Current Affairs - 23rd Jan 2014
RBI’s new circular
The Reserve Bank of India (RBI), on 22 January 2014, warned that it would withdraw from circulation all old banknotes and announced that it will withdraw all old notes from 31 March 2014. From 1 July 2014 these old notes would be put out of circulation. Notes issued before 2005 will be withdrawn by the RBI. According to an RBI advisory, anybody who had such currency notes would have to approach a bank in order to exchange them. The RBI would start withdrawing the notes after 31 March 2014. This step will apparently hit currency hoarders and counterfeiters. However, the currency notes issued before 2005 would remain legal tender. But from 1 July 2014 those wanting to exchange more than 10 pieces of 500 and 1000 rupee notes in a bank where they do not have an account will have to provide proof of residence and identity.
Nanda kumar to head NDDB
(Nanda Kumar, currently Member of the National Disaster Management Authority (NDMA), is slated to take over from 1 March 2014 as the head of National Dairy Development Board (NDDB). He will replace Amrita Patel who has been holding the post since 1998. Both Patel and her illustrious predecessor Verghese Kurien, who was chairman from 1965 to 1998, had dairy professional backgrounds. NDDB’s heydays were in 1970-95, when it implemented the Operation Flood programme that made India self-sufficient in milk production and end reliance on imports of milk powder and butter oil.
Highest dividend by any bank
Tuticorin-based TMB took a decision to declare an interim dividend of 9000% which is said to be the highest for any bank. This dividend stands at Rs. 900 per share of Rs 10 each, for the fiscal ending March 2014. This is the second year in a row that the bank has declared such a high dividend. The bank’s board had approved a dividend of Rs 750 per share for 2008-09 and Rs 1,000 per share the following year.
Committee constituted for FDI in farm land
The government has formed a three member cabinet committee to examine the possibility of opening up agricultural land to FDI. The ministry includes Urban Development Minister Kamal Nath , finance minister P.Chidambaram and commerce minister Anand Sharma. At present, FDI in farm land is banned. Indian banks rules disallow loans for the purchase of farm land even for domestic purpose. The Ministry’s point is that farm land is already being acquired for township and other projects, FDI will only help raise funds for the purpose.
LPG Portability scheme launched
Petroleum minister Veerappa Moily announced the launch off portability of LPG connection scheme across 480 districts which will cover all the Oil Marketing companies (OMCs) and distributors. With its help, customer can switch to the distributor of his choice within a group of LPG distributors in the nearby area of the scheme. As of now, OMCs together launched the scheme in 24 districts and further it will be enhanced to 480 districts.
Latvia’s first woman PM
Latvia’s parliament gave acceptance to a new coalition government led by its first woman PM Laimdota Straujuma. She heads a strong coalition with 66 seats under her control in the 100 seat parliament.