Current Affairs Sep 22, 2015

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01. Two new Indian Coast Guard ships commissioned: Apoorva and C-421, two new Indian Coast Guard ships were commissioned recently. Apoorva is 50 metres long and can achieve a speed of 33 knots. The ships will perform various naval operations such as close coast surveillance, search and rescue, interdictions and other missions. They have been indigenously designed and built by Cochin Shipyard Ltd. at Surat.

02. Rajasthan Assembly passes Rajasthan Vexation Litigation Prevention Bill 2015: The Rajasthan Vexation Litigation Prevention Bill 2015 was passed by Rajasthan Assembly. The objective of the bill is to prevent filing of baseless cases and also to check the misuse of law for personal benefits. This bill is applicable for both civil and criminal cases. Vexation litigation refers to initiating legal proceedings maliciously and without probable cause by an individual to harass or subdue an opponent.

03. ADB lowers FY16 India growth forecast to 7.4%: Asian Development Bank (ADB) lowered the economic growth of India from an estimated 7.8% to 7.4%. This downgrading was due to weak demand and reform delays. It also cut FY17 GDP Growth forecast to 7.8% from 8.2%

04. Indian IT companies support over 400,000 jobs in US: Nasscom report : Indian IT Companies are supporting more than 4 lakh jobs in the US, out of which around three lakh jobs are being held by US citizens or permanent residents. This report was released by National Association of Software and Services Companies (NASSCOM), ahead of Prime Minister’s visit to the US.

05. Holding of foreign assets to be declared by September 30th: The compliance window closure date is fast approaching and under the Black Money law, the government has informed that there will be no harassment to foreign assets holders, who declare their wealth by September 30th. It has been warned that failure to declare their wealth by the above date would entail severe consequences under Prevention of Money Laundering Act.

06. SBI Composite Index reading hits 4-month high in September: The yearly SBI Composite Index reading for September 2015 has come in at a four month high at 53.9, suggesting continued pick-up in economic momentum going forward. Last month, the index was at 53.4. The upturn has been majorly driven by manufacturing, while mining and electricity are still acting as a drag on economic activity, SBI said in its ‘Ecowrap’ report.

07. Indian Wushu team corners 12 medals: Wushu fight is a form of Chinese Martial Art. The Indian Wushu team finished with 12 medals, including one gold and four silver at the Fifth International Pars Wushu cup held in Tehran, recently.

08. Union Government releases Draft National Encryption Policy: The Draft National Encryption Policy was released by The Department of Electronics and Information Technology (DEITY). The purpose of the policy is to encourage use of encryption technologies and products among governmental agencies, businesses and citizens for more secure communications and financial transactions in the cyber space.The draft policy was framed under Section 84A and Section 69 of Information Technology Act, 2000 that deals with prescribing modes or methods of encryption and decryption respectively.

09. IFC has stakes in more than half the small finance banks: International Finance Corporation (IFC), an arm of the World Bank has invested $145 million (around Rs 950 crore) in six of the 10 companies that have been granted small finance bank licences recently. Recently, RBI has given in principle clearance for establishing 9 small finance banks, as part of concerted policy efforts to meet the needs of small businesses, the unorganised sector, low income households, farmers, and the migrant workforce.