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Rs 600-cr rail training centre for bullet train to come up in Vadodara
The Rs 600-crore high-speed rail training centre for the first bullet train project will be set up in Vadodara, a senior official of the National High-Speed Rail Corporation (NHSRC) said on Wednesday.
"This centre will come up on the five hectares of land inside the National Academy of Indian Railways (NAIR) here," NHSRC Managing Director Achal Khare told PTI.
"The training centre will have a sample track fitted with the overhead electrical systems to enable testing of bullet trains that will run on the Mumbai-Ahmedabad route," said Khare.

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According to the official, this centre is expected to become operational by December 2020.


Union Cabinet approves introduction of Payment of Gratuity (Amendment) Bill, 2017 in Parliament
The Union Cabinet chaired by the Prime Minister Narendra Modi on 12 September 2017 approved the introduction of

the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament. The Bill amends Payment of Gratuity Act, 1972.

The Amendment Bill calls for increasing the maximum limit of gratuity of employees in the private sector and in Public Sector Undertakings or Autonomous Organizations under Government which are not covered under CCS (Pension) Rules, at par with Central Government employees.
The Payment of Gratuity Act, 1972 applies to establishments employing 10 or more persons.
The main purpose of this Act is to provide social security to workmen after retirement, whether retirement is a result of the rules of superannuation, or physical disablement..
It is an important social security legislation to wage earning population in industries, factories and establishments.
The present upper ceiling on gratuity amount under the Act is Rs 10 Lakh.


Union Cabinet approves release of 1 per cent Dearness Allowance to Government employees

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The Union Cabinet chaired by the Prime Minister Narendra Modi on 12 September 2017 gave its approval for release

of additional 1 per cent Dearness Allowance (DA) to Central Government employees and Dearness Relief (DR) to pensioners with effect from 1 July 2017.

The release of the additional 1 per cent instalment of DA over the existing rate of 4 per cent of the Basic Pay or Pension has been done to compensate for price rise.
This increase is in accordance with the accepted formula, which is based on the recommendations of the 7th Central Pay Commission.
With this, the combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief will amount to be Rs 3068.26 crore per annum and Rs 2045.50 crore respectively in the financial year 2017-18.


CCEA approves implementation of Dairy Processing & Infrastructure Development Fund scheme
The Cabinet Committee on Economic Affairs (CCEA) on 12 September 2017 approved implementation of Dairy Processing & Infrastructure Development Fund (DIDF) scheme with an outlay of Rs 10881 crore.
The Dairy Processing & Infrastructure Development Fund will be set up as a corpus of Rs 8004 crore with National Bank for Agriculture and Rural Development (NABARD).
The scheme will be implemented during the period from 2017-18 to 2028-29.
Initiation and setting up of Dairy Processing and Infrastructure Development Fund (DIDF) at a total scheme outlay of Rs 10881 crore.
Out of Rs 10881 crore, Rs 8004 crore will be loan from NABARD to National Dairy Development Board (NDDB) and National Dairy Development Cooperation (NCDC), Rs 2001 crore will be contributed by end borrowers, Rs 12 crore will be NDDB/NCDC's share and Rs 864 crore will be contributed by DADF for meeting interest subvention.
NABARD will disburse Rs 2004 Cr, Rs 3006 Cr and Rs 2994 Cr during the year 2017-18, 2018-19 and 2019-20 respectively.
www.exampundit.in Allocation of Rs 864 Crore for meeting interest subvention will be released to NABARD over a period of 12 years covering the entire loan repayment period from 2017-18 to 2028-29.


India to step up cooperation with Egypt in textiles sector
India on 12 September 2017 vowed to step up its collaboration with Egypt in the textiles sector.
The information was shared by India's Ambassador to Egypt, Sanjay Bhattacharyya just ahead of the Fashion and Tex Exhibition, which opened in Cairo the same day.


