Current Affairs - June 2015

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Union Cabinet approves Solar Power capacity target to 1 lakh MW under JNNSM by 2022

Union Cabinet approved increasing India’s solar power capacity target under the Jawaharlal Nehru National Solar Mission (JNNSM) to 1 Lakh Mega Watt (MW) by 2022.

Decision to increase solar power capacity by five times form current capacity was taken by Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi.

1 Lakh Mega Watt (MW) target principally will comprise of 40,000 MW from Rooftop and 60,000 MW through Large and Medium Scale Grid Connected Solar Power Projects.

After meeting this ambitious target, India will become one of the largest Green Energy producers in the world by surpassing several developed countries.

Apart from this decision, Cabinet Committee on Economic Affairs (CCEA) also approved setting up of over 2,000 MW of Grid-Connected Solar Power Projects on BOOT (build, own, operate, transfer) basis. It will be set up by Solar Power Developers with Viability Gap Funding under JNNSM with total investments of 12,000 crore rupees.

These projects will help in generation of additional 2000 MW capacity of Grid-connected solar power projects and create employment of about 12,000 people in rural and urban areas. It will also help to reduce about 3.41 Million Tonnes (MT) of carbon emissions into the open environment every year.

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President gives assent to Negotiable Instruments (Amendment) Ordinance, 2015

President Pranab Mukherjee gave his assent to Negotiable Instruments (Amendment) Ordinance, 2015. The ordinance amends Negotiable Instruments Act, 1881.

Earlier in June 2015, Union Cabinet had recommended promulgation of this ordinance to the President. The ordinance will help to tackle issues related to cheque bounce cases and allow filing of cheque bounce case at the place where the cheque was presented for clearance and not at the place of issue.

It will benefit around 18 lakh people facing cheque bounce cases across the country.

Background

Union government had taken ordinance route after Negotiable Instruments (Amendment) Bill, 2015 was not able to pass in Rajya Sabha in winter session of Parliament after it was passed by the Lok Sabha.

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Kirk Kerkorian, billionaire Las Vegas mogul passes away

Kirk Kerkorian billionaire Las Vegas mogul and casino tycoon passed away after a brief illness. He was 98.

Kirk Kerkorian was born on 6 June 1917 as Kerkor Kerkorian in California, US to Armenian immigrants. Apart from being casino tycoon he was Hollywood tycoon and had diversified investments in airlines and auto industry.

Initially, he had worked as skilled aviator and had flown dangerous missions of delivering warplanes from Canada to Britain during World War II. Later, he had opened a charter flight business serving gamblers wanting to get from Los Angeles to Las Vegas more quickly than a 10-hour drive.

Kirk Kerkorian had founded MGM Resorts International and was its largest shareholder till his date. He had first made his fortune in the 1950s and 1960s in Las Vegas, the desert gambling capital and had built the world’s biggest hotel in Las Vegas.

He also made fortune by investing in the automobile industry such as Chrysler in 1990s and General Motors and Ford in the 2000s.

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