Competition Booster - November 2015 For IBPS Exam

Rbi/ Banking/Business News This Month

• 27 November: The Ministry of Railways and TERI University signed Memorandum of Understanding to set up Railway Chair on Sustainable Mobility at the premises of TERI University, Delhi. The Chair would focus and promote research on issues of sustainable mobility, use of energy efficient technology and green energy initiatives in Railways.

• 26 November: 37 banks, led by public sector ones, have reported a 26.8 per cent rise in nonperforming assets (NPAs) over the 12-month period ending September this year. This is a nearly 10 per cent rise from the 16.9 per cent growth in bad loans over the same period a year ago, with several projects, especially those in the infrastructure sector, stuck. The banks with a major share in bad loans include Bank of India, Bank of Baroda, Indian Overseas Bank, SBI and Punjab National Bank.

• 26 November: This year, 18 companies that have so far launched IPOs have collectively raised nearly Rs 11,000 crore, making it the best in four years in terms of fund raising through initial share sale programmes. As many as 11 companies out of the total 18 that got listed this year are trading above their issue price, an analysis of the performance of the newly-listed firms showed.

• 26 November: Idea Cellular has entered into an agreement with Videocon Telecommunications for acquiring the rights to use the latter's spectrum for the telecom service areas of Gujarat and Uttar Pradesh (West) for Rs 3,310 crore through a spectrum trading agreement.

• 26 November: The Supreme Court has asked Vodafone Mobile Services Ltd (VMSL) to pay Rs 2,000 crore to the government in pursuance of the proposed merger of licenses of its four entities into itself. A bench headed by Justice J S Khehar said the central government would approve the merger as soon as the amount is paid to it by the firm. The order came on the plea of the government filed against the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) order allowing provisional merger of the licenses of four entities.

• 23 November: Russia and Egypt signed an agreement. Under the agreement Russia will build a nuclear power plant in Egypt, with Russia extending a loan to Egypt to cover the cost of construction.

• 23 November: South Australia signed a historic 'sister-state agreement' with Rajasthan that would pave new ways to boost export and investment opportunities between the two states. The sister-state relationship between South Australia and Rajasthan is based on a two-way exchange of research, policy and technical capabilities.]

• 21 November: Asia Pacific Stock Exchange (APX) has been renamed Sydney Stock Exchange Limited. The change is driven by the company's customers and stakeholders and is consistent with its philosophy and core mission to promote Sydney and Australia as an integral part of Asia and a leading financial centre.

• 21 November: The Union Cabinet gave its approval for signing of a Memorandum of Understanding between India and Vietnam for cooperation in the field of Animal Health. The MoU seeks the promotion of mutual cooperation between both the nations through joint activities in the areas of animal health. The MoU will be valid for a period of 10 years.

• 21 November: The Seventh Pay Commission submitted its much anticipated report to the Union Finance Minister Arun Jaitley. The most important recommendation of this Commission is hike in salaries of the Central Govt. employees by 23.55%. Justice Arun Kumar Mathur headed the 7th Pay Commission.

• 20 November: The Union Cabinet chaired by the Prime Minister Narendra Modi has given its ex post facto approval for the Memorandum of Understanding between India and Germany on Security Cooperation. The MoU would further strengthen the relationship between India and Germany for building peace and stability in the region through exchange of information, expertise, best practices and technology.

• 20 November: The Union Cabinet chaired by the Prime Minister Narendra Modi has given its approval for the protocol amending the agreement between India and Kuwait for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.

• 18 November: Reliance Infrastructure has signed a non-binding agreement with Canadian pension fund management major Public Sector Pension Investment Board (PSP Investments). With this, the Canadian firm will acquire 49 percent equity stake in Reliance Infrastructure's integrated power generation, transmission and distribution business in Mumbai and adjoining areas.

Competition Booster - (Hindi) November 2015 For IBPS Exam

 

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Special General Awareness for IBPS, Bank Exams (Science & Technology) - 2015

:: Science & Technology ::

ASA’s engine for
Next-generation rocket test-fired

• Nasa has performed a nearly 9-minute-long test of the engine at the heart of the US space agency’s next-generation megarocket that will take astronauts to asteroids, Mars and other deep-space missions.
• The agency successfully tested an RS-25 engine at Stennis Space Center in Mississippi. Four RS-25s will power the core stage of the Space Launch System (SLS) megarocket that will launch astronauts in the Orion spacecraft on missions to deep space and eventually on the journey to Mars.
• The RS-25 blazed on the test stand for 535 seconds - the same amount of time the core engines will fire during an actual SLS launch.
• The seven-test series is “designed to put the upgraded former space shuttle main engines through the rigorous temperature and pressure conditions they will experience during a launch,”
• SLS and Orion are scheduled to blast off together for the first time in 2018, on a flight known as Exploration Mission 1 (EM-1). The seven-day EM-1 will send an unmanned Orion on a journey around the Moon, to test out many of the capsule’s key systems.

Genes help fish cope with warming oceans

• In a first, the genetic mystery of why some fish are able to adjust to warming oceans has been unlocked.
• Higher levels of certain stress and immune genes help fish cope with warming temperature in water over the years, the findings showed.
• Researchers examined how the fish’s genes responded after several generations living at higher temperatures predicted under climate change.
• Using cutting-edge molecular methods the research team identified 53 key genes that are involved in long-term, multi-generational acclimation to higher temperatures. The findings appeared in the journal Nature Climate Change.
• The project involved rearing coral reef fish at different temperatures for more than four years, and then testing their metabolic performance

New Technique Can
Reveal Age of Moon Rocks

• Researchers are developing instruments and methods for measuring the age of rocks encountered during space missions to the Moon and planets.
• Many of the techniques used to date rocks on Earth are not practical in spaceflight, but a technique called laser ablation resonance ionisation mass spectrometry can avoid the need for sophisticated sample preparation.
• A team led by Dr F Scott Anderson from Southwest Research Institute, Boulder, Colorado, US, has now demonstrated that this technique can successfully date an Earth rock - the Duluth Gabbro - that is analogous to the rocks that cover one-third of the lunar nearside.
• Their results imply that events from Solar System history that are recorded on much of the visible face of the Moon can one day be dated directly by instruments aboard a lunar lander.
• Dating the Duluth Gabbro was approximately 30 times more analytically challenging than our revious experiment, dating the Martian meteorite Zagami, noted co-author Dr Jonathan Levine from the Department of Physics and Astronomy, Colgate University, Hamilton, New York.

Archaeologists discovered two human bones about 100,000 years old in China

• Archaeologists announced that they have discovered two human bones about 100,000 years old in Central China’s Henan province.
• The limb bones were unearthed in May at the Lingjing historical site in Xuchang, said Li Zhanyang, a researcher at the Henan Provincial Institute of Cultural Relics and Archaeology, who led the excavation.
• Li said the two fossils were discovered not far from each other. Both belong to a young person, maybe even the same person, Li said.
• There are several bite marks on the fossils.
• So far, bone fossils from at least nine people have been discovered at the Lingjing historical site, including old and young, making it the largest site of discovered human fossils since the founding of the People’s Republic of China.
• Fossils from “Xuchang Man” were unearthed at the site, and two almost complete human skulls were dated back 100,000 years.
• The Xuchang Man fossil consisted of 16 pieces of skull with protruding eyebrows and a small forehead. More astonishing than the completeness of the skull was that it still had a fossilized membrane on the inner side, so that scientists could track the nerves of the Paleolithic ancestor.
• In addition to the bone fossils, more than 1,000 fossilized animals and stone implements have been found at the site.

Humans can be able to live on
moon in next decade: NASA

• According to a NASA-funded study, humans may be able to live on the moon in a little more than a decade from now. The study outlines a plan to again take human missions to the moon, media reported.
• The announcement was made on July 20 — the 46th anniversary of the Apollo 11 crew’s first steps on the lunar surface — The Verge (an American news and technology media network) reported.
• The, study, undertaken by NexGen Space LLC, lays out a detailed roadmap for when and how to take the next step for a landing.
• A robotic return to the moon could happen as soon as 2017, if NASA were to adopt the plan right away. Rovers would scout the lunar poles for hydrogen in 2018 and prospecting could begin by 2019 or 2020.
• Robotic construction of a permanent base would begin in 2021 in anticipation of landing humans on the moon later that year, it said.
• The study said the space agency can do it all within the existing budget for human spaceflights. The way for NASA to do this is to adopt the same method that it is using for re-supplying the International Space Station - a public-private partnership with companies like SpaceX, Orbital ATK or the United Launch Alliance.
• SpaceX currently charges NASA about $4,750 for every kilogram of supplies sent to orbit aboard its Falcon 9 rocket, far less than the cost by the Apollo-era Saturn V ($46,000 per kilogram) or even the space shuttle ($60,000 per kilogram).
• While the study does use SpaceX’s next generation rocket, the Falcon Heavy, as an example in its plans to get to the moon, SpaceX claims the Falcon Heavy will be as cheap as or cheaper per kilogram than the Falcon 9.
• NASA is already planning to go back to the moon with its next generation rocket, the Space Launch System (SLS), but there are no plans to land.
• By using commercial partners, NASA could reduce the number of planned SLS launches from 12 to around three, reducing the cost of the programme while still developing the technologies necessary to support it, the study said.
• The study was vetted by a 21-person independent review team made up of former members of NASA’s administration, members of the commercial spaceflight community and four former NASA astronauts.

Sleepless night can cost your body

• Scientists have shown that not sleeping for a night can alter the genes that control the biological clocks in cells throughout our body
• Jonathan Cedernaes, lead author on the study and a researcher at Uppsala University, said that previous research had shown that our metabolism was negatively affected by sleep loss, and sleep loss has been linked to an increased risk of obesity and type 2 diabetes.
• Since ablation of clock genes in animals can cause the disease states, their current results indicate that changes of clock genes may be linked to such negative effects caused by sleep loss, he added.
• Molecular analyses of the collected tissue samples showed that the regulation and activity of clock genes was altered after one night of sleep loss. The activity of genes is regulated by a mechanism called epigenetics.
• This involves chemical alterations to the DNA molecule such as methyl groups - a process called methylation - which regulates how the genes are switched on or off.
• The researchers found that clock genes had increased numbers of such DNA marks after sleep loss.
• They also found that the expression of the genes, which is indicative of how much of the genes’ product is made, was altered.
• Cedernaes claimed that their research was the first to directly show that epigenetic changes could occur after sleep loss in humans, but also in the important tissues.
• It was interesting that the methylation of these genes could be altered so quickly, and that it could occur for these metabolically important clock genes, he continued.

NASA mission’s discovery makes
Kepler-452b 12th possible Earth twin

• A planet believed to be remarkably similar to Earth has been discovered orbiting a distant sun-like star, bolstering hopes of finding life elsewhere in the universe, US scientists said on Thursday.
• ]The planet, which is about 60% percent bigger than Earth, is located 1,400 light years away in the constellation Cygnus. It was discovered by astronomers using NASA’s Kepler space telescope and circles a star that is similar in size and temperature to the sun, but older.
• The planet, dubbed Kepler-452b, orbits a star that is about 6 billion years old, compared to the 4.6 billion year age of thesun. “It’s simply awe-inspiring to consider that this planet has spent 6 billion years in the habitable zone of its star,”Jenkins said. “That’s considerable time and opportunity for life to arise somewhere on its surface or in its oceans should all the necessary ingredients and conditions for life exist on this planet,” he said.
• Kepler-452b is positioned about as far from its parent star as Earth is from the sun, completing an orbit in 385 days, compared to Earth’s 365-day orbit. At that distance, surface temperatures would be suitable for liquid water, a condition believed to be critical for life.
• NASA launched the Kepler telescope in 2009 to survey a sampling of nearby stars in an attempt to learn if planets like Earth were common in the galaxy. “This is great progress in finding a planet like Earth that is similar in size and temperature around a sun-like star,” said Kepler scientist Jeff Coughlin, with the SETI Institute in Mountain View, California.
• Based on its size, scientists believe Kepler-452b should be rocky, like the Earth, though that theory is based on statistical analysis and computer modeling, not direct evidence. “
• With a radius 60% larger than the Earth, this planet has a somewhat better than even chance of being rocky,” Jenkins said.
• If so, Kepler-452b could be about five times as massive as Earth and have gravity that is twice as strong as what exists on Earth’s surface. The planet also could have a thick atmosphere, cloudy skies and active volcanoes, Jenkins said.
• With the discovery of Kepler-452b, the telescope has found 1,030 confirmed planets and identified about 4,700 candidate planets. The list of potential planets includes 11 other near-Earth twins, nine of which circle sun-like stars.

New findings about Stem cell transplantation

• A group of medical researchers have recently claimed that using stem celltransplantation to treat patients with a serious but a very rare form of chronicblood cancer Juvenile MyelomonocyticLeukemia (JMML) has shown improved results. Researchers at the Children’s Hospital Los Angeles (CHLA), led by Dr Hisham Abdel-Azim, looked at the children with Juvenile Myelomonocytic Leukemia (JMML) who underwent cell transplantation at the hospital and noticed that all of them were alive and in clinical remission.
• Abdel-Azim said that the lack of transplant-related mortality in the group of children we studied at the Children’s Centre for Cancer and Blood Diseases at the hospital suggested that BUMEL (Intravenous Busulfan and Melphalan) may represent a successful cell transplantation high-dose chemotherapy regimen.

CNG-run vehicles emit dangerous nanocarbon, can cause cancer: CSIR study

• The compressed natural gas (CNG)-run buses are harmful for humans as they emit “nanocarbon” particles which can cause cancer, according to a study conducted by Council of Scientific and Industrial Research (CSIR).
• Though the study was conducted on a very limited sample size in Delhi, CSIR took the findings seriously owing to the health hazard it poses to humans and alerted the central government for further follow up,

No Study Supports Global Warming Affecting Himalayas

• No study has so far supported the theory that global warming was causing natural calamities in the Himalayan region, parliament was told on Thursday.
• “There is no study reported so far, which supports the fact that many type of instances similar to natural calamities are occurring in the Himalayan region due to global warming,” Environment, Forests and Climate Change Minister Prakash Javadekar told the Rajya Sabha in a written reply.
• “However, for monitoring and prediction of extreme weather events over the Himalayan region, India Meteorological Department has established state meteorological sentres at Srinagar, Shimla, Dehradun, Gangtok, Guwahati and Agartala for forecast of natural calamities like very heavy rainfall,

The World Wide Web turns 24

• There is a fine line between the Internet and World Wide Web. Today, in 1991, the World Wide Web was born! And to understand it more closely, we need to take a closer look at the origin of a project at the European Organisation for Nuclear Research (CERN).
• In the 1980s, CERN was undertaking research that involved scientists and researchers distributed across geographies.
• There was a need to share files, and collaborate over very critical data. But there was a problem.
• They didn’t have common systems, or presentation software. Computing was nascent and evolving.
• Despite the challenges, a contractor at CERN named Tim Berners-Lee saw opportunity. The solution was supposed to be text.
• That was 1980. And he was just a contract employee. Four years later in 1984, Lee returned to the CERN as a permanent employee and decided to take a look at the problem faced by CERN – information management.

The genesis of the Internet

• On March 12, 1989, Tim Berners-Lee submitted a proposal for a distributed information system at CERN. He created the following concept.
• It was a means to exchange information across computers spread geographically, and was aimed to solved the vital problem that needed to be solved at CERN.

The world’s first website

• On December 20, 1990, the world’s first website went live at CERN. It was Christmas of 1990, and Lee had defined most of the common terminologies as we know them today, including URL, http and HTML.

Donald trumps rivals in
presidential debate line-up

• Property mogul Donald Trump, a wildcard entrant into the race for the presidential nomination for 2016, has seen a surge in popularity at the polls and this has given him the pole position in Thursday night’s Republican Party primary debate in Cleveland, Ohio
• On the eve of the Republican debate, CNN news channel announced that it would host the first Democratic presidential debate in Nevada on October 13.
• The main debate, which will be hosted by right-leaning television channel Fox News and will begin at 9 p.m. (EDT), saw the prime slot given to the top 10 Republican candidates as ranked by five polls including Bloomberg, CBS News, Fox News, Monmouth University and Quinnipiac University
• A lower-tier debate, likely organised to accommodate the raft of eclectic candidates who have thus far entered the race, will include Indian-American Governor of Louisiana Bobby Jindal and former Texas Governor Rick Perry. Mr. Trump, who topped the polls and is seen by some as a controversial candidate for, among other things, his strong views on immigration control and his off-the-cuff remarks on the Hispanic community, will literally be positioned front and centre for the evening’s main event.

The competitors

• He will be flanked by former Florida Governor Jeb Bush, Wisconsin Governor Scott Walker, former Arkansas Governor Mike Huckabee, neurosurgeon Ben Carson, Texas Senator Ted Cruz, Florida Senator Marco Rubio, Kentucky Senator Rand Paul, New Jersey Governor Chris Christie and Ohio Governor John Kasich.
• In the polls, Mr. Trump’s closest competitor was Mr. Bush, who trailed him by more than 10 points, making Mr. Trump the “default king the other Republicans will have to uncrown.”
• In addition to Mr. Jindal and Mr. Perry, those who did not make the cut and had to be satisfied with the “undercard debate” at 5 p.m. (EDT) were former Pennsylvania Senator Rick Santorum, sole woman candidate and former Hewlett Packard head Carly Fiorina, South Carolina Senator Lindsey Graham, former New York Governor George Pataki, and former Virginia Governor Jim Gilmore.
• Similar to previous years’ debates, the candidates will be given one minute to answer questions posed to them, following which the moderators will select other candidates for 30 seconds for rebuttals.
• As the co-host of the debate, Facebook will be given the opportunity to introduce a question at 15-minute intervals, possibly based on user inputs.

New treatment for diabetes in offing: study

• Australian researchers have discovered a link between protein intake and improved control of blood glucose in mice, opening the way for potential new treatments for diabetes in human beings.
• Lead researcher Stefan Broer of Australian National University (ANU) said the findings show mice, with a reduced capacity to digest and absorb protein, are highly efficient at removing glucose from blood after a meal. “This is precisely what individuals with diabetes fail to do. This research has significant potential for the design of new drugs to treat type 2 diabetes,” said Professor Broer, from the ANU Research School of Biology.
• Prof. Broer said the mice lacked a so—called transporter in the intestine that moves amino acids, the breakdown products of protein digestion, from the lumen of the intestine into the blood. This reduces the intake of protein and indirectly improves their efficiency at removing glucose from the blood.

Military modernisation picks up pace

• In one year of the Narendra Modi government, military modernisation has gathered pace, especially in the last couple of months, with some quick decisions taken by the Defence Acquisition Council (DAC). However, major policy formulations, in particular, revision of Defence Procurement Policy (DPP) and a separate policy for ‘Make in India’, are still awaited.
• The government’s election pitch of ‘One Rank One Pension’ for armed forces personnel has been cleared in principle and the final sanction is expected shortly.
• The biggest decision of the NDA government in the field of defence was the termination of the long-running Medium Multi-Role Combat Aircraft contract for 126 jets and the announcement by Prime Minister Narendra Modi for direct purchase of 36 Rafale jets from France in a government-to-government deal.
• Apart from that, in a move with long-term implications, the government rightfully downsized the new mountain strike corps meant for the eastern border from 90,000 to 35,000 troops due to finance obligations.
• The DAC has cumulatively cleared defence deals worth over Rs. 1, 00,000 crore. The recent decisions on Avro replacement programme and Kamov helicopters, which involve industry in a big way, will help develop aerospace ecosystem in the country.
• While some are long-pending deals, others are approvals to initiate the procurement process which involves long timelines. The need is to take things to the logical conclusion minus the time and cost overruns typical of our procurement process.

Google help for
NGOs working on child safety

• Google India has announced support for three non-governmental agencies from India working on child safety.
• The three organisations are ChildLine India Foundation, Bachpan Bachao Andolan, and the Chennai-based Tulir - Centre for the Healing and Prevention of Child Sexual Abuse.
• In a message, Rajan Anandan, vice-president and Managing Director, Google India, said they had picked organisations whose work was largely offline, “boots on the ground.” “Now, we’d like to see if smart applications of technology can help some of these initiatives reach more people more efficiently,” he added.
• Google will help these organisations pilot smart new applications of technology with $ 5, 00,000 in grants through Google.org to ensure that children in India remain safe.
• While ChildLine provides a toll-free helpline service (1098) for children in distress, first launched in 1996, Bachpan Bachao Andolan sets itself a mission to protect and rescue children from slavery, trafficking and forced labour.
• Tulir, on the other hand, works with the state and other education professionals to help children stay safe.
• “We would like to optimally use technology to take child protection to a wider group, and online,” says Vidya Reddy of Tulir.

India’s eye on universe ready for tests

• A fully assembled Astrosat, India’s first space observatory is ready for intensive tests before its launch around October.
• The Indian Space Research Organisation said on that the 1,650-kg spacecraft would orbit Earth equatorially at 650 km and study distant stars, galaxies, black holes and other cosmic objects.
• The space-based observatory was built at the ISRO Satellite Centre here to operate for five years and will provide useful data for the country’s astronomy community. It will put India in an elite orbit with the U.S., Europe, Russia and Japan.
• “Last week, the spacecraft was fully assembled and switched on. All the [six] payloads and sub-systems are integrated into the satellite. Mechanical fit checks of the satellite with the PSLV [polar satellite launch vehicle] payload adaptor were performed successfully,” the space agency said on its website.
• One of ISRO directors said Astrosat would be the first such satellite to scan simultaneously the sky in most of the frequency spectra from ultraviolet to optical and low- and high-energy X-ray bands.
• Although previous national satellites carried small astronomy-related devices, “Nothing on this scale, with a dedicated satellite, has been done before [at ISRO]. It should be of immense benefit to our scientists, who have depended on inputs from other agencies and sources like the Hubble [US-European space telescope],” the official said.
• In the coming days, Astrosat will undergo a host of environmental tests — electromagnetic interference, electromagnetic compatibility, thermal vacuum, vibration and acoustics and so on.
• Later, the satellite will be shipped to the Satish Dhawan Space Centre, Sriharikota, for launch.
• ISRO developed the six payloads in partnership with the Tata Institute of Fundamental Research, Mumbai; the Indian Institute of Astrophysics and the Raman Research Institute, Bengaluru; and the Inter-University Centre for Astronomy and Astrophysics, Pune.
• Two payloads were developed with the Canadian Space Agency and the University of Leicester, U.K.

Indian Ocean warms as Pacific cools

• Though surface heat of Earth has stabilised since 1999, studies have found that atmospheric heat continues to rise unabated with the oceans absorbing a large amount of this heat and warming in the past decade (2000-2012).
• However, a new study by Sang-Ki Lee of the University of Miami, U.S., and others has found that the Indian Ocean has been warming the most rapidly while the adjoining Pacific Ocean has been getting cooled during the past decade. The study was published in a recent issue of the journal Nature Geoscience.
• In fact the Indian Ocean accounts for 70 per cent of all the global oceans heat gain up to 700 metres depth during the past decade.
• The analysis shows that the abrupt increase of the Indian Ocean Heat Content at 700 metres depth (OHC{-7}{-0}{-0}) during 2003-2012 was not due to surface heating, but rather due almost entirely to horizontal advective heat convergence (caused by winds and resulting currents). Further heat budget analysis indicates that inter-ocean heat transport from the Pacific Ocean to the Indian Ocean via the Indonesian passages was the main cause of the increased Indian OHC{-7}{-0}{-0}; it greatly increased during 2003-2012, overcompensating for the slightly increased southward heat transport from the Indian Ocean to the Southern Ocean.
• The study found that the La Nina-like conditions in the Pacific Ocean, caused by a number of La Nina events in the last decade have caused the cooling of the Pacific ocean by transfer of heat to the Indian Ocean, warming the latter.
• The La Nina conditions cause strong easterly winds to blow from the western Pacific Ocean and these winds cause currents to flow westward conveying the heat of the Pacific Ocean into the Indian Ocean through what is known as the Indonesian Throughflow (ITF).
• The easterlies are formed due to a pressure gradient between the Pacific and Indian Oceans caused by cold conditions in the east and warm wet conditions in the west during a La Nina. Also during a La Nina, the walker circulation — an ocean-atmospheric phenomenon of the Indian Ocean — is strengthened.
• The walker circulation leads to abnormally high sea surface temperatures in the western Indian Ocean which in turn leads to copious rainfall in the western Indian Ocean at the cost of the Indian subcontinent and results in a weak monsoon. In contrast to this, as there were relatively much fewer La Ninas in the previous decade (1990-99) there was much less warming in the Indian Ocean.

80 % Indian diets are
protein deficient: Survey

• Ninety per cent Delhiites registered a protein deficiency in their meal plan, says a recent survey, which has also indicated that over 80 per cent of Indian diets are protein deficient. This implies that most people are not getting the right amount of proteins required.
• The Indian Market Research Bureau (IMRB) conducted a consumer survey across seven major cities titled ‘The protein consumption in diet of adult Indians’ by interviewing 1,260 respondents, which included males and females (non-pregnant and lactating) between the ages of 30-55 years. Fifty-nine per cent of the sample size was non-vegetarian.
• Dr. Ritika Samaddar, dietician at Max Healthcare, said: “The protein requirement of an average adult per day is 1 gram per kg of the body weight. An intake less than this will lead to difficulty in performing simple tasks and processing sensory signals by the brain. One of the key symptoms of lack of proteins is weakness and fatigue.”
• Based on preference, the food items that were regarded as the best sources of protein by vegetarians were milk, green leafy vegetables and pulses, while eggs, fish and chicken found favour among the non-vegetarians.
• The survey also found that 91 per cent of the vegetarians surveyed were found to have a higher protein deficiency as compared to 85 per cent of their non-vegetarian counterparts.
• It was also found that in the north zone, 98 per cent of the respondents were not aware of the ideal protein requirement for an average adult, which is the highest when compared to other parts of India.
• “All of them believed that their protein intake was adequate,” the survey noted.
• The study also found that 80 per cent of the respondents were aware of the health benefits associated with proteins, which includes strengthening muscles, building immunity, overcoming fatigue and for healthy nails and hair,” said the investigators.
• Dr. Samaddar added: “People fail to understand the importance of protein supplements in the daily diet. They tend to associate protein supplements as being ideal for body builders or malnourished people only. It is high time they start incorporating protein rich food in their diet otherwise it can lead to serious repercussions in generations to come.”

Maruti to bring in new
green technologies to cut emissions

• Car market leader Maruti Suzuki is planning to bring new green technologies, which could include parent Suzuki’s mild hybrid system and downsized direct-injection turbo petrol engine to cut emissions by enhancing fuel efficiency.
• The company said fleet emissions of carbon dioxide had been down by over 11.6 per cent in the last five years and it would continue to work to bring it further down to promote clean air benefits. “This has been possible through fuel efficiency improvements, reduction of exhaust emissions and development of alternate fuel products during this period, the company said in a statement.
• Maruti Suzuki India Managing Director and CEO, Kenichi Ayukawa said: “Going forward, we will continue our focus on investing in new technologies and strengthen our capability to bring down emissions per vehicle by enhancing fuel efficiency of our cars.”
• “The recent new models, product upgrades and even minor changes have been substantially more fuel efficient than the outgoing ones. With Auto Gear Shift technology the company is able to offer the convenience of an automatic without the need to emit more,” he added.
• “These future technologies will bring down emissions while raising vehicle performance. These technologies could find relevance in India and the company may explore these options as per customer requirements,” the company said.

Stempeutics gets Japanese
process patent for stem cell drug

• Stempeutics Research has been granted a process patent from the Japan Patent Office for its novel stem-cell based drug Stempeucel.
• Stempeutics is part of the Manipal Education and Medical Group and entered into a strategic alliance with pharma major, Cipla in 2009.
• A statement from the company said the novelty covers the method of preparing master cell banks, working cell banks and the final therapeutic product ‘Stempeucel’ based on the novel pooling technology.
• The product will initially be used for treatment of Critical Limb Ischemia (CLI) and is considered a breakthrough treatment option as it addresses the root cause of the disease unlike other drugs which treat the symptoms, the company said. Stempeucel is derived from specific cells extracted from bone marrow of healthy, adult voluntary donors. The pooling approach allows an efficient manufacturing process with minimum wastage of resources in order to provide the product at an affordable cost to patients.
• “The new patent strengthens our position in Japan, which has created an accelerated development path for stem cell therapies,” B.N. Manohar, CEO, Stempeutics, said in a statement.
• “The regenerative medicine law implemented in Japan allows conditional approval of stem cell products thereby enabling more rapid entry into the Japanese market. We are actively evaluating the potential for accelerated development of Stempeucel product for CLI and Osteoarthritis indications in Japan with strategic collaborations.”
• Earlier, Stempeucel received Orphan Drug Designation in the European Union to treat Thromoboangiitis Obliterans and Advanced Therapy Medicinal Product (ATMP) classification from European Medicines Agency. In March, Stempeutics had received a process patent from the US Patent & Trademarks Office. The company’s application to sell the product in the domestic market is awaiting approval from the Drug Controller General of India (DCGI).

INS Vikrant undocked at Cochin shipyard

• India crossed a major milestone in defence shipbuilding when the maiden indigenous aircraft carrier INS Vikrant was undocked on completion of structural work at the State-owned Cochin shipyard.
• The Navy is slated to take delivery of the carrier by 2018.
• Senior officials and workers of the yard were present when tugs pulled the behemoth, weighing about 26,000 tonnes at the moment, out of the dry dock where it was undergoing construction for about a year-and-a-half after its launch in August, 2013.
• The undocking was done after a series of postponements caused by a glitch with the dock gate operation and siltation at the dock mouth. The flooding of the dock and ballasting of the ship had begun on Monday itself.
• Once the vessel was floated over eight metres of water pumped into the dock, the floodgate was overturned and the carrier was pulled by tugs into the Kochi channel. Sources said the carrier will now be outfitted for over a year-and-a-half before the basin trials begin, likely in 2017, succeeded by sea trials ahead of delivery.
• “Almost 90 per cent of work below the fourth deck — all underwater works — is over. Cabling, piping, electrical works, and heat and ventilation works will take place now. Delivery of systems and components for the aviation complex designed by the Russian Nevoske design bureau is expected anytime now,” said an official.
• The undocking is part of the second phase of work on the carrier, which is expected to be over by 2017.
• The carrier was designed indigenously by the Directorate of Naval Design (DND). ‘‘It’s a rare feat. In fact, the Navy has a protracted history of indigenisation of vessels and the DND has done commendable work by developing over 18 designs, including that of the carrier,’’ said a shipyard official.

60-member team to
probe ‘Eastern Star’ sinking

• China has assembled a team of 60 investigators to look into last week’s river cruise ship sinking following orders from President Xi Jinping to find the cause of the country’s worst maritime disaster in nearly seven decades.
• Just 14 people survived the capsizing of the Eastern Star on the evening of June 1 as the ship was carrying 456 people, many of them elderly tourists, on a cruise to the Yangtze River port of Chongqing.
• Authorities have attributed the sinking to a freak storm that generated tornado-like winds, but also have placed the surviving captain and his first engineer in police custody.
• Extensive interviews have been conducted with surviving crew members, witnesses, those who designed and modified the ship and others, state broadcaster CCTV reported on Wednesday. It said 60 specialists have been gathered for the investigative team.
• Video footage and other evidence have been obtained from the ship, and weather, radar and other data was being analysed for indications of what went wrong.
• The disaster left 442 people dead or missing.

