Current Affairs For Bank, IBPS Exams - 11 February, 2014

Current Affairs For Bank, IBPS Exams

11 February, 2014

Dispute in India’s National Solar Mission

India-US relationship witnessed a spike in tension as the US Trade Representative (USTR), Michael Froman, announced that Washington was initiating consultations with New Delhi over a World Trade Organisation dispute pertaining to India’s National Solar Mission (NSM).
The domestic content requirements [in Phase II of the NSM] discriminate against US exports by requiring solar power developers to use Indian-manufactured equipment instead of US equipment.
He added that such “unfair” requirements militated against WTO rules and the Obama administration was “standing up today for the rights of American workers and businesses,” and in particular disputing India’s proposed rules under both Article II:4 of the General Agreement on Tariffs and trade (GATT) and Article 2 of the Agreement on Trade-Related Investment Measures (TRIM).
According to attorneys for the USTR, close to 10,000 American jobs may be at stake in the solar industry sector if India carries through with the local content and US exports, which stood at nearly $119 million before these criteria kicked in, have “fallen off precipitously since then.”

FIIs to purchase shares in Dabur India

The Reserve Bank allowed Foreign Institutional Investors (FIIs) to purchase shares in Dabur India up to 30 per cent of the firm’s paid up capital.
FIIs have been allowed to buy more shares in Dabur India as the company has passed a special resolution to enhance the limit for purchase of its equity shares and convertible debentures by FIIs.
FIIs, through primary market and stock exchanges, can now purchase up to 30 per cent of the paid up capital of Dabur India Limited under the Portfolio Investment Scheme (PIS).
As per data available on the BSE, FIIs held 19.94 per cent shares in Dabur India as of quarter ended December 2013.
FIIs, NRIs and PIOs are allowed to invest in the primary and secondary capital markets in India through PIS.
RBI monitors the ceilings on FII/NRI/PIO investments in Indian companies on a daily basis.
For effective monitoring of foreign investment ceiling limits, the Reserve Bank has fixed cut-off points that are two percentage points lower than the actual ceilings.

IDBI debt opportunities fund

IDBI Mutual Fund has launched 'IDBI Debt Opportunities Fund, which is an open-ended income scheme, with a focus on generation of interest income.
The scheme will invest in good quality rated corporate bonds through rigorous selection and monitoring process and is suitable for investors with medium to long-term investment horizon.
The objective of the scheme is generation of interest income for investors. The launch has been timed to take advantage of the expected elevation in yield at the time of initial launch.
IDBI MF is a subsidiary of IDBI bank and has an average assets under management of Rs 5212 crore by the end of December quarter.

Match-fixing scanner and indian players involved

The names of the six players have been submitted by the three-member committee to the court in sealed cover. The report makes several references to the possible alleged involvement of prominent players.
The 170-page report says it "appears that names of six prominent Indian capped players are available in tapes in connection with dealings with bookies."
The report says that a journalist connected with the recording of tapes for a sports magazine, has claimed he can identify the voice of a player who was part of the team which played the World Cup and is a member of the Indian team currently.
The report also refers to the transcripts of taped conversations between two alleged bookies, Chandresh Jain and Ashwani Aggarwal, in which there are "references to high level fixing of players where the names of two international Indian players were mentioned."
It says that the Delhi Police, which investigated spot-fixing allegations, has disclosed that suspended cricketer S Sreesanth alleged that three prominent Indian players were involved with bookies. Sreesanth was arrested last year and is now out on bail.
The Mudgal report says according to the Mumbai and Delhi Police, recorded conversations "indicate connection of some Indian and foreign players with betting activities".
In a major setback for BCCI president N Srinivasan, the Mudgal panel has found his son-in-law Gurunath Meiyyappan's involvement in illegal betting in last year's edition of the IPL. It has also said he passed on about the Chennai Super Kings team or CSK, owned by his father-in-law's company India Cements.

IOA ban revoked

The International Olympic Committee (IOC) has revoked the ban imposed on Indian Olympic Association (IOA), paving the way for India’s return to the Olympic fold. The decision comes just days after IOA held elections as per IOC directives.
N. Ramachandran , the president of IOA had said upon his appointment that his main objective was to have the Indian flag at the Sochi Winter Olympics - a goal which is now achieved as the the flag will be unfurled at the closing ceremony of the Winter Olympics currently underway in Russia.
Three Indian athletes including Shiva Keshavan are competing and they will walk out with the Indian flag and to the tune of the national anthem at the closing ceremony.
The news also comes as a huge relief for Indian athletes as they will now be able to represent the country in big events slated for this year including the Commonwealth Games in Glasgow and Asian Games.
The entire controversy had erupted when India were suspended by the IOC in December 2012 for electing tainted men like Lalit Bhanot (secretary general) and Abhay Singh Chautala (president).