Current Affairs 25th Feb., 2015

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1. The Y V Reddy-headed 14th Finance commission recommended to devolve an unprecedented 42 per cent of the divisible pool to states during 20015-16 to 2019-20. It has also recommended setting up of an independent council to undertake assessment of fiscal policy implications of Budget proposals and replace existing FRBM Act with a debt ceiling & fiscal responsibility law.

2. People’s Democratic Party (PDP) patron Mufti Mohammed Sayeed will be sworn in as the chief minister of the Bharatiya Janata Party (BJP)-PDP coalition government in Jammu and Kashmir on March 1. It will be the first time the BJP will be a part of a government in J&K.

3. Adya Sharma, a cultural icon and pioneer of mobile theatre in Assam, passed away in Nalbari town, Assam. He was famously known for bringing innovation in the technical aspects of mobile theatre which made it more attractive and capable of staging more complex themes.

4. Road Transport Ministry has suggested capping the liability of general insurers at Rs. 15 lakh for road accidents in the draft Road Transport and Safety Bill. This comes in the backdrop of insurers facing huge losses in third party motor insurance.

5. Madhya Pradesh government, along with Odisha, Tamil Nadu and Punjab governments, has come out openly against some of the recommendations of the Shanta Kumar Committee on Food Corporation of India (FCI). The committee had recommended lowering of grain entitlement under the National Food Security Act (NFSA) to 40 per cent and cash transfer of food subsidy.