Current Affairs Update – 10th April, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs for 10th April, 2015.


Finance/Economy
India’s first IFSC
becomes operational

  • India’s first International Financial Services Centre (IFSC)
    at GIFT City near Gandhinagar became operational on Friday. Finance Minister
    Arun Jaitley unveiled rules and regulations for this global financial hub.
  • The regulations are aimed at creating a vibrant IFSC on the
    lines of those in Dubai and Singapore and check the flight of trading in rupee
    and Indian securities to such offshore financial hubs.
  • IFSC rules allow companies incorporated outside India to
    raise money in foreign currencies by issuance and listing of their equity
    shares on stock exchanges within the IFSC, where individual and institutional investors
    from India and abroad, including NRIs, would be allowed to trade.
  • The IFSC regulatory regime allows Indian and foreign stock
    exchanges to set up separate bourses within IFSC as subsidiaries, while market
    entities from India and abroad would be allowed to operate there by providing
    issuance and trading in depository receipts and debt securities of domestic as
    well as overseas companies.
  • The capital and other requirements have been relaxed for
    some time for exchanges, clearing corporations and depositories to set shop in
    the IFSC.
  • Mutual funds and Alternative Investment Funds set up in the
    IFSC can also invest in the securities listed there.

Railways, NID signed
MoU to set up rail design centre

  • The Ministry of Railways and the National Institute of
    Design (NID), Ahmedabad, will together set up a ‘Railway Design Centre to
    modernise passenger amenities and improve coach design.
  • An MoU was signed between Railways and NID on Friday to set
    up the design centre at the NID campus. It will be operated with the interest
    accrued on the endowment fund of Rs. 10 crore deposited by the Railway
    Ministry.
  • The MoU will be for a period of ten years and can be further
    extended.

EPFO suspended 1000
rupees minimum monthly pension scheme
  • Employees’ Provident Fund Organisation (EPFO), the
    retirement fund body, on 9 April 2015 suspended the 1000 rupees minimum monthly
    pension scheme from April 2015.
  • The end of the minimum monthly pension provided under
    Employee Pension Scheme (EPS)-95 will hit about 32 lakh pensioners.
  • The decision to suspend the scheme was taken because, as per
    EPFO circular, there was no communication or direction from the Union
    Government to continue this scheme beyond 31 March 2015.
  • The circular further said that the payment pension from the
    month of April 2015 will be released at earlier rates, that is, without minimum
    pension provision.
  • Union Government had issued a notification on 19 August 2014
    to hike the pension amount to flat 1000 rupees per month for those who were
    getting less than 1000 rupees per month as pension. The benefit of the scheme
    was made effective from 1 September 2014 to 31 March 2015.
  • Employee Pension Scheme (EPS)-95 came into effect on 16
    November 1995 and the scheme was launched under the Employees’ Provident Funds
    and Miscellaneous Provisions Act, 1952.
  • The Scheme applies to the employees of all factories and
    other establishments to which the Employees’ Provident Funds and Miscellaneous
    Provisions Act, 1952 applies.
  • Under the scheme, monthly benefits for superannuation/
    retirement, disability, survivor, widow(er), children is provided and the
    amount of pension is based on average salary during the preceding 12 months
    from the date of exit and total years of employment.

India
India successfully
test-fired Dhanush ballistic missile
  • Surface-to-Surface nuclear-capable Dhanush ballistic missile
    was successfully test-fired on 9 April 2015 from a naval ship off the Odisha
    coast.
  • The missile is a naval variant of India’s
    indigenously-developed Prithvi missile.
  • The missile was fired from an Offshore Patrolling Vessel
    (OPV) of Indian Navy by the Strategic Force Command (SFC).
  • SFC is a part of India’s Nuclear Command Authority (NCA)
    which is responsible for the management and administration of the country’s
    tactical and strategic nuclear weapons stockpile.

BSF inducts two Mi-17
helicopters

  • The Border Security Force (BSF) has inducted two
    Russian-built Mi-17 V5 medium lift choppers to carry out air support missions
    along the border and for anti-Naxalite operations in the hinterland.
  • The Mi-17 choppers will boost the flying capability of the BSF
    troops that are deployed in some of the most arduous and inhospitable
    conditions for a variety of internal security tasks, BSF officials said here.
  • The choppers were formally inducted into the fleet on
    Thursday.
  • The BSF currently operates a mixed fleet of six older
    MI-17s, six Dhruv Advanced Light Helicopters and a Cheetah helicopter.
  • The new choppers are armed with latest avionics and
    night-flying capabilities that have been a long-time requirement of the BSF
    which is increasingly undertaking operations in Naxal violence affected zones.

World
Zaki-ur-Rehman Lakhvi
walks free from Pak jail

  • LeT operations commander Zaki-ur-Rehman Lakhvi, the 2008
    Mumbai attack mastermind, on Friday walked free from a Pakistani jail after
    spending nearly six years in detention.
  • Lakhvi was released from Adiala Jail in Rawalpindi, a day
    after Lahore High Court (LHC) suspended his detention and ordered his immediate
    release.
  • India had strongly reacted to the court’s decision, saying
    it “eroded” the value of assurances repeatedly conveyed to it by Pakistan on
    cross-border terrorism.
  • Jamaat-ud-Dawa supporters were present outside the prison to
    receive 55-year-old Lakhvi.
  • The court yesterday suspended the Punjab government’s order
    to detain Lakhvi under a security act and ordered his immediate release.
  • Earlier on Friday, Lakhvi’s counsel Raja Rizwan Abbasi had
    said that the government was left with no other ‘legal option’ but to release his
    client.

