DAILY CA: 1 NOV 2021

 DAILY CA : 1 NOV 2021

1.         MOES LAUNCHES INDIA’S 1ST MANNED OCEAN MISSION ‘SAMUDRAYAN’ AT CHENNAI

·           Dr Jitendra Singh, Minister of State (Independent Charge) – Ministry of Earth Science, launched India’s 1st Manned Ocean Mission ‘Samudrayan’ from the National Institute of Ocean Technology (NIOT) in Chennai, Tamil Nadu.

·           With this launch, India joins the Unique set of countries in the World (like USA, Russia, Japan, France & China) to have an underwater vehicle to carry out subsea missions.

·           MATSYA 6000, the manned submersible developed under India’s Deep Sea Mission, is currently developed with support from DRDO, ISRO & IIT Madras.

·           In 2020, China touched the ocean depth of 11,000m using its manned submersible named ‘Fendouzhe’.

·           National Centre for Medium Range Weather Forecasting (NCMRWF) – Noida, Uttar Pradesh

 

2.         ADB APPROVED USD 250 MILLION LOAN TO SUPPORT INDIA’S NICDP

·           The Asian Development Bank (ADB) approved the 250 million USD ( Rs 1873 crore) loan to support the National Industrial Corridor Development Program (NICDP) of India.

·           This is the first subprogram of the programmatic USD 500 million loan to develop 11 industrial corridors across 17 states.

·           NICDP aims to develop world-class industrial nodes, supported by urban agglomerations and multimodal connectivity, international gateways like ports and airports and inclusive, climate-resilient, and sustainable infrastructure.

·           ADB Members –  68 members ,Headquarters– Metro Manila, Philippines

 

3.         RBI EASED CURRENT ACCOUNT RULES FOR BANK EXPOSURES LESS THAN RS 5 CRORE

·           The Reserve Bank of India (RBI) has eased the Current Account (CA) rules for bank exposures less than Rs 5 crore and allowed borrowers to open CAs, Cash Credit (CC) and OverDraft (OD) from the banking system under certain provisions.

·           Bank Exposure less than Rs 5 Crore: RBI has issued no restriction on opening of CAs or on provision of CC/OD facility by banks for borrowers with less than Rs 5 crore exposure to the banking system.Condition: Those borrowers should inform the bank(s), as and when the credit facilities availed by them from the banking system reaches Rs 5 crore or more.

·           Bank Exposure of Rs 5 Crore/more: RBI has allowed borrowers with exposure of the banking system to Rs 5 crore or more to maintain CAs with any one of the banks with which it has a CC/OD facility.Condition: Only if the bank has at least 10 percent of the exposure of the banking system to that borrower.

·           Non-lending banks are not permitted to open CAs.

·           About OverDraft (OD) : It is a credit facility that will be provided by banks to allow customers to use or withdraw money from their savings or current account even when there is no balance or minimum balance up to the approved limit.

4.         NEW CHAIRPERSON AND PRESIDENT OF NCLAT

·           The Appointments Committee of the Cabinet (ACC) has approved the proposal to appoint Justice Ashok Bhushan, former Judge of the Supreme Court of India, as the Chairperson of National Company Law Appellate Tribunal (NCLAT) .

·           The government has also approved the appointment of Justice Ramalingam Sudhakar,  as the President of the National Company Law Tribunal (NCLT).

·           NCLAT was constituted under Section 410 of the Companies Act, 2013 for hearing appeals against the orders NCLT, with effect from 1st June 2016.

 

5.         HARBHAJAN SINGH, JAVAGAL SRINATH LISTED IN MCC AWARDS HONORARY LIFE MEMBERSHIP

·           Recently Marylebone Cricket Club (MCC) released the list of 18 Cricketers who were selected for the MCC awards Honorary Life Membership of the Club. The list witnessed the names of 2 former Indian cricketers – Harbhajan Singh and Javagal Srinath.

·           MCC President – Clare Connor (1st Female President of MCC),Location – Melbourne, Australia.