01.ga jan-2014

CSB, Ch-17, Ph: 044-24333346 GA/Jan14/Page-1

CURRENT AFFAIRS JANUARY2014

Reserve Bank of India Third Mid-Quarter Review of Monetary Policy 2013-14 The Reserve Bank of India (RBI) on

December 18, 2013 kept the indicative policy rates (repo) and cash reserve ratio (CRR) unchanged while announcing the third mid-quarter of its monetary policy. The RBI kept the repo rate at 7.75 per cent, and kept the CRR, which is the portion of the total

deposits the banks have to keep with the central bank as a reserve, at the current level of 4 per cent. Repo rate is the short term rate at which banks borrow funds from the central bank.

Justifying his action of not hiking the rates, the RBI Governor Raghuram Rajan said, given the wide bands of uncertainty surrounding the short term path of inflation from its high current levels, and given the weak state of the economy, the inadvisability of overly reactive policy action, as well as the long lags with which monetary policy works, there is merit in waiting for more data to reduce uncertainty.

RBI Governor said that retail inflation measured by the consumer price index (CPI) has risen unrelentingly through the year so far, pushed up by the unseasonal upturn in vegetable prices, double-digit housing inflation and elevated levels of inflation in the non-food and non-fuel categories.

Wholesale inflation has also gone up sharply from second quarter onwards, with upside pressures evident across all constituent components.

The pick-up in real GDP growth in the second quarter of the current fiscal was driven largely by robust growth of agricultural activity, supported by an improvement in net exports, said Dr. Rajan, adding, the weakness in industrial activity, however, persisting into the third quarter, still lacklustre lead indicators of services and subdued domestic consumption demand suggest continuing headwinds to growth. Policy interest rates left unchanged Inflation high but trajectory uncertain Falling vegetable prices augur well for containing inflation Strong Headwinds to Growth Services indicators lacklustre Domestic consumption demand weak Expenditure cuts by Government to exert pressure on growth Revival of stalled investments crucial Policy Stance Inflation high but merit in waiting for new data RBI will act if inflation does not fall Action not ruled out on off-policy dates

RBI Outlines Action Plan to Tackle NPAs The Reserve Bank of India, on December 17, 2013 outlined a corrective action plan to minimise rising non-performing assets (NPAs). The plan would include incentivising early identification of problem cases, timely restructuring of accounts, which are considered to be viable, and taking prompt steps by banks for recovery or sale of unviable accounts. In a discussion paper on Early recognition of financial distress, prompt steps for resolution and fair

recovery for lenders: framework for revitalizing distressed assets in the economy, the RBI said it would set up a Central Repository of Information on Large Credits (CRILC) to collect, store, and disseminate credit data to lenders. The credit information would also include all types of exposures as defined under RBI Circular on exposure norms, and will include data on lenders investments in bonds/debentures issued by the borrower/obligor.

Banks will have to furnish credit information to CRILC on all their borrowers having aggregate fund-based and non-fund based exposure of Rs.5 crore and above.


While all scheduled commercial banks will mandatory contribute their credit information on their borrowers/customers as proposed, the RBI said that systemically important non-banking financial companies (NBFC-SI) would also be asked to furnish such information.

In addition, banks would have to furnish details of all current accounts of their customers with out-standing balance (debit or credit) of Rs.1 crore and above.

The RBI said that before a loan account turns into an NPA, banks should identify incipient stress in the account by creating a new sub-asset category. Special Mention Accounts (SMA). Within the SMA category, there should be three sub-categories: SMA-NF non-financial (NF) signals of incipient stress: SMA-1 principal or interest payment overdue between 31-60 days: SMA-2 principal or interest payment overdue between 61-90 days. Banks will be required to report, among others, the SMA status of the borrower to the CRILC. Individual banks will have to closely monitor the accounts reported as SMA-1 or SMA-NF as these are the early warning signs of weaknesses in the account. They should take up the issue with the borrower with a view to rectifying the deficiencies at the earliest.

The RBI also said that reporting of an account as SMA-2 by one or more lending banks/NBFC-SIS will trigger the mandatory formation of a joint lenders forum (JLF) and formulation of corrective action plan (CAP). Further, with a view to limiting the number of JLFs to be formed, it is proposed that JLF formation would be made mandatory for distressed corporate borrowers, engaged in any type of activity, with aggregate fund based and non-fund based exposure of Rs.100 crore and above. The RBI said that the lenders in the JLF would sign an inter creditor agreement (ICA) and also require the borrower to sign the debtor creditor agreement (DCA), which would provide the legal basis for any restructuring process.

The decisions agreed upon by a minimum of 75 per cent of creditors by value and 60 per cent of creditors by number in the JLF would be considered as the basis for proceeding with the restructuring or recovery action of the account, and will be binding on the lenders under the terms of the ICA.

The RBI further said that willful defaulters will normally not be eligible for restructuring. RBI Eases Investment Rules The Reserve Bank of India (RBI), on December 24, 2013 relaxed the

overseas investment norms by allowing resident Indians to issue tax-free, non-convertible bonds in rupees to foreigners, and use those funds for lending to infrastructure or keeping in fixed deposits of banks pending utilisation. Earlier, such rupee funds borrowed from foreigners were not allowed for any investment or

foreigners were not allowed for any investment or for re-lending. The central bank said that it had formed a committee under Executive Director Deepak Mohanty to review the current system of data collection and the feasibility of data production within the central bank to reduce the burden on reporting entities. This committee would recommend steps to deliver quality information to data users and reinforce the information system for monetary policymaking.

RBI Eases Norms For Gold Dore Imports The Reserve Bank of India, on December 31, 2013 partly eased restrictions on import of gold dore, by allowing refineries to import 15 per cent of their gross annual requirement in the first two months and the balance as per export performance. Refineries are allowed to import dore up to 15 per cent of their gross average viable quantity based

on their licence entitlement in the first two months for making this available to the exporters on First in First out (FIFO) basis. Subsequent to this, the quantum of gold dore to be imported should be determined lot-wise on the basis of export performances.

In August 2013, the RBI had imposed curbs on gold imports and linked it with exports. Accordingly, 20 per cent, of every lot of gold imported had to be exclusively made available for exports and the balance (80 per cent) for domestic use.

The central bank further said before the next import, not more than 80 per cent should be allowed to be sold domestically.

Under FIFO methodology, the oldest entry, or bottom of the stack, is processed first. Financial Stability Report December 2013 The Reserve Bank of India (RBI) on December 30, 2013

released the Financial Stability Report (FSR) December 2013.


