Current Affairs November 25, 2017


Minimum Export Price of Onion at $850 per Tonne notified by Union Govt

The government has notified Minimum Export Price of onion at 850 dollars per tonne. It is notified to ensure its availability in the domestic market.

Food and Consumer Affairs Minister Ram Vilas Paswan stated this will discourage cheap export from the country and augment its domestic availability. The Ministry had authorized National Agricultural Cooperative Marketing Federation (NAFED) and Small Farmers Agribusiness Consortium (SFAC) to procure 12 thousand tonnes onion.

NAFED was established on 02nd October 1958 and the Chairman of NAFED- VR Patel

Food and Consumer Affairs Ministry

Minister: Ram Vilas Paswan

Constituency: Hajipur, Bihar.

FDI increased by 17% to USD 25.35 billion during April-September fiscal

FDI increased by 17% to USD 25.35 billion during April-September fiscal. Telecom, trading, computer hardware and software and automobile are the main sectors which attract foreign inflows. The total FDI into India including equity inflows reinvested earnings and other capital stood at USD 518.10 billion during April 2000 to September 2017.

The bulk of the FDI came in from Singapore, Mauritius, the Netherlands, and Japan.

The department of industrial policy and promotion (DIPP), under the commerce and industry ministry, deals with FDI related issues.

RBI Raises Shareholding Limit of ARCs

The Reserve bank of India (RBI) allowed Asset Reconstruction Companies (ARCs) to hold more than 26% post-conversion of debt into equity in companies undergoing restructuring.

Now, the central bank notified the extent of shareholding post-conversion will be in accordance with permissible foreign direct investment (FDI) limit for that specific sector.

According to the Reserve Bank of India (RBI) notification, Asset Reconstruction Companies (ARCs) can hold more than 26% post-conversion of debt into equity in companies undergoing restructuring. The criteria are ARC should also maintain new owned fund (NOF) of Rs. 100 crore and should have at least half of the board members as independent directors to be eligible for exemption from the shareholding limit.

Bamboo Not A ‘Tree’ Anymore As President Clears Ordinance Amending Forest Law

The move is aimed at encouraging bamboo plantations, which will contribute to achieving the objective of doubling the farmers’ incomes by 2022, sources said.President Ram Nath Kovind today cleared an ordinance amending the Indian Forest Act, 1927.

The ordinance omits bamboo grown in non-forest areas from the definition of trees, thereby exempting it from requiring permits for felling or transportation.

Before the ordinance was issued, the definition of tree in the Act included palm, bamboo, brushwood and cane.

Bamboo grown in forest areas will continue to be governed by the Forest Conservation Act, 1980.

India’s Largest consumer of electricity is Maharashtra

According to Central Electricity Authority, Maharashtra stands as the single largest consumer of electricity in India. It is followed by UttarPradesh and Telangana.

It has demanded 75,169 million units (MU) during April to September 2017

Google joins skill India Mission by offering 1,30,000 scholarships for developers and students

With an aim to boost ‘Skill India’ mission, Google now joined hands with Pluralsight and Udacity for a new scholarship program that will help 130K developers and students from India. It provides necessary skills needed to be successful in the constantly changing technology landscape.

Training will be given in emerging technologies like Mobile and Web Development, Machine Learning, AR/VR, AI, and Cloud Platforms.Google will also provide 1000 full nano degree scholarships.

Pluralsight and Udacity are private online education company.

Union Cabinet agreed continuation of scheme on Indian Institute of Corporate Affairs

The Union Cabinet approved the continuation of the scheme on Indian Institute of Corporate Affairs (IICA). It has been extended for another three financial years (FYs 2017-18 to 2019-20).

It also provides Grants-in-aid of Rs.18 crore to the Institute.It will make the Institute self-sustainable by the end of FY 2019-20.

The National Foundation for Corporate Social Responsibility (NFCSR) at IICA is responsible for Corporate Social Responsibility (CSR) initiatives. The Foundation has been designed around the new provisions of Companies Act, 2013. The NFCSR conducts various activities in partnership with Corporates in the field of CSR, oriented towards social inclusion.

