Current Affairs Update – 15 Jan, 2015

Finance/Business/Economy News
1. RBI cut Repo Rate
by 0.25% in sixth Bi-Monthly Monetary Policy Statement 2014-15

  • The Reserve Bank of India (RBI) on 15 January 2015
    announced sixth Bi-Monthly Monetary Policy Statement. RBI in its bi-monthly
    monetary policy statement cut its main lending rate (Repo Rate) by 0.25 per
    cent with immediate effect. This is the first rate cut from the RBI since 2013.
  • With this, repo rate will now prevail at 7.75 percent
    from previous 8 percent. The RBI rate cut comes just two weeks before its
    scheduled policy review on 3 February 2015.

Based on the
assessment of the current and evolving macroeconomic situation, the following
changes has been taken:
  1. Repo Rate: Reduced
    Repo rate under Liquidity Adjustment Facility (LAF) by 25 basis points from 8.0
    percent to 7.75 percent with immediate effect
  2. Reverse Repo Rate
    under the LAF:
    Stands adjusted to 6.75 percent
  3. Cash Reserve Ratio
    (CRR):
    Kept unchanged at 4.0 percent of net demand and time
    liabilities (NDTL)
  4. Marginal standing
    facility (MSF) rate:
    8.75 percent
  5. Bank Rate: 8.75
    percent

Reason of decline in
rates:
  • Inflationary pressures (measured by changes in the consumer
    price index) have been easing, since July 2014
  • The path of inflation, while below the expected
    trajectory, has been consistent
  • Inflation has been lower than expected due to sharp
    decline in prices of vegetables and fruits since September 2014 and receded
    pressures in respect of cereals and the large fall in international commodity
    prices, particularly crude oil
  • It seems that the crude prices is expected to remain low
    over the year due to geo-political shocks

2. RBI relaxed Forex
Hedging Norms for Exporters and Importers
  • The Reserve Bank of India (RBI) on 14 January 2015
    relaxed the Forex Hedging Norms for exporters and importers.
  • The norms were relaxed under Sections 10(4) and 11(1) of
    the Foreign Exchange Management Act, 1999.

Highlights Relaxed
Forex Hedging Norms
  • Now, the exporters and importers can book forward foreign
    exchange contracts in excess of 50 percent of the eligible limit. This will
    give them greater operational flexibility.
  • However, approval of these contracts is subjected to some
    conditions including the submission of a declaration that all guidelines have
    been adhered to while utilising the facility.
  • The declaration has to be signed by the Chief Financial
    Officer (CFO) and the Company Secretary (CS).

3. DGFT imposed 100
crore rupees fine on Riddhi Siddhi Bullion for violation of RBI norms
  • The Directorate General of Foreign Trade (DGFT) on 14
    January 2015 imposed a penalty of 100 crore rupees on Riddhi Siddhi Bullion
    Limited (RSBL) for violation of Reserve Bank of India (RBI) norms. The order
    was issued by Kavita Gupta, additional director general of foreign trade,
    Mumbai.
  • The order also cancelled its nominated agency certificate
    (NAC). NAC is the mandatory document needed for direct import of precious
    metals.
  • The DGFT had issued a showcause notice to the bullion
    trader in October 2014. According to the order, RSBL had obtained NAC in April
    2013 for direct import of bullion. In FY14, RSBL had imported 550 kg gold and,
    according to the RBI circular, this entire quantity should have been exported
    back.
  • However, the company had shipped back only 350 kg while
    remaining 200 kg was supplied to the domestic market, violating NAC norms.

4. Appointment
Committee of Cabinet approved Anupam Shrivastava as CMD of BSNL

  • Appointments Committee of the Cabinet (ACC) on 14 January
    2015 approved appointment of Anupam Shrivastava as CMD (Chairman and Managing
    Director) of Bharat Sanchar Nigam Limited (BSNL).  Currently, he is serving as Director –
    Consumer Mobility at the BSNL.
  • BSNL’s Director Enterprises A N Rai is currently handling
    the additional charge of CMD.
  • His appointment was pending from long. The Public
    Enterprise Selection Board (PESB) had shortlisted Anupam Shrivastava for the
    post of CMD of BSNL in 2013.
  • His tenure as CMD was to begin from 1 May 2013 but the
    then Union Telecommunication Minister Kapil Sibal held back the recommendation
    and granted extension to R K Upadhyay till 30 June 2013.
  • Further, change in the government at the Centre delayed
    the decision to appoint the head of BSNL.

5. NFL, EIL and FCIL
signed agreement to form Ramagundam Fertilizers and Chemicals Ltd
  • National fertilizers Limited (NFL), Engineers India
    Limited (EIL) and Fertilizer Corporation of India (FCIL) on 14 January 2015
    signed an agreement to form a Joint Venture Company (JVC) Ramagundam
    Fertilizers and Chemicals Limited.
  • The agreement is aimed at setting up new Ammonia and Urea
    plants at the existing site of Ramagundam Fertilizer plant in District
    Karimnagar in Telangana.
  • Execution of construction activities is expected to start
    in early 2016. The new plant at Ramagundam will be a boon for the farmers of
    newly created state of Telangana.

News Related to India and Indian Polity

6. 67th Army Day
observed on 15 January
  • India on 15 January 2015 observed the 67th Army Day. The
    day is celebrated to commemorate the day, when Lieutenant General (later Field
    Marshal) K M Cariappa on 15 January 1949 became the first Indian
    Commander-in-Chief of the Indian Army post Independence. He had succeeded
    General Sir Francis Butcher, the last British Commander-in-Chief of India.
  • To mark the day, all three service chiefs, Army Chief
    General Dalbir Singh Suhag, Chief of Naval Staff Admiral Robin K Dhowan and Air
    Chief Marshal Arup Raha paid tributes at the Amar Jawan Jyoti here at India
    Gate by laying floral wreath and remembering the martyred soldiers. Thereafter
    they also signed the record book at the India Gate.

