Current Affairs for Bank Exams,SSC,RRB for the date 22.11.14 NATIONAL EVENTS A top Indian-American diplomat would travel to India next week to lay the ground work for the historic visit of US President Barack Obama in January who would be the chief guest at the Republic Day celebrations. RBI says overseas borrowed funds can be parked with banks in India Reserve Bank of India (RBI) allowed companies borrowing overseas to park the funds as term deposits with local banks for a maximum period of six months. This facility is available for entities that have borrowed funds for permitted end uses such as local sourcing of capital goods, on-lending to self-help groups or micro-credit and payment for spectrum allocation, among others. “No charge in any form should be created on such term deposits Such deposits should be exclusively in the name of the borrower and they should be available for liquidation as and when required, the regulator said. The amended policy would come into immediate effect and all other aspects of the external commercial borrowing (ECB) policy would remain unchanged. On 3 September, the banking regulator had eased certain ECB norms by allowing non-resident lenders to extend rupee loans to borrowers in India, after following certain norms regarding currency swaps with local banks. Prior to that, all eligible borrowers were allowed to raise ECB funds in rupees only from their foreign equity holders. Indian corporate entities borrowed $2.56 billion worth of ECB loans in October 2014. Of this, Reliance Jio Infocomm Ltd and Tata Motors Ltd had both borrowed $750 million each through the ECB route. FII investor limit in state owned Power Grid Corporation has reached the trigger level. Hence, foreign investors will now require RBI’s prior permission for any further purchases of equity shares of this company. The Reserve Bank of India today issued one more alert to the public about the newest form of fraud perpetrated in its name - a credit card issued by fraudsters in the name of the Reserve Bank. INTERNATIONAL EVENTS The 18th South Asian Association for Regional Co-operation (SAARC) The 18th South Asian Association for Regional Co-operation (SAARC) Summit began in Kathmandu, Nepal today. Joint Secretaries level programming committee discuss the calender of SAARC activities for 2015, and opening of a SAARC Disaster and Environment Management Centre. Besides, also considering a proposal for merging the present 11 regional SAARC Centres to make five such Centres. This is the first time Kathmandu is hosting the summit in 12 years. The theme this year is, Deeper Integration for peace and prosperity. Established in 1985, SAARC was joined by seven South Asian countries to promote welfare economics and collective self-reliance, and to accelerate the regions socio-cultural development. The first summit was held in Dhaka on 8 December 1985, when the organization was established by the governments of Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, and Sri Lanka. 21st November is World Hello Day The objective is to say hello to ten people on the day. By greeting others, the message is for world leaders to use communication rather than force to settle conflicts. The event began in 1973 by Brian and Michael McCormack in response to the Yom Kippur War. 21st November is World Television Day In recognition of the increasing impact television has on decision-making by bringing world attention to conflicts and threats to peace and security and its potential role in sharpening the focus on other major issues, including economic and social issues, the United Nations General Assembly proclaimed 21 November as World Television Day (through resolution 51/205 of 17 December 1996). 21st November is World Fisheries day It is celebrated every year throughout the world by the fisher folk communities. Fishing communities worldwide celebrate this day through rallies, workshops, public meetings, cultural programs, dramas, exhibition, music show, and demonstrations to highlight the importance of maintaining the worlds fisheries. A recent United Nations study reported that more than two-thirds of the worlds fisheries have been overfished or are fully harvested and more than one third are in a state of decline because of factors such as the loss of essential fish habitats, pollution, and global warming. SPORTS Four Indians will take part in the 11th Yamaha ASEAN Cup Race 2014 which will be held on December 6-7 at the Sentul International Circuit in West Java, Indonesia. Frances pole vault world record holder Renaud Lavillenie and New Zealands unstoppable shot-putter Valerie Adams were named the IAAFs World Athletes of the Year in Monaco. India clinched the third South Asian Football Federation (SAFF) Womens Championship in Islamabad. BANKING AWARENESS FOR YOU What is ECB ? ECBs means External Commercial Borrowings refer to commercial loans in the form of bank loans, securitized instruments (e.g. floating rate notes and fixed rate bonds, non-convertible, optionally convertible or partially convertible preference shares), buyers’ credit, suppliers’ credit availed of from non-resident lenders with a minimum average maturity of 3 years. ABOUT MALDIVES CAPITAL: Male CURRENCY: Maldivian Rufiyaa GOVERNMENT: Unitary Presidential Constitutional Republic PRESIDENT: Abdulla Yameen CONTINENT: Asia PHRASAL VERB “ to park” means “ deposit” Example: RBI allowed companies borrowing overseas to park the funds as term deposits with local banks for a maximum period of six months. “do away with something” means “discard” Example: Its time to do away with all of these old tax records.
Posted on: Sat, 22 Nov 2014 16:17:34 +0000
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