1. WB, ADB assure Odisha of USD 313m aid for cyclone
i. International funding agencies, the World Bank and the Asian Development Bank, have assured a financial assistance of USD 313 million to Odisha government for restoration and rehabilitation activities in cyclone Phailin hit areas.
ii. Accepting Odisha's proposal of constructing an additional 162 cyclone shelter houses as they helped in providing safe stay for people after evacuation from the coast, WB team agreed to provide assistance of USD 55 million for the purpose, the sources said.
iii. The WB also agreed to finance USD 153 million for construction of pucca houses within five kilometer from the coast in Ganjam and Puri districts and in the bank of Chilika lake, besides slum development proposals of Berhampur town.
iv. Narahari Rao, Deputy Country Director ADB, and Harish Verma Senior Project Officer, ADB, on their part assured the state government that they would be providing USD 105 million for installing cyclone-proof power infrastructure (at the expenditure of 70 million USD) and strengthening of embankments (35 million USD) in cyclone prone areas in Odisha.
2. Chris Cairns, Lou Vincent confirm ICC match-fixing probe
i. Former all-rounder Chris Cairns acknowledged on Thursday an International Cricket Council (ICC) investigation into match-fixing involving three New Zealanders.
ii. "We need to let the investigation by the ICC run its course," the New Zealander said in a brief statement to Fairfax Media, adding it was the only comment he was prepared to make.
iii. Cairns was working for Sky TV as a commentator in Dunedin where New Zealand are playing the West Indies, but left the ground early in the afternoon.
iv. Former New Zealand international Lou Vincent confirmed he was "cooperating" with the ICC.
v. This investigation is bound by a number of rules and regulations that mean I am unable to make any further public comment," he said in a statement.
vi. The ICC's anti-corruption unit has spent four months in New Zealand investigating match- and spot-fixing, which The New Zealand Herald said took place in more than one country.
3. BCCI suggests three-man committee to SC to probe IPL scandal
i. Faced with a credibility crisis arising out of the IPL spot-fixing and betting scandal, the BCCI on Sunday suggested to the Supreme Court a three-member committee made up of eminent persons to probe the corruption case on the directives of the apex court.
ii. The all-powerful Working Committee of the Board in its emergent meeting in Mumbai decided to suggest names of former India all-rounder Ravi Shastri, former Calcutta High Court Chief Justice J N Patel and ex-CBI Director R K Raghavan as members of the probe committee.
iii. The SC has directed the BCCI in the last hearing of the case on April 16 to suggest names of persons who will conduct a "fair probe" into the IPL VI spot-fixing and betting scandal.
iv. On April 16, the Supreme Court had said that the BCCI should conduct a probe against N Srinivasan and 12 others in the betting and spot fixing scandal to maintain its institutional autonomy as the court cannot "close its eyes" to the allegations made by the Justice Mukul Mudgal committee.
4. RBI allowed third-party payment for Export and Import Transactions
i. The Reserve Bank of India (RBI) on 8 November 2013 has allowed third party payment for the export and import transactions.
ii. The procedure relating to payments for exports or imports was liberalized taking into account the evolving international trade procedure. Banks are allowed to receive the payments for export of goods/software from the third party.
iii. The order of RBI also permits the banks to make payments to the third party for imports of goods.
iv. The third party refers to an entity other than the buyer or the seller. The procedure was liberalised taking into account the evolving international trade practices.
v. The amount of an import transaction eligible for third party payment should not exceed USD 100,000. This limit will be revised as and when considered expedient
vi. Third party payment should be made to a Financial Action Task Force (FATF) compliant country and through the banking channel only .
