Current Affairs India - 24 March 2013

1. The government has announced simplification of removal of norms for foreign institutional investors (FIIs) yesterday to invest in government and corporate bonds in order to attract more foreign fund inflow to fight with the widening current account deficit. From next month, the government, Sebi and the Reserve Bank of India (RBI) have decided to remove sub-limits for FIIs within the overall cap for bonds. Which means, there will only be two ceilings — a USD 25-billion limit for investment in government securities that has been formed by merging g-secs (old) and g-secs (long term) a USD 51-billion sub-limit for corporate bonds that will include the existing one for FIIs (USD 25 billion), qualified foreign investors (USD 1 billion) and USD 25 billion for FIIs in long term infrastructure bonds.

2. RBI Governor D Subbarao has announced that the Reserve Bank of India will soon issue a notification for the implementation of the Basel III capital regulations by Indian banks from 1st April onwards. Earlier it was expected to be applicable since 1st January which was later extended to 1st April to give banks some more time in order to improve their capital adequacy ratio as per the new norms.

3. Former Nagaland Governor and Congress MP, Nikhil Kumar was sworn in as the 20th Governor of Kerala yesterday at the Raj Bhavan in Thiruvananthapuram. He had earlier served as the head of the National Security Guard. He succeeds Karnataka Governor H.R. Bhardwaj, who was holding additional charge of the State after the demise of M.O.H Farooq in January 2012.

4. Former judge of the Rajasthan High Court, Justice Sajjan Singh Kothari has been appointed as the new Lokayukta of Rajasthan today who will officially sworn in tomorrow by Governor Margaret Alva. The post had been lying vacant since May last year after the retirement of G L Gupta.

5. Three North East Indian states have got their new High Courts yesterday as High Courts of Tripura, Manipur and Meghalaya has been announced. Mr. Justice Abhay Manohar Sapre will be the first Chief Justice of the new Manipur High Court, Justice T Meena Kumari will be the first Chief Justice of Meghalaya High Court and Dr. D Y Patil will be the new first Chief Justice of Tripura High Court. With these three new high courts, the total number of high Courts in India has increased to 24 from earlier number 21.

6. B. Santhanam, Managing Director, Saint-Gobain Glass India Ltd, Chennai, has been elected as the Chairman of CII-Southern Region and Navas Meeran, Eastern Treads Ltd of Ernakulam, as Deputy Chairman for 2013-14 yesterday. Both of them are very active members of CII and have been closely associated with CII.

7. India defeated Australia today by 6 wickets at Feroz Shah Kotla Stadium, Delhi to win the Gavaskar Border series by 4-0. Ravindra Jadeja was awarded with the Man of the Match award for his all-round performance and Ravichandran Ashwin won the Man of the Series award for taking 29 wickets in the test series.