Non-performing assets (NPAs) of the banking sector need to be tackled on a priority basis to ensure that they do not grow to alarming proportions. The current levels of NPAs do not pose a systemic concern as the CRAR (Capital to Risk Weighted Assets Ratio) of the banking system is above the prescribed levels and many projects are just delayed, not unviable.

The risks to the banking sector had further increased since the publication of the previous FSR in June 2013. All major risk dimensions captured in the Banking Stability Indicator showed increase in vulnerabilities in the banking sector.

Asset quality continues to be a major concern for scheduled commercial banks (SCBs). The gross non-performing assets ratios of SCBs, as well as their restructured standard advances ratio, have increased. Therefore, the total stressed advances ratio rose significantly to 10.2 per cent of total advances at end September 2013 from 9.2 per cent of March 2013.

Five sectors, namely, infrastructure, iron and steel, textiles, aviation and mining, together contribute 24 per cent of total advances of SCBs, and account for around 53 per cent of their total stressed advances.

The RBI said India was better prepared to handle the effects of tapering in the U.S. Federal Reserves bond purchase programme starting January 2014, but continuing inflationary pressure was limiting what its monetary policy could do. It had also raised concern on the alarming bad assets in the banking sector.

The commencement of the taper should signal a calibrated return to normal liquidity and credit conditions in the global markets and also better pricing of risk. This will mean a re-pricing of certain assets with consequent volatility.

The delay in tapering allowed India to bring about adjustment in the current account deficit (CAD) and build buffers by replenishing its foreign exchange reserves. However, macro-economic adjustment is far from complete, with persistence of high inflation amidst growth slowdown. Fall in domestic savings and high fiscal deficit are other major concerns for India.

The RBI said current account deficit had narrowed to sustainable levels. Foreign exchange reserves were adequate and fiscal consolidation was in progress. The outlook for the economy had improved, with export growth regaining momentum, but growth was still weak.

As per the report, corporate performance continues to be weighed down by boom period expansions and excess capacities, amid shifting asset composition towards financial investments.

House prices and outstanding loans for housing by housing finance companies had grown relatively faster during the last few years.

Action to create central repositories for the banking sector, corporate bond market and insurance sector had been initiated. This move was expected to break the information asymmetry in those markets.

The FSR aims to create awareness about the vulnerabilities in the financial system, to inform about the resilience to stress of the financial institutions and to generally serve as a health check on the financial system.

The Reserve Bank of India allows Non-Banking Finance Companies to lend upto 75 per cent of the Loan-To-Value ratio of gold jewellery from 60 per cent, with immediate effect.

Banks Loan Limit Against Jewels - The Reserve Bank has allowed banks to sanction loans of up to Rs.1 lakh against pledge of gold ornaments and jewellery. It has been decided to permit bullet repayment of loans extended against pledge of gold ornaments and jewellery for other than agricultural purposes, the RBI said in a notification. Bullet repayment means a lump-sum payment for the entire loan amount paid at the time of maturity.

Other Banks Approval To Conversion Of Preference Shares Into Equity In 3 Banks - The government, on January

2, 2014 approved conversion of perpetual non-cumulative preference shares (PNCPS) of three public sector banks into equity, a move that would raise its holding in these lenders.

This would apply to three banks: Indian Bank, UCO Bank, Vijaya Bank.


Following the conversion, the government holding in Indian Bank would go up to 82.22 per cent from the existing 80 per cent. In case of UCO Bank, it would be 77.25 per cent from 69.26 per cent, while Vijaya Bank, it would be 71.85 per cent from the existing 55.02 per cent.

The Cabinet gave its approval for conversion in Indian Bank, UCO Bank and Vijaya Bank amounting to Rs.400 crore, Rs.1,823 crore and Rs.1,200 crore, respectively, into equity shares of these banks in favour of the government, subject to approval of shareholders and also the Securities and Exchange Board of India (SEBI) and other authorities. Conversion of PNCPS, subscribed by the government in these banks, into equity in the first instance and subsequently in other public sector banks where it has invested in PNCPS, PCPS and IDPIs, would enhance the Tier-I capital of the state-owned banks, thereby, making more funds available at their disposal to meet the credit requirement of the productive sectors of economy.

Supreme Court Supreme Court Judgement On Homo Sexuality Indias Supreme Court on 11 December upheld the

constitutional validity of Section 377 of the Indian Penal Code making gay sex an offence punishable with upto life imprisonment. A bench of justices G S Singhvi ans SJ Mukhopadhaya set aside the Delhi High Courts verdict which had in 2009 decriminalised gay sex among consenting adults in private.

The Supreme Court directs all the States to drastically restrict the number if VIPs using the red beacon in their cars, and give the facility only to heads of the executive, the legislature and the judiciary and those holding constitutional posts.

The Supreme Court holds that once a person is declared as an absconder/proclaimed offender in a criminal case, he/she will not be entitled to the relief of anticipatory bail.

The Supreme Court issues notice to the Centre and all States, asking them to show cause why contempt proceedings should not be initiated against them for violating its order on implementing the High Security Number Plates (HSNP) scheme for motor vehicles.

Centre Government Code of Conduct Revised In a bid to insulate the bureaucracy from political interference, the Union

Cabinet on December 12, 2013 revised the Code of Conduct for Ministers (both Union and States) by adding a new provision as per which Ministers cannot force civil servants to take decisions that may be in conflict with their duties and responsibilities. A new paragraph has been added to Section 2 in the Code of Conduct, which states that the

Ministers shall up hold the political impartiality of the civil services and not ask the civil servants to act in any way which would conflict with the duties and responsibilities of the civil servants. The revised code will take immediate effect in the case of the Union Council of Ministers. In the case of the States and the Union Territories, the revised code will be forwarded to the Chief Ministers for adoption.

Cabinet approves spectrum base price The Union Cabinet, on December 9, 2013 approved the reserved prices for spectrum sale as recommended by the Empowered Group of Ministers (EGoM) on telecom Rs.1,765 crore per MHz pan-India for 1800 MHz band and Rs.360 crore. Rs.328 crore and Rs.125 crore per MHz in metro service areas of Delhi, Mumbai and Kolkata, respectively, for 900 MHz band. The spectrum prices are 26 per cent lower than the base price in case of 1800 MHz band and 53 per

cent less in 900 MHz band than the previous auction prices. The government is hoping to garner over Rs.48,000 crore from the spectrum sale slated for January 2014.

