WBCS Current Affairs 06/09/2014 to 12/09/2014
Posted: Fri Sep 12, 2014 12:27 am1.ICICI Bank has initiated ‘Cardless Cash Withdrawal’, a facility that permits its customers to transfer money from their account to anybody in India with a mobile number. The recipient can withdraw money anytime without using a debit card from ATMs of ICICI Bank all over India. The receiver can do this even without having a bank account of any bank.
Currently, electronic remittances are probable for only those with a bank account. Beneficiaries who don’t have a bank account can receive cash only via money order which is an expensive and time consuming course for remittances.
The ‘Cardless Cash Withdrawal’ service can be started by any ICICI Bank savings account customer (sender):
ICICI Bank savings account customer (sender) logs into the Internet banking.
Register the recipient’s name, mobile number and address.
The sender receives a 4-digit verification code
The recipient receives a 6-digit reference code, over SMS on his mobile.
The recipient can now go and withdraw cash from any ICICI Bank ATM by entering the mobile number, cash amount along with the verification and reference code, within 2 days of the transaction.
2.RBI in order to put intense pressure on businessmen, whose companies default in future, has intensified wilful defaulter rules. Now if a company is unable to repay then that could lead to other group units and management being termed ‘wilful defaulters’.
RBI held: “In cases where guarantees furnished by group companies on behalf of the wilfully defaulting units are not honoured when invoked by the banks, such group companies should also be reckoned as wilful defaulters.”Thus, this cross default condition would apply if the offending borrower has raised up funds on the strong point of the balance sheet of its other group companies. Banks have also been asked to recover from personal guarantees offered by promoters even without draining other ways. The new norms have comes as a result of cases like Kingfisher Airlines where regardless of having a promoter guarantee and the existence of cash-rich companies in the group, lenders are realizing it as a challenge to raise funds.
3.The RBI brought relief for investors in HDFC Bank and IndusInd Bank, who have been anxious about the destiny of their celebrated chiefs who have provided massive returns in the past few years. Full-time directors of Pvt. banks can now continue up to the age of 70, in line with the Companies Act 2013. The bank boards will, nevertheless, hold the right to set a lower retirement age for officials.
RBI has been decided that the upper age limit for MD & CEO and other WTDs (Whole-Time Directors) of banks in the private sector should be 70 years, i.e.- beyond which no person should remain in the post. Within the overall limit of 70 years, individual bank’s boards are free to fix a lower retirement age for the WTDs, counting the MD & CEO, as an internal policy.
This view received further credence after the P J Nayak committee proposed a maximum age of 65 for bank CEOs. The committee, to review governance of boards of banks, had made the suggestion in its report to RBI this May.
4.Apple surprising its admirers as usual unveiled 2 new smartphones – iPhone 6 and iPhone 6 Plus – and a new smart-watch simply called Apple Watch at a function in San Francisco, US. Apple Watch, is a miniature computer strapped around the wrist and is the first product made under CEO of Apple, Timothy D. Cook’s leadership.
5.India inked a Free Trade Agreement (FTA) in services and investments with the Association of South East Asian Nations (ASEAN), paving the mode for a more relaxed movement of professionals and additionally opening prospects for investments between India and ASEAN.
India implemented FTA in goods with 10-member ASEAN in 2011. 9 out of 10 ASEAN nations have inked the agreement. Philippines , now the only ASEAN country yet to sign the pact, is finalizing its domestic process and is probable to sign soon.
All ASEAN members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — are likely to get the contract approved by their Parliaments after which it will be formally adopted during the next India–ASEAN summit later this year.
The trade in services agreement contains all characteristics of a contemporary and all-inclusive pact and is in line with the other bilateral agreements that India has inked so far.
Few vital Articles encompassed in the agreement are ones on transparency, domestic regulations, recognition, market access, national treatment, increasing participation of developing countries, joint committee on services, review, dispute settlement and denial of benefits, etc.
6.The Central Board of Excise and Customs (CBEC) has warned its offices at ports about smuggling of ozone-depleting materials as there has been a fresh surge in efforts to unlawfully ship R-22 gas, which is used in refrigerants and air-conditioners (ACs). The department of revenue intelligence has recognized fresh ways of smuggling these items into the country viz. R-22 gas cylinders were found to be hidden in shipments where the importer had stated shipments of furniture, kitchen cabinets, photocopiers,fruits, etc.
