Current Affairs of 3rd November
Neelakshi Das, Published On:03-Nov-2018
1. Iran oil: India to get U.S. sanctions waiver
- The Trump administration will allow eight countries to import limited amounts of Iranian oil even after US sanctions against Iran kick in on November 5
- India, South Korea, Japan, Turkey and China are expected to be among the eight countries.
- The US has broadly agreed to grant India a waiver from Iran sanctions, which would allow Indian oil companies to continue to import about 1.25 million tonnes of oil a month till March from Tehran.
- European Union (EU) — which consists of 28 countries including the U.K. — will not be one of the jurisdictions granted a temporary exemption.
- There would be no exemption for Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global financial messaging service.
- Iran Capital: Tehran; Currency: Iranian rial
2. Loans for MSMEs in 59 minutes. PM unveils 12 key initiatives
Prime Minister Modi unveils a slew of measures to boost the Micro, Small and Medium Enterprises (MSME) sector.
The five key aspects for facilitating the MSME sector include access to credit, access to market, technology upgradation, ease of doing business, and a sense of security for employees.
Access to credit
1.A portal that would enable the units to get a loan in just 59 minutes. Firms registered on the Goods and Services Tax portal would be able to avail themselves of this facility on the portal itself. GST registered firms will also get a 2% rebate on interest rates.
2. Interest subvention of 2% on fresh or incremental loans for all GST registered MSMEs.
3. All companies with a turnover of more than ₹500 crore must now compulsorily be brought on the Trade Receivables eDiscounting System (TReDS)
Access to Markets
4..Public sector companies had now been asked to compulsorily procure 25%, instead of 20%, of their total purchases from the MSMEs.
5. Of the 25% procurement mandated from the MSMEs, 3% must now be reserved for women entrepreneurs.
6. More than 1.5 lakh suppliers, had registered on the government e-market place (GeM), out of which 40,000 are MSMEs, and transactions worth more than ₹14,000 crore had been made so far through the GeM. All central public sector undertakings must now compulsorily be a part of GeM.
7. 20 tool hubs would be formed across the country, and 100 spokes in the form of tool rooms would be established.
Ease of Doing Business
8. Clusters will be formed of pharma MSMEs of which 70 percent cost of establishing these clusters will be borne by the Union Government.
9. The return under 8 labour laws and 10 Union regulations must now be filed only once a year.
10. The establishments to be visited by an Inspector will be decided through a computerised random allotment.
11. Environmental clearance and consent to establish have been merged as a single consent.
12. An Ordinance has been brought, under which, for minor violations under the Companies Act, the entrepreneur will no longer have to approach the Courts, but can correct them through simple procedures.
3. RBI defends stiffer bank capital norms
- Amid a raging controversy over capital levels of Indian banks with the government wanting lower capital requirement, Reserve Bank of India Deputy Governor N. S. Vishwanathan defended the central bank’s decision to stick to stiffer capital norms.
- The government wants the capital adequacy ratio (CAR) of banks to be at 8% as per Basel norms, but RBI has prescribed 9%
- Capital Adequacy Ratio (CAR) is the ratio of a bank’s capital in relation to its risk weighted assets and current liabilities.
- It is decided by central banks and bank regulators to prevent commercial banks from taking excess leverage and becoming insolvent in the process.
4. RBI allows banks to provide partial guarantee to NBFC bonds
- The Reserve Bank permitted banks to provide partial credit enhancement (PCE), or a partial guarantee, to bonds issued by systematically important NBFCs and Housing Finance Companies, a move that will enhance their liquidity position
- The proceeds from the bonds backed by PCE from banks should only be utilised for refinancing the existing debt of the NBFC-ND-SIs/HFCs.
5. Bad loan provisions lead to PNB posting ₹4,532 cr. loss
- Scamhit Punjab National Bank reported a sharp spike in its losses in the second quarter at ₹4,532 crore, compared with a loss of ₹940 crore in the previous quarter and a profit of ₹560 crore in the second quarter of the previous year.
- The bank’s provisions for non performing assets ballooned to ₹7,733 crore in Q2
6. Chola MS renews ties with IndusInd Bank
- Chola MS General Insurance, a joint venture between Murugappa group and Mitsui Sumitomo Insurance Company of Japan, has renewed its bancassurance partnership with IndusInd Bank for a further period of five years.
7. NASA’s historic Dawn mission comes to an end
- NASA’s pioneering Dawn spacecraft — which orbited the two largest objects in the asteroid belt — has run out of fuel, ending a 11year mission that unravelled many mysteries of our solar system.
- The $467 million Dawn mission, launched in 2007 to study the protoplanet Vesta and the dwarf planet Ceres
8. An MoU for collaboration in LPG services was signed between Oil Marketing Companies (IOCL, HPCL & BPCL) and CSC e-Governance Services India Limited in presence of Shri Ravi Shankar Prasad, Minister of Law & Justice and Electronics & Information Technology (MeitY) and Shri Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Skill Development & Entrepreneurship.