Smart cities scheme to take off on June 25

• India has asked all the countries keen on partnering with it in the ‘smart cities’ initiative to ready the blueprints for the projects they want to undertake, to avoid delay in execution.
• Prime Minister Narendra Modi will announce the scheme along with the Atal Mission for Rejuvenation and Urban Transformation on June 25. So far, 14 countries have shown interest in sharing their expertise in building components that are prerequisites for a smart city.
• Sources said each State will be given a month to draw up a list of cities eligible for works under the scheme. Each State will have at least one smart city, with the bigger States being eligible for 10.
• The total number across the country will be 100. “Rajasthan, Andhra Pradesh and Uttar Pradesh have signed agreements with the U.S. for non-financial assistance; some agreements have been inked with Sweden and China, but work will pick up by end of July,” a government official told.
• Denmark is the latest to join the list of countries that have offered know-how in building smart cities.

Global M&E Industry:
India leads digital drive

• For a change, India is found leading the world in virtualisation of content in the Media and Entertainment (M&E) business thereby creating an edge in this domain.
• India’s top M&E companies namely Star India, Zee Entertainment, Sony and Colors have already adopted the digital mode in key workflow processes across the supply chain, two years ahead their western counterparts thus sharply increasing the output of their executives engaged in content creation and saving 30 to 40 per cent on cost.
• In this digital drive by moving their content to the cloud, these firms are now able to have real time collaboration in the areas of production and distribution, reach out to their overseas customers in a few hours of the local telecast, supply video on demand to customers and prevent piracy.
• India went from paper to paperless in the 90s, the manufacturing sector embraced Enterprise Resource Planning (ERP) during the same time to transform its processes and the banking sector underwent drastic changes by adopting information technology in a big way but the M&E sector functioned the way it was.
  Considering that M&E business never had a big craze for technology adoption, Indian M&E companies, which had skipped technology generations are now actually leading the revolution across the world, according experts.
• While Star India adopted the digital process in all its workflow, the equivalent of ERP in manufacturing, in April 2011, others gradually followed and are now 18 to 24 months ahead of their global peers. To put things in prospective M&E companies from the U.K. and the U.S. are adopting media ERP only now.
• With the change, M&E executives are now able to live in the physical world and work on several content forms in the virtual world available on digital devices without being actually present at every location, be it the place of shooting, studio or editing room. They are now able to access unedited or edited video anytime and place of their choice. This has been made possible by an Indian company called Prime Focus Technologies (PFT), a part of the world’s largest integrated media services company Prime Focus Ltd., which has aggregated the diverse stakeholders of the TV/advertising industry on a single virtual platform shared by broadcasters, production houses, ad creative and media agencies.
• With the introduction of the digital media supply chain content creation, dissemination and distribution process has become more creatively enabled. Real time collaboration is helping in the creation of better content and instant interaction has enhanced the process of content creation.
• This media ERP is driving efficiencies and is helping in reduction of cycle time. It has also enabled newer revenue streams apart from curbing piracy. It has led to contextual advertising and enabling internet platforms to intelligently engage users, said experts.
• The benefits are so alluring that now 85 per cent of the scripted television in Hollywood is using PFT’s solutions.
• In an era of the ‘death of appointment viewing’, Mr. Sankaranarayanan said, “The next phase of evolution is Digital Next Realities where content providers have to engage customers with a better experience anytime anyplace. The success of Hotstar app by Star India with 1.4 crore downloads shows that Indians are now ready to consume content whenever wherever they want so broadcasters will have to make it accessible in the relevant preferred devices.”

Ideas that make
life easy, on show at IIT-Bombay

• From a portable, foldable boat to low-cost toilets, an array of interesting ideas and designs by students of the Industrial Design Centre of the Indian Institute of Technology, Bombay, have been showcased at the Design Degree Show on the campus.
• The five-day show, which began on Saturday, showcases 190 degree projects by 56 students of the centre across the broad themes of Craft and Culture; Access and Transportation; Health and Well- Being; Society and Analysis; Communication and Learning; and Working and Living India.
• The portable boat by Tonmoy Phukan, 24, a second year student of Mobility and Vehicle Design, can ferry 16 people to safety during floods. “I was strongly motivated by the catastrophic effect of the floods in Assam in 2014. There are very limited ways to rescue victims, and there is no boat specially designed for flood rescue,” Mr. Phukan says.
• Passengers are protected from floating debris and side impact. A ladder on the boat will help reach people on the higher floors, he says.
• Trivikram Annamalai, 24, Industrial Design student, has come up with a device to detect veins easily for injections. “The thought of getting injected traumatises many, and when you have to undergo multiple attempts of needle insertions, it’s nightmarish.” Mr. Annamalai says.
• The low-cost vein detector helps nurses visualise a vein and puncture it with ease. A prototype has been developed, and pilot-testing is in progress, he says.
• Keerti Chowdhry, 25, an Animation and Film Design student, designed an animated dictionary for dyslexic children.
• “Spellings and comprehension have always been arch-enemies of children who have learning disabilities. My project aims to help them with spellings, reading and comprehension by combining sight words and phonic system and creating new ways to learn,” she says.
• The designs on show include an interactive kiosk, which employs face detection and delivers personalised advertisement, a light-weight foldable electric bike, and a water-fetching aid, which can hold vessels of multiple sizes.
• Amita Sharma, Senior Consultant in Educational Consultants India Ltd., Union Human Resource Development Ministry, inaugurated the show.

PSLV-C27 Successfully Launches India’s Fourth Navigation Satellite IRNSS-1D

• ISRO’s Polar Satellite Launch Vehicle, PSLV-C27, successfully launched the 1425 kg IRNSS-1D, the fourth satellite in the Indian Regional Navigation Satellite System (IRNSS) from Satish Dhawan Space Centre SHAR, Sriharikota. This is the twenty eighth consecutively successful mission of the PSLV. The ‘XL’ configuration of PSLV was used for this mission. Previously, the same configuration of the vehicle was successfully used seven times.
• IRNSS-1D is the fourth of the seven satellites constituting the space segment of the Indian Regional Navigation Satellite System. IRNSS-1A, 1B and 1C, the first three satellites of the constellation, were successfully launched by PSLV on July 02, 2013, April 04, 2014 and October 16, 2014 respectively. All the three satellites are functioning satisfactorily from their designated orbital positions.
• IRNSS is an independent regional navigation satellite system designed to provide position information in the Indian region and 1500 km around the Indian mainland. IRNSS would provide two types of services, namely, Standard Positioning Services (SPS) - provided to all users - and Restricted Services (RS), provided to authorised users.
• In the coming months, the next satellite of this constellation, namely,IRNSS-1E, is scheduled to be launched by PSLV. The entire IRNSS constellation of seven satellites is planned to be completed by 2016.

Researchers Discovers Rare Huntsman and Jumping Spider in the Western Ghats

• Researchers have discovered rare huntsman and jumping spider in the Western Ghats belong to the Sparassidae and Salticidae families. They were discovered by the research team of arachnologists led by Dr. P.A. Sebastian, Director of the Division of Arachnology in Sacred Heart College, Kochi in Kerala.
• Huntsman spider- It was sighted at Ponmudi, Thiruvananthapuram district of Kerala. These spiders are known for their speed and unique hunting mode. Sometimes they hide in the ambush and surprise the prey. Some of these spiders make a substrate-borne sound when they detect a chemical left by a nearby female of their species.
• Jumping spider- It was sighted at the Malayattoor and Bhoothathankettu reserve forest. These spiders jump from one place to another like a grasshopper. The jumping spider was given the name Stenaelurillus albus due to the presence of a unique whitish area on the copulatory organ of the male spider. The discovery is considered unique as only 17 species of jumping spider having mating plugs have been reported of the approximate 5,800 jumping spiders recorded.

Union Government
Give its nod to build AWACS

• Union Government on 27 Mach 2015 gave its approval to build crore strategic project of next-generation Airborne Warning and Control Systems (AWACS). Decision in this regard was taken by Defence Acquisition Council (DAC) headed by Union Defence Minister Manohar Parrikar. DAC gave its nod for two AWACS, which includes buying two Airbus A330s, worth 5,113 crore rupees. Airbus was the lone bidder for the programme.

Indian AEW&C System

• The indigenous Airborne Early Warning and Control (AEW&C) is an effort to evolve a compact state-of-the-art airborne surveillance system for the Indian Airforce to mark a significant contribution to Defence preparedness by the DRDO with CABS (Bangalore) spearheading the programme as a nodal agency. The indigenous AEW&C is a multi-sensor system on a executive jet aircraft providing for all aspects of airborne surveillance.
• The Capabilities, Operational Role & Functional Requirements: The Indian AEW&C system will detect, identify and classify threats present in the surveillance area and act as a Command and Control Centre to support Air Defence operations, like AWACS. The system with its multiple Communication and Data Links can alert and direct fighters against threats while providing? Recognizable Air Surveillance Picture? (RASP) to commanders at the Ground Exploitation Stations (GES) that are strategically located. The AEW&C system can thus support Air Force in offensive strike missions and assist Forces in the tactical battle area. Besides, the Electronic and Communication Support Measures of the system can intercept and gather ELINT/COMINT from radar transmissions and communication signals. The AEW&C is a multi-sensor surveillance system that can perform the following operational roles as defined by the IAF:
  - Air Space management
  - Detection of Air-Borne and Surface targets
  - Electronic Intelligence
  - Detection, Identification, Threat Assessment and Interception of Airborne threat

9th Edition of Earth Hour

• To show their growing concern over climate change, people all over the globe observed the ninth edition of Earth Hour on (March 28, 2015) by switching off their lights.
• All the electrical appliances were put off for one hour between 8:30 pm to 9:30 pm in order to increase awareness. Earth Hour is an annual campaign started by the WWF (World Wide Fund for Nature/World Wildlife Fund).
• The campaign pushes for households and business establishments across the world to turn off their non-essential lights and electrical appliances for an hour at the selected time to raise awareness towards the need to take action on climate change.

About Earth Hour

• Earth Hour is a worldwide grassroots movement uniting people to protect the planet, and is organised by WWF. Earth Hour was famously started as a lights-off event in Sydney, Australia in 2007.
• Earth Hour aims to encourage an interconnected global community to share the opportunities and challenges of creating a sustainable world.
• Earth Hour only asks people to turn off the non-essential lights for one hour - not lights that affect public safety. Earth Hour is also a celebration of the planet so it’s important to enjoy the moment in a safe environment.
• Earth Hour event always held in late March, because last weekend of March is around the time of the Spring and Autumn equinoxes in the northern and southern hemispheres respectively, which allows for near coincidental sunset times in both hemispheres, thereby ensuring the greatest visual impact for a global ‘lights out’ event.
• Earth Hour came from a think tank initiated by Earth Hour CEO and Co-Founder, Andy Ridley, resulting in the formation of a partnership between WWF Australia, Leo Burnett and Fairfax Media to address the climate change issue.
• The standard Earth Hour ‘60’ logo represents the 60 minutes of Earth Hour where we focus on the impact we are having on our planet and take positive action to address the environmental issues we face. For Earth Hour 2011 the ‘60+’ logo was introduced representing a commitment to add to Earth Hour a positive act for the planet that goes beyond the hour. Take up the ‘plus’ and get involved with Earth Hour Blue.
• WWF Uganda started the world’s first Earth Hour Forest

India’s First Remotely Operated Vehicle Operationalises in Atlantic

• After two months of successful trials, India’s Polar Remotely Operated Vehicle (PROVe), indigenously built by National Institute of Ocean Technology, and was operationalised for research today in North Antarctica.
• PROVe had been undergoing trial in Antarctica for the past two months since its deployment by the NIOT in “Priyadarshini Lake” on the Schirmacher Oasis, which is a source of water for “Mait India’s second base in the icy continent.
• PROVe has been fitted with sensors to measure various parameters including temperature, conductivity, depth and dissolved oxygen. Apart from cameras, the vehicle has sonar (a meter that measures light penetration), water sampler and bottom corer to collect samples from the seabed. Scientists involved in the project said they would also study the flora and fauna in the ocean and measure the thickness of the ice shelf and other floating ice called ice floes. An ice corer will be used to collect samples of ice which could be millions of years old.

World Health Day-Vector Borne diseases

• April 7, 2014 marks World Health Day and the 66th anniversary of the World Health Organization (WHO). This year’s theme is vector-borne diseases.
• Over half the world’s population is at risk from vector-borne diseases such as malaria and dengue. Vectors like mosquitoes, ticks, and fleas transmit parasites, viruses, or bacteria between people or between animals and people. Each World Health Day, the World Health Organization (WHO) selects a theme that highlights a global public health issue. This year’s theme is vector-borne diseases, with a first-time focus on dengue.
• Vector-borne diseases account for 17% of the estimated global burden of all infectious diseases. Global trade, rapid international travel, and environmental changes such as climate change and urbanization are causing vectors and vector-borne diseases to spread beyond borders. Many neglected tropical diseases, including dengue, Chagas disease, leishmaniasis, lymphatic filariasis, and onchocerciasis are vector-borne; other vector-borne diseases include typhus and spotted fevers.
• Forty percent of the world’s population is at risk from dengue virus; there are an estimated 390 million dengue infections each year in over 100 countries. Dengue is the world’s fastest growing vector-borne disease, with a 30-fold increase in disease incidence over the last 50 years. Southeast Asia and Latin America are especially affected but dengue also occurs in Africa, where cases are less-often diagnosed.
• Malaria is a vector-borne disease that is one of the most severe public health problems worldwide. It is a leading cause of death and disease in many developing countries, where young children and pregnant women are the groups most affected. The WHO estimates that in 2012, there were 207 million cases of malaria and 627,000 people died of malaria. Most deaths were among children in Africa.

ISRO Develop Flood Hazard Atlas

• The Indian Space Research Organization has developed a Flood Hazard Atlas by mapping flood prone and vulnerable areas in Assam.
• Atlas has been divided into 3 categories and accordingly district administrations will prepare action plan on relief and evacuation in advance.
• Giving details on the Flood Hazard Atlas, Deputy Commissioner of Morigaon said that it will help people know the level of water flow through early warning system.
• He said that concerned authority will get alert and places of evacuation and relief camps will be identified. Also, people of a particular area will be alerted based on rain and waterfall. Lakhs of people are rendered homeless in Assam due to flood almost every year.

UNCTAD e-Waste Report 2014

• As per recently released Global E-Waste Monitor 2014 report by United Nations, India is the fifth biggest producer of e-waste in the world. The report was compiled by UN think tank United Nations University (UNU).

Key facts from report

• Top 5 e-waste producing nations: US, China, Japan, Germany and India.
• In case of wealthy nations top 5 e-waste producers are Norway, Switzerland, Iceland, Denmark, and United Kingdom.
• US and China have produced the most e-waste in 2014. Both nations account for 32 percent of total e-waste produced in the world in 2014.
• India has discarded around 1.7 million tonnes (Mt) of e-waste in 2014.
• In 2014, around 41.8 Mt of e-waste was produced all over world and it is expected to rise by 21 percent to 50 million Mt in 2018.
• In terms of continent wise, Asia has produced most e-waste per inhabitant in year 2014 by producing 16 Mt i.e. 3.7 kg per inhabitant.
• Top three Asian e-waste producing nations are- China (6.0Mt), Japan (2.2Mt) and India (1.7Mt). While, Africa has generated lowest amount of e-waste per inhabitant by producing 9 Mt i.e. 1.7 kg per inhabitant.

About e-waste

• E-waste is one of the fastest growing waste streams in developed as well as in developing countries. Due to the fact that the life span of computers has dropped in developed countries from six years in 1997 to just two years in 2005, and mobile phones have a lifespan of even less than two years, the amount of generated e-waste per year grows rapidly. This has a major impact on developing countries as loopholes in the current Waste Electrical and Electronic Equipment (WEEE) Directives allow the export of e-waste from developed to developing countries (70% of the collected WEEE ends up in unreported and largely unknown destinations). Inappropriate methods like open burning, which are often used by the informal sector in developing countries to recover valuable materials, have heavy impacts on human health and the environment. Harmful emissions of hazardous substances mainly come from:

1. The product itself (if landfilled): Lead in circuit boards or cathode ray tube (CRT) glass, mercury in liquid crystal display (LCD) backlights.
2. Substandard processes: Dioxin formation during burning of halogenated plastics or use of smelting processes without suitable off-gas treatment
3. Reagents used in the recycling process: cyanide and other strong leaching acids, nitrogen oxides (NOx) gas from leaching processes and mercury from amalgamation

Special General Awareness for IBPS, Bank Exams (In The News) - 2015

:: In The News ::

Ninad Bedekar

• Noted historian and orator Ninad Bedekar, known for his studies on the Maratha king, Shivaji, and his extensive research on the forts of Maharashtra, passed away aged 65 at a hospital in Pune.

• Mr. Bedekar, a mechanical engineer by training, breathed his last on Sunday. According to relatives, he had been suffering from heart and kidney ailments for the last couple of years.

• A prolific writer in his mother-tongue Marathi, he is credited with popularising the history of Maharashtra.In 2003, Mr. Bedekar, along with the right-wing Shiv Sena, was instrumental in bringing about the ban on American scholar James Laine’s book on Shivaji titled Shivaji: Hindu King in Islamic India. Mr. Bedekar had written to the Oxford University Press seeking a ban.

Daniel Mookhey

• Daniel Mookhey has become first Indian-origin Member of Parliament (MP) from the Australian state of New South Wales to be sworn in to Australian parliament on the Hindu religious text, the Bhagavadgita.Recently, he was chosen by the Australian Labour Party to fill the casual vacancy in the New South Wales upper house. Thus, making him state’s first politician of Indian background.

• Daniel Mookhey was born in Blacktown suburb in New South Wales to Indian parents who had migrated to Australia from Punjab in 1973.

• He holds three university degrees and currently is working as a consultant to unions, charities and community groups.

Suchitra Bhattacharya

• Celebrated writer Suchitra Bhattacharya, many of whose books had been made into cult Bengali films including “Dahan”, passed away. Suchitra penned over 20 novels, including Dahan, Kachher Manush, Hemonter Pakhi, Alik Sukh, most turning into bestsellers in Bengali literature and was popular among the new generation of women as well as others. She had received several literary awards.

Harbhajan Kaur Dheer

• Harbhajan Kaur Dheer an Indian-origin councillor woman has became the first Asian woman elected mayor of Ealing Council in London; she became the Mayor of Ealing Council after succeeding councillor Tej Ram Bagha. Her husband councillor Ranjit Dheer is a former Mayor of Ealing. Born in Punjab in 1953, Harbhajan Kaur came to Britain in 1975. She studied Social Sciences at Kingston University and obtained a degree in 1995. She worked as an Approved Mental Health Professional in Surrey County Council until 2003. She has served the borough as a governor of a number of schools. She is a passionate advocate of rights of children and elderly including those with mental health issues.

Priti Patel

• Indian-origin Member of Parliament (MP) Priti Patel was appointed as Minister of State (MoS) for Employment in the David Cameron led United Kingdom Government. British Prime Minister David Cameron has also promoted her to his Cabinet.

• As the new Minister of State for Employment in the Department of Work and Pensions, she will attend all Cabinet members as the senior-most Indian-origin member. In recently concluded 2015 UK General election, Priti Patel was re-elected from Witham constituency in Essex on Conservative Party ticket. Earlier, she was elected from same constituency in 2010.

Mhairi Black

• Mhairi Black at the age of 20 became the youngest elected Member of Parliament (MP) in United Kingdom in over 300 years. She was elected as MP to House of Commons i.e. lower house of UK Parliament from Paisley and Renfrewshire South constituency in Glasgow, Scotland.

• Mhairi Black represents Scottish Nationalist Party (SNP). In this general election she defeated Labour Party’s election chief and a former Cabinet minister Douglas Alexander by over 6000 votes by gaining total 17864 votes.

Ruth Rendell

• Crime writer Ruth Rendell has died aged 85. She wrote more than 60 novels in a career spanning 50 years, her best-known creation being Inspector Wexford, which was turned into a highly successful TV series

• Rendell, one of Britain’s best-selling contemporary authors, also wrote under the pen-name Barbara Vine. Born in Essex, she is credited with bringing a social and psychological dimension to crime fiction. Publisher

• Penguin Random House said Rendell, who suffered a stroke in January, died in London on Saturday morning.

• Penguin Random House chair, Baroness Gail Rebuck, said Rendell was admired throughout publishing for her “brilliant body of work”. Rendell’s first Wexford book, From Doon with Death, was published in 1964, beginning a series of more than 20 starring Inspector Reginald Wexford, played in the TV series by George Baker

• Many of her works were translated into more than 20 languages and adapted for cinema and TV, attracting worldwide sales of 60 million.

Philip S. Goodman

• Philip S. Goodman, a film, television and stage writer and director, passed away at his residence here. Goodman, who wrote episodes of the 1950s and 1960s TV shows such as “Profiles in Courage”, “Alfred Hitchcock Presents”, and “Johnny Staccato”, died.

• He directed the 1963 feature “We Shall Return”, which centered on anti-Castro Cuban fighters in Miami and starred Cesar Romero. At the Actors’ Studio, where he was a member of the Directors Group,

• Goodman directed workshops of his plays “Love Is a Candy Cane” and “This Notoriety Business”.

• Goodman wrote and directed television documentaries and industrial films for many years. In 1970, he wrote three episodes of National Educational Television’s “Our Vanishing Wilderness”, one of the first series on television to focus on environmental issues.

Maya Plisetskaya

• Maya Plisetskaya, one of the greatest ballerinas of the 20th century from Russia passed away in Germany. She was 89. Plisetskaya was born in Moscow on November 20, 1925. Her ballet career spanned for more than five decades.

• She had joined the Bolshoi, a historic theatre in Moscow in 1943. Her performances had captivated audiences around the world. In 1960, she became the Bolshoi’s prima ballerina. Her modern choreography and performances were charged with eroticism flouted Soviet convention. In 1983, she became one of the first Soviet celebrities allowed to work for Western dance companies without having to defect. She was also the artistic director of the Rome Opera Ballet.

Azhar Ali

• Pakistan’s cricket chiefs named batsman Azhar Ali as the national side’s new One-Day International captain, despite the fact that he has not made the 50-over team in more than two years. The 30-year-old replaces Misbah-ul-Haq, who retired from ODIs following Pakistan’s World Cup quarterfinal exit at the hands of eventual champion Australia.

• Ali has played just 14 ODIs, the most recent in January 2013, when he contributed two with the bat as Pakistan beat arch-rival India by 85 runs at Kolkata’s Eden Gardens. Ali was also named as vice-captain for the Test side, which Misbah will continue to lead, while big-hitting all-rounder Shahid Afridi stays on as T20 skipper.

Dr. Nasim Zaidi

• The President has appointed the senior-most Election Commissioner, Dr. Nasim Zaidi as the Chief Election Commissioner in the Election Commission. Dr. Nasim Zaidi has assume the charge of office of the Chief Election Commissioner on 19th April, 2015 vice Shri Harishankar Brahma consequent upon his demitting the office of the Chief Election Commissioner on the 18th April, 2015.

Ronavalli Harika

• Indian chess Grandmaster Dronavalli Harika on 6 April 2015 won the bronze medal in the World Women’s chess championships along with Swedish Grandmaster Pia Cramling. In the semifinal match played at Sochi in Russia, Harika lost to Ukraine’s Mariya Muzychuk and settled to Bronze medal with US $ 20,000. World Women’s chess championship’s winners are.

Tarique Rahman

• The Interpol has issued a ‘red corner’ notice for the arrest of Bangladesh Nationalist Party leader Tarique Rahman, who has been in exile in London for more than six years.

• The notice was issued for the arrest of Tarique, senior vice chairman of the party and son of Khaleda Zia, on the charge of murder and explosion of hand grenade in an Awami League rally on August 21, 2004. The Interpol ‘most wanted’ list has carried Tarique’s picture with details, saying Bangladesh is seeking him to stand trial in the case.

Gunter Grass

• Gunter Grass, the Nobel-winning German writer who gave voice to the generation that came of age during the horrors of the Nazi era has died. He was 87. Grass was lauded by Germans for helping to revive their culture in the aftermath of World War II and helping to give voice and support to democratic discourse in the post war nation.

• Yet he provoked the ire of many in 2006 when he revealed in his memoir “Skinning the Onion” that, as a teenager, he had served in the Waffen-SS, the combat arm of Adolf Hitler’s notorious paramilitary organization.

• In 2012, Grass drew sharp criticism at home and was declared persona non grata by Israel after publishing a prose poem, “What Must Be Said,” in which he criticized what he described as Western hypocrisy over Israel’s nuclear program and labelled the country a threat to “already fragile world peace” over its belligerent stance on Iran.

Shamina Singh

• President Barack Obama has nominated Shamina Singh, an Indian American as a member of the Board of Directors of the Corporation for National and Community Service for a term expiring in Oct. 2019.

• Singh currently serves as the Executive Director of the MasterCard Center for Inclusive Growth. She joined MasterCard in 2013 as the Global Director for Government Services and Solutions, where she expanded MasterCard’s business capabilities to digitize social subsidy programs in over 40 countries, according to the World Economic Forum.

• Prior to joining MasterCard, she has also spent 15 years in the public sector holding senior positions within the Clinton Presidential Administration and the U.S. House of Representatives. Singh was executive director for the President’s Advisory Commission on Asian Americans and Pacific Islanders and the White House Initiative on Asian Americans and Pacific Islanders from 1999 to 2001.

Baba Ramdev

• The BJP government in Haryana has decided to accord the rank, equal to that of a cabinet minister, to yoga guru Ramdev; he had earlier been named as the state’s brand ambassador with the government then explaining his elevation as an attempt to promote yoga and ayurveda in the state.

Yuki Bhambri

• Yuki Bhambri clinched the ITF Futures tournament with a straight-set win over Dzmitry Zhyrmont and ensured his berth in the French Open qualifying event. The 22-year-old player, seeded second, overcame his Belarusian third seed rival 6-2 6-4 in the final and pocketed 27 ranking points which will take him to a rank between 215 and 220.

Malala Yousafzai

• NASA has reportedly named an asteroid in honour of 17-year-old Nobel Peace Prize winner Malala Yousafzai. The asteroid, located in the main belt between Mars and Jupiter, was discovered by Dr Amy Mainzer, an astronomer at NASA’s Jet Propulsion Laboratory in California, USA.

Dr. Mohan Kumar

• Union Governmnet has appointed Dr. Mohan Singh Indian Foreign Officer of 1981 batch as the next Ambassador of India to France. Presently Mohan Kumar is Ambassador of India to Bahrain.

Meenakshi Madan Rai

• Mrs. Meenakshi Madan Rai was sworn in as the first lady judge of the Sikkim High Court. Governor of Sikkim Srinivas Patil administered the oath of office to her at Raj Bhavan in Gangtok. After taking oath of office, she took charge as judge. With this Sikkim High Court again got its full strength of three judges after a gap of about one year

Bidyut Chakraborty

• Well-known Assamese filmmaker Bidyut Chakraborty, who had bagged the Indira Gandhi award for Best First Film of a Director in 1996 for his film “Rag-Birag”, passed away in a private hospital. He was 55.

Surya Bahadur Thapa

• Former Nepal Prime Minister Surya Bahadur Thapa passed away. Thapa served as Prime Minister of Nepal for five terms, under three different Kings, in a politcal career spanning more than 50 years. Mr. Thapa started his political career by executing “underground student movement” in 1950. In 1958, he was elected to the Assembly and became Chairman of the Advisory Council. In 1959, he was elected to the Upper House.

• In 1966, he was appointed Prime Minister under the modified constitution of Nepal. He was responsible for expanding the coverage of the Constitution of 1962 and promulgated 2nd amendment to make it “people-oriented”.

Stanislav Gross

• Stanislav Gross, former and youngest Prime Minister of Czech Republic has passed away at the age of 45. Gross became premier at the age of 34 in July 2004 and took over as chairman of the leftist Social Democrats. But his career at the top of politics was brief.

D Jayakanthan

• Legendary Tamil writer D Jayakanthan, who charted a new course in Tamil literature with his bold and progressive works, has passed away. He has written around 40 novels and 200 short stories and used his pen effectively against social injustices and economic inequality.

• His popular novel, ‘Sila Nerangalil Sila Manithargal’, which was later made into a film, won him the Sahitya Akademi Award in 1972. He was also a recipient of the Jnanpith Award in 2002.

EM Hanifa

• Renowned Tamil Muslim devotional singer EM Hanifa passed away in Chennai, Tamil Nadu. He was well-known for his number of devotional songs and was a leading propagandist of Dravida Munnettra Kazhagam (DMK) Party for more than five decades.

Neeraj Kumar

• Former Delhi Police Commissioner Neeraj Kumar was appointed as chief adviser of the Board of Control for Cricket in India’s (BCCI) Anti-Corruption & Security Unit (ACSU). Decision in this regard was taken at the Governing Council Meeting of the Indian Premier League (IPL) chaired by IPL chairman Rajeev Shukla in New Delhi,. He will succeed Ravi Sawant as his term ended and will have term of one year.

Venkadarath Saritha

• Delhi Transport Corporation (DTC) has appointed a 30-year-old woman Venkadarath Saritha from Telangana as its first female driver. The driver, Venkadarath Saritha, will be on day-time duty on regular routes in Central Delhi.

• Ms. Saritha, who moved from Hyderabad to New Delhi four years ago, was selected from among seven women candidates who had applied for the post in response to a DTC advertisement. After completion of formalities, she attended a four-week training programme at the DTC training school.

Ashish Jakhar

• Haryana’s Ashish Jakhar set a national youth record in boys’ hammer throw on the second day of the 12th National Youth Athletics Championships held in Goa.

• Ashish hurled the 5kg ball-and-chain to a new distance of 71.92m on his opening throw and went on to improve it further to 72.04m to stamp his class with fine rotations on the circle to set the first national record of the meet.

• The previous national record had stood in the name of Haryana’s Sukhdev Singh (70.35m) since 2009. Only Chinese thrower Xu Wenjie has a better mark than Ashish in the Asian rankings, with a 72.35m throw, so far this season.

Vivek Priyadarshi

• The apex court of India has appointed CBI Officer Vivek Priyadarshi to head a new investigating team to further probe the IPL-6 spot-fixing and betting scandal.

• Priyadarshi, currently a superintendent of police in the anti-corruption cell of the agency, will replace 1983-batch Assam-Meghalaya cadre IPS officer BB Mishra as the head of the probe team following his retirement.

Jamal Benomar

• United Nation (UN) peace envoy to Yemen, Jamal Benomar has resigned, after losing support from Gulf countries for his mission in the conflict-riven nation. His resignation comes after UN Security Council adopted a resolution calling for the swift resumption of peace talks and an end to violence in Yemen on 14 April 2015. The adopted resolution adopted calls on the Huthis to withdraw from Sanaa and all other areas they have seized.

