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Current Affairs 13th March 2018

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First Regional Conference on Mass Rapid Transport Systems for Urban Areas – Opportunities and Challenges starts in Kolkata

The Managing Director, Delhi Metro Rail Corporation (DMRC) Shri Mangu Singh said that there is a need for expansion of metro transportation in tier-II cities. He said that it is not necessary that every city has a metro system, rather it should be based on the requirements of each city. In this regard, he mentioned that they have recommended alternative transport mode for Dehradun, capital of Uttarakhand. Shir Singh was delivering the inaugural address at the first regional conference on ‘Mass Rapid Transport System (MRTS) for Urban Areas – Opportunities and Challenges’ in Kolkata today.


RBI disallows hedging of price risk in gold, gems and precious stones

The Reserve Bank of India has revised its directions on ‘Hedging of Commodity Price Risk and Freight Risk in Overseas Markets’, whereby it has excluded gold, gems and precious stones from the list of commodities whose price risk can be hedged.

This development comes in the backdrop of the Rs. 12,600-crore letter of undertaking (LoU) scam at Punjab National Bank involving fraudulent issue of LoUs by a couple of officials in one of its Mumbai branches in favour of companies in the gems and jewellery trade.


HFCL to set up Rs. 260-cr plant to manufacture optical fibre

With 4G, 5G, fibre-to-home and data centres triggering demand for optical fibre, Himachal Futuristic Communication Ltd is setting up a Rs. 260-crore optical fibre manufacturing unit at the Fab City near here.

Even as it rolls out its manufacturing project, the company is mulling a second phase with an investment of Rs. 700 crore to further expand its capacity and set up a ‘preform’ facility at the site.


Nasscom ropes in Facebook to roll out Design4India studio

Nasscom has partnered with Facebook to launch Design4India studio, in an effort to bridge the gap between software engineers and design.

The Design4India studio has been set up at co-working space provider WeWork and will be a design studio for web, mobile, augmented reality and virtual reality platforms for start-ups and designers. The Design4India Initiative is just over a year old with an objective to integrate design with tech, to create design success for the software product and start-up ecosystem in India.


RBI fixes cap of 1 year for trade finance instruments

The Reserve Bank of India on Monday tightened the guidelines for hedging commodity price risks and freight risks in overseas markets, which will come into effect next financial year, by limiting the tenor of all bank instruments in trade finance areas.


ICICI Bank launches ‘InstaOD’, instant overdraft facility for MSMEs

In a latest development, ICICI Bank, announced the launch of an instant overdraft facility for Micro, Small and Medium Enterprises (MSMEs) in a completely online and paperless manner.

A press release from the bank informed of the new facility.

“Christened ‘InstaOD’, this first-of-its-kind offering in the Indian banking industry enables a few lakhs of pre-qualified current account customers of the bank to instantly avail of the facility without visiting a branch and submitting physical documents”, the release said.


India announces USD 100 ml LoC for Mauritius

India today announced a new Line of Credit of USD 100 million for defence procurement by Mauritius as the two sides signed many agreements on the second day of President Ram Nath Kovinds visit here.

The agreements were signed after President Kovind held delegation-level talks with Mauritius Prime Minister Pravind Jugnauth and members of his Cabinet


Govt to introduce Fugitive Economic offenders Bill and Chit Funds (Amendment) Bill in Lok Sabha

The Chit Funds (Amendment) Bill and The Fugitive Economic Offenders Bill are scheduled to be introduced in the Lok Sabha on Monday.

AIR correspondent reports, last month, the Cabinet had given its approval to introduce the Chit Funds (Amendment) Bill in Parliament.

The amendment has been brought to facilitate orderly growth of the Chit Funds sector and remove bottlenecks being faced by the Chit Funds industry and enabling greater financial access of people to other financial products.

The Fugitive Economic Offenders Bill which was appoved by the Cabinet early this month aims to stop economic offenders who flee overseas to avoid getting caught in financial frauds or offences.

The cases where the total value involved in such offences is 100 crore rupees or more will come under the purview of the Bill.


Telangana, Kerala ban unauthorised trips to forests, especially fire-prone areas

kerala banned trekking in the forest areas in the wake of Korangini Trekking tragedy in which nine people — four men, four women and a child — were killed.

Chief Secretary Paul Antony issued orders banning trekking till further orders today. Forest Department has advised to block all trekking activities as wild fires are spreading forest areas adjoining to Tamil Nadu and Karnataka.

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