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News in Short

News in Short - 06-March-2019

IDBI Bank to handle import and export transactions with Iran

Date: 06 March 2019 Tags: Banking Schemes & Policies
  • Union Finance Ministry has given its nod to IDBI Bank to handle import and export transactions with Iran.
  • This has been done to boost trade between India and Iran amidst US’s unilateral sanctions on Iran.
  • Earlier, UCO Bank used to handle the payments during the previous sanctions. But this channel of payment to Iran in Euros was blocked from November 2018.
  •  Iran is the third largest supplier of oil to India after Iraq and Saudi Arabia.  Bilateral trade between India and Iran was US $13.8 billion in 2017-18.
  • India has trade deficit with Iran and its exports to Iran were only worth US $2.5 billion.

Venkata Ramesh Babu appointed as DG of National Archives of India

Date: 06 March 2019 Tags: Appointments & Resignations
  • Union Government has appointed P Venkata Ramesh Babu as Director General of the National Archives of India.
  • He is IAS officer of 1985 batch of Andhra Pradesh cadre.
  • Prior to this appointment he was serving as Chairman and Managing Director of Rural Electrification Corporation Limited.
  • Earlier he had served as Principal Secretary, Department of Finance in Andhra Pradesh government.
  • National Archives of India functions under Ministry of Culture. It is repository of non-current records of Union Government and holds them in trust for use of administrators and scholars.

Red Flag 2019 Aerial Exercise

Date: 06 March 2019 Tags: Military Exercises
  • 12-day long advanced aerial combat training exercise Red Flag 2019 has started at Nellis Air Force Base, Nevada, United States.
  • It is scheduled from 3rd to 16th March 2019. It will see participation of air forces from US, United Arab Emirates, Belgium, Netherlands, Singapore and Saudi Arabia.
  • Red Flag is US Air Force’s premier air-to-air combat training exercise. It was launched in 1975.
  • It aims to provide air forces of different countries experience of multiple, intensive air combat attacks in the safety of training environment.
  • It is open to participant air forces from US, NATO and other allied countries. India has participated in it for two times in 2016 and 2008.

Chhattisgarh Public Financial Management and Accountability Program

Date: 06 March 2019 Tags: Ministries & Departments
  • Government has inked loan agreement worth $25.2 million with World Bank for funding Chhattisgarh Public Financial Management and Accountability Program (PFMAP).
  • It is aimed at providing support to reforms such as expenditure planning, investment management, public procurement and accountability and budget execution which are undertaken by state for expenditure management.
  • Chhattisgarh PFMAP is first bank-financed state-level project in Chhattisgarh. It has been undertaken to help in enhancing Tax administration and Direct Benefit Transfer (DBT) systems of the state.

TVS Motor wins international sustainability award

Date: 06 March 2019 Tags: Honours & Awards
  • Two-wheeler and three-wheeler manufacturerTVS Motor Company was awarded 'Green Era Award for Sustainability' at Lisbon in Portugal.
  • It was also awarded 'Quality and Business Excellence Award’ for its endeavour to create new benchmarks in product quality.
  • These awards are based on conclusion of research team of other ways Management and Consulting in France.
  • The companies ranked against criteria such as investment attraction, high technologies, quality and staff for professional and modern management methods.

Kaja Kallas appointed as first female Prime Minister of Estonia

Date: 06 March 2019 Tags: Appointments & Resignations
  • Kaja Kallas was appointed as first female Prime Minister of Estonia. She is leader of country’s Reform Party.
  • Her appointment comes after her liberal Reform Party was declared victoriois in the elections against centre-left Prime Minister Juri Ratas’s party.
  • In recently concluded elections her party secured 28.8% votes against Centre party votes of 23%. Her party has form coalition government with support of far-right EKRE.