Current Affairs Update – 11 Nov, 2014

• ·        
  Union Government on 10 November 2014 raised 10000 crore rupees from the
  market through cash management bills (CMBs).
• ·        
  On behalf of the government, RBI conducted the 42 day CMB auction and
  saved 1.75 percentage points on interest for the exchequer.
• ·        
  CMB is a rarely used instrument that was resorted to only when the
  exchequer faced a short-term liquidity mismatch.
• ·        
  Under the Ways and Means Advance (WMA) facility of the Reserve Bank of
  India (RBI), the government can borrow up to 20000 crore rupees till March 2015
  to meet such short-term frictional cash shortfall at the repo rate.
• ·        
  If the government borrows anything above that limit, it will have to pay
  an interest of two percentage points above the repo rate i.e 10% given the
  current repo rate. However, if the government mobilizes funds through CMB, it
  usually pays a lower rate of interest.
• ·        
  The Government of India, in consultation with the Reserve Bank of India,
  decided to issue a new short-term instrument, known as Cash Management Bills,
  to meet the temporary cash flow mismatches of the Government.
• ·        
  The Cash Management Bills will be non-standard, discounted instruments
  issued for maturities less than 91 days.
• ·        
  The Cash Management Bills will have the generic character of Treasury
  Bills.

• ·        
  Times Internet Ltd acquired Cricbuzz com on 11 November 2014.
  Cricbuzz.com is a leading cricket news and information destination on web and
  mobile.
• ·        
  Now Cricbuzz and GoCricket, news portal of Times Internet, will be
  merged to create the largest cricket news destination on digital platforms.

• ·        
  The Union Government on 10 November 2014 imposed fresh restrictions on
  foreign tours by bureaucrats. The government restricted their official overseas
  visits to four in a year.
• ·        
  Restrictions imposed on overseas travels by bureaucrats
• ·        
  If the officer exceeds four visits, he will need to furnish detailed
  justification and such visits will be allowed only in exceptional cases
  depending on functional need.
• ·        
  The order further stipulated that travel expenses for officials for
  participating in conferences, study tours and presentation of papers will be
  borne by the sponsors.
• ·        
  Foreign travel by the officers at the expense of Public  Sector Units (PSUs) shall be discouraged,
  unless the journey is undertaken specifically in connection with the affairs of
  the concerned PSU.
• ·        
  The size of the delegation and the duration of the visit shall be kept
  at absolute minimum.
• ·        
  Secretary-level officers shall not go abroad unless their presence is
  essential and the officers of the level of additional secretary or joint
  secretary cannot be substituted for them.

• ·        
  Ministry of Railways and Ministry of Road Transport & Highways
  (MoRT&H) on 10 November 2014 signed Memorandum of Understanding (MoU) on
  Policy Related to Constructions of Road Over Bridges/Road Under Bridges
  (Robs/Rubs) on National Highway corridors.

• ·        
  Online tracking of various proposals under approval will be possible.
• ·        
  Authorized representatives of Ministry of Railways and Ministry of Road
  Transport & highways can track the status of new proposals under approval,
  the proposals which have already been approved, the stage of approval of the
  proposal, delay in approval of proposals and reasons thereof.
• ·        
  Through this MoU, there will be speedy clearances of various design
  & drawings for construction of ROB/RUB on National Highway Corridors.
• ·        
  Clear cut defined responsibility for construction of ROB/RUB on National
  Highway Corridors
• ·        
  This MoU will improve safety of road users on National Highway and
  improve train operations.
• ·        
  This will also give a big boost towards infrastructural development in
  the country and will generate lot of employment.

• ·        
  Mannan Kumar Mishra and S. Prabakaran were on 10 November 2014
  re-elected to the Bar Council of India (BCI). Mannan Kumar Mishra was appointed
  as Chairman and S. Prabakaran as Co-Chairman of Bar Council of India.
• ·        
  The BCI also elected Bhoje Gowda SL as vice-chairman, T.S. Ajith as
  chairman of the executive committee, and Nilesh Kumar as the vice-chairman of the
  executive committee. The office-bearers will hold office till April 2016.

