NDA government was able to pass its first major reform bill in the form of the Insurance Laws (Amendment) Bill, 2015 when it was passed by the Rajya Sabha on 12 March 2015. The lower house (Lok Sabha) had already passed this bill.
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The insurance bill was first introduced in the Parliament in– 2008 .
The insurance bill was first introduced in the Parliament in– 2008 .
The bill was first introduced by the UPA govt. in 2008. It sought to raise the FDI cap in insurance sector from 26% to 49% among several other provisions and was opposed by the BJP then. Now with the passing of the Insurance Laws (Amendment) Bill, 2015, an earlier ordinance issued in 2014 by the Narendra Modi government will be replaced. It will allow the global insurers such as Britain’s Prudential and others to increase their Indian stakes.
Iceland on 12 March 2015 withdrew its bid to join the European Union.
Iceland, on 12 March announced that it is withdrawing its application for a membership in the 28-nation European Union (EU) as its interest could be served best while it remains out of the EU. Iceland had started its membership negotiations in 2010 primarily to better anchor itself to Europe two years after its economy imploded amid a banking collapse. The ruling center-right coalition has been staunchly against EU accession since taking power in 2013. Iceland tried to withdraw its EU bid last January, but canceled these plans following massive public protests over the decision being made without a referendum.
Indian Naval Ship (INS) Alleppey, decommissioned from the Indian Navy on 13 March 2015.
INS Alleppey was Minesweeper category of naval vessel.
The purpose of minesweeper vessels is for mine detection and delineation, which is essential to keep the harbours clear of sea mines for safe passage of ships. INS Alleppey was commissioned into the Indian Navy on 10 June 1980. It was last of the six Pondicherry Class mineseweepers and has rendered nearly 35 years of service to the nation. With its decommissioning the Navy is left with only 5 minesweeper vessels. Its decommissioning ceremony took place at Mumbai Naval Dockyard and was attended by ex-Commanding Officers of the ship as well as senior officers of the Western Naval Command.
Income Tax Department on 12 March 2015 slapped a Rs. 20,495 crore tax notice to Cairn India Limited.
Cairn India Limited (CIL) received an order from the Income Tax Department for an alleged failure to deduct withholding tax on alleged capital gains arising during 2006-07 in the hands of Cairn UK Holdings Limited (CUHL), which was the erstwhile parent company of CIL. The notice for Rs. 20,495 crore comprises of approx Rs. 10,248 crore and interest of approx Rs. 10,247 crore. It was in respect of the transaction of CUHL transferring the shares of Cairn India Holdings Ltd (CIHL) to CIL as part of internal group reorganisation in 2006-07 to facilitate the IPO of CIL. CIL has, however, not agreed to this tax demand and will pursue all possible options to protect its interest. CIL thus became the latest to join a slew of multinational firms, including Vodafone Group Plc and Royal Dutch Shell Plc, to face tax demand owing to a retrospective tax law.
The Reserve Bank of India (RBI) on 13 March 2015 entered into a $1.5 billion currency swap agreement with the central bank of Sri Lanka. 
Primary objective of this agreement is to keep the Sri Lankan rupee stable. Sri Lanka rupee has been under pressure since January 2015 and fallen around 1.5% so far this year despite the fact that the Sri Lankan central bank defended it with selling dollars.
Former President Mohamed Nasheed Sentenced To 13 year Imprisonment
Former Maldivian President Mohamed Nasheed was sentenced to 13-year imprisonment by country’s criminal court under the anti-terrorism laws. Nasheed, the country’s first democratically elected leader,was charged under the island nation’s Anti-Terrorism Act, 1990 for his order to arrest a Criminal Court judge Abdulla Mohamed in 2012.
Pakistan Successfully Tests First Indigenous Armed Drone
Pakistan has successfully test fired an indigenously-developed armed drone Burraq and its laser guided missile Barq. By successfully testing of Burraq, Pakistan became the 9th country in the World to develop an unmanned combat aerial vehicle (UCAV) domestically.