DAILY GK UPDATE - 14th May

1.    Buddha Poornima being celebrated today

i. The auspicious day of Buddha Poornima, the most sacred festivals of Buddhists, is being celebrated on Wednesday. 

ii. The day is marked with prayer meetings, sermons on the life of Gautam Buddha, religious discourses, continuous recitation of buddhist scriptures and group meditation.
iii. Lakhs of buddhists, monks and devotees are gathering at buddha temples for special prayers.
iv. President Pranab Mukherjee, Vice President Mohammad Hamid Ansari and the Prime minister Dr. Manmohan Singh greeted the nation on the eve of Buddha Purnima. 

2.    India to become the third largest oil consumer by 2025: US EIA

i. India will become the world’s third largest oil consumer by 2025 according to the US Energy Information Administration (EIA). The US Energy Information Administration (EIA) released its annual Energy Outlook on 7 May 2014.

ii. At present, India is the fourth largest oil consumer in the world behind the US, China and Japan.

According to the Energy Outlook
• India will overtake Japan to become the third largest oil consumer behind the US and China by 2025. 
• India’s oil consumption growth rate will be the highest in the world with a 3 percent compounded annual growth rate from 2012 to 2040. 
• The oil consumption of India will reach 6.11 million bpd in 2030 and 8.33 million bpd in 2040.

3.    India signs two agreements with Cambodia

i. India has signed two agreements with Cambodia, one on the study of ground water resources in Kampong Spue Province for the establishment of hydrograph network stations. The other agreement was on development of Master Plan for Siem Reap River Basin in Cambodia. 
ii. The agreements were signed in New Delhi on Tuesday by Joint Secretary (South) in External Affairs Ministry Sanjay Bhattacharyya and Chairman-cum-Managing Director of Water and Power Consultancy Services, R K Gupta, in the Water Resources Ministry.

iii. Shallow open and bore wells will be fitted with handpumps for better efficiency and there will be monthly monitoring of water levels to maintain the ground water regime. The second agreement on Siem Reap River Basin involves preparation of master plan for water resources, land use and environment management.

4.    Govt accepts Sahoo panel report on review of depository receipts scheme

i. The Centre has accepted the Sahoo panel report that reviewed the depository receipts scheme framed in the year 1993.

ii. The key recommendations of the committee include allowing issuance of depository receipts against any underlying securities — equity or debt, by any issuer - listed or unlisted.

iii. This committee has submitted its report, and a draft new scheme which is to be notified at an appropriate stage after completion of enabling amendments, a Finance Ministry release issued on Tuesday said. The draft scheme covers depository receipts only and foreign currency convertible bonds have been left out of its ambit (these would continue to be governed by the existing scheme until further notification), the release added.

iv. Depository receipts are receipts denominated in foreign currency created by a depository in the country of listing. There are two popular types of depository receipts — global depository receipts and American depository receipts.

Sahoo panel 2.0

i. In the second phase, the nine-member panel headed by Sahoo, a former whole-time member of SEBI, has been asked to review the framework on external commercial borrowings and FCCBs.

ii. It was to have submitted its report by March-end, but is yet to do so, sources said.

5.    President gives assent to the Whistleblowers Protection Bill, 2011

i. President Pranab Mukherjee has given his assent to Whistleblowers Protection Bill, 2011.
ii. The Bill has provisions for setting up a regular mechanism to encourage persons to disclose information on corruption or wilful misuse of power by public servants, including Ministers.
iii. It also seeks to provide adequate protection to persons reporting corruption or wilful misuse of discretion which causes demonstrable loss to the government.
iv. The Bill was passed by the Parliament in the last Winter session.

6.    Former Israel PM Olmert sentenced to imprisonment in corruption case

i. The Tel Aviv District Court of Israel on 13 May 2014 sentenced former Prime Minister Ehud Olmert to six years in prison for corrupt practices in real estate projects. The court also fined one million shekels (290000 US dollar) to Olmert for his role in the Holyland project.

ii. The Tel Aviv District Court of Israel on 13 May 2014 sentenced former Prime Minister Ehud Olmert to six years in prison. He was sentenced for corrupt practices in real estate projects.

7.    India drop two places to 147 in FIFA rankings, Spain top

i. Missing a game since March this year, India dropped two places to 147 in the latest FIFA rankings.

ii. India have played only one match this year, when they were held 2-2 by Bangladesh in a friendly encounter on March 5.
iii. Afghanistan (128) are the highest-ranked side in the sub-continent while Iran are on top of the Asian heap with an overall ranking of 37 followed by Japan (47) and Uzbekistan (53).

iv. On the world front, World Cup hosts Brazil moved up two places to fourth while Spain remained comfortably perched at the top ahead of fellow Europeans Germany and Portugal.
v. Having dropped to a record low of 22 only 11 months ago, Brazil are again the top team in South America, moving above Columbia and Uruguay. 

8.    RCB beat Delhi by 16 runs

i. Royal Challengers Bangalore beat Delhi Daredevils by 16 runs in their IPL match which was played in Bangalore on Tuesday.

ii. Star batsman Yuvraj Singh smashed a magnificient 68 not out in a stunning six-hitting exhibition to power Royal Challengers Bangalore to a 16-run victory over Delhi Daredevils in the match. \

iii. Chasing a stiff 187 for a win, Delhi were restricted to 170 for seven in 20 overs to lose the match which started 70 minutes behind schedule due to light drizzle.