Current Affairs India - 23 June 2014

1. India has moved up to 58th rank for 2013 in terms of foreign money lying with Swiss banks, but it accounts for just 0.15% of an estimated USD 1.6 trillion total global wealth held in Switzerland's banking system. India was ranked at 70th position for 2012, but recent Government initiatives to bring back black money from Swiss banks was the main reason for jump in ranking.

The UK has retained its No 1 rank with highest share of close to 20% of global wealth in Swiss banking system. UK has the highest exposure of 277 billion Swiss francs, followed by the US (193 billion Swiss francs), West Indies (100 billion Swiss francs), Germany (52.4 billion Swiss francs) and Guernsey (49.6 billion Swiss francs). China continues to rank higher than India, at 30th place.

2. The Central Government has formed a high level committee to inquire into the gas leakage incident in Bhilai Steel Plant in Chhattisgarh last week which claimed 6 lives and left nearly 40 workers injured. The committee will be headed by K.K. Mehrotra, former CMD, Metallurgical and Engineering Consultants (India) Limited. The Committee will submit its report to the Steel Ministry by 17th of next month.

3. Mayaram panel, which was formed to remove ambiguity between FDI (Foreign Direct Investment) and FII (Foreign Institutional Investment) and simplify norms and headed by Finance Secretary Arvind Mayaram, has submitted its report last week. It has suggested that foreign investment of over 10% in a listed company should be treated as FDI and investment from NRIs on a non-repatriable basis should be considered as domestic investment.

The panel on rationalizing definitions of FDI and FII also said foreign investment in an unlisted company should be treated as FDI. If the stake is not raised to 10% or above, then the investment can be treated as portfolio investment. Foreign direct investment is subject to sectoral caps.

4. Famous Hindi poet Kedarnath Singh and author of famous books -Abhi bilkul abhi- and -Yahan se dekho- has been chosen for the prestigious Jnanpith award for 2013. He will be the recipient of 49th Jnanpith award. With this, he will be the 10th Hindi writer to receive the award. The award includes. Rs 11 lakh and a citation, a release from the Jnanpith award committee said.

5. Famous Tamil film director and producer, Ramanarayanan passed away yesterday in Singapore. He was 65. He has directed 125 films and holds the world record of directing the maximum number of movies by a director.

6. Former BCCI president N Srinivasan, was unanimously elected as the chief of the Tamil Nadu Cricket Association (TNCA) today for the 14th consecutive year. Also all the sitting office bearers and executive committee members were elected unopposed during the 84th annual general body meeting of the TNCA.

7. Indian chess player Viswanathan Anand finished at joint fifth at the World Blitz Championship that was held in Dubai recently. Anand started the day on 7.5 points from the first 11 games, scored another six points out of last 10 to end on 13.5 points in all which gave him the joint fifth place. The five-time world champion finished seventh overall when the tie was resolved. Magnus Carlsen won Gold medal in the same championship.