Current Affairs For Bank, IBPS Exams - 30 June, 2015

Current Affairs for BANK, IBPS Exams

The Bombay high court on Tuesday permitted Nestle India to export all nine variants of Maggi even as the ban on selling the two-minute noodles within the country will continue.
Nestle India's senior counsel Iqbal Chagla informed the division bench of justice VM Kanade and justice BP Colabawala that 40,000 crore packets were to be recalled from across the country. He added 17,000 crore packets have already been destroyed and also assured the court that the process will be completed by the end of July.

Excessive red tape in processes such as early-stage investing and mergers and acquisitions is forcing young, promising ventures in India to shift overseas, a group of top Indian entrepreneurs and investors told Finance Minister Arun Jaitley during his trip to Silicon Valley, U.S., last week.
They, however, welcomed the recent easing of listing norms by the Securities and Exchange Board of India to help start-ups raise money locally.
Mr. Rekhi was part of a delegation including Raju Reddy, founder of tech firm Sierra Atlantic, Kanwal Rekhi, managing director of Inventus Capital, and Arvind Sodhani, president of Intel Capital, which met the Minister.
Naren Gupta, managing director of Nexus Venture Partners, Sanjay Mehrotra, co-founder of memory chip-maker SanDisk, and Ram Reddy, founder chairman of Global Industry Analysts, were the other industry leaders who participated.
One major issue Indian entrepreneurs in Silicon Valley discussed with Mr. Jaitley was the bureaucratic hurdle for early stage investors in India. “Why is investing in India so difficult and treated with disdain? As an investor why do I have to go from San Francisco to Delhi via Mauritius?” said Mr. Kanwal Rekhi, one of the India’s most senior venture capitalists.

India and 49 other founding members of the Asian Infrastructure Investment Bank (AIIB) on Monday signed articles that determine each country’s share and the lender’s initial capital. The remaining seven founding members can sign the agreement before December 2015.
The signing ceremony took place in Beijing at the Great Hall of the People. The AIIB is expected to focus on infrastructure development in Asia, and unlike the existing International Monetary Fund and World Bank, is unlikely to restrict lending on political considerations.
Following the ceremony, China’s President Xi Jinping welcomed the heads of delegations from the Bank’s 57 prospective founding members. A special ministerial meeting was also held in the afternoon chaired by Chinese Finance Minister Lou Jiwei.
According to an AIIB press statement, the Bank will be headquartered in Beijing, and will have an initial authorised capital stock of $100 billion.
Reflecting regional character of the Bank, its regional members will be the majority shareholders, holding around 75 percent of shares.
The AIIB is expected to become operational by the end of the year.
India had signed the Memorandum of Understanding for Establishment of AIIB in October 2014 along with 21 regional founding members.

The world is going bonkers over whether Greece will default on the 1.6 billion euros that it needs to pay the International Monetary Fund(IMF) today. All together the country owes 240 billion euros to the troika of European Commission, European Central Bank(ECB) and IMF.With the default, chances are Greece will have to exit from the Eurozone and stop using euro as its currency.
Irrespective of whatever happens to Greece, euro continues to remain a shaky idea. In order to understand this point, we need to go back a little in history.
The European Union (EU) was established by the Maastricht Treaty signed on December 9 and 10, 1991. After the formation of the EU, the members became bound to start a monetary union, which would share the same currency, by January 1, 1999.
The EU introduced the euro first in non-physical form (traveller's cheques, electronic transfers, banking, etc.) on January 1, 1999. On this day, 11 member countries of the EU started using euro as their currency. Meanwhile, Greece joined the Eurozone, as countries which decided to use the euro as their currency came to be referred to as, on June 19, 2000 and gave up its currency, the drachma.