Surinder Pal Singh Cheema

• Vice Admiral Surinder Pal Singh Cheema took over the reins of the Western Naval Command as flag officer commanding-in-chief from Vice Admiral Anil Chopra at a ceremonial parade held at INS Shikra. Cheema, while serving in Mumbai earlier, had commanded INS Nishank, INS Trishul and INS Virat, a naval release said, adding Chopra was accorded a send off.

Special General Awareness for IBPS, Bank Exams (Awards & Prizes) - 2015

:: Awards & Prizes ::

Ramkumar Ramanathan and Vijay Sundar Prashanth wins T. K. Ramanathan award

Ramkumar Ramanathan and Vijay Sundar Prashanth won the prestigious T.K. Ramanathan award at the Tamil Nadu Tennis Association annual day function held at SDAT-Nungambakkam Stadium here on Friday. Both received Rs. 15,000 each.
While Ramkumar — with good performances on the ATP and ITF circuits — reached a world ranking of 226, Vijay’s good display in the 2015 Aircel Chennai Open — he qualified for the main draw — and two back-to-back ITF titles in Tiruchi and Chennai, improved his rankings to 397.

Neel Mukherjee wins £10,000
Encore award for the year 201

Neel Mukherjee’s story of a young man who is drawn into into extreme political activism in 1960s Calcutta, The Lives of Others, has won him the £10,000 Encore award for the year’s best second novel.
Already shortlisted for the Man Booker prize, where it missed out to Richard Flanagan’s The Narrow Road to the Deep North, and the Costa, Mukherjee’s novel “immensely impressed” judges with its “ambition and depth”, said chair of the panel Alex Clark. It beat second novels by authors including Will Wiles, Deborah Kay Davies and Amanda Coe to win the Encore, an award which was founded by Lucy Astor 25 years ago, and which has been won in the past by major names including Ali Smith, Anne Enright and Colm Tóibín.
Mukherjee, who lives in London, called the Encore “a burst of light in what is usually considered to be dark, damp, bleak territory – the dreaded second novel”, and said he was “thrilled by my good fortune and, looking at the list of past winners, both humbled and deeply honoured” to win.

Vice President Confers Pt. Haridutt Sharma Award to Smt. Anurradha Prasad

The Vice President of India Shri M. Hamid Ansari conferred the “Pt. Haridutt Sharma Award” in the field of Journalism, Writing and Social Services to Smt. Anurradha Prasad, Editor-in-Chief, News-24 Channel. Addressing on the occasion, the Vice President opined that the Media persons should always do news reporting in an impartial and responsible manner with objectivity. He congratulated Smt. Anurradha Prasad for her outstanding contribution in the field of Media and said that she has maintained the dignity of Journalistic profession in her professional career.
Pt. Haridutt Sharma was a renowned journalist and eminent writer. In his memory, this Annual award is given in the field of Journalism, Writing and Social Services for the outstanding contribution in their respective field. The Award consists of Cash prize of Rs. 51000/-, Citation, Trophy, Shawl and Souvenir.

Heniz Award 2015

An Indian-origin scientist at MIT Sangeeta Bharti, who has developed artificial human microlivers for drug testing, has won a prestigious $2,50,000 Heinz award for her work in tissue engineering and disease detection.
The award includes an unrestricted prize of $ 2,50,000. The Heinz Awards annually recognise individuals for their extraordinary contributions to arts and humanities; environment; human condition; public policy; and technology, the economy, and employment.
She is also using microlivers in the lab to model malaria infection and test drugs that can eradicate malaria parasites completely. She hopes to eventually develop implantable liver tissue as a complement or substitute for whole-organ transplant.

87th Academic Award

The 87th Academy Awards ceremony, presented by the Academy of Motion Picture Arts and Sciences (AMPAS) was held at the Dolby Theatre in Hollywood, Los Angeles. The Academy Awards which is popularly known as Oscars were presented in twenty four categories.Below are the list of this awardee.

• Best Picture- Birdman

• Best Actor- Eddie Redmayne

• Best Actress- Julianne Moore

• Best Supporting Actor- J. K. Simmons

• Best Supporting Actress- Patricia Arquette

• Best Director- Alejandro G. Iñárritu for Birdman

• Best Original Screenplay- Birdman or (The Unexpected Virtue of Ignorance).

• Best Foreign Language Film- Ida (Poland).

Rajendra Singh bags Stockholm Water Prize

    Prestigious Stockholm Water Prize 2015 has been conferred to Renowed enviornmental activist Rajandra Singh has been for his innovative water restoration efforts and courage to empower communities in Indian villages.
    Sweden’s King Carl XVI Gustaf, Patron of the Stockholm Water Prize, will present the prize during the World Water Week on August 26. The award carries $150,000 and a specially designed sculpture.Stockholm Water Prize was constituted in the year 1991 to recognize persons for their outstanding achievements in conservation and protection of the world’s water resources and presented annually.
    Rajendra Singh is fourth Indian to win the prestigious global award, others are- Madhav Chitale in 1993, Sunita Narain in 2005 and Dr. Bindeshwar Pathak in the year 2009.

National Safety Award
(Mines) for year 2011 & 12

The President of India, Shri Pranab Mukherjee has presented the National Safety Awards (Mines) for the Years 2011 and 2012 at a function organized by Ministry of Labour & Employment.For the purpose of the contest the National Safety Awards (Mines) has been divided into 7 different groups depending upon the type of mineral and nature of workings.These are - Coal mines - Belowground with difficult mining conditions; Coal mines - Belowground (others); Coal mines – Opencast; Metal Mines - Mechanised Opencast; Metal Mines – Manual Opencast; Metal Mines – Belowground and Oil Mines.
The indicators of safety performance for determining eligibility of these awards are-
• Lowest injury frequency rate (LIFR) during three consecutive years ending with the contest year.
Ministry of Labour & Employment, Government of India instituted National Safety Awards (Mines) in 1983 (for the contest year 1982) with a view to promote a competitive spirit amongst mine operators for the betterment of safety standards in mines and to give due recognition to outstanding safety performance at national level. This award is generally given away by the Hon’ble President of India every year and has generated considerable enthusiasm amongst the Mining community.

Nobel Prize Winners in 2015

The Nobel Prize in Physics 2015
Takaaki Kajita and Arthur B. McDonald “for the discovery of neutrino oscillations, which shows that neutrinos have mass”
The Nobel Prize in Chemistry 2015
Tomas Lindahl, Paul Modrich and Aziz Sancar
“for mechanistic studies of DNA repair”
The Nobel Prize in Physiology or Medicine 2015
William C. Campbell and Satoshi Ômura “for their discoveries concerning a novel therapy against infections caused by roundworm parasites”
Youyou Tu “for her discoveries concerning a novel therapy against Malaria”
The Nobel Prize in Literature 2015
Svetlana Alexievich “for her polyphonic writings, a monument to suffering and courage in our time”
The Nobel Peace Prize 2015
National Dialogue Quartet “for its decisive contribution to the building of a pluralistic democracy in Tunisia in the wake of the Jasmine Revolution of 2011”
The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2015 Angus Deaton “for his analysis of consumption, poverty, and welfare”

NCDC Cooperative excellence award 2014

Ministry of Agriculture has conferred National Cooperative Development Corporation Award for Cooperative Excellence – 2014 to the best performing primary cooperatives for their excellent performance to Utlou Weavers’ Cooperative Society Limited (UWCSL).
National Cooperative Development Corporation (NCDC) is a statutory Corporation set up under an act of Parliament in March 1963 for developing rural economic activities through cooperatives.
The NCDC Award for Cooperative Excellence is an initiative to encourage and give due recognition to those cooperatives who despite all odds, are able to sustain and work for development and prosperity of agrarian society.
The Award is for inculcating a sense of achievement and spirit of cooperation and thus set an example for others to follow.

Shivani Agarwal and Maharaja Pandit selected for prestigious Radcliffe fellowship

Two Indians from Indian Institute of Science, and University of Delhi have been named for Harvard University’s prestigious Radcliffe fellowship.
Shivani Agarwal from Indian Institute of Science and Maharaja Pandit from University of Delhi are among 50 scholars, scientists, and artists who will begin their one-year fellowships along with 48 at the Radcliffe Institute in September 2015, a media release said.
Considered as one of the most prestigious honors for faculty, only three per cent of applicants were accepted this year.
Shivani, William and Flora Hewlett Foundation Fellow has been selected for learning to make choices in the era of big data. Mr Pandit has been selected for his project life in Himalaya.

Dr. Siva Mandjiny wins UNC’s 2015 Award for Teaching Excellence

Chemistry professor Sivanadane (Siva) Mandjiny has been named UNC Pembroke’s recipient of the UNC Board of Governors 2015 Award for Excellence in Teaching.
Annually, the Board of Governors names one professor at each of the 17 UNC campuses to receive the award. The award winners will collect a commemorative bronze medallion and a $12,500 cash prize.
The award, which serves to underscore the importance of teaching, will be presented by a member of the Board of Governors during spring graduation ceremonies on May 9. UNCP’s recipient serves as University Marshal and presides over ceremonial events during the academic year.
Florence Nightingale
Award given to 35 nurses
The President of India Shri Pranab Mukherjee conferred the Florence Nightingale Awards to 35 nurses from across the country on the occasion of International Nurses Day.
The Florence Nightingale awards are given to the outstanding nursing personnel employed in Central, State/UTs. Nurses working in Government, Voluntary Organizations, Mission institutions and the private institutions can apply with the due recommendation of concerned State Government. The Florence Nightingale Awards carries Rs.50, 000/- cash, a certificate, a citation certificate and a Medal.

Charlie Hebdo awarded PEN

Freedom of Expression and courage award
The French satirical magazine Charlie Hebdo has received a controversial freedom of speech award at the PEN Literary Gala in New York.The decision to award the magazine the Freedom of Expression Courage Award to Charlie Hebdo caused six high-profile authors to withdraw, including The English Patient writer Michael Ondaatje. They said PEN - known for defending imprisoned writers - was stepping beyond its traditional role.
The boycott has been criticised by the author Salman Rushdie, a former president of PEN who was in hiding for years over Islamist threats in response to his novel The Satanic Verses.

Syrian journalist Mazen Darwish wins UNESCO/Guillermo Cano World Press Freedom Prize 2015

The winner of the 2015 UNESCO/Guillermo Cano World Press Freedom Prize is Syrian journalist and human rights activist, Mazen Darwish, currently imprisoned. The Prize has bedd awarded during the celebration of World Press Freedom Day, 3 May, which has been be hosted this year by Latvia.
An independent international jury of media professionals recommended Mazen Darwish in recognition of the work he has carried out in Syria for more than ten years at great personal sacrifice, enduring a travel ban, harassment, as well as repeated detention and torture. Led by Ko-ko U (Myanmar), chairman of the Yangon Media Group and publisher of the Yangon Times, the International Jury stressed the need to remember Mr Darwish, currently in prison, along with so many other human rights defenders and journalists.
Darwish, a lawyer and press freedom advocate, is the president of the Syrian Centre for Media and Freedom of Expression (CMFE), founded in 2004, and one of the founders of the Voice newspaper and syriaview.net, an independent news site banned by the Syrian authorities. In 2011, Darwish established Media Club, the first Syrian magazine about media affairs. He has been detained since February 2012, when he was arrested with colleagues Hani Al-Zitani and Hussein Ghareer.
Numerous human rights and press organizations around the world have issued calls for the release of Darwish and his fellow journalists.
The $25,000 Prize is named in honour of Guillermo Cano Isaza, a Colombian journalist who was assassinated in front of the offices of his newspaper, El Espectador, in Bogotá, on 17 December 1986. It is funded by the Cano Foundation (Colombia) and the Helsingin Sanomat Foundation (Finland).

Redlnk lifetime Achievement award to Dr Prannoy

NDTV executive co-chairman Dr Prannoy Roy was conferred the Redlnk Award for lifetime Achievement at a function. The award, comprising a trophy and a citation, has been instituted by the Mumbai Press Club. The awards were presented by the Union Railway Minister Suresh Prabhu.
Awards were also presented in the categories crime, politics, courts, health, environment and science. A panel discussion on ‘limits of dissent’ was held in which Prabhu, veteran journalist Shekhar Gupta, Jain and Krishna Prasad, editor-in-chief, Outlook, took part. The debate was moderated by Sachin Kalbag, editor of Mid-Day.

Dr. Promod Patil wins Whitley Awards 2015

The Princess Royal will today present a Whitley Award, a prestigious international nature conservation prize worth £35,000 in project funding, to Pramod Patil at a ceremony at the Royal Geographical Society, London, in honour of his work to protect the iconic great Indian bustard in the Thar Desert. Pramod is one of seven individuals to have been awarded a share of prize funding worth £245,000 by the Whitley Fund for Nature, winning the Whitley Award donated by The William Brake Charitable Trust in memory of William Brake. The great Indian bustard once flourished across the Indian sub-continent, but poaching, loss of grassland habitat and lack of community involvement has resulted in local opposition to conservation activities and pushed the species from 90% of its original range. The estimated surviving population consists of fewer than 250 individuals competing for space in the most densely human-populated desert in the world.
Siddhartha Gigoo wins
Commonwealth short story prize
Siddhartha Gigoo has won the best story from Asia award at the 2015 Commonwealth Short Story Prize Shortlist for his story titled “ The Umbrella Man “. The award picked four writers from 40,000 entries that were received from 53 countries of the Commonwealth.
Romesh Gunesekera, the Chair for 2015, said: “We wanted stories that will engage us and make us rethink our notions of form, language and what mattered. The winning stories did all of that and more.” The other winners in various categories are: Lesley Nneka Arimah from Nigeria for “ Light “; Jonathan Tel from the United Kingdom for “ The Human Phonograph “; Kevin Jared Hosein from Trinidad and Tobago for “ The King of Settlement 4 “), Mary Rokonadravu from Fiji for “ Famished Eels “. The regional winners will compete for the overall winner’s prize, which will be announced in London on September 8. The Commonwealth Short Story Prize Shortlist is awarded for the best piece of unpublished short fiction (2,000-5,000 words). Regional winners receive £2,500, while the overall winner receives £5,000.
Paris Based Poet
Wins Kumar Asan World Prize
• Paris- based Syrian-Lebanese Arab poet Adonis has been chosen for this year’s Kumaran Asan World Prize for poetry, instituted by the desert in the world.

Siddhartha Gigoo wins
Commonwealth short story prize

Siddhartha Gigoo has won the best story from Asia award at the 2015 Commonwealth Short Story Prize Shortlist for his story titled “ The Umbrella Man “. The award picked four writers from 40,000 entries that were received from 53 countries of the Commonwealth.
Romesh Gunesekera, the Chair for 2015, said: “We wanted stories that will engage us and make us rethink our notions of form, language and what mattered. The winning stories did all of that and more.” The other winners in various categories are: Lesley Nneka Arimah from Nigeria for “ Light “; Jonathan Tel from the United Kingdom for “ The Human Phonograph “; Kevin Jared Hosein from Trinidad and Tobago for “ The King of Settlement 4 “), Mary Rokonadravu from Fiji for “ Famished Eels “. The regional winners will compete for the overall winner’s prize, which will be announced in London on September 8. The Commonwealth Short Story Prize Shortlist is awarded for the best piece of unpublished short fiction (2,000-5,000 words). Regional winners receive £2,500, while the overall winner receives £5,000.

Paris Based Poet
Wins Kumar Asan World Prize

• Paris- based Syrian-Lebanese Arab poet Adonis has been chosen for this year’s Kumaran Asan World Prize for poetry, instituted by the Kumaran Asan Memorial Association to honour poets of international stature and introduce them to Indian readers. The award consists of a cash prize of Rs 3 lakh, memento and a citation.

• Some of his important works include If Only the Sea Could Sleep, Pages of Day and Night, Songs of Mihyar the Damascene, Not A Star, A Voice, A King is Miyhar, The Adoring Rock, and Take me to God.

Susanta Lahiri
Wins Hevesy Medal Award 2015

• Professor Susanta Lahiri, Chemical Sciences Division, Saha Institute of Nuclear Physics, Kolkata, won the Hevesy Medal Award 2015, at the Tenth International Conference on Methods and Applications of Radio-analytical Chemistry for his outstanding contributions to heavy ion induced radioisotope production, tracer packet technique, converter targets, and green chemistry.

• The other person to also win the award this year is Professor Kattesh V. Katti of the Cedntre for Radiological Research, University of Missouri, Columia.

• This premier international award named after George de HEVESY, the 1943- Chemistry Nobel Laureate, is given to “an individual in recognition of excellence through outstanding, sustained career achievements in the fields of pure as well as applied nuclear and radiochemistry, in particular applications to nuclear analytical chemistry.”

UP Government to
Honours Gopal Das Neeraj

• Uttar Pradesh government has conferred its Sahitya Shiromani Samman and a cash prize of 21 lakh Rupees upon noted Hindi poet Gopal Das Neeraj. Along with Gopal Das Neeraj, veteran Hindi litterateur Uday Pratap Singh was also conferred with Sahitya Shiromani award and cash prize of 21 lakh Rupees.

Champions of
Change Award to Satya Nadela

• Indian-origin Microsoft’s CEO Satya Nadella has been chosen for the ‘Champions of Change’ award for bringing about change within his company to support working families. US President Barack Obama will honor this award to him. Before being named CEO in February 2014, 47-year-old Nadella held leadership roles in both enterprise and consumer businesses across the company. Joining Microsoft in 1992, he quickly became known as a leader who could span a breadth of technologies and businesses to transform some of Microsoft’s biggest product offerings.

• Champions of Change’ award is given to those who support working families and have helped to bring about change within their companies, communities or organizations by advocating for commonsense paid sick and paid leave policies, equal pay and an end to pregnancy discrimination to support families, businesses, and economy.

Bishwaratna Dr Bhupen Hazarika International Solidarity Award 2015

• The second Bishwaratna Dr Bhupen Hazarika International Solidarity Award 2015 was conferred on internationally acclaimed filmmaker Adoor Gopala-krishnan in a function held at Rabindra Bhawan.

• The biennial award, instituted by the Asam Sahitya Sabha and sponsored by the Numaligarh Refinery Limited (NRL), carries a memento, a citation, an eri chador, a collection of books and a cheque of Rs 5 lakh. The first international solidarity award instituted in the memory of the cultural icon had been given to eminent research scholar and dance exponent Lubna Marium of Bangladesh.

• Sudakshina Sarma, eminent singer and younger sister of Dr Hazarika, offered her tributes and captivated the audience with the song Paneir ponati.

• Adoor Gopalakrishnan, a multifaceted personality, has pioneered the film society movement in Kerala. He is regarded as one of the finest filmmakers of India. As a film director, producer and script writer he had played a major role in revolutionizing Malayalam cinema. Adoor’s debut film was Swayamvaram (1972) which had pioneered the new wave of cinema movement in Kerala. For his contribution to film industry, he has won 16 National Film Awards, 17 Kerala State Film Awards and several international film awards. Adoor is also honoured with Padma Shri (1984) and the Padma Vibhushan (2006), he had won the Dadasaheb Phalke Award in 2004.

Femina Miss India 2015

• Delhi girl Aditi Arya was crowned fbb Femina Miss India World 2015 at a glittering ceremony at Yashraj Studios in Mumbai. Aditi will represent the country at Miss World pageant and the runners-up Afreen and Vartika will compete for various international titles.

• Afreen Racheal Vaz was adjudged first runner-up while Vartika Singh second runner up at the grand finale of 52nd year of fbb Femina Miss India, which took place on late Saturday night.

About Femina Miss India

• Femina Miss India is a national beauty pageant in India that annually selects three winners to compete globally. The winner of Femina Miss India World vies in Miss World, Femina Miss India Earth winner competes in Miss Earth, and the third winner, Femina Miss India International goes to compete in Miss International.

Major Dhyan Chand Life Time
Achievement Award to Balbir Singh Sr

Special General Awareness for IBPS, Bank Exams (Sports) - 2015

:: Sports ::

Shastri Retained as team director till 2016

• Ravi Shastri was on Sunday retained as the team director of the Indian cricket team till the 2016 T20 World Cup at home, based on the recommendations of the BCCI advisory committee.
• Shastri, who was appointed team director in August 2014, has been given another seven-month extension till the completion of the World T20 in April. The sixth edition of the tournament is scheduled to be held in India from March 11 to April 3.
• The former Indian all-rounder took over the job after the England Test loss last year. The cricketer-turned-commentator then saw the team win the ODI series in England.
• His two biggest achievements as team director are India’s semi-final finish in the 50-over World Cup in Australia and New Zealand along with Virat Kohli’s Test side winning an away Test series against Sri Lanka after 22 years.
• Acknowledging the performance of the Indian cricket team and the efforts of the coaching staff in recent times, the advisory committee comprising Sachin Tendulkar, Sourav Ganguly and VVS Laxman endorsed the extension of their tenure.
• Along with Shastri, the committee also approved the extension of the assistant coaches till the T20 showpiece event next year. Sanjay Bangar stays on as the assistant coach (batting), Bharat Arun remains as bowling consultant and R Sridhar as the fielding coach.

Flavia Pennetta
wonUS Open 2015, women single title

• With her final shot in the 49th grand slam of her career, a beautifully struck off-forehand that scooted past the flailing racquet of a lifelong friend who had reached so far to bring down a giant of tennis just a day earlier, Flavia Pennetta made history.
• In front of a capacity crowd who had expected to see history of another kind — that derailed when Vinci halted Serena Will¬iams’ tilt at the calendar Grand Slam in an astonishing semi-final — Pennetta promptly announced her retirement.
• “One month ago I take the big decision in my life. This is the way I would like to say goodbye to tennis,” she told a capacity crowd
• It floored those who had paid big dollars to attend a final that, for the first time ever, sold out quicker than the men’s decider, undoubtedly due to the Serena slam factor
• Billie Jean King, who was standing in the crowd, was seen to bellow “No way” when the announcement was made.
• Fellow professionals took to ¬social media to express their delight and dismay at the same time, for Pennetta is clearly a popular figure on tour.
• What the Italian Prime Minister Matteo Renzi made of it is unclear, but he was clearly delighted to witness the historic moment from Arthur Ashe Stadium.
• Pennetta’s boyfriend, Fabio Fognini, who had earlier knocked Rafael Nadal out of the tournament, was another forced to make a quick dash back to New York after moving on to his next event.
• Retirement at the top is not completely unprecedented. Pete Sampras never played again after winning the 2002 US Open, although he did not announce his intentions for another year. Frenchwoman Marion Bartoli retired a month after winning Wimbledon in 2013
• Pennetta said she made the decision a month ago and had no great expectations heading into the Open, despite boasting a solid record in New York.
• The 26th seed toppled some quality rivals along the way. Sam Stosur was her fourth-round opponent, two-time Wimbledon champion Petra Kvitova a quarter-final rival and the world No 2 Simona Halep among the women she thrashed to reach the final.

Senate vote in favour of Iran deal

• Senate Democrats on Thursday handed U.S. President Barack Obama a major political victory for his administration’s nuclear deal with Iran, as they voted 58-42 to block a Republican resolution rejecting agreement.
• A sense of relief combined with exhilaration appeared to grip the White House after the vote and Mr. Obama described the vote as a “historic step forward” that thwarted an attempt to scupper the six-nation accord aimed at limiting Iran’s nuclear development activities in exchange for a gradual reduction in economic sanctions against Tehran.
• Under legislation passed by the U.S. Congress in May this year, the deal will automatically take effect unless both the House and Senate vote for a resolution of disapproval by September 17.
• Welcoming his Democratic colleagues’ action on Capitol Hill, the President noted: “Going forward, we will turn to the critical work of implementing and verifying this deal so that Iran cannot pursue a nuclear weapon, while pursuing a foreign policy that leaves our country - and the world - a safer place.

Paes wins U.S.Open mixed double title

• All praise for partner Martina Hingis after clinching the U.S. Open mixed doubles title, veteran Indian tennis star Leander Paes said he neither has the technique nor the calibre to match the Swiss legend but he tries to make up for it with his perseverance.
• Paes combined with Hingis to win a record ninth Mixed Doubles Grand Slam title after beating the American combo of Sam Querrey and Bethanie Mattek-Sands 6-4 3-6 10-7 in the US Open final.
• Soon after he won his historic U.S. Open title, Paes said more than the technique it is his never-say-die spirit that has got him success.
• He has now won nine mixed doubles major titles and trails only former partner Martina Navratilova (10).

Kohli’ new boss of federer to co-own IPTL team ‘UAE Royals’

• Joining the IPTL bandwagon, India Test captain Virat Kohli has become co-owner of the UAE Royals, which will be led by Swiss great Roger Federer.
• Federer had played for Micromax Indian Aces in the inaugural season and this season he will be joined by Goran Ivanisevic, 2001 Wimbledon Champion Ana Ivanovic, Daniel Nestor, Kristina Mladenovic and Tomas Berdych.
• The UAE leg of the league will be held from December 14-16 at the Dubai Duty Free Tennis Stadium
• The league has expanded to five teams for its second edition with the Japan Warriors joining last season’s champions, the Indian Aces, alongside the UAE Royals, the Philippine Mavericks and the Singapore Slammers.
• The league will begin in Japan from December 2 and culminate in Singapore on December 20.

Sania, Paes partner Hingis to finals

• Sania Mirza and Martina Hingis provided the storm-effect with some thunderous play from the back of the court after late-afternoon showers disrupted the day’s schedule at the US Open.
• The top seeds made their second successive Grand Slam final, having won Wimbledon in July, in stirring fashion. Hingis, 35, returned on court an hour later, partnering another Indian Leander Paes to make the mixed doubles final, their second in succession after their triumph at the All England Club.
• Sania and Hingis beat the tough pairing of Italy’s Flavia Pen netta and Sara Errani 6-4, 6-1 in 77 minutes. They await the winners of the second semifinal between Casey Dellacqua-Yaroslav Shvedova and Coco Vandeweghe-Ana-Lena Groenefeld.

US plans to accept 10,000
Syrian refugees next year

• That number is significantly higher than the 1,500 Syrians that have been permitted to re-settle in the US since the start of the conflict.
• The 10,000 figure is still much lower than the 340,000 asylum seekers who arrived in Europe this year.
• Since the beginning of the conflict the US has given $4bn ($2.6bn) in aid.
• The increase in accepting refugees displays a “significant scaling up” of US commitment to accept people from conflict zones and help provide for their needs,” White House Press Secretary Josh Earnest said.
• US Congress would have to to make a “significant financial commitment” in order to allow for additional 10,000 refugees to the US, Mr Earnest said.
• The United Nations High Commissioner for Refugees (UNHCR) has registered four million Syrians as refugees, and it has asked governments around the world to resettle 130,000 Syrian refugees by the end of 2016.

India beat Malaysia 9-1
to enter semi-final of Junior Asia Cup

• Skipper Rani Rampal led from the front and slammed a hat-trick as Indian eves thrashed Malaysia 9-1 in their last league game of the seventh women’s Junior Asia Cup on Thursday
• By virtue of this win, India has qualified for the semi-final of the tournament.
• The Indian eves started on an attacking note and penetrated the Malaysian circle in the early minutes of the game
• Preeti Dubey rushed into the Malaysian circle and played a cross ball towards Rani Rampal, who scored the first goal for India in the eighth minute

Novak Djokovic reaches
US Open semis for 9th straight year

• Novak Djokovic’s U.S. Open quarterfinal was suddenly tied at a set apiece, and he tore off his shirt as he headed to the sideline. He sat, halfheartedly tried to smash his racket, and then began screaming.
• Hardly the first time, nor likely to be the last, that Djokovic has let out a little emotion during a match. Whatever gets you through the day, right?
• Gathering himself after getting pushed around a bit by an opponent with an unconventional style, Djokovic wound up reaching the semifinals at Flushing Meadows for the ninth consecutive year with a 6-1, 3-6, 6-3, 7-6 (2) victory over 18th-seeded Feliciano Lopez that finished a little after 1 a.m. Wednesday.

Australia wicketkeeper Brad
Haddin retires from Test cricket

• Wicketkeeper Brad Haddin announced his retirement from Test and domestic first-class cricket on Wednesday, joining the exodus of veteran players from the Australian side after its Ashes loss.
• The 37-year-old Haddin, who didn’t make his test debut until he was 30, played 66 tests, scoring 3,266 runs at an average of 32.98.

Anirban Lahiri becomes first Indian to qualify for President’s Cup team

• Anirban Lahiri added another feather to his cap by becoming the first Indian to qualify for the prestigious President’s Cup
• Lahiri, World No.40, came through as one of the automatic qualifications for the International Team, which will take on United States in the biennial Presidents Cup in Korea.
• In the International Team standings, the deadline for which ended on Monday, Lahiri finished seventh to make the team.
• Also becoming the first from his country to make the team was Thailand’s Thongchai Jaidee, who was ninth
• At one stage, Lahiri had fell out of the Top-10, but his fifth place finish at the PGA Championships hauled him back into the zone.

Haryana government grants Vijender permission to turn professional

• Vijender Singh’s bout with the Haryana government over chasing his professional boxing dreams is over
• The Beijing Olympics bronze medallist can go ahead with his plans with the Haryana government finally approving his leave application to train in England to compete in the professional circuit.
• Vijender, a Deputy Superintendent in Haryana Police, had in July sought a year’s extraordinary leave (from August 2015) to train and compete.
• The government didn’t give its approval, which whipped up a controversy. However, it gave its approval a couple of days ago
• Around 15 athletes from Haryana Police figure in various professional leagues, including the pro-kabaddi league.
• Vijender has started training in London and the first bout is expected to take place in a month.

I-League and ISL merger possible after Two-three seasons, says AIFF chief Praful Patel

• The All India Football Federation (AIFF) finds itself in a tug-of-war for attention between Indian Super League clubs and I-League clubs: both tournaments spawned by the same organisation — but one which finds itself backed by big corporates, bollywood stars and Star Sports; and the other besieged by failing clubs, lack of marketing and almost negligible viewership.
• Legacy and history are the only two things going for the I-League.
• However, after a meeting with ISL organisers IMG-Reliance and I-League club representatives, AIFF president Praful Patel gave assurances that India’s FIFA-recognised principal league is not going anywhere, at least for now.
• A merger with the ISL has still been discussed and is very much in the pipelines, but it will take time.
• That is no reason to stop the governing body of football to not listen to the grievances of I-League clubs
• Patel gave the example of I-League club Mumbai FC which had to play their home games outside of Mumbai because Cooperage was not ready to host matches — which made it extremely hard for the club to garner a following.
• The Member of Parliament has also agreed that India play their World Cup qualifier against Guam in Mumbai at the Andheri Sports Complex, subject to organisers upgrading the turf, seating and other FIFA requirements.

