DAILY GK UPDATE: 12th SEPTEMBER 2012

1. India ranks 2nd in retail realty investment momentum index
 India ranks second among top 20 countries with the strongest momentum in retail real estate index and it lags behind China due to weaker investment prospects and a smaller presence of global retailer, according to a report by global property consultant Jones Lang LaSalle. 
2. Delhi govt imposes ban on plastic bags
In a major environment-friendly initiative, the Delhi government has decided to impose a blanket ban on manufacture, sale, storage and use of plastic bags in the national capital. The decision was taken at Cabinet meeting presided over by Chief Minister Sheila Dikshit yesterday. The use of plastic cover pouch to pack magazines, invitation cards, greeting cards will also be prohibited.
3. Industrial production growth rate dips to 0.1 percent following uncertainty in global economy.
Industrial production growth rate dips to 0.1 per cent in July, as against 3.7 per cent in the same month last year. The slowdown is attributed to uncertainty in the global economy which affected exports and the key infrastructure sector grew at its slowest pace in six months.
4. ICICI, HDFC Bank follow SBI; revise FD rates by up to 0.5 pc
Private sector banks like ICICI Bank and HDFC Bank on Wednesday reduced interest rates on fixed deposits by atleast 50 basis point.
The reduction in deposit rates comes at a time when the economy is slowing down and credit pick up is slack. One basis point is equal to one hundredth of a percentage. Last week, State Bank of India had reduced interest rate on deposits by as much as 100 basis points across maturities to maintain profitability after lowering lending rates.
5. Reserve Bank of India relaxes External Commercial Borrowings norms for infrastructure companies.
i) The Reserve Bank of India (RBI) has relaxed the External Commercial Borrowings (ECB) norms to help infrastructure sector companies raise more funds from overseas markets. In a notification yesterday, the RBI allowed companies engaged in the infrastructure sector to raise bridge finance from overseas market under the automatic route. Under the earlier provision, the companies were required to take permission from the RBI for raising bridge finance, which is a kind of interim arrangement for short-term credit.
ii) The Reserve Bank, through a separate notification, has also allowed companies in the infrastructure sector to raise ECB upto a maximum period of 5 years for importing capital goods. Under the new norms, the trade credit should not be for a period of less than 15 months and also not in the nature of short-term roll-over finance.
iii)The RBI also relaxed the ECB norms for repayment of Rupee loans within the overall ceiling of 20 billion Dollars.
6. Goa Government ordered Temporary Suspension of Mining Operations
The Goa Government ordered temporary suspension of all mining operations in the state. 
The decision comes in view of the serious illegalities and irregularities mentioned in the report of the Justice M.B. Shah commission of inquiry constituted by the Union Government of India to look into the aspect of illegal mining in various states including Goa.
7. Centre to suspend environment clearances to 93 Goan mines
Union Minister for Environment and Forests, Ms. Jayanthi Natarajan today said, her Ministry will suspend environmental clearances given to all the 93 mines in Goa. She said, the notification to this effect will be issued shortly.
8. Govt. reduces interest rates on rescheduled crop loans; also 150 days of guaranteed work in drought hit areas
Government today announced various relief measures for drought-hit areas of the country. It includes increasing the number of guaranteed work days under MGNREGA to 150 days from 100 days and reducing interest rates on rescheduled crop loans to 7 per cent for this fiscal.
9. US Ambassador and 3 diplomats killed in Benghazi rocket attack
The US Ambassador to Libya, Christopher Evans was killed with three others in a rocket attack on their car in Benghazi. The protesters were demonstrating against a US made film “Ïnnocence of Muslims” which portrayed Prophet Mohammed and Islam in bad light.
10. Gold down by Rs 50 to 32450 rupees per 10 gram
Falling from an all-time high, gold lost 50 rupees, to 32,450 rupees per ten grams at Delhi’s bullion market, today, on reduced offtake, amid a weak global trend. Silver shed 300 rupees, to 61,500 rupees per kilo, on lack of buying support from industrial units and coin makers. 
11. ICC launches official event website for World Twenty20
The International Cricket Council on Wednesday launched the official event website for the World Twenty20 Championships to be staged in Colombo between 18th September and 7th October.