CCEA approves survey of Un-appraised Areas of Sedimentary Basins
The Cabinet Committee on Economic Affairs (CCEA) on 12 September 2017 gave green signal for a significant project to acquire 48243 Line Kilometer (LKM) 2D seismic data for appraisal of Indian sedimentary basins.
The survey project will help in increasing the investments in domestic production of oil and gas.
The project will be implemented by National Oil Companies (NOCs). They are Oil India Limited (OIL) and Oil and Natural Gas Corporation (ONGC).
The OIL will conduct survey in North - Eastern States. The remaining area will be covered by ONGC.
The Survey work will be carried out in 24 States.

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IndusInd Bank secures $200 mn loan from ADB for microlending
IndusInd Bank has secured up to $200 million (about Rs. 1,282 crore) loan from Asian Development Bank (ADB) to serve low-income women borrowers in rural areas.
The seven-year senior loan will go towards IndusInd Bank's micro-finance activities, the private players said in a statement.
The loan pact was inked here by Director of ADB's Private Sector Operations Department, Christine Engstrom, IndusInd Bank chief financial officer S Zaregaonkar, and Head of IndusInd Bank's Global Markets Group, Arun Khurana.


ICICI Bank launches cashback scheme for hoam loan borrowers till Nov 30
To woo borrowers in this ongoing festive season, ICICI Bank has launched cashback scheme for those availing home loan till November 30.
Under the scheme, customers who avail a new home loan or transfer their existing home loan to the bank can get cashback of 20 per cent up to a limit of Rs 10,000, ICICI Bank said in a statement.
The cash back amount is based on minimum spend of Rs 30,000 from the customer's ICICI Bank credit or debit card, it said.
This offer is valid from September 1, 2017 to November 30, 2017.


Amazon, Bank of Baroda join hands to offer micro loans at 10.45-11.5% interest
E-commerce player Amazon on Friday said it has tied up with state-run lender Bank of Baroda to offer micro loans to its sellers.
www.exampundit.in The loans will be offered on invite-only basis to the marketplace sellers.
The programme was piloted by Amazon in July this year in association with the bank.
The loans will be extended in the range of Rs one lakh to Rs 25 lakh at an annual interest rates between 10.45 and 11.5 per cent.


India, Japan sign 15 agreements for enhancing bilateral cooperation
India and Japan on 14 September 2017 signed 15 agreements for enhancing bilateral cooperation in key areas including civil aviation, trade, science and technology, and skill development.
Among various agreements, both the sides exchanged RoD (Record of Discussions) on civil aviation cooperation with respect to open sky. With this agreement, Indian and Japanese carriers can now undertake unlimited number of flights to the selected cities of each other's countries.
The agreements were signed during the visit of Japanese Prime Minister Shinzo Abe to India.
Highlights of the MoUs & Agreements
1. MOC between the Ministry of Home Affairs and the Cabinet Office of Japan: It aims to cooperate and

collaborate in the field of disaster risk reduction and to share the experiences, knowledge and policies on disaster prevention.

2. MoC in the field of Japanese Language Education in India: It calls for strengthening bilateral relations and

cooperation in the field of Japanese language education in India.

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3. India Japan Act East Forum: It aims to enhance connectivity and promote developmental projects in the North

Eastern Region of India in an efficient and effective manner.

4. Arrangement between India Post and Japan Post for the Implementation of Cool EMS service: It calls for

implementing the commercial arrangement of "Cool EMS" service through which fresh food can be sent from Japan to India in cool boxes for the Japanese expatriates in India.

5. India-Japan Investment Promotion Road map between DIPP and METI: It facilitates and accelerates the

Japanese investments in India.

6. MOC between METI and Gujarat on 'Japan-India special programme for Make In India': It calls for cooperation

in infrastructure development programmes in the Mandal Bechraj-Khoraj region.

7. Exchange of RoD on Civil Aviation Cooperation (Open Sky): It opens skies between India and Japan i.e. Indian

and Japanese carriers can mount now unlimited number of flights to the selected cities of each other's countries.

8. Agreement for International joint exchange programme between interdisciplinary theoretical and

mathematical sciences programme (iTHEMS), RIKEN and National Centres for Biological Sciences (Simons- NCBS): It aims to establish a Joint Exchange Program to identify and foster talented young scientists from both the countries to collaborate in the field of theoretical biology.

