1. Rural Development Minister Gopinath Munde passes away
i. Union Rural Development Minister Gopinath Munde died in a road accident in Delhi on Tuesday morning. Soon after the accident at around 6.20 am, Mr. Munde was rushed to the AIIMS.
ii. According to the post-mortem report, the Union Minister had no spontaneous breathing, pulse, BP, and cardiac activitiy. CPR was given for 50 minutes. However, he was declared dead at 7.20 am.
iii. Mr. Munde, a senior politician from Maharashtra, was sworn in as the Cabinet Minister for Panchayati Raj, Drinking Water and Sanitation and Rural Development on May 26.
iv. He was also till recently in the reckoning for the position of Maharashtra Chief Minister.
v. Mr. Munde was the brother-in-law of late BJP leader Pramod Mahajan. Born on December 12, 1949 in Bheed, Mr. Munde came from a family of farmers and during his college days was drawn to the students' movement.
v. Mr. Munde was a Member of Legislative Assembly (MLA) for five terms during 1980-1985 and 1990-2009. He was also the Leader of Opposition in Maharashtra Legislative Assembly during 1992-1995. He has held the post of Deputy Chief Minister of Maharashtra in 1995-1999. He was elected to Lok Sabha in 2009 and 2014, and served as the Deputy Leader of the BJP in the Lok Sabha.
vi. Mr. Munde won the 2014 Lok Sabha election from Beed Constituency by a margin of 2 lakh, defeating NCP's Suresh Dhas.
2. Merkel begins third innings as German chancellor
i. German Chancellor Angela Merkel was voted in for the third time as the country’s head of government on Tuesday, following a vote by parliamentarians officially returning her to the position.
ii. A third term was practically a given for the 59-year-old, who has been working since the September 22, 2013 election to negotiate an agreement between her centre-right Christian Democratic Union (CDU), its Bavarian sister party the Christian Social Union (CSU) and the centre-left Social Democrats (SPD).
iii. Once Ms. Merkel has formally accepted the vote, she will be presented with a certificate of appointment by German President Joachim Gauck at Berlin’s Bellevue Palace — the President’s official residence.
iv. The event marks the beginning of the third so-called grand coalition in Germany’s post-war history. The last such government was in place between 2005 and 2009, also an alliance between the CDU-CSU and the SPD.
3. Binny decides to withdraw support to Delhi Govt
i. Expelled AAP MLA Vinod Kumar Binny today decided to withdraw support to the Delhi Government, while terming Chief Minister Arvind Kejriwal of being “more dangerous” than a corrupt person.
ii. “Today I am writing to Lt Governor Najeeb Jung apprising him of my decision to withdraw support to the Kejriwal Government. Kejriwal is more dangerous than a corrupt person. He is telling lies and deceiving not only citizens of Delhi, but also people of the entire country,” he said.
iii. “If the Government brings Anna’s (Hazare) Janlokpal Bill in the assembly for its passage, I will support them,” said Binny.
iv. Binny, who has been shown the door for “indiscipline” by AAP, has put forth a series of demands before the Delhi Government which include fulfilment of promises made by the party before the Assembly polls.
4. RBI restored the limit of Overseas Direct Investment taken under automatic route
i. The Reserve Bank of India (RBI) restored the limit of Overseas Direct Investment (ODI) by an Indian company under the automatic route of Foreign Exchange Management Act, 2004.
ii. With this decision now an Indian company can undertake financial commitment or invest up to 400 percent of the net worth in all its Joint Ventures (JVs) and/or Wholly Owned Subsidiaries (WOSs) abroad.
iii. However, RBI decided that any financial commitment exceeding one billion US Dollars or its equivalent in a financial year will require prior approval of the Reserve Bank. This rule is applicable even if total commitment undertaken by an Indian company falls within the eligible limit.
iv. Earlier in August 2013, RBI reduced the ODI limit to 100 percent of net worth of company from 400 percent for all Indian companies by considering the prevailed macro economic situation. The decision was taken in order to control the unprecedented appreciation of the dollar when the rupee touched an all-time low of 68.80 rupees.
