Important Current Affairs 12th May 2016

Govt brings Bill for Debt Recovery Plea

• The govt has introduced a Bill which provides for expeditious disposal of debt recovery applications pending before tribunals.
• The Enforcement of Security Interest & Recovery of Debts Laws & Miscellaneous Provisions (Amendment) Bill, 2016 was introduced by Arun Jaitley.
• The bill proposes to give RBI powers to regulate & provide stamp duty exemption on loans by banks to asset reconstruction firms.

Parliament Passes Bankruptcy Code

• The Rajya Sabha has passed the Insolvency & Bankruptcy Code 2016.
• The bill was already passed by the Lok Sabha.
• It will ensure time-bound settlement of insolvency,enable faster turnaround of businesses & create a database of serial defaulters.
• The Code will ensure speedy process for early identification of financial distress & resolution of companies.
• The bill will improve ease of doing business.

2th-May: International Nurses Day

• International Nurses Day is celebrated every year on May 12.
• The International Council of Nurses celebrated this day since 1965.
• 12 May was chosen to commemorate the birth anniversary of Florence Nightingale,who is widely considered the founder of modern nursing.
• The day marks the nurses contributions towards people’s health.
•  2016 theme is: A Force for Change:Improving health systems’ resilience.

Army Holds Military Training Exercise

• Indian Army is holding a major military training exercise Chakravyuh-II in Suratgarh,Rajasthan.
• The exercise aims to validate battle readiness & operational effectiveness of the Pivot Formation & Rapid Division of the army.
• The exercise also involves execution of battle plans in conjunction with the Air Force.
• Troop insertion by air was also integrated into the exercise using the Special Forces.

Obama Honours Indian-American Teacher

• Revathi Balakrishnan ,an Indian-American woman from Texas has been honored by US President for her excellent work in the field of education.
• She was named as 2016 Texas Elementary Teacher of the Year.
• She received the honour for her excellent work in the field of education at Patsy Sommer Elementary School in Texas.
• She will now represent Texas in the National Teacher of the Year competition.

Kerala Win Best Family Destination Award

• Kerala has been named as the best family destination in the country at the Lonely Planet Magazine India Travel Awards 2016.
• Kerala Tourism Director U V Jose received the award at a function in Mumbai.
• The annual awards showcase the best travel experiences & the destinations Indians most love to visit.
• Kerala Tourism had earlier won the Ulysses Prize of the UN World Tourism Organisation.

UP Govt Approves Bicycle Highway

• The Uttar Pradesh govt. has given its nod to develop nearly 200-km long bicycle highway from Agra to the lion safari in Etawah.
• It aims to encourage eco-tourism in the vicinity of the Taj Mahal.
• The proposed highway will cover various historical & tourism centres.
• Starting from Taj Mahal,it will cover areas such as Raja Bhoj ki Haveli,Bateshwarnath Temple & other to reach lion safari in Etawah.

Kenya to Shut World Biggest Refugee Camp

• The Kenyan government has decided to close World’s biggest refugee camp in Dadaab.
• An estimated 328,000 refugees mostly from Somalia are staying in Dadaab camp.
• The camp compromises Kenya’s security because it harbors some of Somalia’s Al-Shabab militants & is a conduit for smuggling weapons.
• The UN has urged Kenya to reconsider its decision to close Dadaab camp.

Shashank Manohar Elected as ICC Chairman

• Veteran cricket administrator Shashank Manohar was elected unopposed as ICC’s first independent Chairman.
• He served his first stint as the BCCI president from 2008-2011.
• He was re-elected as the BCCI president in October 2015.
• In order to accommodate the new position of an “independent” ICC Chairman, the Full Council unanimously approved various amendments to the ICC’s constitution.

Indian Economy to Grow 7.3% in 2016: UN

• India’s economy is projected to grow by 7.3 percent in 2016.
• India is expected to achieve a 7.5 per cent GDP growth in 2017.
• China GDP projected to grow 6.4 percent in 2016 & 6.5 percent in 2017.
• This was according to The World Economic Situation & Prospect report.
• The report was produced jointly by the UN Department of Economic & Social Affairs & the UN Conference on Trade & Development.

Rajya Sabha MP Praveen Rashtrapal Dies

• Congress leader & Rajya Sabha member Praveen Rashtrapal has passed away.
• He was elected to the 13th Lok Sabha (1999-2004).
• He was a member from the Upper House from April 2006 to April 2012 & was re-elected in April 2012.
• He was associated with the trade union movement of Income Tax employees.
• He was an Assistant Commissioner of Income Tax before he took a plunge into politics.

Corruption Costs $2 Trillion a Year :IMF

• Bribery & corruption cost the world economy as much as 2 trillion dollars every year.
• A new report by the International Monetary Fund says, the money lost to corruption every year is 2 percent of the global gross domestic product.
• The report recommends nations adopt international standards for fiscal & financial transparency.
• It also calls a free press a key player in uncovering the problem.

Iran’s Zabol: World’s Most Polluted City

• Iran’s Zabol city ranks first among the most polluted cities in the world, according to a report released by the World Health Organization (WHO).
• The next four are all Indian cities – Gwalior, Allahabad, Patna & Raipur.
• New Delhi is the 9th worst city, measured by the amount of particulate matter under 2.5 micrograms found in every cubic metre of air.
• The WHO covers 3000 cities in 103 countries.