Bangladesh, India in Final

• India and Bangladesh, the top two teams, made the final of the SAARC golf championship. On the penultimate day of the championship at the KGA course, India defeated Bhutan, while Bangladesh swamped a hapless Afghanistan in the semifinals. Both teams winning the 36-hole Match play round without dropping a match.
• The 18-hole morning session set the tone with India’s top amateur Viraj Madappa essaying a flawless, bogey free round to beat Bhutan’s Karma Wangchuk 8 and 7
• Pukhraj Singh Gill then beat Bhutan’s Capt. (retd) B.B. Gurung 7 and 5. But the India team captain Jaibir Singh was stretched to the fourth extra hole by Bhutan’s Tshendra Dorgi.
• In the sudden death play-off with both players level after three holes, Jaibir Singh landed his tee shot on the green of the short, par-3 fourth hole and duly holed out for a par. But Dorgi failed to chip and putt finishing with a bogey.
• India was as invincible in the afternoon session with Madappa and Gill winning by identical 6 and 5 margins.
• Bangladesh, clearly the favourite in its semifinal against Afghanistan won all its three matches in the morning session.
• India and Bangladesh will face off in the final.

Ethiopia’s Geremew and
Daska emerge victorious

• Kenya’s stranglehold over the TCS World 10K was broken in absorbing fashion as Ethiopia’s Mosinet Geremew and Mamitu Daska emerged victorious.
• The previous five men’s and three women’s winners had all come from Kenya but there was to be no encore.
• Geremew finished in a time of 28:16, with compatriot Fikadu Seboka two seconds behind him. The pair ran a cautious race, not wishing to set the pace at any stage but making sure to stay within striking distance of the leader at all times. Edwin Kiptoo was third.
• Kogo, the former world record holder and the pre-race favourite, was unable to find the same finishing kick and settled for fourth.
• The winners earned $21,000 each in prize money while the top Indian finishers were awarded Rs. 2.5 lakh each.

Sania-Hingis duo loses Rome Masters final

• The Indo-Swiss tennis combine of Sania Mirza and Martina Hingis did not live up to expectations as the top seeds were upset by Hungarian-French pair of Timea Babos and Kristina Mladenovic in straight sets in the women’s doubles final of the $2,428,490 Rome Masters.
• The third seeds took just an hour and 13 minutes to come out on top with a 6—4, 6—3 win on the outdoor clay courts of Foro Italico in the first ever match between the two pairs.
• This was Sania and Martina’s, ranked World No.1 and 2 respectively, fourth final together, having won at Indian Wells, Miami and Charleston earlier in the year.
• The match did not go in favour of the top seeds right from the start as Sania and Martina were shocked in the fifth game of the first set when Timea and Kristina broke them and held serve to extend the lead to 4
• Sania and Martina finally earned two breakpoints for the first time in the match when the the third seeds were looking to close the set on their service game at 5—4. However, both opportunities were wasted as Timea and Kristina won the set to take the lead in the match in only 38 minutes.
• The third seeds took the momentum into the second set as they immediately broke their opponents. But Sania and Martina reverted by breaking back and levelling the set at 1—1.
• The next four service games were held by both teams but the third seeds once again stunned the Indo-Swiss combo by breaking them in the seventh game of the set. They held serve to extend the lead to 5—3.
• Within no time, Timea and Kritina had two matchpoints. The first was saved by the top seeds but the Hungarian-French pair converted the second to earn the vital crown.

Bronze for Archana

• India’s Archana Kamath won a bronze medal in the cadet girls’ singles at the Thailand Open table tennis tournament.
• Archana lost 11-9, 11-7, and 11-8 to Chinese Taipei’s Chen Ting-Ting, the eventual winner, in the semifinals.

Djokovic, Sharapova win Rome titles

• Novak Djokovic scored a 6-4, 6-3 wins over Roger Federer to capture his fourth Rome Masters title.
• Djokovic also won the Rome title in 2008, 2011 and last year.
• In the women’s tournament, Maria Sharapova beat 10th-seeded Carla Suarez Navarro 4-6, 7-5, 6-1 to win her third Rome title.
• Sharapova’s first two titles in Rome came back-to-back in 2011 and 2012.

ICC committee recommends removal of batting PowerPlay

• The ICC Cricket Committee recommended the removal of batting PowerPlay besides allowing five fielders outside the circle in the last 10 overs.
• The committee, headed by former India captain Anil Kumble, discussed the ODI playing conditions, code of conduct as far as player behaviour is concerned, illegal bowling actions, use of technology and helmet safety among other issues.
• The Cricket Committee will recommend to the Chief Executives Committee that there should be three changes to the ODI fielding restrictions: the requirement to have two compulsory catchers in the first 10 overs is removed, the batting PowerPlay be removed and that five fieldsmen be allowed outside the circle from overs 41-50 instead of four.
• In an attempt to strike a balance between bat and ball, the ICC will not introduce a regulation about the size of bats, but it will provide input on this issue to the MCC through the consultation process ahead of the re-drafting of the Laws of Cricket in 2017.
• The committee reiterated its previous edict that boundaries at international venues needed to be set-up to the maximum size at each venue. The committee asked ICC to investigate ways in which no balls can be reviewed quickly upon the fall of a wicket and also recommended that all no-balls in ODI and T20I cricket should result in a free hit.
• The committee supported the stronger stance being taken against inappropriate player behaviour, and was concerned at the increasing number of send-offs.
• There was also strong support for the current practice of suspending captains for over rate breaches.
• There was a discussion on the performance of DRS and the use of technology in umpiring.
• There was a presentation on helmet safety, particularly the development of the new British Standard for cricket helmets, and the increasing number of manufacturers that now make helmets that are certified to this new standard.
• Whilst the committee did not believe the wearing of helmets should be mandatory at international level, it did strongly recommend that all helmets worn by international players should be certified to this new British Standard.
• The Cricket Committee’s remit is to discuss cricket-playing matters and to make recommendations to the ICC Chief Executives’ Committee and the ICC Board that will meet in Barbados during the apex body’s annual conference week, from June 22 to 26
• “We have enjoyed two very productive days of meetings in which the committee discussed a wide range of issues affecting the global game through practical examples and illustrations,” said Kumble, the committee’s chairman.

Bayliss appointed England head coach

• Australian Trevor Bayliss has been appointed as the new head coach of England, the England and Wales Cricket Board (ECB) announced.
• The 52-year-old former Sri Lanka coach succeeds the sacked Peter Moores, having been preferred to his compatriot Jason Gillespie, the Yorkshire coach, who was the initial favourite for the job.
• “Trevor has an outstanding record as coach, has global experience and is very highly regarded in the game,” said the ECB’s director of cricket Andrew Strauss in a press release.
• Currently coach of New South Wales, Bayliss will take charge of England in time for the start of their home Ashes series against Australia in July.
• “He has proved himself in both domestic and international cricket, has a strong reputation for man-management and has shown how to build winning teams in all three formats,” Strauss added.
• “His expertise in the shorter forms of the game will be vital as we build towards three major ICC events over the next four years; the ICC World T20 tournament in India in 2016 and the ICC Champions Trophy and ICC Cricket World Cup, which will be staged in England and Wales in 2017 and 2019 respectively.”
• Strauss confirmed that Bayliss will work alongside current caretaker coach Paul Farbrace, who steered England to a stirring 124-run win over New Zealand in the first Test at Lord’s, which concluded on Monday.
• Farbrace will remain in charge for the second Test at Headingley, starting, and the following limited-overs match. Bayliss worked with Farbrace during his time as coach of Sri Lanka, who he led to the final of the 2011 World Cup.
• “It’s an honour to be appointed England coach,” said Bayliss.recommendations to the ICC Chief Executives’ Committee and the ICC Board that will meet in Barbados during the apex body’s annual conference week, from June 22 to 26.
• “We have enjoyed two very productive days of meetings in which the committee discussed a wide range of issues affecting the global game through practical examples and illustrations,” said Kumble, the committee’s chairman.
  Bayliss appointed England head coach
• Australian Trevor Bayliss has been appointed as the new head coach of England, the England and Wales Cricket Board (ECB) announced.
• The 52-year-old former Sri Lanka coach succeeds the sacked Peter Moores, having been preferred to his compatriot Jason Gillespie, the Yorkshire coach, who was the initial favourite for the job.
• “Trevor has an outstanding record as coach, has global experience and is very highly regarded in the game,” said the ECB’s director of cricket Andrew Strauss in a press release.
• Currently coach of New South Wales, Bayliss will take charge of England in time for the start of their home Ashes series against Australia in July.
• “He has proved himself in both domestic and international cricket, has a strong reputation for man-management and has shown how to build winning teams in all three formats,” Strauss added.
• “His expertise in the shorter forms of the game will be vital as we build towards three major ICC events over the next four years; the ICC World T20 tournament in India in 2016 and the ICC Champions Trophy and ICC Cricket World Cup, which will be staged in England and Wales in 2017 and 2019 respectively.”
• Strauss confirmed that Bayliss will work alongside current caretaker coach Paul Farbrace, who steered England to a stirring 124-run win over New Zealand in the first Test at Lord’s, which concluded on Monday.
• Farbrace will remain in charge for the second Test at Headingley, starting, and the following limited-overs match. Bayliss worked with Farbrace during his time as coach of Sri Lanka, who he led to the final of the 2011 World Cup.
• “It’s an honour to be appointed England coach,” said Bayliss.
• “There’s a great opportunity to help (Test captain) Alastair Cook and (one-day captain) Eoin Morgan shape the direction and development of their respective teams.
• “I am also looking forward to working alongside Paul Farbrace once again as we have a similar outlook on the game, get on well after two years working together and have kept in touch.”

Ministry considers recognising regional federations

• The Union sports ministry has decided to consider granting recognition to sports bodies dealing with indigenous disciplines as Regional Sports Federations (RSFs).
• In a release, the ministry said in order to promote such disciplines and give them due acknowledgement it would take up the cases of such sports bodies and consider them for recognition with the approval of the competent authority.
• However, the ministry said these bodies must fulfil some conditions. Accordingly, the sports disciplines (a) must be popular in a region/ state and played in one or more states, (b) should have been played in the region for at least last 10 years, (c) RSFs seeking recognition should have conducted championships at senior, junior and sub-junior levels and (d) in case there is an international federation for a discipline, the National body should have the recognition of the global outfit (in case there are several bodies at the international level for one sport and if more than one RSF apply for recognition, then the Government shall take a decision in the matter).
• The ministry clarified that a particular condition, which required a National Sports Federation to have affiliated units in two-third of the state/ union territories, will not be applicable for the grant of recognition to RSFs.

Bolt wins 200m at rain-hit Ostrava

• Jamaican sprint star Usain Bolt overcame rain-soaked, chilly conditions to streak to his new season best in winning his favoured 200 metres at Golden Spike meet.
• In the eastern Czech city of Ostrava, the 28-year-old world and Olympic champion — who also holds the world 100 and 200m records, clocked 20.13 seconds, almost a second behind his world record of 19.19sec set in 2009.
• In his only previous appearance over 200m this season, and following a string of injuries that plagued him in 2014, Bolt timed 20.20sec on home soil in Kingston, Jamaica, in April. It is the first time since 2007 that Bolt has run two back-to-back 200m slower than 20sec.
• Bolt said he had wanted to go under the 20-second barrier but “the conditions didn’t allow and I’m coming back from an injury so it’s going to take time”.
• “For me it was not a perfect day but I’m just happy to have gotten out at least injury-free,” he said.
• Bolt said he was feeling better ahead of Diamond League meets in New York and Paris.
• U.S sprinter Charonda Williams won the women’s 200 metres in 23.12 seconds.

Pujara, Sharma break into top 20 of ICC Test rankings

• Pacer Ishant Sharma broke into the bowlers’ top-20, while Cheteshwar Pujara entered the top-20 of batsmen’s list as Indian cricketers gained significantly in the latest ICC Test rankings following their first series triumph in Sri Lanka in 22 years.
• “Cheteshwar Pujara has broken into the top 20 of the ICC Player Rankings for Test Batsmen for the first time in his career following the conclusion of the Colombo Test, which India won by 117 runs to clinch the series 2-1,” the ICC said in a statement.a
• The 27-year-old batsman carried his bat in the first innings and returned unbeaten on 145 not out, his seventh career century, which was the cornerstone of India’s first innings score of 312
• For this performance, Pujara has been rewarded with a jump of four places, which puts him in 20th positio
• Pujara is now the second India batsman to feature in the top 20, but following Virat Kohli’s drop to 11th (down by one place), the fifth-ranked side has no batsman inside the top 10.
• Rohit Sharma has moved up two places to 48th, Ravichandran Ashwin has gained five places and is now in 50th spot, while Amit Mishra, who scored 59 in the first innings and featured in a 104 runs eighth wicket partnership with Pujara, has vaulted 56 places to 91st.

India-South Africa series to
be known as ‘Gandhi-Mandela series

• Australia & England might have the Ashes but India and South Africa have evoked the memory of two iconic historical figures to name future cricket series between the two countries. Starting in November, the Test series between the countries will be known as ‘The Mahatma Gandhi-Nelson Mandela Series’, an announcement said on Monday. “For the people of both our countries there is no greater duty than to uphold the ideals of both Mahatma Gandhi and Nelson Mandela,” Cricket South Africa Chief Executive Haroon Lorgat said in a statement. “As cricket loving people we must fight hard to win on the field of play but never forget to do battle in the spirit of these two great men.”
• South Africa tour India for four Tests in November and December, preceded by a series of limited over matches in October. The two countries have played 11 Test series since 1992 with South Africa winning six and drawing three. Only the first series comprised four Tests. A dispute between the two rival boards saw the last series in South Africa reduced to just two Tests in 2013. Gandhi, who pursued non-violent protest to win Indian independence, lived in South Africa for almost two decades, working as a lawyer and leading several civil rights protests. Mandela, who died almost two years ago, spent 27 years behind bars for his fight against apartheid and then became South Africa’s first black president in 1994.

Women’s hockey team Confirmed its berth to next year’s Olympic Games

• A 36-year-long wait ended on Saturday as the Indian women’s hockey team confirmed its berth to next year’s Olympic Games in Rio de Janeiro.
• The news could not have come on a better day — the National Sports Day and birthday of hockey’s original wizard, Dhyan Chand.
• India last played in the Olympics at Moscow in 1980 when women’s hockey made its debut.
• India women’s hockey team was assured of a place in the 2016 Olympics Games after fellow contenders Spain lost to England.
• The team clinched the berth to Rio thanks to England, who defeated Spain 2-1 in the semifinals of the EuroHockey Championships in London on Friday night.
• Spain was the only team in the EuroHockey Championships semifinals not to have qualified for the Olympics and needed to win the title to claim the berth.
• England’s victory over Spain, coming after the Netherlands 1-0 win against Germany in the first semifinal, meant two teams that had already qualified for the Olympics were in contention for the European continental title.
• This freed the quota place reserved for the winner in Europe.
• The Indian women thus clinched their ticket to Rio through their fifth-place finish at the Hockey World League Semifinal in Antwerp, and the next highest-ranked team not to have booked a berth to Brazil.

Sania receives
Rajiv Gandhi Khel Ratna Award

• In the backdrop of two legal cases, 16 sportspersons and five coaches were among those who were honoured at the National Sports and Adventure Awards ceremony in the Durbar Hall of the Rashtrapati Bhawan here on Saturday.
• Tennis ace Sania Mirza was conferred the Rajiv Gandhi Khel Ratna Award even as the Karnataka High Court sought clarifications from the Union Sports Ministry following a petition from Paralympian H.N. Girisha challenging the Ministry’s decision.
• Sania, a multiple Grand Slam champion, is the second tennis player to get the honour and the first to receive the award from President Pranab Mukherjee
• Predictably, Sania, who flew in ahead of the US Open, was the most sought-after sportsperson of the evening.
• The event lost some sheen as five out of 17 selected for the Arjuna Award could not be present due to international assignments and other compulsions.

Indian’s women hockey team make it to Rio

• The Indian women’s hockey team has become the 10th side to qualify for next year’s Rio Olympics. India had last played in the Olympics in 1980, the year in which women’s hockey made its debut in the mega event, and finished fourth after losing to the Soviet Union in the bronze medal match.
• According to a statement issued by the International Hockey Federation (FIH) on Saturday, India qualified after England defeated Spain in the semifinals of the Euro Hockey Championships in London, which ensured that the only teams who can now win the event have already qualified for Rio through the Hockey World League Semifinals — the Netherlands and England (as Great Britain).
• This is the first time when the Indian women made it to the Olympics through the qualification system.

Novak Djokovic in a new role as global goodwill ambassador

• Top-ranked tennis star Novak Djokovic has a new title — goodwill ambassador for the UN children’s agency, UNICEF.
• The world No. 1 men’s player has worked on children’s issues for UNICEF in his native Serbia since 2011. UNICEF has now appointed him a global goodwill ambassador.
• UNICEF Deputy Executive Director Yoka Brandt said Wednesday Djokovic’s new job recognized his work in Serbia to improve the lives, particularly of marginalized children, and to promote early childhood education.
• Djokovic grew up in Serbia during the Balkan wars and became a top tennis player there. He has gone on to win nine tennis majors and is considered one of the sport’s all-time greatest players. He is a favorite to win New York’s U.S. Open, which begins next week.
• Djokovic said he is honored to be a UNICEF goodwill ambassador “and to continue to help defend and uphold children’s rights.”

India to host international weightlifting event for first time

• For the first time in the history of weightlifting, an individual international tournament will be organised in India when it hosts the Commonwealth Youth, Junior and Senior Weightlifting Championships in Pune from October 11-15.
• India will field 40 weightlifters — 11 youth (boys & girls), 16 junior (men & women) and 13 senior (men & women) — in the Commonwealth Championships.
• Meanwhile, five weightlifters will take part in the 26th Women & 45th Men Senior Asian Weightlifting Championships to be held in Phuket, Thailand from September 3 to 12.

HC notice to Sania Mirza, government over Khel Ratna award

• The Karnataka high court on Wednesday ordered notices to tennis star Sania Mirza; Union sports ministry and two sports committees in response to a petition filed by Paralympics champion HN Girisha.
• Girisha has challenged the decision to recommend Sania’s name for this year’s Rajiv Khel Ratna award, to be presented by the President on August 29.
• Girisha, from Hassan district, had won silver for India in the 2012 London Olympics Paralympics.
• He also won bronze in the 2014 Asian Para Games. He has won Padma Shri, Arjuna and Ekalavya. As per the marks criteria, Girisha said he has to his account 90 marks (70 marks for silver medal in London Olympics, Paralympics 2012 and 20 marks for bronze medal in Asian Games 2014) during the computation period - January 1, 2011 to December 31, 2014.
• In his petition, Girisha claimed he was a more meritorious candidate among the nominees and alleged discrimination since the right person has been denied the award.
• “The respondents (selection committee and sports ministry) have severely erred in their assessment in arriving at the qualification and recommendation of Sania Mirza’s name for the award of Khel Ratna. There has not been proper and unbiased assessment in the matter,” Girisha claimed in his petition.

Kabaddi League: Anup, the force behind U Mumba

• If U Mumba, the runners up of the in augural season of the Star Sports Pro Kabaddi League last year, have emerged as the hot favourite to claim the crown in Season 2, it has a lot to do with their skipper Anup Kumar.
• The vice-captain of the national team is the catalyst behind the team’s supreme form.
• The Deputy Commissioner of Police from Haryana has not only won the respect of teammates with his cool approach, it has also won the hearts of fans across the country. “He is as cool as ice,” says Surinder Nada, who had accidently made it to the team despite not be ing the first
• This season U Mumba has been brilliant. With 12 wins in 14 matches, the franchise has been a revelation and coach E Bhaskaran is not shy to deflect the credit onto Anup. “As a coach I can’t do much when the game is on.
• This year the time-outs too have been reduced to a minute-and-a-half each which does not leave too much time for me to strategise.
• Here, Anup and his cool attitude come in handy. He becomes a coach among his teammates and guides them exactly the way I would have in each situation. He has an amazing ability to grasp whatever I tell him,” says Bhaskaran, who also happens to be the coach of the national team.

First Indian to
Play a Golf Major, Anirban Lahiri

• Anirban Lahiri created history for Indian golf on Sunday, finishing tied 5th at the PGA Championship. The Bangalore golfer’s 5th place finish is the best performance by an Indian golfer at a Major, eclipsing Jeev Milkha Singh’s Tied 9th finish at the PGA Championship in 2008.
• Anirban in fact played all four Majors this year and his stint at the PGA capped a dream year that saw him win 2 European Tour events. We spoke to Gaurav Ghei, a three-time winner on the Asian Tour and the 1st Indian to participate in a Major in 1997 about the magnitude of Anirban’s achievement and what this means for Indian golf

Sebastian Coe
elected new president of IAAF

• Sebastian Coe was elected president of the International Association of Athletics Federations (IAAF) on Wednesday after beating Ukraine’s Sergey Bubka by 115 votes to 92 in a ballot of the governing body’s 50th Congress.
• The Briton takes over as head of a sport battling a public relations crisis with the IAAF accused of failing in its duty to address doping amid allegations that blood doping was rife in athletics.
• The former Olympic 1,500 metres champion will replace Senegalese Lamine Diack, who has run the body for the last 16 years, at the end of the Aug. 22-30 world championships in Beijing.
• Coe has aggressively defended the IAAF’s record on doping over the last three weeks, saying the organisation had “led the way” on out-of-competition testing and laboratories, and introduced blood passports in 2009 to help weed out the cheats.
• Coe also reiterated his promise to hand each of the 214 federations a development grant of $200,000 in each Olympic cycle of four years, and to engage with governments to help utilise their funding to help athletes.
• The financial acumen he gained in heading up the organising committee for the London Olympics would stand him in good stead as he seeks to bring new sponsorship to the sport, he added.

Special General Awareness for IBPS, Bank Exams (India & The World) - 2015

:: India & The World ::

India can’t compete with China on INDCs

• As the world eagerly awaits India’s climate action, there is absolute clarity that the country’s intended nationally determined contributions (INDCs) will not be similar to that of China.
• The inter-governmental consultations on framing up the INDCs have shown that India is nowhere close to China on energy generation and consumption — drivers for deciding a nation’s climate action.
• China’s installed energy capacity is five times that of India; every household in China has access to electricity unlike 56% households in India and just a quarter of households in China use biomass for cooking as compared to 85% of rural homes in India.
• When it comes to emissions, more than one-fourth of global emissions were by China as compared to just 6% for India in 2014. India’s per capita emissions are one-third of China’s.
• These are some facts that energy ministries — power, coal and new and renewable energy (RE) — have conveyed to the environment ministry during consultation for firming up India’s INDCs. They have also highlighted why coal-based thermal power plants were necessary for India to continue high economic growth trajectory in the next 15 years or so.
• Documents accessed by Hindustan Times show these ministries have strongly voiced their opposition towards any attempt to match China on INDCs as it could have implications on the country’s economic growth.
• Former Planning Commission member Kirit Parikh too has strongly advocated against pushing renewable beyond a certain threshold to match China’s ambitious RE goal.
• China has committed to generate 20% of its energy needs from renewable sources by 2030, reduce carbon dioxide emissions per unit of GDP by 60-65 per cent by 2030 from 2005 levels and limit power generation from thermal power plants.
• Something similar could be disastrous for India, which is expected to submit its INDCs in September to the United Nations Framework Convention on Climate Change (UNFCCC) after getting Cabinet’s nod.
• China’s installed energy capacity is five times that of India, every household in China has access to electricity unlike 56% households in India and just a quarter of households in China use biomass for cooking as compared to 85% of rural homes in India.
• When it comes to emissions, more than one-fourth of global emissions were by China as compared to just 6% for India in 2014. India’s per capita emissions are one-third of China’s.

Sarvepalli Radhakrishnan:

The man behind the Teacher’s Day in India

• Every year on September 5, we celebrate Sarvepalli Radhakrishnan’s birthday as Teacher’s day. Sarvepalli Radhakrishnan was India’s first Vice President and second President, who was one of the most learned scholars and statesman.]
• Radhakrishnan taught in the University of Calcutta, the University of Oxford and the University of Mysore. He is credited for creating and shaping the contemporary Hindu identity and for connecting India to the West with his philosophies.

Some interesting facts about Sarvepalli Radhakrishnan that you must know:

• Sarvepalli Radhakrishnan was born on September 5, 1888 in a village near Thiruttani in Tamil Nadu
• When Sarvepalli Radhakrishnan became the President of India, many of his students and friends wanted to celebrate his birthday at a national level. Instead Radhakrishnan asked them to celebrate ‘Teacher’s Day’.
• Sarvepalli Radhakrishnan was a proud Hindu. He wanted the World to know about the Indian philosophy and therefore, he did a critical study on the Indian philosophy, especially that of Vedantas
• Sarvepalli Radhakrishnan was married to a distant cousin, at the age of 16. He was married for 51 years, until his wife, Sivakamu died in 1956
• In 1931 during the birthday honours, King George V knighted Sarvepalli Radhakrishnan. After the Independence of India, Radhakrishnan stopped using the title of ‘Sir’ and instead preferred the title of ‘Doctor’
• In 1939, Radhakrishnan served as the Vice Chancellor of Banarus Hindu University
• After independence, Sarvepalli Radhekrishnan represented India at United Nations Educational, Social and Cultural Organization (UNESCO) and later, he also served as the Ambassador of India to the Soviet Union
• Former Indian cricketer, VVS Laxman was the great grandnephew of Sarvepalli Radhakrishnan
• Sarvepalli Radhakrishnan died at the age of 86 on April 17, 1975.

Australia, India step up defence ties

• AUSTRALIA and India are stepping up defence ties, holding a joint naval exercise every two years and launching new partnerships in defence science, peacekeeping and countering terrorist bombs.
• IN a joint communique, Defence Minister Kevin Andrews and his Indian counterpart Manohar Parrikar said they wanted to broaden and deepen the defence relationship.
• Given common interest in the Indian Ocean and its importance to regional and global trade, maritime security would remain a central component of the bilateral defence relationship, the ministers said following Mr Andrews’ visit to India this week.

Africa presents $35 bn opportunity for Indian IT companies: Nasscom

• The IT companies in India are eyeing $35 billion opportunities in the burgeoning African market to expand business as they aim to reduce dependence on the U.S. and the U.K. markets, which presently accounts for about 80 per cent of their revenues.
• Africa presents a huge opportunity for us. There are 50 plus countries with a population of over one billion people. Information and Communication Technology (ICT) is seen as a catalyst for development and is high on the agenda of many African governments,” Shivendra Singh, VP - Global Trade Development, National Association of Software and Services Companies (Nasscom) told The Hindu .
• According to Nasscom, the partnership will help Indian companies “de-risk from over dependence on the English speaking markets” and it will enable African countries to leverage the maturity of Indian companies, at the same time given them access to large pool of specialist manpower at the mid management level.
• Nasscom, in association with Telecom Equipment & Services Export Promotion Council and the Government of India is also organising a two-day Indo-Africa ICT expo in Nairobi, Kenya on September 28-29. The event, in which over a 100 companies will be participating, will focus on how African countries can use Indian IT’s domain knowledge to build an inclusive IT ecosystem.

India accepts invitation to

victory parade in Beijing

• Ending weeks of speculation, India has accepted China’s invitation to a military parade in Beijing on September 3 to celebrate the end of World War II.
• Union Minister of State for External Affairs V.K. Singh will represent India, sources here and Beijing said on Wednesday.
• China has invited the U.S., the U.K., Germany, Russia, even Japan and other nations to the parade to commemorate the 70th anniversary celebrations of what it calls the “victory of the anti-fascist forces”.
• New Delhi was cautious in accepting the invitation, weighing in the consequences on its bilateral ties with Japan.
• Chinese Ambassador to India Le Yucheng recalled on Tuesday the support Beijing received during the war from leaders like Mahatama Gandhi and Rabindranath Tagore.

Ties with Japan

• “Relations between India and Japan have been strengthened over time, even after the war when the International Military Tribunal [for the Far East’s trials of Japanese war crimes committed during the WW-II] was set up.
• India submitted a judgment which said the defendants were not guilty. India also did not sign the 1952 peace treaty, opting to sign a separate peace treaty with Japan; so Tokyo and New Delhi have an independent relationship,”

Russia back

India’s bid for a permanent seat in UNSC

• Russian Foreign Minister Sergey Lavrov’s interview comes on the heels of the U.S. Ambassador to India, Richard Verma, asserting that there has been no change in his country’s position on the expansion of the UNSC and on India’s bid for candidature for a permanent seat.
• However, despite the assertions of public support for India’s candidature, neither the U.S. nor Russia has explained why their letters to U.N. General Assembly president Sam Kutesa did not include their support.
• These countries have also made it clear they wouldn’t support veto power for India or any other country.

China, a road block

• China too remains a big roadblock as it has neither clarified its position on support for India nor is it expected to support the adoption of the UNSC expansion process if it comes to a vote by September 15, when the current UNGA session ends.
• New Delhi, which will be competing for a permanent seat with Germany, Japan and Brazil, already has the support of France and the U.K., and has long held that as one of the biggest democracies and a growing economy it is poised to take its place in the UNSC complete with the veto.

Modi extracts $75 bn investment UAE

• On the face of it, Prime Minister Narendra Modi has pulled off a feat which none of his predecessors could: extracting a pledge from a foreign country to invest $75 billion in India. This is the most concrete outcome of his two-day visit to the United Arab Emirates (16-17 August).
• But on the flip side, one has to wait and watch to see the broad contours of the UAE’s proposed investment in India.
• Moreover, one doesn’t know the status of similar investment pledges by Japan and China eleven months ago wherein the two Asian giants had announced to invest $35 billion and $20 billion respectively in India.
• The India-UAE Joint Statement released on Monday evening touches upon the proposed $75 billion investment from UAW to India but does not give details or the timeline of the proposed investment.
• The Joint Statement talks about as many as 31 areas of broad convergence between India and UAE, including the two sides’ decision to elevate their bilateral relationship to a comprehensive strategic partnership and cooperate in manufacture of defence equipment in India, veritably winning the UAE’s support for PM Modi’s Make in India initiative.
• But undoubtedly the most important of all the 31 agreements between Modi and his UAE interlocutors as reflected in the Joint Statement s the point about $75 billion UAE investment in India. Here is the relevant paragraph: “Recognising that India is emerging as the new frontier of investment opportunities, especially with the new initiatives by the Government to facilitate trade and investment, encourage the investment institutions of UAE to raise their investments in India, including through the establishment of UAE-India Infrastructure Investment Fund, with the aim of reaching a target of USD 75 billion to support investment in India’s plans for rapid expansion of next generation infrastructure, especially in railways, ports, roads, airports and industrial corridors and parks.”

India, Bangladesh both facing fake currency problem

• The Indian team informed the Bangladeshi side that fake notes were being used by some “state agencies” to fund terror activities in India and that forensic examination of the seized notes indicated that they were being printed using raw materials and sophisticated currency printing machines available only for sovereign states.
• Indian agencies have strong reasons to believe that the high-quality fake notes being pushed into the country were being printed in Pakistan.
• The Bangladeshi agencies also gave a presentation on the adverse impact of fake notes on the country’s economy. In Bangladesh, such notes are being used to fund human and drug trafficking, besides anti-state activities.

Digital record

• The Bangladeshi delegation accepted a proposal from the Indian side to help establish state-of-the-art facilities for examination of fake currency notes and maintain a digital record of seizures and analysis. The Indian team proposed to create a database on smugglers for use by both countries.

