Current Affairs : August 18, 2011

IRCON and Sri Lanka Railways Signed an Agreement on Infrastructure Development

• IRCON and Sri Lanka Railways signed an agreement for supply and installation of the signaling and telecommunication system for railway network in Northern Province of Sri Lanka
  
• The cost of the project is $86.5 mn
  
• It will cover the Anuradhapura-Medawachchiya and Kankasanthurai-Tallai Mannar sections
  
• The project is a part of Indian Line of Credit of $800 mn, which was extended by India at concessional terms
  
• The credit line was extended at an interest rate of LIBOR plus 0.5% with LIBOR capped at 3 percent
  
• The repayment period is 20 years with a five year moratorium
  

China Announces Measures to support Honk Kong Economy

• China announced measures in order to make it comfortable for Hong Kong companies to invest in mainland securities
  
• It is a part of the latest steps by China to make the Yuan an International Currency
  
• An initial quota of more than $3 bn for foreign investors based in Hong Kong seeking to purchase yuan-denominated securities was announced
  
• China has long been using Hong Kong as a test bed for a loosening of its strict currency controls
• Hong Kong is one of two special administrative regions (SARs) of the People’s Republic of China (PRC), the other being Macau
  

T-50 Stealth Fighter makes its Public appearance at MAKS Air Show, Moscow

• T-50 stealth fighter being jointly developed by Russia and India
  
• It made its first international public appearance at the MAKS air show in Moscow
  
• The T-50 resembles Russia’s best-selling Su-30 fighter jet but will have all its weapons hidden inside its body and wings to avoid radar detection and will fly at supersonic cruising speeds
  
• The aircraft also boasts of ultra-maneuverability and high-technology avionics
  

“Courts have no mandate to re-evaluate exam answer sheet”: Supreme Court

• Supreme Court ruled that courts have no authorization to re-evaluate an answer sheet even if a candidate has been awarded less marks in an Examination
  
• A bench of the apex court ordered reduction of two extra marks awarded to a girl candidate for 2007 all-India medical entrance test by the Patna High Court, though correctly, during adjudication of her plea for revaluation of her answer sheets
  
• The bench held the view that the judges need not decide what is sensible in academic arena
  
• The apex court gave its ruling on an appeal by the CBSE (Central Board of Secondary Education)
  

SC upholds 10% relaxation on eligibility to OBCs

• The Supreme Court held that the minimum eligibility percentage for admittance in Central Universities for OBC category should be at the most 10% less than that of general category students 
  
• A bench headed by Justice R V Raveendran held that the eligibility criteria for OBC category students should not be decided on the basis of admission given to the last candidate in general category
  
• The bench, however, clarified that there would be no disturbances in the admissions which have already been done by the universities for this academic session
  
• The court’s clarification came a petition filed by P V Indersan, a former professor of IIT Madras, seeking its direction in the light of discrepancies in implementation of OBC quota in different educational institutions
  

In order to try corruption cases Government to setup 71 additional Courts

• Government to setup 71 additional courts to try cases under Prevention of Corruption Act
  
• 30 such courts are already functioning to speed up the trial of corruption cases
  
• The State governments have also set up 46 special courts to dispose such cases
  
• As per the Law Minister Mr. Salman Khurshid, there is no proposal to set up Fast Track Courts exclusively for hearing the cases related to corruption
  

Gagan Narang to be conferred “Rajiv Gandhi Khel Ratna Award” – 2011

• Ace shooter Gagan Narang will be conferred the Rajiv Gandhi Khel Ratna Award
  
  
• Gagan Narang notched up 4 Gold Medals at last year’s Commonwealth Games
  
  
• He is the first Indian marksman to qualify for next year’s London Olympics with a bronze in the World Championships last year
  

Coal India replaces Reliance Industries as the “Most Valued Indian Company”

• Coal India, a newbie in the elite list of 30 companies that constitute the Sensex on August 17, 2011 replaced Reliance Industries Ltd as the ‘Most Valued Indian Company’
  
• The nearly four-decade-old Kolkata-headquartered Coal India currently boasts of a market capitalization of Rs 2.5 lakh Crore, compared to RIL’s Rs 2.47 Lakh Crore
  

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Month: Current Affairs - August, 2011