Daily Current Affairs Updates 06 May 2014

1)BCCI Suspended Rajasthan Cricket Association After Lalit Modi Elected its President: Within hours of Lalit Modi being declared as the president of the Rajasthan Cricket Association in Jaipur on Tuesday, the Board of Control for Cricket in India has decided to indefinitely suspend RCA and appoint an ad-hoc body to run its cricket affairs. This is likely to trigger a new round of legal battle between the Board and the banned former Indian Premier League chairman, Modi.

2) RBI allowed minors above 10 years to open, operate bank accounts:  The Reserve Bank of India (RBI) has allowed children above 10 years “to open and operate savings bank accounts independently if they so desire.” In a notification on Tuesday, RBI also said banks are now free to set their own limits on amounts upto which minors can be allowed to operate in their accounts. So far, only individuals above the legal voting age of 18 years were allowed to operate their accounts. The latest change has been done “with a view to promote the objective of financial inclusion and also to bring uniformity among banks in opening and operating minors’ accounts,” RBI said.

3) Mark Selby stuns Ronnie O'Sullivan to win World Snooker Championship: English pro Mark Selby played the match of his career to stun defending champion Ronnie O'Sullivan and pocket his maiden World Snooker Championship title on Tuesday. The Leicester-based cueist, who trailed 7-10 overnight, triumphed 18-14 on a dramatic final day at the Crucible to become the new World No.1. Getting past Neil Robertson in a gruelling semi-final and and then stopping O'Sullivan from bagging his third successive World Snooker crown, Selby, 30, is on cloud nine.

4) Scientists Confirm The Existence Of Element with atomic number 117: The official Periodic Table of the Elements is one step closer to adding element 117 to its ranks. That’s thanks to an international team of scientists that was able to successfully create several atoms of element 117, which is currently known as Ununseptium until it’s given an official name. The paper for this experiment has been published in Physical Review Letters. Element 117 was first created in a joint collaboration between American and Russian scientists back in 2010. However, before an element can be officially added to the Periodic Table of Elements, its discovery must be independently confirmed.Prepared by:www.currentaffairs4examz.com

5) SC upholds constitutional validity of RTE Act: The Supreme Court on Tuesday upheld the constitutional validity of Articles 15(5) and 21-A of the Constitution in so far as it relates to unaided educational institutions to provide compulsory education for children in the age group of 6 to 14 years.

6) Sunil Mittal to co-chair World Economic Forum on Africa: Bharti Enterprises founder and Chairman Sunil Bharti Mittal will co-chair this year’s edition of the World Economic Forum on Africa. The group’s flagship company Bharti Airtel is the largest mobile operator in Africa in terms of geographical footprint and provides services in 17 African countries with close to 70 million customers, the company said in a statement. The event, will be held in Abuja (Nigeria) from May 7-9, 2014 under the theme ‘Forging Inclusive Growth, Creating Jobs’ and is expected to be attended by over 900 leaders from business, government, civil society and academia.

7) No penalty if minimum balance not kept in dormant bank account: The Reserve Bank of India has asked banks not to penalise account holders for not maintaining minimum balance in their inoperative accounts. The banking regulator had announced its intention in a recent policy statement. "It is advised that henceforth banks are not permitted to levy penal charges for non-maintenance of minimum balances in any inoperative account," RBI said in a circular issued to all commercial banks.