Current Affairs : September 17, 2011

September 17, 2011

Libya’s seat given to former rebels’ NTC by the UN General Assembly

UN General Assembly voted to provide Libya’s seat in the Assembly to the nation’s rebel NTC (National Transitional Council) which had tumbled Muammar Gaddafi
The 193-member assembly voted 114 in favour and 17 against NTC
15 abstentions were there

In order to provide inducements to exporters, Government reveals fresh duty draw back scheme

The Govt declared a fresh duty draw back scheme in order to provide inducements to exporters
The Duty Entitlement Pass Book (DEPB) Scheme for exporters will end after September 30, 2011
From October 1, 2011 the fresh scheme comes into force
In the current scheme, the Govt used to repay exporters about Rs 80 bn of taxes paid on imported supply
Majority of the items which are by now covered in the duty drawback list will experience a minor decrease in the present drawback rates. The tax refunds would be decreased by 1-3%, on export of these items
The total number of items would boost to around 4,000 from the current 2,835 under the duty drawback

Agreement inked b/w INDIA and UK for superior collaboration in Defence research and development

For larger collaboration in the field of Defence research and development, India and the United Kingdom have signed an agreement
The agreement was signed in London by British Chief Scientific Adviser Mark Welland and DRDO chief V K Saraswat
The agreement will ease making the finest use of research and technology expansion capabilities of both countries via joint projects, combined research and industry and academic involvement

Three-day fast for communal harmony started by Gujarat’s CM Narendra Modi

Gujarat Chief Minister Narendra Modi started his 3-day fast for peace, unity and communal harmony in Gujarat
The BJP loyalist’s 72-hour fast under `Sadbhavna Mission’ concurs with his 62^nd birthday
The site of his fast is Gujarat University Convention Centre,Ahmedabad

Support extended by INDIA to NTC of Libya

INDIA held that it supports the NTC (National Transitional Council) of Libya
India conveyed eagerness to stretch all feasible support to the Libyan people in their political transition, reformation activities
Humanitarian aid worth $ 1 mn has been provided by India via UN-OCHA to Liby
a and aid of a further $ 2 m is under process

981 hectares of land of INDIAN Railways underneath encroachment

Around 981 hectares of land that belongs to Indian Railways is underneath encroachment
Thus about 0.23% of the total land holding of 4.31 Lakh hectares of the Railways is under encroachment
There has been no augmentation in encroachments during the last 3 years ending March 31, 2011
220 hectares of the encroached land falls under the Northern Railway Zone

MoU inked b/w IIFCL, LIC & IDFC in order to offer Takeout Finance for Infrastructure Projects

MoU inked b/w IIFCL, LIC and IDFC in the presence of Union Finance Minister Pranab Mukherjee in order to offer Takeout Finance for infrastructure projects
This MoU to offer for takeout up to 50% of the total project cost in the ratio of 20:20:10 by IIFCL, LIC and IDFC respectively
The method is probable to assist financing to the tune of Rs. 30,000 Crore in the scheme
This will ease banks to take extra exposure in new projects, which successively will assist in bridging the gap in infrastructure financing to an enormous extent