27 October 2016 Current Affairs

27 October: World Day for Audiovisual Heritage

World Day for Audiovisual Heritage was observed across the world on 27 October 2016. The theme for the day was “It’s Your Story – Don’t Lose It.” It aims to raise general awareness of the need for urgent measures to be taken to safeguard audiovisual document. It also focuses on acknowledging the importance of audiovisual documents as an integral part of national identity.


RBI allows startups to raise $3 million via ECBs annually

The Reserve Bank of India (RBI) has permitted startups to raise external commercial borrowings (ECBs) of up to $3 million in a financial year for three year tenure The new rules issued by RBI aims at boosting innovation and promoting job creation in the country. It will apply to startups looking to raise foreign borrowings and restrictions on such funds will be kept minimum. Under the ECB route, borrowing of startups should be denominated in any freely convertible currency or in Indian Rupees (INR) or a combination thereof. In case of borrowing in INR, the non-resident lender, should mobilise INR through swaps/outright sale undertaken through bank in India. Under this, Funds can be raised with a minimum maturity of 3 years. There will no cost-ceiling or restriction on the end use of the funds raised. The borrowing can be in form of loans or non-convertible, optionally convertible or partially convertible preference shares and minimum average maturity period will be 3 years.


Union Cabinet approves agreement between India and Estonia

The Union Cabinet has given its approval for signing and ratification of an Agreement between India and Estonia on the transfer of sentenced persons. This agreement will facilitate the Indian prisoners imprisoned in Estonia or vice-versa for serving remaining part of their sentence in their country and be near to their families. It will also facilitate their social rehabilitation.


Union Cabinet gives approval to IISER, Berhampur in Odisha

The Union Cabinet has given its ex-post facto approval to formation of the Indian Institute of Science Education & Research (IISER) at Berhampur in Odisha. IISER, Berhampur will be established under the Societies Registration Act, 1860 and it will start of its 2016-17 academic session from 1 August 2016. It will being its operations from a transit or temporary campus from the Academic Year 2016-17 for the initial three years i.e. till 2016-19. Union Cabinet also gave approval for introduction of National Institutes of Technology, Science Education and Research (Second Amendment) Bill, 2016. This bill will pave way for inclusion of IISER, Tirupati and IISER, Berhampur in Second Schedule of National Institutes of Technology, Science Education and Research (NITSER) Act, 2007.


MMTC ties up with major banks to retail gold coins

Public sector major MMTC has joined hands with HDFC Bank, ICICI Bank and Andhra Bank to retail gold coins with a new buyback option. Besides its own outlets across the country, MMTC has tied up with Indian Overseas Bank, Vijaya Bank, Federal Bank and YES Bank to sell gold coins in denominations of 5 gm and 10 gm coin and 20 gm bar. MMTC has also announced a transparent buyback of gold coins made of recycled gold. It will repurchase the gold coins if they are given back intact in the same tamper-proof packaging with the original invoice at MMTC outlets.


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