9. Joint Research Contract between National Institute of Advanced Industrial Science & Technology of Japan and

Department of Biotechnology (DBT) of India: It calls for conducting joint research and to establish an International Centre named as "DBT-AIST International Centre for Translational & Environmental Research (DAICENTER) at AIST, Japan.

10. MOU Between DBT and National Institute of Advanced Science & Technology (AIST): It aims to promote

research collaboration between DBT Research Institutes and AIST in the field of Life Science and Biotechnology

11. MoU on International Academic and Sports Exchange between Lakshmibai National Institute of Physical

Education and Nippon Sports Science University, Japan (NSSU): It will facilitate and deepen international education cooperation and exchanges between both the institutions.

12. MoU on International Academic and Sports Exchange between Sports Authority of India and Nippon Sports

Science University, Japan (NSSU): It will facilitate and deepen international education cooperation and exchanges between both Sports Authority of India and Nippon Sport Science University , Japan.

13. LETTER OF INTENT between Lakshmibai National Institute of Physical Education (LNIPE) and University of

www.exampundit.in Tsukuba, Japan: It will strengthen strategic collaboration, joint research programme and exchanges between

Lakshmibai National Institute of Physical Education, India and University of Tsukuba, Japan

14. LETTER OF INTENT between Sports Authority of India and University of Tsukuba, Japan: It will strengthen

strategic collaboration, joint research programme and exchanges between University of Tsukuba, Japan and

Sports Authority of India

15. MoU between RIS and IDE-JETRO for promotion of Cooperation in Research Related Activities: It will promote

institutional cooperation between RIS and IDE-JETRO to strengthen the capacity of research and effectiveness

of dissemination of research findings

Ministry of Corporate Affairs and CBDT inks MoU for automatic and regular exchange of information
The Union Ministry of Corporate Affairs (MCA) and Central Board of Direct Taxes (CBDT) in September 2017 concluded a formal Memorandum of Understanding (MoU) for data exchange.
The MoU takes forward the initiative launched by the Union Government to curb the menace of shell companies, money laundering and black money in the country and prevent misuse of corporate structure by shell companies for various illegal purposes.
The MoU will facilitate the sharing of data and information between CBDT and MCA on an automatic and regular basis.
It will enable sharing of specific information such as Permanent Account Number (PAN) data in respect of corporates, Income Tax returns (ITRs) of corporates, financial statements filed with the Registrar by corporates, returns of allotment of shares, audit reports and statements of financial transactions (SFT) received from banks relating to

corporates.

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Samsung Pay extended to SBI debit cards
The State Bank of India (SBI) and Samsung India in August announced the availability of payment platform Samsung Pay for higher variants of SBI debit Card.
This will allow SBI debit card holders to make payments using Samsung smartphones at Point of Sale (PoS) card machines at merchant outlets.


Airtel Payments Bank ties up with HPCL for ATM services
Airtel Payments Bank, in August, said it has partnership with Hindustan Petroleum Corporation Limited (HPCL), to give further boost to digital payments in the country and to add to customer convenience.
All 14,000 HPCL fuel stations will act as banking points for Airtel Payments Bank, the company said.
All Airtel Payments Bank customers would be able to access a range of convenient banking services at these 14,000 fuel stations like opening new accounts, make cash deposits and withdrawals facility, and transfer money.
This will add to the depth and reach of Airtel Payments Bank's retail based network that leverages over 300,000 Airtel retail outlets as banking points.


Union Government orders LPG prices to be hiked by Rs 4 per month
With an aim to eliminate all subsidies by March 2018, the Union Government has ordered state-run oil companies to raise subsidised cooking gas, LPG (liquefied petroleum gas), prices by four rupees per cylinder every month.
The information in this regard was provided in the Lok Sabha by Petroleum and Natural Gas Minister Dharmendra Pradhan on 31 July 2017. In a written reply, Pradhan informed that the government in its order dated 30 May 2017 has authorised the oil companies to increase the price by four rupees excluding tax per month. The order came into

effect on 1 June 2017.

He said, it will be in effect till the reduction of government subsidy to 'nil', or till March 2018, till further orders, whichever is earliest.


