Current Affairs Update – 6 December 2018

Current Affairs Update 6 December 2018

Current Affairs is an important part for many exams. Be prepared for this section with ByScoop which brings all the important Current Affairs in one place. 6 December 2018

RBI prescribes minimum level of ‘loan component’ of 40 per cent for working capital limit of Rs 150 crore and above

  • The Reserve Bank of India in its guidelines has issued that in respect of borrowers having aggregate fund based working capital limit of Rs 150 crore and above, a minimum level of ‘loan component’ of 40 per cent will be effective from April 1, 2019.
  • Drawings in excess of the minimum loan component threshold may be allowed in the form of cash credit facility.
  • The 40 per cent loan component will be revised to 60 per cent, with effect from July 1, 2019.

ADB Signs First Alternative Procurement Arrangement with World Bank

  • The Asian Development Bank (ADB) has signed its first Alternative Procurement Arrangement (APA) with the World Bank, to put in place a single framework that will make co-financed projects more efficient.
  • Under ADB’s new procurement framework, the APA allows one bank to be the lead cofinancier on a project, and the procurement of all, or a portion of, the contracts under the project to follow the lead cofinancier’s procurement guidelines and procedures.
  • The APA is a step further towards reducing procurement timelines in line with Strategy 2030.

Fitch Cuts India Growth Forecast to 7.2% for FY19

  • Fitch Ratings has cut India growth forecast for the financial year 2018-19 to 7.2 percent from 7.8 percent In its latest Global Economic Outlook, due to higher financing costs and reduced credit availability
  • The rating agency has estimated the country to grow at 7.1 percent from 7.3 percent for 2019-20.
  • For fiscal 2020, growth is pegged at 7 percent versus earlier expectation of 7.3 percent.

Gujarat CM launches ‘RUCO’ app for collection of used cooking oil

  • Gujarat Chief Minister Vijay Rupani  launched a mobile application named ‘RUCO’ (repurpose used cooking oil) for collection of used cooking oil from restaurants and food processing units and convert it into bio-fuel.
  • It is a joint initiative of the Biodiesel Association of India(BDAI) and the Food Safety and Standards Authority of India (FSSAI).
  • Using this app, restaurants and food processing units can request the pick-up of their used cooking oil, which would then be supplied to bio-diesel manufacturers as raw material.

Annual Startup India Venture Capital Summit 2018 Orgainsed in Goa

  • The annual Startup India Venture Capital Summit will be organised in Goa on December 07, 2018.
  • It is being hosted by the Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce and Industry and the Government of Goa.
  • The theme of the Summit is ‘Mobilizing Global Capital for Innovation in India.’
  • The summit aims to attract more global capital into the country for Indian startups and further promote ease of doing business.

Swiss parliament picks Ueli Maurer as President of Switzerland for 2019

  • Switzerland’s parliament has elected Ueli Maurer (the current Finance Minister of the country) as its next President for 2019.
  • It was his turn among the seven members of the Swiss government to take on the rotating one-year presidency.
  • President of Switzerland is also knwon as President of the Confederation. The current President of Switzerland is Alain Berset.

Indian Coast Guard conducts Exercise ‘Clean Sea-2018’ at sea off Port Blair

  • The Indian Coast Guard has conducted the Regional Level Marine Oil Pollution Response Exercise titled ‘Clean Sea – 2018’ at sea off Port Blair, Andaman and Nicobar Islands on December 6, 2018.
  • The objective of the exercise was to ascertain preparedness of the Indian Coast Guard, resource agencies and other stakeholders in responding to a major oil spill in line with the provisions of NOS-DCP (National Oil Spill Disaster Contingency Plan).

List of Winners of Sahitya Academy Awards for 2018

  • Sahitya Akademi announced its annual Awards for the year 2018 in 24 languages on December 6.

List of Winners of the Sahitya Academy Awards 2018

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