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.Current Affairs week 51Pdf.

14 Dec 20 Dec 2015

Best of Current Affairs Desk21

thDecember

IN THIS WEEK

WHAT'S NEW NIRDESHAK.COM

The US Fed Reserce Rates

United Bank of India

InterGlobe Aviation

Pan made mandatory

SC ruling on Pollution

ISRO

Dengue Vaccine - Dengvaxia

MireiaLalagunaRoyo

R.K. Mathur

Dhordo

Dear Readers,

Nirdeshak.com has initiated all new Current

Affairs (BNCA) with weekly pdf update. In todays

competitive scenario, it has become most crucial

to read more analytical and absorbable content,

in order to get best result. The content is

developed scientifically developed so that it

becomes short, easy to remember and only

relevant part is recalled for exam preparation.

This is helpful for current affairs preparation,

developing acumen for interviews, GD and

overall remembering more get best scores in

competitive exams, for Banks, IBPS PO, SBI, IAS,

SSC and other exams.

In the week, many place, events and policy

remained important as India and world saw

many developments. Further know more about

key personalities of the week, banking news,

government policies and foreign relations with

neighbours.

Happy learning,

Warm regards

Editorial Team

Nirdeshak.com

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Economy

The US Fed Reserce Rates

The US Federal Reserve raised

interest rates by 0.25 percentage

points on 16 December 2015. This

was the first interest rate increase by

the Fed since 2006.

To Know:The increase in interest

rate by Federal Reserve, the central bank of the United States was on the

expected lines. The Feds benchmark interest rate has been pegged at 0-0.25per cent since December 2008. The last time the Fed actually raised rates

was June 2006.

The move is likely to cause ripples around the world, and could increase

pressure on the UK to raise rates. It could also mean higher borrowing

costs for developing economies, many of which are already seeing slow

growth.

There are concerns that a rise will compound that slowdown, as higher

rates in the US could strengthen the dollar, the currency in which manycountries and companies borrow.

Banking

United Bank of India

Rating agency ICRA on 16 December 2015 downgraded which PSU banks

long-term ratings to stable from positive?

To Know:The long-term ratings of Kolkata-based United Bank of India were

constrained primarily due to its weak asset quality and low profitability due to

high credit provisioning.

Its return on assets was 0.19 per cent in the first half of 2015-16. The level

of weak assets remains elevated. But, there has been gradual

improvement in asset quality. The gross non-performing assets declined to

8.9 per cent in September 2015 against 12.03 per cent a year ago.

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United Nations

The Security Council and General Asembly called member states to

recommend woman candidates for the post of Secretary General.

To Know:In a first, UN Security Council

President for December U.S. envoy Samantha

Power and General Assembly President

MogensLykketoft circulated a letter on 14

December 2015 to the 193 UN members soliciting

names of candidates for the next UN chief and

vowing to make the process more transparent

and inclusive. The two also made a specialemphasis on the need for member states to nominate women candidates for

the job of the worlds top diplomat.

No woman has served as Secretary General in the 70 years that the UN

has been in existence. Secretary General Ban Ki-moon has served two

five-year terms and his tenure as UN Chief will end next year.

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Corporate

InterGlobe Aviation

Which private sector aviation company created history when it

became the first-ever aviation company to enter the top-50 most

valuable companies in terms of market capitalization (m-cap) on

the BSE?

To Know:InterGlobe Aviation, which operates IndiGo brand of airline,

created history of sorts when it entered into the list of the top-50 most

valuable companies in terms of market capitalization (m-cap) as far as its

listing in the BSE is concerned. It stood at 47th

place in overall m-cap rankingon the BSE with m-cap of Rs. 42,684 crore as on 15 December 2015.

The company climbed 11 positions in the m-cap pecking order since its

debut on the bourses on 10 November 2015. The company had raised Rs

3,009 crore though the initial public offering (IPO) by issuing shares at

price of Rs 765 per share.

InterGlobe Aviation Limited operates IndiGo Indias largest passenger

airline with 33.9% and 37.4% market share of domestic passenger volume

for financial year 2015-16. Tata Consultancy Services (TCS) led the list with m-cap of Rs. 465,230

crore, followed by Reliance Industries (Rs. 316,115 crore), HDFC Bank

(Rs. 266,718 crore), ITC (Rs. 259,127 crore) and Infosys (Rs. 247,358

crore).

