17 August 2016 Current Affairs

China, ASEAN countries agree to form South China Sea framework

China and a grouping of Southeast Asian nations aim to finish by the middle of next year a framework for a code of conduct to ease tension in the disputed South China Sea. The agreement was reached between both sides during a meeting at Inner Mongolia in northern China held on August 15 and 16, 2016. The two sides also agreed to get the framework for the code of conduct done by mid-2017. They also approved guidelines for a China-ASEAN hotline for use during maritime emergencies. They also agreed that a pact on unplanned maritime encounters signed by countries in the region in 2014 is applied to the SCS.


Union Power Ministry launches e-Trans & DEEP e-bidding portals for electronic bidding and e-reverse auction

The Union Power Ministry has launched ‘e-Trans’ & ‘DEEP’ e-bidding web portals for electronic bidding and e-reverse auction of tariff-based electricity transmission projects. They were launched by Union Minister of State (IC) for Power, Coal, New & Renewable Energy and Mines Piyush Goyal in New Delhi. These portals have been developed by Rural Electrification Corporation Transmission Projects Company Limited (RECTPCL), a subsidiary of REC Ltd. These portals seek to enhance transparency in power transmission sector. It marks shift from present manual auction process to electronic mode for determining the lowest bidder for projects. e- Trans: It is a web platform for e-bidding and e-reverse auction for Tariff Based Competitive Bidding (TBCB) in transmission projects.


Wrestler Sakshi Malik wins bronze for India in Rio 2016

Gritty woman wrestler Sakshi Malik ended India’s painful wait for a medal at the Rio Olympic Games by clinching the bronze in the 58kg category, pulling off a sensational 8-5 victory over Aisuluu Tynybekova of Kyrgyzstan in the play-off bout. The 23-year-old became the 4th Indian woman to have ever won an Olympic medal.


Reliance Brands inks pact with Scotch & Soda

Reliance Brands, a part of Reliance Industries has announced a long-term master franchise agreement with Amsterdam based fashion brand Scotch & Soda. Under this agreement, Reliance Brands will set up Scotch & Soda stores in all major cities in India by 2017.


Federal Bank starts distributing MMTC gold coins

Kerala based private sector lender, Federal Bank has tied up with MMTC for distribution of Indian Gold Coins (IGC), the first-Ever national gold offering by the government, which was launched by Prime Minister Narendra Modi In November 2015. The Indian gold coins are of 24 karat purity, 999 fineness and has the National Emblem of Ashok Chakra engraved on one side and the face of Mahatma Gandhi as in currency notes on the other.


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