1. IITs have agreed to get themselves accredited by the National Board of Accreditation (NBA), the
premier accreditation body in the country. However considering their high academic standards, IITs
have been given the freedom to carry out the review themselves and submit the report to the NBA.
This will help IITs to reinforce their brand so that they can have better chances of making it to the prestigious QS Ranking of best institutions.
2. Kanoon Lugat, an Urdu law dictionary, a first of its kind in the
country was released in Mumbai
recently. The dictionary, encompassing 52000 legal terms, has been translated in Urdu for the first time.
Supreme Court advocate Muhammad Irshad Hanif authored the translation of this dictionary. The Urdu legal
dictionary has a foreword written by former ChiefJustice of India Altamas Kabir.
3. P. Sudhakar took over as the Chairman & Managing Director of the Electronics Corporation of
India Limited (ECIL) yesterday. He has been working with ECIL since 1979 and was holding the Office of
the Director (Technical) and acting CMD before this.
4. Seeking to keep the demand for gold under check, the Reserve Bank of India has tightened the
norms for loans against gold jewellery. In order to standardise the valuation and make it more transparent to
the borrower, RBI has notified that gold jewellery accepted as collateral will have to be valued at the average of the closing price of 22 carat gold for the preceding 30 days as quoted by the Bombay Bullion Association (BBA). Currently, there is no standard method for arriving at the value of gold accepted as collateral and the valuation is arbitrary and opaque.
5. The government has increased the import duty on gold and silver jewellery to 15% from current
10% to protect the domestic industry, although it would make ornaments more expensive for consumers. The import duty differential between jewellery and the primary metal is needed to protect millions of artisans who depend on the labour—intensive industry after the duty on gold was increased in stages to 10% on August 13. Gold jewellery imported during 2012—13 stood at USD 5.04 billion. In the April—June quarter of the current financial year, it was USD 112 million.
6. YES Bank has become the first bank to raise funds overseas using the swap loan facility provided
by the Reserve Bank of India (RBI) last week. It has raised USD 255 million ($180 million and €58
million) by way of dual currency, multi-tenor syndicated loan facility. RBI, on September 10, had
announced that banks can raise funds overseas above 50 per cent of their Tier I capital with a minimum maturity of three years and swap these borrowings with the central bank at a concessionalrate for one to three years.
7. Bollywood actor John Abraham was conferred the “Pride of the Nation award” for his attempt to
raise the sensitive issue of former Prime Minister Rajiv Gandhi’s assassination through his role as a
RAW agent in Madras Café film. The award was presented by Anti Terrorist Front chairman Maninderjeet
Singh in New Delhi.
8. Abhinav Shiv Tiwari’s “OASS”, a movie on human trafficking, was named the best film at the
second edition of the Ladakh International Film Festival (LIFF). It also won the best screenplay, and
Divya Chhetri was awarded the best actress for the same movie.
9. Indian wrestler Amit Kumar won Silver Medal in 55 Kg Free Style category in the Senior World
Wrestling Championship 2013 being held at Budapest, Hungary. In the semifinalround, he defeated Turkish
Wrestler Sezar Akgul by 8-0 points but in the final, he was defeated by Iranian wrestler Rahimi Hassan Farma
10. India’s Ravindra Jadeja continues to jointly top the bowlers’ list, while Virat Kohli was the
highest-ranked Indian batsman at 4th in the latest ICC ODI rankings issued today. Indian skipper
Mahendra Singh Dhoni remains unchanged at 7th position in the batsmen’s list followed by Suresh Raina with 16th ranking. In the bowling chart, R Ashwin and Bhuvneshwar Kumar held on to their 18th and joint 20th position respectively.
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