Amblin Partners

Formation of a new film, television and digital content

creation company was announced Anil Ambani-ownedReliance Entertainment and acclaimed Hollywood director

Steven Spielbergs DreamWorks Studios on 17 December

2015.

To Know:Amblin Partners is the name of the new film, television and digital

content venture that has been floated jointly by Anil Ambani-owned Reliance

Entertainment and acclaimed Hollywood director Steven Spielbergs

DreamWorks Studios. Participant Media led by Jeff Skoll and Entertainment

One (eOne), a leading US-based media company, are also part of the jointventure.

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This venture will develop and produce films using Amblin, DreamWorks

Pictures and Participant banners as well as Amblin Television, a long-time

leader in quality programming.

DreamWorks Studios and Participant Media have collaborated on many

Academy Award-nominated films such as Lincoln and The Help as wellas the critically-acclaimed The Hundred-Foot Journey, and the recently

released Bridge of Spies.

Southern Sojourn

President Pranab Mukherjee will be on a 14-day

SouthernSojourn. Under this visit, the President will

take part in numerous programmes in Telangana,

Andhra Pradesh and Karnataka. He will stay at whichofficial retreat of the President of India during the visit?

RashtrapatiNilayam, Secuderabad (Telangana)

To Know:RashtrapatiNilayam is the official south retreat of the President of

India. It is situated in Bolarum (Secunderabad) in the state of Telangana. The

President stays here for at least once a year and conducts official business.

RashtrapatiNilayam was originally known as Residency House and was

constructed in 1860 by NizamNazir-ud-Dowla. Later it became the countryhouse of the British Resident at Secunderabad.

After the Hyderabad states annexation in 1948, it became Presidents

retreat and used as Southern Sojourn.

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India

Pan made mandatory

From 1 January 2016 - Union Finance

Ministry has made it mandatory to quote PAN

(permanent account number) for all

transactions in excess of Rs.2 lakh,

regardless of the mode of payment, to curb

black money.

To Know:The new rule, to come into effect from 1 January 2016 will cover

purchases of all goods or services, such as say gold jewellery or furniture.This includes all payments made through cash, cheques or debit or credit

cards.

In the case of immovable property, where quoting PAN is currently

required for transactions of Rs.5 lakh, the government has decided to raise

the monetary limits to Rs.10 lakh.

As far as one-time payment of hotel or restaurant bills is concerned, the

Finance Ministry raised the monetary limit to Rs.50,000 from the present

limit of Rs. 25,000. The limit is being raised to Rs.1 lakh from Rs. 50,000 for purchase or sale

of shares of an unlisted company.

However, opening of a no-frills bank account, such as a Jan Dhan

account, will not require PAN.

World Bank Loan of $1.5 billionfor Indias Clean India Campaign.

To Know:World Banks $1.5 billion loan will be used to support the

Indian Government in its efforts to ensure all citizens in rural areashave access to improved sanitation and end the practice of open

defecation by 2019.

The loan will be used for Swachh Bharat Mission (SBM) Support

Operation Project. The Ministry of Drinking Water and Sanitation (MDWS)

will play the overseeing and coordinating role for the programme and

support the participating states.

Funds will also be used to develop the capacity of MDWS in program

management, advocacy, monitoring and evaluation.

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Judiciary

SC Appointed Lokayukta in Uttar Pradesh

The Supreme Court, in an unusual order, on 16 December

2015 invoked its constitutional powers and appointed Justice

Virendra Singh as Lokayukta of Uttar Pradesh after the State

government failed to comply with its directives. It used which

Article of the Indian Constitution to give this order? Article

142

To Know:In an embarrassment for the Samajwadi Party (SP) government in

Uttar Pradesh, the Bench of the Supreme Court appointed former High Courtjudge, Justice Virendra Singh, as Lokayukta of Uttar Pradesh on 16

December 2015. For doing so the bench examined a list of nominees and

ordered the appointment under Article 142 of the Indian Constitution.