R-22 gas (Chloro-di-fluoro-methane) is permitted to be imported in India but is licensed. Given the rising market for fridges and air-conditioners, the demand is greater than licensed supply.
7.India and Bahrain trade and commerce ties are on an upsurge. India and Bahrain trade and commerce has amassed momentum over the years and is assured to increase more with stress on partnerships in important sectors. Now the stress is on shifting from a characteristic buyer-seller relation to partners in progress. Significant areas include agriculture, infrastructure, healthcare, medical tourism, real estate and pharmaceuticals.
8.Tennis Woman’s World number one Serena Williams lifted her 3rd consecutive US Open trophy as she joined the elite club of Tennis legends Chris Evert and Martina Navratilova on 18 Grand Slam titles. In the Women’s Singles finals at US Open, the US Tennis Star Serena Williams defeated Caroline Wozniazki of Denmark in straight sets, 6-3, 6-3 to secure a record-equalling sixth US Open title.
Also, the 32-year-old Serena Williams also surpassed Briton Virginia Wade to become the second oldest Grand Slam winner after Navratilova, who had won Wimbledon in 1990 aged 33.
9.Scientists at the University of New Hampshire (UNH) have found a gigantic 100 million-year-old ancient extinct volcano at a depth of 4 km underwater in one of the minimum explored areas of the Pacific Ocean. It was discovered on a seafloor mapping mission, aimed at helping delineate the outer limits of the US continental shelf, near the Johnson Atoll in the Pacific. The peak of the seamount emerges 1,100 meters from the 5,100-metre-deep ocean floor.
10.India’s global ranking in favouritism shown by government officials to powerful corporates has bettered sharply from 94th in the last year to 49th place this year. The Rank nevertheless, still remains far below other key economies. As per a yearly study by the World Economic Forum (WEF), India’s ranking has also bettered notably in terms of public trust in politicians.Qatar ranked 1st and is followed by New Zealand, Singapore, Finland, UAE, the Netherlands, Japan, Norway, Sweden and Switzerland in top 10.
11.Announcing the Jammu and Kashmir floods as national level disaster, PM Modi declared an extra Rs 1,000 Crore as distinct aid for flood relief and rehabilitation. The state govt is battling worst flood in the last 50 years. The National Disaster Relief Force (NDRF), Air Force and Army were also pressed into action.
12.India’s nuclear power programme reached a fresh milestone after Unit 5 of the Rajasthan Atomic Power Station (RAPS), become the 2nd longest running reactor in the world by being in operation for 765 days nonstop.
The Unit 5 of the RAPS, a 220 MW Pressurized Heavy Water Reactor (PHWR), in Rawatbhata has been in uninterrupted operation since August 2, 2012 and it has been operating at full power with a capacity factor of 105% and has since then generated around 4,258 million units of electricity.
13.Sania Mirza won US Open mixed doubles title with her new partner Bruno Soares (Brazil). The pair defeated the combination of Abigail Spears (US) and Santiago Gonzalez (Mexico) 6-1, 2-6, 11-9 in an exciting mixed doubles final.
This was was Sania Mirza’s 5th mixed doubles final match at the Grand Slam level. This was her career’s 3rd Grand Slam title having won the Australian Open in 2009 and the French Open in 2012, both with compatriot Mahesh Bhupathi.
Sania had also reached the mixed doubles final at the Australian Open this year but ended runners-up with partner Horea Tecau (Romania).
14.China bestowed China Book Award to Jawaharlal Nehru University professor Priyadarsi Mukherji , for his support to interpretation and publication of Chinese works. Priyadarsi Mukherji was awarded along with 10 other winners. China Book Award is a distinctive award to applaud those who have made great and extensive assistance to familiarizing Chinese books overseas.
15.In an effort to protect numerous coral species at one place and to enhance tourism in the state, the country’s first ‘Coral garden’ will be set up at Mithapur coastal region of Devbhoomi-Dwarka district in Gujarat, which will conserve coral species. Wildlife Trust of India (WTI) and Tata Chemicals Limited (TCL) have inked a MoU to set up the first of its kind coral garden. The project will be financed by the Gujarat forest department as WTI has inked a broader MoU with the state also.