Centre Clears Rs.990-crore Programme for Leather Sector During XII Plan The government, on January 2, 2014, approved the Indian Leather Development Programme (ILDP), entailing expenditure of about Rs.990 crore, for implementation during the XII Plan (2012-17) for the overall development of the sector. The Cabinet Committee on Economic Affairs has approved the Central sector scheme, ILDP, for

implementation during the XII Plan aiming at overall development of the leather sector. The ILDP


was implemented in the XI Plan under 13 sub-schemes and an expenditure of Rs.669.02 crore was incurred during the period. Six sub-schemes are being proposed for continuation from the XI Plan for implementation during the XII Plan with an outlay of Rs.990.36 crore.

The schemes are: integrated development of leather sector, human resource development, support to artisan, leather technology innovation and environmental issues, mega leather cluster and establishment of institutional institutes.

Budgetary Support For Sicks CPSEs - The Cabinet Committee on Economic Affairs (CCEA), on December 26, 2013 approved non-plan budgetary support of Rs.116.86 crore for the payment of statutory dues such as provident fund, gratuity, pension, employees state insurance and bonus as well as salaries and wages at eleven sick or loss-making Central Public Sector Enterprises (CPSEs) under the Department of Heavy Industry.

The Cabinet Committee on Economic Affairs approves the ambitious proposal for installing CCTV cameras and Global Positioning Systems (GPS) in public transport vehicles to ensure womens safety.

The Union Cabinet approves the National Youth Policy 2014 to replace the National Youth Policy 2003.

Centre Approves a Programme to Address Malnutrition The Programme, recommended by the Prime Ministers National Council on Indias Nutrition Challenges in 2010, will be implemented in 200 high-burden districts in two phases at an estimated cost of Rs.1,213.19 crore. It will be a Centrally Sponsored Scheme under the National Nutrition Mission, with the Centre-State cost sharing ratio 90:10 for all components in the north-eastern States and special category States, and 75:25 for the other States and the Union Territories.

States ANDHRA PRADESH Cabinet approves Telangana: The Union Cabinet on December 5, 2013

approved a Bill for creation of a Telangana State with 10 districts, paving the way for the bifurcation of Andhra Pradesh to give birth to the countrys 29th State. Though the idea of adding two districts of Rayalaseema to the new State was raised by at least two

of the Ministers from the coastal districts, Home Minister Sushilkumar Shinde apparently made it clear it was never under consideration. Highlights of the Bill: Telangana will have 10 districts and the rest of Andhra Pradesh will have 13 districts The Greater Hyderabad Municipal Corporation area will remain the common capital for both

States for a period not exceeding 10 years An expert committee will identify an alternative capital for Telangana within 45 days of gazette

notification A joint public service commission will be in place for the two States Both States will have special status under Article 371-D of the Constitution for equitable

opportunities. The Governor of Telangana will have a special responsibility for security of life, liberty and

property of all those who reside in the common capital area. The Governor may be assisted by two Advisers, to be appointed by the United Government.

) Pulichantala Project Dedicated to Nation - Andhra Pradesh Chief Minister N. Kiran Kumar Reddy dedicated to the nation the Pulichantala project (named after Dr.K.L.Rao) across the Krishna in Guntur on December 7, 2013. The inauguration of the project was a dream come true-for farmers of Krishna Delta system as it has been designed to stabilize 13.08 lakh acres of ayacut besides generating 120 MW of power in the hydel unit located in Vajinipalli village in Nalgonda district.

) At least 26 passengers are killed after a fire engulfs an AC coach of Bangalore Nanded express train in Anantpur district of Andhra Pradesh.

SIKKIM Air Connectivity to Sikkim by 2014: Sikkim will have air connectivity by December, 2013 when the construction of a green-field airport at an altitude of 4,700 feet will be completed. The airport,


one of the five high altitude airports in India, is being constructed on 200 acres of land, around 30 km south of capital Gangtok. The airport, with 180-metre-long airstrip, will facilitate the flights of ATR-72 planes and include hangars for two small ATR aircraft. Presently, the nearest airport to Sikkim is located 124 kilometres away at Bagdogra in West Bengal.

JAMMU & KASHMIR - Jammu & Kashmir Kashmir Gets a Ropeway - Twenty-five years after the authorities conceived the Kashmir Valleys first ropeway and created the Jammu and Kashmir Cable Car Corporation (JKCCC) to boost tourism at Gulmarg, the State got its second tourist-carrier on December 23, 2013. Three Ministers of Omar Abdullahs government Ghulam Ahmed Mir, Mian Altaf Ahmad and Ali Mohammad Sagar dedicated the 594-metre mono-cable ropeway to the residents of Srinagar.

MANIPUR Sankirtana on UNESCOs Intangible Heritage list Sankirtana: Ritual singing, drumming and dancing of Manipur nominated from India is among the 14 elements inscribed on the Representative List of the UNESCO Intangible Cultural Heritage of Humanity. This was announced at the eighth session of the UNESCO, Intergovernmental Committee in Baku, Azerbaijan, held from December 2 to 7, 2013.

DELHI - The Aam Aadmi party (AAP) government announces a 50 per cent subsidy on power consumption up to 400 units on the existing Delhi Electricity Regulatory Commission (DERC) rates in Delhi.

Place in the News In the month of December 2013, A 1,400-year-old Buddhist temple, built during the Northern Qi

Dynasty, has been discovered in north Chinas Shanxi Province.

Jhajjar The Union Cabinet on December 26, 2013 approved the proposal for setting up of National Cancer Institute at Jhajjar in Haryana.

Plastivision India 2013 - The 9th Plastivision India 2013, the international plastics exhibition, was organised from December 12 to December 16, 2013 in Gurgaon, Mumbai.

Personalities Devyani Khobragade The Indian Foreign Service officer, Deputy Consul-General in New York,

Devyani Khobragade was arrested on December 12, 2013 and later on released after paying a $250,000 person recognizance bond. She was forced to surrender all travel documents and submit to numerous restrictions on travel, contact with involved parties and employment change declarations. The U.S. Department of Justice has pressed criminal charges against Ms. Khobragade specifically

alleging that she caused materially false and fraudulent documents to be presented to authorities in her bid to get an Indian national, Sangeeta Richard, employed as a babysitter and housekeeper at her residence in Manhattan in 2012.

She is also banned from sponsoring any further visas, cannot have any contact with Ms.Richard. The Government of India on December 18, 2013 transferred Devyani to Indias Permanent Mission

in United Nations.

Abdul Basit is new Pakistani Envoy To India Pakistan has on 19 December appointed career diplomat Abdul Basit as new High Commissioner to India. The government initially zeroed in on Syed Ibne Abbas as the new envoy to New Delhi but changed its decision as officials felt he was too junior for the crucial posting.

