Current Affairs Update – 10th September, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs of 10th September, 2015. These are important for IBPS PO V Exam.

Finance/Industry –

RBI allows importers to raise trade credit in rupee

  • 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.

HDFC Life launches online unit-linked pension plan

  • 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 signs MoU with Tamil Nadu

  • 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.

Union Cabinet approved India’s Preferential Treatment to LDCs in Trade in Services in the WTO

  • 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.

Features of Preferential Treatment to LDCs
  • 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

While implementation of the article XVI of the GATS will have no direct financial implications,  technical assistance and capacity building components and provision related to visa fees will cost 3 crore and 2.5 crore rupees respectively.

India –

INS Vajrakosh commissioned by Defence Ministry at Karwar

  • 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, Indonesia signed pact to cooperate on criminal matters

  • 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.

SunEdison Inc, Tamil Nadu Government signed MoU to develop 2-GW projects

  • 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.

Awards & Honors –

Acclaimed writer Jhumpa Lahiri awarded with 2014 National Humanities Medal by White House

  • 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.

Lahiri was among 10 recipients of the award. Other 9 awardees are:
Annie Dillard, author
Everett L. Fly, architect and preservationist
Rebecca Newberger Goldstein, philosopher and novelist
Evelyn Brooks Higginbotham, historian
Fedwa Malti-Douglas, scholar
Larry McMurtry, novelist
Vicki Lynn Ruiz, historian
Alice Waters, author and food activist

  • 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.

Anupam Kher conferred with Honoured Guest of Texas award

  • 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.

World –

NASA plans to explore Jupiter’s moon Europa for alien life

  • 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, 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.

Days –

World Suicide Prevention Day observed with theme Preventing Suicide: Reaching Out and Saving Lives

  • 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.

Telangana Language Day observed to commemorate birth anniversary of Kaloji Narayana Rao

  • 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.

Sports –

Abitha Mary Manuel and Anamika Das bagged bronze medals in 2015 CYG

  • 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.

Daily Expected Questions on Stock GK:

1. Dadaji Kondadev Stadium is located in which city?
- Thane, Maharashtra

2. Mahanadi river flows through which of the following Indian state(s)?
- Odisha and Chhattisgarh

3. Dr. Shyama Prasad Mukherjee Thermal Power Station is located in which state?
- Chhattisgarh

4. Headquarter of Oriental Bank of Commerce is located in which city?
- Gurgaon

5. Ulaanbaatar is the capital and largest city of which country?
- Mongolia


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