Current Affairs Update 7 May 2017

DAILY CURRENT AFFAIRS UPDATE

 FOR UPCOMING COMPETITIVE EXAMS

Dear Readers,

This current affairs update comprise of all necessary topics related to national news,financial updates,international news,sports news etc that are asked in competitive exams,regularly study this and get prepared for the current affairs section.

NATIONAL:

• India Integrated Transport and Logistics Summit has been successfully concluded in New Delhi.on this 3 days long summit total 34 MoUs(Memorandum of Understanding) have been signed.The total value of these 34 MoUs stand at Rs 2 lakh Crore.The summit was attended by around 3000 delegates from India and abroad which include Central and State government organisations ,International organisations like World bank,ADB(Asian Development Bank) ,global supply chain and transport experts and representative of Private Companies.

• 3 Indian origin scientists have been elected for UK Royal society.Krishna Chaterjee from Cambridge university,Subhash Khot from New York university and Yadvinder Malhi are those Indian origin scientists selected for 2017 Cohort of fellows of the Academy.

• The Loksabha has passed the Insolvency and bankruptcy code 2016.this new bill will replace the outdated bankruptcy laws and deal in time bound manner and settlement of Insolvency in specific time.

• The Union Government has eased the norms under Merchandise Exports India schemes(MEIS).in these compoaratively easier norms Exporters have been relieved from submitting the landing certificate of goods.The MEIS is aiming at incentivize export of merchandise which are produced and manufactured in India. 

INTERNATIONAL:

• Zimbabwe is going to print its own version of US dollars to fight the cash shortage prevailing in the country.

• The Turkish Prime Minister 'Ahmet Davutoglu'has announced its retirement after serving 20 months as Prime minister.

FINANCIAL NEWS:

• The Reserve Bank of India has moved to make the 'Joint Lender Forum'more effective .The apex bank has directed banks to follow the rules strictly and any breacxh of these rules will attract penalties.At JLF banks attempt to red flag stress early and work to try and keep it in check by putting in place a Corrective Action Plan(CAP).The reserve bank of india has lowered the needed threshold for implementing a CAP- a collective decisions have been taken to buy a minimum of 60% of creditors by value and 50% of creditors by numbers.

• The ICICI bank has signed a MOU with New Development Bank(NDB)to start a new strategic partnership.With this partnership NDB will explore Co-financing,Treasury Management,Bond issuing and human resources in India and International Markets.

• YES bank has got principal nod from market regulator SEBI(Security Exchange board of India)to act as the custodian of securities.

APPOINTMENTS:

• Vice Admiral Sunil Lamba,Flag officer commanding-in-chief of western naval command has been appointed as the next chief of Indian Navy.

OBITUARY:

• Laila Seth the first Women Judge of Delhi High Court  passed away at the age of 86.