UPDATE `apptidudeques1` SET `createdTime`='1529595834' WHERE `id`='17'UPDATE command denied to user 'bankersalgo'@'' for table 'apptidudeques1' Current Affairs News Shot September 01 - 07 2| Banker's Algo
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Current Affairs News Shot September 01 - 07 2013


Land Acquisition Bill Passed In Lower House
The Lok Sabha passed the long-awaited Land Acquisition, Rehabilitation and Resettlement Bill which seeks to replace the archaic land acquisition law dating back to 1894.  The government cleared the air on the reservations from some States against some provisions in the bill by informing that the Bill only ideates for fair compensation, rehabilitation and resettlement in the case of land acquisition and State Governments were free to improve upon it and enforce it as per their specific needs.

Lok Sabha Passed Bill To Set Up First National Aviation University
On 6 September Rajiv Gandhi National Aviation University Bill, 2013 was passed by the Lok Sabha .
To establish the first-ever national aviation university in India, called Rajiv Gandhi National Aviation University.
The University would train the cabin crew, pilots as well as aircraft engineers.
Place to Launch: Rae Bareli in Uttar Pradesh

Lok Sabha Passes PFRDA Bill 2011
The Pension Fund Regulatory and Development Authority Bill (PFRDA), 2011 which aims to regulate the New Pension System (NPS) has been passed in the Lok Sabha.
Status: Currently the PFRDA has a non-statutory status.
Target: The legislation seeks to empower PFRDA to regulate the New Pension System (NPS). 
Highlights of PFRDA Bill 2011:

  • It provides subscribers a wide choice to invest their funds for assured returns by opting for government bonds as well as in other funds depending on their capacity for risk.
  • It allows for withdrawals from the individual pension account subject to the conditions, such as, purpose, frequency and limits, as may be specified by the regulations.
  • It makes the Pension Fund Regulatory and Development Authority a statutory authority. Presently, it has non-statutory status.


3rd India – Republic of Korea Foreign Policy and Security Dialogue Held In Seoul
The 3rd India – Republic of Korea (ROK) Foreign Policy and Security Dialogue (FPSD) was held in Seoul on 2 September .
Indian Side: Mr. Ashok K. Kantha, Secretary (East), Ministry of External Affairs (MEA)
Korean Side: First Vice Minister for Foreign Affairs Mr. Kim Kyou-hyun
Fields to be discussed: economic collaboration, defense and security cooperation, cultural exchanges and people-to-people contacts, potential for space and nuclear cooperation, upgrading of the bilateral Comprehensive Economic Partnership Agreement and collaboration in defense production, cooperation in the spheres of maritime and cyber security.
Next Meet Up Schedule: It was agreed that the 4th India-ROK Foreign Policy and Security Dialogue will be held at New Delhi at a mutually convenient time in 2014.

The two-day summit of the Group of Twenty (G-20) has begun at St. Peters burg in Russia
The summit will focus on issues pertaining to the economic growth throughout the developed world.
India at G-20
India and Japan have decided to expand their currency swap arrangement from USD 15 billion to USD 50 billion to strengthen bilateral financial cooperation and stabilize the global financial markets. The decision to expand bilateral currency swap was taken during a meeting between Prime Minister Manmohan and Japanese Deputy Prime Minister Taro Aso on the sidelines of the G-20 summit. This will help India fight with the current domestic currency crisis.

Indian Air Force inducts its Biggest Transport Aircraft ‘ C-17 Globemaster III ‘
On 2 September Union Defence Minister AK Antony formally inducted IAF’s biggest 70-tonne heavy-lift transport aircraft ‘ C-17 Globemaster III ‘ into service at the Hindon Air Base near Delhi.
Procured from: the US
Orders: Ten C-17 aircraft under the deal signed in 2011 and three of them have already been delivered. The US Air Force is scheduled to complete the delivery of all the 10 planes by the end of 2014.
Cost: Over Rs.20,000 crore.
Capability: To carry around 70 tonnes of load and around 150 fully geared troops,
Earlier Carrier: Russian Il-76 as the biggest aircraft in the IAF inventory till now.The IL-76 has the capability to carry loads upto around 40 tonnes.