However, banks would have to follow certain conditions in case of export transaction:
i. Firm irrevocable order backed by a tripartite agreement should be in place –
ii. Third party payment should come from a Financial Action Task Force (FATF) compliant country and through the banking channel only.
iii. The exporter should declare the third party remittance in the Export Declaration Form.
iv. In case of shipments being made to a country in Group II of Restricted Cover Countries, (e.g. Sudan, Somalia, etc.), payments for the same may be received from an Open Cover Country.
i. International funding agencies, the World Bank and the Asian Development Bank, have assured a financial assistance of USD 313 million to Odisha government for restoration and rehabilitation activities in cyclone Phailin hit areas.
ii. Accepting Odisha's proposal of constructing an additional 162 cyclone shelter houses as they helped in providing safe stay for people after evacuation from the coast, WB team agreed to provide assistance of USD 55 million for the purpose, the sources said.
iii. The WB also agreed to finance USD 153 million for construction of pucca houses within five kilometer from the coast in Ganjam and Puri districts and in the bank of Chilika lake, besides slum development proposals of Berhampur town.
iv. Narahari Rao, Deputy Country Director ADB, and Harish Verma Senior Project Officer, ADB, on their part assured the state government that they would be providing USD 105 million for installing cyclone-proof power infrastructure (at the expenditure of 70 million USD) and strengthening of embankments (35 million USD) in cyclone prone areas in Odisha.
2. Chris Cairns, Lou Vincent confirm ICC match-fixing probe
i. Former all-rounder Chris Cairns acknowledged on Thursday an International Cricket Council (ICC) investigation into match-fixing involving three New Zealanders.
ii. "We need to let the investigation by the ICC run its course," the New Zealander said in a brief statement to Fairfax Media, adding it was the only comment he was prepared to make.
iii. Cairns was working for Sky TV as a commentator in Dunedin where New Zealand are playing the West Indies, but left the ground early in the afternoon.
iv. Former New Zealand international Lou Vincent confirmed he was "cooperating" with the ICC.
v. This investigation is bound by a number of rules and regulations that mean I am unable to make any further public comment," he said in a statement.
vi. The ICC's anti-corruption unit has spent four months in New Zealand investigating match- and spot-fixing, which The New Zealand Herald said took place in more than one country.
3. BCCI suggests three-man committee to SC to probe IPL scandal
i. Faced with a credibility crisis arising out of the IPL spot-fixing and betting scandal, the BCCI on Sunday suggested to the Supreme Court a three-member committee made up of eminent persons to probe the corruption case on the directives of the apex court.
ii. The all-powerful Working Committee of the Board in its emergent meeting in Mumbai decided to suggest names of former India all-rounder Ravi Shastri, former Calcutta High Court Chief Justice J N Patel and ex-CBI Director R K Raghavan as members of the probe committee.
iii. The SC has directed the BCCI in the last hearing of the case on April 16 to suggest names of persons who will conduct a "fair probe" into the IPL VI spot-fixing and betting scandal.
iv. On April 16, the Supreme Court had said that the BCCI should conduct a probe against N Srinivasan and 12 others in the betting and spot fixing scandal to maintain its institutional autonomy as the court cannot "close its eyes" to the allegations made by the Justice Mukul Mudgal committee.
4. RBI allowed third-party payment for Export and Import Transactions
i. The Reserve Bank of India (RBI) on 8 November 2013 has allowed third party payment for the export and import transactions.
ii. The procedure relating to payments for exports or imports was liberalized taking into account the evolving international trade procedure. Banks are allowed to receive the payments for export of goods/software from the third party.
iii. The order of RBI also permits the banks to make payments to the third party for imports of goods.
iv. The third party refers to an entity other than the buyer or the seller. The procedure was liberalised taking into account the evolving international trade practices.
v. The amount of an import transaction eligible for third party payment should not exceed USD 100,000. This limit will be revised as and when considered expedient
vi. Third party payment should be made to a Financial Action Task Force (FATF) compliant country and through the banking channel only .
However, banks would have to follow certain conditions in case of export transaction:
i. Firm irrevocable order backed by a tripartite agreement should be in place –
ii. Third party payment should come from a Financial Action Task Force (FATF) compliant country and through the banking channel only.
iii. The exporter should declare the third party remittance in the Export Declaration Form.
iv. In case of shipments being made to a country in Group II of Restricted Cover Countries, (e.g. Sudan, Somalia, etc.), payments for the same may be received from an Open Cover Country.