‘India, Japan and

U.S. can shape China’s peaceful rise’

• Coordination among India, Japan and the U.S. on security cooperation and economic ties are essential because they can fundamentally talk about how they can “shape China’s rise in a peaceful way”, said Nicholas Szechenyi, Deputy Director and Senior Fellow – Japan Chair at the Centre for Strategic & International Studies (CSIS).
• “India has unique interests with China, as does Japan and as does the U.S. They may not always align completely, but fundamentally if we are going to encourage China’s rise in a way that favours regional stability, I think this element of regional coordination among likeminded states is critical. Therefore India, Japan and U.S. have an important role to play,”
• The Japanese Cabinet on Tuesday approved a defence white paper for 2015 which sounded alarm over China’s “one sided maritime activities” in the South China Sea.
• China’s land reclamation in South China Sea has increased tensions in the resource rich region which is contested by several nations.

Africa sees opportunities in Make-in-India

• Making a strong pitch for attracting investment to their continent, African diplomats on Thursday said that the Make-in-India initiative could very well be utilised to boost trade between the two countries.
• Keeping on a low key their individual country interests, the three diplomats – representing Ghana, South Africa and Tanzania – made a strong pitch for the African continent saying that the economy was now warning up and the 54 countries together could offer vast opportunities in raw material sourcing and product marketing. Stefanus Botes, Economic Counsellor, South Africa High Commission said that Africa was now a huge market, which is projected to expand to $1.4 trillion by 2020 from $860 billion in 2008. There were 52 cities with a population of over one million.

India, Bangladesh enclave

Residents get freedom after 68 years

Ending a border dispute, the much-awaited exchange of enclaves (Chhitmahals) between India and Bangladesh came into effect at the stroke of midnight on Friday-Saturday.
• Crackers were burst and people rejoiced as India and Bangladesh exchanged enclaves, ending the 68 years of stateless existence for over 51,000 enclave dwellers.
• Around 14,000 people living for so long in 51 Bangladeshi enclaves in the Indian territory, and another 37,000 residing in 111 Indian enclaves in Bangladesh, now have a country of their own.
• The Bangladeshi enclaves are now a part of India, while the Indian enclaves join Bangladesh.
• History was written as India gave away to Bangladesh a total area of 17,160 acres, covering the 111 enclaves and in return received 7,110 acres comprising 51 enclaves.
• As the clock struck 12, the Bharat Bangladesh Enclave Exchange Co-ordination Committee (BBEECC) - an organisation that fought for the rights of the enclave dwellers — celebrated the occasion in Mosaldanga enclave of West Bengal‘s Cooch Behar district.
• The 111 Indian enclaves are located in the Bangladesh districts of Lalmonirhat (59), Panchagarh (36), Kurigram 12 and Nilphamari (4) while all the 51 Bangladeshi enclaves are situated in Cooch Behar district of West Bengal.
• The swapping is in pursuance of the inking and exchange of documents of the Land Boundary Agreement (LBA) on June 6 in Dhaka, in the presence of Prime Minister Narendra Modi and his Bangladeshi counterpart Sheikh Hasina.
• The LBA was first inked in 1974 by then Bangladesh Prime Minister Sheikh Mujibur Rahman and former Indian Prime Minister Indira Gandhi.
• “July 31, 2015 will thus be a historic day for both India and Bangladesh. The day marks the resolution of a complex issue that has lingered since independence.
• It also marks the day from which enclave residents on both sides of the border will enjoy the benefits of nationality of India or Bangladesh, as the case may be, and thus access to civic services, education, healthcare and other facilities provided by the two governments to their respective nationals,” said an official statement released by the central government.
• Other steps with regard to implementation of the 1974 Land Boundary Agreement and 2011 Protocol are underway in accordance with agreed modalities between the Indian and Bangladeshi governments, it said.

Nine U.S.

Satellites to be flown from Sriharikota

• In a small but significant progress in the chequered Indo-U.S. space equations, Indian satellite launchers will for the first time put a few U.S.-made satellites into space from Indian soil.
• ISRO’s commercial venture Antrix Corporation recently signed contracts to launch nine micro and nano spacecraft separately as small co-passengers on the PSLV light-lifter during this year and next, according to information from ISRO officials.
• A micro satellite weighs in the band of 10-100 kg and a nano satellite in the range of one to 10 kg.
• The U.S. contracts are seen as the first fruit of the Technology Safeguards Agreement (TSA) that the Department of Space signed with the U.S. in July 2009.
• The TSA leaves the door open for ISRO to launch small non-commercial or experimental spacecraft that are made in the US — or even those of other countries which contain U.S. components.
• Until the TSA was signed, even that leeway was not available for ISRO which aspires to take baby bites in the big global launch service business. Most satellites made around the world use some or other U.S. components.
• ISRO and the U.S. have been working at a bigger accord, the CSLA (Commercial Satellite Launch Agreement) which, when sealed, will bring in the business of launching bigger commercial Earth observation or other satellites.
• ISRO’s PSLV launcher, which has done 30 flights with just one failure since 1993, has a good record and is considered low-priced and reliable for small satellites.
• To date, it has put into orbit 45 small and mid-sized foreign satellites of 19 nations for a fee.

Radar satellite

• Another positive outcome with the U.S. is the NASA-ISRO Synthetic Aperture Radar (NISAR), signed about two years ago, to co-develop a radar imaging satellite and launch it from India around 2019-20.
• It will be the first synthetic aperture radar satellite in dual frequency.

Foxconn may set up a Factory in

Every Indian state in 10 years: Terry Gou

• Terry Gou, founder and chairman of the world’s largest contract manufacturer Foxconn, the trade name for Hon Hai Precision Industry Co. Ltd, made headlines this month when he announced the company’s intention to set up 10-12 factories in India over the next 10 years.
• So when Gou cancelled his scheduled press conference in Mumbai where he was to launch the Foxconn Media Lab in association with Whistling Woods International—an institute for film, fashion and communication founded by filmmaker Subhash Ghai—on Friday, many were disappointed.
• The reason became apparent on Saturday when Gou announced a $5 billion investment in Maharashtra in addition to the agreement with Ghai for media content creation.

India received $24 billion in

FDI from EU in last 3 years

• Despite the Free Trade Agreement talks with the European Union being in limbo, India has received an impressive $24 billion in foreign direct investment from the 28-nation bloc over the last three years.
• As per official figures, India received $6.23 billion in FDI equity inflows from EU in 2012-13 which increased to $9.06 billion the next year.
  • The FDI inflow was $8.20 billion in 2014-15, which was a decline of $862 million compared to the year ago period. In 2015-16, the amount in first two months of current fiscal was $1.39 billion.
• In total, India received $24.91 billion in FDI equity inflows from EU between April 2012 and May 2015.
• The EU has been India’s largest trading partner and the two-way trade is likely to swell significantly if the countries could firm up the long-pending Free Trade Agreement, officially called the Broadbased Investment and Trade Agreement (BTIA).
• India had on Wednesday deferred scheduled talks on the proposed pact later this month which was to resume after a gap of two years after the EU imposed a ban on around 700 generic drugs which were clinically tested by India’s GVK Biosciences on the ground of inaccuracy in data.
• In March, the EU had not responded to India’s proposal for a brief visit by Prime Minister Narendra Modi to Brussels, the headquarters of the bloc, during his trip to France, Germany and Canada in April.
• However, it recently invited him for the India-EU summit just before or after the G-20 summit scheduled to be held in November in Turkey. The last India-EU Summit had taken place in 2012.
• The two-way commerce between EU and India stood at about USD 99 billion in 2014-15 while it was USD 101.5 billion in 2013-14.

UN Kalam GlobalSat: Satellite

Named in memory of APJ Adbul Kalam

• Aproposal has been made to name a global satellite after the late former President Dr. APJ Abdul Kalam who died on 27 July 2015.
• The step is being taken to pay tribute to the Missile Man of India. According to reports, a global satellite called as GlobalSat for DRR (a satellite for observation of Earth and Disaster Risk Reduction) will be renamed as UN Kalam GlobalSat in the memory of the world-renowned rocket scientist.
• The decision to rename the satellite after the late Missile Mans of India was made by Milind Pimprikar, Chairman of CANEUS (CANada-Europe-US-Asia) headquartered in Montreal, Canada.• According to Pimprikar, this step of renaming the satellite the will be a tribute to the great man who had contributed a lot in the field science and space explorations.
• He further added that this will also symbolize his World Space Vision-2050 in which nations will join their hands in order to find solution to major problems of mankind including natural disasters, energy, health-care, education, water and weather related problems.
• While explaining about the satellite, Pimprikar said that the ‘GlobalSat for DRR’ is a United Nation-driven initiative for sharing of technology and ideas to prepare and control the risk of natural disasters.
• The project was proposed at the third UN World Conference on Disaster Risk Reduction held at Sendai in Japan in March 2015. More than 150 nations at the UN session will adopt the GlobalSat in New York in September this year.
• Disaster Risk Reduction — DRR is a systematic process of identifying, analyzing and reducing the associated with a disaster.UN agencies explain DRR as “The conceptual framework of elements considered with the possibilities to minimize vulnerabilities and disaster risks throughout a society, to avoid (prevention) or to limit (mitigation and preparedness) the adverse impacts of hazards, within the broad context of sustainable development.”

Australia mine project: Adani, StanC ties

• The Indian mining giant Adani and the Standard Chartered bank have severed their ties after the federal court revoked the environmental approval for Adani’s controversial $16bn coal mine project in Australia.
• The development puts the Carmichael coal mine project in Queensland into further doubt.
• This is the second big bank after Australia’s largest lender, Commonnwealth Bank walked away from Adani after the approval was revoked barely a week ago.
• Noting that the company valued the partnership with Standard Chartered, a statement by the firm said that “as Standard Chartered has noted, the delays experienced by Adani in receipt of its project approvals informed the decision.”
• The project to build one of world’s largest coal mines and expanding a port on the Great Barrier Reef- the largest coral reef system - is opposed by green groups and residents.

US, China, Russia, oppose India,s bid for permanent seat at UN

• In a setback to India’s bid for a permanent seat in an expanded UN Security Council, the US, along with Russia and China, has opposed negotiations to reform the powerful UN body, refusing to contribute to a text that will form the basis for the long-drawn reform process.
• UN General Assembly President Sam Kutesa achieved a breakthrough of sorts by circulating a text to UN members that will form the basis for the negotiations on the reform of the Security Council.
• Mr Kutesa had appointed Jamaica’s Permanent Representative Courtenay Rattray to chair on his behalf the Intergovernmental Negotiations on Security Council Reform.
• American Ambassador to the UN Samantha Power said in her letter to Mr Kutesa that the US is “open in principle” to a “modest” expansion of both permanent and non-permanent members but the condition that “any consideration of an expansion of permanent members must take into account the ability and willingness of countries to contribute to the maintenance of international peace and security and to the other purposes of the United Nations.
• “Sources told the Press Trust of India that the US opposition to aspects of the reform process can be perceived as a “duplicity” since President Barack Obama has reaffirmed his support for a reformed UN Security Council with India as a permanent member.
• Russia, which has also supported India’s candidacy as permanent member, said in its letter to Mr Kutesa that the “prerogatives of the current Permanent Members of the Security Council, including the use of the veto, should remain intact under any variant of the Council reform”.
• India has maintained that the process to expand the powerful UN body “cannot be seen to be an exercise ad infinitum” and a results-based timeline is crucial to achieve a concrete outcome.
• Sources said that India feels that the 70th anniversary of the UN, being commemorated this year, is an appropriate milestone to propel the reform process, which should be completed within the next one year.
• Russia said that in the situation when positions of the main groups of states - those who support the idea of the UN Security Council’s expansion in both categories and those who do not - remain polar, one can advance in the negotiating process only by searching for a compromise..

Yuan devaluation & Indian economy

• With China’s central bank following up on Tuesday’s devaluation of its tightly controlled currency, yuan, by 1.9 per cent with another 1 per cent cut on Wednesday, India increased the import duty on certain steel products by 2.5 per cent.
• The steel industry is facing profit pressure as prices of imported steel are up to 20 per cent lower than those of domestic products.

Bangladesh Government

Approves Trade Deal with India

• Bangladesh’s cabinet has approved a revised trade agreement with India allowing for the trans-shipment of goods through each other’s territories across land and water routes through a third country in the neighbourhood in a bid to remove a long-standing barrier to smoothening regional trade.

Key facts of the deal

• The revised agreement will facilitate both countries to use each other’s land and water routes for trade with a third country and remove long standing barrier in regional trade.
• With this Bangladesh will be able to use Indian railways, roads and waterways in transshipment of goods to Bhutan and Nepal. While, India will be able to send goods to Myanmar through Bangladesh.
• Under the modified deal both countries will be able to use transport networks for transporting the goods for a fee. These fees and charges for transporting goods will be the same for both the countries and will be fixed through bilateral discussions.
• The deal will be in force for 5 years instead of the existing tenure of 3 years, and further can amended through mutual agreement.
• At present, India has similar agreement with Nepal and Bhutan but Bangladesh’s trade with Nepal and Bhutan was hindered for want of such a treaty with India. Previously, trucks from Nepal and Bhutan entering from Bangladesh along the Indian border were required to park at a specific point near border. But under the revised deal, trucks from Nepal and Bhutan will enter Bangladesh through the Indian corridors.
• Dhaka and New Delhi signed their original trade agreement in 1972 soon after the emergence of an independent Bangladesh. Under the terms of the deal, which had crucial Indian support but expired on March 31, trade could only be done between the two neighbours while India could transport goods to its seven north-eastern states.

PM Modi Visits to France

Prime Minister Narendra Modi has recently visited France, where India and France have signed 20 agreements in various fields .Below is the list of agreements/initiatives/announcements signed/agreed during Modi’s visit:

• MoU between L&T and AREVA: It is aimed at cost reduction by increasing localization, to improve the financial viability of Jaitapur project. It will also enable transfer of technology and development of indigenous nuclear energy industry in India.
• Pre-engineering agreements between NPCIL and Areva: The PEA studies intend to bring clarity on all technical aspects of the plant so that all parties (AREVA, Alstom and NPCIL) can firm up their price and optimize all provisions for risks still included at this stage in the costs of the project.
• MoU between ISRO and CNES on Megha Tropiques: The Indo-French Megha Tropiques satellite was launched on board the Indian launch vehicle, PSLV on October 12, 2011. The MoU shall extend by 2 more years, the joint project for sharing and use of data from the satellite.
• ‘MOU between ISRO, CNES and ONERA for Ka-band propagation experiment over Indian tropical region’: The MoU envisages cooperation for implementation of the project concerning Ka- band propagation experiment over Indian tropical region. The main objective is to collect Ka-Band attenuation data using available Ka-Band transmission and perform analysis along with corresponding radio meter and meteorological data
• Programme between ISRO and French National Centre for Space Studies (CNES): The Agreement proposes cooperation in the areas of Satellite Remote sensing, satellite communications and satellite meteorology; space sciences and planetary exploration; data collection and location; operations of satellite ground stations and spacecraft mission management; space research and applications. It covers the potential cooperation activities such as joint earth observation mission, hosted payload opportunities and Mars exploration.
• MoU on Cooperation between the Ministry of Youth Affairs and Sports of India and French Ministry of Sports, Youth Affairs, Public Education and Community Life The MoU envisages cooperation and exchange of experiences in the fields of sports medicine, institutional cooperation, development of practice of sports in the context of proximity sports, support of participation of women and the disabled in sports, management and coordination of sports federations, training of executives and establishment of National Institute of Sports in India based on French model of INSEP.
• Memorandum of Understanding (MoU) on cooperation in the field of renewable energy between the Ministry of New and Renewable Energy (MNRE), Government of India and the Ministry of Ecology, Sustainable Development and Energy, Government of France the understanding reached in this MoU will help establish the basis for cooperation and relationship to encourage and promote technical bilateral cooperation on new and renewable energy issues on the basis of mutual benefits and reciprocity through exchange and training of technical personnel, exchange of information and data, joint research and transfer of know-how and technology. It would cover solar, wind, bio-energy, tidal and wave energy sectors.
• Railway protocol between Indian Ministry of Railways and French National Railways (SNCF): The Protocol seeks to establish cooperation between Indian and French Railways for semi-high speed rail and station renovation.
• Guarantee Agreement with AFD Financing of Energy Efficiency Services Limited (EESL): The Agreement seeks to finance Energy Efficiency Services Limited (EESL
• Administrative Arrangement in the field of Cultural Heritage: The Administrative Arrangement between the Indian Ministry of Culture and French Ministry of Culture and Communication, envisages cooperation in the field of cultural heritage, through training of Indian heritage conservation professionals at the Institute National du Patrimoine (INP), a higher education establishment of training for curators and restorers in the field of heritage in France, as well as Development of cultural and scientific cooperation in the fields of conservation and restoration of the heritage, short duration training sessions in India by INP trainers in Indian institutes and training of French training in India etc.
• Letter of Intent on Tourism: LoI for increasing cooperation in tourism sector signed between India and France aims to promote sustainable bilateral tourism between the two countries including through mutual promotion of tourism, ensuring safety of tourists and encouraging sharing of expertise and best practices. The LoI also seeks to facilitate twinning of sites having historical, natural and cultural significance in India and France for promoting them as tourist destinations.
• Letter of Intent (LoI) between the Archaeological Survey of India (ASI) and National Institute of Preventive Archaeological Research (INRAP): The LoI envisages collaboration on preventive archaeology projects, initiatives to disseminate culture and promote archaeology, training programmes for specialists of ASI and deployment of expertise, in particular, in the field of underwater archaeology.
• MOU between School of Planning and Architecture, Delhi and National Architecture Institute: The MoU envisages cooperation to undertake joint planning and geographical studies in India and France and training of local counterparts in modern urban and regional research as well as in techniques of scientific methods in Urban and regional planning, geography, environment, Building engineering and management.
• MoU between Indian Heritage Cities Network Foundation (IHCN) and Association Nationale des Villes et Pays d’Art et d’Histoire et villes a secteurs sauvegardés et protégés (‘ANVPAH’) This MoU envisages cooperation between to cooperate in the fields of sustainable development, urban planning, heritage conservation and up-gradation of basic services.
• Proposal for twinning of historical monuments: Twinning of historical monuments is covered under the LoI on Tourism Cooperation.
• VIE scheme to allow Indian students in France and French students in India to stay for a period of 24 months. The Volontariat International en Entreprise (VIE) scheme offers Indian Visa for 12 months renewable once for a period of 12 months for 250 French students and a ‘second residence permit’ of 12 months for the Indian students in France following the 12 months already granted.
• Letter of Intent on Ayurveda between Ministry of Ayush and University of Strasbourg: LoI allows both the parties to strengthen their relationships and cooperation in the area of Ayurveda education and research by undertaking academic and research activities, exploring feasibility of collaborative research, and drawing up strategies for dissemination of results of completed studies, Conducting joint workshops/conferences on Ayurveda as complimentary medicine in France
• MoU between National Skill Development Agency (NSDA), India and the National Commission for Vocational Qualifications: The agreement will facilitate exchange of information and knowledge about maintenance of qualification registers through information exchanges, visits and other suitable meetings.
• MoU on cooperation in the field of Science & Technology between Department of Science & Technology of India and the French National Centre for Scientific Research (CNRS): The MoU is for cooperation between the two countries in the areas of applied mathematics, physics, Information & communication technology, water resources and environment, life sciences, astronomy, climate and energy by exchange of information, organization of meetings/workshops/seminars, exchange of research personnel; joint projects; establishment of Virtual Joint Laboratories, and establishment of Joint Research Centres.
• MoU between Department of Biotechnology of India and CNRS and UPMC on Collaboration forestablishment of a National Institute of Marine Biology and Biotechnology in India: The proposed MoU seeks to establish a National Institute of Marine Biology and Biotechnology in India, with a Hub and Spoke network of laboratories

India Contributes US $ 100,000 to the International Trade Centre Trust Fund

• Ambassador and Permanent Representative of India to UN and other International Organisations, Mr. Ajit Kumar and Executive Director of ITC, Ms. Arancha Gonzalez signed an agreement on 15 March 2015 authorising ITC to use India’s contribution of US $ 100,000 to ITC Trust Fund for its Trade Related Technical Assistance (TARA) programme
• ITC is the technical cooperation agency of UNCTAD and WTO for operational and enterprise-oriented aspects of international trade development. It was created in 1964 through a decision of GATT contracting parties and in 1968 UNCTAD joined GATT as co-sponsor. ITC supports developing countries, particularly Least Developed Countries (LDCs), Land Locked Developing Countries (LLDCs), Small Island Developing States (SIDS), Sub- Saharan Africa, fragile states, small and vulnerable economies and economies in transition to develop Small and Medium Enterprise (SME) competitiveness through trade and international business development.

India Elected to Four Key Bodies of UN

• India has been elected to four key subsidiary bodies of the United Nations’ agency on economic and social issues. India was elected by acclamation, a form of election that does not use a ballot, to the subsidiary bodies of the UN Economic and Social Council (ECOSOC) during its coordination and management meeting on Wednesday.
  With the election wins, India maintained its 100 per cent record of winning elections held in the United Nations Headquarters here.

Four Key Bodies are

• United Nations Children’s Fund (UNICEF): It was elected, along with 13 other nations, to the Executive Board of the UNICEF for a three-year term beginning January 2016. UNICEF addresses the needs of children with emphasis on giving long-term benefits to children everywhere, particularly those in developing countries.
• World Food Programme (WFP): India was also re-elected to the Executive Board of the WFP for the 2016-2018 term along with five other nations. WFP is the food assistance arm of the UN which provides food assistance to around 90 million people in 80 countries in a year.
• Crime Prevention and Criminal Justice (CCPCJ): It was among the 20 nations to be elected to the CCPCJ for a three-year term, beginning January 2016. The CCPCJ provides policy guidance to UN Member States on crime prevention and criminal justice and develop, monitor and review implementation of the UN crime prevention programme.
• United Nations Human Settlements Programme (UN-Habitat): India also got re-elected to the Governing Council of the UN-Habitat for the term 2016-2019. UN-Habitat is mandated by the UN General Assembly to promote socially and environmentally sustainable towns and cities with the goal of providing adequate shelter for all.

US and India Sign MoC on Transportation

Special General Awareness for IBPS, Bank Exams (Economy) - 2015

:: Economy ::

Videocon launches world’s first LED hybrid TV cum PC priced at Rs 39,990

• Videocon, in partnership with Microsoft Corporation, today launched Windows 10 powered world’s first LED hybrid TV cum PC at a starting price of Rs 39,990. The TV, which can also work as a personal computer, will be available in the market next month.
• Dhoot said the company expects to have at least 5 per cent sales of H2 period coming from the Windows operated TV and three per cent from the Android operating sets.
• He added that the company would launch the larger screen sizes of 55 and 65 inches along with one small size of 24 inches by the end of this year after getting the response from the market.
• Videocon, which has a network of around 55,000 point of sales, would initially introduce it to around 60 stores located in the upmarket areas and to other places in a phase wise manner.
• The company has priced 40 inch and 32 inch Windows operated panels at Rs 52,990 and Rs 39,990, respectively.

IndiGo Launches India’s Biggest IPO in 3 Years

• InterGlobe Aviation, which operates the low-cost IndiGo airline, will hit the primary market on Tuesday with an aim to raise a little over Rs 3,000 crore.
• India’s biggest airline according to market share is aiming at a valuation of around $4 billion (Rs 26,000 crore) through the initial public offer (IPO), which is India’s biggest since 2012.
  Here are 10 things to know about IndiGo IPO:
• IndiGo shares, with a face value of Rs 10, can be bought in a price band of Rs 700 to Rs 765 starting today. Shares can be bought in multiples of 15. The IPO will close for subscription on October 29.
• The IndiGo IPO comprises fresh issue of shares worth Rs 1,270 crore. Promoters and non-promoters are selling shares worth about Rs 1,750 crore. Together, the share sale can rake in up to Rs 3,000 crore. Post issue, the promoter holding is expected to come down to 85 per cent from 93 per cent currently.
• Ahead of the IPO, investment arms of foreign firms including Goldman Sachs, Fidelity, BlackRock, etc. bought IndiGo shares reserved for cornerstone investors at Rs 765 each, the top end of the IPO indicative price range, helping the airline to raise Rs 830 crore and flagging strong investor appetite for the offering.
• IndiGo has a net debt of Rs 3,912 crore, all of which is related to aircraft purchases, according to President Aditya Ghosh. IndiGo plans to use the proceeds to retire Rs 1,166 crore of debt, while the remaining amount will be used to fuel expansion, the company said. IndiGo has 430 aircraft on order from Airbus.
• There was some controversy ahead of the IPO as InterGlobe’s net worth (total assets minus total liabilities of a company) slipped to a negative Rs 139 crore at the end of June 2015. The company, however, clarified that the airline’s net worth is back in positive in the September quarter.
• IndiGo has been the only consistently profitable airline in the country for the last seven years. Industry experts say the focus on cost by IndiGo’s management team has helped the airline to avoid the amount of debt that is weighing down the likes of Jet Airways and Air India.
• IndiGo, which started flying in 2006, has risen rapidly to command almost 40 per cent market share in the domestic market. It also has one of the country’s biggest fleets - 97 aircraft at present - allowing it to fly more frequently than other carriers. The average age of its fleet is around four years, which saves fuel costs.
• IndiGo keeps costs low by buying just one type of aircraft from one supplier — Airbus — as well as selling and leasing back planes, and keeping maintenance costs low, experts have said. It has also benefited from its track record on punctuality, while falls in fuel costs have helped to boost revenue.
• IndiGo was set up in 2006 by businessman Rahul Bhatia and Rakesh Gangwal, a former CEO for U.S. Airways Group.
• Shares in listed carriers have rallied sharply in the run-up to IndiGo’s IPO. In last one month, SpiceJet shares have rallied 55 per cent while Jet Airways shares have surged over 20 per cent as compared to 5 per cent gain in the broader Nifty.

Audit Bureau of
Circulation elects office-bearers

• Shashidhar Sinha CEO, IPG Mediabrands, was unanimously elected as Chairman of the Audit Bureau of Circulation (ABC) for 2015-16, according to an ABC press release.
• He was elected at the bureau’s 67th Annual General Meeting.
• I Venkat of Eenadu was unanimously elected as Deputy Chairman.
• The members on the ABC Council for 2015-2016 are: Advertising Agencies Representatives — Madhukar Kamath of Mudra Communications (as Honorary Treasurer), Srinivasan K Swamy of RK Swamy BBDO, and CVL Srinivas of Group M Media India Pvt Ltd; Publishers Representatives — Amit Mathew of Malayala Manorama, Shailesh Gupta of Jagran Prakashan, Hormusji N Cama of Bombay Samachar, Devendra V Darda of Lokmat Media, Sanjeev Vohra of Bennett, Coleman & Co Ltd, Benoy Roychowdhury of HT Media, and Chandan Majumdar of ABP Pvt Ltd; Advertisers Representatives — Hemant Malik of ITC (Honorary Secretary), Debabrata Mukherjee of Coca-Cola India, and Sandip Tarkas of Future Retail.

SEBI asks Raju
Family to pay more than Rs 1,800 crore

• The Securities and Exchange Board of India (SEBI) on Thursday asked ten entities connected to the Satyam scam case including the ex-chairman of the erstwhile Satyam Computer Services Ltd., B. Ramalinga Raju and other family members to disgorge over Rs.1,800 crore, which are ‘ill-gotten gains’ made by them.
• The SEBI order said that pursuant to the SEBI order on July 15, 2014, B. Ramalinga Raju and B. Rama Raju have to jointly and severally disgorge Rs.56,16,85,195 (Rs.26,62,50,000 and Rs.29,54,35,195) “which they had earned by sale/transfer of shares held by them in Satyam Computers.” Further SEBI asked SRSR Holdings Pvt. Ltd. (controlled by Raju brothers) to disgorge the wrongful gain of Rs.1, 258.88 crore jointly and severally with B. Ramalinga Raju and B. Rama Raju.
• The other family members include, Chintalapati Srinivasa Raju, Anjiraju Chintalapati (since deceased). Ms. B. Appalanarasamma, Ms. B. Jhansi Rani, B. Rama Raju Jr., B. Suryanarayana Raju, B. Teja Raju and IL&FS Engineering and Construction Company Ltd. (formerly known as Maytas Infra Ltd.) were also asked to disgorge the amounts]\
• SEBI ordered that these amounts would be paid, along with simple interest at 12 per cent per annum from January 7, 2009, till the date of payment, within 45 days from the date of this order, that is, September 10, 2015.
• Earlier, SEBI passed an order on July 15, 2014, wherein it had barred B. Ramalinga Raju, B. Rama Raju (then Managing Director of Satyam), Vadlamani Srinivas (ex-CFO), G. Ramakrishna ex-VP) and V.S. Prabhakara Gupta (Ex-Head of Internal Audit) from the markets for 14 years and also asked them to return Rs.1,849 crore worth of unlawful gains with interest.

Gold Monetization
scheme,Get Cabinet approval

• The government on Wednesday announced the launch of sovereign gold bonds and a separate gold monetization scheme in a bid to lure away Indians from buying physical gold.
• Both the gold schemes announced today were part of the annual Budget proposal.
  Here are 10 things to know about the two gold schemes:
• The sovereign gold bond will enable investors to buy gold certificates from the government, which can later be encashed for money or physical gold.
• Gold Bonds will be issued with a rate of interest to be decided by the government. Interest will be calculated on the value of gold deposited at the time of investment.
• Gold bonds will be issued in denominations of 5, 10, 50, 100 grams of gold. The cap per person per year has been set at 500 grams, the government said.
• Duration of such gold bonds will be for minimum of 5 to 7 years to protect investors from medium term volatility in gold prices, the government said.
• Gold bonds are expected to reduce the demand for physical gold bars by shifting a part of estimated 300 tons per annum for investment into gold bonds.
• The gold monetization scheme involves mobilization of tonnes of the yellow metal stored in households and temples. Ornaments will not be accepted under gold monetization scheme, Finance Minister Arun Jaitley said.
• The gold monetization scheme that will enable depositors to earn interest on their on their gold accounts.
• The gold monetization scheme will cut down on imports, thus reducing foreign exchange outflows. According to estimates, India paid $34.32 billion to import around 930 tonnes of gold in the year ending March 2015.
• Gold monetization scheme, in long term, will reduce country’s reliance on the import of gold & put it to productive use, the government said.
• Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this gold is neither traded, nor monetized. Gold collected through the scheme will be made available to jewelers for manufacturing of new jewellery and other items.