7. Prabhu Nath Dwivedi
named as the winner of the Sahitya Akademi Award 2014 for Sanskrit
  • Eminent Sanskrit scholar Prabhu Nath Dwivedi was on 14
    January 2015 named as the winner of the Sahitya Akademi Award 2014 for Sanskrit
    language.
  • He was awarded for his work Kanakalochanaha, a collection
    of 16 short-stories based on various social issues. His name was selected by a
    three-member jury of the Sahitya Akademi.
  • The award will be presented to him in March 2015 during
    the Festival of Letters that will be organised by the Sahitya Akademi in New
    Delhi.

8. Amitabh Bachchan
presented with Social Media Person of the Year award 2015
  • Actor Amitabh Bachchan was on 13 January 2015 presented
    with the Social Media Person of the Year Award 2015  by the Internet and Mobile Association of
    India (IAMAI).
  • The award ceremony was scheduled to be held on 15 January
    2015 in New Delhi but as Amitabh Bachchan was not be able to make his presence
    there, so he was honoured in advance.
  • Amitabh Bachchan was awarded for being an active blogger
    and user of different social networking sites. He makes the most use of social
    media to communicate with his fans and well-wishers.
  • He has over 12.5 million followers on Twitter and more
    than 18million likes on his Facebook page.

9. Critically
endangered Forest Owlet sighted in Betul, Madhya Pradesh

  • Critically endangered forest owlet (Athene blewitti) was
    sighted in Betul district of Madhya Pradesh. The bird was traced in a new
    location by a Pune-based conservation society in second week of January 2015.
  • Forest Owlet (Athene blewitti or Heteroglaux blewitti) is
    an owl and is endemic to the forests of central India. The species that belongs
    to the typical owls’ family, Strigidae is on the verge of extinction.

10. Union Minister
Mukhtar Naqvi gets 1-year jail term

  • Union Minister of State for Parliamentary and Minority
    Affairs Mukhtar Abbas Naqvi was sentenced to a one-year jail term after he and
    19 others were convicted by a Rampur court for breaching prohibitory orders in
    the run-up to the 2009 Lok Sabha election.
  • The Minister was later granted bail.
  • Judicial magistrate Manish Kumar pronounced Mr. Naqvi
    guilty under Sections 143 (unlawful assembly), 341 (wrongful restraint) and 342
    (wrongful confinement) of the Indian Penal Code, Section 7 of the Criminal Law
    Amendment Act and Section 144 of the Cr.PC.

11. Censor Board Chief
Leela Samson resigns over coercion, corruption

  • Amid reports that controversial film Messenger of God
    featuring Dera Saccha Sauda chief Gurmeet Ram Rahim Singh in lead role has been
    cleared by Film Certification Appellate Tribunal (FCAT), Censor Board chief
    Leela Samson tonight said she has decided to resign.
  • Asked if she was aware of media reports that the nod has
    been given by FCAT to the film’s screening, Samson told PTI that “I hear
    so. Nothing in writing yet. Yet, it is a mockery of Central Board of Film
    Certification. My resignation is final. Have informed the (I&B)
    Secretary”.
  • There was, however, no official word on the decision, if
    any, of FCAT.
  • The Censor Board had referred the issue of clearance to
    Messenger of God to FCAT. The film was slated to hit the screens on Friday.

International News
12. Pakistan bans
Jamaat-ud-Dawa

  • In a move that appears to be aimed at curbing militancy
    and extremism in the country, Pakistan has decided to ban 12 organizations,
    including Jamaat-ud Dawa (JuD), the frontrunner of banned Lashkar-e-Taiba,
    Falah-e-Insaniat Foundation, a welfare wing of the JuD, and the Haqqani
    Network.
  • The decision came a day after the US State Department
    declared Mullah Fazlullah, the chief of the Tehreek-e-Taliban Pakistan (TTP) as
    a ‘Specially Designated Global Terrorist’. Fazlullah, nicknamed Mullah Radio,
    had accepted responsibility for the last month attack on school in Peshawar,
    which left 142 children dead.

Sports News

13. Brett Lee
announces retirement from all formats

  • Former Australia fast bowler Brett Lee announced on
    Thursday his pending retirement from all forms of cricket after a 20-year
    career.
  • The 38-year-old pacer quit international cricket in July
    2012, but had been a Twenty20 regular, both in the Indian Premier League and
    the domestic competition in Australia.
  • Lee, who made the announcement at the Sydney Cricket
    Ground, remains the equal leading wicket-taker for Australia in ODIs with Glenn
    McGrath, with 380 in 221 appearances. Lee also took 310 wickets in 76 Tests for
    Australia.

14. Bhakti Sharma set
world record by swimming 1.4 miles in 52 minutes in the Antarctic Ocean

  • Indian open water swimmer Bhakti Sharma on 14 January
    2015 set a world record by swimming 1.4 miles in 52 minutes in one degree
    temperature in the Antarctic Ocean. She is the first Indian women as well as to
    achieve this feat.
  • She broke the record of British open water swimming
    champion Lewis Pugh and American swimmer Lynne Cox.
  • The 24-year old is now the first Asian girl and youngest
    in the world to have achieved this feat and now has conquered all the five
    oceans of the world.
  • Bhakti’s quest was sponsored by Hindustan Zinc.

This post was last modified on July 20, 2019 12:11 pm