Current Affairs For Bank, IBPS Exams - 23 September, 2015

Current Affairs for BANK, IBPS Exams

23 September 2015

:: Business ::

Sebi,asks PACL to pay up Rs 7,269 cr for duping investors

In its biggest ever fine, regulator Sebi today imposed a penalty of Rs 7,269.5 crore on PACL Ltd and its four directors for illegal and fraudulent mobilisation of funds from the public, saying the company deserves "maximum penalty" for such large-scale duping of the common man.
The penalty follows another order by Sebi last year wherein PACL was asked to refund Rs 49,100 crore it had collected through illicit schemes over a 15-year period.
The refund order was also upheld last month by the Securities Appellate Tribunal, where PACL had filed an appeal.
In its latest order today, Sebi said that PACL made huge illegal mobilisation of money, leading to consequent profit to the tune of over Rs 2,423 crore in a short span of less than one year.
Seeking to send a strong message to the securities market at large that such violations would not be viewed lightly, Sebi said, "In the recent past, the country has suffered a lot in the hands of entities who indulge in such illegal money mobilisation under various schemes, wherein hard earned money of the common man has been duped".
This is the biggest-ever amount, as also the largest number of investors, so far involved in a case found to be running illegal money pooling scheme.
In August last year, Sebi had ordered the immediate closure of unauthorised collective investment schemes run by PACL and refund investors' money within three months.

:: Sports ::

Who after Dalmiya for BCCI?

Among the many attendees of the funeral of Jagmohan Dalmiya in Kolkata, N. Srinivasan, Sharad Pawar, Rajeev Shukla, Shashank Manohar and Anurag Thakur were the most notable names. As they were paying respects to the late Dalmiya, there were already discussions underway as to who will win the race to become the most powerful man in Indian (and arguably, World) cricket.
"In BCCI constitution 16/d it is stated that in case of death of president, a notice has to be issued by BCCI Secretary for a special AGM. Within 21 days special meeting should take place where the interim president will be chosen," a BCCI official told PTI, after Dalmiya's demise.
As per BCCI constitution, Thakur will have to announce the date for a SGM within 15 days, with a three week notice to member associations. The president will then be chosen at the SGM.
But it is still not clear whether Thakur can do so considering the next date of the working committee will only be decided after Supreme Court gives its verdict on the petition filed regarding ousted BCCI chief N Srinivasan. The AGM which was scheduled for last month, if you recollect, was postponed indefinitely after some drama over Srinivasan's presence in the meeting

:: National ::

Risks grow for global sugar market as India’s cane crop wilts

Thousands of acres of India’s sugar crop are suffering severe damage from a faltering monsoon, with some farmers in the world’s second-biggest grower forced to feed withered cane to cattle in the top producing state.
After a string of bumper harvests created an Indian sugar glut, drought could cut supply in the marketing year starting in October and there is a risk production will drop below consumption for the first time in seven years in the following 2016-17 season.
And even though India is still angling to boost exports in the upcoming season to cut stockpiles, this picture could swiftly turn around with a shortfall in output likely to bolster global sugar prices languishing at seven-year lows.
Industry officials say thousands of hectares of cane have been damaged after India’s first back-to-back drought in three decades, as farmers also refrain from planting cane for the next season due to water scarcity.
Mis

Broadband Has Become a 'Core Utility' White House Report Says

A new report from the White House's Broadband Opportunity Council says that broadband "has steadily shifted from an optional amenity to a core utility for households, businesses and community institutions," and recommends further federal support for those who lack access.
"Today, broadband is taking its place alongside water, sewer and electricity as essential infrastructure for communities," the report reads.
The council, created by President Obama and co-chaired by the secretaries of Commerce and Agriculture, went over broadband access data from 2013. It produced a report summarizing the state of the industry and what can be done to improve it. In general, access is improving, but a few stubborn problems remain, according to the report.
For one thing, rural and tribal areas are underserved, often having only limited-speed options. Low-income families are also far less likely to use broadband, suggesting the cost is still too high for many. And perhaps at the root of both, lack of competition in many regions means many Americans have little or no choice in what service they get and how much they pay.
The report goes on to recommend that federal programs be updated to include investment in or other support of deploying broadband — the idea being that improved access to the Internet advances many of such programs' goals. It also says federal assets should also be selectively used to foster competition between providers, and more data should be collected for studies like this one.

:: India & World ::

India, US, ink MoU on energy security and climate change

India and the United States have signed a significant MoU on energy security, climate change and clean energy which Secretary of State John Kerry said reflects the commitment of the two countries to make the Paris summit later this year a success.
India’s commitment to reach 175 gigawatts of renewable energy by 2022 is the world’s most ambitious target in the area of renewable, Kerry said referring to the goal set by Prime Minister Narendra Modi.
American companies and research institutions are committed to help India achieve that goal, he said.
Kerry said both India and the United States are “firmly committed” to reaching a truly meaningful, truly comprehensive and truly ambitious climate agreement in Paris later this year..

In Power Push for India at UN, PM Narendra Modi to Host Big Meet in New York

In the first summit of its kind in more than ten years, Prime Minister Narendra Modi will hold a power-packed special summit on the sidelines of the United Nations General Assembly in US to push for a permanent seat for India on the global body's Security Council.
On Saturday morning, just before he leaves for the West Coast, PM Modi will host German Chancellor Angela Merkel, Japanese PM Shinzo Abe and Brazilian President Dilma Rousseff at the Waldorf Astoria hotel in New York at a summit of what is known as the G-4 group. All four countries back each other's bid for permanent seats at the UN Security Council.
The high-octane summit hosted by India will come against the backdrop of a breakthrough agreement at the United Nations last week on a text that will form the basis for all future negotiations on UN reforms and the expansion of the Security Council, in particular.
Over the years, the meetings of the G-4 have normally been attended by the foreign ministers of the four countries.
The decision to elevate it to the heads of state this time was taken by PM Modi in consultation with Japanese PM Abe.