9. The President of India, Shri Ram Nath Kovind, will visit Uttarakhand on November 3 and 4, 2018.
- The President will inaugurate the first Gyan Kumbh jointly organised by the Higher Education Department of Government of Uttarakhand and the University of Patanjali in Haridwar.He will also address the first convocation of AIIMS Rishikesh.
- Uttarakhand Capitals: Dehradun, Nainital (Judiciary)
- Chief Minister Trivendra Singh Rawat
- Governor Baby Rani Maurya
10. India and Japan signs a Loan Agreement worth Rs. 1817 crore for the ‘Project for the Construction of Turga Pumped Storage (I)’contributing to the Industrial Development and Living Standard Improvement in the State of West Bengal
- Japan Capital: Tokyo, Currency: Japanese Yen
11. Government of India, in consultation with the Reserve Bank of India, Sovereign Gold Bonds 2018-19 (Series III) will be opened for the period November 05-09, 2018
- The issue price of the Bond during this subscription period i.e. November 05-09, 2018, shall be ₹ 3,183 per gram
12. The Subscriber base under Atal Pension Yojana (APY) has crossed 1.24 crore mark
- More than 27 lacs new subscribers have joined the Scheme during the Current Financial Year 2018-19.
- The Atal Pension Yojana (APY) is the guaranteed Pension Scheme of Government of India administered by PFRDA.
- PFRDA Chairman: Hemant G. Contractor
- Headquarters: New Delhi
13. India Pavilion Inaugurated at Videocittà 2018 in Rome Film Festival
- Co-production opportunities between India and Italy Re-energized
- Mare Pyare Prime Minister: India’s Lone Entry in Rome Film Festival
14. Shri Santosh Kumar Gangwar, Minister of State (I/C) for Labour & Employment inaugurates Digital “Claims Receipt Entry” facility at 117 district offices of EPFO.
- 66th Foundation Day of EPFO celebrated
15. Russian President Vladimir Putin met Cuba’s President Miguel Diaz Canel who was making his first official visit to Moscow.
Russia Capital: Moscow ; Currency: Russian ruble
Cuba Capital: Havana ; Currencies: Cuban convertible peso, Cuban peso
16. Pakistan’s Prime Minister, Imran Khan arrived in Beijing to rework “allweather” ties with China, after reinforcing Islamabad’s bonds with Saudi Arabia, and keeping the door open for the reentry of Westbacked International Monetary Fund (IMF) into his country
Pakistan Capital: Islamabad; Currencies: Pakistani rupee, Rupee
China Capital: Beijing ; Currency: Renminbi
President: Xi Jinping
Appointments and Resignation
17. Atul Kumar Goel assumed charge as Managing Director and CEO of UCO Bank.
- He was the executive director of Union Bank of India.
- Goel takes over from R.K. Takkar, who completed his three year tenure on November 1, 2018
- Tagline: Honours Your Trust
18. The board of Bank of Maharashtra (BoM) has decided to reinstate and restore its managing director and chief executive officer Ravindra Marathe and executive director R.K. Gupta’s fi nancial responsibilities — a move which will be a huge morale booster for the public sector bank’s staff
Tagline: One Family one Bank
Books and Authors
19. 281 and Beyond - an autobiography of V.V.S. Laxman in collaboration with well-known cricket correspondent R. Kaushik and brought out by Westland Publications
20. Ayurveda Day to be celebrated throughout the Country on 5th November by ministry of AYUSH
- A “National Seminar on Entrepreneurship and Business Development in Ayurveda” in association with NITI Aayog on 4th & 5th November 2018 at Dr. Ambedkar International centre, Janapth, New Delhi, with the intention to encourage entrepreneurs and Ayurveda stakeholders towards businesses opportunities in the sector will be organised.
- AYUSH - Ayurveda, Yoga and Naturopathy, Unani, Siddha and Homoeopathy
- MOS independent charge - Shripad Naik
Source: The Hindu, The Economic Times, The Indian Express, Press Information bureau website
Important Questions for BANK/SSC/UPSC and other government exams:
1. US will allow ______ countries to import limited amounts of Iranian oil even after US sanctions against Iran kick in on November 5.
2. PM Narendra Modi recently unveiled 12 key initiatives for the benefit of which sector?
3. Public sector companies had now been asked to compulsorily procure _______instead of 20%, of their total purchases from the MSMEs.
4. ___________ is the ratio of a bank’s capital in relation to its risk weighted assets and current liabilities.
5. India and Japan signed a Loan Agreement worth Rs. 1817 crore for the ‘Project for the Construction of Turga Pumped Storage (I)’contributing to the Industrial Development and Living Standard Improvement in the State of _______
6. Who is the PFRDA Chairman?
7. Who is the Minister of State (I/C) for Labour & Employment ?
8. Who has been appointed Managing Director and CEO of UCO Bank.?
9. The Tagline of Bank of Maharashtra is_______
10. 281 and Beyond is an autobiography of which famous cricketer?
4. Capital Adequacy Ratio (CAR)
5. West Bengal
6. Hemant G. Contractor
7. Shri Santosh Kumar Gangwar
8. Atul Kumar Goel
9. Tagline: One Family one Bank
10. V.V.S. Laxman