08/03/2015 7March2015CurrentAffairs

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7 March 2015 Current Affairs

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07 Mar, 2015

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1) The Reserve Bank of India (RBI) during March 2015 relaxed the norms for givingloans for houses that costs under Rs. 10 lakh. What relaxation is this? Stampduty, registration and other documentation charges can be added to the cost ofthe housing unit

Explanation: Under the relaxation provided by the RBI, banks may add stamp duty,registration and other documentation charges to the cost of the unit for the

purpose of calculating loan-to-value ratio. This means, banks will now be able to offer finance for paying stamp duty andregistration fee, which until now had to be paid by the home buyer. This relaxation will be application for houses that costless than Rs. 10 lakh and it is being seen as a step to complement the Centres thrust on affordable housing. According to theRBI these additional charges constitute around 15% of the cost of the house and place a burden on the borrowers fromeconomically weaker sections and low-income groups.

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2) Apple Inc. will soon join the 30-stock Dow Jones Industrial Average, which is the oldest U.S. stock average.It will replace which stock which has been part of Dow Jones for around a century? AT&T

Explanation: The Dow Jones Industrial Average is the oldest U.S. stock average, first published in 1896. Itcomprises of just 30 stocks. Even though professional managers generally use theS&P 500 for benchmarking,

additions and removals from the Dow are still a big event on Wall Street. Apple will replace AT&T in this average as

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additions and removals from the Dow are still a big event on Wall Street. Apple will replace AT&T in this average asannounced by Dow Jones. Apple will join the average after the close of trading on 18 March 2015. It is worth mentioningthat AT&T was added to the Dow in 1916, the year after the first-ever transcontinental telephone call. The decision tonudge asideAT&T leaves only one telecommunication company in the average Verizon.

3) The shocking incident of a mob breaking into a jail, pulling out a rape-accused and then lynching him on streets took placein which city of Nagaland on 5 March 2015? Dimapur

Explanation: A curfew was imposed in Dimapur after this shocking lynching incident. A mob comprising of thousands ofpeople on 5 March forced its way into the Dimapur Central Jail, pulled out rape accused Syed Farid Khan out of the prison,paraded him and then lynched him on the streets. Khan had allegedly raped a Naga woman several times before he wasarrested on February 25 February. This lynching incident sent shocked waves across the state administration with the stategovt. three officials including the SP and the central jail chief on 6 March. A judicial enquiry was also ordered in the incident.Union Govt. also put neighbouring Assam on high alert following the incident as the deceased rape accused is believed to befrom that state.

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4) According to the data pertaining to mutual fund industry released on 5 March 2015 theassets under management for the mutual fund industry crossed a milestone figure for the firsttime during February 2015. What is this milestone figure? Rs. 12 lakh crore

Explanation: The assets under management (AUM) that stood at Rs. 10.5 lakh crore at the endof December 2014 rose to Rs. 11.81 crore in January 2015 and then to Rs. 12.02 lakh crore at the end of February 2015registering a growth of 14% over the past two months. This is the highest ever AUM registered by the industry that has seenAUMs value rise by Rs. 3,76,956 crore or 46% since the beginning of this financial year. This means that domestic retailinvestors have returned to the mutual fund route in large numbers in the current year. The year witnessed strongparticipation from retail investors into domestic equities through mutual funds after the BJP-led NDA gained a clearmajority in the 2014 general elections and in anticipation of reform measures promised by them.

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5) What is the name of the ancient Assyrian city in Iraq with some of the worlds greatestarchaeological and cultural treasures which was looted and bulldozed by the fighters of theIslamic State (IS) recently as disclosed by the Iraqi govt. on 6 March 2015? Nimrud

Explanation: Nimrud is a 3,000-year-old city on the banks of the Tigris River about 20 miles(30 km) south of Mosul in Iraq. It was built around 1250 BC. Four centuries later it became capital of the neo-Assyrianempire at the time the most powerful state on Earth, extending to modern-day Egypt, Turkey and Iran. The IS fightersrecently destroyed this historic city as they dismiss Iraqs pre-Islamic heritage as idolatrous. Local tribes residing around thearea confirmed that IS members came to the Nimrud archaeological city and looted the valuables in it and then theyproceeded to level the site to the ground. Archaeologists have compared the assault on Iraqs cultural history to theTalibans destruction of the Bamyan Buddhas in 2001. But the damage wreaked by the IS, not just on ancient monumentsbut also on rival Muslim places of worship, has been swift, relentless and more wide-ranging.

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