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Current Affairs - 7 February 2015

Who was selected for Jnanpith Award for 2014, which is the most prestigious literary honour in India?

  • Bhalchandra Vanaji Nemade (Marathi litterateur)
    The Jnanpith Selection Board announced the winner of Jnanpith Award for 2014 on 6 February 2015. 76-year old Bhalchandra Nemade is known for changing the dimensions of the Marathi novel with his 1963 novel ‘Kosala’ (Cocoon). Many believe that the world of Marathi fiction was transformed with advent of this novel. His other important literary works include ‘Hool’, ‘Bidar’ (1967), ‘Zarila’ (1977), ‘Zhool’ (1979) and ‘Teeka Swayamvara’ (volume on literary criticism). Nemade becomes 4thMarathi writer to get Jnanpith Award after V.S. Khandekar (1974), V.V. Shirwadkar alias ‘Kusumagraj’ (1988), and Govind Karandikar alias Vinda Karandikar (2003). 2014’s Jnanpith Award will also be the 50th edition of this prestigious award. However, Nemade will be the 55th person to get the award as more than one person has been awarded during some years. The Jnanpith Selection Board, which announced this award, is led by noted scholar, writer, and critic Prof. Namwar Singh.

What important event associated with the newly constituted “NITI Aayog” took place on 6 February 2015?

  • The first meeting of NITI Aayog was held on this day
    Prime Minister Narendra Modi presided over the first meeting of the “NITI Aayog” held on 6 February in New Delhi. This new body was formed in January 2015 to replace the erstwhile Planning Commission. NITI Aayog will recommend a national agenda, including strategic and technical advice on elements of policy and economic matters. It will also develop mechanisms for village-level plans and aggregate these progressively at higher levels of government. The first meeting of the body was attended by its first vice-chairman Arvind Panagariya, fulltime member Bibek Debroy and CEO Dr. V.K. Saraswat. Numerous eminent economists were part of this meeting and included Vijay Kelkar, Nitin Desai, Bimal Jalan, Rajiv Lall, R. Vaidyanathan, Subir Gokarn, Parthasarathi Shome, G.N. Bajpai, P. Balakrishnan, Rajeev Kumar, Ashok Gulati and Mukesh Butani.

On 6 February 2015 BSE announced its decision to shift stocks of 53 companies to the restricted trading segment (‘T’ group) from 10 February 2015. This was done to ensure safety in capital markets and safeguard the interest of investors. What are the main trading norms for ‘T’ group shares?

  • No speculative trading is allowed for ‘T’ group shares and delivery of shares and payment of consideration amount are mandatory
    ‘T’ group is also known as the trade-for-trade group. Apart from BSE, the NSE also announced shifting of 8 stocks in this group. The decision is part of a surveillance review to ensure market safety and safeguard the interest of investors. But both the exchanges made it clear that transfer of scrips for trading and settlement on a trade-to-trade basis is purely on account of market surveillance measure and it should not be construed as an adverse action against the company. Stocks that would be transferred on both the bourses include Era Infra Engineering, FCS Software Solutions, Intrasoft Technologies and Shri Lakshmi Cotsyn. It is worth mentioning that 206 BSE stocks are now in this group while NSE has kept 80 stocks in the group.

Union Govt. on 6 February 2015 announced that four SAARC countries are in the process of signing a path-breaking Motor Vehicles Agreement (MVA) to provide seamless transit of passenger, personal and cargo vehicles among these countries. Which are these 4 countries?

  • India, Bangladesh, Nepal and Bhutan
    The consent for signing MVA agreement was given when senior officials from these 4 SAARC countries recently met at Raichak near Kolkata. The agreement will allow passenger, personal and cargo vehicles to travel along designated key routes in the four SAARC countries without the need for trans-shipment of goods and passengers at the border crossings. Once implemented, the agreement will reduce the costly and time-consuming unloading and loading of people and goods at border crossing points, making cross-border trade more efficient.

The Central Government will notify adoption of the proposed Indian Accounting Standards (Ind AS) in March 2015. Ind AS is the converged Indian version of International Financial Reporting Standards (IFRS) and will come into effect for the first time in 2016-17. What is the proposed criterion for companies which are to follow the Ind AS in the first year?

