Current Affairs Update – 5th March, 2015

• Inflation targeting was in news recently as Union Government
  and Reserve Bank of India (RBI) on 20 February 2015 signed an agreement on
  Monetary Policy Framework. As per the agreement, RBI accepted to focus on
  flexible inflation targeting.
• Inflation targeting is defined as an economic policy in
  which a central bank estimates or decides for a medium-term target inflation
  rate.
• In Indian context, as per the agreement, inflation targeting
  means that the RBI will have to maintain Consumer Price Index (CPI)-based
  inflation targets below six per cent by January 2016 and four per cent from
  2016-17, with a band of plus/minus two per cent.
• The new framework makes RBI more accountable as now it will
  have to explain to the government if it fails to meet the inflation targets.
• The transition from monetary targeting suggested by
  Chakravarty Committee (1988) to Inflation targeting suggested by Urijit Patel
  Committee is similar to the practice adopted by central banks in developed
  countries.

• Giving a boost to affordable housing, the RBI today eased
  the norms for home loans for up to Rs 10 lakh by allowing banks to include
  stamp duty and registration charges to the cost of a unit.
• These charges form around 15 per cent of the cost of the
  house and place a burden on borrowers.
• “With a view to encourage availability of affordable
  housing to such borrowers, it has been decided that in cases where the cost of
  the house does not exceed Rs 10 lakh, banks may add stamp duty, registration
  and other documentation charges to the cost of the unit for calculating LTV
  (loan to value) ratio,” RBI said in a notification.
• As per the current practice, banks do not include stamp
  duty, registration and other documentation charges in the cost of housing
  property.
• “It has been brought to our notice that these amounts
  form around 15 per cent of the cost of the house and place a burden on the
  borrowers from economically weaker sections (EWS) and low income groups
  (LIG),” RBI said while easing the norms.
• The RBI also said that in cases of projects sponsored by
  government, statutory authorities, banks may disburse the loans as per the
  payment stages prescribed by such authorities, even where payments sought from
  house buyers are not linked to the stages of construction.

• The Cabinet Committee on Economic Affairs (CCEA) on 4 March
  2015 gave its nod to extend the PDS Kerosene and Domestic LPG Subsidy Scheme
  2002 for a period of one year that is up to 31 March 2015.
• It also approved extension of the Freight Subsidy Scheme
  2002 for far-flung areas till 31 March 2015. The Freight Subsidy Scheme 2002
  provides for freight subsidy to PDS Kerosene and Domestic LPG consumers in
  far-flung areas.

• Gautam Adani’s Adani Power won its first coal block in the
  on going e-auctions after its bid of ₹302
  a tonne for Jitpur in Jharkhand beat the likes of Jindal Steel and Power Ltd,
  Jaiprakash Power Ventures Ltd and others.
• Adani’s success comes after the company failed to win any of
  the six producing blocks that were sold between February 14 and February 22.
• On Wednesday, three blocks in Jharkhand went under the
  hammer. Besides Jitpur, Brinda & Sasai was the other block that was
  awarded. The block went to Usha Martin Ltd at ₹1,804
  a tonne.
• The third block, Moitra, was sold for ₹1,512 a tonne to JSW Steel.
  The block is first to be won by Sajjan Jindal’s JSW Group.
• Moitra has 215.78 million tonne of geological reserves. The
  previous owner of the block was Jayswal Neco Ltd.

• Anil Ambani-led Reliance Infrastructure Ltd on 4 March 2015
  announced the acquisition of management control of Pipavav Defence and Offshore
  Engineering Company Ltd (PDOE) for 2082.3 crore rupees. With this acquisition,
  Reliance Infrastructure Ltd will foray into the emerging business of defence
  production.
• As part of the acquisition, Reliance Infrastructure with its
  wholly-owned subsidiary Reliance Defence Systems Private Ltd will pay 819 crore
  rupees to buy 18 percent stake from Nikhil Gandhi-led Pipavav Defence. It will
  make an offer for an additional 26 percent stake at 66 rupees per share
  totaling to 1263.3 crore rupees.

• Shrugging off the weakness in broader market indices, stocks
  of drug major Sun Pharma and group companies Sun Pharma Advanced Research
  (SPARC), and Ranbaxy hit new highs on Wednesday.
• This has resulted in Sun Pharma Group’s promoter Dilip
  Shanghvi moving ahead of Reliance Industries’ Mukesh Ambani to become the
  richest Indian. Excluding Ranbaxy’s valuation (its merger with Sun Pharma is
  yet to be completed), Shanghvi’s net worth after Wednesday’s gains was Rs 1.4
  lakh crore. Ambani’s net worth was Rs 1.3 lakh crore.

• British Broadcasting Corporation (BBC) on 4 March 2015
  released a documentary film India’s Daughter. 
  The documentary film has been directed by Leslee Udwin.
• The film is based on the Delhi gang rape and murder of the
  23-year-old female named Nirbhaya that took place on 16 December 2012. The film
  was simultaneously released in Denmark, Sweden, Switzerland, Norway and Canada.
• The documentary includes an interview conducted by British
  filmmaker Leslee Udwin and BBC of Mukesh Singh, the driver of the bus. Mukesh
  has made derogatory statements against women.
• A Delhi court has restrained the media from publishing,
  broadcasting, telecasting or uploading the interview on the internet. Also,
  Indian Parliament witnessed outrage over the interview and demanded to ban the
  screening of the documentary to which Union Government heeded.

