Current Affairs 2nd April 2014

Current Affairs 2nd April 2014 - Important Points

• Union Sports Ministry derecognised Indian Amateur Boxing Federation (IABF)

• Mexico celebrated the late Octavio Paz on 100th anniversary

• Omani student scholarships increased by India

• Banks must not levy minimum balance penalty : RBI

• World Bank to double lending to emerging economies like India, China, Brazil, Mexico and Indonesia

• World Autism Awareness Day observed on 2nd April across the globe

• RBI capped WMA limit for central government at 35000 crore rupees for 2015 first half

Current Affairs 2nd April 2014 - Details

Union Sports Ministry derecognised Indian Amateur Boxing Federation (IABF)

It comes as a massive jolt to Indian Amateur Boxing Federation (IABF) as sports ministry derecognized the IABF with immediate effect on 1st April 2014. It was derecognized after its refusal to comply with its directives. You may remember it was suspended provisionally by the Ministry in December 2012. 

The ministry said that recognition to any National Sports Federation would rely on the current legal status of the organisation, recognition by the International Federation, the Asian Federation and the IOA in respect of Olympic Sports.

Important to note : 

IABF was terminated on the allegations of rigged elections and corruption by its international parent body, International Boxing Association.

Mexico celebrated the late Octavio Paz on 100th anniversary

Mexico paid tribute to Octavio Paz on Monday, honoring the late Nobel literature prize laureate on the 100th anniversary of his birth.

A ceremony honoring Octavio Paz was addressed by President Enrique Pena Nieto in Mexico City. 

Octavio Paz was awarded Nobel Prize in Literature in 1990. Apart from this he got Miguel de Cervantes Prize in 1981 and Neustadt International Prize for Literature in 1982.

He founded the magazines Plural and Vuelta (1976), which became the voice of his struggle.

Omani student scholarships increased by India

India has increased the number of scholarships to 150 offered to Omani students under a bilateral assistance programme. Ealier number was 50, which increased by 200% to get 150. 

The flagship programme is symbolic of Indian efforts in enhancing technical cooperation and is aimed towards identifying and addressing the needs of the developing countries via innovative and technological cooperation. 

Banks must not levy minimum balance penalty : RBI

In its first bi-monthly monetary policy statement for 2014-15 Reserve Bank of India has directed banks not to impose financial penalty in case customers do not maintain minimum balance in their saving accounts. RBI has suggested that instead of deducting money banks can limit services of customer.  It is important among banking current affairs.

RBI also directed banks to limit the liability of customers in electronic banking transactions in cases where banks fail to prove customer negligence. 

Well, these steps of RBI are inclined towards customers which is good for general public. 

World Bank to double lending to emerging economies like India, China, Brazil, Mexico and Indonesia

On 1st April 2014, President of World Bank Mr Jim Yong Kim announced  at the Council on Foreign Relations in Washington that the bank would nearly double its lending capacity to boost support for middle countries like India, Brazil, China, Mexico and Indonesia. It is part of efforts of World Bank to eliminate extreme poverty by 2030. 

Important to note : 

The World Bank is a financial and technical assistance institution for developing countries around the world. It has set two goals to achieve by 2030 and they are :

• End extreme poverty by decreasing the percentage of people living on less than $1.25 a day to no more than 3 percent 
• Promote shared prosperity by fostering the income growth of the bottom 40% for every country

World Autism Awareness Day observed on 2nd April across the globe

On 2nd April The World Autism Awareness Day 2014 was celebrated across the globe. This day is celebrated to raise fund and to create awareness about autism.

Important to note : 

The United Nations General Assembly unanimously adopted the resolution on Autism on 18 December 2007 and decided to designate 2 April as World Autism Awareness Day. The resolution was adopted to highlight the need to help improve the lives of children and adults who suffer from the disorder. So this was the seventh World Autism Day. 

RBI capped WMA limit for central government at 35000 crore rupees for 2015 first half

The Reserve Bank on 1st April 2014 capped the WMA limit for the central government in the first half of the new financial year at Rs 35,000 crore per week. The government uses WMA to manage its short-term liquidity which may arise during the interregnum of its planned market borrowing. The second half limit will be fixed in September.

Important to note : 

WMA :  Ways and Means Advances