Current AffairsJune 23, 2015

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1. Research reports hints at diversion of cheap farm loans: A research paper by the Indian Council for Research on International Economic Relations( ICRIER) has found that the crop loans extended in India are in fact close to exceeding the total expenditure on farm sector inputs. This hints at possible diversion of cheap farm loans to other categories.
2. Maharashtra gets “State Butterfly”: Maharashtra has become the first state in the country to have a “ State Butterfly” . The Government has declared the Blue Mormon( Papilio polymnestor) as the state butterfly.
3. U.S court notice to Sahara: A U.S court has issued show- cause notice to the Sahara Group in connection with a $350 million law suit seeking attachments of its two prized hotel assets in U.S namely “Plaza” and “Dream Downtown”.
4. Only a few thousand pre-2005 notes left in circulation says RBI: The last day to exchange the pre- 2005 notes is 30th June. RBI has stated that there are only few thousand pre -2005 notes left in circulation. The previous deadline ended on Jan 1st but was extended to June 30, 2015 by RBI.
5. Taliban attacks Afghan Parliament: Taliban suicide bomber struck the entrance to the Afghanistan Parliament. The Afghan security forces managed to repel the attack, killing all six gunmen.
6. Softbank, Bharti and Foxconn form Joint Venture( JV) for Solar Power: The Japanese telecom giant Softbank Corporation along with Sunil Mittal’s Bharti Enterprise and Taiwan- based manufacturing major Foxconn Technology announced a Joint Venture, called SBG Clean Tech to promote adoption of clean and safe energy to generate 20 GW( gigawatt) of solar power. This is considered as one of the biggest Foreign Direct Investment ( FDI)projects in this sector.
7. Implement committee report on capacity building in banks says RBI: The RBI is seeking to structure a roadmap for extensive capacity building across bank and non- bank institutions in India. The Central Bank is discussing with the top leaders of bank for implementing the recommendation of the committee on Capacity building in Banks and Non- bank institutions according to R. Gandhi, Deputy Governor of the RBI.
8. Government proposes tax breaks for debit, credit card payments : The government has proposed income tax rebates for consumers who use debit and credit cards to make their payments, among a string of other measures aimed at moving towards a cashless economy and reducing tax avoidance.
9. Finance Minister asks PSBs to chalk out Five-year Recap plan : The Government has asked state –run banks to draw up a five-year recapitalisation schedule to prepare the Government for helping the long –term growth plans of the banks. PSBs require Rs. 2.4 lakh crore as equity by 2018.