• ·        
  Sixth World Ayurveda Congress (WAC) was held in New Delhi from 6 to 9
  November 2014.  Theme of the sixth WAC
  was Health Challenges and Ayurveda. 
• ·        
  Aim of WAC is to develop a vision and strategy for public action to
  realize the potential of Ayurveda and improve health care in India and serve as
  a model for public health globally.
• ·        
  The events at sixth WAC included Seminar on Medicinal Plants, business
  meets coordinated by Pharmexil, an Editors Conclave, and international
  Delegates Assembly and a Guru shishya meet.
• ·        
  The WAC showcased how Ayurveda can provide safe, cost-efficient and
  effective health-care for all, especially in the important areas such as Food
  and Nutrition, Self-Reliance in Primary Health Care, Mother and Child Care,
  Prevention, Ayurvedic Management of Chronic Lifestyle Diseases, Veterinary and
  Plant Medicine, Ageing, Ethics and Moral values.

• ·        
  Long Range Surface-to-Air Missile (LRSAM), the missile co-developed by
  India and Israel, was successfully test-fired on 10 November 2014 from a range
  in Israel. LRSAM is called Barak 8 missile in Israel.
• ·        
  The missile successfully intercepted a manoeuvring air-breathing target
  mimicking an attacking combat aircraft. The test also validated all the
  elements related to the naval and land-based variants of the missile including
  the phased array radar, battle management system, communications and the
  interceptor.
• ·        
  The test fire was carried by Israel Aerospace Industries (IAI) in the
  presence of DRDO scientists and officials of the Indian Armed Forces. DRDO
  chief and Scientific Advisor to Defence Minister Dr Avinash Chander witnessed
  the test along with IAI President Joseph Weiss and other top officials of the
  Israel Defence Forces.
• ·        
  The successful test marked a milestone in bilateral cooperation of the
  two countries in developing advanced weapon systems.
• ·        
  According to the DRDO sources, LRSAM will be deployed on the newly
  commissioned INS Kolkata, which had to be inducted without the weapon system
  due to delays in testing. It would also be deployed on other naval ships
  including recently commissioned INS Kamrota.

• ·        
  Union Home Minister and Lucknow MP Rajnath Singh has adopted Beti
  village in the district under the Pradhan Mantri Adarsh Gram Yojna.
• ·        
  Though in Lucknow district, Beti village is not part of the Lucknow
  parliamentary constituency. It falls in the Mohanlalganj parliamentary
  constituency.
• ·        
  Under the scheme launched by Prime Minister Narendra Modi, MPs of urban
  areas can adopt villages in other places as well.
• ·        
  Mr. Tiwari said there is an atmosphere of jubilation in the village
  following the news of its adoption by Mr. Singh.
• ·        
  Recently, during a visit to his parliamentary constituency Varanasi in
  Uttar Pradesh, Narendra Modi had adopted Jayapur village.

• ·        
  China on 6 November 2014 lifted ban on social networking websites like
  Face book, Twitter for reporters. This is the first time China has loosened its
  internet restrictions for a major international event.
• ·        
  China announced to lift the ban on the social networking sites at the
  Asia-Pacific Economic Cooperation (APEC) Summit in Beijing.
• ·        
  The Asia-Pacific Economic Cooperation forum media centre allowed
  reporters to access social networking sites such as Twitter, Facebook and
  video-sharing website YouTube.
• ·        
  It allowed even web search of the Dalai Lama at the conference venue of
  APEC summit which otherwise is totally banned on the internet.  The journalists were also provided with high-
  speed internet.
• ·        
  The access to such sites is available to only in Beijing and in rest of
  the places access is essentially restricted by the Government of China.
• ·        
  Scribes can easily log into Facebook, Twitter, Youtube and Google which
  cannot be accessed in China without the help of VPN (Virtual Private Network)
  connection to be procured from outside.

