Current Affairs Update – 22-23rd March, 2015

Hello and welcome to ExamPundit. Here are the Current Affairs Update for 22nd and 23rd March, 2015.

• India has overtaken the US to become the third-largest steel
  producer in the world with a production of 14.56 million tonnes (MT) in first
  two months of the year.
• India has been the fourth-largest steel producer for the
  past five years, behind China, Japan and the US.
• Data compiled by World Steel Association ( WSA) showed that
  the country’s production growth was the highest during the January-February
  period at 7.6 per cent as compared to the global average of just 0.6 per cent
  at 127.6 MT.
• Production in China, which accounts for nearly half of the
  global steel production, fell during the period by 1.5 per cent. It produced 65
  MT steel during the period.
• Japan, the second-largest producer, reported a total output
  of 17.4 MT, but production in the country fell 2.2 per cent.
• The US, which was the third-largest steel producer since
  2010, produced 13.52 MT during the January-February period, giving away its
  position to India.

• Concerned over the rising number of loan default cases, the
  Reserve Bank today warned lenders against outsourcing their credit processing
  activities to third-party entities.
• As per the data made available by the RBI, the gross NPAs
  (non-performing assets) of the PSU banks stood at Rs 2,60,531 crore, as on
  December 2014.
• The total number of defaulting borrowers, having Rs 10 crore
  and above at the end of September 2014, stood at 2,897 with outstanding amount
  of Rs 1.60 lakh crore.
• A non-performing account of whatever origin and pedigree is
  a drag on the banking system and increases the cost of intermediation, which
  pinches an honest borrower the most.

• The Union government will borrow Rs. 3.6 lakh crore from
  markets in the first half of the next financial year, which is over 50 per cent
  of the annual target of Rs. 6 lakh crore.
• The government borrows money from the markets through
  T-bills and other instruments to fund its fiscal deficit. Giving details of
  borrowing programme for 2015-16, he said the Central Government would be
  borrowing about Rs. 17,000-18,000 crore through bonds every week.
• The calendar for market borrowing was decided at a meeting
  between officials of the Finance Ministry and Reserve Bank (RBI).
• The government, as per the budget papers, plans to borrow
  Rs. 6 lakh crore from the market in the next fiscal, up from Rs. 5.92 lakh
  crore in 2014-15.
• However, the net borrowings in 2015-16 will be Rs. 4.56 lakh
  crore, after considering repayments of past loans and interest, as per budget
  documents. The budgeted target for borrowing in current fiscal was also Rs. 6
  lakh crore, but it is likely to remain at around Rs. 5.92 lakh crore.
• In the financial year ending March, the fiscal deficit has
  been estimated at 4.1 per cent. In 2015—16, the deficit will be pruned to 3.9
  per cent.

• Security and Exchange Board of India (SEBI) Board on 22
  March 2015 approved the SEBI (Issue and Listing of Debt Securities by
  Municipality) Regulations, 2015. The regulations will enable the resources
  starved municipalities across the country to mobilise financial resources from
  capital market.
• The regulations provide for public issuance and listing of
  privately placed municipal bonds and also provides for disclosure requirements
  to be made by the prospective issuers.
• Till now, municipalities were denied permission to list
  themselves in stock exchanges and conduct trade in bonds issued by them.

• An issuer making a public issue shall only issue revenue
  bonds. In case of private placements, an issuer may issue general obligation
  bonds or revenue bonds
• Issuer’s contribution for each project shall not be less
  than 20 percent of the project costs, which shall be contributed from their
  internal resources or grants
• Mandatory credit rating, which has to be investment grade
  rating in case of public issuances
• The tenure of these bonds will be of 3 years
• Municipality should not have defaulted in repayment of debt
  securities or loans obtained from Banks/Financial Institutions, during the
  previous 365 days
• Municipality should not have had negative net worth in any
  of the last three preceding financial years
• Banks or Financial Institutions will be appointed as
  monetary agencies who inter-alia will prepare periodic reports

• The capital market regulator, Security and Exchange Board of
  India (SEBI) Board on 22 March 2015 approved SEBI (International Financial
  Services Centres) Guidelines, 2015.
• The guidelines for IFSCs aim to provide an enabling
  environment for setting up of capital market infrastructure like stock exchanges,
  clearing houses, depository services, etc., in such centres.

• Any Indian stock exchange by the SEBI or a foreign stock
  exchange recognized by the originating country’s market regulator can set up
  subsidiaries in IFSC.
• A stock exchange can be set up with 25 crore rupees capital,
  against the normal requirement of 100 crore rupees. However, this will have to
  be raised to 100 crore rupees within three years. Such exchanges will also be
  given three years to complete de-mutualisation.
• A Clearing Corporation can be set up, with 50 crore rupees
  capital, against the norm of 300 crore rupees, which will have to be achieved
  within three years of establishment.
• Issue of depository receipts and other securities by foreign
  issuers under the Foreign Currency Depository Receipts Scheme, 2014, will also
  be allowed.
• IFSC will be set up under the Special Economic Zone (SEZ)
  Act of 2005.
• Non-resident Indians, foreign investors, institutional investors,
  and resident Indians eligible under the Foreign Exchange Management Act (FEMA)
  are allowed to  participate in IFSC.

