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Title: GK Daily Update | Bankersadda
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GK Daily Update | Bankersadda 1. Marathi novelist Bhalchandra Nemade bags 50th Jnanpith Award  i. Modi awarded the 50th Jnanpith...


GK Daily Update | Bankersadda

1. Marathi novelist Bhalchandra Nemade bags 50th Jnanpith Award 
i. Modi awarded the 50th Jnanpith Award to eminent Marathi litterateur Bhalchandra Nemade whose several books, including Kosala and Hindu, have influenced Indian writing. 
ii. He was presented award comprising of 11 lakh rupees and a citation plaque and a bronze replica of Saraswati by Prime Minister Narendra Modi.
iii. Nemade's contribution rests in initiating Deshivad, a theory of nativism that negated globalisation, asserting the value of a writer's native heritage, and language.
iv. Seventy-six-year-old Nemade hails from Jalgaon.

2. Bank of Baroda ties up with UAE Exchange for instant money transfer
i. Bank of Baroda, a leading Indian public sector bank, has tied up with UAE Exchange to offer an instant cash transfer facility to NRI customers.
ii. UAE Exchange, a global remittance and foreign exchange company, serves over 7.9 million customers worldwide and currently has over 750 branches across 32 countries.
iii. Following the agreement, customers can send money to their desired bank accounts in Bank of Baroda in India, within minutes.
iv. Bank of Baroda has a network of more than 5,000 branches across Europe, US, Africa, Asia and Australia and in financial centres like New York, London, Dubai, Hong Kong, and Singapore.

3. Another strong tremor hits Nepal 
i. A powerful tremor measuring 6.7 magnitude struck Nepal again, according to US Geological Survey (USGS).
ii. The government has already declared emergency in affected areas and announced a relief package of Rs.500 million. 
iii. Tremors were also felt in Uttar Pradesh, Odisha, West Bengal, Assam and Jharkhand. 

4. FIU detects over Rs. 7,800 cr black money
i. Government detected a whopping over Rs 7,800 crore of illegal monies within the country and abroad during 2013-14 as the elite Financial Intelligence Unit (FIU) found all-time high cases of suspicious transactions in the country’s economic channels.
ii. The agency also received a total of 87,79,082 Cash Transaction Reports (CTRs), 3,01,804 Counterfeit Currency Reports (CCRs) and 80,616 Non-Profit Organisation Transaction Reports (NTRs).
iii. CTR is fund movement of the value of more than Rs. 10 lakh in one tranche or a series of transactions internally connected to each other in either Indian currency or foreign in the country’s banking or any other channel.
iv. A CCR pertains to an instance of usage of fake currency in any bank by an entity while NTRs pertain to filing of dossiers by Non-Governmental and non-profit organisations with regard to their economic operations.

5. Anil Kapoor conferred with Master Deenanath Mangeshkar Award 2015
i. Bollywood actor Anil Kapoor conferred with prestigious Master Deenanath Mangeshkar Award 2015. 
ii. He was presented the award by noted historian and writer Babasaheb Purandare. Apart from Anil Kapoor, veteran Marathi actor Dilip Prabhavalkar was also bestowed with the prestigious Master Deenanath Mangeshkar Award 2015. 
iii. Master Dinanath Mangeshkar Award was instituted in 1999 in memory of Dinanath Mangeshkar, father of Lata Mangeshkar.

6. Ratan Tata picks up stake in Xiaomi
i. Iconic business leader Ratan Tata has acquired a stake in Chinese handset maker Xiaomi, the first investment by any Indian in the smartphone maker.
ii. Mr. Tata, who retired as head of over $100 billion conglomerate in December 2012 and currently serves as chairman emeritus of Tata Sons, has emerged as a major venture capital investor since his retirement.
iii. He has already made personal investments in homegrown e-commerce players like Snapdeal, Urban Ladder, Bluestone and Cardekho.com.
iv. In December last year, Xiaomi raised $1.1 billion, valuing the firm at $45 billion. Often touted as the ‘Apple of China’, the company has grown to become a major competition to global giants like Samsung and Apple.

