Current Affairs For Bank, IBPS Exams - 09 February, 2014

Current Affairs For Bank, IBPS Exams

A high-level panel set up by the government to overhaul the foreign investment regime in the country is set to recommend that any investment above 10% in a company's equity be classified as foreign direct investment (FDI) and below that as portfolio investment.
The committee headed by economic affairs secretary Arvind Mayaram is expected to submit its report soon.
The committee has significantly scaled down its ambitions from reported draft proposals that had gone to the extent of suggesting significant reforms in the overseas investment regime.
The move is aimed at simplifying things for companies regarding what rules to follow - FDI or FPI. The panel has refrained from suggesting any change in the limit on overseas investment, the official said. The default cap for foreign portfolio investment will continue to be 24%.
The investment regime for non-resident Indians and foreign venture capital investors will be unchanged. The panel has also favoured grandfathering for investors with less than 10% in listed companies as FDI but haven't entered through the portfolio route. Such an investment would be classified as portfolio investment in the new regime. The report is also likely to allow a similar dispensation for a foreign holding dropping below 10% as a result of corporate restructuring.

Foodgrain production is likely to touch a record 263.2 million tonnes (mt) this year, beating the previous high of 259 mt achieved two years ago, according to Agriculture Minister Sharad Pawar.
The foodgrain production fell marginally to 255.36 mt in the last crop year (July-June) due to drought in some parts of the country.
A good monsoon along with improved sowing of both kharif (summer) and rabi (winter) crops have improved prospects of a better foodgrain production this year.
India has now emerged as the world's top rice exporter and second-top exporter of wheat and cotton. The country is also the top producer of milk and horticultural crops.

In the final of the Shriram Capital-P.L. Reddy Memorial ATP $50,000 Challenger, Yuki Bhambri beat Alexander Kudryavtsev4-6, 6-3, 7-5. That the seventh seeded Indian hung in there in spite of struggling and handled the tricky Russian with elan says a lot about his mental make-up.
The Indian then made it a grand ‘double’, pocketing the doubles crown as well, in partnership with Michael Venus, by beating Sriram Balaji and Blaz Rola 6-4, 7-6(3). The singles victory — his third Challenger title — would give Bhambri 80 ranking points, and is certain to push him into the World’s top-150.

Justin Reid Ross’s 11th minute field goal gave Ranchi Rhinos a solitary-goal win over Mumbai Magicians in the Hero Hockey India League — its fourth win in six matches.
Ranchi captain Moritz Furste sparked the move leading to the goal with a crisp reverse-hit pass. Mumbai was taken by surprise when Ross moved forward in time for the pass, picked up the ball and advanced on his own. By the time the defence closed in, he had made space for a rasping reverse hit into the net.
Neither team forced penalty corners till quarter three. Turner went off on his own from the left up to the goal-line, trying to force defenders into mistakes but had nothing to show for his efforts.
Amon Tirkey earned the tie’s first penalty corner in the 55th minute but the Mumbai defence was spot on.

Sources: Various News Papers & PIB