Line of credit
- It allows the buyer to ‘Purchase now pay later’ which means it is a credit facility to a borrower extended by a bank. This lending totally depends upon the credibility and reliability of the borrower in terms of having adequate security. The line of credit is more or less like taking a loan from the bank and borrowers have to pay interest on the fund utilised.
- It may be in different forms as Overdraft protection, demand loan, purchase of commercial bills etc.
AABB ltd is granted a line of credit worth 100 crores. Now, on the basis of requirement of the borrower form of line of credit will be decided.
Letter of credit:
- It is issued by a bank in a particular format which assures payment of goods and services when the seller provides authentic documents.
- Basically, it is a mode of payment where security and financial trust between buyer and seller are established by a third party (banks or reputed financial institutions as banks are the most trustworthy organisations and they ensure that payment is received when the goods are supplied).
- Mostly, letter of credit is issued/used for International trade and commerce. Two different countries have different laws and huge geographical distance and at the same time, it is impractical to know each party personally. So, in this scenario letter of credit plays a vital role.
Elements of letter of credit:
- Beneficiary (who will get the payment)
- Issuing bank – The liability to pay and to be reimbursed from its customer is absolute upon the T&C of the letter of credit. The issuing bank also provides a guarantee to the seller that if, there would be any complaint document shown then a bank will pay the seller the due amount and cross check the document. The required documents are the Commercial invoice, transport docs( airways bill/logistics bill) and insurance document majorly.
- Advising bank – It is usually a foreign correspondent bank of the issuing bank
- Which works as an advisor to the beneficiary. Advising bank sends documents to the issuing bank but in case issuing bank is not making the payment advising bank is not accountable to pay.
- Confirming bank – this bank confirms the credit after evaluating the bank and the place of origin of the letter of credit. Usually advising bank acts as confirming bank.
Characteristic of Letter of credit:
- Negotiability – It is negotiable in nature. The issuing bank is responsible to pay either to the beneficiary or the bank nominated by it.
- Revocability – It may be revocable or irrevocable in nature.
- Transfer and assignment.
- Sight and Time draft – Beneficiary has to present a draft and documents to get the payment.
The importance of letter of credit is to reduce the risk involved in international trade which has grown rapidly over the past few years.
List of important Mergers of Banks in India
List of Lakes In The World
|Lake Baikhal||Siberia, Russia||31,722 km²||Omul, Arctic grayling, Baikal sturgeon|
|Lake Superior||North America||82,103 km²||Burbot, Trout, Northern pike, Muskellunge, Walleye|
|Lake Huron||North America||59,600 km²||Northern pike, Walleye, Smallmouth bass, Lake trout|
|Lake Tanganyika||Bujumbura, Kigoma, Kalemie||32,900 km²||Lamprichthys, Lake Tanganyika sardine, Tanganyika lates|
|Caspian Sea||Russia, Iran, Azerbaijan, Kazakhstan, Turkmenistan, Turkey, Georgia, Armenia||371,000 km²||Caspian kutum, Round goby, Brown trout, Wels catfish, Alosa braschnikowi|
|Lake Malawi||Africa||29,600 km²||Kampango, Redbreast tilapia|
|Great Bear Lake||Northwest Territories||31,153 km²||Arctic char, Trout, Lake trout, Arctic grayling, Lake whitefish|
|Lake Michigan||Chicago, Milwaukee, Traverse City, Ludington, Holland||58,000 km²||Bowfin, Largemouth bass, Smallmouth bass, Lake trout, Yellow perch|
|Great Slave Lake||Northwest Territories||27,200 km²||Northern pike, Lake trout, Arctic grayling, Lake whitefish|
|Crater Lake||United States||53.35 km²||Rainbow trout, Sockeye salmon|
|Lake Victoria||East Africa||68,800 km²||Nile perch, Nile tilapia|
|Lake Titicaca||Puno, Copacabana||8,372 km²||Titicaca orestias|
|Lake Erie||North America||25,744 km²||Rainbow trout, Smallmouth bass, Walleye, Common carp, Brown trout, Yellow perch, Alewife, White perch, Rainbow smelt|
|Peyto Lake||Banff National Park, Alberta, Canada||5.2 km²||—|
|Aral Sea||Kazakhstan – Uzbekistan, Central Asia||17,160 km²||Common carp, Zander, Common bream, Ide|
|Lake Tahoe||The Sierra Nevada of the U.S, along the state border of California and Nevada||496.2 km²||Mosquitofish, Rainbow trout, Brown trout, Largemouth bass|
|Dead Sea||Israel; Jordan; Palestine||605 km²||None|
|Great Salt Lake||Utah, United States||4,400 km²||Brine Shrimp|
|Lake Ontario||North America||18,960 km²||Chinook salmon, Walleye, Coho salmon|
|Lake of the Woods||North America||4,349 km²||Walleye, Northern pike, Muskellunge, Largemouth bass, Smallmouth bass, Lake trout, Lake sturgeon|
Tamil Nadu, Himachal Pradesh and Tripura chosen for Krishi Karman Awards, 2015-16
- Tamil Nadu has been chosen in large category food production.
- Himachal Pradesh in medium category food production
- Tripura in small category food production
- Krishi Karman awards were instituted by the Union Ministry of Agriculture and Farmers Welfare to reward the best performing States in the production of food grains and individual crops of Rice, Wheat, Pulses and Coarse Cereals.