The bench was hearing the pleas filed by Mahendra Kumar Jain and

lawyer RadhakantTripathi seeking a direction to the State to appoint the

Lokayukta at the earliest in pursuance of the Supreme Court orders.

The bench regretted that its several orders have not been heeded to by

the Constitutional functionaries the Chief Minister, the leader ofopposition and the Chief Justice of the Allahabad High Court.

SC ruling on Pollution

The Supreme Court gave two important pertaining to

usage of diesel vehicles in New Delhi and NCR on 16

December 2015. What are these? a) It ordered a ban

on registration of diesel-run passenger vehicles of

over 2000cc engine capacity in New Delhi and NCRtill 1 March 2016and b) It banned commercial

vehicles registered before 2005 from entering Delhi

Explanation: It is worth mentioning that senior advocate Harish Salve had

submitted in the Supreme Court that 30% of Delhis vehicular population was

diesel-run and the number of vehicles as a whole had increased by 97% since

2000. He also said that every third child in Delhi suffered from respiratory

disorders and pollution mostly affected children and the elderly.

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The Supreme Court acted tough and ordered a ban on registration of

diesel-run passenger vehicles of over 2000cc engine capacity in New

Delhi and NCR till 1 March 2016 and also banned commercial vehicles

registered before 2005 from entering Delhi. The SC also ordered all taxis

in Delhi be converted to CNG. Apart from this the SC doubled the Environment Compensation Cess

(ECC) to be levied on commercial vehicles entering Delhi. Light

commercial vehicles would have to pay Rs. 1400 instead of Rs. 700 and

the heavy ones Rs. 2600, up from Rs. 1300.

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Space

Indian Space Research Organisation (ISRO)

Indian Space Research Organisation (ISRO) on 16 December 215

successfully launched the PSLV-C29 rocket into the space that carried with it

6 satellites of a South-East Asian countrySingapore. These satellites will be

used to help the country gather information on disaster monitoring and urban

planning. Explanation:ISRO launched its PSLV-C29 (Polar Satellite Launch

Vehicle) rocket from its Sriharikota spaceport in Andhra Pradesh on 16

December 2015. This rocket carried with it 6 satellites of Singapore that can

capture images of Singapore once every 100 minutes and tracks threats in

the sea and air as well as natural disaster across the region. The 6 satellites were launched one after another, 30 seconds apart, to

avoid collision and set a distance of about 20 kilometres between them.

Of the six satellites, TeLEOS-1 is the primary satellite weighing 400 kgs

whereas the other five satellites include two micro-satellites and three

nano-satellites. TeLEOS-1 is the first Singapore commercial earth

observation satellite.

One special feature of these Singapore satellites is that, for the first time,

they will orbit around the equator and gather data that will benefit those in

the equatorial region. The satellites will be able to produce information at a

much higher frequency.

Russian spacecraft Soyuz was launched for the International

Space Station (ISS) on 15 December 2015 with three new

crew membersYuri Malenchenko(Russia), Timothy

Kopra(USA) and Timothy Peake(Britain)

To Know:The Soyuz spacecraft with a new crew onboard

was launched to the International Space Station (ISS) from

the space launch facility of Kazakhstan on 15 December. Thecrew included Russian cosmonaut Yuri Malenchenko, NASA astronaut

Timothy Kopra (US) and European Space Agencys Timothy Peake (Britain).

The mission is to spend six months aboard the space station. Already

aboard are Russians Sergey Volkov and Mikhail Korniyenko, along with

American Scott Kelly. The latter two have been on the space station since

March and are on a year-long mission.

ISS is the largest artificial body in orbit and is inhabited by crews for

carrying out scientific experiments. It was launched on 2000 and since

then has been continuously occupied by humans.

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Corporate

Impact of GST on Coca Cola

Beverage major Coca Cola recently said it will have to shut down some

factories in India if the government accepts a proposal to impose sin tax as

proposed under the provisions of GST. On 15 December 2015 top Coca Cola

officials met Chief Economic Advisor Arvind Subramanian, who headed the

panel on GST. How much tax has been proposed on aerated beverages

under GST?40%

Explanation:Chief Economic Advisor (CEA) Arvind Subramanian had

recommended a 40% sin tax on aerated drinks under the proposed Goodsand Services Tax (GST) regime, clubbing it with other items such as paan

masala and tobacco. After this beverage major Coca Cola had issued a

statement that the huge 40% tax would leave the company with no option but

to shut down its factories. It was the first major case of a big company raising

red flag against any provision of the proposed GST.

