June 13, 2018

WORD OF THE DAY

SYNTHETIC LEASE

When a special purpose entity established by a firm purchases an asset and leases it back to the parent firm. The documental treatment of such a lease is exceptional. While the entity treats it as a capital lease on its balance sheet, the parent company treats it as an operating lease.

Courtesy: Mint

 

NATIONAL NEWS

  1. The government has approved a 33% increase in carpet area of houses eligible for interest subsidy under its affordable housing scheme Pradhan Mantri Awas Yojana-Urban (PMAY-U) to attract more beneficiaries.
    • The carpet area of a house has been enhanced to 160 sq m from 120 sq m for Middle Income Group-I (MIG-I), while it has been increased to 200 sq m from 150 sq m in case of MIG-II.
    • Under the Credit-Linked Subsidy Scheme (CLSS), each beneficiary can avail subsidy up to Rs 2.35 lakh on purchase of a house under the scheme.
  1. India extended a financial aid of Rs 99 million to Nepal for the construction of 2,700 shallow tube well irrigation systems in 12 districts of the country’s southern Terai region to boost agricultural productivity.
    • The assistance has been extended as part of the final payment for the Nepal-Bharat Maitri Irrigation Project, which was launched in January 2017.
  1. The Centre for Railway Information System (CRIS) has developed a mobile-based application called ‘UTSonMobile’ for cashless train ticketing.
    • The “UTSonMobile” application enables booking and cancellation of unreserved tickets, issue and renewal of season and platform tickets, check and load R-wallet balance and lets to maintain user profile management and booking history.
    • After registration, Railway Wallet (R-Wallet) will be created automatically with zero balance to the passenger.
    • The R-Wallet can be recharged at any UTS counter or through recharge option in the https://www.utsonmobile.indianrail.gov.in
  1. Grants-in-aid worth  14.30 crore has been sanctioned for Block level sports in Jammu and Kashmir under the ‘Khelo India’ Scheme by the Union Sports Ministry.
  2. The Kerela State Literacy Mission Authority has announced the launch of a ‘Water Literacy’ (Jalasaksharatha) campaign to create awareness about the importance and optimal use of the resource and conservation in the state.
    • The campaign would involve 70000 students for creating the awareness.
    • State Education Minister Prof C Raveendranath released a special course book named as ‘The Water: Textbook for Environment Literacy Programme-1’has been brought out for the campaign, which contains 16 chapters for the purpose.
  1. NITI Aayogthe think tank has launched ‘Composite Water Management Index’.
    • The aim is to fulfil cooperative and competitive federalism among states and Union Territories.
    • To fulfil the objective of ‘Sab ka Saath, Sab ka Vikas’
  1. The government approved the Solar Chakra Mission of the Ministry of Micro Small & Medium Enterprises (MSME) which will be launched by the President, Ram Nath Kovind in New Delhi.
    • The Mission will cover 50 clusters and every cluster will employ 400 to 2000 artisans.
    • It will provide subsidy of  550 crore to the artisans.
    • 15new state-of-the-art technology centers are being set up all over the country including North-East, of which 10 centers will become operational by March 2019.
    • The 10centres are located in Durg (Chhattisgarh), Bhiwadi (Rajasthan), Rohtak (Haryana), Visakhapatnam (Andhra Pradesh), Bengaluru (Karnataka), Sitarganj (Uttarakhand), Baddi (Himachal Pradesh), Bhopal (M.P.), Kanpur (U.P.) and Puducherry.
    • Ministry has promoted Ease-of-Doing-Business with the setting up of portals: ‘MSME Sambandh’, MSME Samadhaan, Udyog Aadhaar and Udyam Sakhi.
  1. Organised by the Ministry of Earth Sciences, CSIR (Council of Scientific and Industrial Research)-NIO and US National Oceanic and Atmospheric Administration (NOAA) the 2nd edition of India-US colloquium was inaugurated.
    • It is an event that aims to focus on the emerging earth sciences issues.
  1. United States government approved a deal to sell the Indian military six AH-64E Apache attack helicopters for 930 million dollars.
  1. ISRO’s rocket sciences arm Vikram Sarabhai Space Centre (VSSC) has decided to transfer its own in-house lithium ion (Li-ion) cell technology to successful Indian industries and start-ups on non-exclusive basis in automobiles for 1 crore.
    • The initiative aims to accelerate development of indigenous electric vehicle (EV) industry and reduce dependence of imported lithium-ion cell technology.

 

INTERNATIONAL NEWS

  1. An International Conference on Information and Communication Technology (ICT) will be held in Kathmandu, Nepal.
    • The Theme of the two-day conference is “Sustainable Development Goals for Smart Society”.
      • The conference aims to bring government and private sector together for developing a plan of action using sustainable ICT applications.
      • It also seeks to unleash the prospects of SMART Nepal by 2030.

 

BANKING AND ECONOMY

  1. The Securities and Exchange Board of India (SEBI) constituted an Expert Committee to frame rules for direct listing of Indian firms abroad.
    • The committee will examine the economic case for permitting direct listing of Indian companies overseas and listing of Indian companies on foreign bourses in India.
  1. SEBI has constituted Group to look into existing Institutional Trading Platform (ITP) framework and suggest measures to facilitate listing of start-ups.
    • The group will look into existing ITP framework and suggest measures to facilitate listing of start-ups.
    • It will revisit current ITP framework and identify areas, if any, which require further changes.
    • It will also address issues relevant to ITP which group may like to assess.
  1. National Stock Exchange (NSE) has launched a ‘Tri-party Repo Market Platform’ for repurchase of corporate debt security.
    • It is a repo contract where a third entity, apart from the borrower and lender, called tri-party agent acts as an intermediary to facilitate services like collateral selection, payment and settlement, custody and management during the life of the transaction.
    • It provides opportunity to borrow against the securities and provides short-term liquidity to participants.
    • This would increase demand for corporate bonds and may provide a boost to much-needed liquidity in the corporate bond market.
    • Axis Bank Ltd and ICICI Securities Primary Dealership are the first few members who have participated on the platform.

 

APPOINTMENTS

  1. Yes Bank approved the re-appointment of Rana Kapoor as MD & CEO of Yes Bank.

 

IMPORTANT DAYS

  1. On 13th June 2018, International Albinism Awareness Day was observed all over the world.
    • In 2014, the UN General Assembly declared 13 June as International Albinism Awareness Day with effect from 2015.
    • Albinism is a genetic condition that causes very little or no pigmentation in the skin, hair, and eyes.
    • The theme for International Albinism Awareness Day 2018 is: “shining our light to the world”.

 

SPORTS

  1. Indian boxers bagged one Gold and two Silver medals at the Umakhanov Memorial Tournament in the Russian city of Kaspiysk.
  1. FIFA’s congress voted USA, Canada and Mexico to host 2026 Football World Cup.
  2. Long distance runner Gavit Murali Kumar won gold in men’s 10,000-metre race at the Gouden Spike meeting in Leiden, The Netherlands.

 

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