  • Companies with net worth of over Rs. 500 crore
    By pushing Ind AS into Indian corporate balance sheets, India will join the growing band of nations in terms aligning accounting standards for cross-border acceptability and facilitation of two-way capital flow. Adoption of Ind AS was proposed by the Finance Minister Arun Jaitley in his Budget speech in July 2014. According to the roll-out roadmap, stock exchange listed companies with net worth of over Rs. 500 crore are obligated to follow Ind AS in the first year. In the second year, the Ind AS will be applicable to all listed companies and unlisted companies having net worth of over Rs. 500 crore. The third year will see unlisted companies having net worth of over Rs. 250 crore will have to follow the new accounting standards.

The Tunisian parliament on 5 February 2015 approved a unity government in the country which will be led by the ruling Nidaa Tounes party and will include its Islamist rivals. What is the significance of this development?

  • It is an important development in country’s transition to full democracy following a 2011 uprising
    Tunisians had overthrown their dictator and longtime President Zine El Abidine Ben Ali in January 2011. This event became famous as the ‘Jasmine Revolution’ and led to many similar people’s uprisings in neighbouring countries of Egypt, Libya, Syria and Yemen. However, the ensuing four years have been stormy as far as transition to democracy is concerned. Now the new coalition will be led by Prime Minister Habib Essid and will include members of his secularist Nidaa Tounes party, the moderate Islamist Ennahda party and the Free Patriotic party. 166 members of the 217-seat Tunisian Parliament gave approval for this coalition government.

SBI Associate General Knowledge Practice Paper

  • 1) Which country along with Nepal accepted Indian Rupee as a legal tender?
    1) Pakistan
    2) Myanmar
    3) Srilanka
    4) Bhutan
    5) None of these
  • 2) Which financial organization has decided to setup a $ 2 billion swap facility for SAARC member nations?
    1) World Bank
    2) International monetary fund
    3) Asian development Bank
    4) Reserve bank of India   
    5) State Bank of India
  • 3) BASEL III norms come into force
    1) Ist April 2013
    2) Ist March 2013
    3) Ist Feb 2013
    4) Ist January 2013
    5) None of these
  • 4) Which country will host the 2019 cricket world cup?
    1) New Zealand
    2) Australia
    3) India
    4) South Africa
    5) England
  • 5) Recently, RBI has allowed NBFC’s to open their ATM’s called as
    1) White Level ATM’s
    2) Any Time Money ATM’s
    3) All Time Money ATM’s
    4) Instant cash ATM’s
    5) Supply Money ATM’s
  • 6) Which Airline has been ranked as the World‘s Best Airline for the second Consecutive year?
    1) Air India
    2) Qatar Airways
    3) Fly Emirates
    4) Lufthansa
    5) None of these
  • 7) Who is the director of the Vikram Sarabhai space centre(VSSC) at Present?
    1) S.P Rao
    2) P.S Veeraraghavan
    3) S.D Verma
    4) L.M Raghavan
    5) None of these
  • 8) Which is the World’s oldest International financial organization?
    1) International Monetary Fund
    2) World Bank
    3) Bank for International settlements
    4) International Finance Corporation
    5) None of these
  • 9) Expand the Term EEFC?
    1) Exchange Earners Floating Currency
    2) Exchange Earners Foreign Currency
    3) Exchange Earners Flexible Currency
    4) External Earners’ Foreign Currency
     5) None of these
  • 10) on which date did the Parliament of India celebrated the 60th anniversary of the first sitting of Parliament?
    1) 21st May
    2) 9th May
    3) 26th May
    4) 13th May
    5) None of these
  • 11) Which sport category made a debut in the London Olympic 2012?
    1) Women’s Hockey
    2) Women’s football
    3) Women’s Basketball
    4) Women’s Boxing
    5) Men’s Beach Volleyball
  • 12) How much money is being given to people under Indira Gandhi National old Age pension Scheme?
    1) Rs 200
    2) Rs 600
    3) Rs 300
    4) Rs 400
    5) Rs 250
  • Answer :
    1)4, 2)4, 3)4, 4)5, 5)1, 6)2, 7)2, 8)3, 9)2, 10)4, 11)4, 12)1

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