1. Narndra Modi named 'Asian of the
Year' by Singapore's Straits Times
i. Prime Minister Narendra Modi was today
named ‘Asian of the Year’ for being a development-focused leader by editors of
Singapore’s leading daily, The Straits Times.
ii. “Despite being relatively new to
the job,
he has already made a mark on Asia, reaching out to neighbours and receiving national
leaders including Xi Jinping of China and Tony Abbott of Australia,” said the
Singapore Press Holdings Ltd, publisher of the daily.
iii. It said Modi has had a highly successful visit to Japan
for a summit with Prime Minister Shinzo Abe.
iv. “Mr Modi has got India and the world excited about his
country’s prospects again. He has given his people a renewed sense of direction
and purpose, and there are hopeful signs that he is minded to using his strong
mandate to good effect in one of Asia’s major powers. We wish him and India
every success,” Warren Fernandez, editor of the daily said.
v. Every December, editors
of the Singapore daily pick an Asian whose actions have significantly impacted
his own society or the wider Asian continent in the 12 months past.
2. Govt relaxes norms
for licenses for e-rickshaw drivers
i. The government on
Friday approved relaxation in norms for e-rickshaw drivers, paving the way for
the battery-operated vehicles to ply on national capital roads, which were
banned by the Delhi High Court on safety concerns.
ii. "Cabinet has
approved relaxation in norms for driving licences for e-rickshaw drivers,"
a source said after the Cabinet meeting in New Delhi on Friday.
iii. "The norms have been relaxed
for issuing licences for e-rickshaw drivers. The provision that no person shall
be granted a learners licence to drive a commercial vehicle unless he or she has held a driving
licence for light motor vehicle for at least one year has been waived,"
another source said.
iv. E-rickshaw is a legal entity and any driver passing the driving test would now be granted a licence, he added.
v. The government in October had notified the rules for plying of e-rickshaws making drivers licence mandatory for operating them and limiting the maximum speed to 25 km per hour.
iv. E-rickshaw is a legal entity and any driver passing the driving test would now be granted a licence, he added.
v. The government in October had notified the rules for plying of e-rickshaws making drivers licence mandatory for operating them and limiting the maximum speed to 25 km per hour.
3. RBI relaxed norms for PPIs and doubled
the limit to one lakh rupees
i. The Reserve
Bank of
India (RBI) on 3 December 2014 relaxed the norms for Pre-paid Payment Instruments (PPI) and doubled
the limit of PPI from 50000 rupees to one lakh rupees.
ii. The move would help
in achieving the objective of limiting cashtransactions in the system.
Highlights of RBI norms on PPI
i. The maximum
validity of gift
cards has been
enhanced from one year to three years. Other provisions of PPI guidelines with
respect to gift cards will continue.
ii. RBI also allowed issue of multiple PPIs by banks from
fully-KYC compliant bank accounts for dependent or family members.
iii. Only one card can be issued to one beneficiary.
iv. The bank may put in place mechanisms to monitor and report
suspicious transactions on these PPIs to Financial Intelligence Unit India
(FIU-IND).
v. The central bank also permitted banks to issue rupee
denominated PPIs for visiting foreign nationals and NRIs.
4. RBI issues norms for trading platform
for MSME receivables
i. RBI issued guidelines for setting up a trading platform
for trade receivables and bills of exchanges of Micro and Small and Medium
Enterprises - MSME.
ii. In a notification issued from Mumbai, RBI said that the
Trade Receivables Discounting System - TReDS should have a minimum paid up
equity capital of 25 crore rupees and non-promoters would not hold over 10 per
cent of the equity capital of TReDS.
iii. The foreign shareholding in the TReDS would be as per
the extant foreign investment policy. According to RBI, TReDS will facilitate
financing of invoices/bills of MSMEs drawn on corporate and other buyers,
including government departments and PSUs by way of discounting. It would
discount invoices so that final payment of the bill to the MSME is made by
buyer on a due date.
iv. RBI has said that entities, other than the promoters,
will not be permitted to have shareholding in excess of 10 per cent of the
equity capital of the TReDS.
v. The overall financial strength of the promoters/entity
seeking to set up TReDS would be an important criteria of assessment/selection.
5. HDFC Bank rules out a JV for payment
bank
i. HDFC Bank has become the first in the sector to
rule out a joint venture partnership with any applicant for one of the
proposed payment banks (PBs).
ii. “We will not do a joint venture for this. We are a full
bank ourselves and don’t need to form an alliance,” said Aditya Puri, managing
director.
iii. In final guidelines issued last week,
the Reserve Bank of India has allowed entities to form an alliance with a
lender to form a PB.
iv. The idea is that PBs would tap unbanked areas and such
an alliance would help. Puri said HDFC
Bank was capable of tapping far-flung areas on its own. Nor does he think they
pose a worry on competition.
v. “There is enough for everyone to do. There is space for
payment banks, small banks, regional rural banks and large banks to exist,” he
said.
6. NRAI chief Raninder becomes first
elected Indian in ISSF committee
i. National Rifle Association of India President Raninder
Singh has created history by becoming the first Indian to become an elected
member of the all-powerful International Shooting Sport Federation (ISSF)'s
Executive Committee.
ii. Contesting his first election, Raninder garnered 22 out
of 25 votes in the General Assembly meeting held at Munich,Germany.
iii. It is the first time in its 107-year history that an
Indian has been elected as the member of the global body representing the sport
of Shooting. He was also elected as the member of the Administrative Council of
ISSF with 145 out of 293 votes.
7. Private entity cannot hold more than
26% in coal venture
i. A private sector entity cannot own more than 26 per cent stake in
public-private joint ventures for coal block allocations. However, if it is
more than one private sector entity, the structure should be such that its
stake does not exceed 49 per cent.
ii. “This will ensure that the private party cannot veto
board decisions,” a senior Coal Ministry
official said.
iii. This will also enable Government entities to retain the
majority stake. In seeking the Cabinet’s nod for the Coal Mines (Special
Provisions) Bill, 2014 to replace the ordinance, the Government has proposed
this change.
iv. A total of 92 blocks are being offered under the first
round.
8. Hockey Champions Trophy begins in
Odisha
i. The Hockey Champions Trophy has been inaugurated at the Kalinga Stadium at
Bhubaneswar in Odisha.
ii. All the eight
Captains of the participating teams were present during the inauguration of the
Trophy being organized by Federation of International Hockey (FIH).
iii. The Tournament matches are starting from tomorrow as every team will play three league matches.
iii. The Tournament matches are starting from tomorrow as every team will play three league matches.
iv. India will
play Germany, Argentina and Netherlands on 6th, 7th and 9th this month.
Australia, Belgium, England and Pakistan are also participating in the
Champions Trophy.
9. Air India, NBCC sign MoU for
development of land parcels
i. Air India and National Buildings Construction Corporation
Limited, NBCC, today signed a Memorandum of Understanding, MoU for development
of land parcels of Air India at various locations on joint venture basis.
ii. The MoU was signed in the presence of Urban Development
Minister M Venkaiah Naidu and Civil Aviation Minister Ashok Gajapati Raju.
iii. Partnering with NBCC will help both parties unlock more
value from Air India’s land, totalling nearly 8 million square feet spread
across the country. It will benefit from the government’s recent move to hike
the floor area ratio of a building's constructed area to the size of land.
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