“Ahmev Radha, Ahmev Krishnah”  Book Released
The Vice President of India, M.Hamid Ansari released the book titled “Ahmev Radha, Ahmev Krishnah”, written by the Chief Editor of Hindi newspaper Rajasthan Patrika, Gulab Kothari, in New Delhi on 4 September.
About: The complicated issue of personality development in very simple and interesting words.



RBI asks banks to consider e-KYC a valid process
RBI asked banks to avail the electronic Know Your Customer, e-KYC service, launched by the Unique Identification Authority of India, UIDAI.
The notification directed banks to revise their KYC policy by accepting the e-KYC as a valid process for KYC verification under the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. As per the notification, the information containing demographic details and photographs made available from UIDAI as a result of e-KYC process may be treated as an ‘Officially Valid Document’ under PML Rules.
The e-KYC service was launched by the UIDAI to help people link their existing records, like ration cards, pension accounts, license and certificates, to their Aadhaar numbers in a safe and easy manner.

ECB keeps key rate unchanged at 0.5%
The 23-member governing council of European Central Bank has left its benchmark interest rate unaltered at a record low of 0.5%. The council said that the slowly recuperating eurozone economy didn’t need a further stimulus.

About European Central Bank
Established in 1998 through Treaty of Amsterdam in 1998. It is one of the seven institutions of the European Union (EU) listed in the Treaty on European Union(TEU).

Headquarters: Frankfurt, Germany.
Current President: Mario Draghi
It is central bank for the euro and administers the monetary policy of the 17 EU member states which constitute the Eurozone. However, capital stock of the bank is owned by the central banks of all 28 EU member states.
Primary Objective: To maintain price stability within the Eurozone. It has this single ill-defined primary objective, with other objectives subordinated to it.

Basic Tasks of ECB:
To define and implement the monetary policy for the Eurozone
To conduct foreign exchange operations
To take care of the foreign reserves of the European System of Central Banks
To promote smooth operation of the financial market infrastructure under the TARGET2 payments system and the technical platform (currently being developed) for settlement of securities in Europe (TARGET2 Securities).
Exclusive right to authorize the issuance of euro banknotes

RBI Allows companies to use ECB for general corporate purpose
In a bid to attract capital flows, the RBI relaxed the External Commercial Borrowing (ECB) norms by permitting companies to use funds raised from their foreign equity holder company with minimum average maturity of 7 years for general corporate purposes. Till now borrowings in the form of ECB were not allowed to be used for general corporate purpose.
Nevertheless, the RBI has put certain conditions. As per the conditions, the minimum paid-up equity of 25% should be held directly by the lender (overseas partner) and the repayment of the principal will commence only after completion of minimum average maturity of seven years and no prepayment will be allowed before maturity.
To Know More About ECB : Check It

India’s foreign exchange reserves deplete by $1.08 billion
As per RBI’s data India’s foreign exchange (forex) reserves reduced by $1.08 billion to $277.72 billion for the week ended Aug 23, 2013. The Special Drawing Rights (SDRs) decreased by $4.5 million to $4.38 billion for the same period. Gold reserves remained at the same level at $20.74 billion.
Read This Term at: Special Drawing Right

CCEA gives nod to TUFS for 12th Plan
The Cabinet Committee on Economic Affairs (CCEA) gave nod  for the implementation and continuation of Technology Upgradation Fund Scheme (TUFS) during the 12th Plan period with a focus on powerlooms with a total outlay of Rs.11,900 crore.

  • To encourage and promote indigenous manufacturing of textile machinery.
  • To provide Interest Reimbursement (IR) on second hand imported shuttleless looms to be slashed from 5% to 2%.
  • For new shuttleless looms, capital subsidy would be increased from 10% to 15%, IR from 5% to 6%, and margin money subsidy has been enhanced from 20% to 30% with an increase in subsidy cap from Rs. 1 crore to Rs. 1.5 crore.
  • The capital subsidy for handloom and silk sectors would be increased from 25% to 30%.  
  • Margin money subsidy limit would be increased from Rs.45 lakh to Rs. 75 lakh in respect of MSME and jute sectors.

Indian Railway Developing CReDI System to save Fuel and Cut Emission
The research wing of Indian Railways, Research Development Standard Organisation (RDSO) is in the process of developing a highly fuel efficient, Common Rail Electronic Direct Fuel Injection (CReDI) system for its fleet of diesel locomotives. Indian Railways has taken a global lead in initiating development of the CReDI for its fleet of diesel locomotives. In this direction, an Indian manufacturer has set up a joint venture with a reputed firm from Switzerland for design and development of the system under overall supervision of RDSO.



