Current Affairs Update – 4th March, 2015

• The Reserve Bank of India (RBI) on 4 March 2015 reduced the
  repo rate by 25 basis points to 7.5 percent with immediate effect. This is the
  second time since January 2015 that RBI reduced the repo rate by 25 basis
  points.
• With this, the reverse repo rate under the LAF stands
  adjusted to 6.5 percent, and the marginal standing facility (MSF) rate and the
  Bank rate to 8.5 percent.
• The RBI reduced the repo rate outside the bi-monetary policy
  review cycle taking into account the following developments:
• The new Consumer Price Index (CPI) rebased to 2012 was
  released on 12 February 2015. As per this, inflation in January 2015 stood at
  5.1 percent which was well within the target of 8 percent for January 2015.
• The prices of vegetables and inflation excluding food and
  fuel reached a new low indicating that disinflation is evolving along the path
  set out by the RBI in January 2014 and at a faster pace than earlier envisaged.
• The recently-released GDP estimates based on base year
  2011-12 by Central Statistical Office (CSO) pictures a steadily recovering
  economy which appears to be right.
• In Union Budget 2015-16, many important and valuable
  structural reforms has been included. This will help improve supply over the
  medium term and help achieve fiscal consolidation.
• The rupee remained strong relative to peer countries, thus,
  creating disinflationary impulses.

• To make it easier for new individual investors, market
  regulator Sebi today announced a ‘Saral’ or simplified account opening form for
  such persons and eased the process for submitting address proof documents.
• The move comes in the backdrop of the government and the
  regulator making efforts to attract new retail investors to the market
  especially for the disinvestment share sales through Offer For Sale (OFS) and
  other routes.
• In a circular issued to all stock exchanges and various
  market intermediaries, the Sebi said: “A majority of new investors in the
  securities market begin with participation in the cash segment without
  obtaining various other facilities such as Internet trading, margin trading,
  derivative trading and use of power of attorney.”

• The long-pending Insurance bill, a key economic reform
  legislation providing for raising foreign investment cap to 49 per cent, was
  today passed by Lok Sabha with the government insisting that the measure is
  crucial for expanding the penetration of insurance in the country.
• The controversial Insurance Laws (Amendment) Bill, which
  seeks to replace an ordinance, also provides for imprisonment of up to 10 years
  for selling policies without registration with the regulator IRDA.
• The proposed legislation will also allow PSU general
  insurers to raise funds from the capital market and provides for increased
  penalty to deter multilevel marketing of insurance products.
• The bill, one of the key reform legislations, has been
  pending since 2008.

• Lok Sabha today passed the Coal Mines bill to allow
  e-auction of coal blocks after the Supreme Court cancelled their allocation
  leading to uncertainty in the coal sector, amid opposition by Left and some
  other opposition parties.
• The Coal Mines (Special Provisions) Bill, 2015, would
  replace two ordinances issued by the government — the first on October 21 last
  year and the other in December, after the apex court cancelled the allocation
  of 204 blocks.
• Replying to a debate on the bill, Coal and Power Minister
  Piyush Goyal said its passage would ensure “transparent and honest”
  process of auctioning of coal blocks.
• Highlighting the necessity of passing the bill, he warned
  that if the Bill is not passed, then there could be a crisis in the coal sector
  with the closure of these mines.

• Union Government and Reserve Bank of India (RBI) signed an
  agreement on Monetary Policy Framework. The agreement was signed on 20 February
  2015 but was made public on 2 March 2015.
• The agreement empowers the RBI to go for inflation targeting
  that is common in developed countries and it also empowers RBI to monitor its
  monetary policy framework.
• As per the agreement, RBI will aim to bring down the
  inflation below six percent by January 2016 and inflation target for 2016-2017
  and subsequent years will be 4 percent +/-2 percentage points.

• India’s monetary policy framework will be operated by the
  RBI.
• India’s monetary policy framework will aim to “maintain
  price stability while keeping in mind the objective of growth.
• If the RBI fails to meet the target, then it will have to
  report to the Union Government the reasons for the failure to achieve the
  target.
• It will also provide the remedial action to take and
  estimate of the time period within which the target would be achieved.
• It will put in place a framework of a modern monetary policy
  to meet the challenges of an increasingly complex economy.
• The RBI’s Governor will determine the country’s key interest
  rates or any measures needed to achieve that inflation target.
• It binds the Union Government to take proactive measures for
  price control.
• The agreement will provide a predictable policy stance on
  inflation, helping investors, especially in the debt market.

• Union Ministry of Shipping on 3 March 2015 signed an
  agreement with Toyota for export of automobile units. The export of automobile
  units will be done through Kamarajar Port Limited (KPL).
• The agreement mainly includes the Original Equipment
  Manufacturers (OEM) commitment to use KPL as their primary port and KPL will
  give volume based discount on the tariff on certain facilities for smooth
  functioning of the operations. The Agreement is for a period of 10 years.

• President Pranab Mukherjee on 2 March 2015 gave his assent
  to the Maharashtra Animal Preservation (Amendment) Bill 1995. This amendment
  bans slaughter of bulls and bullocks in Maharashtra.
• President gave his assent to the Bill as per the provisions
  in Article 201 of the Constitution of India.

