General Awareness for MBA : 20 May – 26 May

Economy

1. The Reserve Bank of India (RBI) on 21 May 2014 eased the gold import norms under the 20: 80 Scheme.Under the 20:80 Scheme, Star trading houses and premier trading houses, which are registered as nominated agencies by the Directorate General of Foreign Trade (DGFT) now can import gold.
2. Bharatiya Mahila Bank (BMB) was included in the second schedule of the Reserve Bank of India (RBI) Act, 1934. The inclusion of the BMB in the second schedule was announced by RBI in a notification issued in Mumbai on 21 May 2014.
3. Indian Stock Market entered trillion dollar club on 20 May 2014. The combined market cap (m-cap) of Sensex and Nifty rose to 1.42 trillion US dollar. As a result, in term of m-cap, Indian stock market became the tenth largest in the world leaving behind Australia and South Korea.

News

1. Indian-American student Akhil Rekulapelli on 21 May 2014 won the National Geographic Bee championship in Washington, USA. Ameya Mujumdar from Florida stood second, while California's Tuvya Bergson-Michelson finished third. Ameya Mujumdar is also an Indian American student.
2. The project Mobile Seva under Department of Electronics and Information Technology (DeitY) on 21 May 2014 won second rank in the 2014 United Nations Public Service Award. Department of Electronics and Information Technology comes under Ministry of Information and Technology.
3. The Indian Navy (IN) and Republic of Singapore Navy (RSN) on 22 May 2014 started the 2014 edition of annual bilateral naval exercises named SIMBEX 14 in Andaman Sea. The exercise will end on 28 May 2014. SIMBEX is an acronym given to Singapore Indian Maritime Bilateral Exercise.
4. Rajiv Mathur, 64, the former Intelligence Bureau Chief on 22 May 2014 took over as the new Chief Information Commissioner (CIC). His oath to the office was administered by Pranab Mukherjee, the President of India at Rashtrapati Bhavan in New Delhi.
5. International Day for Biological Diversity was observed across the world on 22 May 2014. The theme of International Day for Biological Diversity 2014 is Island Biodiversity.
6. Prime Minister’s Economic Advisory Council (PMEAC) Chairman Chakravarthi Rangarajan resigned on 19 May 2014. He sent his resignation to the Prime Minister Manmohan Singh.

Corporate

1. Narendra Kumar Verma was selected as Managing Director of ONGC Videsh Ltd (OVL) by Public Enterprises Selection Board (PESB) on 21 May 2014.
2. UK based Marks & Spencer on 20 May 2014 announced that the company will open 100 stores in India by 2016. Earlier it had planned to open 86 stores in India.
3. The Competition Appellate Tribunal (Compat) on 19 May 2014 upheld a penalty of 630 crore rupees imposed on real estate firm DLF by the Competition Commission of India (CCI).  DLF, as a result, will have to pay the penalty of 630 crore rupees levied by the CCI along with 9 per cent interest.
4. Sistema Shyam Teleservices in the second week of May 2014 launched a messaging app for low-end CDMA devices called MBuddy. The company will charge 15 rupees per month for the service for MBuddy that is capable of sending unlimited messages. MBUddy can be used for sharing pictures and audio files also.

International

1. China on 21 May 2014 signed a 30-year deal to buy Russian natural gas worth 400 billion US dollars in a financial year. The deal was signed during the Russian President Vladimir Putin visit to China.
2. Pakistan Electronic Media Regulatory Authority (PEMRA) on 20 May 2014 suspended three television channels of Geo TV network. Geo TV network is the country's largest and most influential.
3. China on 19 May 2014 set up a 1.6 billion dollars (10 billion Yuan) fund that will support projects related to maritime Silk Road development of China.
4. Qatar on 14 May 2014 announced about its decision to abolish it controversial sponsorship system for foreign workers. The sponsorship system (Kafala system) will be replaced with a system based on employment contracts as part of a package of labour reforms.

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