DAILY GK UPDATE: 8TH JANUARY

1.RBI may allow partial SLR conversion to meet Basel-III norms:

The Reserve Bank has hinted at allowing part of the statutory liquidity ratio (SLR) holdings of banks to be treated as liquid assets under the Basel-III guidelines, which will come into effect next fiscal.

RBI Deputy Governor Anand Sinha told reporters at Sunday’s Basel committee meeting:

i. "We already have quite a bit of liquidity ratio requirement.... If you look at our SLR, it is supposed to be maintained continuously.

ii. "Therefore, question arises whether we add some more liquidity on top of SLR, which will be definitely not good for our banks.

iii. So, we are looking at carving out SLR so that a part of it can become usable.

iv. However, Sinha did not offer any details on how much of the SLR holdings can be converted.

v. Currently, the SLR is pegged at 23 %, while the average industry holding is above 28 %.

vi. Referring to Sunday’s Basel committee meeting, which extended the final implementation deadline by a year to March 2019, Sinha said now banks have to be 100 percent compliant with the liquidity management from 2019

NOTE: The Basel III framework, which was adopted in the wake of the 2008 global financial crisis to safeguard banks in case of stress, seeks a higher liquidity coverage ratio that requires banks to hold marketable high quality liquid assets.

As per the RBI estimate, domestic banks need Rs 1.4-1.5 trillion for complying with the guidelines.

2.Justice D.K. Jain appointed as the Chairman of Law Commission:

Union Govt. of India appointed Justice D.K. Jain as Chairman of the 20th Law Commission of India.

i. He would take on the chair of the Chairman of the Law Commission on 24 January 2013 after he retires of a Judge of Supreme Court on the same day.

ii. He would be heading the commission as its chief for a period of three-years from the date of being in the office.

20th Law Commission of India

i. The 20th Law Commission of India was constituted with the Order of the Government of India with effect from 1 September 2012.

ii. The commission is responsible for identification of obsolete laws and suggest measures suitable for quick grievance handling and redressal of the citizens.

iii. It would also be examining the laws that effects poor and suggest measures which would help in harnessing the law and the legal process for the economically weaker and poor section of the society.

iv. Commission is also responsible for offering advices on complex issues to the Government.

3.Students can opt regular, distance degree together: UGC panel:

i. The expert Committee has recommended that, "a student enrolled in a degree programme under regular mode may be allowed to pursue a maximum of one additional degree programme simultaneously under open/distance mode from the same or a different university.

ii. However, two degree programmes under regular mode may not be allowed simultaneously as it may create logistic, administrative and academic problems."

iii. The committee, set up by the University Grants Commission (UGC), has sought opinion of vice chancellors of all universities in the country before implementation the recommendations.

NOTE: i.The panel has also recommended that "a student pursuing a degree programme under regular mode may be allowed to pursue a maximum of one certificate/diploma/advanced diploma/PG diploma programme simultaneously either in regular or open and distance mode in the same university or from other institutions."

ii. "The joint degree programme are not only permissible by the UGC but also needs to be encouraged. Interested universities may make necessary enabling ordinances specifying details and procedures in this regards and may sign Memorandum of Understanding to execute the award of joint degrees," the panel recommended.

4.National Data Centre for UIDAI to come up in Gurgaon:

The Chief Minister of Haryana, Bhupinder Singh Hooda on 7 January 2013 laid the foundation stone of the state-of-the-art National Data Centre of Unique Identification Authority of India (UIDAI) at Maneshar, Gurgaon in Haryana.

NOTE: The centre that will spread in an area of five-acres would serve as the respiratory system for the UIDAI and would store all the basic biometric and demographic information of the residents, before the 12-digit Aadhaar Number is issued.

i. The development work of the UIDAI center would be completed by mid 2014 and is being developed as a green data centre and abides to all the global standards and guidelines.

5.Deputy Vietnam PM arrives in New Delhi on 3 day visit to India:

Deputy Prime Minister of Vietnam Vu Van Ninh arrives in New Delhi this evening on a three-day visit to India.

During his stay, the visiting dignitary will hold discussions with several leaders to bolster cooperation between the two sides.

6.Munda quits, seeks dissolution of Jharkhand Assembly:

i. The Jharkhand Mukti Morcha (JMM) on 7 January 2013 announced withdrawal of support from the existing Bhartiya Janta Party (BJP) led coalition Government in Jharkhand.

ii. Governor Mr. Syed Ahmed has asked Mr. Munda to continue as the caretaker Chief Minister till the final decision.

iii. The support withdraw by JMM has reduced BJP to a minority party in the State Assembly.

NOTE: The Jharkhand Mukti Morcha gave two reasons for the withdrawal of its support from the BJP and they were, Chief Minister Arjun Munda’s refusal from recognizing the JMM’s claim on the agreement to hold the Chief Minister’s office for 28 months each party and also because of the derogatory remarks against Shibu Soren by Nishikant Dubey, MP from Godda.