Import of
Ammonium nitrate in loose form banned

• In a major relief to domestic manufacturers and security agencies, the Ministry of Home Affairs is learnt to have asked the Department of Industrial Policy & Promotion (DIPP) not to allow bulk import of ammonium nitrate (AN) in loose form because it poses a threat to the national security.
• As per the directive, the chemical has to be imported ‘in bagged form only,’ irrespective of the quantity in each bag, and the consignment has to be packed at the point of origin.
• With this, the August notification of the Ministry of Shipping that allowed a south Indian port to facilitate bulk import in any form has become null and void.
• The green signal for bulk import in any form was interpreted as import in a loose form. A possible indiscriminate import raised security concerns as ammonium nitrate is an extremely dangerous explosive substance.
• What had prompted the Shipping Ministry to grant the relaxation is not known.
• Domestic manufacturers such as Rashtriya Chemicals & Fertilizers Ltd., Gujarat State Fertilizers & Chemicals Ltd. and Deepak Fertilisers & Petrochemicals Corporation Ltd., which together have an installed capacity of 770,000 MT of ammonium nitrate, had raised objections as cheaper imports would have severely affected their business.
• Besides, they had invested in bar-coding of ammonium nitrate bags, IT infrastructure and tracking devices to comply with the guidelines for ensuring that even a small quantity does not fall into the wrong hands.
• The chemical is so dangerous that the Home Ministry, in its latest order, has made it mandatory for vehicles transporting it to have two armed guards with the GPS system.
• India consumes 700,000 MT of ammonium nitrate, a raw material for making civil explosives for mining and infrastructure.
• Since imports are 15-20 per cent cheaper, explosive manufacturers who supply to mining and infrastructure companies have been lobbying for bulk import, especially in loose form.

Centre,s u-turn now auction
69 state-owned oil, gas fields

• The 69 small and marginal fields holding 89 million tonne of oil and gas resources, worth Rs 70,000 crore at current rates, will be given to explorers offering the maximum revenue from hydrocarbon produced to the government.
• Bidders will be asked to quote the revenue they will share with the government at low and high end of price and production band to capture windfall of steep rise in prices as well as quantum jump in production.
• The government will allow companies to sell oil as well as natural gas produced from these fields at market price and with no restriction on whom they sell the produce to. While oil is priced at global benchmark currently, a complex international hub based formula determines gas price, which is roughly half of the rate at which India imports gas.
• This model was criticised by CAG which said it encouraged companies to keep raising cost so as to postpone higher share of profits to the government.

Government decided to waive
MAT to be waived for FIIs

• Union Finance Minister Arun Jaitley announced on Tuesday that the Narendra Modi government had decided to waive the controversial minimum alternate tax (MAT) on capital gains made by Foreign Institutional Investors (FIIs) prior to April 1, 2015.
• The decision, to be carried out through an amendment to the Income Tax Act, is likely to come as a big relief to FIIs that pulled out more than Rs. 17,555 crore ($2.65 billion) from India in August.
• “The Justice A.P. Shah Committee has said that there is no legal basis for levying 20 per cent MAT on past capital gains … it is not leviable,” Mr. Jaitley told reporters..
• Through the amendment, the government proposes to clarify that MAT provisions will not be applicable to FIIs/FPIs not having a place of business/ permanent establishment in India for the period prior to 1.4.2015, said a release issued later.

Bombardier bullish on Indian market

• Canada-based Bombardier Inc.’s rail unit is bullish about the opportunities in India, buoyed by thrust given to the sector in the Railway budget and Prime Minister Narendra Modi’s pet projects such as high speed trains and smart cities.
• Railway Minister Suresh Prabhu had announced an investment outlay of Rs.8.5 lakh crore ($125 billion) to transform the Indian Railways in the next five years in the Railway budget.
• Bombardier Transportation is also evaluating to offer solutions such as light metro/monorails/light rail vehicles for smart cities, he added.
• The firm is already pursuing various metro projects such as Bengaluru Metro Phase-II, Nagpur Metro, Ahmedabad Metro and Mumbai Metro Phase-III along with metro projects for signalling systems only in Noida Metro and Greater Noida Metro.

Paradox of a dwindling
world economy and a growing India

• There are three major crisis faced by the Indian financial markets since the opening up of the Indian Economy in 1992 — The South-east Asian currency crisis in 1997; global financial crisis in 2007 with the fall of investment bank, Lehman Brothers: and the slump in the Chinese economy witnessed this week.
• While the intensity of the fall in financial markets was less in 1997 as the country was not exposed much to the global economy at that point of time, the impact was heavier in 2015.
• ”We were able to protect our markets because of our strong macro economic fundamentals,” says N. S. Venkatesh, Executive Director and Chief Executive Officer of IDBI Bank.
• The fears of China economy slump have made the market very nervous. “But I believe this (fear) has been overdone,” says Mr. Venkatesh.
• For Indian markets, as inflation has been climbing down, monsoon near normal and currency being one of the better currencies compared to Malaysian Ringgit, Indonesian Rupiah and South African Rand, the economy could withstand any financial onslaught.
• The markets would stabilise at current levels and will see an upward trajectory reflecting the growth potential for the country.
• The fall in commodity prices, particularly the crude oil will help us reducing the subsidy burden for the government and will in turn help better fiscal management and reduction in inflation expectations.
• In 1997, other economies, especially, the emerging market economies (EMEs) were over-heated with the foreign funds entering their real estate and stock markets. However, India’s premature stage of openness (of economy) helped the country from a wild attack of withdrawal of foreign funds as witnessed in other countries.
• When global financial crisis erupted in 2007, the country’s economy was well protected by the Reserve Bank of India (RBI) with Dr. Y.V. Reddy at the helm.
• The proactive regulatory regime perceived by higher capital as well as higher risk weight age for real estate loans, the central bank was able to keep the asset bubbles at bay. This legacy had been continued by Dr. D. Subbarao also.
• The RBI, as a regulator, has always been ensuring that short-term hot money flows are discouraged which has helped the country to withstand all financial turbulences from 1997. “Even when look at the preference of the country, we attract long term flows from real money investors such as pension funds, insurance funds and sovereign wealth funds,” says Mr. Venkatesh. This would enable the economy to withstand any financial turmoil, together with the built up of adequate foreign reserves.

Chinese crisis

• Devaluation of Yuan by People’s Bank of China (PBoC) on August 11 and 12 led to major volatility in global markets and competitive devaluation in currencies by a few emerging markets
• Even though on REER (Real Effective Exchange Rates) basis, Yuan doesn’t seem to be undervalued but the timing of devaluation (slowing growth in China and plunging stock market) exacerbated the market reaction as market participants took this as a signal that Chinese authority are going to use currency devaluation as a tool to spur growth,” says Vinod Garg, Director, QuantArt, a foreign exchange advisory firm.

Govt started search for new SEBI Chairman

• The Finance Ministry said in a notification that the new SEBI Chairman would be appointed for a five-year term or up to the age of 65 years, whichever is earlier.
• Besides, he would be eligible for re-appointment.The Government has begun the search for a new Chairman of the capital market regulator SEBI to succeed the current head UK Sinha, whose term ends on February 17, 2016.
• The Finance Ministry said in a notification that the new SEBI Chairman would be appointed for a five-year term or up to the age of 65 years, whichever is earlier. Besides, he would be eligible for re-appointment.
• The Chairman would have an option to receive pay “as admissible to a Secretary to the Government of India, or a consolidated salary of Rs. 4.5 lakh per month”.
• The salary remains unchanged from what is being paid currently. Before joining SEBI as its Chairman, UK Sinha was the head of the UTI Mutual Fund. Prior to that, he had served in the Finance Ministry among other positions as an IAS officer.

LIC buys 86% of Indian Oil shares on offer

• State-owned Life Insurance Corporation of India, bought 86 percent of shares on offer, in state-run Indian Oil Corp this week, salvaging a $1.4 billion government sale, as the Indian market took its biggest tumble in more than six years.
• LIC, India’s biggest investor, has in the past dug into its pockets to prop up government sales, buying up state banks and government mining firms. It heavily supported the sale of Coal India shares in January and the sale of shares in Steel Authority of India (SAIL) last year.
• The investments have sometimes proved fruitful for LIC, with stock in the State Bank of India, which was invested in January 2014, up more than 60 percent.

LG launched the world’s
first 4K OLED TV in India

• The 55-inch variant is priced at Rs 3, 84,900 while the 65-inch model at Rs 5, 79,900.
• The new LG OLED 4K TV features a transparent stand and the back cover are free of fasteners and holes. In addition, the TV also features 3D and Harmin Kardon sound technology. 3D glasses are bundled with the TV.
• The company’s curved TVs are based on LG’s proprietary WRGB technology that boasts 33 million colour sub-pixels (about 27 million more than a conventional full-HD TV) to offer better colours and contrast ratio along with deeper blacks. The display offers a 5.9mm thickness as well.
• The TV also has a maximum response time of 0.001ms (1000 times more than conventional LCD TVs) for blur free viewing, claims the company and the TV is also powered by webOS smart TV platform and LG’s magic motion remote that also supports voice recognition. In terms of connectivity, it supports Wi-Fi, Miracast, MHL and Intel WiDi.

Govt panel sees no basis for
MAT demand on FIIs

• In a big relief to FIIs, a government-appointed committee has recommended that there was no case for imposing the controversial minimum alternate tax (MAT) on FIIs retrospectively, a suggestion that the government is said to be “favourably” considering.
• The A P Shah Committee, which was appointed by the government to go into question of levy of MAT on capital gains made by foreign institutional investors (FIIs), submitted its report to Finance Minister Arun Jaitley on July 24.
• The panel, a top source said, has recommended that there was no basis for levy of MAT on FIIs for period prior to April 1, 2015.
• The Committee saw no legal basis for levy of 20% MAT on past capital gains; he said adding that the government is “favourably” considering the recommendation.
• While the issue had riled foreign portfolio investors, Finance Minister Arun Jaitley had in his Budget for 2015-16 exempted FIIs from the levy from April 1.
  Foreign investors have invested about $20 billion in Indian stocks in the past year and $28 billion in bonds.
• In its 66-page report, the Shah panel recommended relief for FIIs from paying Minimum Alternate Tax (MAT).

Centre accepted Bankers demand

• Bringing cheer to lakhs of bank employees, the government has accepted the long-pending demand of workers to declare second and fourth Saturday’s holidays, with effect from September 1.
• At present, all PSU and private sector banks work half-day on Saturdays. “This s a welcome move. This will be a big relief to employees and I hope that this will improve the productivity,” AIBEA general secretary C H Venkatachalam said.
• In case of a month having five Saturdays, banks will be closed only on second and fourth Saturdays.

SBI denied fresh loans to NPA accounts

• Country’s largest lender State Bank of India on Thursday expressed concerns about giving fresh loans to accounts which have become non performing assets (NPA) and said the banks do not have any incentive by doing so.
• Listing reasons, Bhattacharya said, “One, you will be actually bloating up your NPA numbers further by giving it more money. Second, if you look at the PSBs and the kind of questioning they have to go through — if it is NPA, why did you give it more money? What is the reason you have given money?”
• While speaking on bad loans at the same event, RBI Governor Raghuram Rajan said that NPAs are largely an accounting issue.

E-Commerce Generates $1.2 Million Revenue Every 30 Seconds: Study

• The global e-commerce industry generates over $1.2 million (around Rs 8 crore) every 30 seconds, with a major chunk of the sector’s revenue being cornered through social media, says a joint study by Assocham-Deloitte.
• Facebook, Pinterest and Twitter contribute $5,483 (Rs 3.57 lakh) $4,504 (Rs 2.94 lakh) and $4,308 (Rs 2.81 lakh) respectively every half-a-minute to the figure.
• The study report added that the maturity of social media and its reach across masses and classes makes it a suitable platform for online sales.
• Social media pages provide information regarding new products in the market, user reviews and ratings of the product, recommendations and IT products, it said.

Ashwani Lohani to Be New Air India Chief

• Engineer-turned-bureaucrat Ashwani Lohani has been appointed as the chairman and managing director of national carrier Air India. Mr Lohani will have a fixed tenure of three years as Air India boss.
• Mr Lohani replaces Rohit Nandan, whose extended tenure ends on Friday.
• A 1980 batch Indian Railway Service of Mechanical Engineers (IRSME) officer, Mr Lohani is currently posted as managing director of Madhya Pradesh Tourism Development Corporation.
• Air India, which controls close to a fifth of India’s domestic air travel market, has been losing money for years and has long been criticized for its high costs.
• Last month, the finance ministry said it will provide an additional funding of Rs. 800 crore for the ailing airline. Air India was allocated Rs. 2,500 crore in this year’s Budget.

Investors like Alibaba; Snapdeal is ready to take on biggies

• If you are in e-commerce, you just cannot ignore the power of Indian market. That’s the message investors are getting from the latest round of investment Snapdeal has obtained.
• Snapdeal has raised $500 million from Chinese e-retail giant Alibaba, Taiwanese iPhone maker Foxconn and Japanese major SoftBank.
• Existing investors Temasek, BlackRock, Myriad and Premji Invest also participated in the funding round, Snapdeal said, without giving further details.
• In October 2014, the company had raised $627 million from SoftBank, which is learnt to be holding a significant stake in the online marketplace now.
• In the latest round, media reports say Alibaba and SoftBank are likely to have invested $100-125 million each.

BSE came up with New System

• To check money laundering through stock markets, top stock exchange BSE has asked its members to report on a monthly basis details of the STRs (Suspicious Transaction Reports) submitted to the government’s Financial Intelligence Unit (FIU).
• Asking the members to ensure compliance at the earliest, the exchange said in a circular that the trading members are required to submit the data through a specific FIU-STR module of the online gateway BSE Electronic Filing System (BEFS).
• The members have been asked to provide details of their registration with the FIU, as also the information about the principal officer and the designated directors for the PMLA (Prevention of Money Laundering Act) compliance.
• BSE has also asked members to report the cumulative number of STRs filed with the FIU as on March 31, 2015. Thereafter, the members would need to report the number of STRs filed with FIU on a monthly basis.
• The regulators and the financial intelligence agencies have enhanced their vigil in the recent months on entities trying to misuse the stock market platform for possible laundering of black money and to evade taxes.
• Nearly 950 entities have already been barred by Sebi for such attempts, while further action is underway against them.

SBI launches mobile wallet app ‘Buddy’

• Country’s largest lender State Bank of India on Tuesday launched a mobile wallet app, SBI Buddy, in collaboration with Accenture and Mastercard.
• The service will be available to existing as well as non-SBI customers.
• The app was launched by Finance Minister Arun Jaitley along with Jayant Sinha, Minister of State for Finance and Hasmukh Adhia, Secretary, Department of Financial Services.
• It also has features like reminders to settle dues, recharge and pay bills instantly.
• The app is available on Google Play Store, at present, and soon will be launched on Apple App Store.

SBI Foundation

• State Bank of India also launched SBI Foundation, which will be the implementing agency for corporate social responsibility (CSR) activities of the lende
• The Finance Minister unveiled the logo and website of SBI Foundation.
• The foundation will promote, encourage, develop causes related to education, environment, women empowerment, children welfare and manage all the CSR activities of the SBI Group.

RIL dethrone by IOC

• Within two quarters of losing its 23-year-old reign as the country’s most profitable company to TCS in the December quarter, Reliance Industries was again humbled in the June quarter, this time by IndianOil.
• The state-run firm booked Rs.118 crore more profit than the Mukesh Ambani-run firm net income of Rs.6, 318 crore.
• Better refining margins arising from lower oil prices and almost full payback of subsidies by the government helped the nation’s biggest oil company Indian Oil Corporation (IOC) to report a massive more than twofold jump in the June quarter net profit at Rs.6,436 crore.
• IOC’s refining margins soared to a seven-year high during the reporting quarter. For Reliance, losing the numero uno slot comes within two quarter as in the December 2014 earnings season as well it had lost out to TCS as it booked more profit than RIL with a net income of Rs.5,328 crore. The loss in the December 2014 quarter was the end of RIL’s 23-year run as the most profitable firm with a net profit in the country, overtaking the long-standing champion Reliance which saw its profit dip to Rs.5,256 crore as falling crude prices hurt its core business.

Will yuan devaluation hit India’s export

• India’s exports contracted for the eighth consecutive month in July. Exports were down 10.3% to $23.13 billion, owing to a worldwide slowdown, and six-and-a-half year low oil prices that have affected the price of petroleum products. The last time exports expanded was in November, when shipments were up 7.27%.
• Oil products form about 31% of the total exports, while petroleum products account for 18% of the total exports.
• In the first four months of FY16, exports have declined by 15.04% to $89.82 billion, so have imports (down by 12.01%), resulting in a trade deficit of $45 billion.
• Effects of the yuan devaluation were felt world wide, with the dollar firming, gold gaining some ground as safe-haven again, and Asian currencies tanking against the greenback.
• Post the currency devaluation, Indian manufacturers and exporters are concerns about two things:
• Their exports to China and the rest of the world declining
• dumping of cheaper imports from China
• Engineering and textile exports from India are expected to take a major hit with Chinese goods becoming more competitive, while steel firms fear that cheap imports from the neighbouring country could intensify further.

Centre eases foreign
investment rules, banks likely to gain most

• In a move that will attract more overseas inflows and improve the ease of doing business in India, the government on Thursday simplified foreign investment rules by bringing together different categories.
• The Cabinet Committee of Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, introduced a composite cap for all kinds of overseas inflows, including foreign direct investment (FDI), foreign portfolio investment (FPI) and investments by non-resident Indians (NRIs).
• The decision, which was first announced by finance minister Arun Jaitley in the Budget, boosted stocks of banks, which will now find it easier to attract foreign capital up to 74%. Banks are already reeling under the pressure of rising bad loans and need billions of dollars to meet capital requirements.
• Besides banks, credit information firms, commodity and power exchanges, and defence and other retail companies among others, will also benefit from the policy.

Bullet train project: costly affair for India

• India’s maiden bullet train corridor between Mumbai and Ahmedabad will cost nearly Rs one lakh crore and the first train can run in 2024 if work begins in 2017, according to a final feasibility report on the project prepared by the Japanese governmental agency.
• The Japan International Cooperation Agency (JICA) in its report submitted to the Railway Ministy today envisages a reduction in the travel time on the 505-km long corridor between the two western cities to two hours from the existing over seven hours.
• The report estimates that the project where the bullet train will run at a speed of over 300 km per hour will cost Rs 98,805 crore. It also suggested that the train fare could be higher than that charged for First AC of Rajdhani Express, a senior rail ministry official involved with the project said.
• Railways will examine the report and decide the future course of action, the official said.
• As a follow-up action, a Cabinet note seeking approval for the project with an outline of the project feasibility and timelines is likely to be prepared next month.
• If work begins in 2017, the line can be completed in 2023 and made operational in 2024, it is projected.
• After the study of the financial feasibility of the line, the final report suggests the fare of the bullet train between Mumbai and Ahmedabad may be somewhere around one and half times more than the fare of the first AC of Rajdhani Express and it would be around Rs 2,800.
• It is estimated that by 2023 around 40,000 passengers are expected to avail this service everyday and accordingly it would be a financially viable service.
• The Mumbai-Ahmedabad corridor is expected to enable trains to run at a top speed of 350kmph.
• From the initial estimated cost of Rs 65,000 crore, it has gone up after taking into account various factors like price escalation and interest.

Apple grows faster in India than China

• India is proving to be quite a strong growth engine for Apple, the world’s most valuable company that sells the iPhone smartphones, iPad devices and Mac line of computers.
• Growth rate in India has surpassed that witnessed in China.
• Sales in India were up 93% in April-June against 87% growth in China, according to numbers released by the company, while announcing quarterly results on Tuesday.
• However, it must be noted that China is many times bigger for Apple in terms of absolute volume and revenue, contributing almost 25% to the $49.6 billion revenue that the company clocked in April-June quarter.
• India, on the other hand, is still a billion-dollar market for Apple and that too on an annual basis. But, India is moving up fast, say distributors and sellers of Apple’s devices.

TRAI disclose firms
faulting on call drop service norms

• The Telecom Regulatory Authority of India (TRAI) has named Vodafone, Idea, Reliance and Airtel among the cell phone service providers failing to meet the quality of service norms in Delhi or Mumbai, especially on mobile call drops.
• The audit, done by an independent agency in the two metros, on behalf of the regulator, found that Tata (CDMA) in Delhi and Bharti Airtel in Mumbai are the only service providers meeting the benchmark of less than 2 per cent call drops.
• In Delhi, the highest call drop rate was that of Reliance (17.29 per cent), followed by Airtel (8.04 per cent), Aircel (5.18 per cent), Vodafone (4.28 per cent) and Idea (2.84 per cent). The call drop rate for Tata (CDMA) stood at 0.84 per cent.
• The situation is no better in Mumbai with Idea registering the highest call drop rate of 5.56 per cent, followed by Tata (GSM) (5.51 per cent), Vodafone (4.83 per cent), Aircel (3.19 per cent) and Reliance (2.29 per cent). For Airtel, this was 0.97 per cent.
• The TRAI said the drive was conducted in view of complaints on call drops and other network issues on June 23 and June 24 in Mumbai and July 9 to 11 in Delhi.
• As per the audit report, barring Tata (CDMA) in Delhi, none of the service providers in Delhi and Mumbai, meets the benchmark for Rx Quality, which measures voice quality during calls.
• The number of call drop complaints by mobile phone subscribers has been on the rise, especially in metros. However, operators, on their part, have cited lack of spectrum and delay in its allocation as one of the reasons for network-related issues along with hurdles in installing mobile towers due to radiation issues.
• The TRAI report points out that during the last six months around 801 sites in Mumbai and 523 sites in Delhi were shut down due to reasons such as sealing of sites by municipal authorities and radiation-related issues. The closure of each site impacts three to four neighbouring sites and this may lead to increased call drops.

Oil prices slip further on
concerns over supply glut

• Oil prices slipped, on Wednesday, after the American Petroleum Institute (API), the largest U.S trade association for gas and oil, published that oil inventories increased by 2.3 million barrels in Cushing, Oklahoma.
• Excess supply is expected to persist with the Iran nuclear deal, which will bring Iran’s oil onto the market in a few months.
• The Oil Producing and Exporting Countries (OPEC), the cartel of oil producing nations that includes Iran but is led by rival Saudi Arabia, announced that it would not cut back on output. The group said that the oil price dip was likely to be temporary and that demand was likely to pick up.
• OPEC’s oil output faces challenges and competition from other energy sources, including U.S shale, as well as internal differences in opinion, with Iran and other smaller oil producing members requesting a cut back in supply in light of falling prices.

Cabinet to take up gold
monetisation scheme in few weeks

• The Government is likely to consider and approve gold monetisation scheme in the next few weeks, which proposes to offer tax-free interest to individual on depositing the yellow metal with banks.
• “Cabinet note on this (gold monetisation scheme) has been circulated. It will take couple of weeks before approval comes,” sources said.
• Various proposals including interest rate are at the discussion stage, sources said. Sources said that nod on issuance of Sovereign Gold Bond could take a while.
  IDFC gets banking licence

IDFC gets banking licence
from RBI, to launch services by year-end

• The Infrastructure Development Finance Company (IDFC Ltd) on Friday declared on it’s website that theReserve Bank of India (RBI) had granted banking licence to the financial company making it the second lender after Bandhan Bank to enter the banking sector after more than a decade.
• IDFC and Bandhan Financial Services Pvt Ltd emerged successful out of 25 contenders for new bank licences issued by the RBI in April last year. Bandhan Financial got RBI’s approval last month.
• IDFC’s executive chairman, Rajiv Lall after receiving the final nof for the banking licence had said that the company plans to start operation from October 1 with an initial loan book of around Rs 55,000 crore with an estimated 20 branches. Of these 15 are expected to be in tier-VI cities with rest of the branches in New Delhi and Mumbai.
• YES Bank was the last bank to be se up in 2004. Bandhan said in June it would launch banking operations in Augus
• Millions of people in India do not have access to formal banking services. The move to grant new permits marked the start of a cautious experiment to create more competition in a sector dominated by state lenders many of which are reluctant to expand into rural areas or towns where banking penetration is low.

Now RBI’s independence, is in govt’s hand

• If indeed the second draft of the Indian Financial Code, released on Thursday for public comments, is implemented in its entirety, Reserve Bank of India (RBI) governor will have no veto power in the proposed seven-member Monetary Policy Committee (MPC) that will have a dominant say in setting interest rates and that is not good news for the economy.
• The matter of veto power is highly critical given the proposal is that four out of the seven members in the MPC should be from the government’s side.
• This means the full control to chart the course of monetary policy will be with the government and not the RBI. The monetary policy, as we know it today, will cease to exist.
• This will effectively undermine the independence of the central bank — an institution that has guarded the economy well from the pre-independent days, through multiple crisis-phases.
• The RBI is probably among the few public institutions India can be proud of with impeccable integrity and proven track record. The government shouldn’t do the blunder of killing the RBI’s power to have a final say on the monetary policy.Reuters
• This was clear when the finance ministry tried to cut the central bank down to size by mooting the idea to shift the power of debt management from the institution.
• The decision was, however, reversed later when RBI put up a stiff opposition. Compared with the separation of debt management, denying the RBI the veto in MPC is a much more serious issue. If the government sticks to the plan, it can run into a serious, direct face-off with the central bank this time around.
• At present, the monetary policy is framed by the central bank after factoring in the recommendations of an expert advisory committee, assessing multiple economic indicators in domestic and global markets and, finally, consulting with the finance minister on the broader policy direction. The final decision, however, rests with the governor.]
• But, under the proposed framework, RBI governor will be one of the several members of the committee and the government will dictate the policy.
• In effect, the power to decide the country’s monetary policy will be shifted from an independent, credible institution to the political interests of the government, for whom monetary policy will then be among the many tools under disposal to work operate in line with its political agenda.
• The difference is that the RBI undertakes the complex process of monetary policy formulation keeping in mind the long-term good of the economy, regardless of the immediate consequences, sometimes unpleasant to the ruling government.
• Previous RBI governors D Subbarao and Y V Reddy, who have preferred to describe the tensions with the governments on policy issues as ‘constructive tensions’, has batted for sufficient autonomy in its functions in the larger interest of the country.
• To safeguard the economy, it is highly critical that central bank enjoys dominance in policy decisions.

What is the Indian Financial Code?.

• The revised draft of Indian Financial Code, released on 23 July 2015, has already made to the headlines, as it proposes to dilute the RBI Governor’s power; he may no longer have the power to veto policy rates.
• The major change as of now is that there will be four members appointed by the central government and three from RBI, earlier the ratio was other way around.
• The IFC bill is expected to table in the winter session of the parliament. The Parliament will finalise the code, which will eventually find its way to the Union Cabinet for approval.

What is the Indian Financial Code? How does it work?

• The Financial Sector Legislative Reforms Commission (FSLRC) was set up on March 24, 2011, for re-writing the Code to regulate the financial sector and introduce principles for financial regulation and the constitution, objectives, powers and interaction of financial agencies.
• Its aim was also to bring about coherence and efficacy in the financial regulatory framework.
• In 2013, the commission, headed by Justice BN Srikrishna, submitted its report in two volumes, which included ‘Analysis and Recommedation’ and ‘Draft Law’.
• The revised draft in twenty parts will strive to regulate financial agencies.
• Under this Act, the Financial Sector Appellate Tribunal was established to exercise the jurisdiction, powers and authority conferred upon it.
• According to the Act, the general direction and management of the financial agencies will be vested in the respective boards — the Financial Authority Board for the Financial Authority, the Reserve Bank Board for the Reserve Bank, the Redress Agency Board, with respect to the Redress Agency, the Corporation Board for the Corporation; the Council Board for the Council and the Debt Agency Board, with respect to the Debt Agency.
• The Code deals with the establishment of financial agencies, establishment and structure of the tribunal, allocation and regulation of financial services.
• A part of it discusses the functioning of financial agencies, such as boards of financial agencies, strength and composition of boards; decision making, advisory councils, accountability mechanisms and funding for financial agencies.
• It also mentions the disposal of applications, information and inspections, investigations and offences as executive functions of financial agencies. These financial agencies also have quasi-judicial functions — administrative law, show cause notices and orders, enforcement actions, procedure for enforcement actions and penalties.
• Moreover, the Code also clarifies financial consumer protection, prudential regulation, contracts, trading and market abuse, capital controls, resolution of financial service providers, financial stability and development council, development (provisions for review), public debt management agency, offences, functions, powers and duties of tribunal, miscellaneous, and schedules.

U.S. calls Burundi election ‘deeply flawed’

• U.S. Secretary of State John Kerry on Friday called Burundi’s election “deeply flawed” and urged President Pierre Nkurunziza to hold a “meaningful, serious” dialogue with the central African country’s opposition, the State Department said in a statement.
• Nkurunziza won a third term in office on Friday after the opposition boycotted the vote, accusing him of violating the constitution by running for re-election.
• Nkurunziza’s decision to seek a third term plunged Burundi into its biggest crisis since an ethnically charged civil war ended in 2005.

Yellow Signals from gold prices

• The yellow metal dominated the world market scene all of last week. Gold slumped to a five-year low, slipping to an intra-day low-point of $1,072.30 by Friday. A late rally that day, however, pushed prices back to around $1,100 an ounce. At best, it helped pare losses from last Monday when the price slid to its lowest since March 2009, to $1,088.05 an ounce.
• The Comex gold futures for August still ended their fifth consecutive week in negative territory. Though the rally suggests that there could be an improvement in market sentiment, the bearish undertone persists among retail investors.
• At the moment, everyone in the international marketplace is wary of gold. Indeed, price movement is set for an uncertain phase, at least in the near-term. The reasons behind the slipping interest in gold are not difficult to fathom.
• A looming rise in the U.S. interest rate, for the first time in nearly a decade, is playing the villain. At the moment, a stronger dollar remains the topic that dominates discussions in the marketplace.
• An inadvertent release on a rate forecast on the website of the Federal Reserve, though it was subsequently withdrawn, only helped to confound the confusion. Understandably, all eyes are now on the Federal Reserve.
• Will it pull the trigger on rate hikes? Nevertheless, the dipping global oil prices hold hope for investors in gold.
• A protracted oversupply situation, weak demand, the Greek crisis and the Chinese market fall have all come together to pull oil prices down.
• The fall of oil could yet prove a rescuer for gold. If there is serious consequential fallout on U.S. domestic inflation, the oil price fall could slow the Fed’s tightening policy.
• A sustained recovery in gold prices, it appears, is inversely related to the growth prospects of the U.S. economy.

Rajesh Exports buys
world’s largest gold refining company

• Jewellery company Rajesh Exports Ltd on Monday said that it has bought Valcambi, the world’s largest gold refining company, in an all-cash deal worth $400 million ( Rs 2560 crore).Reuters
• The company was selected after a global search by Valcambi’s existing owners led by Newmont Mining Corp, the world’s largest gold jewellery maker said.
• The deal will help it secure raw material supplies and will add to earnings per share, the company said.
• India is the world’s biggest consumer of gold, with annual demand hovering around 900 tonnes per year.
• The company said that with Valcambi acquisition, REL will become an integrated player covering precious metal refining and gold jewellery making.
• Rajesh Exports said for the last three years on an average per year Valcambi generated revenues in excess of $38 billion (Rs 2,36,500 crore) by refining and selling 945 tons of gold and 325 tons of silver per year, which is more than India’s average annual gold demand.