The Arvind Subramanian-led committee had recommended a sin tax be

applied to luxury cars, aerated beverages, paan masala, and tobacco and

tobacco products (for the states).

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Foregin Relations

TAPI Gas Pipeline

To Know:TAPI stands for Turkmenistan (T),

Afghanistan (A), Pakistan (P) and India (I). The TAPI

project will comprise of around 1,800 km long pipeline

that will supply gas from energy rich regions of

Turkmenistan to Afghanistan, Pakistan and India. The

total cost of the project is $7.6 billion.

The ground-breaking ceremony of the project was held at Mary, an ancient

desert-city of Turkmenistan, around 311 km from the capital Ashgabat.Indian Vice-president Hamid Ansari, Pakistani Prime Minister Nawaz

Sharif, Afghan President Ashraf Ghani and Turkmenistan President

GurbangulyBerdimuhamedow took part in the ceremony.

The TAPI pipeline will have a capacity to carry 90 million standard cubic

metres a day (mmscmd) gas for a 30-year period. India and Pakistan

would get 38 mmscmd each, while the remaining 14 mmscmd will be

supplied to Afghanistan.

This ambitious project is expected to be operationalised by December

2019.

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Defence

Committee on OROP

Justice L Narasimha Reddy to head Judicial Committee

To Know: Justice L Narasimha Reddy, retired Chief Justice of Patna High

Court, will head the Judicial Committee which will look into the implementation

of One Rank One Pension (OROP) scheme for the Ex-Servicemen.

The committee will primarily look into measures for the removal of

anomalies that may arise in the implementation of the OROP as notified by

the Government on 07 November 2015. The Committee will make its recommendation within six months of the

date of its constitution. In making its recommendations, the Committee

shall take into account the financial impact of its recommendations.

Health

Dengue Vaccine - Dengvaxia

To Know:Dengvaxia is the name of the first-ever

vaccine for dengue. It has been developed by global

healthcare leader Sanofi and has been tested on 29,000

patients all over the world.

Sanofi has claimed that Dengvaxia aims to alleviate dengue cases from

individuals between nine to 45 years old. Back in 2014, the World Health

Organization (WHO) had also noted that the said vaccine had a 60.8%

effectiveness rate against the four types of dengue.

Dengue is a disease that spreads through mosquito bites and

approximately 390 million people annually are said to be infected by it in

Latin America, Asia and Africa.

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International

PlaceSaudi Arabia

34 Islamic countries agreed to form an Islamic military alliance to fight

terrorism as announced on 14 December 2015.

To Know:At a rare news conference held

on 14 December, Saudi Deputy Crown

Prince and Defence Minister Mohammed

bin Salman announced that the new

Islamic military coalition will work to

counter the Sunni extremist Islamic State(IS) group and develop mechanisms for

working with other countries and

international bodies to support international counterterrorism efforts.

This alliance will have a joint operations centre based in Saudi Arabias

capital, Riyadh.

The coalition includes nations with large and established armies such as

Pakistan, Turkey and Egypt as well as war-torn countries with embattled

militaries such as Libya and Yemen. African nations that have sufferedterrorist attacks such as Mali, Chad, Somalia and Nigeria are also

members. Other Gulf Arab countries such as Kuwait, Qatar and the United

Arab Emirates are also in the coalition, though notably absent from the list

is Saudi Arabias neighbour, Oman.

Saudi Arabias regional rival, Shiite Iran, is not part of the coalition. Saudi

Arabia is currently leading a military intervention in Yemen against Shiite

Houthi rebels and is part of the U.S.-led coalition against the IS.

The list of 34 members:Saudi Arabia, Bahrain, Bangladesh, Benin,

Chad, Comoros, Cote dIvoire, Djibouti, Egypt, Gabon, Guinea, Jordan,

Kuwait, Lebanon, Libya, Malaysia, Maldives, Mali, Morocco, Mauritania,

Niger, Nigeria, Pakistan, the Palestinians, Qatar, Senegal, Sierra Leone,

Somalia, Sudan, Togo, Tunisia, Turkey, United Arab Emirates and Yemen.

