Current Affairs India - 7 May 2015

1. The Lok Sabha passed the Juvenile Justice (Care and Protection of Children) Bill,2014 today which will permit juveniles between the ages of 16 and 18 years to be tried as adults for heinous offences.

The nature of crime will be examined by the juvenile justice board whether it was committed as a child mind or as an adult mind and take the appropriate decision. The Bill also seeks to consolidate and amend the law relating to children alleged and found to be in conflict with law and children needing care and protection.

2. The long-pending GST bill was approved by Lok Sabha after a walkout by Congress even as government promised to compensate states for any revenue loss and assured that the new uniform indirect tax rate will be much less than 27% recommended by an expert panel.

By subsuming most indirect taxes levied by the central and state governments like excise, service tax, VAT and sales tax, the pan-India goods and services tax (GST) regime has proposed to facilitate a common market in the country. This step is expected to boost GDP growth for India by around 1.5% once implemented.

3. Bollywood actor Salman Khan was sentenced to five years for killing a person in a hit-and-run case in 2002. He was convicted by a session court today. Though he was granted interim bail by the Bombay High till Friday.

A Mumbai court rejected Mr Khan's claims that it was his driver who was at the wheel of his Toyota Land Cruiser when it ran into a group of homeless men sleeping outside a Mumbai bakery.

4. Achal Kumar Jyoti, a former Chief Secretary during the tenure of Narendra Modi as Gujarat Chief Minister, was appointed as the Election Commissioner. With this he will fill one of the two vacancies in the three-member body. He will have a tenure of nearly three years, when he will turn 65, the retirement age as per constitution.

5. 56 Indian companies are figured in the Forbes list of world's 2000 powerful companies published today. Reliance Industries is the topmost India Company which is ranked at 142nd position followed by State Bank of India. Other Indian companies include ICICI Bank, Axis Bank and HDFC Bank, PSUs like Oil and Natural Gas Corporation, Indian Oil, Bharat Petroleum, NTPC, Tata Motors, Tata Consultancy Services, Bharti Airtel, Infosys, Wipro, Tata Steel and Adani Enterprises etc. US holds the No 1 position with 579 companies in the list followed by China with 232 companies in the list.

6. Indian rupee hit a 20 month low and closed at 64.34 per USD as foreign investors continued to sell in the equity markets. Indian rupee hit the intra-day low value of 64.28 during intraday trading.

7. Famous investor and portfolio advisor who used behavioral finance and value investing as a strategy for his investment passed away in a car accident in Omaha, USA on Sunday. His wife, Geeta Parikh sustained critical head and chest injuries in the same accident. They were in the US to attend the Warren Buffett-controlled Berkshire Hathaway's annual shareholders meeting on Sunday.