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Daily GK Buzz - 25th February 2015

1. Govt accepts 14th Finance Commission recommendations
i. 14th Finance Commission, which was headed by former RBI Governor Y.V. Reddy, recommended that the share of states in the centre's tax revenue be increased from 32 percent to 42 percent.
ii. The recommendations of the commission has accepted by the centre.
iii. The recommendation is for the five-year period 2015-16 to 2019-20. 
iv. As per the increased devolution suggested in the report, the states will get Rs 3.48 lakh crore in 2014-15 and Rs 5.26 lakh crore in 2015-16.

2. BJP, PDP formally announce alliance, to form govt in Jammu and Kashmir
i. The BJP and PDP formally announced that they are coming together to form a government in Jammu and Kashmir which is likely to be sworn in on March one..
ii. After meeting in New Delhi, BJP President Amit Shah and  PDP leader Mehbooba Mufti made an announcement in this regard.
iii. Jammu & Kashmir Chief Minister post will be headed by PDP and BJP will get post of Deputy Chief Minister.
iv. According to the sources, People's Democratic Party leader Mufti Mohammad Sayeed will be sworn in as the Chief Minister of Jammu and Kashmir March 1.

3. Madhya Pradesh governor Ram Naresh Yadav resigns
i. The Madhya Pradesh governor Ram Naresh Yadav tendered his resignation to the Centre
ii. This comes immediately after the Centre asked him step down following a registration of a first information report (FIR) against him in a recruitment scam.
iii.. Yadav was named in an FIR registered by a special task force (STF) probing the multi-crore Madhya Pradesh professional examination board (MPPEB) or Vyapam scam under various sections of IPC, including 420 for cheating.

4. AAP Government's First Decisions: Cheaper Power, Free Water, Demolition Ban
i. The Aam Aadmi Party government in Delhi has jump-started its plan to slash electricity bills and provide free water.  AAP Government announced a 50 per cent subsidy on power consumption up to 400 units on the existing Delhi Electricity Regulatory Commission (DERC) rates in Delhi. 
ii. As per the Cabinet decision, no subsidy would be given to domestic consumers on power consumption above 400 units.
iii. The three-day-old government has also asked the Delhi Jal Board to work on distributing up to 20,000 litres free water a month to every home.

5. Highlights of Uttar Pradesh budget 2015-16
i. Uttar Pradesh Chief Minister Akhilesh Yadav presented Rs 3.02 lakh crore annual budget of state on 24 February 2015. 
ii. In annual budget state government has given main thrust on agriculture, education, power, health, roads and infrastructure development.
Key facts from budget 
  • The budget also contains the fiscal deficit of 2.96% of the total GDP of the state. Whereas the state’s debt is expected to be around 27.5% of its GDP. 
  • Taxes: For 2015-16 no new taxes have been levied in the budget. 
  • Agriculture: State government has declared year 2015-16 as the Farmers year. In this regard 1000 Agri centrs will be established to promote agriculture as a good mean of livelihood among young farmer entrepreneurs. 
  • Government Schemes: State government has included new schemes of over Rs 9388 crores in the budget. For farmer’s accident insurance scheme, Rs 600 crores have been allocated. 
  • For women empowerment, Rs. 100 crore Mahila Samman Kosh has been created. For free laptop for meritorious students scheme, state government has allocated Rs 100 crores. 
  • Power sector: Rs 25764 crores have been allocated for power up gradation and line maintenance in the state. 
  • Health: State government of built state of the art cancer Institute in Lucknow with a cost of Rs 854 crores. for In proposed budget Rs 111 crores have been allocated. 
  • Infrastructure: State government allocated Rs 3000 crores to Lucknow Agra Express way. It will longest elevated expressway in India on completion.

6. Rajendra K Pachauri resigned as Chairperson of Intergovernmental Panel on Climate Change
i. Dr Rajendra Kumar Pachauri stepped down as Chairperson of the Intergovernmental Panel on Climate Change (IPCC). Pachauri in a letter to UN Secretary General Ban Ki-moon said that he was unable to provide strong leadership to the organisation.
ii. The organisation will now be led by acting chair Ismail El Gizouli until the election for a new chairperson is conducted. Pachauri had chaired the IPCC since April 2002 and his second term was due to end in October 2015.
iii.. At present, Pachauri is serving as the Director General of The Energy and Resources Institute (TERI) and is also a member of the Prime Minister’s Council on Climate Change.

7. ADB signs $400 m loan pacts with India
i. The Asian Development Bank has inked two loan agreements worth $400 million with India to upgrade district roads in Madhya Pradesh and to support improvements to power transmission and distribution systems in Assam.
ii. The District Connectivity Sector project will improve about 1,600 km of major district roads in Madhya Pradesh through lane widening, surface improvements, strengthening of culverts and bridges.
iii.  The project is expected to be completed by December 31, 2018. It will also deliver a dedicated power supply to tea estates by undertaking feeder separation for better service to the economically important tea sector.

8. Indian Army and State Bank of India inked MoU
i. The Indian Army and State Bank of India (SBI) signed a Memorandum of Understanding (MoU) on the Defence Salary Package. 
ii. The MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families. 
iii. The signing ceremony was chaired by the Adjutant General, Lt Gen Rakesh Sharma.
The revised MoU has incorporated a number of additional facilities and basic features of the MoU include the following
` Number of free/concessional services like free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards and others
` The provision also includes the Nepal Express Remittance Scheme which enables instant fund transfers to Nepal for the benefit of the Nepali Domicile Gorkha Soldiers serving in the Indian Army.
` Personal Accident Insurance (PAI) was enhanced and was linked to the Savings account instead of the debit card.
` Exemption percentage of margin money for house and car loans was enhanced while the processing charges on the loans were waved off.

11. Chris Gayle hit fastest double century, creates World Cup history
i.  West Indies cricketer, Chris Gayle creates a history in World Cup by smashing fastest double century against Zimbabwe at Manuka Oval, Canberra.
ii. He became the first batsman to hit double century in the history of Cricket World Cup.
iii. This is the fastest double century in any ODIs. He scored 200 runs in 138 balls, breaks the previous record of Indian batsmen Virender Sehwag of 200 runs in 140 balls.
iii. It was also the fifth double century in all ODI cricket and the first by a non-Indian. Rohit Sharma has hit two double centuries whereas Sachin Tendulkar and Virender Sehwag has hit one each.
Records broken by Chris Gayle:
  • First batsman to score a double hundred at World Cup.
  • Fastest ODI double hundred off 138 balls. Virender Sehwag was the previous fastest off 140 balls.
  • Fourth batsman to score ODI double hundred.
  • Equals the record for most sixes an innings - Rohit Sharma and AB de Villiers'

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