• The Insurance Regulatory and Development Authority of India
  (IRDAI) has imposed Rs. 20 lakh penalty on Apollo Munich Health Insurance
  Company for violation of various norms.
• In an order, IRDAI Chairman TS Vijayan said fine was imposed
  for accepting premiums from agents after expiry of their license. The company
  did not capture the record of the license dates of the agents as well.
• Further, the insurer did not provided the mandatory reserve
  for claims under litigation. It also violated norms by procuring travel
  insurance business through Make My Trip which is not authorised to act as an
  intermediary, the order said.
• The regulator had also imposed Rs. 10 lakh penalty on
  Agricultural Insurance Company of India Ltd for violation of norms related to
  reinsurance, among others.

• Prime Minister Narendra Modi today paid rich tributes to
  Bhagat Singh, Sukhdev and Rajguru on their martyrdom day.
• “On their martyrdom day, I pay my respects to Bhagat Singh,
  Sukhdev and Rajguru who sacrificed their life for the nation,” he said in a
  statement.
• “Tributes to these great patriots,” the Prime Minister said.
• Bhagat Singh, Rajguru and Sukhdev were tried for killing
  British Superintendent of Police Saunders on December 17, 1928, and were
  awarded the death sentence.
• They were hanged in the Central Jail at Lahore on March 23,
  1931.

• The Andhra Pradesh Government is considering naming the new
  capital city planned near Vijayawada-Guntur region as Amaravathi, based on the
  historical Buddhist site along Krishna river.
• While the Government has taken a decision on the move to
  name the new capital as Amaravathi, a formal announcement is likely to be made
  soon.
• The N Chandrababu Naidu Government has initiated the land
  pooling process and has thus far managed to get consent for 33,000 acres for
  the proposed new capital city.
• The master plan for the capital city, being prepared by
  Singapore based firms, is likely to be ready by May-June this year and works
  are poised to commence in the second half of 2015.
• The State is seeking to name the new capital on Amaravathi,
  a small town about 35 km from Vijayawada, and home to famous temple of Lord
  Siva and Buddhist Stupa. As per historical data, Amaravathi and nearby
  locations including Dharanikota served as capital of Satavahanas and later to
  other rulers.
• The region along the Krishna river has been an important
  destination for Buddhists for the Stupa. The town and the Stupa were in
  limelight when Dalai Lama conducted a mega event Kalachakra in 2006 and lately
  now with the AP Government seeking to make it part of the proposed capital
  region.

• The Centre is coming out with a revised strategy for ‘Jan
  Aushadhi’ scheme, which seeks to provide quality medicines at affordable price,
  to expand its reach across the country.
• The scheme is being revisited to expand its reach across the
  country. Details are being worked out by Bureau of Pharma Public Sector
  Undertakings of India (BPPI) in consultation with Department of
  Pharmaceuticals, he said.
• The Government will also open around 1,000 Jan Aushadhi
  stores in the near future, Ahir added.
• To make the scheme successful, the Centre has sought
  participation of private pharmaceutical companies, the Minister told the event.

• Actor-filmmaker Shashi
  Kapoor, who has starred in over 100 Hindi films and best known for his powerful
  portrayals in hits like “Namak Halaal”, “Deewar” and “Kabhie Kabhie”, was today
  chosen for the prestigious Dada Saheb Phalke award, the highest official recognition
  for film personalities in India.
• The 77-year-old actor, who
  is wheelchair bound and has been ailing from kidney problems, is the third from
  his family to get the award, after father Prithvi Raj Kapoor and elder brother
  Raj Kapoor.
• The award consists of a
  Swarn Kamal (Golden Lotus), a cash prize of Rs 10 lakhs and a shawl, an
  official announcement here said. The award is given on the basis of
  recommendations of a Committee of eminent persons set up by the Government for
  this purpose, the statement added.
• A five member jury
  unanimously recommended the name of Kapoor, who has carved out an equally
  successful career in alternative international cinema and theatre, for the
  award.
• He will be the 46th Dada
  Saheb Phalke Award winner.
• Born in 1938, Kapoor hit
  the spotlight from the age of four acting in plays directed and produced by his
  father, while travelling with Prithvi Theatres. He started acting in films as a
  child in the late 1940s.

