16 July 2014 Current Affairs ***************************************** 1) The 6th BRICS summit, being hosted by Brazil, started on 15 July 2014. Which Brazilian city is hosting this summit? – Fortaleza Explanation : The 6th BRICS summit is being held from 15 July to 17 July 2014 at Fortaleza. BRICS is the grouping of 5 major emerging economies and includes Brazil, Russia, India, China and South Africa (BRICS). Indian Prime Minister Narendra Modi is representing India at the Summit. It is worth mentioning that it is the first time that Brazil is hosting the summit under the current five-year summit cycle. It hosted the summit earlier in 2010 in Brasilia but then the summit did not include South Africa. …………………………………………………………………………… 2) What is the definition of affordable housing loans as announced by the Reserve Bank of India (RBI) on 15 July 2014? – Rs. 50 lakh in metros and Rs. 40 lakh in non-metros, given by banks from the proceeds of long-term bonds (of minimum seven years maturity) Explanation : This announcement was made by the RBI in a bid to boost the housing sector. The RBI also announced that the cost of a house cannot exceed Rs. 65 lakh and Rs. 50 lakh in the metros and non-metros, respectively, to qualify as affordable houses. There are six metros in the country: Mumbai, Chennai, Kolkata, Delhi, Hyderabad and Bangalore. Under the current regulatory regime, loans given by banks to individuals – up to Rs. 25 lakh in metros and Rs. 15 lakh in non-metros – for purchase/construction of a dwelling unit, per family, are considered as affordable housing loans. These loans fall under the priority sector lending category for banks. The RBI said that it will periodically review the definition of affordable housing, on account of inflation. This RBI move is expected to make housing loans up to Rs. 50 lakh cheaper. …………………………………………………………………………… 3) The SEBI closed the five-and-a-half year long probe into the country’s biggest corporate fraud involving erstwhile Satyam Computer and barred company’s founder B. Ramalinga Raju and four others from markets for 14 years. SEBI asked these people to return how much money for earning unlawful gains as interest? – Rs. 1,849 crore Explanation : The money needs to be deposited with the SEBI within 45 days, while interest would be levied at 12% per annum with effect from 7 January 2009 – the day this mega-scam came to the light through a letter written by Raju himself. On 7 January 2009, Raju – the then Chairman of Satyam Computer – had sent an email to the SEBI, wherein he admitted and confessed to inflating the cash and bank balances of the company, besides understating liabilities and other financial mis-statements. After the fraud came to the light, the government had ordered an auction for sale of the company in the interest of investors and employees of what was known at that time as the country’s fourth largest IT firm. The company was acquired by Tech Mahindra, then renamed as Mahindra Satyam and eventually it was merged with Tech Mahindra. …………………………………………………………………………… 4) On 15 July 2014 it came to light that the Narendra Modi government has returned another proposal of the Supreme Court collegium on the elevation of a judge. The government returned the collegium file recommending elevation of Karnataka High Court judge KL Manjunath, since a senior Supreme Court judge had written an adverse note against him. Manjunath’s appointment as the Chief Justice of which High Court was barred from this decision of the govt? – Punjab and Haryana High Court Explanation : The development came just days after the government, in a similar move, sent back a recommendation of the SC collegium, rejecting former solicitor general Gopal Subramanium’s name for appointment as a Supreme Court judge. …………………………………………………………………………… 5) Who was awarded the Gandhi Peace Prize for 2013 by the President Pranab Mukherjee on 15 July 2014? – Chandi Prasad Bhatt, the noted environmentalist Explanation : Chandi Prasad Bhatt has been a pioneer of the Chipko Movement of Uttarakhand. The Gandhi Peace Prize was instituted in 1995 on the occasion of the 125th birth anniversary of Mahatma Gandhi. It carries a plaque, citation and an amount of Rs one crore. …………………………………………………………………………… 6) What is the name of the Northwest Pacific typhoon that struck into the Philippines on 15 July 2014 and is expected to bring in heavy rains in India too? – Typhoon Rammasun Explanation : Typhoon Rammasun is a category-2 storm that struck the Philippines on the noon of 15 July. It is expected to then enter South China Sea and churn up into a stronger category-3 typhoon and bring in heavy rains in the South-East Asian region including India. On 15 July a churn in the air was visible over northwest Bay of Bengal ahead of the formation of what looks like the next fresh low-pressure area. The impact of Typhoon Rammasun is expected to bring in heavy to very heavy rains in regions of Uttar Pradesh, east Rajasthan and north Madhya Pradesh. ……………………………………………………………………………
Posted on: Wed, 16 Jul 2014 12:30:00 +0000
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