22 October 2016 Current Affairs
Global Conference to strengthen Arbitration & Enforcement held in New Delhi
The first ever global conference to strengthen Arbitration and Enforcement in India was held in New Delhi. The 3-day Conference was inaugurated by President Pranab Mukherjee on 21 October 2016. The conference aims to provide impetus to commercial arbitration in country or faster and efficient dispute resolution outside the court room. It was started with title ‘National Initiative On Strengthening Arbitration and Enforcement’. It was held to change the face of dispute resolution in India. For the first time six leading international arbitral institutions and all major industry associations had participated in it. Discussions on Indian Arbitration Act, Case Management of Arbitration, Setting up an world class autonomous arbitration institution and court support for arbitration were held.
2,000 notes will be in circulation soon
Banknotes of the denomination of Rs.2,000 will be in circulation.The Reserve Bank of India has very nearly completed preparations for introducing this new high-value currency. The notes have already been printed and their despatch from the currency printing press in Mysuru has commenced.
Mehar Mittal, legend of comedy in Punjabi movies, passes away
Veteran Punjabi actor Mehar Mittal, who acquired legendary status with his comic roles, passed away at a hospital in Mount Abu, Rajasthan, on Saturday after prolonged illness. He was to turn 81 on October 24. Mittal has been a well-known face in Punjabi movies for over four decades. He worked in more than 100 movies and ruled the small screen too.
India wins 2016 Kabaddi World Cup
India has won the 2016 Kabaddi World Cup by defeating Iran by 38-29 score in the final match played at the Arena By TransStadia in Ahmedabad (Gujarat. It was India’s third consecutive Kabaddi World Cup in the Standard Style version of Kabaddi. Earlier India had won in 2004 and 2007. Captain of Indian team: Anup Kumar Captain of Iranian team: Meraj Sheykh. Kabaddi World Cup is standard style indoor international kabaddi competition conducted by the International Kabaddi Federation (IKF). The competition has been previously contested in 2004, 2007 and 2016. All the three tournaments have been won by India by defeating Iran in the finals.
ICICI, Axis, StanChart get back $2.5 bn of Essar loans
Within days of Essar Group signing a mega USD 12.9-billion asset sale in its oil business, three top lenders – ICICI Bank, Axis Bank and StanChart, have got back an estimated USD 2.5 billion as part of the first payment for their debt exposure to the Ruias-led conglomerate. The two Indian lenders which together had an exposure of USD 1.5 billion, will get back nearly half of their money or about USD 770 million in cash while further USD 750 million of debt will get transferred to Rosneft-led consortium and Essar’s ports and other businesses, as per the terms agreed upon by them.