Dr. Paduru Gururaja Bhat Award conferred on historian A.V. Narasimha Murthi
- Dr. Paduru Gururaja Bhat Award 2017 has been conferred for Prof. A.V. Narasimha Murthy. Murthy was selected for the award in consideration of his contribution to Indian Archaeology, Ancient History and Numismatics.
- Dr. Paduru Gururaja Bhat Award 2017 The award was instituted by Udupi-based Dr. Paduru Gururaja Bhat Memorial Trust. The award recognizes outstanding contributions in the field of history, archaeology, sociology, and other social sciences.
Malala Yousafzai is the youngest UN Messenger of Peace
- The highest honor UN Messenger of Peace for Nobel Peace Prize laureate Malala Yousafzai
- She was described as a symbol of the most important thing in the world-education for all. With this she became youngest ever UN Messenger of Peace.
- The UN Messenger of Peace title is given by UN and are selected from the fields of art, literature, music and sports or other fields of public life.
- The messengers of peace are appointed directly by the Secretary-General of the UN and to promote the work of the United Nations in general.
2017 Pulitzer Prize Winners Letters, Drama, Music
Fiction: The Underground Railroad by Colson Whitehead.
Drama: Sweat by Lynn Nottage.
History: Blood in the Water: The Attica Prison Uprising of 1971 and Its Legacy, by Heather Ann Thompson.
Autobiography: “The Return: Fathers, Sons and the Land in Between”, by Hisham Matar.
Poetry: Olio, by Tyehimba Jess (Wave Books)
General Nonfiction: Evicted: Poverty and Profit in the American City, by Matthew Desmond.
Music: Angel’s Bone, by Du Yun.
Aamir Khan, Kapil Dev to get Dinanath Mangeshkar Award
Actor Aamir Khan and cricket icon Kapil Dev will receive the 75th Master Dinanath Mangeshkar AwardsAmir Khan will be honoured with the Vishesh Puraskar for Best Film “Dangal”, while Dev for his outstanding contribution to Indian Cricket.
Vyjayanthimala Bali: Master Dinanath Vishesh Puraskar for her achievements in Hindi cinema
Sunil Barve for “Amar Photo Studio Subak Sanstha”: Mohan Wagh Award
Kishore Deshpande: Anadmayee Puraskar for social services
Vishwashanti Kendra: Samarpit Jeevan Puraskar
Vijaya Rajadhyaksha: Vagvilasini Puraskar for her work in literature
- SBI gets new logo and enters in the league of top 50 Global banks.
- American singer and songwriter Bob Dylan accepts Nobel Literature Award.
- Asia’s longest tunnel 9.2km long on Jammu – Srinagar Highway.
- IISc Bengaluru ranked best educational institution by HRD Ministry.
- Nobel laureate, the youngest person to address Canadian parliament- Malala Yousafzai.
- Short film ‘Avyakta’ by 26 year old Omkar Modgi made it to the much acclaimed Cannes Film Fest 2017.
- India ranks 3rd for the 3rd year in a row in WADA doping Charts.
- Geetha Johri is the 1st Woman Police Chief in Gujarat.
- M S Dhoni Indian cricketer named as CEO of Gulf Oil for 1 Day.
- India ranks 7th in world’s largest tourism economy in terms of GDP.
- Virat Kohli crowned Wisden’s “king of the willow” for 2016.
- PV Sindhu has jumped two places to stand at World No 3 in the latest BWF Rankings
- India’s 1st transgender Police Officer appointed in Tamil Nadu is K Prithika Yashini.
- India ranks 40th in WEF’s global travel and tourism competitive index.
- Britsh Indian educationalist Asha Khemka named “Asian Business Woman of the Year”.
- Atu Zumvu becomes 1st Nagaland Cop to receive “Shaurya Chakra” award in Rashtrapati Bavan.
- Actor honoured with Living Legend Lifetime award from Punjab Association is Dilip Kumar.
- Person honoured with Young Scientist Award of National Geoscience Awards 2016 is Dr. Abhishek Saha.
- Haldia Port tops list in 1st ever ranking of Ports on Sanitation Parameters.
- India won 5th edition Asian School Hockey Champ 2017.
- Indian Billionaire who became the 2nd largest shareholder in Anglo-American after acquiring 11.44% of British Mining Group is Anil Agarwal.
- Indian environmental engineer who won the 2017 Cartier Women’s Initiative Award is Trupti Jain.
- BMEL bags Hindustan PSU award.
- India jumps to 8th place on Global FDI Confidence Index.
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd (GNFC) won the prestigious Golden Peacock Award in the category of Innovative Product/Service for pioneering a cashless township transformation model
National Highways of India: Length, Route & Distance
|TYPE||LENGTH (IN KMS)|
|Total National Highways||1,00,087|
|NH (4/6 laned)||22,900|
|NH (which are being 4 or 6 laned)||25,000|
|Rural & other roads||26,50,577|
|NATIONAL HIGHWAY||ROUTE||DISTANCE (KM)|
|NH-4||Thane & Chennai via Pune||1235|
|NH-8||Delhi-Mumbai-(via Jaipur, Baroda and Ahmedabad)||1428|
|NH-34||Gangotri Dham- Lakhnadon||1426|