Current Affairs – March 08, 2018

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Neiphiu Rio to be sworn-in as new Nagaland CM today

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The Bharatiya Janata Party and Nationalist Democratic Progressive Party (BJP-NDPP)-led Peoples Democratic Alliance (PDA) leader Neiphiu Rio will be sworn in as the new Chief Minister of Nagaland today. Nagaland governor PB Acharya will administer the oath of office and secrecy to Rio and other council ministers at a swearing-in ceremony at 11.30 am today. Y Patton, who is already elected as the leader of BJP Legislature Party, is likely to be sworn in as deputy chief minister. Apart from Rio and Patton, 10 ministers will be inducted in the cabinet.

International Women’s Day 2018

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International Women’s Day is a global celebration of the social, cultural, economic and political achievements of women. It is celebrated annually on March 8. The past year saw unprecedented global movement for women’s rights, equality, and justice. Global marches and campaigns, including #MeToo and #TimesUp, were taken up throughout the world on issues ranging from sexual harassment, femicide, equal pay, women’s political representation, among others.
Women’s Day was first observed on February 28, 1909, in New York. At 1910 International Women’s Conference, March 8 was suggested to be observed as “International Women’s Day.” March 8 also became a national holiday in Soviet Russia in 1917 after women gained suffrage there. The day was then predominantly celebrated by the socialist movement and communist countries until it was adopted in 1975 by the United Nations.
International Women’s Day 2018 theme is “Time is Now: Rural and urban activists transforming women’s lives“.

RBI slaps Rs 40 lakh penalty on SBI for flouting counterfeit notes norms

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The RBI has penalized SBI Rs 40 lakh for not complying with its directions on detection and impounding of counterfeit notes. The RBI said it found deficiencies on SBI’s part in regulatory compliance with counterfeit note norms. The action is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers, the RBI added. The regulator had carried out the inspection of currency chests of two branches of the country’s largest lender and noticed the violation of its instructions issued on the detection and impounding of counterfeit notes.
“Based on the inspection report and other relevant documents, a notice dated January 5, 2018, was issued to the bank advising it to show cause as to why a penalty should not be imposed on it for non-compliance with directions issued by the RBI,” it said. After considering the lender’s reply and oral submissions made in a personal hearing, the RBI concluded that these charges of non-compliance with its directions/guidelines were substantiated and warranted imposition of monetary penalty, said the notification.

Forbes Billionaires List 2018: Mukesh Ambani Richest Indian, Ranked 19th Globally

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India has 121 billionaires — 19 more than last year — making them the third largest group of the ultra-rich after those from the US and China, according to Forbes, the business magazine that produces an annual list. Mukesh Ambani, the energy and petrochemicals magnate, who keeps his standing as the richest Indian, is richer by $16.9 billion in 2018 with assets of $40.1 billion, according to the magazine’s list released online on Tuesday. He moved up to the 19th global rank on the list of 2,208 billionaires worldwide compiled by Forbes. In 2017, he ranked 33rd with $23.2 billion.
The US has 585 billionaires and China 373 this year on the Forbes tally, which it calls “The Three Comma Club” for the punctuation used in writing out fully the billion in numbers. In 2017, there were 102 Indians on the list. Amazon founder Jeff Bezos is the world’s richest man with assets valued at $112 billion, overtaking Microsoft co-founder Bill Gates whose fortunes are valued at $90 billion and investor Warren Buffet with $84 billion. In 2017, Gates ranked first globally with $86 billion, Buffet second with $75.6 billion and Bezos third with $72.8 billion.

European development bank approves India’s membership

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India is all set to become the 69th member of the European Bank for Reconstruction and Development (EBRD) after shareholders of the international financial institution gave their nod to the country’s candidature. The EBRD that its shareholders have agreed to India becoming its member. The move follows the Indian government’s application to seek the EBRD membership back in December 2017 and sets the stage for an increase in joint investment with Indian companies in the Bank’s regions of operation. The formal membership process will now get underway, which includes the purchase of shares by India at an estimated cost of around €1 million.
“This is an important step in the relationship between the EBRD and India, allowing us to build further on already very close ties,” said Suma Chakrabarti, the Indian-origin president of the bank. The London-headquartered EBRD is a multilateral development bank set up in 1991 after the fall of the Berlin wall to promote the private and entrepreneurial initiative in emerging Europe. It invests in 38 emerging economies across three continents, according to a set of criteria that aim to make its countries more competitive, better governed, greener, more inclusive, more resilient and more integrated.
EBRD Founded: 1991
Headquarters: London, United Kingdom
President: Suma Chakrabarti

‘Know India Programme’ will help children know their motherland: Piyush Goyal

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Forty Indian-origin students from nine countries met Railways Minister Piyush Goyal recently as part of Know India Programme (KIP), an initiative of the central government to engage with the Indian diaspora in the age group of 18 to 30 years, according to a statement from the ministry. The KIP — a 25-day orientation programme — is organized by the Ministry of External Affairs in partnership with one or two states.
The participants are selected on the basis of nominations received and recommendations of Heads of Indian Missions/Posts. As part of the 46th KIP, the participants visited Madhya Pradesh as the partner state. The participants also visited Parliament House, President’s House in addition to an orientation programme at the Foreign Service Institute. Goyal congratulated the MEA for conceptualizing the programme and said that it would help as a great learning tool for the visiting students to know their origins.
Know India Programme (KIP) is a flagship initiative for Diaspora engagement which familiarizes Indian-origin youth (18-30 years) with their Indian roots and contemporary India, through a three-week orientation programme organized by the Ministry.

Indian architect BV Doshi wins ‘Nobel for architecture’

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Balkrishna Doshi, the legendary Indian architect who designs not just buildings but institutions, is being honored with the Pritzker Architecture Prize, the Nobel equivalent for the field, it was announced on March 07. The Pune-born Doshi, who is 90, is the first Indian to receive the honor, the highest in the profession. Previous winners include world-renowned architects like Zaha Hadid, Frank Gehry, IM Pei, and Shigeru Ban.
“Over the years, Balkrishna Doshi has always created an architecture that is serious, never flashy or a follower of trends. With a deep sense of responsibility and a desire to contribute to his country and its people through high quality, authentic architecture, he has created projects for public administrations and utilities, educational and cultural institutions, and residences for private clients, among others,” the Pritzker jury said in its announcement.

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