Current Affairs For Bank, IBPS Exams - 20 June, 2014

Current Affairs For Bank, IBPS Exams

Seeking to simplify norms, a government panel has suggested that foreign investment of over 10 per cent in a listed company be treated as FDI and the one from NRIs on a non-repatriable basis be deemed as domestic investment.
The panel on rationalising definitions of FDI and FII, headed by Finance Secretary Arvind Mayaram, said foreign investment in an unlisted company should be treated as FDI.It aims at removing ambiguities over clear demarcation between FDI and foreign institutional investment.
The report also says an investor may be allowed to invest below the 10 per cent threshold, and “this can be treated as FDI, subject to the condition that the FDI stake is raised to 10 per cent or beyond within one year from the date of the first purchase.’’

The launch campaign is progressing smoothly for a multiple-satellite mission from Sriharikota on June 30. A Polar Satellite Launch Vehicle (PSLV-C23) of the Indian Space Research Organisation (ISRO) will liftoff from the spaceport on the island in Andhra Pradesh at 9.49 a.m. on that day and put into orbit five foreign satellites.

Financial Services Secretary G. S. Sandhu ruled out higher fund allocation in the forthcoming budget to recapitalise state-owned banks. “Not in this budget. If there is any urgent requirement, the government is always there,” Mr. Sandhu told reporters.
In the interim budget presented on February 17, the previous government had proposed to earmark Rs.11,200 crore towards equity infusion in public sector banks, which have been facing severe asset quality pressure as bad loans continue to mount.

The overall 45 per cent deficiency in the southwest monsoon so far has impacted kharif sowing, which is lagging by 17.64 per cent over the previous year. Sowing of rice, pulses, coarse cereals, oilseeds, sugarcane, cotton, jute and mesta is lower compared to the corresponding period last year.
An Agriculture Ministry-headed inter-ministerial group reviewed the crop and weather situation on Friday. It was informed that rainfall is deficient in the country as a whole. The deficiency is 62 per cent in the east and northeast region, 40 per cent in the northwest, 38 per cent in south Peninsula and 32 per cent in central India.

Ahead of the Modi-government’s first budget, the World Bank, suggested that India should roll out the Goods and Services Tax (GST), reduce subsidies, and broaden tax base to promote growth, projecting it to be lower at 5.5 per cent for 2014-15, from the earlier forecast of 5.7 per cent.
“Implementing the Goods and Services Tax (regime), targeting subsidies better, and broadening the tax base will help create the fiscal space for supporting accelerated growth and poverty reduction,” said Onno Ruhl, World Bank’s Country Director-India.

National champion Sanjeev Rajput shot 1160 to take the 26th spot in the men’s free rifle 3-position event, but India had the honour of finishing fifth in the medals table, in the shooting World Cup at Maribor, Slovenia.
Rajput shot 386 in kneeling, 394 in prone and 380 in standing, 16 points short of his national record 1176, and missed the final by 10 points.
Gagan Narang was in awful form, finished second from last among 52 shooters with a score of 1141. It was his third lowest total in an international competition in the event.
India was fifth out of 14 countries that won at least one medal, in an overall field of 59 countries, thanks to a gold and silver by Jitu Rai and a bronze by Ayonika Paul.China (7) and Germany (4) finished in that order with three gold medals.