8 September 2018 Current Affairs

RBI penalty| Bimal Jalan | Indian pharma acquisition | Permanent Residency | Qatar |

Posted on Sep 08, 2018 14:08 IST in Current Affairs.

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1) The Reserve Bank of India (RBI) on 7 September 2018 imposed a penalty of Rs. 1 crore each on which three banks for delay in fraud detection? - Union Bank of India (UBI), Bank of India and Bank of Maharashtra

Explanation: The Reserve Bank imposed a total penalty of Rs. 3 crore (Rs. 1 crore each) on three state-run banks of Union Bank of India, Bank of India and Bank of Maharashtra for delay in detection and reporting of fraud in some accounts. This announcement was made by the RBI in three separate releases on 7 September 2018.

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2) The Union Govt. appointed a committee under whom to select the next Chief Economic Adviser in the Finance Ministry? – Bimal Jalan

Explanation: Former RBI Governor Bimal Jalan is heading the committee that was formed by the Union Government to select the next Chief Economic Adviser (CEA) in the Finance Ministry. This committee was constituted two months after it sought applications for the post.

- Apart from Jalan, secretary of the Department of Personnel and Training C. Chandramouli and Economic Affairs Secretary Subhash Chandra Garg are the other two members of the committee.

- Arvind Subramanian resigned from his post before his tenure ended in May 2019 citing personal reasons. He has since joined as a visiting professor at Harvard University.

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3) Which Indian pharmaceutical company acquired Sandoz's generic business in the US for $900 million, as was announced on 5 September 2018? – Aurobindo Pharmaceuticals

Explanation: In the largest ever overseas pharma transaction, Aurobindo Pharmaceuticals has announced the acquisition of Sandoz's generic business in the US for $900 million. This deal is the largest such deal in pharma sector in the country.

- The deal gives the Hyderabad based company access to Sandoz's portfolio of oral solids and dermatology drugs and manufacturing footprint and makes it the second largest generic player in the US-based on prescriptions.

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4) Which country became the first Gulf country to make permanent residency an option for a limited number of foreigners, after such decree was issued during September 2018? – Qatar

Explanation: Qatar has officially made permanent residency an option for a limited number of foreigners. This step is seen as a landmark development in the energy-rich Gulf.

- Qatar’s Emir Sheikh Tamim bin Hamad Al Thani on 4 September 2018 issued a decree allowing a maximum of 100 expatriates to gain permanent residency each year, giving them access to a generous welfare system and commercial rights. Expatriates make up more than 90% of Qatar’s 2.7 million people.

- It is worth mentioning that these rights were till now reserved only for citizens of Qatar. It is the world’s biggest exporter of natural gas.

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