Current Affairs : 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 62nd 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
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