CURRENT AFFAIRS 11-12th Dec., 2014

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CURRENT AFFAIRS 12th Dec., 2014

1. UN General Assembly adopted an India-led resolution declaring June 21 as ‘International Day of Yoga’ and recognising that “Yoga provides a holistic approach to health and well-being.” The resolution on ‘International Day of Yoga’ had 177 nations joining as co-sponsors, the highest number ever for any General Assembly resolution.

2. Government has allowed Public sector banks to raise up to Rs.1.60 lakh crore from markets by diluting government holding to 52 per cent in phases so as to meet the Basel III norms. State Bank of India Chairman Arundhati Bhattacharya has suggested that banks could look at issuing shares with differential voting rights to raise funds to meet the Basel-III capital adequacy norms.

3. International Monetary Fund said that the focus on governance and financial inclusion measures taken by the government were positive signs that India was back on the growth track. It also said that lack of infrastructure was a major hurdle for developmental activities in India.

4. The 15th Indo-Russian Bilateral Annual Summit was held in Delhi 11 December 2014. Both the countries signed 20 agreements in the fields such as nuclear energy, oil and gas, health, investment, mining, media and wind power.

5. Ismail Ould Cheikh Ahmed of Mauritania was appointed as the new head of the UN Mission for Ebola Emergency Response (UNMEER). He will succeed American Anthony Banbury in January 2015.

CURRENT AFFAIRS 11th Dec., 2014

1. Rajya Sabha Select Committee tabled the report on the Insurance Laws (Amendment) Bill, 2008 recommending a hike in FDI in insurance sector from 26 to 49 per cent. The recommended amendments were approved by the cabinet and bill is expected to be passed by the Rajya Sabha.

2. Government has decided to decriminalise ‘attempt to suicide’ by scrapping it from the Indian Penal Code. Earlier Law Commission of India recommended the repeal of Section 309 saying the act of taking one's own life should be treated as a manifestation of “deep unhappiness” rather than a penal offence.

3. Russian President Vladimir Putin and Prime Minister Narendra Modi will make a joint appearance at the World Diamond Congress at Vigyan Bhavan. Mr. Modi will announce measures for direct import of rough diamonds from Russia that will significantly reduce transaction costs for Indian traders. Also, India will set up a special economic zone for processing diamonds.

4. In a report titled ‘2015 Outlook: Global Credit Conditions’ Rating agency Moody has said that Indian economy is expected to pick up pace in 2015, and grow in the range of 5-6 per cent due to strong domestic demand.

5. Reserve Bank of India may come up with guidelines for banks on refinancing existing infrastructure projects. It had already released norms for new infrastructure projects called the 5/25 system. This structure allows banks to rewrite the terms of the loan of an asset (whose life may be of 25 years) every five years for the duration of the asset’s life cycle.