•The Reserve Bank of India was established on April 1, 1935, in accordance with the provisions of the Reserve Bank of India Act, 1934.The Central Office of the Reserve Bank was initially established in Calcutta but was permanently moved to Mumbai in 1937. The Central Office is where the Governor sits and where policies are formulated. Though originally privately owned, since nationalization in 1949, the Reserve Bank is fully owned by the Government of India.
•The Reserve Bank of India Act, 1934 sets out the objectives of the Reserve Bank:
•“to regulate the issue of Bank notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage; to have a modern monetary policy framework to meet the challenge of an increasingly complex economy, to maintain price stability while keeping in mind the objective of growth.”
•Appointed by the GOI as according to the Reserve Bank of India Act, a central board of directors govern the affairs of RBI. The present Governor Mr. Urjit Patel and Deputy Governors (not more than four) viz NS Vishwanathan, Dr. Viral V Acharya and BP Kanugno constitute the official directors body. Apart from this, there are 10 non-official directors from various fields and two Government officials.
2) E-way bill system comes into force today
•Under the new system, every transporter will have to carry a system-generated bill to move goods from one place to another.
•Under Goods and Services Tax, the e-way bill will be mandatory for inter-state transportation of goods with a value of 50 thousand rupees and above. For smaller value consignments, no e-way bill is required.
•In case of movement of goods by railways, airways and waterways, the e-way bill can be generated even after commencement of movement of goods.
3) Meeting Of PIC Between India And Pakistan Held In New Delhi
•The two-day meeting of Permanent Indus Commission (PIC) between India and Pakistan began in New Delhi. Representatives from both the sides had discussed Water Treaty dispute and resolution of outstanding issues.
•The PIC is mandated to establish and maintain cooperative arrangements for the implementation of the treaty and to promote cooperation between the two sides in developing the Indus water systems.
4) NHAI Awarded Projects Worth Rs 1.22 Lakh Crore In FY18
•National Highway Authority of India (NHAI) awarded 150 road projects of 7,400 km worth Rs. 1,22,000 crorein the In Financial Year 2017-18. In last 5 years, the average length of road projects awarded by NHAI was 2,860 km with 4,335 Km awarded in the last financial year.
•In comparison, the length of projects awarded in FY 2017-18 is an all-time high and a record achievement by NHAI since its inception in 1995. Under the new protocol, the NHAI board was delegated full powers for sanctioning EPC projects.
5) Mithali Raj Adjudged ‘Sportsperson Of The Year’
•Indian women’s cricket team captain Mithali Raj was adjudged ‘Sportsperson of the Year’ while ace shuttlers Kidambi Srikanth and P V Sindhu bagged the best senior male and female athletes at the Telangana Sports Journalists Association annual awards for 2017 in Hyderabad.
•Former Indian cricketer VVS Laxman presented ‘best coach of the year’ award to Pullela Gopichand, who received this award for the second time in a row. Triple Olympian and former national Hockey player N Mukesh Kumar was honoured with the Lifetime Achievement award at the event.
