Daily Current Affairs : 11th & 12th June 2015

RBI allows NRIs to subscribe chit funds
Reserve Bank of Indian has allowed non-resident Indians (NRIs) to invest in chit fund to encourage flow of capital into the country. Decision in this regard was taken after RBI had revised the extant guidelines for subscription to the chit funds in consultation with the government.Earlier in May 2000, RBI had barred NRIs from investing in a company or firms engaged in the business of chit fund. Apart from this decision, RBI also extended the scheme allowing airline companies to raise external commercial borrowings (ECB) for working capital as a permissible end-use under the approval route.  Now, the ECB scheme will continue till March 31, 2016.

Flipkart hires executive Ravi Garikipati
Flipkart, India’s largest online retailer has appointed Ravi Garikipati, a top executive at information technology company Inc., for a newly created role as entrepreneur in residence.The position is of when an organisation brings an accomplished executive to work on a new project or start a new firm and is willing to back him financially.

Legendary actor Sir Christopher Lee passes away
Legendary English actor, singer and writer Sir Christopher Lee passed away in London, United Kingdom. He was 93. The veteran actor was famously known as the master of horror for his famous villainy acting roles in numerous movies such as Dracula, The Wicker Man, James Bond, Lord of the Rings trilogy etc.

26 African countries create TFTA: Cape Town to Cairo free-trade zone
African countries have signed a historic The Tripartite Free Trade Area (TFTA) that facilitates creation of Africa’s largest free-trade zone.This free-trade zone will cover 26 countries in an area from southernmost tip of African continent i.e. Cape Town (South Africa) to Cairo (Egypt) in the north.

CAD shrinks massively to 0.2 per cent in Q4
The country’s current account deficit (CAD) narrowed sharply to USD 1.3 billion, or 0.2 per cent of Gross Domestic Product (GDP), in the fourth quarter of the last financial year on a sequential basis mainly on account of a lower trade gap.The CAD shrank to 1.3 per cent of GDP for full financial year 2014-15.

TCS, Infosys face US probe for H-1B visa violations
The US government has opened an investigation against two of the biggest Indian outsourcing companies for possible violations of H1-B visa rules, according to a media report.The Department of Labour has opened the investigation against Tata Consultancy Services and Infosys for possible violations of rules for visas for foreign technology workers under contracts they held with an electric utility Southern California Edison