Microsoft to buy Nokia for $7.2 billion
Software behemoth Microsoft Corp will buy Nokia’s business and its patents for 5.44 billion euros with the aim to enter into mobile market. The deal will include Nokia’s mobile phones and smart devices business units as well as operations including all Nokia devices and services –related production facilities, sales and marketing activities and related support functions.


Pakistan unable to qualify for the Hockey World Cup for the first time
Pakistan is aggrieved as the country lost berth for the Hockey World Cup 2014 tournament. It is for the first time in Pakistan’s sporting history that it has been unable to qualify for the World Cup Hockey tournament as it lost to South Korea in the semifinal of the Asia Cup being held in Malaysia, a match they needed to win to qualify.

Hyderabad Hotshots clinch IBL
‘Hyderabad Hotshots’ defeated Awadh Warriors in the final of the $1 million inaugural Vodafone-Indian Badminton League (IBL) played in Mumbai.  Six teams participated in the event namely Banga Beats, Hyderabad Hotshots, Delhi Smashers, Mumbai Masters, Pune Pistons and Awadhe Warriors competing against each other to reach the top spot.

Korea beat India to conquer Asia Cup
India lost to Korea in the final of Asia Cup hockey tournament. Korea won the match 4-3 which brought them fourth triumph in the competition.
Final Positions of Teams: 1. Korea, 2. India, 3. Pakistan, 4. Malaysia, 5. Japan, 6. Oman, 7.Bangladesh, 8. Chinese Taipei.
Player of the tournament: V.R. Raghunath (India)



President confers Khel Ratna and Arjuna Award to sports person
President Pranab Mukherjee conferred country’s highest sporting honor- Rajiv Gandhi Khel Ratna Award on the topnotch shooter Ronjon Sodhi. Cricketing star Virat Kohli was among the 15 sports persons honored with Arjuna
Award. Among the other Arjuna Awardees were
Kavita Chahal for boxing,
Gaganjit Bhullar for Golf,
Saba Anjum for hockey,
Rajkumari Rathore for shooting,
PV Sindhu for badminton
Neha Rathi for wrestling.

A total of 5 coaches were honoured with Dronacharya awards.
KP Thomas was honoured with the Award for their life time contribution to coaching in Athletics and Raj Singh in Wrestling.

Senior IAS officer G Mohan Kumar has been appointed as Secretary in Ministry of Steel.
G Mohan Kumar, a 1979 batch IAS officer of Odisha cadre, is presently Special Secretary in Ministry of Water resources. He will succeed D R S Chaudhary who superannuated recently.

Indian Police Service (IPS) Sanjeev Dayal  has been appointed as head of the Indo-Tibetan Border Police (ITBP) force
Union home minister Sushilkumar Shinde said that his ministry had approved the appointment.

Zubin Mehta conferred with Tagore Award for Cultural Harmony
Renowned western classical music maestro Zubin Mehta was conferred with the Tagore Award for Cultural Harmony for year 2013. The award was presented by President Pranab Mukherjee at a lively function at Rashtrapati Bhavan. Mehta is second person after late sitar maestro Pandit Ravi Shankar to receive Tagore Award for cultural harmony.

Deepak Sandhu: First woman Chief Information Commissioner of India
Deepak Sandhu, former Indian Information Service officer of 1971 batch, became the first woman Chief Information Commissioner of the country. She was administered the oath of office by President Pranab Mukherjee at a function in Rashtrapati Bhavan.

Diana Nyad becomes first person to swim from Cuba to US without shark cage
American long-distance swimmer Diana Nyad (64) became the first person to swim across 166-km long Florida Strait from Cuba to the United States without a shark cage. It took her about 53 hours after beginning from Havana. It was her 5th attempt when set a record for the longest ocean swim without a shark cage or flippers.


Indian Author Sushmita Banerjee, who became famous after her best seller book “Kabuliwalar Bangali Bou” (A Kabuliwala’s Bengali Wife) about her escape from the Taliban in 1995 was shot dead
She was killed outside her home in Paktika province. She was married to Afghan businessman Jaanbaz Khan and recently moved back to Afghanistan to live with him.



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