i. Union Rural Development Minister Gopinath Munde died in a road accident in Delhi on Tuesday morning. Soon after the accident at around 6.20 am, Mr. Munde was rushed to the AIIMS.
ii. According to the post-mortem report, the Union Minister had no spontaneous breathing, pulse, BP, and cardiac activitiy. CPR was given for 50 minutes. However, he was declared dead at 7.20 am.
iii. Mr. Munde, a senior politician from Maharashtra, was sworn in as the Cabinet Minister for Panchayati Raj, Drinking Water and Sanitation and Rural Development on May 26.
iv. He was also till recently in the reckoning for the position of Maharashtra Chief Minister.
v. Mr. Munde was the brother-in-law of late BJP leader Pramod Mahajan. Born on December 12, 1949 in Bheed, Mr. Munde came from a family of farmers and during his college days was drawn to the students' movement.
v. Mr. Munde was a Member of Legislative Assembly (MLA) for five terms during 1980-1985 and 1990-2009. He was also the Leader of Opposition in Maharashtra Legislative Assembly during 1992-1995. He has held the post of Deputy Chief Minister of Maharashtra in 1995-1999. He was elected to Lok Sabha in 2009 and 2014, and served as the Deputy Leader of the BJP in the Lok Sabha.
vi. Mr. Munde won the 2014 Lok Sabha election from Beed Constituency by a margin of 2 lakh, defeating NCP's Suresh Dhas.
2. Merkel begins third innings as German chancellor
i. German Chancellor Angela Merkel was voted in for the third time as the country’s head of government on Tuesday, following a vote by parliamentarians officially returning her to the position.
ii. A third term was practically a given for the 59-year-old, who has been working since the September 22, 2013 election to negotiate an agreement between her centre-right Christian Democratic Union (CDU), its Bavarian sister party the Christian Social Union (CSU) and the centre-left Social Democrats (SPD).
iii. Once Ms. Merkel has formally accepted the vote, she will be presented with a certificate of appointment by German President Joachim Gauck at Berlin’s Bellevue Palace — the President’s official residence.
iv. The event marks the beginning of the third so-called grand coalition in Germany’s post-war history. The last such government was in place between 2005 and 2009, also an alliance between the CDU-CSU and the SPD.
3. Binny decides to withdraw support to Delhi Govt
i. Expelled AAP MLA Vinod Kumar Binny today decided to withdraw support to the Delhi Government, while terming Chief Minister Arvind Kejriwal of being “more dangerous” than a corrupt person.
ii. “Today I am writing to Lt Governor Najeeb Jung apprising him of my decision to withdraw support to the Kejriwal Government. Kejriwal is more dangerous than a corrupt person. He is telling lies and deceiving not only citizens of Delhi, but also people of the entire country,” he said.
iii. “If the Government brings Anna’s (Hazare) Janlokpal Bill in the assembly for its passage, I will support them,” said Binny.
iv. Binny, who has been shown the door for “indiscipline” by AAP, has put forth a series of demands before the Delhi Government which include fulfilment of promises made by the party before the Assembly polls.
4. RBI restored the limit of Overseas Direct Investment taken under automatic route
i. The Reserve Bank of India (RBI) restored the limit of Overseas Direct Investment (ODI) by an Indian company under the automatic route of Foreign Exchange Management Act, 2004.
ii. With this decision now an Indian company can undertake financial commitment or invest up to 400 percent of the net worth in all its Joint Ventures (JVs) and/or Wholly Owned Subsidiaries (WOSs) abroad.
iii. However, RBI decided that any financial commitment exceeding one billion US Dollars or its equivalent in a financial year will require prior approval of the Reserve Bank. This rule is applicable even if total commitment undertaken by an Indian company falls within the eligible limit.
iv. Earlier in August 2013, RBI reduced the ODI limit to 100 percent of net worth of company from 400 percent for all Indian companies by considering the prevailed macro economic situation. The decision was taken in order to control the unprecedented appreciation of the dollar when the rupee touched an all-time low of 68.80 rupees.