• ·        
  The US and China agreed to grant visas valid for up to ten years to
  visitors between the two countries. The decision was announced by US President
  Barack Obama on 10 November 2014 at the Asia Pacific Economic Cooperation
  (APEC) Summit in Beijing.
• ·        
  The new visa rules will come into effect from 12 November 2014.  At present, visas between the US and China
  were valid for only one year.
• ·        
  Under the new visa rules, student visas will be valid for five years
  whereas business and tourist visas will be valid for ten years.
• ·        
  However, the new visa rule will not change how long a traveler will be
  allowed to stay in the US or China and how long the visas are valid for entry.
  The US will also continue to require an in-person interview as part of the
  application for a visa.
• ·        
  The visa extension will facilitate people-to-people exchanges and
  benefit cooperation in all areas between the two countries.

• ·        
  Operation Neptune Spear was in news recently after the US Navy SEAL
  commando Robert O’Neill claimed that he is the one who shot Osama bin Laden at
  his Pakistan hideout in Abbottobad on 2 May 2011.
• ·        
  Revealing his identity he claimed that he shot three bullets into the
  head of al Qaeda’s kingpin.
• ·        
  Operation Neptune Spear was led by the Navy SEALs of the US Naval
  Special Warfare Development Group also known as DEVGRU or SEAL Team Six. The
  operation was carried out in a Central Intelligence Agency-led operation. In
  addition to DEVGRU, participating units included the U.S. Army Special
  Operations Command’s 160th Special Operations Aviation Regiment (Airborne) and
  CIA operatives.
• ·        
  The raid on bin Laden’s compound in Abbottabad, Pakistan, was launched
  from Afghanistan and after the raid Laden’s body was taken to Afghanistan for
  identification by the US forces. The body was then buried at sea within 24
  hours of his death.

• ·        
  Google has signed a long-term lease for part of a historic Navy air
  base, where it plans to renovate three massive hangars and use them for
  projects involving aviation, space exploration and robotics.
• ·        
  The giant Internet company will pay $1.16 billion in rent over 60 years
  for the property, which also includes a working air field, golf course and
  other buildings. The 1,000-acre (400-hectare) site is part of the former
  Moffett Field Naval Air Station on the San Francisco Peninsula.
• ·        
  Google plans to invest more than $200 million to refurbish the hangars and
  add other improvements, including a museum or educational facility that will
  showcase the history of Moffett and Silicon Valley, according to a NASA
  statement.
• ·        
  The agency said a Google subsidiary called Planetary Ventures LLC will
  use the hangars for “research, development, assembly and testing in the areas
  of space exploration, aviation, rover/robotics and other emerging
  technologies.”
• ·        
  Google founders Larry Page and Sergey Brin have a well-known interest in
  aviation and space. The company recently acquired several smaller firms that
  are working on satellite technology and robotics. But a Google spokesperson
  declined yesterday to discuss specific plans for the property, which is located
  just a few miles (km) from the company’s main campus in Mountain View.
• ·        
  NASA plans to continue operating its Ames Research Center on the former
  Navy site. Google will take over operations at the runways and hangars,
  including a massive structure that was built to house dirigible-style Navy
  airships in the 1930s.

• ·        
  K. C. Reddy, a former UN security advisor for Syria, has been named on a
  UN inquiry panel set up by UN Secretary-General, Ban Ki—moon to probe the
  presence of arms on UN premises in the Gaza strip and the damage to its facilities
  during the conflict between Israel and Palestinian factions.
• ·        
  Mr. Reddy has been named to the internal and independent United Nations
  Headquarters Board of Inquiry that will be chaired by Patrick Cammaert of The
  Netherlands.
• ·        
  The formation of the inquiry board by Mr. Ban is aimed at reviewing
  “certain incidents that occurred in the Gaza Strip between July 8 and August
  26,” Mr. Ban’s deputy spokesman Farhan Haq told reporters.
• ·        
  The board would include Maria Vicien—Milburn of Argentina, Lee O’Brien
  of the United States and Pierre Lemelin of Canada. The board would review and
  investigate a number of specific incidents in which death or injuries occurred
  at and damage was done to United Nations premises.

