Current Affairs: October 14, 2011

Appoint Child Welfare Officers in Every Police Station: SC to States and UTs

  • The apex Court of India maneuvered the States and UTs to appoint child welfare officers in each police station. Objective: For supervising and expanding improved handling to juveniles by the police.
  • The top court, which is supervising the execution of Juvenile Justice (Care and Protection of Children) Act, also intended for that state and national legal services authorities issue apt guidelines for training and orientation of police officers, who could be nominated as child welfare officers.

New Policy for Overseas Acquisition of raw material assets by profit making PSUs approved

  • A fresh policy for acquisition of raw material assets from abroad by CPSEs (Central Public Sector Enterprises) possessing a 3 year record of profit was approved by the Union Cabinet. By this policy, Navratna firms will be able to invest up to Rs 3,000 Crore in such assets without Govt approval (The current limit is Rs 1,000 Crore). Policy to ease the acquirement of coal, iron ore and other possessions abroad.

 

IIFC brought under RBI’s supervision

  • IIFC (India Infrastructure Finance Company) limited has been brought under the supervision of Reserve Bank of India. It will augment the professional capability of IIFC and improve its capital base from Rs 2,000 Crore to Rs 5,000 Crore.
  • It can additionally be augmented to Rs 8,000 Crore following the authorization from the Finance Minister. 

Stake bought by the Sahara Group in Force India F1 team

  • The Sahara Group bought 42.5% stake, worth USD 100 million, Force India F1 team (owned by Vijay Mallya’s UB Group). Following the Team name has been changed to Sahara Force India.
  • So, the stakes in the Sahara Force India F1 Team now are as follows:-
    • Sahara India: 42.5%
    • UB Group: 42.5%
    • MoI Family: 15%

Government ascertains quicker supply of coal through e-auctions

  • Government has determined to present e-auction of coal to make sure quicker supply to Power generation units. The move will assist power sector to trounce the impermanent deficit of coal.
  • Coal Ministry will assign extra amount of coal to the power sector from the e-auction quota. e-auction is a process whereby coal is sold at spot market price. Nearly 10% of the total coal produced by state-run Coal India is sold via e-auction.

Govt probable to take verdict on obligatory hallmarking gold jewellery

  • Govt probable to take verdict on obligatory hallmarking of gold jewellery in 3 months.
  • Objective: Hallmarking will guarantee the purity or fine quality of the valuable metal. At present, the BIS (Bureau of Indian Standard) hallmarking scheme for gold jewellery is voluntary in nature. 

Federal Bank inks Memorandum of Understanding with NSIC

  • Federal Bank has inked MoU with NSIC (National Small Industries Corporation).
  • Objective: Alleviating soft credit flow to the MSME (micro, small and medium enterprises) sector. The tie-up would offer a an extensive platform for extension of simple credit to Federal Bank’s MSME customers.

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