Current Affairs - 22nd May 2014

RBI Takes Steps To Ease Gold Imports

RBI has eased tough gold import rules. It is now allowing 7 more private agencies to ship this metal, in a move which could augment supplies and reduce premiums. Gold imports may rise as a result of this. Global prices of gold slumped to 28% last year due to import curbs by India.

RBI Allows Banks To Offer Long-Term Advances To Exporters

The RBI allowed banks to offer long-term advances to exporters. This will enable them to be able to enter into long-term supply contacts with the importers. Banks will allow exporters having minimum of 3 year satisfactory track record to receive long term export advance for a mximum of 10 years.

2 FIIs Pick Equity Stake In Equitas

Two foreign institutional investors will get undisclosed equity stake in Equitas Holdings. This is a Chennai-based micro-finance institution which will operate in 7 states. Lok Capital LLC and Creation Investments LLC will invest a total of Rs. 80 crore in Equitas.

Government to Spend 3000 Crore to Increase Number of Drug Regulators

The government will spend 3000 crore to double up the number of drug regulators to 1000 in 3 years. Testing labs will also be set up at ports to ensure pharmaceutical export shipments met global quality standards. There will be a zero tolerance policy for laxity.

Verlinvest, Reliance Capital and VisVires Acquire Stake in Sula

Belgian firm Verlinvest, Reliance Capitala and VisVires Indian Wineries have made a joint acquisition in Nashik Vintners. They have jointly acquired a 275 crore stake in this company which is the parent of Sula Wines. The deal has valued India's leading winemaker at Rs. 700 crore and provided an exit for early financial investors.

Pace Power Systems Acquires GE India

Pace Power Systems has acquired the entire business of GE (General Electric) Power Electronics India. Pace Power is a Bangalore based firm. GE Power Electronics India provides energy management solutions to telecom operators and telecom tower companies.

Anandiben Patel Elected As First Woman Chief Minister of Gujarat

In a historic move, the MLAs of Gujarat have elected Anandiben Patel as the CM of this state. She is the first woman Chief Minister of Gujarat. The 73 year old CM will be working in close conjunction with the policies at the Centre.