• Republican US Senator Ted Cruz confirmed today he will run
  for president in 2016, the first major candidate to officially declare a bid in
  the next race for the White House.
• The 44-year-old grassroots Tea Party supporter has been
  Senator in Texas since 2012, and is a long-time critic of Barack Obama’s
  administration.
• He has raised hackles in his own party in recent years when
  he helped push the U.S. government into shutdown over budget fights, and for
  opposing Republican leaders on a series of issues.
• Cruz’s advisors told U.S. media he will aim to raise between
  US$ 40 million and US$ 50 million for his campaign, and will rely on support
  from his Tea Party base that voted him in as senator.
• Though the first to officially declare his presidential bid,
  other Republicans, including Jeb Bush, Wisconsin governor Scott Walker and
  Senators Rand Paul and Marco Rubio have signalled they too could join the race.

• Pakistan has been holding its first Republic Day parade in
  seven years amid tight security.
• The ceremony marks the anniversary of a 1940 resolution
  calling for a separate homeland for Muslims in India.
• Its resumption is a symbolic show of military strength,
  analysts say, from a nation which has been badly affected by militant attacks.
• In his address Pakistan’s President Mamnoon Hussain said
  that the “end of terrorism” was near.

• Scientists have discovered a 400 km-wide impact zone from a
  huge meteorite in central Australia which is the largest asteroid impact zone
  ever found on Earth.
• A team led by Andrew Glikson from the Australian National
  University (ANU) found the impact zone from a huge meteorite that broke in two,
  moments before it slammed into the Earth in central Australia.
• The crater from the impact millions of years ago has long
  disappeared. But researchers found the twin scars of the impacts — the largest
  impact zone ever found on Earth — hidden deep in the Earth’s crust.
• Mr. Glikson from the ANU School of Archaeology and
  Anthropology, said the impact zone was discovered during drilling as part of
  geothermal research, in an area near the borders of South Australia, Queensland
  and the Northern Territory.

• Sarath Fonseka, the former Army Chief of Sri Lanka, on 22
  March 2015 was conferred with the country’s highest military rank of Field
  Marshal. He was awarded the honorary title by President Maithripala Sirisena
  for achieving victory over terrorism.
• With this, Foneska became the first Sri Lankan Army officer
  to become Field Marshal. Fonsenka is a former Chief of Defence Staff and is now
  a member of Sri Lanka Parliament from Colombo district.
• Under his leadership, the 26-year Sri Lankan Civil War came
  to an end in 2009 in which the rebels Liberation Tigers of Tamil Eelam (LTTE)
  were defeated by Sri Lankan army.

• Novak Djokovic of Serbia on 22 March 2015 won his fourth
  Indian Wells Open Tennis Men’s Singles title. In the final clash, Djokovic
  defeated Roger Federer of Switzerland 6-3, 6-7 (5), 6-2.
• This win at Indian Wells Open was the 50th tour-level title
  for Djokovic. With this fourth title in Indian Wells, he also became the 12th
  player in the Open Era to win 50 titles, surpassing his coach, Boris Becker, of
  49 trophies.
• On the other hand, Simona Halep of Romania defeated former
  Jelena Jankovic of Serbia 2-6, 7-5, 6-4 to win her the Indian Wells Open Tennis
  Women’s Singles title. For Helep, this was the biggest title of her career.
• Halep is the first player to win three WTA titles in 2015.
  Earlier, she had won Shenzhen Open and Dubai Open in 2015.

• Sania Mirza and Martina Hingis, the Indo-Swiss women pair of
  Tennis, on 21 March 2015 won the women doubles title of BNP Paribas Open. In
  the title clash played at Indian Wells, USA, the duo defeated the Russian pair
  of Ekaterina Makarova and Elena Vesnina 6-3, 6-4.
• En route to the title, the top seeds Sania and Hingis didn’t
  drop even a single set in the tournament.
• Till date, Hingis has won 11 Grand Slams which include nine
  in women’s and two in mixed, while Sania has claimed three Grand Slams, all in
  mixed.

• Lee Kuan Yew, the statesman and founding father of Singapore
  died on 23 March 2015 at the Singapore General Hospital. He was 91.
• Yew, who in 1959 became the first Prime Minister of
  Singapore, was widely recognised as the founding father of modern Singapore and
  also the Architect of Modern Singapore. He transformed Singapore from a small
  port city and a malaria-infested backwater to a wealthy global hub.
• Singapore Prime Minister Lee Hsien Loong declared a period
  of National Mourning from 23 March to 29 March 2015.

• The World Meteorological Day (WMD) 2015 was observed across
  the world on 23 March 2015. The theme for the WMD 2015 is Climate Knowledge for
  Climate Action.
• The theme assumes significance in the backdrop of necessity
  to disseminate Climate Change related knowledge to take up appropriate
  mitigation and adaptation actions.
• Every year on the occasion of WMD, awards for meteorological
  research are also given. These awards include The International Meteorological
  Organization Prize, Professor Dr. Vilho Vaisaila Award and The Norbert
  Gerbier-Mumm International Award.

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