11th May 2015 - Important Current Affairs updates

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International Affairs

• President Pranab Mukherjee, currently on his four-day official visit to Russia, has inaugurated a festival of Indian Culture 'Namaste Russia' in Moscow.

National Affairs

• Today (11th May) is National Technology Day.
• We observe this day to celebrate India’s achievements in science and technology and to commemorate the anniversary of Shakti, the Pokhran nuclear test, held on May 11, 1998.
• The government today introduced the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement (Second Amendment) Bill, 2015 in Lok Sabha, amid a huge uproar by the opposition.
• The Whistle Blowers Protection (Amendment) Bill, 2015 was also introduced in the Lok Sabha.
• The Undisclosed Foreign Income and Assets bill, which provides for heavy penalties for those stashing away black money in foreign accounts, was passed in the Lok Sabha today.
• This bill provides a window to those with funds abroad to come clean by paying tax, interest and penalty. 
• For those who refuse to do so, the bill has provisions for rigourous punishment, including a jail term of 3-10 years.

New Appointments

• Eminent banker K V Kamath was today appointed as head of the USD 100 billion New Development Bank, which is being set up by the five emerging economies of BRICS grouping.
• Important Points to Note :
• The BRICS - Brazil, Russia, India, China and South Africa - agreed to set up the $100 billion development bank last July to be based in Shanghai. 
• As per the agreement, India got the right to nominate the first president.
• It would be headed by an Indian for a first five-year term, followed by a Brazilian and then a Russian. 
• Outgoing chairman of Parliament's Public Accounts Committee (PAC), senior Congress leader K V Thomas, has been renominated to the post for a second term.
• Note : The PAC examines CAG reports after they are tabled in Parliament.

People in News

• In a major victory for AIADMK, a special Bench of the Karnataka High Court set aside the trial court order convicting former Tamil Nadu Chief Minister Jayalalithaa in the disproportionate assets case. 
• In September 2014, she was sentenced to four years in prison and a Rs.100-crore fine was imposed.
• She is expected to be sworn in as chief minister on 17 May.
• A Hyderabad court today granted bail to Satyam Computers founder B Ramalinga Raju and 9 others in the multi-crore rupee accounting fraud. 
• The court has suspended their sentence.

Science & Technology

• Minister of Communication and IT ‎Ravi Shankar Prasad‬ launched ‎"PostInfo" IndiaPost's‬ Mobile App in New Delhi today.

Sports

• Andy Murray wins Madrid Masters Men's Singles Title defeating Rafael Nadal.

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