DAILY GK UPDATES – 16th JULY

1.    BRICS to create 100 billion dollar development bank
and emergency reserve fund
i. BRICS
nations on 15 July 2014 signed a deal to create a new 100 billion US dollar
development bank and emergency reserve fund.

ii. The deal to from the bank was signed during the 6th BRICS
Summit being held in Fortaleza, Brazil form 15 July to 16 July 2014). BRICS
group includes Brazil, Russia, India, China and South Africa.
iii. Creation of the bank was announced after a plenary meet at a
BRICS summit meet by Brazil’s President, Dilma Rousseff. 


iv. As per the
deal, the capital of the bank will be split equally among the five
participating countries, while
headquarter will be in Shanghai, China
.
v. The Bank will have a rotating chair and its first President
will come from India for the first six
years
. The Bank will also have a regional office in Johannesburg, South
Africa. 
vi. The
Bank’s board will have five Finance Ministers and will be chaired by Brazil.
Initially the bank will be involved in infrastructure projects in the BRICS
nations. 

vii. BRICS
Finance ministers or central banks’ governors will form a governing body to
manage the CRA while it will be presided over by the BRICS President. The BRICS
CRA will not be open to outsiders.
Participant leaders
of the five nations are
 

• Brazil – Dilma
Rousseff


• Russian –
Vladimir Putin


• Indian – Narendra
Modi


• China – Xi Jinping

• South Africa –
Jacob Zuma 




Contribution of
different nations


• China will
contribute 41 billion US dollar


• Brazil, Russia
and India will contribute 18 billion US dollar each


• South Africa will
provide 5 billion US dollar
2.    RBI eases share transfer norms for NRI
investors in domestic cos
i. In an attempt to provide more flexibility in foreign
direct investment, RBI has issued fresh norms for issue/transfer of shares by
non-resident investors in unlisted domestic companies. 

ii. In a notification issued from
Mumbai today, RBI has said that the issue and transfer of shares including
compulsorily convertible preference shares and compulsorily convertible
debentures shall be worked out as per any internationally accepted pricing
methodology on arm’s length basis. 
iii. RBI has added that the
valuations must be certified by a chartered accountant or a merchant banker
registered with capital markets regulator Securities Exchange Board of India. 
iv. The banking watchdog has also warned
against provisions guaranteeing an exit price to the investor but conceded that

it is fine with the practice of having a lock-in
period.
v. As for the listed companies, RBI
has said that the issue and transfer of shares shall be as per SEBI guidelines.
The price in such transactions shall not be less than the one at which a
preferential allotment can be made under SEBI guidelines.
3.    Delhi government to set up 320 Mahila Suraksha Dals
for women safety
i. State
Government of Delhi on 14 July 2014 decided to set up 320 Mahila Suraksha Dals
(MSDs) across the national capital. These MSDs will be established to ensure
women safety at public places. 

ii. According
to the plan, the MSDs will be made functional in the 80 Gender Resource
Centers. As a pilot programme, one MSD will be created in all 11 Districts of
the city on the day of Raksha Bandhan. 

iii. The
decision to this effect of MSDs was taken at a high-level meet chaired by the
Chief Secretary SK Srivastava.
About Mahila Suraksha
Dals (MSDs)


The Mahila Suraksha
Dals (MSDs) will comprise of retired army personnel, representatives from the
local community (both men and women) and local NGO representatives. Each team
will consist of 20 community members and three ex- servicemen.
4.    Aircel launches 4G services across four circles
i. GSM operator Aircel has launched 4G
services across four circles – Andhra Pradesh, Assam, Bihar and Odisha – making
it the second operator to offer telecom services on all three technologies.
ii. With this launch, Aircel will now
offer services under all the three existing technologies of 2G, 3G and 4G LTE
bringing it at par with global telecommunication offerings.
iii. Aircel
holds 20MHz of spectrum in the 4G LTE 2300 MHz band across eight circles –
Andhra Pradesh, Tamil Nadu, West Bengal, Bihar, Odisha, Assam and North East
and Jammu & Kashmir.
5.    Rs. 1,000 monthly for girls saved from child
marriages
i. In a bid to assist minor girls saved
from child marriages, the Tamil Nadu government on Tuesday announced a cash
support of Rs. 1,000
to each of them every month until they attain 18 years of age.
ii. Social Welfare Minister B Valarmathi
today informed the Assembly that this financial support would be extended to
girls lodged at ‘Sevai Illams’ (government run service homes) and government
hostels, to continue their higher studies and professional courses.
iii. Arrangements would also be made for
them for further training with Tamil Nadu Skills Development Corporation, she
said.
iv. A total of 710 child marriages were
stopped in the state during 2013-14, she said, adding government was
broadcasting three awareness short films on the eve of auspicious days to stop
child marriages.
6.    Nalco, Indian Rare Earths ink pact for titanium slag
plant in Odisha
i. State-owned National Aluminium Co Ltd
has signed a memorandum of understanding with Indian Rare Earths Ltd (IREL),
another public sector organisation under the Department of Atomic Energy, for
jointly establishing a 1 lakh tonne titanium slag plant at Chatrapur in Odisha.
ii. Ansuman Das, CMD of Nalco, and R N
Patra, CMD of IREL, signed the MoU on Tuesday in Mumbai.
iii. The project is planned as a joint
venture for which a feasibility study and technology selection would be carried
out soon. The project envisages value addition to ilmenite to produce titanium
slag, which is an intermediate product for making titanium sponge and titanium
pigments.
7.    LTAs with foreign uranium suppliers
for power supply at plants
i. India has entered into long-term agreements with foreign
suppliers to obtain uranium to ensure uninterrupted power supply for its
nuclear power plants. Russia and Kazhakhstan are the main suppliers. 

ii. Besides, talks are going on to
obtain uranium from Australia as well. Minister of State in PMO, Dr. Jitendra
Singh gave this information in the Lok Sabha today. 
iii. He said shortage of fuel has
been affecting output at the atomic power plants. Currently, the country has 20
nuclear power reactors with an installed generating capacity of 4780 mega watt. 
iv. The supply of uranium from
indigenous sources is improving progressively. 
v. The nuclear power plants at
Kaiga, Karnataka, Narora, Uttar Pradesh, Kalpakkam, Tamil Nadu and Tarapur in
Maharashtra are using uranium obtained from native sources, he added.
8.    Indian boxing coaches barred from ringside at CWG
i. India’s boxing coaches at the Glasgow
Commonwealth Games have been barred from occupying ringside seats during bouts
due to the country’s termination from the International Boxing Association
(AIBA).
ii. A communication to this effect from the
competition organisers was received by the Indian Olympic Association
yesterday, a top source who wished to remain incognito told PTI on Wednesday.
iii. “The competition organisers seem to
have misunderstood the situation (vis-à-vis the termination of Indian Boxing
Federation by world boxing body AIBA in March and its replacement and
provisional recognition of a new entity Boxing India in May) and have barred
the coaches from seconding the boxers during bouts,” the source said.