Romanian actor Radhu Belgian is declared the worlds oldest active actor at the age of 95 by the Guinness Book of World Records.

Tennis champions Rafael Nadal and Serena Williams are named sportsman and sportswoman of the year 2013 by French sports daily LEquipe.

Indian football captain Sunil Chhetri on 20 December was named the 2013AIFF Player of the Year. The announcement was made by All India Football Federation (AIFF).


Indian off-spinner Ravichandran Ashwin was adjudged the winner of Polly Umrigar Award, for being Indias best international cricketer of 2012-13, the Board of Control for Cricket in India (BCCI) announced on 26 December.

Bea Rose Santiago from Philippines has been crowned the Miss International 2013 in Tokyo on 17 December.

Aam Aadmi Partys impressive debut in the Delhi elections has earned party founder Arvind Kejriwal a place on Foreign Policy magazines list of 100 global thinkers for leading a campaign to clean up Indias capital.

Gopal Kharvi, a 37-year-old fisherman from Kodikanyana village in Udupi district, creates a Guinness World Record by swimming the farthest distance wearing handcuffs and leg irons.

The Guardians Person of the year for 2013 is Edward Snowden, the former National Security Agency (NSA) contractor-turned whistleblower.

Union Finance Minister P. Chidambaram, while speaking at the Delhi Economic Conclave 2013on The Agenda for the Next Five Years, says that the Government will not turn back from the path of fiscal discipline.

The International Cricket Council inducts Australias legendary wicketkeeperbatsman Adam Gilchrist into its Hall of Fame during the third Ashes Test in Perth.

Andy Murray, the first British tennis player to win the Wimbledon in 77 years, is crowned BBC Sports Personality of the Year, due to his landmark victory against Novak Djokovic in July 2013. The surprise runner-up was Wales and Lions rugby star Leigh Halfpenny.

Anju Bobby George is upgraded to gold status in the 2005 World Athletics Final in Monte Carlo following the disqualification of Tatyana Kotova of Russia by the International Association of Athletics Federations, following the recent re-testing of the laters sample collected at the 2005 World Championship in Helsinki.

Zaheer Khan - Indian pacer Zaheer Khan got his 300th Test wicket when he dismissed Jacques Kallis in the first Test at the Wanderers Stadium in Johannesbug on December 22, 2013. He is the fourth Indian bowler and 27th overall to reach the mark.

Highest Earner Sports Persons - American golfer Tiger Woods is the highest earner according to the Forbes annual sporting survey of 2013, published in December 2013. 1. Tiger Woods (USA, Golf): Total earnings $ 78 million. 2. Roger Federer (Switzerland, Tennis): Total earnings $ 72 million

Defence and National Security India Successfully Test Fired Nuclear Capable Prithvi 2 Missile India on 3 December

successfully test fired its surface to surface ballistic missile Prithvi-II from Chandipur in the Balesore district of Odisha. The test which is a part of the user training exercise of the Indian Army and it was conducted from launch complex 3 of the ITR in Chandipur along the Odisha coast as part of a user trial by defence forces. The last user trial of Prithvi-II was successfully carried out from the same base on 7th and 8th October 2013.

India Successfully Test Fires Nuclear Capable Agni-III Missile India on 23 December successfully test-fired its nuclear-capable Agni-III ballistic missile with a strike range of more than 3,000 km as part of a user trial by the Army from Wheeler Island off Odisha coast. The test fire of the surface-to-surface missile was conducted by Strategic Forces Command (SFC) of the Indian Army with the logistic support from the Defence Research and Development Organisation (DRDO). The Agni-III missile is powered by a two-stage solid propellant system.

MiG-21 FL Leaves Behind Chequered History with IAF MiG 21 FL, Indias first generation supersonic jet fighters are all set to be decommissioned on 11 December after being in service for 50 years. One of the first variants of the MiG 21 combat aircraft, had dealt severe blows to Pakistan Air Force in the 1971 war. The aircraft will undertake its last ceremonial flight at a phasing out ceremony at


the Air Force station in Kalaikunda, West Bengal, in the presence of Air Chief Marshal NAK Browne, Chief of the Air Staff. The aircraft were also fielded in the Kargil war. The versatility of all the MiG-21 variants have immensely shaped the IAF operations philosophy for decades.

India Donates Second ALH to Maldives India on December 14, 2013 donated a second naval Advanced Light Helicopter (ALH), Dhruv, the Maldives in a gesture that was described by Maldivian Minister for Defence Mohamed Nazim as paving the way for further strengthening of ties between both countries. A brand new, Mark-III (the latest) variant of the India-made multi-role helicopter in Maldives

National Defence Force (MNDF) colours was unveiled at a simple ceremony at Naval Air Base Kochi.

TEJAS GETS IOC The Defence Minister of India AK Antony on December 20, 2013 handed over the Release to Service Certificate of the indigenously developed Light Combat Aircraft (LCA) Tejas to the Chief of Air Staff. Air Chief Marshal NAK Browne at the HAL airport in Bangalore. The Defence Minister granted the Initial Operational Clearance-II to the LCA MK-1, which has been

designed and produced by the Aeronautical Development Agency, along with Hindustan Aeronautics Limited.

India Japan Bilateral Maritime Exercise JIMEX 13 Concluded The Indian Navy and the Japanese Maritime Self-Defence Force (MSDF) bilateral maritime exercise named JIMEX 13 (Japan India Maritime Exercise) was held in waters off the Indian coast in the Bay of Bengal from 19 22 December 2013. The exercise is focused primarily on security in sea lanes and enhancing interoperability in antipiracy operations. It may be recalled that India and Japan agreed upon conduct of bilateral naval exercises during Defence Minister AK Antonys visit to Japan in November 2011. The first bilateral maritime exercise between India and Japan JIMEX 12 was conducted off the coast of Tokyo (Japan) in January 2012.

India and United States Signed A Deal For Six C-130J Super Hercules India has signed a Rs.4,000 crore deal with the US for procuring six more C-130J Super Hercules Special Operations aircraft for the Indian Air Force. The two sides signed the deal on 27 December under which the US Air Force will supply the aircraft to the IAF through the Foreign Military Sales route. The IAF already has a fleet of six similar planes which are deployed at the Hindon air base near here and the force uses it for carrying out special operations including landing on inhospitable air strips in the Ladakh area. The IAF had acquired the first lot of six aircraft at a cost of around Rs.5,500 crore.