• If anyone is found selling beef or in possession of it can
  be jailed for five years and fined up to 10000 rupees
• The new act will however allow slaughter of water buffaloes,
  which provides carabeef, generally seen as inferior quality meat (that makes up
  only 25 percent of the total beef market in the state)

• World’s largest and tallest Indian national flag was
  unfurled on 3 March 2015 at Town Park in Faridabad, Haryana. The flag was
  unfurled by BJP president Amit Shah, Haryana CM ML Khattar and Bollywood actor
  Ranbir Kapoor.
• The flag has dimension of 96 feet by 64 feet and weighs 48
  kilograms. Flag was hoisted at the height of 250 feet (75 meters). Thus, making
  it the world’s largest and the highest hoisted Indian flag in the world.
• The unfurling event was organised by Nav Chetna Trust which
  is formed to work on social issues like beti Bachao Beti Padhao Campaign and
  Swachh Bharat Mission.
• Another such flag is located at the Central Park in
  Connaught Place, New Delhi. This flag is 60 feet in width and 90 feet in length
  and is hoisted at the height of 207 feet.

• The state cabinet of Maharashtra on 3 March 2015 approved
  the proposal to issue Aadhar-linked ration cards. The approval was given in a
  bid to curb fake beneficiaries and bring in transparency in the Public
  Distribution System (PDS).
• Under this two-phased programme of 173.72 crore rupees,
  Aadhar-linked ration cards will be distributed to all the 2.32 crore ration
  card holders in the state in the first phase.
• In the second phase, all PDS outlets across the state will
  be connected with a mobile terminal technology–enabled biometric network to
  recognise each customer’s details before distributing the food grains.

• National Building Construction Corporation Ltd (NBCC) and
  Delhi Development Authority (DDA) on Wednesday signed an MoU for the first
  smart sub-city to come up at Karkardooma in East Delhi.
• The 30-hectare DDA land will be developed by NBCC as the
  first transit oriented development (TOD) smart city in Delhi — ‘East Delhi Hub
  Project’.

• Indian-American physician Rahul Jindal was on 3 March 2015
  selected for the prestigious Fulbright-Nehru Distinguished Chair.
• The Ahmedabad-based HL Trivedi Institute of Transplantation
  Sciences will host Rahul Jindal for the duration of the chair. The Institute
  performs about 400 kidney transplants in a year and has developed innovative
  transplant tolerance models.

• Bollywood actress Rani Mukerji was on 3 March 2015 awarded
  with the National Award for the Best Representation of the Cause of Safety,
  Security and Protection of Women and Girl Child by National Institute of Gender
  Justice (NIGJ).
• Rani is the first ever film personality to be felicitated
  with this prestigious award. She was awarded for creating awareness about child
  trafficking in New Delhi.
• Rani was honoured not only for her incredible work in cinema
  but also for the kind of work she has been doing to create awareness about
  child trafficking.

• Acclaimed Indian violinist L Subramaniam and Kathak exponent
  Roshan Kumari were awarded with prestigious Hafiz Ali Khan Award-2014 by
  renowned Sarod player Ustad Amzad Ali Khan at a function held here.
• Subramaniam and Kumari of Jaipur Gharana received the 30th
  Hafiz Ali Khan award last evening.
• The award was instituted by Amzad Ali Khan in 1985 in memory
  of his father Hafiz Ali Khan, a great court musician of the Gwalior Gharana.

• Kirket, a Hindi film based on former Indian cricketer Kirti
  Azad’s life was launched on 2 March 2015. 56-year-old, Kirti Azad is the actor
  of the film which is based on his cricket journey.
• The film seeks to depict the difficulties of Bihar cricket
  and is a genuine story of talented but underprivileged young boys who can do
  wonders if given chance.
• The film is the brainchild of producer Sonu Jha and is
  expected to be released in 2016.  Vishal
  Tiwari is the co-producer of the film.

• David Warner made mincemeat of an inexperienced Afghanistan
  bowling attack with a magnificent 178 as hosts Australia thrashed Afghanistan
  by 275 runs after piling up a tournament record 417 for six in a group league
  match of the cricket World Cup here on Wednesday.
• Batting first, Australia surpassed India’s 413 for five
  against Bermuda in 2007. Afghanistan were never in the match as they were
  bundled out for 142 in 37.3 overs a few days after their initial high following
  the Scotland victory.

• The World Wildlife Day was observed on 3 March 2015. The
  2015 theme of the day is Wildlife crime is serious, let’s get serious about
  wildlife crime.
• The day is celebrated as an opportunity to celebrate the
  varied forms of wild fauna and flora and to raise awareness of the multitude of
  benefits that conservation provides to people.

• Ornithologist and naturalist KS Lavkumar Khachar died on 3
  March 2015. He was 84. Khachar was among the pioneers of nature conservation in
  India.
• He worked to spread awareness about ornithology, nature and
  wildlife conservation. He had a long association with the Bombay Natural
  History Society (BNHS) and World Wide Fund for Nature (WWF) India.
• He served as director of the Nature Discovery Centre of the
  Centre for Environment Education (CEE) in 1984. He produced Sixty Indian Birds
  book along with RS Dharmakumarsinhji in 1981.
• He was awarded several prestigious awards that include The
  Salim Ali-Loke Wan Tho Lifetime Award for Excellence in Ornithology for his
  pioneering work in ornithology and on the Nanda Devi National Park.

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