Current Affairs May 24-25, 2015

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Current Affairs May 25, 2015

1. City Union Bank gets first batch of loan repayment from Spicejet: Private sector lender City Union Bank has received the first batch of repayment of ₹100 crore from low-cost air carrier Spice Jet.
2. I-T Dept to scan tier-II cities to bring more people in tax net: The Income-Tax Department has decided to focus on tier-II cities like Jaipur, Surat and Lucknow among others, to bring more and more people living in these “progressive” cities under the tax net.
3. United Bank says lost hope to recover money from Kingfisher: United Bank of India has become the first of the 17 lenders to publicly admit that it no longer expects to recover its dues from the beleaguered Kingfisher Airlines.
4. LIC underinvested in banking stocks: Life Insurance Corporation of India (LIC) is underinvested in banking stocks compared to the overall market. These accounted for around 18 per cent of LIC’s equity portfolio at the end of March quarter.
5. Mutual Funds exposure to bank stocks climbs to Rs 5,000 crore: Mutual Fund managers have been on a shopping spree of bank shares as they have raised their allocation in the sector to about Rs 75,000 crore in April anticipating a rate cut by the Reserve Bank of India (RBI).

Current Affairs May 24, 2015

1. China sets up largest gold sector fund: China has set up the largest gold sector fund for 67 countries along the silk route. This fund will help central banks of these countries to buy gold and will also invest in gold infrastructure.
2. SIMBEX-15 Joint naval exercise by India and Singapore: This naval exercise that started in the sea near Singapore will concentrate on modern maritime warfare and anti submarine systems.
3. Govt brings new simple IT forms: The Finance Ministry came out with new three-page income tax return (ITR) forms, dropping the controversial provision for mandatory disclosure of foreign trips and dormant bank accounts, while it also extended the last date of filing to August 31.The new forms — ITR 2 and ITR 2A — will have only three pages and other details will have to be filled in schedules.
4. New Secretarial standards for listed companies: The new Secretarial Standards, recently specified by the Institute of Company Secretaries of India (ICSI), will be coming into effect from July 1, 2015, according to Atul H. Mehta, President, ICSI. Mr. Mehta said these Secretarial Standards provide detailed procedures on issues such as agenda of the meeting, notice convening the meeting and maintenance of the minutes.
5. Mood upbeat. 32 companies are to issue IPO in the current year: Looking to tap into the upbeat investor sentiment, as many as 32 companies, including Lavasa and UFO Moviez, have filed draft Initial Public Offer (IPO) papers with capital markets regulator SEBI in the first year of the Modi government.