Pinaka Rockets Successfully Test Fired Indias indigenously developed Pinaka rockets were successfully test-fired on 19 December from a multi-barrel rocket launcher (MBRL) from a base at Chandipur-on-sea near Balasore, Off the Odisha coast. Pinaka is a multi-barrel rocket launcher (MBRL).

Committees/Commissions Justice Sodhi Committee On Insider Trading Regulations Submit Report To SEBI The High Level

Committee to Review the SEBI (Prohibition of Insider Trading) Regulations, 1992 constituted under the Chairmanship of Justice N.K. Sodhi, former chief justice of Karnataka and Kerala High Courts and former presiding officer of the Securities Appellate Tribunal, submitted its report to SEBI Chairman, Shri U.K. Sinha, on 7 December. The Committee has made a range of recommendations to the legal framework for prohibition of insider trading in India and has focused on making this area of regulation more predictable, precise and clear by suggesting a combination of principles-based regulations and rules that are backed by principles.

Shah Commission Report On Illegal Mining Ninety-four of the 192 iron ore mining leases in Odisha do not have the mandatory environmental clearances. And of the 96 that have them, 75 have mined far beyond their permitted levels over the past several years, says the Justice M.B. Shah Commission report.

Bank Accounts To All By 2016 A committee on comprehensive financial services for small businesses and low-income households, set up by the Reserve Bank of India (RBI), has suggested that each low-


income household and small business should be provided with convenient access to formally regulate lenders who have the ability to assess and meet their credit needs and offer a full-range of suitable credit products at an affordable price. The committee, headed by Nachiket Mor, Central Board Member of the RBI, submitted its report on

January 7, 2014. The committee has set January 1, 2016, as the deadline for achieving this. Priority sector lending On priority sector, the committee recommended adjusted priority sector

lending target of 50 per cent against the current requirement of 40 per cent with sectoral and regional weightage based on the level of difficulty in lending. It also recommended risks and liquidity transfers through markets. In view of the fact that banks may choose to focus their priority sector strategies on different customer segments and asset classes, the committee recommended the regulator to provide specific guidance on differential provisioning norms at the level of each asset class.

Committee Recommends Amendments To the RBI ACT A Committee on Financial Benchmarks, headed by Reserve Bank of India Executive Director P. Vijaya Bhaskar, in its report submitted in January 2014, suggested increased role for the apex bank for the oversight of the benchmark setting process. The committee has recommended a change in the way of determining the money market

benchmarks so as to remove any possible scope for manipulation. The draft report has recommended that the overnight Mumbai inter-bank Bid Rate-Mumbai Inter-

bank Offered Rate (Mibid-Mibor) fixing be based on the volume-based weighted average of traded rates from 9 to 10 in the morning.

The committee has also recommended basing the government securities yield curve, including for illiquid debt, on the basis of volume-based weighted average rates instead of last traded yields. The committee has also proposed banks to set pricing for state development bonds at a spread based on the last two auctions, instead of calculating those bond yields at a fixed spread of 25 basis points over government debt.

The RBI, according to the committee, may advice banks and primary dealers to strengthen the governance framework for benchmark submission and to extend necessary support to the administrator for strengthening the benchmark setting process.

The committee was set up in the aftermath of revelations regarding manipulations of several key global benchmark rates, namely, LIBOR, EURIBOR and TIBOR. It was set up on June 28, 2013 with a mandate to study various issues relating to financial benchmarks in India and to submit the report by December 31, 2013.

Summit/Conference Ministerial Summit of World Trade Organisation The ninth Ministerial of the World Trade

Organisation was held in Nusa Dua (Bali) on December 3-6, 2013. On December 7, 2013, World Trade Organisation (WTO) Ministers in Bali finally adopted the

historic five-draft decision declaration and the 10-document full Bali Package that addresses the Doha Development Agenda.

The draft proposes an interim mechanism to safeguard minimum support prices to farmers against WTO caps till a permanent solution is adopted.

Post-Bali, the negotiators in Geneva will focus on the long-stalled issues of the Doha Development Round in a work programme they committed themselves to complete within 12 months.

A Range of Gains For Delhi Food Security Law may push Indias minimum support prices above WTO limits, but interim

mechanism provides safeguards till WTO rules are corrected. Agreement on Trade Facilitation could boost Indias exports. India spearheads first agreement in the nine Ministerials held after the Doha Round. India gains global leadership position by getting a crucial poor-rich country imbalance corrected

on a multilateral forum.


Support subsidies to poor farmers across all developing countries get safeguards against WTO rules.

With Bali outcomes, Doha Round and therefore WTO remain alive. 8th Asia Gas Partnership Summit Held In New Delhi The 8th Asia Gas Partnership Summit (AGPS)

was held from 3 to 4 December 2013 at New Delhi, India. The 8th AGPS was organized by GAIL (India) Limited and Federation of Indian Chambers of Commerce and Industry (FIFFI). The theme of the conference is Asian Gas Market: Challenges and opportunities in the Changing Paradigm. Prime Minister Manmohan Singh on 3 December inaugurated the summit.

Agreement/Deal/Sign/Talk Afghanistan and Iran Agreed On Comprehensive Cooperation Agreement The presidents of

Afghanistan and Iran have agreed on a long-term cooperation pact, a move which experts believe could further strain Hamid Karzais ties with the United States. Karzai made the deal with Iranian President Hassan Rouhani in Tehran on 8 December. The leaders of the Central Asian nations Iran and Afghanistan signed a pact for long-term political, security, economic and cultural cooperation, regional peace and security.

Israel, Jordan, Palestinians Signed Water Sharing Agreement Israel, Jordan and the Palestinians signed a historic water-sharing initiative at the World Bank in Washington on 9 December that could protect the Dead Sea from rising demand for water in the region. The agreement was signed by Israeli Energy Minister Silvan Shalom, Shaddad Attili, head of the Palestinian water authority, and Hazim el-Naser, head of the Jordanian water ministry.

China, Bolivia Agreed To Promote Friendly Relations China and Bolivia on 19 December agreed to further promote their friendly and reciprocal relationship in talks between the two presidents. China President Xi Jinping and Bolivian President Juan Evo Morales Ayma agreed in their talks at the Great Hall of the People that the two countries should keep up high-level engagements; strengthen communication between governments, legislatures and political parties; share experience on state governing; and continue to support each other on major issues involving each others core interests. The two presidents witnessed the signing of several cooperation deals including governmental technology and economic cooperation.