India to chair 9th
IRENA meet in Abu Dhabi
  • India has been designated to chair the ninth meeting of the
    International Renewable Energy Agency (IRENA) Council. The meeting is scheduled
    to be held in June in Abu Dhabi.
  • India is a founder Member of the IRENA. The body is an
    intergovernmental organisation that supports countries in their transition to a
    sustainable energy future.
  • IRENA has two main governing structures. IRENA Assembly
    takes decisions at Macro level and gives policy guidance to IRENA.
  • IRENA Council which is the main governing body of the agency
    responsible for implementing various decisions of the assembly.

Seoul won WWF’s Earth
Hour City Challenge to become the Global Earth Hour Capital 2015
  • Seoul city, the capital and largest metropolis of South
    Korea, on 9 April 2015 was awarded the title of Global Earth hour Capital 2015
    after it won the Earth Hour City Challenge (EHCC) of World Wildlife Fund (WWF).
    The challenge saw the participation of 163 cities from 16 countries.
  • The award ceremony was held in Seoul, South Korea.
  • The city of Balikpapan, Indonesia was recognized as the Most
    Loveable City for 2015 and Thane city was named as the National Earth Hour
    Capital 2015 of India.

Thane named as National
Earth Hour Capital 2015 by WWF
  • Thane in Mumbai, Maharashtra was named as the National Earth
    Hour Capital 2015 on 9 April 2015. It was named so after it emerged as winner
    among the three finalists from India viz., Thane, Rajkot and Pune, in the Earth
    Hour City Challenge (EHCC) 2015 conducted by World Wildlife Fund (WWF).
  • For its city mobility plan and solar and waste-to-energy
    initiatives, Pune received a special mention from the jury. Rajkot was
    felicitated for the city’s performance in the field of renewable energy.
  • Actions of Thane city administration that helped Thane to be
    named as the National Earth Hour Capital 2015 includes
  • Mandatory use of solar water-heating systems for municipal
    buildings
  • Solutions such as wind-solar hybrid systems
  • Use of solar energy for lighting and air-conditioning
  • Cities plan for solar rooftop net metering-based power
    generation and regular energy audits

Books
& Authors –
Book titled Suleiman
Charitra written by Kalyana Malla translated from Sanskrit to English
  • The book Suleiman Charitra written by Kalyana Malla was in
    news because on 9 April 2015 the translated version of it Sueiman Charitra of
    Kalyan Malla was released. The book has been translated from Sanskrit to
    English by diplomat-writer A.N.D. Haskar.
  • The translated version was released by Prof. Akhtarul Wasey,
    the National Commissioner for Linguistic Minorities in New Delhi.
  • The original book Suleiman Charitra was written by Kalyan
    Malla who was an esteemed poet at the court of Lodhi prince Lad Khan in eastern
    Uttar Pradesh at the beginning of 16th Century.
  • Malla is known to have also composed Ananga Ranga which
    along with Suleiman Charitra were dedicated to his princely patron.

Obituaries
Former Australia Cricket
Captain Richie Benaud died

  • Richie Benaud, the former Australian cricket captain and
    legendary commentator died in Sydney on 10 April 2015. He died after fighting a
    long battle with skin cancer. He was 84.
  • Benaud born in Penrith, New South Wales, in 1930 was an
    Australian Test cricket all-rounder and a pioneering leg-spin bowler. He became
    Australia’s Test captain in 1958. He retired as a captain in 1964. After
    retirement from international cricket, he became a highly regarded commentator
    of the game.
  • After retirement, he pursued his career in journalism and
    broadcasting. After an impressive playing career, he became even better known
    as a prolific author, columnist and commentator on cricket.
  • He made his first radio commentary in 1960 at the BBC from
    UK, after which he moved into television. His final commentary in England came
    during the 2005 Ashes series but he continued to work for Channel Nine in
    Australia until 2013.

Books by “Voice of
Cricket”
  1. Anything But (1998) Autobiography
  2. My Spin on Cricket (2005)
  3. Over But Not Out (2010)

Former Air Chief
Marshal of IAF Hrushikesh Moolgavkar died
  • Former Air Chief Marshal of Indian Air Force (IAF)
    Hrushikesh Moolgavkar died in Pune on 9 April 2015. He was 95.
  • Moolgavkar had the honour of leading the fly-past on India’s
    first Independence Day on 15 August 1947, and also on Republic Day on 26
    January 1951. He had led the fly-past as a Squadron Leader.
  • Selected and commissioned as a Pilot Officer in Royal Indian
    Air Force on 30 November 1940, he was appointed as the Chief of Air Staff on 1
    February 1976.
  • His major achievement as Chief of Air Staff was
    implementation of new measures that brought down the accident rates. After
    serving IAF for 38 years, he retired on 31 August 1978.

Regards

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