PlaceNew Zealand

New flag called Silver Fern

To Know:On 15 December New Zealand confirmed the black,white and blue design, called Silver Fern, to become countrys

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possible new flag, after the final votes were counted in a referendum for the

same. About 1.5 million votes were cast in the referendum, with a voter

turnout of 49%.

In the referendum New Zealanders were asked to choose which of thefinal five designs they preferred. A similar design in red and blue came in a

close second. Both flags were designed by architect Kyle Lockwood.

The winning design features a silver fern and red stars on a black and blue

background. The winning design has similarities to the current flag but

ditches the British Union Jack in favour of the fern, which has become a

national symbol and is worn by many sports teams. The new design will

now go head-to-head against the current flag in a national vote in March

2016.

South China Morning Post

Jack Ma-led Alibaba Group Holding Ltd will acquire which

iconic Hong Kong-based English-language newspaper.

To Know:According to a filing made to the Hong Kong stock exchange on 14

December, Alibaba Group Holding Ltd will acquire the South China Morning

Post and other media assets of SCMP Group Ltd for $266 million. This all-

cash deal will thus transfer control of the 112-year-old English languagenewspaper from Malaysian tycoon Robert Kuok to Chinese billionaire Jack

Ma.

South China Morning Post is Hong Kongs leading English-language

newspaper. It reports on issues and topics that are considered sensitive in

mainland China, where the websites of several international media are

blocked.

The United Statesban on export of crude oil.

Which country lifted a 40-year-old ban on export of crude oil on 19 December

2015?

To Know:The US administration on 19 December 2015 lifted the ban on the

export of US crude oil, a policy enacted during the 1970s. The ban was lifted

as President Barack Obama signed into law the $1.8 trillion spending package

and tax bill for the current fiscal ending on 30 September 2016.

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The move was welcomed by the industry, while pro- environmental groups

were critical of it. The industry feels that crude exports will result in job

creation, economic growth, new revenues and prosperity. While diplomatic

circle hopes that it will result in enhanced energy security for the country

and its allies. However, pro- environmental groups felt the move wouldprove harmful for environment as well as US industry.

In the 1970s America banned crude-oil exports in an effort to stabilize

domestic prices.

Liberia

African country was formally included as a member of the WTO at its

10thMinisterial Conference.

To Know:Liberia was acceded to WTO 8 years after it applied for WTO

membership. Liberian President Ellen Johnson Sirleaf, was present at the

ceremony to mark the occasion. She said accession to the WTO marks

another turning point in Liberian history and an important step towards

meeting Liberias aspirations for the growth and development of our people.

Apart from Liberia, Afghanistan was also included in the organisation

earlier.

WTO164thMember - Afghanistan

To Know:The World Trade Organisation (WTO) on 17 November

2015 formally approved Afghanistans membership at its

10thministerial conference in the Kenyan capital Nairobi. It thus

became the 164thmember of WTO, the global trade body engaged

in promoting multilateral trade all over the world.

Afghanistan is the 36

th

least developed country (LDC) to join the WTOafter 11 years of negotiations. The country expects to reap the benefits of

the WTO membership for its post-conflict reconstruction.

Human Development Index 2015

Indiaranked130thon the Human Development Index

(HDI) for 2015.

To Know:The 2015 edition of the Global Human

Development Report was released by the United

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Nations Development Programme (UNDP) on 14 December 2015. India was

placed at 130thplace in the index thus gaining one place from its 131stplace

during 2014. 2015 HDI ranking is based on data from 188 countries.

Indias score in HDI is 0.609 and it thus stood well below the averagescore of 0.630 for countries in the medium human development group.

India stands higher than neighbours Bangladesh and Pakistan but lower

than countries like Namibia, Guatemala and Tajikistan, even Iraq. But it is

marginally above the South Asian countries average score of 0.607.

But on gender development index (GDI), with a value of 0.795, India ranks

behind Bangladesh (0.917), Namibia, Guatemala, even Tajikistan.

