  world.

• First Telangana Language Day (Telangana Bhasha Dinosthavam)
  was observed on 9 September 2015. The day was observed to commemorate the birth
  anniversary of noted poet Kaloji Narayana Rao, who was called people’s poet.
• The day was observed to popularise Telangana Language which
  has influence of Deccani Urdu, Marathi and Kannada. On the occasion, several
  programmes, like literary programmes and workshops, were held across the state.
• Besides, the state Government also awarded its first ever
  Kaloji Award on renowned litterateur Dr Ammangi Venugopal for his contribution
  to the literary world of Telangana.

• Abitha Mary Manuel and Anamika Das on 9 September 2015 won
  bronze medals at the 5th Commonwealth Youth Games (CYG) in Apia in Samoa.
• Manuel won the medal in girls 800m race, while Das won it in
  shot put event on the third and final day of athletics competitions.
• With the two bronze, India’s medal count swelled to 10 in
  total (4 gold, 2 silver, and 4 bronze).
• Track and field athletes contributed 2 gold, 1 silver and 3
  bronze in India’s total medal count.

Regards

Team ExamPundit

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