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Feb 26 th, 2016
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Objective Question + Shorthand Notes on 25th FEBRUARY Current Affairs

KGP-35

Questions

1 Recently, cabinet approved $150 mn credit for development of which port
2 Which ministry will form a company for implementing Chabahr port Development project
3 Chabahar port lies in
4 Oath to the office of Chief Justice of High Court is being administered by
5 Recently cabinet approved establishment of which mission in NITI Aayog
6 India to sign agreement with which country to avoid double taxation on income from airlines
7 Which bank has won the inaugural Green Bond Pioneer Award
8 First bank to issue green infrastructure bonds in India
9 Green Infrastructure Bonds are basically to
10 First Bank to issue world’s first ever masala bonds on London Stock Exchange
11 The Green Bond Pioneer Award is organized by
12 RBI has extended Currency Swap Agreement with
13 Number of countries in SAARC
14 CCEA has hiked minimum support prices on
15 MSP is being decided by CCEA on recommendation of
16 Indian company which has received Global Excellence & Leadership Award
17 Global Excellence & Leadership Award is being established by
18 New President and CEO of Honda Cars India
19 New CEO of Infosys Consulting Holding

Answers

1 Chabahar port Iran
2 Ministry of Shipping
3 Gulf of Oman, Iran
4 Governor of State as per provision under article#219
5 Atal Innovation Mission and Self Employment & Talent Utilization (SETU)
6 Madives
7 Yes Bank
8 Yes Bank
9 fund energy projects related to solar power and wind power projects
10 Yes bank alongwith International Finance Corporation (IFC)
11 Climate Bonds Initiative (CBI)
12 SAARC nations
13 8 i.e. India, Bangladesh, Afghanistan, Maldives, Bhutan, Nepal, Pakistan and Sri Lanka
14 raw jute
15 Commission for Agricultural Costs and Prices (CACP)
16 Hyderabad based GVK Biosciences
17 World Corporate Social Responsibility (CSR) Congress
18 Yoichiro Ueno
19 Michael Pesch

Explanation

Union Cabinet approves $150 million Credit for Chabahar Port Development

Union cabinet approved USD 150 mn for the development of strategically important Chabahar Port in Iran from EXIM bank > Union Ministry of Shipping to form a Company in Iran for implementing this Chabahar Port Development Project > this was decided between India and Iran way back in 2003, but due to sanctions imposed over Iran over it’s atomic program it got delayed and then in 2015 for the same a MoU has been signed both > Chabahar Port located in the Gulf of Oman near Iran’s border with Pakistan > benefits for India – expanding maritime commerce in region, facilitating trade and investment with Iran, sea-land access to Afghanistan, hence giving companies of India a chance to explore Afghanistan’s mineral wealth and enhanced Afghanistan’s overall connectivity to regional and global markets significantly


Justice Subhro Kamal Mukherjee sworn-in as Chief Justice of Karnataka High Court

Justice Subhro Kamal Mukherjee had been sworn in as 28th Chief Justice of the High Court of Karnataka > he is being administered oath to the office as per provisions of Article 219 of CoI by Governor of State > he started his career in 1982 as an advocate and practiced mainly in civil and writ matters and in 2000 elevated as permanent Judge of Calcutta HC

Union Cabinet approves establishment of Atal Innovation Mission and SETU in NITI Aayog

Cabinet approval for establishment of Atal Innovation Mission (AIM) and Self Employment & Talent Utilisation (SETU) in NITI Aayog > it will give substantial boost to innovation ecosystem and will catalyze entrepreneurial spirit in country > a mission high level committee (MHLC) will guide the mission and will take all decisions for approval of requisite guidelines and implementation of various elements of both missions > NITI aayog has formed an expert committee on innovation and entrepreneurship for recommendations

Union Cabinet gives nod to incentivize cashless transactions

Government approval for introduction of steps for promotion of cashless payments (transactions) and for that various measures have been approved > for withdrawal of surcharge, service charge, convenience fee on digital payments or card imposed currently > introduction of appropriate acceptance infrastructure for cashless payments as well > rationalization of merchant discount rate (MDR) on telecom service charges and card transactions for digital financial transactions > aim – reduce cash transactions hence minimizing tax avoidance, migration to cashless mode etc.

