Daily Current Affairs for UPSC IAS Preparation: 4 November 2017

Successful Flight Test of Guided Bombs

Indigenously developed light weight Glide Bomb, SAAW (Smart Anti Airfield Weapon) was successfully tested from Indian Air Force aircraft in the ranges at ITR, Chandipur, Odisha. The guided bomb released from the aircraft and guided through precision navigation system, reached the targets at greater than 70 km range, with high accuracies. A total of three tests with different release conditions and ranges were conducted and all were successful. The guided bomb is developed by Research Centre Imarat (RCI), DRDO along with other laboratories of DRDO and Indian Air Force.

Raksha Mantri Smt Nirmala Sitharaman congratulated the DRDO scientists and Indian Air Force for the successful tests. Secretary Department of Defence R&D and Chairman DRDO, Dr. S Christopher congratulated the team and said SAAW will be inducted soon into the Armed Forces.


Financial Assistance of Rs 2,302.05 Crore for Projects under Coastal Berth Scheme of Sagarmala

The Ministry of Shipping has taken up projects worth Rs 2,302 crore for financial assistance under the Coastal Berth Scheme of the flagship Sagarmala Programme. The Ministry, after due appraisal in consultation with NITI Aayog and Department of Expenditure, has extended the period of the scheme for three years, upto 31st March, 2020 and expanded its scope to cover capital dredging at Major Ports and preparation of DPR for coastal berth project, in Oct 2017.

The projects under Coastal Berth Scheme of the flagship Sagarmala Programme are distributed over eight states with the highest number of projects in Maharashtra (12 projects), Andhra Pradesh & Goa (10 projects), Karnataka (6 projects), Kerala and Tamil Nadu (3 projects), Gujarat (2 projects) and West Bengal (1 project).

The most recent beneficiaries of the scheme were Jawahar Lal Nehru Port Trust (JNPT) and Karnataka Government respectively for developing coastal infrastructure at Jawahar Lal Nehru Port, Karwar Port and Old Manglore Port.

The Coastal Berth Scheme aims to provide financial support to ports or state governments for creation of infrastructure for movement of cargo and passenger by sea or national waterways. The financial assistance will also be provided for the preparation of DPRs for the projects to be considered under this scheme. The construction of passenger jetties also includes construction of terminal building and allied infrastructure. The balance expenditure has to be incurred by the respective Ports/ concerned State Governments (including State Maritime Boards) from their own resources.

Once completed, the projects will help to promote coastal shipping and increase its share in domestic cargo movement in India. Better infrastructure for coastal shipping will decongest rail and road network besides ensuring cost competitive and effective multi-modal transportation solution. The country has high potential to use coastal shipping for its internal cargo movement given its 7500 kms long coastline.


Technical education can not be provided through correspondence courses: Supreme Court

The Supreme Court has ruled that technical education can not be provided through correspondence courses. The Apex Court restrained educational institutions from providing courses in technical education like engineering through distance learning programme.

It affirmed findings of Punjab & Haryana High Court on the issue and set aside Odisha High Court verdict which allowed technical education by correspondence.

Two years ago, the Punjab and Haryana high court ruled that a degree in ‘computer science’ obtained through distance mode could not be considered on par with one attained by attending regular classes.


RBI asks large borrowers to obtain 20-digit Legal Entity Identifier unique code

The Reserve Bank of India (RBI) directed corporate borrowers having exposure of Rs 5 crore and above to mandatorily obtain 20-digit Legal Entity Identifier (LEI). The move is aimed at improving risk management in the wake of the huge stressed assets in the banking system.

Listing the timeline for implementing the LEI, the RBI said borrowers with fund and non-fund exposure of Rs 1,000 crore and above will have to get the unique code by March 31, 2018. Those having exposure between Rs 500 crore and Rs 1,000 crore have to obtain the LEI code by June 30 and those having between Rs 100 crore and Rs 500 crore by March 31, 2019. Borrowers with bank credit between Rs 50 crore and Rs 100 crore have been given time to comply with LEI provision by December 2019. LEI is a 20-digit unique code to identify parties to financial transactions worldwide.

Legal Entity Identifier India Limited, a wholly-owned subsidiary of the Clearing Corporation of India, acts as a local operating unit (LOU) for issuing globally compatible legal entity identifiers (LEIs) in India. LEI is a global reference number that uniquely identifies every legal entity or structure that is party to a financial transaction, in any jurisdiction.