• ·        
  China unveiled a sophisticated new stealth fighter jet at an air show on
  Tuesday, a show of muscle during a visit by U.S. President Barack Obama for an
  Asia-Pacific summit.
• ·        
  China hopes the much-anticipated J-31 stealth aircraft, developed by the
  Aviation Industry Corp of China (Avic), the country’s top aircraft maker, will
  compete with U.S.-made hardware in export markets.
• ·        
  The twin-engine fighter jet was unveiled at the China International
  Aviation and Aerospace Exhibition in the southern city of Zhuhai, an annual
  event at which China shows off its military technology, a Reuters witness said.
• ·        
  The J-31 conducted a demonstration but was not put on display afterwards
  although a mock-up version was on show.
• ·        
  An Avic spokesman declined to comment on any orders for the aircraft.
• ·        
  Stealth aircraft are key for China’s air force to evolve from a mostly
  territorial air force to developing the ability to carry out both offensive and
  defensive operations, the Pentagon said in the report about developments in
  China’s military.
• ·        
  The J-31 is China’s second domestically produced stealth fighter.
  Analysts say development of stealth aircraft enable China to better project its
  power as it takes on a more assertive stance in the East China and South China
  seas.
• ·        
  President Xi Jinping has been pushing to strengthen China’s 2.3
  million-strong armed forces.
• ·        
  Obama, attending an Asia-Pacific Economic Cooperation forum meeting in
  Beijing, is due to meet Xi on Wednesday.

• ·        
  Salgaocar FC won Durand Cup on 8 November 2014 and emerged as Durand Cup
  champion for the third time. It defeated Pune FC by 1-0.
• ·        
  127th Durand Cup played at the Raia Sports Complex, Goa.
• ·        
  Salgaocar scored the all-important goal in the 21st minute through
  Thangjam Saran Singh. Earlier, the Salgaocar won the title in 1999 and 2003.
• ·        
  The winner got 25 lakh rupees while Pune FC got 15 lakh rupees.
• ·        
  The 2013 Durand Cup won by Mohammedan Sporting Club. It defeated ONGC by
  2-1 to win the cup after 40 years.
• ·        
  The Durand Cup is a football competition in India. It is co-hosted by
  the Durand Football Tournament Society (DFTS) and Osians.
• ·        
  It was first held in 1888, making it the third oldest football tournament
  in the world.

• ·        
  Due to enormous demand, the publishers of Sachin Tendulkar’s
  record-breaking autobiography, Playing It My Way has decided to translate the
  book in Indian regional languages.
• ·        
  Hachette India will be co-publishing Tendulkar’s autobiography after
  being flooded with interest from several publishers.
• ·        
  Poulomi Chatterjee, Publisher, Hachette India, said, “We have had an
  overwhelming response to the launch of this bestseller and are in talks with
  several Indian language publishers. We look forward to co-publishing this
  bestseller in Marathi, Hindi, Gujarati, Malayalam, Assamese, Telugu and
  Bengali. We will be finalising our publishing partnerships over the next few
  weeks for a summer 2015 release of these Indian language editions.”
• ·        
  The book, which was released on November 6, has broken all records for
  an adult hardback on order subscriptions across both fiction and non-fiction
  categories.
• ·        
  “The book has topped 200,000 copies in orders, already pulling ahead of
  both pre-order and lifetime sales of the top hardbacks — Dan Brown’s Inferno,
  Walter Issacson’s Steve Jobs and J K Rowling’s Casual Vacancy,” Hachette India
  in a release.