• Union Minister Raosaheb Dadarao Danve, who was made
  Maharasthra BJP president a few months back, on Thursday resigned from the
  Council of Ministers over the principle of ‘one-man, one-post’
• Mr. Danve submitted his resignation to Prime Minister
  Narendra Modi, who accepted it and forwarded it to President Pranab Mukherjee,
  sources said.
• Mr. Danve, who held the portfolio of Minister of State for
  Consumer Affairs, Food and Public Distribution, quit the Council of Ministers
  over the principle of ‘one-man, one-post’, the sources said.
• Mr. Danve had taken over as the Maharashtra BJP president
  after Devendra Fadnavis, under whose leadership the party came to power in the
  October 15 Assembly polls last year in the state, became the Chief Minister.

• Foreign Secretary S Jaishankar completed his SAARC Yatra of
  four nations on 4 March 2015. His SAARC Yatra started on 1 March 2015 and ended
  on 4 March 2015. He undertook the SAARC Yatra with an aim to firm up India’s
  ties with members of the grouping while reviewing regional and bilateral
  cooperation.
• During the Yatra, he visited four countries namely
  Afghanistan on 4 March 2015, Pakistan on 3 March 2015, Bangladesh on 2 March
  2014 and Bhutan on 1 March 2015.

• Jaishankar visit to
  Afghanistan: During the visit, he called on Afghan President Ashraf Ghani
  and CEO Abdullah Abdullah and held extensive talks focusing on India’s
  development projects and the security situation in the war-torn country.

• Jaishankar visit to
  Pakistan: During the visit, he held Foreign Secretary level talks with his
  Pakistani counterpart Aizaz Chaudhary, which was cancelled in July 2015. He
  also met with Prime Minister Nawaz Sharif and his Advisor on Foreign Affairs
  and National Security Sartaj Aziz. He handed over a letter from Prime Minister
  Narendra Modi to Pakistan Prime Minister Sharif.

• Jaishankar visit to
  Bangladesh: During the visit, Jaishankar met with Prime Minister of
  Bangladesh Sheikh Hasina in Dhaka. He also met with Bangladesh Foreign Minister
  Abul Hassan Mahmud Ali and Bangladesh Foreign Secretary Shahidul Haque. He held
  foreign secretary level talks in Dhaka.

• Jaishankar visit to
  Bhutan: During the visit, he met with Bhutanese Prime Minister Tshering
  Tobgay and held discussions on SAARC co-operation and bilateral ties. He also
  met with the 4th King of Bhutan Jigme Singye Wangchuck.

• PJ Joseph has taken over as the Chairman and Managing
  Director of Kolkata-headquartered National Insurance Company.
• Simultaneously, he will hold responsibility as the CMD of
  Agricultural Insurance Company. Joseph has over 35 years of experience in the
  insurance sector.

• The world’s oldest person Misao Okawa, a mother of three,
  grandmother of four and great-grandmother of six, turned 117 today in western
  Japan.
• Okawa, who came into the world five years before the Wright
  brothers achieved the first powered human flight, celebrated her birthday a day
  early, surrounded by family.
• Guests included her oldest son Hiroshi, 92, and a
  two-year-old great-grandchild.
• Local official Takehiro Ogura also stopped by with a bunch
  of flowers for Okawa, whose birth coincided with the outbreak of the
  Spanish-American war as the old empires gave way to new.

• Connaught Place in the national capital has become the
  world’s fifth most expensive office location, beating the central business
  districts of Russia, Japan and China, according to property consultant Cushman
  & Wakefield.
• London’s West End is
  the most expensive office market for the third consecutive year globally.
• Connaught Place or CP — developed as a showpiece of
  Lutyens’ Delhi — was ranked seventh in the 2013 list.
• Its ranking has improved on account of renewed demand and
  strengthening economic environment.
• Connaught Place has been commanding a rental value of Rs 412
  per sq ft a month and has seen a rental value increment of less than 1 per cent
  over the previous year.
• Hong Kong’s CBD (central business district), New York’s
  Midtown (Madison/ 5th Avenue) and Rio de Janeiro’s Zona Sul. are at 2nd, 3rd
  and 4th positions.

• Three South Asian women, namely Niloofar Rahmani, Nadia
  Sharmeen and Tabassum Adnan on 3 March 2015 were selected for the prestigious
  International Women of Courage Award for the year 2015 given by the US
  Secretary of State.
• They were among the 10 extraordinary women selected from 10
  countries for the award for demonstrating exceptional courage and leadership in
  advocating for peace, justice, human rights and gender equality.
• Niloofar Rahmani (Afghanistan): She is a Captain from Afghan
  Air Force
• Nadia Sharmeen (Bangladesh): She is a Journalist and women’s
  rights activist
• Tabassum Adnan (Pakistan): She is the founder of Khwendo
  Jirga

• Pakistan’s former army chief Gen Pervez Musharraf kept Gen
  Ashfaq Parvez Kayani in the dark about Kargil Operation in 1999 despite the
  latter heading forces responsible to guard (Pakistan-occupied) Kashmir,
  according to a new book by a former general.
• In his book Ham Bhi Wahan Mojod Thay, former minister Lt Gen
  (retd.) Abdul Majeed Malik asserts that Kayani headed the 12 Division that was
  responsible to guard Kashmir (PoK) but he was not taken into confidence over
  the operation which brought Pakistan and India on the brink of a nuclear war.
• Kayani was later hand-picked by Musharraf as his successor
  in 2007 as the army chief and he served for six years as head of army.
• In his book, Malik said that Gen Musharraf did not keep
  Kayani in the loop, who later opposed the operation.

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