Status of seats of different Political Parties in 81-member Assembly

• JMM – 18 seats

• BJP – 18 seats

• All Jharkhand Students Union – 6 seats
• Janta Dal United – 2 seats
• Congress – 13 seats
• Jharkhand Vikas Morcha – 11 seats

Since its formation in the year 2000, there have been eight Chief Minister’s in the Jharkhand and the state has seen President Rule twice.

7.Utt’khand govt to strictly implement 'no work no pay' rule:

i. Uttarakhand govt. has decided to strictly implement "no work no pay" regulation to discourage government employees from resorting to frequent strikes in support of their demands.

ii.The decision to enforce the regulation was taken by the state cabinet at its meeting chaired by Chief Minister iii. Vijay Bahuguna in Dehradun on Thursday.

iii. Government employees' pay for the strike period will be deducted from their salaries under the regulation which has been in existence for a long time but has never been strictly enforced in the state, Chief Secretary Alok Kumar Jain said.

NOTE: i. Uttarakhand has witnessed prolonged strikes over the past few months on the issue of reservation in promotion badly affecting work in government offices across the state.

ii. About 30,000 ministerial employees in Uttarakhand have been on a strike for the last nine days in support of a host of their demands including pay revision.

iii. Their determination to go ahead with their agitation in a phased manner may be one of the factors that prompted the government's decision to strictly impose "no work no pay" as a deterrent, official sources said.

8.Helicopter service for remote tribal areas in Himachal:

i. Himachal Chief Minister V B Singh launched a helicopter service for remote snowbound tribal areas of the state from Shimla on Sunday.

ii. The government has taken a helicopter from Pawan Hans Helicopter service on a five-year lease.

iii. The 26-seater helicopter would start to and from flights to tribal areas.

iv. Under the conditions of lease, a minimum 40 hours flying would be mandatory and per hour charges would be Rs 3.27 lakh.

v. The left out hours could be carried forward to next month and a total 480 hours flying would have to be done during the year.

vi. The helicopter will undertake the maidan flight to Dodra Kwar in Shimla district on 8^thJanuary and other snowbound areas would be covered as per the flight scheduled prepared by General Administration Department (GAD).

9.News Broadcasting Standards Association Issued Guidelines for Reporting of Sexual Crimes:

The News Broadcasting Standards Association (NBSA) on 7 January 2013 issued certain guidelines for the television channels to exercise discretion and sensitivity, while reporting the sexual assault cases.

Keeping in view, the Section 228A of the Indian Penal Code (IPC), NBSA directed television channels to keep the identity of the victims involved in sexual assault, hideous.

NOTE: i. The guidelines were a result of the Zee News television interview of the friend of Delhi gangrape victim.

ii. The name of victim was also disclosed in one international publication.

iii. The news channels were advised to balance the right to privacy of the survivor as well as his/her family with the public interest.

iv. Channels were therefore asked to secrete the identity of victims of sexual assault, aggression and violence.

v. The privacy should be respected and name, photographs as well as other private details should not be disclosed.

vi. The television channels were directed to practice sensitivity, sound judgement as well as discretion, especially while disclosing the details of sexual assault because these details re-traumatised the survivor.

10.N.A.K. Browne inaugurated a Medium Lift Helicopter Complex at Phalodi:

i. The Chief of the Air Staff, N.A.K. Browne inaugurated the Medium Lift Helicopter Complex on 7 January 2013 at Phalodi, near Jodhpur.

ii. The complex has been developed with the purpose of raising the new Mi-17 V5 helicopter Unit.

iii. The Hanger Complex inaugurated by the Chief is one of the biggest pre-engineered hangers of its type and in the Indian Air Force.

iv. The new air base would be utilized by the Air Force in the forthcoming exercises namely Iron Fist scheduled for 22 February 2013 and Live Wire in March 2013.

11.Lionel Messi won the FIFA Ballon d’Or Award for fourth time:

i. Lionel Messi, the Argentine footballer won FIFA Ballond’Or Award on 7 January 2013 as a reward to his 91-goal in a year for Barcelona and Argentina, in the year 2012.

ii. Messi voted to be the best player for the fourth year in a row managed to beat his close competitors, Cristiano Ronaldo of iii. Spanish champion Real Madrid and Barcelona teammate Andres Iniesta.

iii. Messi has left behind the three time FIFA winners namely Zinedine Zidane of France and Ronaldo of Brazil.

About The FIFA Ballon d’Or Award

i. FIFA Ballon d’Or Award was started in the year 2010 after merging the two, France Football's Ballon d'Or and the men's FIFA World Player of the Year Award.

ii. It is the association’s football award that is awarded to the year’s best performer.

iii. The player is selected via voting process and the votes are casted by the captains and coaches of the International Teams as well as the journalists from across the world.