Current affairs- July 6 , 2016
RBI’s steps on FCNR get FSDC nod
The Financial Stability and Development Council (FSDC) recently
said that the Reserve Bank of India has taken the right steps to address the
issue of concessional swaps against Foreign Currency Non-Resident (FCNR)
deposits.
Details:
- FCNR (B) deposits mature mostly in three years. RBI had said that the swaps and the forwards will take care of the dollar requirement and should be neutral for the reserves. However, banks should witness deposit base depletion and some rupee liquidity will be strained.
- RBI had also said that it would take “all necessary measures to even out the resultant rupee liquidity gaps through use of appropriate instruments”.
- Assuring the market that the swaps are adequately covered by RBI’s forward purchases, the central bank, however, had also cautioned that the foreign exchange reserve could see some dip in the interim as the swaps and forwards are not timed perfectly.
Interest subvention
The Union Cabinet has approved the Interest Subvention Scheme for
farmers for the year 2016-17. The Government has earmarked a sum of Rs. 18,276
Crore for this purpose.
- This will help farmers getting short term crop loan payable within one year up to Rs. 3 lakhs at only 4% per annum.
MoU between India and Mauritius in the field of
Rural Development and Poverty
Alleviation
The Union Cabinet has approved signing of a Memorandum of
Understanding (MoU) between India and Mauritius.
Details:
- The MoU will help to establish a framework for cooperation between the National Development Unit, Prime Minister’s Office of the Republic of Mauritius and the Ministry of Rural Development of the Republic of India in the sphere of rural development.
- The MoU will encourage cooperation in the field of rural development and capacity building on the basis of equality and mutual benefit between both countries.
SC sets deadline for blocking online sex selection
ads
Rapping online search engines like Google, Yahoo and Microsoft for
patently violating Indian law, the Supreme Court recently asked the Centre to
hold a meeting with their technical experts so as to find a solution to check
advertisements and information on pre-natal sex determination being hosted by
them.
- The court has asked the Centre to convene a meeting of technical experts and the search engines within 10 days to explore ways to block such advertisements.
13th Major in India:
The Centre has given its ‘in-principle’ approval to set up
the country’s 13th major port at Enayam, near Colachel in Tamil
Nadu.
Details:
- A special purpose vehicle (SPV) will be formed for the development of port that will act as a major gateway container port for cargo and become a trans-shipment hub for East-West trade route.
- The initial investment for the SPV will come from three major ports in Tamil Nadu — V. O. Chidambaranar Port Trust, Chennai Port Trust and Kamarajar Port Limited.
- The new port at Enayam will also reduce the logistics cost for exporters and importers in south India who currently depend on trans-shipment in Colombo or other ports leading to additional port handling charges.
The Centre has approved an outlay of Rs.10,000 crore towards
a scheme to provide apprenticeship training to 50 lakh youth by 2020.
Details:
- The approved National Apprenticeship Promotion Scheme will provide financial incentives to employers to engage apprentices.
- Under the scheme, the Ministry of Skill Development and Entrepreneurship will share 25% of the total stipend payable to an apprentice with employers.
- The government will also fund 50% of the total expenditure incurred by the employer in providing basis training to apprentices.
The Union Cabinet has given its approval for signing of a Memorandum
of Understanding (MoU) between India and Mozambique on Drug demand
reduction and prevention of illicit trafficking in narcotic drugs, psychotropic substances and precursor
chemicals and related matters.
Details:
The MoU is aimed to enhance mutual
cooperation between the two countries in combating illicit trafficking in
Narcotic drugs, Psychotropic substances and their precursors through
exchange of information, expertise and capacity building.
MoU between India and Tanzania:
The Union Cabinet has approved signing of a Memorandum of Understanding (MoU) between India and Tanzania in the field of Traditional Systems of Medicine and Homeopathy.
Details:
The MoU will provide structured frame work for the cooperation between the two countries for the promotion and propagation of Indian Traditional Systems of Medicine & Homeopathy in Tanzania.
The Union Cabinet has approved signing of a Memorandum of Understanding (MoU) between India and Tanzania in the field of Traditional Systems of Medicine and Homeopathy.
Details:
The MoU will provide structured frame work for the cooperation between the two countries for the promotion and propagation of Indian Traditional Systems of Medicine & Homeopathy in Tanzania.