Currently, electronic remittances are probable for only those with a bank account. Beneficiaries who don’t have a bank account can receive cash only via money order which is an expensive and time consuming course for remittances.
The ‘Cardless Cash Withdrawal’ service can be started by any ICICI Bank savings account customer (sender):
ICICI Bank savings account customer (sender) logs into the Internet banking.
Register the recipient’s name, mobile number and address.
The sender receives a 4-digit verification code
The recipient receives a 6-digit reference code, over SMS on his mobile.
The recipient can now go and withdraw cash from any ICICI Bank ATM by entering the mobile number, cash amount along with the verification and reference code, within 2 days of the transaction.
2.RBI in order to put intense pressure on businessmen, whose companies default in future, has intensified wilful defaulter rules. Now if a company is unable to repay then that could lead to other group units and management being termed ‘wilful defaulters’.
RBI held: “In cases where guarantees furnished by group companies on behalf of the wilfully defaulting units are not honoured when invoked by the banks, such group companies should also be reckoned as wilful defaulters.”Thus, this cross default condition would apply if the offending borrower has raised up funds on the strong point of the balance sheet of its other group companies. Banks have also been asked to recover from personal guarantees offered by promoters even without draining other ways. The new norms have comes as a result of cases like Kingfisher Airlines where regardless of having a promoter guarantee and the existence of cash-rich companies in the group, lenders are realizing it as a challenge to raise funds.
3.The RBI brought relief for investors in HDFC Bank and IndusInd Bank, who have been anxious about the destiny of their celebrated chiefs who have provided massive returns in the past few years. Full-time directors of Pvt. banks can now continue up to the age of 70, in line with the Companies Act 2013. The bank boards will, nevertheless, hold the right to set a lower retirement age for officials.
RBI has been decided that the upper age limit for MD & CEO and other WTDs (Whole-Time Directors) of banks in the private sector should be 70 years, i.e.- beyond which no person should remain in the post. Within the overall limit of 70 years, individual bank’s boards are free to fix a lower retirement age for the WTDs, counting the MD & CEO, as an internal policy.
This view received further credence after the P J Nayak committee proposed a maximum age of 65 for bank CEOs. The committee, to review governance of boards of banks, had made the suggestion in its report to RBI this May.
4.Apple surprising its admirers as usual unveiled 2 new smartphones – iPhone 6 and iPhone 6 Plus – and a new smart-watch simply called Apple Watch at a function in San Francisco, US. Apple Watch, is a miniature computer strapped around the wrist and is the first product made under CEO of Apple, Timothy D. Cook’s leadership.
5.India inked a Free Trade Agreement (FTA) in services and investments with the Association of South East Asian Nations (ASEAN), paving the mode for a more relaxed movement of professionals and additionally opening prospects for investments between India and ASEAN.
India implemented FTA in goods with 10-member ASEAN in 2011. 9 out of 10 ASEAN nations have inked the agreement. Philippines , now the only ASEAN country yet to sign the pact, is finalizing its domestic process and is probable to sign soon.
All ASEAN members — Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam — are likely to get the contract approved by their Parliaments after which it will be formally adopted during the next India–ASEAN summit later this year.
The trade in services agreement contains all characteristics of a contemporary and all-inclusive pact and is in line with the other bilateral agreements that India has inked so far.
Few vital Articles encompassed in the agreement are ones on transparency, domestic regulations, recognition, market access, national treatment, increasing participation of developing countries, joint committee on services, review, dispute settlement and denial of benefits, etc.
6.The Central Board of Excise and Customs (CBEC) has warned its offices at ports about smuggling of ozone-depleting materials as there has been a fresh surge in efforts to unlawfully ship R-22 gas, which is used in refrigerants and air-conditioners (ACs). The department of revenue intelligence has recognized fresh ways of smuggling these items into the country viz. R-22 gas cylinders were found to be hidden in shipments where the importer had stated shipments of furniture, kitchen cabinets, photocopiers,fruits, etc.
