Current Affairs July 10, 2015

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1. Supreme Court transfers Vyapam investigation to CBI: Noting that it will not allow even one more death, the Supreme Court on 9th July transferred all criminal and death cases linked to the Vyapam scam to the Central Bureau of Investigation for a “fair and impartial” probe.
2. Cruise liners to link Sri Lanka-Kerala: Luxury cruise liners will commence operations from Sri Lanka to Kerala Kochi on October 2, Gandhi Jayanthi Day, giving a fillip to the burgeoning tourism industry.
3. AIBEA wants Centre to confiscate Mallya’s assets: All India Bank Employees’ Association (AIBEA) will hold nation-wide demonstration on July 20 urging the Centre to declare Kingfisher Airlines owner Vijay Mallya as wilful defaulter and to confiscate his property immediately on his failure to clear bank loans.
4. Trading in New York Stock Exchange halted on 8th July for 4 hours: For nearly four-hours trading in New York Stock Exchange was halted on 8th July due to technology related problem.
5. Modi proposes 10-point initiative for BRICS nations: Pitching for closer cooperation and coordination among BRICS nations, Prime Minister Narendra Modi proposed a 10-point initiative that includes India hosting the first trade fair for establishing research centres for railways and agriculture.
6. Ex-President Rajapaksa to contest from Kurunegala: Former President and Sri Lanka Freedom Party (SLFP) leader Mahinda Rajapaksa will contest next month’s parliamentary election of Sri Lanka from the Kurunegala electoral district.
7. Reserve Bank releases final guidelines for PPI- MTS: The RBI placed on its website the final guidelines on Pre-Paid Payment Instruments for Mass Transit System(PPI-MTS) enabling the issuance of a separate category of semi-closed pre-paid payment instruments for mass transit system.
8. IMF cuts Global Growth Forecasts: The global economy should expand 3.3 percent this year that is 0.2 percentage point below what IMF predicted in April 2015. In developing economies, the IMF said growth had been dampened by lower commodity prices. Chinese stock markets have tumbled by more than 30 percent over the last month.
9. Modi invites football giants for meet: PM Modi suggested the setting up of a BRICS sports council where football meets could be organized. " India could host a football event next year," Modi said in Ufa. India will host the football summit in 2016.
10. North Korea's Kim has executed 70 officials since 2011: Young North Korean leader Kim Jong un has executed 70 officials since taking power in late 2011 in a "reign of terror that far exceeds the bloodshed of his dictator father's early rule”, South Korean officials said.
11. Equity MF net inflows hit Rs 1L crore: Equity mutual funds (MFs) have attracted net inflows of over Rs 1 lakh crore or about $16.5 billion in the last 15 months with nearly a third of the money flowing into schemes in the past three months alone.
12. ICICI Bank may Sell Off Housing Finance Arm: ICICI Bank may sell its housing finance arm, ICICI Home Finance, to investors such as private equity funds, according to people close to the development.
13. India, US Ink FATCA to Fight Tax Evasion: India and the United States have inked an accord that will help detect and discourage offshore tax evasion and shield Indian financial entities such as banks, insurance companies, custodians and broking houses from facing penal taxes in the US for failing to disclose the dealings of American citizens and US entities. The Foreign Account Tax Compliance Act or FATCA was signed on 9th July 2015. FATCA would detect, discourage offshore tax evasion.
14. 'NBFC Takeover will Need RBI Nod': Any takeover or acquisition of an NBFC(Non Banking Financial Company) that may or may not result in change of management control will need Reserve Bank of India's approval, the central bankers notified.