Nepal abolishes monarchy. The amendment to the Nepalese constitution that declared the country a federal republic was passed by the parliament. The transition was completed on May 28, 2008. Established in 1768 by Prithvi Narayan Shah, the Kingdom of Nepal lasted for over 200 years. Nepal is the world's only country with Hinduism as the state religion.

The office of presidency established in the Democratic People's Republic of Korea. Kim Il-sung became the first and only president of North Korea under an amended constitution. He was elected to the post by the members of the North Korean parliament, which is also known as the Supreme People's Assembly. The post was abolished in 1998, and Kim II-sung was given the title of Eternal President of Korea.

Israel raid on Lebanom. The Israeli Defence Forces mounted a special operation, also known as Operation Gift, on Beirut Airport. The raid was in retaliation to the attack on El Al Flight 253, which was en route from Tel Aviv to New York. During its layover in Athens, Greece, two Palestinians fired at passengers and crew and killed 1 person. In retaliation, Israel destroyed several passenger and cargo planes parked at Beirut Airport. There were no fatalities during the raid.

Indian National Congress (INC) founded. The party is one of the two main political parties in India. Created by the members of the Theosophical Society, the party was a major player in India's independence movement against the British. After Independence, the first Prime Minister of India, Jawaharlal Nehru belonged to the INC.

South Australia becomes a British colony. The central southern state of Australia was first established as a province in 1834 by the British Parliament under the South Australia Act. The day was observed as Proclamation Day in the state, which was later turned into an extra holiday after Christmas Day.