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