Centre appoints
R S Sharma, new Trai chairman

• Ram Sewak Sharma is set to be the new chief of the Telecom Regulatory Authority of India (Trai), taking charge at a time when the regulator is deciding on crucial matters such as net neutrality and the way to deal with the fast-growing eco-system of over-the-top (OTT) operators, who are mushrooming over the mobile and internet world. He replaces Rahul Khullar, who retired from the job in the second week of May.
• Sharma, a 1978-batch IAS officer of Jharkhand cadre, is currently the secretary in the department of electronics and information technology(Deity), a job that makes him thorough with matters related to the IT sector and well-versed with crucial telecom issues.
• A formal notification is expected over the next few days, sources said. “He is seen as most experienced for the job.
• There were a number of applicants for the high-profile job that regulates the issues related to the telecom sector and the broadcasting industry.
• There were over 75 applicants for the position and apart from Sharma, others vying for the post included former defence secretary R K Mathur, information & broadcasting secretary Bimal Julka, former commerce secretary Rajeev Kher and steel secretary Rakesh Singh. Former RBI deputy governor Subir Gokarn was also in the fray.
• Sharma holds a Masters Degree in Mathematics from IIT, Kanpur, and a Masters in Computer Science from the University of California.

Mixed views on move to
dilute powers of RBI Governor

• The Reserve Bank of India’s (RBI) Governors always had the privilege of independent decision-making on issues related to monetary policies, which helped the Indian economy for a long time.
• Even at times of major financial crisis crippling the global economy, the RBI Governor’s decisions - sometimes in co-ordination with the Government and sometimes not in consonance with the government’s views - had helped the Nation.
• As per the new draft of the revised proposal for Indian Financial Code (IFC), which would replace the multiple laws – some of them framed even before the independent India - governing the Indian financial sector, the central bank Governor will not have the veto power over the interest rates.
• Moreover, the Government will have the power to appoint a majority of the members of the proposed monetary policy committee of the central bank.
• Though the government is trying to clarify that the RBI’s independent decisions on monetary policies would not be diluted, in short, the Government is proposing a bill to have greater say in RBI’s rate decision-making.The new financial code also proposes a frame-work for inflation-targeting under which the Government and the central bank together will set the target.
• However, another school of thought on markets believes differently. “While foreign investors are nervous about politicians preferring loose monetary policies instead of tight policies of independent RBI, I don’t see much problem with a good balance between Government and RBI,” says Samir Lodha, Managing Director, QuantArt, a foreign exchange advisory firm.
• According to him, the economy needs a good booster of rate cut to kick-start manufacturing, capex cycle, infrastructure investments, job creation etc and also to compete in an environment of slowing global demand.
• He believes that the Government is answerable for employment and inflation and hence “I do not see much problem if there is a balance between RBI and government in monetary policy decision making.”

Sebi cancels Sahara Mutual Fund licence

• In a fresh crackdown on Sahara, capital market regulator Sebi today cancelled the registration of Sahara Mutual Fund saying it was no longer ‘fit and proper’ to carry out this business and ordered transfer of its operations to another fund house.
• The Sahara group has been engaged in a long-running regulatory and legal battle with Sebi ever since the regulator ordered refund of a massive amount of over Rs 24,000 crore by twoahara entities. Recently, Sebi had also cancelled the portfolio management licence of a Sahara firm.
• In the latest order, Sebi directed cancellation of Sahara Mutual Fund’s certificate of registration on expiry of a six-month period from today.
• Sebi also directed Sahara Mutual Fund and Sahara Asset Management Company to stop accepting subscription from its existing or new investors with immediate effect.
• Besides, Sahara MF has been asked to “make efforts to transfer the activities of Sahara India Financial Corporation Limited (Sahara Sponsor) and Sahara Asset Management Company Private Limited (Sahara AMC) to a new Sponsor and a Sebi-approved Asset Management Company at the earliest.”
• If Sahara MF fails to complete the process of transition within five months, it would have to compulsorily redeem the units allotted to its investors and credit the respective funds to its investors, without any additional cost, within a period of 30 days thereafter and wind up the operations of the Mutual Fund.
• Further, Sebi said that it was the responsibility of the Board of Trustees to recognise that Sahara AMC did not fulfil the criteria of ‘fit and proper’ person and shift the responsibility of managing the assets of the Mutual Fund to another entity.
• Besides, non-reporting of the material change in the information and particulars furnished have also has resulted in violation of the MF Regulations.

FinMin working for a
reasonable GST rate: Revenue Sec

• A day after Cabinet approved incorporation of changes in the landmark Goods and Services Tax (GST) Bill as suggested aRajya Sabha Select panel, Finance Ministry today said it is working closely on a “reasonable” GST rate.
• The Union Cabinet last night approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime, as has been suggested by Rajya Sabha Select Committee.
• The GST Constitution Amendment Bill would now be taken up for discussion in the Rajya Sabha, where the ruling NDAdoes not enjoy a majority, for passage in the ongoing session of Parliament.
• The Government proposes to roll out the new indirect tax regime on April 1, 2016.
• After the bill is passed, the Centre will prepare GST laws and a GST Council would be set up to decide on the rates as well as to decide on exemptions and thresholds.
• The Rajya Sabha Select Committee has suggested that the Goods and Services Tax (GST) rate should not go beyond 20 per cent as higher rates could fuel inflation and erode the confidence of consumers.
• Internationally, the GST rate ranges from 16-20 per cent. However, there are some exceptions like Japan, Australia and Germany, where the rates are 8 per cent, 10 per cent and 23 per cent, respectively.
• A sub-committee of Empowered Committee of State Finance Ministers on GST had earlier suggested 27 per cent RNR.
• But the rate is being reworked by the sub-committee in view of taxation of petroleum products as also the 1 per cent additional tax which states can levy as part of the GST roll out.
• While liquor has been completely kept out of the GST, petroleum products like petrol and diesel will be part of the new regime from a date to be decided by the GST Council, which will have two-thirds of its members from states.

Nokia surprise market analyst with profit

• Nokia on Thursday posted a surprise rise in second-quarter profits, helped by high-margin software sales and fewer low-priced contracts.
• The Finnish network gear maker is set to buy the Franco-American telecom equipment maker Alcatel-Lucent which posted second-quarter sales slightly lower than expectations.
• Nokia will buy Alcatel-Lucent for €15.6bn in a deal set to close by mid-2016. The latter improved its margins to deliver better-than-expected operating profit, thanks to cost cuts, and generated more cash than it consumed in the quarter for the first time in a second quarter since 2006.
• Getting to free cash flow positive remains the key goal of Alcatel-Lucent in the turnaround plan launched by chief executive Michel Combes in April 2013.
• He will step aside on September 1 to be replaced by chairman Philippe Camus until the Nokia deal closes.
• Alcatel’s second-quarter revenue rose 5% to €3.45bn euros helped by double-digit growth in so-called IP products that help telecom operators handle heavy video data traffic and direct Internet.
• Adjusted operating profit rose 28% to €175mn for a better-than-expected margin of 5.1%. The company posted a net loss of €54mn, narrower than the €298mn loss of a year earlier.
• Analysts had been expecting second-quarter sales of €3.47bn and net income of €52.4mn, according to Thomson Reuters I/B/E/S data. The gross margin was 34.8%, compared with expectations of 3
• Announced in mid-April, Nokia’s acquisition of Alcatel-Lucent aims to position the company to better compete with market leader Ericsson of Sweden and low-cost Chinese powerhouse Huawei by forging a strong number two in mobile with a more complete product line.
• The companies have secured antitrust approvals in Europe Union, Brazil, Russia and the United States, but are still waiting on a decision from the Chinese authorities.

RBI plans to issue 10 rupee coin

• The Reserve Bank on Thursday announced plans to put into circulation 10 rupee coins to commemorate the International Day of Yoga.
• The coin bears the logo of the International Day of Yoga, with the inscription Saamanjasya evam shanthi ke liye yog “in Devnagri script and “yoga for harmony and peace” around the logo.
• At the bottom of the logo the date June 21 is inscribed, according to an official statement.
• The inscription Anthar rashtriya yoga divas in Devnagri script is on the left periphery and “international day of yoga” in English on the right periphery is written on this side of the coin.
• The obverse of the coin bears the Lion Capitol of Ashoka Pillar in the centre with the legend Sathyamev Jayate inscribed below, the statement said.
• This is flanked on the left periphery with the word Bharat in Devnagri script and on the right periphery flanked with the word “INDIA” in English.
• The coins have been minted by the Central government and are legal tender as provided in The Coinage Act 2011. They will be put into circulation shortly, according to the statement.

Govt names Addl Secretary to
RBI board in place of Fin Secy

• In an unusual move, the finance ministry has nominated Ajay Taygi, additional secretary in the Department of Economic Affairs to the RBI board in place of economic affairs secretary Rajiv Mehrishi.
• As per the convention, eonomic affairs secretary besides the financial services secretary is part of Central Board Directors of RBI.
• “In exercise of the power conferred by clause (d) of sub-section (1) of Section 8 of the RBI ACT 1934, the central government hereby nominates Ajay Tyagi, additional secretary (Investment) Department of Economic Affairs Ministry of Finance, to be director on the Central Board of Directors of RBI with immediate effect until further order vice Rajiv Mehrishi,” a finance ministry notification said.
• Mehrishi also holds finance secretary position in the ministry.
• Following this notification in June 22, RBI had a board meeting which would not have been attended by the incumbent finance secretary.
• As per the RBI website, there are 17 board members including RBI Governor and four Deputy Governors. Rajiv Mehrishi name is still part of the central board of directors as reflected on the website.

Even Hallmarked is not pure

• Even the Hallmarked gold jewellery varies in purity in India, the World Gold Council (WGC) aid on Thursday adding that urgent measures were required for quality control in the country, which is the largest gold consuming nation in the world.
• The improvements to the hallmarking system in the country are not only essential to a successful gold monetisation scheme but also help to boost its gold jewellery exports from the existing $8 billion to $40 billion in the next five years, it said.
• The hallmarking of gold, which is voluntary in nature at present, is a purity certification of the precious metal. The Bureau of Indian Standards (BIS), under the Consumer Affairs Ministry, is the administrative authority of hallmarking.
• “Even though, 30 per cent of jewellery is now hallmarked, there are concerns about the quality and credibility of some hallmarking centres. This means the percentage of jewellery hallmarked accurately is expected to be even lower than 30 per cent,” WGC said in a report.
• Even hallmarked items vary widely in purity because of weak quality control and lack of resources on the part of BIS to enforce its policies, it said.
• Though under-caratage in gold has reduced to 10-15 per cent from 40 per cent since the introduction of BIS hallmarking in 2000, but challenges still remain, it added.
• According to the WGC report, the BIS does not have dedicated laboratories for gold hallmarking so there is little capacity for testing jewellery. There are relatively few BIS branches too, so activity varies widely across India.
• India has approximately 220 BIS recognised assaying and hallmarking centres and maximum of them are located in Tamil Nadu (57), followed by Kerala (39). The distribution of these centres is uneven as south has 153 centres, the North has 111 and the West has 65, the report said.

Uber’s $1 bn India investment

• If your competitors are spending, you must spend too- This seems to be the driving mantra in the start-up space these days.
• Just days after news of taxi-haling app Ola raising another $500 million made headlines, US-based rival Uber has announced plans of pumping in $1 billion (Rs 6,400 crore) into India, thus signalling an escalation of the war between the two companies in a cut-throat market.
• This basically implies more cash burning and chasing of market share rather than profitability by both companies.
• While Ola is rumored to soon be valued at $4.5 billion, Uber’s worth is $40 billion. But such cash-intensive startups are at risk of flopping as they maybe unable to survive in an adverse environment. Will these companies ever make enough money to justify the sky-high valuations?
• But it appears Uber’s massive expansion in over 300 cities globally is at the cost of heavy losses. Investors have given a lot of money to Uber, and Uber is burning this cash to buy market share all over the world. An Uber driver, on condition of anonymity told Firstpost that each Uber driver in India gets an additional Rs 150 per ride as well as more incentive for ferrying passengers during the day and in the evening. Ola too pays extra cash to drivers for doing more rides, but doesn’t pay drivers to keep its app open and nor do they get paid additional money on every ride they undertake.

LIC chief Roy elected
chairman of apex body of insurers

• Life Insurance Corporation (LIC) chief S K Roy was today elected Chairman of the Life Insurance Council, the apex industry body of insurers in the country.
• Roy was elected in a poll conducted among the 24 members of the Council here. He will head the three-member Executive Committee (EC), a key body of the Council, for a period of three years.
• The three members of the EC elected today were Tarun Chugh (PNB Met Life), Anup Rau (Reliance Life) and Sandeep Ghosh (Bharti AXA).
• Other contestants in the fray for EC posts were Rajesh Sud (Max NY), Arijit Basu (SBI Life) and Deepak Mittal (Edelweiss Tokio).
• Talking to PTI after his election, Rau of Reliance Life said “EC is now a well represented body. It has got representation from both bancassurance and non-bancassurance partners. The Council is now ready to take a call on behalf of its various stakeholders.”
• Life Insurance Council is a forum that connects the various stakeholders of the sector. It develops and coordinates all discussions between the Government, regulatory body and the public.
• It has representatives from the 24 insurance companies currently operating in India.

Sebi warns to Investors

• Ready to regulate commodity trading, Sebi has cautioned small investors against coming for quick gains through speculation in this market, which is “risky” and requires a lot of technical expertise.
• “People will come and tell you that with a small margin, you can make a lot of money. Do not fall into the trap,” Sebi Chairman U K Sinha said, even as he asserted that the capital markets watchdog was fully prepared to begin regulating commodities trading and all necessary safeguards would be put in place to keep the scamsters and manipulators at bay.
• Sebi, which expects the merger of commodities market regulator FMC with it to be completed by next month, will soon put in place a new set of regulations for this segment and the restrictions, including for trading lot sizes, would also be implemented to ensure safety of the small investors.
• Announced by Finance Minister Arun Jaitley in his Budget for 2015-16, FMC’s merger with Sebi will help streamline regulations and curb wild speculations in commodities market, while facilitating participation of domestic and foreign institutional investors and launch of new products.
• Besides, the high-profile NSEL scam has rocked this market in the recent past and the subsequent regulatory and government interventions in this case eventually led to the government announcing FMC’s merger with Sebi.
• At present, there are three national and six regional bourses for commodity futures in the country. Together, all the exchanges clocked a turnover of nearly Rs 60 lakh crore in 2014-15, from over Rs 101 lakh crore in the previous fiscal.

India’s should worried about CAD

• India’s current account deficit (CAD) is likely to widen in the June quarter to 1.8-2.0% of GDP while for the current financial year, it is likely to remain under control, says a DBS report.
• According to the global financial services major, though the widening of CAD is likely to raise concerns “briefly” over wider trade imbalances, the full-year CAD is likely to remain within control. “India’s current account deficit is likely to widen anew in the June 2015 quarter, but will not emerge as a flash-point for the full-year FY15/16 (April 2015 to March 2016),” DBS said in a research note.
• As per official figures, the CAD, which is the difference between the inflow and outflow of foreign exchange shrank to 1.3% of GDP ($27.5 billion) in 2014-15 from 1.7% ($32.4 billion) in 2013-14.
• The Reserve Bank of India and the government have been maintaining that the CAD level is comfortable.
• The DBS report said that on quarter-on-quarter basis imports rose 2.8% in the June quarter while exports fell 5%.

E-commerce boosting
Chinese farmer’s incomes

• Internet aided by e-commerce is boosting income ofChinese farmers and helping in turning the backwardagricultural sector into a lucrative modern industry.
• For Zhang Guoqin, growing crops sometimes simply needs a few clicks of the mouse.
• In northeast China’s Heilongjiang Province, he monitors his rice fields on computer screens.
• He uses a system of sensors and automatisation which takes a lot of the toil and inefficiency out of his business.
• Such innovation is a new trend in Chinese farming, a welcome change of direction for a rural economy that has long been seeking modernisation.
• Along with manufacturing, agriculture was on the top of the list.
• Farming in China has been booming for over three decades.
• The summer grain output reached a record high of 141.07 million tonnes in 2015 after 11 consecutive years of increases.
• Though harvests were good, inefficient sales channels, a shrinking labour population and lack of access to loans have been squeezing farmers’ earnings and dragging down the rural economy, the report said.
• In 2014, the per capita disposable income of rural residents rose 9.2 per cent year on year to USD 1,720 less than half of that of urbanites, and 70.17 million rural Chinese earned an annual sum less than USD 385, the official poverty line.
• By the end of 2014, nearly 30 per cent of China’s rural population was online.
• Taobao.com, China’s largest online shopping platform has launched an agricultural channel.
• Its internet conglomerate, Alibaba, also ambitiously plans to invest 10 billion yuan (USD 1 billion) into 100,000 new service centres in Chinese villages in the next three to five years to help train farmers in internet use.

India to produce at least dozen billionaires among start-ups by 2020, says Assocham

• India is expected to produce at least a score of billionaires and many times millionaires among the start-ups in the next five years with e-commerce, financial services and other technology driven fields generating the maximum interest, an Assocham study on start-ups has pointed out.
• It said the maximum of value creation is expected in the fledgling e-commerce, music-entertainment, payment gate-ways and city transport aggregators such as radio taxis.
• The travel arena, especially in the ticketing and booking has already gained some level of maturity.
• The untapped areas for online business include e-coaching, medical consultations (with fool-proof safety features) and social networking in the cities, while in the rural landscape; the initiative is going to be led by the State sector.
• According to the study, even though the Securities and Exchange Board of India (SEBI) is putting a friendly regime for the start-ups to raise finance from the bourses, it would take some time before funds are raised through this channel.

NBFCs prefer raising
funds through debt route

• Credit off take by non-banking finance companies from the banking system registered a rise of only 1.6 per cent on a year-on-year basis in June 2015, as compared to a rise of as much as 16.7 per cent in the same period in the previous year, according to a statement from the Reserve Bank of India.
• The outstanding credit as on June 26, 2015, stood at Rs. 3,11,800 crore against Rs, 3,06,900 crore as on June 27, 2014.
• Sequentially also, the growth was less compared to 5.6 per cent in the previous month. Analysts say NBFCs prefer to raise money through debt route rather than relying on banks as the cost of raising funds through debt route is cheaper.
• There was, of course, a modest rise in personal loans by 16.5 per cent in June 2015 as compared to 15.2 per cent a year ago.
• Non-food credit growth of scheduled commercial banks registered a year-on-year growth of 7.7 per cent in June 2015, against 13 per cent in June 2014.

Finance ministry moves
cabinet note on gold monetisation scheme

• The finance ministry has moved a cabinet note on the proposed gold monetisation scheme that will enable depositors to earn interest on their on their gold accounts. The gold monetisation scheme, which is proposed to be initially introduced only in selected cities, was announced in the Budget this year by Finance Minister Arun Jaitley.
• Under the proposed scheme, a person or entity would be allowed to deposit a minimum quantity of 30 grams of gold in any form, bullion or jewellery, for one year in a gold saving account. The banks will decide the interest rate.
• To make the scheme attractive to households, the interest earned on it will likely be exempt from income tax, wealth tax and capital gains tax.
• Before depositing gold into a metal account, customers will have to get its purity checked from the testing and collection centres certified by the Bureau of Indian Standards (BIS).
• They will be given a certificate by the collection centre certifying the amount and purity of the deposited gold.
• When the customer produces the certificate of gold deposited at the Purity Testing Centre, the bank will open a ‘Gold Savings Account’ for the customer.
• Under the scheme, both principal and interest to be paid to the depositors of gold will be ‘valued’ in gold.
• For example if a customer deposits 100 gm of gold and gets 1 percent interest, then, on maturity he has a credit of 101 gm.
• Customer will have the choice to take cash or gold on redemption, but the preference has to be stated at the time of deposit.
• The proposed scheme also seeks to benefit jewellers who can obtain loans in their metal account. Banks and other dealers would also be able to benefit from the scheme.
• The scheme aims at reducing dependence on import of gold to meet the domestic demand and provide a fillip to the gems and jewellery sector in the country by making gold available as raw material on loan from the banks.
• India is one of the largest consumers of gold in the world and imports as much as 800-1,000 tonnes of the metal each year.
• The stock of gold in India that is neither traded nor monetised is estimated to be over 20,000 tonnes.

Commerce Ministry Moves
Cabinet Note on Interest Subvention Scheme

• To give a fillip to exports, the Commerce Ministry has moved a Cabinet note on a proposal to provide cheaper credit access to exporters from various sectors under the interest subvention scheme.
• Under the interest subvention scheme, exporters are provided credit at subsidised rates by banks which are later compensated by the government.
• Loans at subsidised rates will help exporters boost shipments as the country’s exports stayed in the negative zone in the past seven months.
• Last week, Commerce Minister Nirmala Sitharaman had told Parliament that the interest subvention scheme for various sectors was under consideration of the government.
• The previous interest subvention scheme was available up to March 31, 2014.
• For the seventh month in a row, India’s exports fell 15.82 per cent in June to $22.28 billion.

India on top in exporting beef

• India retains its top spot as the world’s largest exporter of beef, according to data released by the U.S. Department of Agriculture, and has extended its lead over the next highest exporter, Brazil. It must be noted, however, that the U.S. government classifies even buffalo meat as beef.
• According to the data, India exported 2.4 million tonnes of beef and veal in FY2015, compared to 2 million tonnes by Brazil and 1.5 million by Australia. These three countries account for 58.7 per cent of all the beef exports in the world. India itself accounts for 23.5 per cent of global beef exports. This is up from a 20.8 per cent share last year.
• Data from the Centre for Monitoring Indian Economy (CMIE) shows that most of India’s buffalo meat exports go to Asian countries — Asia receives more than 80 per cent, while Africa takes around 15 per cent. Within Asia, Vietnam is the largest recipient, at 45 per cent.
• India’s buffalo meat exports have been growing at an average of nearly 14 per cent each year since 2011, and fetching India as much as $4.8 billion in 2014. Last year, India for the first time earned more from the export of buffalo meat than it did from Basmati rice
• Several databases, including the United Nations Food and Agricultural Outlook, show that meat consumption in India is increasing. However, the data also shows that beef consumption has been falling over the years, down -44.5 per cent in 2014 from the level it was in 2000. This fall in consumption has been taking place regardless of the political party in power. Chicken consumption, however, was up 31 per cent in that period.

Cabinet cleared spectrum sharing by telcos

• The Cabinet cleared a proposal on Wednesday that had suggested allowing telcos to share spectrum in the same band in order to reduce call drops.
• Telcos will now be able to share their unused spectrum thereby enhancing network quality and reducing operational costs.
• There was no decision on spectrum trading norms, which is expected to lead to greater consolidation in the sector.
• Spectrum sharing would be allowed only where both the licensees have spectrum in the same band and leasing of spectrum will not be permitted, the statement added.
• Besides, sharing may be permitted where both entities possess spectrum for which market price has been paid. Spectrum usage charge (SUC) will be levied on the entire spectrum holding in a particular band and all access spectrums, including traded spectrum, will be sharable.
• According to the release, SUC rate of each of the licensees post-sharing shall increase by 0.5 per cent of aggregate gross revenue.
• However, in respect of spectrum in 800 MHz (CDMA) acquired in the auction held in March 2013, sharing of spectrum shall be permitted only if differential of latest auction price and March 2013 auction price on prorata basis on the balance period of right to use the spectrum is paid.
• The shortfall of natural gas in the country is set to widen over the next couple of years and then stabilise by 2017-18, according to data presented by the Minister of Petroleum and

Natural Gas Dharmendra Pradhan to Parliament during the ongoing session

• According to the Minister, India’s natural gas production would touch 46.3 billion cubic metres (BCM) in 2017-18, up from the 33.6 BCM achieved in 2014-15.
• However, the improvement over this year is to be minimal, with the Ministry projecting only 33.86 BCM to be produced in 2015-16, a 0.6 per cent improvement over the previous year.
• The data presented in Parliament shows that the supply of natural gas in India was projected to grow far faster than demand, although the shortfall would still remain significant for some time to come.

Supply Data

• The supply data shows that natural gas production in the country was to grow 37.5 per cent by 2017-18 over the levels achieved in 2014-15.
• The demand data, presented in a separate answer, shows a growth of a much slower 22 per cent in that period.

CCEA approves proposal to tighten drug regulatory system

• To facilitate domestic manufacture of quality medical products, the Cabinet Committee on Economic Affairs (CCEA) has approved a proposal for strengthening and upgrading the drug regulatory system both at the Central and state level.
• The upgradation and strengthening of the system will also include setting up of new laboratories and training academy for regulatory and drug testing officials.
• The CCEA chaired by Prime MinisterNarendra Modi approved the proposal for strengthening the drug regulatory system at a total cost of Rs 1750 crore which will be spread over a period of three years.
• The upgradation will include provision of additional equipment and manpower in existing drug testing laboratories, setting up of new laboratories for testing drugs, medical devices and cosmetics and making mobile drug testing laboratories available amongst others.
• India is one of the largest manufacturers of drugs and exports pharmaceutical products to over 200 countries and economies.

RBI paid Rs 66,000 crore in dividend

• The Reserve Bank of India on Thursday paid a dividend of nearly Rs 66,000 crore to the government, the highest ever from the central bank in its 80-year history, and 22% more than it paid last year.
• On a point to point basis, RBI’s dividend payment to the government is up more than four times in as many years.
• This payment can help ease the government’s finances, help meet its fiscal deficit targets, provide liquidity to the system so that the rate of interest remains low and also make available funds for the government’s capital expenditure, economists and bond dealers said.
• The central government’s move is also seen as another proof of its active support to the government’s initiatives to kick starts the slowing economy, they said.
• As banker to the central and state governments and the banks in the country, the RBI has several sources of income.
• The three main sources of income are the coupon payments it gets on its holding of government securities, the interest it receives from banks which borrow money from it (repo operations) and also interest incomes on its holdings of sovereign bonds like US treasury bills etc.
• Every year, after meeting its expenses and keeping aside part of its total profits, the central bank transfer a substantial amount to the central government exchequer.
• This year’s dividend payment by RBI is also more than the Rs 64,500 crore that the finance
• Minister had budgeted under ‘Dividend/Surplus of RBI, nationalized banks & financial institutions’, Budget papers showed. Since the nationalized banks are in the process of paying dividend to the government, the central exchequer’s receipts under this head is sure to exceed the Budget estimates by a substantial margin, economists said.
• Rajiv Gandhi International Airport in Hyderabad became the first in the country to receive approval to implement end-to-end e-boarding for domestic passengers in what will make air travel easier and paperless.
• The Bureau of Civil Aviation Security, an agency of the ministry of civil aviation, gave its approval after assessing a pilot project conducted at the airport during April-June.
• GMR Hyderabad International Airport Ltd, the operator of Hyderabad’s airport, successfully implemented a three-month e-boarding project in collaboration with Jet Airways.
• About 7,000 fliers travelling via Hyderabad airport availed the e-boarding facility during the pilot.
• Mumbai, Delhi and Bengaluru airports are also implementing pilot projects using scanners and e-gates.
• Implementation of full scale e-boarding will be initiated “soon” for domestic passengers, GHIAL said in a statement.
• It would come at no additional cost.
• A passenger needs a mobile e-boarding card and an Aadhaar number to complete the e-boarding process.
• Passengers can check-in online and use the QR code received on their registered mobile phones to access common use self service (CUSS) machine at the departure area of the airport. They validate their credentials by keying in their Aadhaar number and doing a fingerprint scan.

Coachin airport to be first
airport operating on solar power

• Cochin International airport limited (CIAL) is all set to become the first airport in the country which would be operating on solar power, CIAL official said today.
• Kerala Chief Minister Oommen Chandy will inaugurate CIAL’s green initiative—a 12MWp solar power project set up on the premises of the airport on August 18, Airport Managing Director V J Kurien told reporters here.
• When the photovoltaics (PV) panels laid across 45 acres near cargo complex become functional, Cochin airport will have 50,000 to 60,000 units of electricity per day to be consumed for all its operational functions, which will technically make the airport “absolutely power neutral”.
• CIAL, which has adorned many firsts in its cap, like being the pioneer in PPP model in building an airport to introducing a path-breaking rehabilitation package for evictees, has ventured into the Solar PV sector during March 2013, by installing a 100 kWp solar PV Plant on the roof top of the Arrival Terminal Block?

Ex-BJP official named to Sebi board

• The government has appointed Arun P Sathe, a senior advocate dealing in tax matters and a former BJP national executive member, as a part-time member on the board of the Securities and Exchange Board of India, raising fresh concerns over political interference on the boards of regulatory and financial institutions.
• Sathe’s appointment was made late last month although he’s yet to attend a Sebi board meeting.
• Under the law the government can appoint two part-time members on the Sebi board with the second slot lying vacant currently.
• The lawyer, who is Lok Sabha speaker Sumitra Mahajan’s brother, had contested against Sunil Dutt from the Mumbai-North constituency in the 1989 general elections and was the party in-charge for Madhya Pradesh and Assam. The Atal Bihari Vajpayee government had appointed him a member of the JNPT board.

Home Ministry may not give licence to Sun TV firms

• The Home Ministry may not grant licence to Kalanithi Maran-promoted Sun TV Network’s group companies citing the alleged involvement of its owners in 2G spectrum scam and Aircel Maxis cases before various courts and investigating agencies. The stand is likely to be communicated to the Information and Broadcasting Ministry as Union Information and Broadcasting Minister Arun Jaitley had written to Home Minister Rajnath Singh on the issue, according to official sources here.
• The company operates 45 radio channels under the brand name Suryan FM in Tamil Nadu and Red FM in rest of the country.
• The Home Ministry said the company and its owners were allegedly involved in 2G scam, alleged bungling in Aircel-Maxis deal as well as running an “illegal” connections of telephones used for uploading their content, the sources said.
• The company of Kalanithi, who is the brother of former union minister Dayanidhi Maran, had sought renewal of licence of its radio channels from one phase to another.

HDFC Bank, Apollo Hospitals join hands

• HDFC Bank, in association with Apollo Hospitals, has launched a co-branded pre-paid card called HDFC Bank Apollo Medical Benefits Card, which will enable corporates to easily disburse medical allowance to their employees without waste of time and incurring any cost.
• “The Medical Benefit card is a win-win for employees, who benefit from cashless transactions for healthcare with unmatched savings, and the employer in terms of transparency, compliance and transaction cost saving. All companies and their employees will benefit and shift to this card in the future,” Shobana Kamineni, Executive Vice-Chairperson, Apollo Hospitals Enterprise Ltd., said in a statement.
• This first-of-its kind card offers employees access to additional benefits such as discounts and facilities, including free ambulance services. The card comes with a free accidental death insurance and accident hospitalisation insurance, and discount at Apollo Network (Apollo Hospitals, Apollo Pharmacies, Apollo Clinics and Apollo White Dental) across India.

Emerson Process buys Ameya Transmissions

• Emerson Process Management India, a part of American multi-national Emerson, has announced the acquisition of the Pune-based manufacturer of gear operators and gearboxes Ameya Transmissions for an unspecified amount.
• This acquisition would support Emerson’s final control technology used primarily in the oil and gas and power industries both domestically and globally, the company said.
• Ameya Transmissionsdevelops and manufactures a wide range of gear operators, including quarter-turn and multi-turn manual gearboxes, which are supplied to the manual valve industry.
• Gear operators and gearboxes are a critical component of automated valve packages to serve as a fail-safe in the event of a power failure. Ameya has supplied over a million gear boxes so far.
• “Ameya’s reputation as a quality manufacturer is a great strategic fit for Emerson and strongly complements our actuator business,” said Amit Paithankar, Managing Director, Emerson Process Management India.
• Apart from catering to the Indian market, Ameya also has been exporting its products to many countries including the U.K., the U.S., Germany, Spain, Italy, Austria, Turkey, China and Middle East. The company has two manufacturing units.
• “This deal makes great sense for both companies,” said Rohan Pai, co-founder of Ameya Transmissions. “Our businesses complement each other and we have the opportunity to grow even further because of Emerson’s global reach and commitment to excellence,” he added.

