DAILY GK UPDATE – 10th May

1.    ASEAN meet: leaders to raise concerns about China

i. South East Asian leaders
will express concerns about Chinese aggression in the South China Sea at their
regional summit Sunday, Indonesia’s foreign minister said.

ii. An agreement to include a statement on China’s use of water
cannon on Vietnamese vessels was reached at a pre-summit meeting of the foreign
ministers of the Association of South-East Asian Nations (ASEAN) in Naypyitaw
on Saturday. 
iii. The meetings, held twice a year, end with declarations on
regional issues such as economic integration and common security concerns.
iv. The Philippines and Vietnam are lobbying this year for a
strong statement from ASEAN against aggression in the South China Sea.
v. ASEAN has been pushing for a regional agreement with Beijing
that includes a commitment to a peaceful solution to their territorial
disputes, respect for international law and signing a Code of Conduct in the
disputed areas.
2.   
Indian
companies will not be permitted to raise External Commercial Borrowings: RBI
i. The Reserve Bank of India, RBI, has
decided that Indian companies will not be permitted to raise External
Commercial Borrowings from overseas branches or subsidiaries of Indian banks
for refinance or repayment of the Rupee loans raised from domestic banking
system.
ii. In a notification, the RBI said that
the restrictions are applicable in case of take-out financing, infrastructure
financing and spectrum allocation and other repayments. The changes in the ECB
policy come into force with immediate effect.

iii. External Commercial Borrowing
loans are much cheaper than domestic loans and it is believed that some
companies use the arbitrage available to their advantage.
3.   
President dedicates India’s own payment gateway ‘RuPay’

i. India on Thursday launched its own payment gateway ‘RuPay’, equivalent of
Visa and Mastercard, which will work on ATMs and merchant outlets and help in
reducing cash transactions.

ii. President Pranab Mukherjee unveiled the indigenous card at
a function in Rashtrapati Bhavan.

iii. Dedicating it to the nation, Mukherjee
said India is one of the few countries in the world to have its own card
payment gateway.

iv. The
RuPay platform — developed by National Payments Corporation of India (NPCI)–
is being used by certain banks like ICICI, State Bank of India, Punjab National
Bank, among others, for clearing and settlement.
v. RuPay, which works
on three channels — ATMs, Point of Sales (POS) and online sales, is the
seventh such payment gateway in the world.

vi. A
variant of pre-paid RuPay card would shortly be launched by IRCTC, which will
help in booking railway tickets.

vii. RuPay
will not only reduce dependence on cash, but will offer users diverse set of
payment option within the country, Mukherjee said.

viii. NPCI
Chairman Balachandran M said the NPCI board plans to take RuPay card overseas
and is already in talks with Discover Financial Services in the US and JDC in
Japan for partnership.
Note: i. The public sector
banks have already installed 25,331 RuPay cards enabled ATMS and 9,000 more
ATMs would be installed in the current fiscal, Sandhu said.

ii. The
RuPay card is accepted at all ATMs (1.6 lakh plus), 95 per cent of PoS
terminals (9.45 lakh plus) and most of the eCom merchants (about 10,000) in the
country. 
4.   
Caparo
Group wins International Business of the Year award 2014

i. Caparo Group founded by leading NRI industrialist Lord Swraj Paul has won the International Business of
the Year award 2014 at the Asian Business Awards Midlands in Birmingham.

ii. Receiving the award on behalf of
the company in London on Friday evening, Lord Paul’s daughter Anjli Paul
dedicated it to her younger sister Ambika.

iii. She said, her father on being told of
the nomination had requested that rather than the award going to Caparo it
should instead be given to one of the newer companies headed by the younger
generation because young entrepreneurs needed to be encouraged in their
business endeavours.
5.   
ANC registers resounding victory in South Africa polls
i. South Africa’s ruling ANC on Friday notched up a commanding victory in
the fifth post-apartheid election, giving President Jacob Zuma a second term in
office after the first was marred by controversies including claims of
corruption and a sluggish economic growth.
ii. With about 99 per
cent of the results out, the African National Congress had won 62.2 per cent of
the vote, down from 66 per cent in 2009 elections. 
iii.
The
Democratic Alliance, which is the main opposition group, got 22.2 per cent, up
more than 5 per cent since the last election. Julius Malema’s populist Economic
Freedom Fighters party bagged 6.25 per cent of the votes. 

iv. The
elections are the first since the death of Nelson Mandela – the country’s first
black president – in December and mark 20 years since the end of apartheid
rule. 

v. With
a record number of 29 parties contesting the polls, opposition to the ANC was
hugely fragmented, paving the way for 72-year-old Zuma to return to power, despite controversies including
claims of corruption, unemployment and a sluggish economic growth during his
first tenure. 
6.   
Pakistan test-fired Hataf-III Ghaznavi
missile
i. Pakistan successfully
test-fired Hataf-III Ghaznavi missile during war exercises of Army’s Strategic
Force Command. Hataf-III Ghaznavi missile is a short range surface-to-surface
Ballistic Missile and is capable of carrying nuclear and conventional weapons
up to 290 kilometers.


ii. The
field training exercise was performed with an aim to test the operational
readiness of a Strategic Missile Group besides up gradation of various
capabilities of Weapon Systems.
7.   
Former Andhra Pradesh Chief Minister N
Janardhan Reddy died
i. Nedurumilli Janardhan
Reddy, former Chief Minister of Andhra Pradesh died in Hyderabad on 9 May 2014.
ii. Till his death, Reddy was
a sitting Rajya Sabha member from Andhra Pradesh. He  was elected to Rajya
Sabh a in 200
8.   
HI recommends four players for Arjuna
Award
i. Hockey India on Thursday announced
its recommendations for the 2014 Arjuna Awards. Four players have been
recommended for the sporting awards while one name each has been forwarded to
the Sports Ministry for the Dhyan Chand Lifetime Achievement Award and
Dronacharya Award for coaching respectively.
ii. Players recommended: Arjuna
award:
 Dharamvir Singh, V.R.
Raghunath, Tushar Khandker, Bharat Chetri; Dhyan Chand Lifetime Achievement Award: Sumrai Tete (national women’s team
coach); Dronacharya
Award: 
Romesh Pathania
(junior women’s team coach).
9.   
Vikas Gowda wins silver at the IAAF Diamond League in Doha 

i. Ace discus thrower Vikas Gowda won the silver medal
in the IAAF Diamond League Series in Doha on Friday. 

ii. According reports, Gowda hurled the discuss to a distance
of 63.23m, finishing behind Poland’s Piotr Malachowski, who took the top spot
with a throw of 66.72m. 

iii. Estonia’s
Gerd Kanter took the bronze medal, with a best throw of 62.90 metres. 

iv. The
Mysore-born Gowda won the 2010 Asian Games bronze and silver in the Delhi 2010
Commonwealth Games in the discus event.