New Trade and Transit agreement between India and Bhutan comes into force
www.exampundit.in The new bilateral Agreement on Trade, Commerce and Transit between India and Bhutan came into force on 29 July 2017. It aims to strengthen the bilateral relations between India and Bhutan.
The Agreement provides for a free trade regime between the territories of India and Bhutan. It also provides for a duty-free transit of Bhutanese merchandise for trade with third countries.
The agreement was last renewed on 29 July 2006 for ten years.


Union Government launches e-RaKAM portal for selling agricultural produce
The Union Government on 1 August 2017 launched a portal, e-RaKAM, to provide a platform to sell agricultural produce.
The portal is a joint initiative by state-run-auctioneer MSTC and Central Warehousing Corporation arm CRWC.
The platform is a digital initiative that aims to bring together the farmers, PSUs, civil supplies and buyers on a single platform to ease the selling and buying process of agricultural products.

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The e-RaKAM is a first-of-its-kind initiative that leverages technology to connect farmers of the smallest villages to the

biggest markets of the world through internet and e-RaKAM centres.

MAHSR sanctioned for implementation with financial assistance from Japan
Union Railway Minister Suresh Prabhu informed the Lok Sabha during Question Hour session on 2 August 2017 that the Mumbai-Ahmedabad high-speed rail project (MAHSR), has been sanctioned for implementation with the technical and financial assistance of the Japan government.
Prabhu stated that both India and Japan had signed a MoU for the training of 4000 officials of Indian Railways in 2015, among which so far 137 officers have been trained.
Further, Prabhu informed the lower house of the Parliament that procurement of high speed rolling stocks is an integral part of the MAHSR project and that the government envisages promoting make in India of high speed rolling stock in a phased manner.
The project is a proposed high-speed rail line that would connect Mumbai in Maharashtra with Gujarat's Ahmedabad in Western India.
The line, also known as the bullet train, would be India's first high-speed rail line.
The construction of the corridor is expected to start by the end of 2018 and reach completion by 2023.


Lok Sabha passes NABARD (Amendment) Bill, 2017
The Lok Sabha on 3 August 2017 passed the National Bank for Agriculture and Rural Development (Amendment) Bill, 2017 by voice vote.
The Bill enables exit of the Reserve Bank of India (RBI) from the National Bank for Agriculture and Rural Development (NABARD) and increase authorised capital of the development institution six times to Rs 30000 crore.
www.exampundit.in The Bill also seeks to amend certain clauses in the light of reference of the Micro, Small and Medium Enterprises (MSMEs) Development Act, 2006 in the proposed legislation.
Key highlights of the Bill
 Increase in capital of NABARD: Under the 1981 Act, NABARD may have a capital of Rs 100 crore. This capital

can be further increased to Rs 5000 crore by the Union Government in consultation with the RBI.

 The Bill allows the Union Government to increase this capital to Rs 30000 crore. The capital may be increased

to more than Rs 30000 crore by the Union Government in consultation with the RBI, if necessary.

 Transfer of the RBI's share to the Union Government: Under the 1981 Act, the Union Government and the

RBI together must hold at least 51% of the share capital of NABARD. The Bill provides that the Union Government alone must hold at least 51% of the share capital of NABARD. The Bill transfers the share capital held by the RBI and valued at Rs 20 crore to the Union Government. The Union Government will give an equal amount to the RBI.

 Micro, small and medium enterprises (MSME): The Bill replaces the terms 'small-scale industry' and 'industry

in the tiny and decentralised sector' with the terms 'micro enterprise', 'small enterprise' and 'medium enterprise' as defined in the MSME Development Act, 2006. Under the 1981 Act, NABARD was responsible for providing credit and other facilities to industries having an investment of upto Rs 20 lakh in machinery and plant. The Bill extends this to apply to enterprises with investment upto Rs 10 crore in the manufacturing sector and Rs five crore in the services sector.

 Under the 1981 Act, experts from small-scale industries are included in the Board of Directors and the Advisory

Council of NABARD. Further, banks providing loans to small-scale, tiny and decentralised sector industries are eligible to receive financial assistance from NABARD. The Bill extends these provisions to the micro, small, and medium enterprises.