Union Cabinet gives nod to India-Maldives double taxation Agreement on airlines

Cabinet nod for agreement between India and Maldives for avoidance of double taxation on income from international air transport > relief for airlines from double taxation > so, now Indian airline will be exempted from Maldivian taxes and similarly for Maldivian airlines operating in each other’s country > taxing right to country to which the enterprise belongs > this Mutual Agreement Procedure (MAP) will also help in difficulty or doubts resolving in each other’s country

Yes Bank wins inaugural Green Bond Award in UK

India’s private lender Yes Bank awarded inaugural Green Bond Pioneer Award in London > for its efforts related to Green Bonds market i.e. for its issuance of first ever Green Infrastructure Bonds > first Indian Bank to issue Green Infrastructure Bonds (GIBs) in India worth Rs. 1000 crores in 2015, which will be used to fund Renewable Energy projects including solar power and wind power projects > Yes Bank alongwith International Finance Corporation (IFC) also opened trading of world’s first ever masala bonds on London Stock Exchange > The Green Bond Pioneer Awards is being awarded to ‘Pioneers in Emerging Markets-India’ organised by Climate bonds Initiative (CBI) to increase awareness on green bonds > CBI is a non-profit investor for mobilizing USD 100 trillion green bond market for climate change > green bonds are debt instruments to help issuer get investment only is that is meant for funding green projects

RBI extends Currency Swap Arrangement with SAARC nations

RBI extended currency swap agreement with all 7 SAARC nations i.e. Bangladesh, Afghanistan, Maldives, Bhutan, Nepal, Pakistan and Sri Lanka > and so RBI will be offering swap of around USD 2 billion in foreign currency and Indian rupee > aim – enhancing economic cooperation and strengthening financial stability > currency swap involves exchange of principal and interest in one currency for the same in another currency i.e. by mutually when a US company needs rupees and some Indian company needs dollars then both can agree to swap currencies

CCEA hikes MSP of raw jute from Rs 2,700 to 3,200 per quintal

CCEA approval for hiking MSP of raw jute from 2700 to 2000 rupees per quintal >for year 2016-2017 to boost production as area under raw jute has been reduced to 7.5 lakh hectare from little over 8 lakh hectare in year 2016-17, also this jute farming provides employment to around 40 lakh farmers in WB, Odisha, Assam and eastern Bihar > MSP is market intervention by government to protect agricultural farmers from any sharp fall in farm prices, announced by government before sowing season > the MSP is being decided by CCEA on recommendation of Commission for Agricultural Costs and Prices (CACP)

GVK Bio awarded Global CSR Excellence & Leadership Award

Hyderabad-based GVK Biosciences (GVK BIO) awarded prestigious Global CSR Excellence & Leadership Award in Best Environment Friendly Project category for it’s ambitious Go Green, Grow Green plantation drive under CSR > under it’s mega plantation drive it had planted more than 1400 saplings in it’s Nachram and Mallapur campus and has tied up with GHMC for their watering and soil maintenance > the award is being bestowed annually on companies for sustainable CSR initiatives and is being established by World Corporate Social Responsibility (CSR) Congress

Yoichiro Ueno appointed as President and CEO of Honda cars India

Yochiro Ueno appointed as new President and CEO of Honda Cars India, who have rich experience in automobile industry, worked in many international location like, Thailand, New Zealand etc. and is working with this Japan based company for over 30 years

Michael Pesch appointed as CEO of Infosys Consulting Holding

Michael Pesch will be the new CEO of Infosys Consulting Holding which is a subsidiary of Infosys (India’s second largest software company) > he will be responsible for Infosys Consulting business in Europe Latin America and Asia Pacific Region and DACH countries i.e. Germany, Austria and Switzerland > focus will be on expanding reach of Infosys consultants and experts in design-led innovation and transformation

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