TNPSC Current Affairs November 2016 28
1.India Hosts the Golden Jubilee Celebration of UNCITRAL, New Delhi.
India Hosted the Golden Jubilee Celebration of UNCITRAL ( United Nations Commission on International Trade Law) conference about 'Global Standards for Rule-based commerce' in New Delhi.
It is hosted by the UNCITRAL regional centre for Asia and the Pacific with the UNCITRAL national coordination commitee in India, with Permanent court of Arbitration Support.
The conference discussed about UNCITRAL's role and work in the harmoiztion and modernization of international trade law, as well as pertinent international trade law issues including electronic commerce, cross border insolvency and investment treaty dispute.
The UNCITRAL (United Nations Commission on International trade Law) was established in 1966 by UN General Assembly to promote the progressive unification and Harmonization of International Trade Law.
India is a founding member and has been re-elected in 2015 for 5 years.
2. RBI Introduced Incremental Cash Reserve Ratio
Reserve Bank of India introduced Incremental Cash Reserve Ratio of 100 % to tackle the surge in deposits after the withdrawal of 500 and 1000 Rs Notes.
Reserve Bank said that this is an attempt to absorb the surplus liquidity available in banking system. It will suck around Rs 3.4l crore excess liquidity from the system. It also said that it was a temporary measure to drain excess liquidity in the system and will be reviewed on December 9 or before.
What is Cash Reserve Ratio?
This is the Tool used by RBI to control Liquidity in Banking System.
Cash Reserve Ratio is a specified minimum fraction of the total deposits of customer, which Indian banks have to hold as reserves, but Indian Banks will not hold reserve themselves instead they deposit as cash with Reserve Bank of India. The Minimum Ratio stipulated by RBI is known as Cash Reserve Ratio.
For Example if CRR is 10 % and the deposit is Rs1000 by commercial bank into RBI, then Commercial bank can use only 900 out of 1000. Remaining 10% should kept with RBI to meet the payment demands of their depositors, to control money supply etc.
3.Nico Rosberg, German Driver was crowned the 2016 F1 World Champion.
German Driver Nico Rosberg was crowned the 2016 Formula one World Champion which held in Abu Dhabi.
4. India's Sachin Singh wont the Gold Medal at the AIBA youth world Championship.
India's Sachin Sing won the Gold Medal at the AIBA(International Boxing Association ) youth world Champion ship under 49 kg category.
He is the 3rd Indian to wont the Gold Medal in Youth World Championship.