Norway topped the 2015 HDI ranking, followed by Australia, Switzerland

and Denmark.

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Sports

Chennaiyin FC

The 2015 Indian Super League (ISL) for football,

which is Indias most prestigious professional football

league, was won by Chennaiyin FC on 20 December

2015.

To Know:Chennaiyin FC won their maiden ISL title

as they defeated hosts Goa FC by 3-2 in a dramatic

final at the Jawaharlal Nehru Stadium at Fatorda (Goa) on 20 December

2015.

FC Goa were on the brink of winning the Indian Super League (ISL)

season 2 title but an own goal from goalkeeper Kattimani and a

90thminute strike from Stiven Mendoza broke the home teams heart and

gave Chennaiyin FC a 3-2 win in the final and their first ISL crown.

Stiven Mendoza emerged as the highest scorer of 2015 ISL with 12 goals.

This was the second edition of ISL. The first edition of ISL was won by

Atletico de Kolkata in 2014. (Photo Courtesy : ISL)

Vijender vs SametHyuseinov

Indian professional boxer Vijender Singh won the third consecutive bout of his

career as he knocked-out his Bulgarian opponent on 19 December 2015.

To Know:The third bout of Vijender Singhs professional career was held on

19 December 2015 at the Manchester Arena (UK) against Bulgarian boxer

SametHyuseinov. Vijender took little time to finish the contest as the six-round

bout was over inside the first two gongs with a technical knock-out.

In the build-up to the fight, Samet had bragged about his power and

dismissed Vijenders illustrious record at amateur boxing. The Bulgarian

also warned the Indian fans that the contest will be a one-sided affair.

This bout was expected to be a tough one for Vijender, as it will be his first

six-round contest, unlike the four-round bouts in his first two matches.

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Person

MireiaLalagunaRoyo (Spain)

Won the Miss World title for 2015 which concluded at Sanya

(China) on 19 December 2015.

Explanation:MireiaLalagunaRoyo, the 23-year old

professional model from Barcelona (Spain) won the 2015

Miss World beauty pageant in Sanya (China) on 19

December. Mireia is a Pharmacology degree holder and

intends to do an MA in Nutrition. The victory marked the first-ever win for a

Spanish contestant.

Sofia Nikitchuk of Russia was the runner-up and Indonesias Maria

Harfanti took third place in the final following a lengthy competition

featuring 114 women. Each had won the right to represent their country in

a series of local and regional competitions. Miss India couldnt make into

last 10.

The pageant also had a major controversy. Miss Canada, Chinese-born

Anastasia Lin, was banned by China for speaking up about human rights

abuses, and was neatly left out of the show. Lin is an outspoken critic ofChinese religious policy and a follower of the Falun Gong meditation

practice, which was outlawed by China in 1999.

Miss World also awarded the following sub contest titles:

Miss Multimedia Philippines

Miss Top Model Spain

Sports Champion Namibia

Miss Talented GuyanaBeauty with a Purpose Indonesia

Pravin Gordhan

From India origin was re-appointed as the Finance Minister of South Africa.

To Know:South African President Jacob Zuma re-appointed PravinGordhan,

an experienced minister of Indian origin, as countrys Finance Minister on 14

December 2015. Gordhan thus replaced the little-known David van Rooyenwho had only been in the job since 10 December.

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Before this Zuma had sacked previous Finance Minister Nhlanhla Nene in

a widely-criticised move that sent the rand to record lows and caused the

stock market to tumble. The developments come amid concern over South

Africas struggling economy.

Gordhan was widely respected when he served as South Africas financeminister from 2009 until 2014.

R.K. Mathur

R.K. Mathur was appointed as the new Chief Information

Commissioner (CIC) by the Union Government on 18

December 2015.

To Know:Former Defence Secretary R.K. Mathur wasappointed as Chief Information Commissioner (CIC), thus breaking away from

the convention of appointing the head from among the serving Information

Commissioners. The post had fallen vacant after Vijai Sharma completed his

tenure on 1 December 2015.

62-year old R.K. Mathur will have tenure of about three years, till he

attains the age of 65 years. Mathur, a retired IAS officer of Tripura cadre,

was made Defence Secretary for a fixed two-year term on 28 May 2013.

