Daily GK Updates: 9th August 2014

1.    India Ratings
ups FY15 GDP forecast to 5.7%
i. India Ratings &
Research revised its FY15 gross domestic product (GDP) growth forecast to 5.7
per cent from its April 2014 forecast of 5.6 per cent.
ii. “Even though the
Union Budget FY15 has addressed certain supply-side issues plaguing the
economy, we believe a single budget or one year’s policy reforms are not enough
to ensure a non-inflationary, sustained and higher economic growth. Moreover,
policy announcements take time to play out,” the rating agency said in a
statement.

iii. We expect agricultural growth to drop to 1.3 per cent
in FY15 (FY14: 4.7 per cent) on delayed as well as weak monsoon. Although the
monsoon’s poor spread over space and time in June 2014 (43 per cent below
average) recovered in July 2014, the deficiency continues to be 21 per cent,”
the statement said
2.   
SEBI imposes penalty of 13 crore rupees on Reliance
Industries Limited
i. The Securities and
Exchange Board of India, SEBI has imposed a penalty of 13 crore rupees on
Reliance Industries Limited for alleged irregularities in issuance of warrants
by the company to its promoters.
ii. The case related to
2007 earnings and the company’s repeatedly failed to disclose the key earnings
ratio. SEBI began adjudication proceedings to probe the violation of relevant
clauses under the Listing Agreement and the Securities Contracts (Regulation)
Act for not disclosing the Diluted Earnings per Share.
iii. As per the terms of
the Listing Agreement, the companies have to disclose these earnings in their
quarterly statements filed with the stock exchanges.
iv. Noting that a
specific quantum of any direct or indirect unfair gain made by RIL and the loss
caused to the investors were not available on records, SEBI said it cannot
ignore the fact that millions of shareholders/investors were deprived of
correct disclosures.
V. This penalty comes
a year after SEBI had imposed another fine of 11 crore rupees on Reliance
Petroinvestments, a subsidiary of RIL, in an insider trading case.
3.   
RBI revises guidelines on mortgage
guarantee companies
i. The Reserve Bank on
Saturday revised guidelines for mortgage guarantee companies and said that
guarantees provided by them may be treated as contingent liabilities, for which
credit conversion factor would be 50 percent.
ii.”While calculating
capital adequacy of MGCs, mortgage guarantees provided may be treated as
contingent liabilities and the credit conversion factor applicable to these
contingent liabilities will be 50 percent as against the present 100 percent,”
RBI said in a notification.
iii. The revision of
guidelines on mortgage guarantee companies came after RBI received
representations from the industry.
iv. As per the extant
guidelines, MGCs have to provide for a lower appropriation to contingency
reserves if provisions made towards losses exceeded 35 percent of the premium
or fee earned during a financial year, but it does not specify the exact level
of such contingency reserves.
v. “In such a case,
contingency reserves could go to a minimum of 24 percent of the premium or fee
earned, such that the aggregate of provisions made towards losses and
contingency reserves is at least 60 percent of the premium or fee earned during
a financial year,” the RBI said.
4.   
India to give grant of $1 million for construction of
cricket stadium in Afghanistan
i. India is to give a
grant of 1 million US dollars for construction of a cricket stadium in
Afghanistan.
ii. The centre has
given approval for the grant to construct the stadium in Afghanistan’s southern
province of Kandahar. A report says, the stadium is set to come up in Aino
Mina, a northern suburb of Kandahar city on land donated to the Afghanistan
Cricket Board in 2012.
5.   
Former Hockey Captain Ajitpal Singh to head Dronacharya
Award Selection Committee
i. Three-time Olympian
and former Hockey Captain Ajitpal Singh was selected as the Chairman of the
Dronacharya Award Selection Committee on 7 August 2014.
ii. The committee will
have 15 members, including 12 eminent sportspersons and three officials. The
three officials — Director General of the Sports Authority of India and a
joint secretary and deputy secretary from the ministry — will also be in the
committee.
iii. The Dronacharya
award is scheduled to be presented on 29 August 2014 (National Sports Day). The
Committee will recommend the deserving sportspersons for the prestigious awards
and a final decision vests with Union Sports Minister Sarbanand Sonowal.
iv. In 2013, the
Dronacharya Award Selection Committee was headed by Mountaineer HPS Ahluwalia.
Note: Dronacharya
Award instituted in 1985 by Government of India recognizes excellence in sports
coaching. The award comprises a bronze statuette of Dronacharya, a scroll of
honour and a cash component of 500000 rupees.
6.   
Munger through the Ages written by late DP Yadav released
i. A book entitled Munger through the Ages authored by
late Devendra Prasad Yadav was released on 7 August 2014 at the Rashtrapati
Bhavan in New Delhi. The first copy of the book was received by President of
India Pranab Mukherjee. 

ii. The President received the book by
Dr. Karan Singh, the Chairman of ICCR, who formally released the book.
7.   
Miihier Singh to represent India at 48th Asian
Bodybuilding Championship
i. Miihier Singh, who
won the Mr India title this year, will represent the country in the 48th Asian
Bodybuilding and Physique Sports Championship.
ii. The event is to be
held at Macau in China, from August 26 to September 1. More than 350 athletes
are expected to participate in the championship. 
iii.
The
top five finishers will get a chance to participate in World Bodybuilding and
Physique Championship to be held on November 23 at Balewadi Stadium in Pune.
iv. Miihier finished
fourth in the last edition of the tournament held in Ho Chi Minh City, Vietnam,
in 2013 and represented India at the 5th World Bodybuilding and Physique Sports
Championships at Budapest, Hungary in November 201
8.   
Indian Men thrash Bangladesh 5-1 in the second hockey
match at Dhaka 
i. The Indian Men’s
Hockey team thrashed Bangladesh 5-1 in the Second Test played at Dhaka today.
With the win, India clinched the three-match test series against the hosts.
India now expects a clean sweep by winning the third and last match of the
series tomorrow. 
ii. The goal scorers for India were: Harjeet Singh, Yuvraj Walmiki, SK
Uthappa, Devender Sunil Walmiki and Affan Yousuf.