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Maharashtra Government launches online portals MahaDBT, MahaVASTU
Maharashtra Government on 3 August 2017 launched MahaDBT and MahaVASTU, two online portals to streamline the process of Direct Benefit Transfer (DBT).
The portals were launched with an aim to bring in more transparency in construction sector and to provide direct benefits with 'Aadhaar' authentication.
MahaDBT portal
 It is an Aadhaar-authenticated electronic mechanism that will enable direct transfer of benefits for over 40

schemes currently implemented by state's various departments.

 It is based on Union Government's DBT scheme and Aadhaar will be mandatory to claim benefits through this

portal.

 It will help to speed up transfer of benefits and ensure transparency by minimising human intervention.
MahaVASTU portal
 MahaVASTU is an Online Building Permission Management System with an electronic workflow for sanctioning

building approvals with full transparency.

 It will bring all building permission processes online with zero human intervention in all municipal

corporations.

L&T bags Rs 3375-crore Mauritius metro order
Engineering conglomerate Larsen & Toubro in August 2017 announced Rs 3375 crore (18.8 Bn MUR) worth metro order from the Mauritius government. The projects will be fully funded through a grant by Union Government and line of credit.
www.exampundit.in In a press statement, the company said, "L&T has won the order from Metro Express Limited which is owned by the Government of Mauritius to design and build an Integrated Light Rail-based Urban Transit System in the African island

nation.

Equitas Small Finance Bank launches Selfe Fastags for toll payments
Equitas Small Finance Bank has launched a new product to enable account holders to acquire a RFID (Radio Frequency Identification) tag online.
Any person, who intends to acquire a RFID tag for his vehicle, can just log onto the bank's website and request for a tag by filling in some personal details and upload a copy of the vehicle's registration documents. After verification by

the bank, the tag will be delivered at the customer's residence.

Amazon India, Telangana Handloom dept ink pact
Amazon India has signed a memorandum of understanding (MoU) with the Telangana Department of Handloom and Textiles, to educate, train and enable weavers and artisans to directly sell their products to Amazon customers across the country.
According to a statement issued by the e—commerce giant last night, with over 17,000 handlooms in the state, this association will further help elevate popular handloom products from clusters such as are Pochampally, Warangal, Gadwal, Narayanpet and Siddipet which have a tremendous potential and demand in urban areas.

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Kotak Bank launches debit card offer for zero balance a/c
Private sector Kotak Mahindra Bank in August said it will offer debit card at a special price of Rs 99 for the first year for customers who will open account under its zero balance account scheme till September 15.
The usual annual fee for debit card procured by 811 account holders (zero balance) is Rs 299. The name 811, inspired by November 8, 2016, decision of demonetisation, allows customers to open a zero balance account using the banks mobile application.


J&K government to spend Rs 1 lakh Cr on education and road connectivity
The state government of Jammu and Kashmir has announced that it would be spending around Rs 1 lakh Cr on development works with special emphasis on education and road connectivity over the next five years.
The information was shared by the Public Works Minister, Naeem Akhtar on 7 August 2017 while addressing a public meeting in Ramban, one of the 22 districts of the state.


Maharashtra Government to raise $270 m from Green Climate Fund
The state government of Maharashtra is planning to raise $270 million from the Green Climate Fund with the help of the 2030 Water Resources Group (2030WRG).
The government plans to invest the funds raised in integrated watershed programmes such as Jalyukt Shivar Yojana, which has successfully improved the ground water level in drought affected areas of the state.
However, the ground water needs to be further connected with the efficient use of water for which proper technology and infrastructural development is needed at the village level, where the funds will come useful. It will also be used in

crop diversification and adding market linkages.

www.exampundit.in SEBI launches online registration for custodians of securities

Markets regulator SEBI on 9 August 2017 launched online registration mechanism for custodians of securities to make it convenient for them to do business.
The new system will help custodian of securities to complete registration and other regulatory filings with SEBI in a cost-effective manner.
All applicants who want to seek registration as a custodian of securities are now required to submit their applications online only.