India and UAE signed Bilateral Investment Promotion and Protection Agreement India and United Arab Emirates (UAE) have signed a Bilateral Investment Promotion and Protection Agreement (BIPPA) on 12 December to boost investment flows between the two countries. The BIPPA was signed in New Delhi by Obaid Humaid Al Tayer, Minister of State for Financial Affairs from the UAE side and Namo Narain Meena, Minister of State for Finance from the Indian side.

India and Afghanistan Agreed To Enhance Defence Ties Indian Prime Minister Manmohan Singh and Afghanistan President Hamid Karzai have agreed to deepen defence and security cooperation to increase the operational capabilities and mobility of the Afghanistan National Security and Defence Forces (ANSDF). During the bilateral talks in New Delhi on 13 December, the two leaders also agreed to expand opportunities for higher military education in India for Afghan officers.

India and Arab League Signed MoU on Cooperation India and the 22-nation Arab League on 17 December held wide-ranging discussions on key bilateral, regional and international issues, including situation in Syria and the West Asia peace process. In their talks, External Affairs Minister Salman Khurshid and Secretary General of League of Arab States Nabil Elaraby agreed to enhance cooperation in trade, investment and other areas. A memorandum of cooperation between the two countries was also signed by the two leaders that is aimed at imparting fresh momentum to engagement between the two sides at the senior official and ministerial levels.

China and Pakistan signed a joint sales and marketing agreement - Key collaboration: China is collaborating with Pakistan on a number of projects including Gwadar Port, Chashma Power Project, Karakoram Highway, Pakistan Aeronautical Complex and more recently the Karachi Civil Nuclear Power Plant.


India Signs Labour Pact with Saudi Arabia India signed a labour cooperation agreement with Saudi Arabia on January 02, 2014 that will cover about a quarter of the 28 lakh Indian expatriates working there and could be the stepping stone for a more comprehensive pact covering all Indian workers in the Gulf Kingdom. The Agreement on Labour Co-operation for Domestic Service Workers Recruitment, inked by

Overseas Indian Affairs Minister Vayalar Ravi and Saudi Arabian Labour Minister Adel bin Mohammed Fakeih, will be monitored by a committee of senior officials.

Cabinet Nod For FTA With ASEAN - The Cabinet on December 19, 2013 approved a free trade agreement (FTA) in trade and services with the Association of Southeast Asian Nations (ASEAN). The proposal was approved after a discussion between Finance Minister P. Chidambaram and Commerce and Industry Minister Anand Sharma. The Agreement on Trade in Services and Agreement is to be signed under the Comprehensive

Economic Cooperation (CECA) between India and the ASEAN. The CECA between India and ASEAN was signed in 2003. The Cabinet approved the Agreement on Trade Goods under the CECA with the ASEAN in July 2009. The agreement the Cabinet approved on December 19, 2013 is aimed at boosting the movement of Indian professionals in the 10-nation ASEAN. Member countries include countries like Singapore, Malaysia and Indonesia.

India, Nepal to Check Illegal Border Trade India and Nepal on December 22, 2013 agreed to address each others concerns on commerce and transit, including reduction of tariff barriers and checking illegal trade along the porous border between the two countries. The decisions were made during the two-day Inter-Governmental Committee meeting that concluded in Kathmandu. The respective delegations were led by the Commerce Secretaries. The Indian side agreed to provide 10,000 cows in response to a demand from Nepal to meet the

countrys increasing demand for milk and dairy products. The two sides agreed on a 14-point agenda to enhance trade, promote cooperation and address concerns of the private sector of both sides. Nepal agreed to adjust the 5 per cent agriculture reforms charge it has been charging on Indian exports, India agreed to resolve difficulties related to export of Nepali books and newspapers. The two sides agreed to make institutional arrangements to facilitate third country import and export to build infrastructure in newly identified customs points. Both sides agreed to expedite implementation of past agreements and understandings.

Meet/Visit India-Pakistan DGMO Level Meeting The Directors-General of Military Operations (DGMOs) of

India and Pakistan on December 24, 2013 reiterated the resolve and commitment of both sides to continue efforts for ensuring ceasefire, peace and tranquility on the Line of Control (LoC). At the meeting, the first between the DGMOs in 14 years, the two sides resolved to work towards

improved communications between the two by reenergizing existing mechanisms, including their hotline contact. The talks between the two military officials, held at Wagah in Pakistan, came at the end of a year of extraordinary tensions along the LoC threatening the 10-year-old ceasefire.

Maldivess Presidents Visit to India Maldives President Abdula Yameen Abdul Gayoom reached New Delhi on January 01, 2014 on a state visit. India on January 2, 2014 offered Maldives an enhanced security grid, more defence equipment as well as subsidised petroleum in return for greater investment opportunities to its companies which have had a rough time in the island nation of late.

Bills The Lok Sabha passes the Lokpal and Lokayuktas Bill 2013, paving the way for establishment of an

ombudsman to fight corruption in public offices and ensure accountability on the part of public officials, including the Prime Minister, but with some safeguards.

Saudi Arabia Passed Anti-Terror Law Saudi Arabias Cabinet has approved a new anti-terrorism draft law on 16 December that criminalizes acts that disturb public order, defame the reputation of the state or threaten the kingdoms unity, raising concerns by activists it could be used to quash political dissent.


Mexicos President Signed Energy Reform Law Mexican President Enrique Pena Nieto on 20 December signed into law a sweeping reform that will allow private companies to drill for oil and gas, and end a seven-decade-long monopoly held by the state oil company. Mexico President called the energy bill a fundamental, historic reform needed for Mexico to speed up the lagging pace of its economic growth.

Iranian Parliament Votes On Capital Transfer Bill The Iranian parliament on 24 December has approved a bill that authorizes investigating moving the countrys capital city to a location outside Tehran.

Cabinet Approved The Rights of Persons with Disabilities Bill, 2011 The Union Cabinet on 12 December approved the Rights of Persons with Disabilities Bill, 2011. The Bill is a comprehensive measure that covers a whole spectrum of problems from physical disabilities to mental illness and multiple disabilities. It will replace the Persons with Disabilities (Equal Opportunity Protection of Rights and Full Participation) Act of 1995. The Bill has been prepared on the basis of recommendations made by Sudha Kaul Committee.

Law Against Sexual Harassment at Work Place Comes into Effect The Ministry of Women and Child Development has notified the Sexual Harassment at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (Act) and the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Rules, 2013 (Rules). As per the notification, the Act has come into force with effect from 9 December 2013. Earlier the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) bill received Presidential assent on 22 April 2013.