R-22 gas (Chloro-di-fluoro-methane) is permitted to be imported in India but is licensed. Given the rising market for fridges and air-conditioners, the demand is greater than licensed supply.
7.India and Bahrain trade and commerce ties are on an upsurge. India and Bahrain trade and commerce has amassed momentum over the years and is assured to increase more with stress on partnerships in important sectors. Now the stress is on shifting from a characteristic buyer-seller relation to partners in progress. Significant areas include agriculture, infrastructure, healthcare, medical tourism, real estate and pharmaceuticals.
8.Tennis Woman’s World number one Serena Williams lifted her 3rd consecutive US Open trophy as she joined the elite club of Tennis legends Chris Evert and Martina Navratilova on 18 Grand Slam titles. In the Women’s Singles finals at US Open, the US Tennis Star Serena Williams defeated Caroline Wozniazki of Denmark in straight sets, 6-3, 6-3 to secure a record-equalling sixth US Open title.
Also, the 32-year-old Serena Williams also surpassed Briton Virginia Wade to become the second oldest Grand Slam winner after Navratilova, who had won Wimbledon in 1990 aged 33.
9.Scientists at the University of New Hampshire (UNH) have found a gigantic 100 million-year-old ancient extinct volcano at a depth of 4 km underwater in one of the minimum explored areas of the Pacific Ocean. It was discovered on a seafloor mapping mission, aimed at helping delineate the outer limits of the US continental shelf, near the Johnson Atoll in the Pacific. The peak of the seamount emerges 1,100 meters from the 5,100-metre-deep ocean floor.
10.India’s global ranking in favouritism shown by government officials to powerful corporates has bettered sharply from 94th in the last year to 49th place this year. The Rank nevertheless, still remains far below other key economies. As per a yearly study by the World Economic Forum (WEF), India’s ranking has also bettered notably in terms of public trust in politicians.Qatar ranked 1st and is followed by New Zealand, Singapore, Finland, UAE, the Netherlands, Japan, Norway, Sweden and Switzerland in top 10.
11.Announcing the Jammu and Kashmir floods as national level disaster, PM Modi declared an extra Rs 1,000 Crore as distinct aid for flood relief and rehabilitation. The state govt is battling worst flood in the last 50 years. The National Disaster Relief Force (NDRF), Air Force and Army were also pressed into action.
12.India’s nuclear power programme reached a fresh milestone after Unit 5 of the Rajasthan Atomic Power Station (RAPS), become the 2nd longest running reactor in the world by being in operation for 765 days nonstop.
The Unit 5 of the RAPS, a 220 MW Pressurized Heavy Water Reactor (PHWR), in Rawatbhata has been in uninterrupted operation since August 2, 2012 and it has been operating at full power with a capacity factor of 105% and has since then generated around 4,258 million units of electricity.
13.Sania Mirza won US Open mixed doubles title with her new partner Bruno Soares (Brazil). The pair defeated the combination of Abigail Spears (US) and Santiago Gonzalez (Mexico) 6-1, 2-6, 11-9 in an exciting mixed doubles final.
This was was Sania Mirza’s 5th mixed doubles final match at the Grand Slam level. This was her career’s 3rd Grand Slam title having won the Australian Open in 2009 and the French Open in 2012, both with compatriot Mahesh Bhupathi.
Sania had also reached the mixed doubles final at the Australian Open this year but ended runners-up with partner Horea Tecau (Romania).
14.China bestowed China Book Award to Jawaharlal Nehru University professor Priyadarsi Mukherji , for his support to interpretation and publication of Chinese works. Priyadarsi Mukherji was awarded along with 10 other winners. China Book Award is a distinctive award to applaud those who have made great and extensive assistance to familiarizing Chinese books overseas.
15.In an effort to protect numerous coral species at one place and to enhance tourism in the state, the country’s first ‘Coral garden’ will be set up at Mithapur coastal region of Devbhoomi-Dwarka district in Gujarat, which will conserve coral species. Wildlife Trust of India (WTI) and Tata Chemicals Limited (TCL) have inked a MoU to set up the first of its kind coral garden. The project will be financed by the Gujarat forest department as WTI has inked a broader MoU with the state also.