7. Government to amend Child Labour Prohibition Act
i. The government plans to push through an amendment to the Child Labour Prohibition Act in the current session of Parliament, which will allow children below the age of 14 to work in select family enterprises if it doesn't hamper their education. 
ii. The bill will retain the proposal of a complete ban on child labour in any organisation, big or small.
iii. Children between 14 and 18 years will not be allowed to work in hazardous industries. According to the labour ministry official, this provision is in conformity with the ILO convention
iv. India has seen a sharp drop in the number of child labourers in the last decade, down to 4.3 million from 12.6 million.

8. Capgemini acquires iGATE for $4 billion
i. Capgemini and iGATE have entered into a definitive merger agreement under which Capgemini will acquire iGATE for a cash consideration of $48 per share.
ii. the transaction will amount to $4 billion and is expected to be immediately accretive to Capgemini’s normalized Earnings Per Share (EPS)1.
iii. iGATE is US-listed IT services company headquartered in New Jersey.
iv. This transaction would lead to a group with an estimated combined revenue of €12.5 billion in 2015, an operating margin above 10 per cent and around 190,000 employees.

9. CJI refuses participation to choose NJAC 
i. Chief Justice of India H L Dattu has refused to participate in a three-member panel for selecting two eminent persons in the six-member National Judicial Appointments Commission (NJAC). 
ii. The five-judge constitution bench, headed by Justice J S Khehar, which is hearing the issue of constitutional validity of the new law on appointment of judges to higher judiciary, was told by Attorney General Mukul Rohatgi that Dattu has written to Prime Minister Narendra Modi that he would not participate in the meeting of the panel till the matter is decided by the apex court. 
iii. The three-member panel comprises Chief Justice of India, Prime Minister and the Leader of Opposition, who are authorised to select and appoint two eminent persons in the six-member NJAC for appointment of judges to higher judiciary. 

10. All MAT tax claims under DTAA to be settled in a month 
i. Central Board of Direct Taxes will settle all minimum alternate tax (MAT) matters of FIIs coming under the ambit of Double Taxation Avoidance Agreements within a month of filing of claims. 
ii. The move is aimed at quickly resolving the controversial tax issue facing foreign portfolio investors. 
iii. The Income Tax Department has sent notices in 68 cases to FIIs for payment of dues totalling Rs 602.83 crore towards Minimum Alternate Tax (MAT). 
iv. Central Board of Direct Taxes said several FIIs, which have received income from transactions in securities, claim such income as exempt from tax under the DTAAs signed between India and their countries of residence. 

11. Bharatiya Mahila Bank Wins The Asian Banker Achievement Award 2015
i. Bharatiya Mahila Bank (BMB) has won The Asian Banker Achievement Award 2015.
ii. The award was presented to the BMB in the Technology Implementation category of Best Outsourcing Project (New Bank).
iii. Usha Ananthasubramanian, Chairman and Managing Director of BMB received the award at a function held in Hongkong as a part of The Asian Banker Summit 2015.

iv. BMB is India’s first all-women public sector bank and was formally launched on November 19, 2013. It's objective is to focus on the banking needs of the women and promote economic empowerment.

12. DIPP notifies 49 per cent FDI in pension sector 
i. The government has raised the limit of foreign direct investment in pension sector to 49 per cent in line with the FDI cap in the insurance sector. 
ii. In pursuance of the enactment of Insurance Regulatory & Development Authority Act, iv. 2013, government has decided to permit FDI in the pension sector. 
iii. The FDI cap in the sector has been hiked to 49 per cent and that includes foreign investment in the forms of FPI, FII, QFI, FVCI, NRI and DR. 
iv. All investments in the pension sector, however, will have to abide by the pension sector regulator PFRDA.

13. BCCI to nominate Rohit Sharma for Arjuna award
i. The Board of Control for Cricket in India (BCCI) has nominated Rohit Sharma for the Arjuna award for 2015. Rohit has had an excellent last year for India in international cricket.
ii. Since January 1, 2014, he has averaged 55.05 from 21 innings with 3 centuries and 5 fifties, with the epic 264 his highest score.
iii. The decision to nominate Rohit was taken in the BCCI working committee meeting in Kolkata.

Source: Bankersadda


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