Cabinet Approved The Prevention of Communal and Targeted Violence (Access to Justice and Reparations) Bill, 2013 The Union Cabinet on 16 December approved the Prevention of Communal and Targeted Violence (Access to Justice and Reparations) Bill, 2013. The bill aimed to prevent and tackle the communal violence in the country and punish the perpetrators of the violence. The Bill has been named as The Prevention of Communal and Targeted Violence (Access to Justice and Reparations) Bill, 2013.

Union Cabinet Approves New Code Of Conduct For Ministers The Union Cabinet has on 13 December approved the revision of the Code of Conduct for Ministers in the Government of India as well as the State Governments. It is now proposed to include a new para in the Code of Conduct which will read as follows:- Section 2 After taking office, and so long as he/she remains in office, the Minister shall:- (f) uphold the political impartiality of the civil services and not ask the civil servants to act in any way which would conflict with the duties and responsibilities of the civil servants.

Cabinet Approves National Skills Qualifications Framework The Cabinet Committee on Skill Development on 19 December approved the National Skills Qualifications Framework (NSQF), a quality assurance framework which organizes qualifications according to a series of levels of knowledge, skills and aptitude. The framework would be anchored and operationalised by the National Skill Development Agency (NSDA).

Karnataka Assembly Passed Essential Services Maintenance (ESMA) Bill 2013 The Karnataka state assembly on 4 December passed the Karnataka Essential Services Maintenance (ESMA) Bill 2013. According to the new bill, striking work will be a non-bailable offence and police can arrest a striking employee without warrant.

Constitutional Status For JAC - The Union Cabinet on December 26, 2013 gave its nod for conferring constitutional status on the proposed Judicial Appointments Commission (JAC) for appointment and transfer of judges to the higher judiciary. The government earlier accepted the report of the Parliamentary Standing Committee on Law and

Justice, which recommended that the structure and functions of the JAC to replace the present collegium system be governed by a constitutional provision.

The JAC Bill seeks to set up a six-member body under the chairmanship of the Chief Justice of India for recommending names to the President of individuals with outstanding legal acumen and impeccable integrity and credibility for judgeship in the Supreme Court and the High Courts. It would also recommend transfer of judges of one High Court to another.


The Constitution (120th Amendment) Bill, 2013, provides for the setting up of a Judicial Appointments Commission by inserting Article 124 (A) in the Constitution and amending Articles 124 (2), 217 (1) and 222 (1).

Amendments The committee, while suggesting amendments to the Bill, said there should be three eminent persons in the commission, instead of two as provided for in the present Bill, and at least one out of them should be an SC/ST/OBC/woman/ minority, preferably by rotation. Considering the responsibility of the JAC to select 800-odd judges to 24 High Courts, and also the fact that constitutional and other functionaries are involved at the State-level in the process of appointment, it suggested State-level commissions also. On Sound Footing The Judicial Appointments Commission, once created, will replace the collegium system of

appointments to High Courts and the Supreme Court. Article 124 (2) of the Constitution will be amended to suggest that the President shall appoint

judges on the recommendation of the JAC. The Constitution (120th Amendment) Bill, 2013, introduced by the UPA government in

Parliament, suggests the JACs composition will be determined by an ordinary law. This law the Judicial Appointments Commission Bill, 2013 suggests the JAC will consist of

three Supreme Court judges, the Union Law Minister, the Law Secretary as its Convener, and two eminent persons appointed by a body comprising the Prime Minister, the Leader of the Opposition and the Chief Justice of India.

As per the Cabinets decision, however, the composition as well as functions of the JAC will be incorporated in the Constitution.

This will ensure the JACs terms can be modified only through a constitutional amendment requiring a two-thirds majority in Parliament, as opposed to an ordinary law which requires a simple majority.

West Bengal New Anti-Ponzi Scheme Bill Passed - The West Bengal Assembly on December 12, 2013 passed a fresh anti-ponzi scheme Bill, incorporating provisions like attachment of property in case of default in payment of deposit and transfer of property. The West Bengal Protection of Interest of Depositors in Financial Establishments Bill, 2013 was

passed withdrawing a similar one cleared by the state government on April 30, 2013, which the Centre had retuned after raising certain objections.

The fresh Bill was moved in the House by the state Finance Minister Amit Mitra incorporating four provisions as suggested by the Union Finance Ministry, which would give the government more teeth to tackle the menace of chit funds.

What is most important about the Bill is that it has given the power to the state government to attach properties of not only a chit fund but also a person who has defaulted on repayment of a loan he or she has taken from the company. It will cover lakhs of agents who had duped people of lakhs of rupees and have fled.

Fund Rs.6600 Crore Interest Free Loans for Sugar Mills The centre on December 19, 2013 announced to

give Rs.6600 crore interest free loans for sugar mills. In a major initiative to end the face-off between the sugar industry and farmers, an informal Group

of Ministers (GoM) headed by Agriculture Minister Sharad Pawar on December 6, 2013 recommended a financial package to millers, which includes an interest-free loan of Rs.7,500 crore to pay off arrears. The loan can be repaid in five years with a moratorium of two years.

The arrears stood at Rs.5,064 crore in 2012-13. After a two-hour meeting with invited Chief Ministers of major sugar-growing States, the GoM

agreed on interest subvention of 12 per cent on the Rs.7,500-crore loan. Of this, 5 per cent will be borne by the Centre and 7 per cent will come from the Sugar Development Fund under the Ministry of Food. Each mill can avail itself of a loan under this arrangement equivalent to the average excise duty paid by it.


The Cabinet Committee on Uttarakhand (CCU) approves a package of Rs. 7.346 crore for the flood ravaged Uttarakhand.

Rs.117 Crore Non-Plan Budgetary Support For Eleven Sick CPSEs - The Cabinet Committee on Economic Affairs (CCEA) on December 26, 2013 approved nonplan budgetary support of Rs.116.86 crore for the payment of statutory dues such as provident fund, gratuity, pension, employees state insurance and bonus as well as salaries and wages at eleven sick or loss-making central public sector enterprises (CPSEs) under the Department of Heavy Industry.

Economy External Debts Drops According to the official data released on December 31, 2013 the cover

provided to Indias total external debt stock by foreign exchange reserves dropped from 73 per cent at end-March to 69.3 per cent at end-September. The total external debt stock stood at $ 400.3 billion at end-September, or $ 9 million less than that at end-March. The prudent external debt management policy of the Government of India has helped in containing rise in external debt and maintaining a comfortable external debt position.

