Daily GK Potion – 9th April 2015

  1. RBI notifies hike in FDI cap in insurance sector to 49%
    • The Reserve Bank today notified government’s decision to raise foreign direct investment (FDI) limit in the insurance sector to 49 percent.
    • RBI has included a new term ‘Other Insurance Intermediaries appointed under the provisions of Insurance Regulatory and Development Authority Act, 1999’ under the definition of ‘Insurance’.
    • As per the guidelines, FDI of up to 26 per cent come under automatic route and beyond 26 per cent and up to 49 per cent government approval is needed.
    • The FDI cap in the sector has been hiked to 49 per cent and that includes foreign investment in the forms of FPI, FII, QFI, FVCI, NRI and DR.
    • A foreign player can now invest in insurance company, insurance brokers, third party administrators, surveyors and loss assessors and other insurance intermediaries appointed under the provisions of IRDA Act 1999.
  2. President appoints Dr Nasim Zaidi as chief election commissioner
    • President Pranab Mukherjee has appointed the senior-most Election Commissioner, Dr Nasim Zaidi, as the next Chief Election Commissioner (CEC).
    • Zaidi will assume the charge of office of the chief election commissioner with effect from April 19, after the incumbent Harishankar Brahma will retire on April 18.
  3. Sumit Mazumder takes over as CII President
    • Sumit Mazumder, Chairman and Managing Director of TIL Ltd., succeeded Ajay Shriram as President of the Confederation of Indian Industry (CII) for 2015-16 here on Tuesday.
    • A graduate of St Xavier’s College (Kolkata), Mazumder has a Master’s in Business Administration from Sam Houston State University, Texas, USA. He also undertook the Advanced Management Program at Harvard University.
    • The Confederation of Indian Industry (CII) is an association of Indian businesses which works to create an environment conducive to the growth of industry in the country.
  4. ‘Visit Kerala’ from April 9
    • Kerala Tourism’s Visit Kerala 2015, a new initiative to promote the destination and increase footfall, will be kicked off on April 9.
    • The initiative, which will include events ranging from arts to sports, will be on from April 15 this year to April 14, 2016.
  5. Moody’s raises India outlook to ‘positive’, edges toward ratings upgrade
    • Moody’s ratings revised India’s sovereign rating outlook to “positive” from “stable” on Thursday, a step closer to an upgrade of the credit rating, as it expects actions by policymakers to lift the country’s economic growth.
  6. Gopaldas Neeraj, Uday Pratap Singh conferred with Sahitya Shiromani Samman of Uttar Pradesh
    • Uttar Pradesh Government has conferred Sahitya Shiromani Samman on noted Hindi poet Gopaldas Neeraj and veteran Hindi litterateur Uday Pratap Singh.
    • Chief Minister of Uttar Pradesh Akhilesh Yadav conferred the award on Neeraj and Singh. Yadav also announced that Neeraj will be given Rashtra Ratn-Sitara-e Hind award for his lifelong service to Hindi literature.

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