Current Affairs 29-30-31th Dec., 2014

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CURRENT AFFAIRS 31st Dec., 2014

1. Government has cleared eight foreign investment proposals worth about Rs.34.77 crore based on the recommendations of Foreign Investment Promotion Board.

2. Finance Ministry is working on a proposal to set up a common ‘Clearing Corporation’ for national commodity bourses to reduce transaction cost of market participants and strengthen risk management systems. At present, national commodity exchanges have integrated online facilities for trading, clearing and settlement of futures contracts.

3. Securities and Exchange Board of India has created a new mechanism to allow one-time single registration for the depository participants (DPs). This would help ensure cost efficiency, avoidance of multiple due-diligence process and prevent duplication of registration process.

4. Securities and Exchange Board of India proposed new rules to allow reclassification of promoters at listed firms looking to become public shareholders. An entity belonging to promoter or promoter group of listed companies may re-classify its shareholding to public category under three scenarios — Open Offer, ‘Separation Agreement’ and promoter group shareholding less than five per cent in a company.

5. UN Security Council has failed to adopt a Palestinian statehood resolution that set a deadline for the withdrawal of Israeli forces from Palestinian territories by 2017. United States and Australia opposed the resolution while the United Kingdom, Nigeria, South Korea, Rwanda and Lithuania abstained.

Current Affairs 30th Dec., 2014

1. Reserve Bank of India in its Financial Stability Report said that Retail inflation would be around six per cent in the next 12 months if the international crude oil prices remain around the current levels and normal monsoon next year. RBI's current central estimate for GDP for 2014-15 is placed at 5.5 per cent with a gradual pickup in momentum through 2015-16.

2. Union Cabinet approved an ordinance to make amendments to the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013. The ordinance has removed the requirement of written consent from 70 per cent of landowners and social impact assessment for PPP projects in the infrastructure and social infrastructure sectors.

3. International Crops Research Institute for the Semi-Arid Tropics (Icrisat) announced the launch of a low-cost combination phone and tablet computer called 'Green Phablet' for smallholder farmers. It will help the small farmers purchase inputs at lower price, get better price for their produce and link them to markets.

4. MS Dhoni has announced his retirement from International Test Cricket with immediate effect in order to concentrate on ODI and T20 formats.

5. Reserve Bank of India liberalised norms for Indian companies investing abroad. The loan availed by the Joint Venture/Wholly Owned Subsidiary/Step down Subsidiary (JV/WOS/SDS) from the domestic/overseas lender shall be utilized only for its core business activities overseas and not for investing back in India in any manner whatsoever. Bank may permit creation of charge on the domestic assets of an Indian party in favour of an overseas lender for securing the funded and/or non-funded facility.

CURRENT AFFAIRS 29th Dec., 2014

1. The Road ministry is coming up with a "hybrid" model to execute highway projects and also allowing private developers to fully exit from any project two years after the start of toll collection. In the hybrid model, government will provide 40% of the project cost as Viability gap funding and the developer has to arrange the rest 60% of investment.

2. Securities and Exchange Board of India (Sebi) has raised some concerns over Foreign Account Tax Compliance Act (Fatca) which is to be signed between India and the US. According to SEBI, Fatca in its current form lacks complete reciprocity from the US counterparts and there is an asymmetry in due-diligence requirements.

3. Employees’ Provident Fund Organisation (EPFO) has decided to provide a digital life certificate to its 4.7 million pensioners. This will allow EPFO pensioners to give a digital certificate through mobile phones instead of submitting a physical application by coming to bank every year.

4. Union Government launched Madan Mohan Malviya National Mission on Teachers and Teaching. The Mission will focus on both urgent issues and long term goals in a holistic manner dealing with the whole sector of education without fragmenting the programmes based on levels and sectors as school, higher, technical etc.

5. BCCI (Board of Control for Cricket in India) banned left-arm spinner Pragyan Ojha from bowling in competitive matches. He was banned after his bowling action was found illegal.