He had been Secretary in Ministry of Micro, Small and MediumEnterprises, and Defence Production and Supplies.

Mohammad Jamshed

Became the new Member Traffic in the Railway Board.

To Know:Mohammad Jamshed has held several important assignments in

the Ministry of Railways, having being associated with the Northern, Eastern

and Central Railways. Some important designations held by him includeAdditional Member Railway Board, Chief Operations Manager, Chief Vigilance

Officer, Chief Safety Officer, Divisional Railway Manager, and Executive

Director Railway Board.

During his posting as Additional Member Railway Board, he was Chairman

of the Committee on Traffic Optimisation set up by Union Railway Minister

Suresh Prabhu.

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Banking

New lending rate regime from 1 April 2016

The Reserve Bank of India (RBI) has asked banks to review their lending

rates frequently, and reflect changes in their cost of borrowing in view of the

new lending rate regime to be implemented next year.

Explanation:The new lending rate regime is called Marginal Cost of Funds-

based Lending Rate and it will come into effect from 1 April 2016. Under this

new regime, the lending rates will be computed based on banks marginal

cost of borrowing, or incremental cost of funds, rather than the average cost

of funds that banks have used so far.

The reason for introducing this system is to force banks to pass on rate

benefits to customers. Since January 2015, the central bank has lowered

its policy rate by 125 basis points, but banks lowered their lending rates by

only about 60 basis points.

On the other hand, deposit rates have been slashed by more than 100

basis points, indicating that the incremental cost of funds has actually

fallen more than what banks have passed on to their customers.

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Place

Dhordo (Kutch, Gujarat)

Three Day, 50thAnnual Conference of the Directors General of Police (DGPs)

and Inspector General of Police (IGP) of all States and Union Territories

washeld on 18 December 2015.

To Know:Dhordo is a small village in the beautiful Rann of Kutch in Gujarat

near the India-Pakistan border. It is around 80 kilometers from district

headquarters Bhuj.

Among issues related to internal security, the top police officers of the

country will discuss ways to thwart attempts by Islamic State to spread its

base in the country.

Due to the security perceptions due to this Conference, a no-fly zone was

imposed around Rann of Kutch and nearby areas from 18 December and

it will continue till 20 December when the Conference culminates.

This annual conference was held in Delhi every year till 2013. Last year, in

November, for the first time since its inception in 1920, the conference was

organised outside Delhi and held in Guwahati, Assam.

Hansalpur (Gujarat)

Suzukisfirst car manufacturing plant to be established in Gujarat.

To Know: Under the agreement Suzuki, the parent Japanese company of

Maruti Suzuki Limited, will establish a 1.5 million unit per annum plant in

Gujarats Hansalpur (near Mehsana). This will thus be the first car plant of

Suzuki in India.

The plant will be managed by a new subsidiary of Suzuki called Suzuki

Motor Gujarat Private Ltd., while the cars manufactured in the plant will be

sold to Maruti on no-profit, no-loss basis. Maruti will market the cars and

will pay royalty to Suzuki for products from Gujarat like it does now for

products from the two plants.

Maruti currently has two facilities in Gurgaon and in Manesar, which

together manufacture 15.5 lakh cars.

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Nairobi (Kenya)

The 10thMinisterial Conference of the World Trade

Organization (WTO) concluded on 19 December 2015 with

some landmark agreements on a series of trade initiatives.

To Know:The WTOs Tenth Ministerial Conference was held in Nairobi,

Kenya, from 15 to 19 December 2015, the first such meeting hosted by an

African nation. The Conference was chaired by Kenyas Cabinet Secretary for

Foreign Affairs and International Trade, Amina Mohamed.

Before conclusion of the Conference, six ministerial decisions on

agriculture, cotton and issues related to least-developed countries were

released. These included a commitment to abolish export subsidies for farmexports, which Director-General Roberto Azevdo hailed as the most

significant outcome on agriculture in the organizations 20-year history.

However, the talks ended without any commitment on rich countries being

asked to check their domestic subsidies. India expressed its

disappointment over non-reaffirmation to conclude 14-year-old Doha

Round pacts.