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
- 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.
- 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 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.
- 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.
- 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).