Tuesday, 2 May 2017

Daily Update On Current Affairs - May 01, 2017

current affairs
Here's your daily summary of Current Affairs.

India To Give Rs 35 Cr To Children Of Freedom Fighters In Bangladesh

India will give Rs. 35 crore rupees to children of freedom fighters in Bangladesh under the new ‘Muktijodha scholarship’ scheme in the next five years. Under the scheme, students at the higher secondary level will get a one-time grant of Tk 20,000 (Rs 15,370) and students at the undergraduate level will get a grant of Tk 50,000 (Rs 38,430). In addition, all freedom fighters will be eligible for multiple entries on Indian visa for a period of five years. Also, every year 100 of them will be entitled to free medical treatment in Indian hospitals.

Much Awaited Real Estate Act Comes Into Effect From Tomorrow To Ensure Transparency And Accountability In Real Estate Sector

The much-awaited Real Estate Act will come into effect from tomorrow. The Real Estate Act will be a win-win situation for both buyers and developers. The Act would protect the interests of a large number of buyers across the country. This act will ensure the much-desired transparency, accountability and efficiency in the crucial real estate sector. All the states and Union Territories have been urged to implement the Act with letter and spirit. Some major provisions of the Real Estate Act, besides mandatory registration of projects and real estate agents, include depositing 70 percent of the funds collected from buyers in a separate bank account for construction of the project. This will ensure timely completion of the project as the funds could be withdrawn only for construction purposes. The law also prescribes penalties on developers who delay projects.

ISRO To Launch SAARC Satellite On May 5, 2017

The Indian Space Research Organization (ISRO) on Friday will launch a satellite for South Asian countries. Seven of the eight SAARC countries (the lone absentee is Pakistan) are participating in the Satellite project.

It was originally intended to be the SAARC satellite, but with Pakistan not joining the project, it took the avatar as South Asia satellite. Built at a cost of 235 crore rupees by ISRO, it will be having 12 Ku-band transponders for telecommunication and broadcasting applications by the neighbouring nations. Telemedicine, tele-education and disaster relief operations are some of its other uses. Prime Minister Narendra Modi had made an announcement about the satellite in the SAARC Summit held in Kathmandu in November 2014.

India’s Telecom Subscriber Base Crosses 1.18 Billion Mark

The Telecom Regulatory Authority says, India's telecom subscriber base, mobile and landline combined has touched the 1.18 billion mark at the end of February 2017, growing 1.17 percent over the previous month. The market growth was propelled by the addition of 13.75 million mobile users during the month. As per the data by TRAI, the urban connectivity went up to 692.15 million in February-end, from 681.15 million in January-end, a growth of over 1.6 percent.

Mumbai And Chennai Amongst The Top 20 Tourist Destinations In Asia Pacific

Mumbai and Chennai have been ranked amongst the Top 20 Tourist Destinations In the Asia Pacific Region as per the Master Card Asia Pacific Destination Index 2017. The rankings are based primarily on data which are sourced from the National Tourism Boards.
Ratings have been compiled for the following three parameters:
1) International Overnight Arrivals
2) Total nights stayed by International Tourists
3) Total expenditure by International Tourists

Coast Guard Decommissions ICGS Varad After 27 Years

The Indian Coast Guard decommissioned the offshore patrol vessel ICGS Varad in Chennai Port on April 28, 2017. The ship had served the Indian Coast Guard for a period of  27 years. ICGS Varad was built by the Goa Shipyard and was commissioned on 19th July 1990.

RBI Asks Arcs To Have A Minimum Net Corpus Of Rs100 Crore By 2019

The Reserve Bank of India (RBI) has asked all the existing asset reconstruction companies (ARCs) to have a minimum net owned fund (NOF) of Rs100 crore by March 2019. This decision has been taken by RBI in accordance with its last bi-monthly monetary policy in which it had proposed to stipulate a minimum NOF of Rs100 crore taking into consideration the enhanced role and greater cash based transactions carried out by ARCs. As per amended SARFAESI Act, 2016, ARCs cannot carry on the business of securitisation or asset reconstruction without having NOF of not less than Rs 2 crore or any other amount stipulated by the RBI. As per the notification of RBI, the existing ARCs not meeting the minimum NOF criteria need to achieve the minimum NOF of Rs100 crore latest by 31 March 2019.

Hero Moto Corp Named “Indian MNC “ Of The Year

Motorcycle manufacturer Hero Moto Corp was named the Indian MNC of the year by the All India Management Association. Brand Hero has expanded to 35 countries in Asia, Africa and Central and South America. The company sold more than 6.7 million motorcycles in FY 2017.

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