Daily GK Update: 30th October, 2015

RBI allows NRIs to subscribe to National Pension System 

The Reserve Bank of India (RBI) has allowed non-resident Indians (NRIs) to subscribe to the National Pension System (NPS) enabling them access old age income security. 

RBI has taken this decision in consultation with Union Government under the Prime Minister Narendra Modi’s efforts to appease NRIs. 

Key acts - 

• NPS will act as an investment option for NRIs under Foreign Exchange Management Act (FEMA), 1999. 
• NRIs may subscribe to the NPS through normal banking channels and the person is eligible to invest as per the provisions of the PFRDA Act, 2013. 
• NRIs should pay the subscription amounts of NPS either by inward remittance through normal banking channels or out of funds held in their NRE/NRO/FCNR account. 
• No restriction will be imposed on repatriation of the annuity or accumulated savings of NPS.

RBI allows Indian corporate to issue offshore rupee-denominated bonds outside India 

i. The Reserve Bank of India (RBI) has granted permission to the Indian corporate to issue offshore rupee-denominated bonds outside India. 

ii. In this regard, Union Government has considered the matter of taxation of income from such bonds under Income Tax (IT) Act, 1961. 

iii. Such bonds will attract a withholding tax of 5 per cent and gains arising in case of appreciation of rupee against the foreign currency. 

iv. In this case investment made would be exempted from capital gains tax. Capital gains tax would be exempted for the Capital gains arising in case of appreciation of rupee between the date of issue and the date of redemption against the foreign currency in which the investment is made.

China abandons its decades old One Child Policy 

i. China, world most populous country has announced to abandon its three decades-long one-child policy and changed it two-child policy. 

ii. The ruling Communist Party of China (CPC) in this regard has issued an official communiqué at  the end of party’s 4 day plenary session headed by President Xi Jinping in Beijing. 

iii. The change of policy is intended to Balance population development world’s second largest economy. 

iv. Address the challenge of unnatural negative demographics due rising numbers of old age population as well as concerns over declining labour force. 

v. This announcement comes amid slowdown of China’s economy which has plunged for the first time below the 7 per cent figure since the 2009 global economic crisis.

Raif Badawi wins EU’s Sakharov Prize 2015 

i. Saudi blogger Raif Badawi has been selected for European Union’s prestigious Sakharov Prize for human rights for year 2015. 

ii. European Parliament assembly in Strasbourg, France has honoured Mr. Bidawi with this award considering him as a symbol of the fight for freedom of speech. 

iii. Raif Badawi, author of the website Free Saudi Liberals received an international fame in 2012 after he was sentenced to 10 years in prison and 1,000 lashes in Saudi Arabia for insulting Muslim clerics. 

John Magufuli elected as President of Tanzania 

i. John Pombe Magufuli of ruling Chama Cha Mapinduzi (CCM) party has won the 2015 Tanzanian Presidential election.

ii. With this victory he became fifth President of Tanzania since its independence from United Kingdom in 1961. 

iii. John Magufuli won this Presidential election by securing 58.46 per cent of the total votes and defeated Edward Lowassa of opposition Chadema party who received 39 per cent votes. 

China’s first lunar rover Yutu sets record for longest stay on Moon 

i. China’s first lunar rover, Yutu, has set the new record for the longest stay by a rover on the lunar surface. 

ii. With working on the Moon for almost two years it has surpassed previous record of Soviet Union’s (USSR’s) 1970 launched rover Lunokhod 1, which had spent 11 months on the Moon. 

iii. The lunar rover Yutu was deployed and landed on the moon in 2013 via China’s Chang’e-3 lunar probe. In 2014, it had experienced a mechanical control abnormality but was revived.

Activist Bindeshwar Pathak selected for New York Global Leaders Dialogue Humanitarian Award

i. Sociologist and founder of Sulabh International Bindeshwar Pathak on 29 October 2015 was selected for the prestigious New York Global Leaders Dialogue Humanitarian Award for his contribution to sanitation and improving the quality of life for millions of manual scavengers.

ii. Pathak will be presented with the award on 12 April 2016 in New York, US.

iii. The activist first understood the plight of manual scavengers in 1968 when he joined the Bhangi-Mukti (scavengers’ liberation) Cell of the Bihar Gandhi Centenary Celebrations Committee.

iv. He founded the Sulabh International Social Service Organization in 1970, combining technical innovation with humanitarian principles.

India-Africa Forum Summit 2015 held in New Delhi

i. India-Africa Forum Summit (IAFS) 2015 was held for four days between 26 October and 29 October 2015 at Indira Gandhi Stadium Complex in New Delhi.

ii. Besides PM Narendra Modi, the summit was attended by top leaders of 40 African nations.

iii. The purpose of the meeting was to enable consultations at the highest political level between 54 nations across Africa and the Indian government.

iv. It was the third IAFS since its inception. The previous summits were held in 2008 and 2011 in New Delhi and Addis Ababa (Ethiopia) respectively.

Amit Kumar won silver in men's club throw F51 event of IPC Athletics World Championships

i. Indian para-athlete Amit Kumar Saroha on 28 October 2015 won silver medal in men's club throw F51 event in the IPC Athletics World Championships in Doha. With this, Amit sealed a berth for 2016 Rio Paralympic Games.

ii. Amit clinched silver with an effort of 25.44m, behind Serbia's Zeljko Dimitrijevic who won gold in a championship record of 26.29m. Milos Mitic of Serbia bagged the bronze in 25.40m.

iii. Amit’s medal helped the 15-member Indian team to end the campaign with two silvers. Devendra Jhajharia had won silver in men's javelin throw F46 event on 27 October 2015.