Current Affairs Update – 27 Sept, 2014

• ·        
  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.

• ·        
  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.

• ·        
  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.

• ·        
  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.

• ·        
  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.

• ·        
  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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