Expansion of Beti Bachao Beti Padhao approved by CCEA

The Cabinet Committee on Economic Affairs chaired by Prime Minister Shri Narendra Modi has given its approval for expansion of Beti Bachao Beti Padhao. It is agreed for a Pan India reach covering all the 640 districts (as per census 2011) of the Country to have a deeper positive impact on Child Sex Ratio.

An outlay of Rs.1132.5 crore has been proposed.

Beti Bachao Beti Padhao

The Scheme was launched by the Prime Minister on 22nd January, 2015 at Panipat, Haryana as a comprehensive programme to address the declining Child Sex Ratio (CSR) and related issues of empowerment of women over a life-cycle continuum.

Paytm Payments Bank raises 122 crore

Paytm Payments Bank has raised 122 crores. It has raised from Paytm’s parent company One97 Communications.This takes the total funds infused into the payments bank to Rs 400 crore.

It is also the first bank to offer cash back on deposits, such as cash back of Rs 250 on depositing Rs 25,000 into the bank account.

Users can deposit upti Rs 1 lakh and the Bank offers 4% interest rate on savings account as against Airtel Payments Bank, which gives 7.25% interest on deposits in savings accounts and India Post Payments Bank, which is providing 5.5% interest on deposits.

Paytm Payments Bank

Headquarters: Noida, UttarPradesh

CEO & MD: Renu Satti

Chairman: Vijay Shekhar Sharma


Bali’s Volcano erupts for the First Time

Mount Agung, a volcano on Bali, sends a thick ash cloud into the sky over the Indonesian island and grounding thousands of travelers.According to the country’s National Disaster Mitigation Agency, it had happened first time in 54 years.


Capital: Jakarta

Currency: rupiah

President: Joko Widodo

‘QS University Rankings: BRICS 2018’

O.P. Jindal Global University (JGU) has been ranked among the Top 10 Private education Institutions in India

It is released by Chairman of University Grants Commission (UGC), Professor (Dr.) V.S. Chauhan.

India and Finland ties up to boost IT, Renewable energy

India and Finland ties up to boost in the areas of trade and investment, renewable energy and science and technology.

Minister for External Affairs Sushma Swaraj and her Finnish counterpart Timo Soini reviewed whole scope of bilateral relations.

Both sides agreed to deepen cooperation in mutually beneficial spheres like trade & investment, IT, new & renewable energy, science &technology, culture & people-to-people contact.Already,India’s annual trade with Finland has crossed $1 billion.


Capital: Helsinki

Currency: Euro

President: Sauli Niinisto

India’s Membership for EBRD approved by Union Cabinet

Union Cabinet chaired by Prime Minister Narendra Modi has approved India’s Membership for European Bank for Reconstruction & Development (EBRD). It would increase the scope of cooperation between India and EBRD through co-financing opportunities in manufacturing, services, Information Technology, and Energy.

The minimum initial investment towards the membership of EBRD will be approximately €1 (one) million.


Headquarters: London, United Kingdom.

President: Suma Chakrabarti


Youth Women World Championship 2017 held in Guwahati, Assam

The World Youth Women’s Boxing Championship 2017 was inaugurated Md. Ayatullah Hockey Stadium in Bhetapara by Assam chief minister Sarbananda Sonowal.

It is organized by AIBA (International Boxing Association) Over 150 boxers from 38 countries is competing in the event, being held in India for the first time.


Capital: Dispur

Chief Minister: Sarbananda Sonowal

Governor: Jagdish Mukhi

Basel jointly host Badminton and Para Badminton World Championships in 2019

Basel will become the first city to jointly host the Badminton and Para-Badminton World Championships in 2019, announced by Badminton World Federation (BWF).It was awarded the 2019 edition of the Para event.

The Badminton World Federation (BWF) also confirmed that the two tournaments will be held simultaneously for the first time.

Basel is a city on the Rhine River in northwest Switzerland.