Tata launches GenX Nano

• QUOTE: “There is a huge opportunity in the entry level hatchback segment in India as entry level compact cars account for 15 per cent of India’s automobile market’’ Mayank Pareek, President, Passenger Vehicle Business, Tata Motors
• In a move clearly aimed at reviving the fortunes of its mini hatchback, ‘Nano’, Tata Motors on Tuesday launched the product in a new refurbished avatar, the GenX Nano, in a move clearly aimed at reviving the fortunes of its mini hatchback. The GenX Nano will replace existing models of the Nano.
• The new product, positioned as a ‘smart city’ car, comes with a range of new technological features. The car will be sold in five variants, starting with the base variant, the XE priced at Rs.1.99 lakh (ex-showroom Delhi) and the higher end XT priced at Rs.2.49 lakh.
• The company also launched two new variants — XMA and XTA with ‘Easy Shift’ Automated Manual Transmission (AMT). While the XMA will be made-to-order and available from August 2015, the top-end XTA will be available post-national launch.
• Mayank Pareek, President, Passenger Vehicle Business, Tata Motors, said, “There is a huge opportunity in the entry level hatchback segment in India. The last three years were an aberration for the Indian car industry and it is expected to double in the next five years to become the third largest after China and the U.S.” The new variants offer enhanced acceleration and ‘creep’ feature for heavy traffic manoeuvrability and ease of parking.
• The GenX Nano continues to have the Electric Power Assisted Steering (ePAS) designed for light steering feel and easy parking. The GenX Nano offers fuel efficiency of 23.6 kmpl and 21.9 kmpl for the manual and AMT variants.
• On the new AMT variants, Mr. Pareek said, “there is a huge propensity for AMT vehicles and 30-35 per cent customers are opting for it.’’

Govt may do away with
mandatory RBI approval for FDI

• In a bid to attract more foreign investment, the government is looking at doing away with the mandatory approval of the Reserve Bank of India (RBI) which currently is needed after an investment proposal has been approved by the FIPB.
• Till now, the government and RBI shared oversight over direct and indirect foreign investments.
• Sources said the Section 6 of the Foreign Exchange Management Act (FEMA) has been amended in the Finance Bill 2015 approved by Parliament earlier this month to delete the requirement of RBI consent for cross-border transactions and acquisition or transfer of immovable property to foreigners.
• Under the proposed mechanism, all foreign investment proposals requiring government approval will only need FIPB (Foreign Investment Promotion Board) nod.
• The regulation under FEMA that required foreign direct investment (FDI) proposals to be examined by RBI, is being done away with, they said.
• Currently, foreign investment is permitted either through the automatic route or the government approval route. The proposals under the approval route envisaging investment up to Rs 3,000 crore are cleared by FIPB and beyond that require Cabinet nod. The foreign investment is also subject to sectoral caps which are specified in the FDI policy.The move is aimed at making it easier for doing business in India. India currently ranks 142 out of the 189 countries on Ease of Doing Business list.

SEBI notifies norms for
MFs managing offshore money

• Simplifying norms for domestic funds to manage offshore pooled assets, the Securities and Exchange Board of India (SEBI) has dropped ‘20-25 rule’, which required a minimum of 20 investors and a cap of 25 per cent on investment by an individual, for funds from low-risk foreign investors.
• As per the existing norms, a fund manager who is managing a domestic scheme, is allowed to manage an offshore fund, subject to three specific conditions.
• The first requires the investment objective and asset allocation of the domestic scheme and of the offshore fund to be the same.
• The second condition requires at least 70 per cent of the portfolio to be replicated across both the domestic scheme and the offshore fund.
• The third condition, which was being considered as the most stringent by the industry, requires that the offshore fund should be broad-based with at least 20 investors with no single investor holding more than 25 per cent of the fund corpus. Otherwise, a separate fund manager is required to be appointed for managing an offshore fund.
• In a notification uploaded on SEBI’s website, the regulator said these restrictions would not apply “if the funds managed are of Category I foreign portfolio investors (FPIs) and/or Category II foreign portfolio investors which are appropriately regulated broad based funds.”

Bachchans invest in Ziddu.com

• Actor Amitabh Bachchan and his son Abhishek Bachchan have invested $125,000 each in Ziddu.com, a Singapore based website owned by Meridian Tech Pte Ltd.
• The $250,000 investment will fetch them a small, minority stake in the company whose valuation is around US $ 71 million.
• A free cloud storage and e-distribution and micro payment platform founded by Venkata Srinivas Meenavalli, it has a development centre in Hyderabad.
• “We employ about 25 people in Hyderabad,” he told, adding that the Bachchans were keen on investing more. One of the leading families of Bollywood, the Bachchans made use of the Liberalised Remittance Scheme of the Reserve Bank of India to invest in the company, he said.
• Although the apex bank has doubled the limit under LRS to $250,000 per person per year, the Finance Ministry is yet to issue a circular giving effect to the hike. This made the Bachchans limit their investment to $125,000 each.

Norms eased for
investments by NRIs, PIOs, OCIs

• In a bid to increase capital flows into the country, the Union Cabinet, announced a major shift in foreign direct investment policy by categorising non-repatriable investments by non-resident Indians (NRIs), overseas citizens of India (OCIs) and persons of Indian origin (PIOs) as domestic investment.
• “The Cabinet approved amendments to FDI policy on investments by NRIs, PIOs & OCIs. This will give PIOs & OCIs parity with NRIs in economy and education,” an official spokesperson said.
• An official release from the government added that the measure is expected to result in increased investments across sectors and greater inflow of foreign exchange remittance leading to economic growth of the country.
• The proposal was floated by the Department of Industrial Policy and Promotion and the government had formed a committee to deliberate on this matter last year. The Narendra Modi-led government, which has liberalised the FDI policy for sectors such as defence, railways, construction development, medical devices and insurance, is keen to tap NRIs, OCIs and PIOs.
• During the April-February period of the previous fiscal, FDI rose by 39 per cent to $28.81 billion against $20.76 billion in the same period last fiscal.
• In another decision the Cabinet also approved the revival of closed urea plant in Sindri, Jharkhand, and setting up of a new fertilizer plant in Namrup in Assam at a total investment of Rs.10,500 crore. The government also extended the timeline for completing the National Automotive Testing and R&D Infra Project (NATRIP) by three years.
• The extension of timeline will help the project to be completed as per the objectives, and ensure that state-of-the-art automotive testing; homologation and R&D facilities are made available in India, an official release said.

Suresh Prabhu keen on
putting PPP model on track

• Highlighting the achievements of his Ministry in the past one year, Union Railway Minister Suresh Prabhu said that he was keen on putting the public-private partnership model back on track and having a regulator in place.
• “The Ministry of Railways has implemented 39 announcements made in the Railway Budget for 2015-16 in just 36 days of the current financial year,” he said in a statement. “The same tempo of implementation is being continuously maintained.”
• He highlighted some of the key customer-oriented initiatives, including a security helpline, 182, and a new passenger helpline, 138, to resolve complaints in real-time, paperless ticketing in some sections and e-catering.
• Mr. Prabhu said the focus had been on capacity enhancement. “We are aiming at commissioning 500 km of new lines, 800 km of gauge conversion and 1,200 km of doubling in 2015-16. A plan is being drawn to utilise the project-execution capabilities of our railway public sector units to expedite the works we have proposed to undertake in the next five years,” he said.
• The Minister said doubling or tripling of 94,000 km of lines on choked routes had been sanctioned and various finance options were being looked into. “To overcome the vicious cycle of chronic under-investment, we are approaching the markets for financing our revenue-generating projects and assuring fund availability to them. These projects, in turn, will generate revenues not only for servicing debt but also financing investments,” he said.
• The Life Insurance Corporation has committed Rs. 1.5 lakh crore over the next five years, while the World Bank and the Asian Development Bank are assisting in setting up a facility for attracting low-cost funds from long-term international pension and insurance funds, Mr. Prabhu said.

RBI plans to introduce
PPI for mass transport system

• The Reserve Bank of India (RBI) on Thursday proposed to introduce a separate category of semi-closed Prepaid Payment Instruments (PPI) for Mass Transit System (PPI-MTS).
• The PPI-MTS can be used within the mass transit systems and will have a minimum validity of six months from date of issue.
• Such PPIs will be re-loadable instruments subject to an outstanding limit of Rs.2, 000 at any point of time, RBI suggested in a draft circular for public comments.
• PPI for mass transit systems, which handle a large number of small value cash payments, will facilitate the migration to electronic payments in line with the country’s vision of moving to a less-cash society, the RBI added.
• Comments and suggestions should reach the RBI on or before June 15, 2015.
• The RBI said that it has been receiving requests from various segments, including providers of mass transit services, such as, metro train and road transport services, indicating the need for PPIs catering to the requirements of this segment to enhance commuter convenience.
• The Reserve Bank of India also proposed to make Net Stable Funding Ratio (NSFR) applicable to banks in India from January 1, 2018.
• RBI released on its website draft guidelines on NSFR under Basel III Framework on liquidity standards for banks.
• It has requested for comments on these guidelines by email at the earliest, but not later than June 26, 2015.
• The objective of NSFR is to ensure that banks maintain a stable funding profile in relation to the composition of their assets and off-balance sheet activities.
• The NSFR limits over-reliance on short-term wholesale funding, encourages better assessment of funding risk across all on- and off-balance sheet items, and promotes funding stability.

BusinessLine l
aunches website for B-schoolers

• The Hindu BusinessLine has launched a new website, the first of its kind, which is specifically tailored for B-schoolers and B-school aspirants.
• The site — www.bloncampus.com or BLoC — is designed to complement the curriculum and broaden a student knowledge base with information that is conveyed in a simple, cogent and interesting manner. Apart from adding value to academic pursuits, BLoC seeks to prepare students for the workplace by keeping them up to date with events and trends that are shaping India’s corporate, entrepreneurial and academic environment.
• The website features columns and analyses by corporate leaders, educators, and academics as well as short educational videos. It will host a platform for B-schoolers to interact with the corporate world through chats and Q&As.
• The entire website can be accessed for free for a trial period of a month. The special invitation subscription offers, which can be paid for online, are Rs.49 for a month, Rs.249 for six months and Rs.499 for a year.

Bharat Electronics
develops phones for Army use

• Secure, custom-made CDMA phone sets developed by Bharat Electronics Ltd. (BEL), are undergoing trials with the Army. The phones, without camera, have in-built safety features and may be deployed in a year or two across the Army’s various units, BEL’s Chairman and Managing Director S.K. Sharma told.
• With work initiated more than a year ago, the handsets are said to replace imported ones that are not encrypted and are vulnerable to eavesdropping by unauthorised people. The Army’s request for information mentions base transmission stations to be set up in three north-eastern stations. The Navy is also said to be a potential customer.
• The indigenous version enables high data transmission and its evaluation is in an advanced stage, said Ajit T. Kalghatagi, Director (R&D), adding BEL was geared up to manufacturing them in large numbers.
• The phone sets are made at the Ghaziabad unit of BEL.
• On the defence front, Mr. Sharma said the focus was on indigenisation in radars, electronic warfare devices, avionics, network communication or C4i. Telecommunication was also an important initiative in non-defence business. BEL was pursuing civil sector business areas such as solar energy, e-governance and smart cards besides inland security that falls outside the purview Ministry of Defence.
• It planned to generate 50 MW of solar power along with other PSUs under the national solar scheme over three-to-five years and would invest Rs.300 crore in the projects, Mr. Sharma said.
• The defence electronics major makes electronics, communication, radars and imaging hardware for the three Armed Forces.
• It has declared an audited 2014-15 net profit of Rs.1, 167 crore and a turnover of Rs.6,695 crore. For the fourth quarter, the net profit and the turnover were Rs.722 crore and Rs.3,067 crore respectively.

Adani, Reliance sign deals for power generation in Bangladesh

• In yet another development in private sector cooperation, Bangladesh signed two memoranda of understanding (MoUs) with two major Indian companies to set up 4,600 MW power plants in the country.
• The MoUs were signed on the first day of Indian Prime Minister Narendra Modi’s visit to Bangladesh.
• The deals, worth $5.5 billion, were inked between the Power Development Board of Bangladesh (BPDB) and Indian companies Adani Power Ltd. and Reliance Power.
• Under the deal, Adani will invest $2.5 billion to set up a coal-based power plant with a capacity of 1,600 MW.
• The Reliance Power will set up an imported liquefied natural gas-based power plant in Bangladesh with a capacity of 3,000 MW with an investment of $3 billion.
• The two Indian companies said they would take 13 months to complete construction of the plants after final agreements had been reached.\
• The government of Prime Minister Sheikh Hasina has recently unveiled a 2.95 trillion taka ($38 billion) budget for fiscal 2014-15, stepping up spending on key sectors to tackle power shortages that are crimping economic growth and deterring investment.
• The country produces 7,000 MW of electricity but demand far exceeds supply, with a daily shortage up to 1,500 MW.

TCS, Infosys to face probe on visa violation

• India’s largest and the second largest IT services companies, TCS and Infosys, have come under the scanner of a U.S. investigation team.
• According to media reports, the U.S. Department of Labor has opened a probe against the two companies for alleged H1-B visa rule violations.
• According to industry experts, the U.S. investigation is an indication of stricter and more stringent rules for onsite workers in the U.S.
• According to the New York Times (NYT) on June 11, “The Department of Labor has opened an investigation into two India-based outsourcing companies for possible violations of rules for visas for foreign technology workers under contracts they held with an electric utility, Southern California Edison.”
• Of late, Indian IT services companies have been facing the heat in the U.S. for alleged H1-B visa violations. This particular visa is a non-immigrant one that allows American companies to employ foreign workers in highly skilled jobs. Indian outsourcing companies are the largest recipients of this kind of visa, and for Infosys and TCS, more than 60 per cent of their revenue comes from the U.S. market.
• The NYT report further said that Southern California Edison had recently laid off more than 500 technology workers, many of whom claimed they were made to train their replacements who were immigrants on the temporary work visas brought in by the Indian firms.
• When contacted Infosys said, “Infosys is committed to complying with U.S. immigration laws. The U.S. Department of Labor (DOL) regularly selects a percentage of visa and labor condition applications for extra scrutiny in this industry, and we work closely with the DOL to assist them in this activity in the ordinary course of our business. We have received no indication of any broader investigation of Infosys visa practices.”
• The investigation from the Labor Department comes as a blow to Infosys, after a U.S. district court dismissed the company’s plea to dismiss a case filed against the company.
• Last month, the U.S. court accepted a case filed by four American IT workers alleging Infosys of showing discrimination in hiring.
• In October 2013, the Bengaluru-based company had paid around $34 million as settlement amount for settling a visa-related issue with the U.S. government.
• Meanwhile, TCS which is also facing the investigation said in an email, “TCS maintains rigorous internal controls to ensure we are fully compliant with all regulatory requirements related to US immigration laws including those related to H-1B visas.”
• The new investigation comes at a time when Steven Heldt, a former TCS employee has filed a suit in San Francisco Federal Court accusing TCS of favoritism towards Asian workers.
• On the backdrop of the U.S. investigation on IT majors, the shares of all major IT companies witnessed a drop in Friday’s trade.
• On BSE, TCS closed at Rs.2, 512.05 down 2.29 per cent, while Infosys closed at Rs.1, 976.65 down 1.26 per cent.

Yahoo to host developer meet in India

• Mobile developers in India will get a first-hand experience of the Yahoo Mobile Developer Suite this month, as internet major Yahoo is bringing its Mobile Developer Meetup for the first time to India. The company will organise two developer meets, one in New Delhi on June 24 followed by one in Bengaluru on June 26.
• “As a mobile-first company, we understand the need for app developers to have a strong mobile analytics and monetisation engine. India has a vibrant, rapidly growing app developer community, which we are planning to explore,” said Jarah Euston, VP of Analytics and Marketing, Flurry.
• Yahoo Mobile Developer Suite is a powerful combination of technology and data from Yahoo, Flurry and BrightRoll. The Suite is built on five offerings — Flurry Analytics with Explorer, Flurry Pulse, Yahoo App Publishing, Yahoo Search in Apps, and Yahoo App Marketing.
• The Yahoo Mobile Developer Suite helps developers build their app businesses, monetise and create better experiences for their users, to stand out in today’s crowded app market. At the event, mobile app developers will also get the opportunity to network with various mobile start-ups and developer community. “India’s mobile Internet sector — growing at almost 40 per cent a year — has spawned an exciting app developer ecosystem, creating a community that is riding the wave of innovating not only for users in India, but across the world,” said Yahoo in a statement.
• Last year, Yahoo had acquired mobile app analytics and advertising startup Flurry and video advertising platform BrightRoll to strengthen its mobile strategy.

SBI chief anticipates repo rate cut

• There is the possibility of a decrease in the repo rate cut in the near future owing to multiple factors, State Bank of India (SBI) Chairman Arundhati Bhattacharya has said.
• “Our in-house research indicates that there will be space for another rate cut. However, the Reserve Bank of India (RBI) could have a different view of the matter,” she told mediapersons on the eve of the 55{+t}{+h}Annual General Meeting (AGM) of the State Bank of Travancore (SBT).
• The regulator had raised concerns over a deficient monsoon forecast and inflation. But, pre-monsoon rain had been better compared to the previous year, she said.
• “In the wake of worrying predictions, we can only hope for a good monsoon. The timeliness and spread of rain will also be crucial.”
• The chances of a rate cut were higher if the inflation did not go up as was being feared, she said.
• To a question, she said banks under the State Bank group, which had Stressed Assets Management Group, had been tackling non-performing assets (NPAs) ‘fairly well.’ “With the downturn in the economy, we have seen a large amount of loans getting stressed. Hopefully, as the economy picks up, these loans will also start performing better. All necessary action in handling NPAs will be duly taken by the respective banks,” she said.

Cairn India set to merge into Vedanta in $2.3 billion deal

• In move to cut debts, India’s largest private miner Vedanta Ltd., headed by billionaire Anil Agarwal, will absorb oil firm Cairn India in a $2.3-billion all-share deal to create India’s largest diversified natural resources company
• Shareholders in Cairn India, the country’s top private oil producer, will get one ordinary share and 7.5 per cent redeemable preference share of Vedanta Ltd with a face value of Rs. 10. That implies a premium of 7.3 per cent to Cairn’s Friday closing price.
• Vedanta will use Rs 16,867 crore cash lying with Cairn to pay off part of its Rs 77,752 crore debt.
• Post-merger, London-listed parent Vedanta Resources Plc’s holding in Vedanta Ltd will drop to 50.1 per cent from 62.9 per cent.
• “The merger is the second step in the series that started in 2013 towards simplification of the corporate structure,” Vedanta Ltd chief executive Tom Albanese told PTI in an interview.
• Vedanta, previously known as Sesa Sterlite Ltd, in 2013 consolidated its iron ore mining business by merging Sesa Goa Ltd with Sterlite Industries (India) Ltd, which ran copper and aluminium businesses.
• “This merger is about creating long-term value that is not only good for Vedanta shareholders but also good, attractive and compelling for Cairn shareholders,” he said.
• The merger will help Cairn spread its risk from volatile oil business to other metals and commodities.

BHEL & INTMA Ink
MoU to set Up Power Plant in Kazakhstan

• State-owned power equipment maker Bharat Heavy Electricals Limited (BHEL) has signed a Memorandum of Understanding (MoU) with a Russian company INTMA, to set up a gas-based power project in Kazakhstan.
• The MoU aims set combined path to execute projects of mutual interest in Russia and Kazakhstan. In this regard, BHEL’s competence in design and manufacturing of power plants will play important role and INTMA’s strength in handling engineering procurement and construction contractors (EPC) contracts will implement the projects.
• The MoU will further help BHEL in consolidating its presence in the Commonwealth Independent States countries.
• INTMA is one of the leading general Engineering Procurement and Construction contractors (EPC) in Russia and Kazakhstan, with wide experience in industrial construction, renovation of facilities, automation and other energy related sectors.

Nokia to Acquire Alcate-Lucent

• Finland based telecom equipment manufacturer Nokia has announced that they will acquire French based and Alcatel-Lucent with the intention to create an innovation leader in next generation technology and services for an IP connected world.
• The two companies have entered into a memorandum of understanding under which Nokia will make an offer for all of the equity securities issued by Alcatel-Lucent, through a public exchange offer in France and in the United States, on the basis of 0.55 of a new Nokia share for every Alcatel-Lucent share.
• This merger will create the world’s largest supplier of telecom equipment’s that powers mobilephone networks by surpassing Ericsson and Huawei.

MUDRA Bank Scheme

• Prime Minister Narendra Modi launched Micro Units Development Refinance Agency (MUDRA) Bank with a corpus of Rs. 20,000 crore and credit guarantee of Rs. 3,000 crore. The Bank will provide credit of up to Rs 10 lakh to small entrepreneurs and act as a regulator for ‘Micro-Finance Institutions’ (MFIs).
• The bank will be responsible for refinancing micro-finance institutions in the business of lending to small entities. MUDRA will be set up through a statutory enactment. The Pradhan Mantri MUDRA Yojana will be the main support system for the bank and will be the part of Small Industries Development Bank of India (SIDBI).
• The MUDRA bank was proposed in Budget 2015-16 by Union Government with an initial corpus of 20,000 crore rupees. Apart from this, 3,000 crore rupees also has been earmarked as credit guarantee corpus.

The roles envisaged for MUDRA include:

• Laying down policy guidelines for micro enterprise financing business
• Registration of MFI entities
• Accreditation /rating of MFI entities
• Laying down responsible financing practices to ward off over indebtedness and ensure proper client protection principles and methods of recovery
• Development of standardised set of covenants governing last mile lending to micro enterprises
• Promoting right technology solutions for the last mile
• Formulating and running a Credit Guarantee scheme for providing guarantees to the loans/portfolios which are being extended to micro enterprises
• Support development & promotional activities in the sector
• Creating a good architecture of Last Mile Credit Delivery to micro businesses under the scheme of Pradhan Mantri MUDRA Yojana

MUDRA Bank will provide financing on three stages- Shishu, Kishore and Tarun

• Shishu: This will be the first step when the business is just starting up. The loan cover in this stage will be upto Rs 50,000.
• Kishor: In this stage, the entreprenuer will be eligible for a loan ranging from Rs 50,000 to Rs 5 lakh.
• Tarun: This last and final category will provide loans for upto Rs 10 lakh.

Dena Bank & LIC sign MoU to Provide Insurance Cover

• State-run lender Dena Bank has signed an agreement with LIC to provide insurance cover to its savings account holders under the Prime Minister’s Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJBY) scheme.

Key Facts of Mau

• Under the Memorandum of Understanding, LIC will give a life cover of Rs 2 lakh in case of death of the insured person at a nominal premium of Rs 330 per annum.
• Account holders in the age group of 18 to 50 years can avail of the product.
• People who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
  The scheme will come into effect from June 1, 2015. The bank customers can join the scheme from June 1, 2015 to May 31, 2016.

RBI Lowers Ceiling Rate

• Concerned over the rising NPAs (non-performing assets) in the banking sector, the Reserve Bank of India (RBI) has proposed to lower the ceiling on how much a bank can lend to a single corporate group.
• Under the proposal, banks can lend up to 25 per cent of their core capital to a single corporate group.
• Currently, they have been given flexibility, with riders though, to lend up to 55 per cent of their core capital to a single corporate group.
• The apex bank has proposed that the revised lower ceiling could come into effect from January 1, 2019.
• The proposal is came with the announcement made by the RBI in its fourth bi-monthly Monetary Policy Statement 2014-15 on September 20 to come out with a discussion paper on the subject.

RBI Tightens Takeover
Norms for Shadow Banking

• The Reserve Bank of India (RBI) plans tougher rules for takeovers involving non-banking financial companies (NBFCs), according to draft guidelines published on Monday, outlining a demand that all substantial deals seek its prior approval.
• In its latest effort to boost transparency and strengthen its grip on the alternative lenders that account for a large part of the domestic shadow-banking sector, the RBI said any purchase of a stake of 26 per cent or more in a company, or a change in more than 30 per cent of its directors, would need the central bank’s permission.
• “The RBI has been continuously trying to strengthen this sector so that this should not be a back yard for people we don’t know,’’ said Sanjay Agarwal, Managing Director of Au Financiers (India), an NBFC from Rajasthan.
• There are some 12,000 NBFCs registered with the RBI, and they largely offer loans. Some, like traditional banks, also take deposits.
• The RBI also said in its circular that the source of funds behind new investors in any NBFC will have to be disclosed. It also asked for an undertaking that the new proposed investors are not associated with any existing but unregistered body that accepts public deposits.
• NBFCs play a critical role in extending credit to areas where traditional finance cannot reach in a country where only just over half of the population has access to the mainstream banking system. However, controlling these NBFCs has been made a key priority for the RBI, given their size and reach.

India to Surpass China’s
Economic Growth in 2015-16: IMF

• The International Monetary Fund forecast India’s growth to strengthen from 7.2 per cent in 2014 to 7.5 per cent in both 2015 and 2016, overtaking China’s growth — for the first time since 1999 — that it projected will slow down to 6.8 per cent.
• The World Bank too projected India’s growth to accelerate to 7.5 per cent in 2015, but added that on the back of significant acceleration of investment, growth could even reach 8 per cent in 2017-18. The country is attempting to shift from consumption to investment-led growth, at a time when China is undergoing the opposite transition, the Bank said in its bi-annual South Asia Economic Focus report.

NCTI inks MoU with
Paytm to Promote MSME

• National Centre for Trade Information (NCTI) has tied up with Mobile commerce platform Paytm to promote MSMEs scale faster. The two organisations have signed a memorandum of understanding to offer a virtual marketplace platform for NCTI members and will extend its services and to enable them to sell online.
• In this regard, Paytm will set up payment gateways platform for online ticketing and membership fees for NCTI. This tie-up will play a pivotal role in the growth of MSMEs by providing them with value-added trade information generally for the trading community. It will also provide platform to NCTI members that will serve as an opportunity to trade online and scale faster.

Snapdeal Acquires FreeCharge

• India’s largest online marketplace, Snapdeal has acquired FreeCharge, India’s fastest growing mobile transactions platform. This is one of the biggest acquisitions in the history of the internet industry in India and sets up Snapdeal to build the most impactful digital commerce ecosystem in India.
• FreeCharge is India’s leading mobile commerce platform where users can pay their mobile, DTH and utility payments across most major operators. Every day 75 million mobile recharges are done in India by a section of India’s 800 million mobile phone subscribers, out of which currently only 3 million recharges are done online. FreeCharge offers a convenient and efficient solution applicable to hundreds of millions of consumers for paying utility bills, and especially doing mobile recharges, which often ends up being the first e-commerce transaction that a consumer does online given the ticket size, convenience and instant gratification.
• With this acquisition, Snapdeal becomes the largest mobile commerce company in India offering the widest range of products and services, including financial services, mobile recharge and utility payments with an exponentially growing user base of over 40 million.

Union Government
Approves Ten FDI Approval

Union Government has approved 10 Foreign Direct Investment (FDI) proposals worth 2857.83 crore rupees. These FDI proposals were approved by the Foreign Investment Promotion Board (FIPB).
Some of proposals approved are

• Air Works India (Engineering) Private Limited’s proposal to increase foreign equity investment at Rs 40 crore.
• Ostro Energy’s proposal to invest Rs. 1,400 crore over next four-five years in wind energy assets in India via downstream investment.
• IPCA Laboratories’ proposal for FII investment up to 35 per cent i.e. Rs 900 crore.
• Reckitt Benckiser (India) proposal to acquire 24.88 per cent stake in Reckitt Benckiser Healthcare India from its foreign investor. This deal will result in a foreign fund outflow of Rs 750 crore.
• Syngene International’s proposal to inject 380 crore rupees through 10 per cent foreign equity participation into the company.
• Ambuja Cements proposal for acquisition of 24 per cent shares in its holding company Holcim (India) for a share swap worth Rs 3,500 crore has been referred to the Cabinet Committee on Economic Affairs (CCEA). FIPB approves the FDI proposals under approval route. However, those proposals worth above Rs 1,200 crore are given final approval to the CCEA.

About FIP

The Foreign Investment Promotion Board (FIPB), housed in the Department of Economic Affairs, Ministry of Finance, is an inter-ministerial body, responsible for processing of FDI proposals and making recommendations for Government approval. The extant FDI Policy, Press Notes and other related notified guidelines formulated by Department of Industrial Policy and Promotion (DIPP) in the Ministry of Commerce and Industry are the bases of the FIPB decisions. In the process of making recommendations, the FIPB provides significant inputs for FDI policy-making. Approvals under PMO: The FIPB was initially constituted under the Prime Minister’s Office (PMO) in the wake of the economic liberalization drive of the early 1990s. The recommendations of the FIPB were approved through a 3-tier approval mechanism, viz. FIPB as a committee of senior officials to examine and make recommendations; Empowered Committee on Foreign Investment (ECFI) chaired by the Finance Minister for deciding on the recommendations of the FIPB for projects in which the total investment in the project was up to Rs. 300 crore; and the Cabinet Committee on Foreign Investment (CCFI) for deciding on the recommendations of the FIPB for projects in which the total investment was more than Rs. 300 crore. Transfer to DIPP in 1996: The Board was reconstituted in 1996 with transfer of the FIPB to DIPP and approval levels were as under:

• Recommendations of FIPB in respect of the project proposals each involving a total investment of Rs. 600 Crore or less would be considered and approved by the Industry Minister.
• The recommendations in respect of the projects each with a total investment of above Rs. 600 Crore would be submitted to the Cabinet Committee on Foreign Investment (CCFI) for decision.
• The CCFI would also consider the proposals which may be referred to it or which had been rejected by the Industry Minister.According to Press Note 7 of 1999, there would be no need for obtaining prior approval of FIPB / Government for increase in the amount of foreign equity within the percentage of foreign equity already approved in all cases in which the original project cost was up to Rs. 600 crore. Any company could infuse additional funds by way of foreign equity as a result of financial restructuring (provided there is no change in the percentage of foreign equity) and notify the same to the Secretariat of Industrial Assistance (SIA) within thirty days of receipt of funds as also allotment of shares to non resident shareholders. This procedure, however, did not apply in cases of increase in the percentage of foreign equity as also where initial approval was granted by CCFI. Such cases required prior approval of the FIPB / Government as per the existing procedure.
  The FIPB was transferred to the Department of Economic Affairs; Ministry of Finance in terms of the Presidential Order dated 30.01.2003. The levels of approval, notified vide Order dated 11.07.1996 were essentially retained, except to the extent that recommendations of FIPB for project-proposals involving a total investment of less than Rs. 600 Crore would be considered and approved by the Finance and Company Affairs Minister and those with a total investment beyond Rs. 600 Crore would be submitted to the Cabinet Committee on Economic Affairs for decision.