EXTERNAL DEBT (in $ billion)

Variation (%) At the end of Total debt

Corresponding quarter Previous quarter March 2012 360.72 13.5 4.5 June 2012 363.86 9.9 0.9

September 2012 381.37 11.8 4.8 December 2012 394.10 14.2 3.3

March 2013 400.26 11.0 1.6 June 2013 400.62 10.1 0.1

September 2013 400.25 5.0 -0.1

India, Japan Raise Currency Swap Limit - India and Japan, on December 18, 2013 tripled the limit for the currency swap arrangement to $50 billion. The Government of India approved the enhancement of the bilateral currency swap arrangement between the Reserve Bank of India (RBI) and the Bank of Japan from $15 billion to $50 billion. This measure will further strengthen the bilateral financial cooperation between Japan and India.

The countrys largest power producer, NTPC Ltd, which has announced its bond issue to raise up to Rs.1,750 crore opened on December 3, 2013. Coming after a gap of 20 years, NTPCs bond issue offers a tax-free return of between 8.66% and 8.91% to retail investors on investment of up to Rs.10 lakh and with a tenure of 10,15 or 20 years.

Companies/Industry Wipro on December 2, 2013 announced the acquisition of US-based BPO firm Opus Capital Market

Consultants for $75 million (about Rs.467 crore) as the software services major seeks to strengthen its mortgage business in North America. The acquisition would aid Wipro in managing risks and identifying profitable growth opportunities

as it creates an end-to-end offerings for all mortgage players in the existing loan portfolio. Set up in 2005, Illinois-based Opus offers mortgage due diligence and risk management services and

employs over 490 employees. Torrent Buys Elder Ahmedabad- based Torrent Pharmaceuticals, on December 13, 2013 agreed to

buy Mumbai-based Elder Pharmaceuticals branded domestic formulations business in India and Nepal for Rs.2,004 crore.

FIPB Approval For Vodafone, TESCO Proposals United Kingdom-based Tesco Plc became the first global retailer to get approval from the Foreign Investment Promotion Board (FIPB) to enter the domestic multi-brand retail sector.


The FIPB also, on December 30, 2013 cleared Vodafones Rs.10,141-crore plan to buy out minority shareholders in its Indian arm. Tescos plans to initially invest $ 110 million in the multi-brand retail foray, including for the acquisition of 50 per cent stake in Tata group firm Trent Hypermarket Ltd.

As regards to Vodafone, the FIPB has given the go ahead to the British telecom major to buy out minority shareholders like Ajay Piramal and Analjit Singh in its Indian arm at an estimated cost Rs.10.141 crore. CGP India Investments Ltd an indirect Mauritian subsidiary of Vodafone International Holdings BV, had sought FIPB approval to buy the stake held by minority shareholders in Vodafone India. The FIPB has also approved foreign investment proposals of Johnson & Johnson.

CIL Gets Approval For CBM Gas Exploration - The Union Cabinet, on December 19, 2013 gave its approval to allow Coal India Ltd. (CIL) to carry out exploration of coal bed methane (CBM) gas in its existing mines, a move that will unlock nearly 100 million tonnes of medium grade coking coal and about one trillion cubic feet (tcf) of gas. Current rules prohibit mining firms from extracting CBM during mining as the policy does not allow for simultaneous extraction of CBM and coal. CBM exploration and production is allowed only in pure coal-seam gas bearing blocks, which are auctioned. Since 2001, 33 CBM blocks have been awarded in four auction rounds. Besides, two CBM blocks to Oil and Natural Gas Corporation (ONGC) and one to Great Eastern Energy Co Ltd were awarded on a nomination basis. India has CBM reserves of about 4.6 trillion Cubic metres.

Stock Market SEBI Makes IPO Norms Simpler - The Securities and Exchange Board of India (SEBI) on December 24,

2013 announced a slew of measures to make fund-raising simpler, and to bring to book those indulging in illegal money-pooling schemes and other fraudulent activities.

Simpler IPO Norms No mandatory grading for initial public offerings (IPOs) by credit rating agencies. Prospectus to remain valid for multiple debt offers in one year. Non-banking financial companies, housing finance companies and infrastructure debt funds

allowed to file shelf prospectus. Shelf prospectus enables companies to issue corporate bonds utilising the same documents more

than once, thereby cutting costs and saving time Companies with a minimum listing of three years, networth of Rs.500 crore and a track record of

continuous profit for three years also allowed to file such prospectus. Objectives The move is part of SEBIs effort to boost the dormant primary market by Rs.72,000 crore SEBI-approved proposals yet to hit the market. The move also seeks to reduce the reliance on rating agencies, which have recently come under

scanner globally for their role in financial markets. Other Decisions More powers for SEBI to conduct search and seizure operations and crackdown on defaulters and

manipulators. Similar tax treatment for foreign portfolio investors (FIPs), that is currently available for foreign

institutional investors (FIIs).

OVL, OIL Pay $ 2.5 B to Videocon ONGC Videsh Limited (OVL) and oil India Ltd. (OIL) on January 07, 2014 paid $ 2.475 billion to Videocon Group for acquiring 10 per cent stake in a giant gas field off Mozambique.

Exports/Imports Export Growth at 3.49% in December 2013 Export growth eased to a six month low of 3.49 per cent

in December mainly due to a fall in the shipment of petroleum goods. It was announced on January 10, 2014. Exports stood at $ 26.3 billion in December 2013 compared with $ 25.4 billion in the same month of

2012.


Petroleum exports, which contribute significantly to the countrys trade basket, declined 16 percent in December 2013.

However, a 15.25 per cent decline in imports to $ 36.4 billion, particularly in gold and silver shipments, helped narrow the trade deficit to $ 10.1 billion in December. In November, 2013 the trade gap was $ 9.21 billion.

Inward shipments of gold and silver dipped 68.8 per cent to $ 1.77 billion from $ 5.6 billion in December 2013, although they were higher than $ 1.05 billion in November.

Oil imports grew 1.1 per cent to $ 13.89 billion during the month. During April-December, exports aggregated $ 230.3 billion and imports $ 340.3 billion, while the trade deficit was about $ 110 billion.

Gold and silver imports in the April-December period declined 30.3 per cent to $ 27.3 billion from $ 39.2 billion a year earlier.

Oil imports in the nine-month period grew 2.6 per cent to $ 124.95 billion, while non-oil imports dipped 11.1 per cent to $ 215.42 billion.

Export sectors that registered positive growth in December include engineering (15 per cent), readymade garments (17.39 per cent), chemicals (8.75 per cent), cotton yarn and fabrics (1.42 percent), rice (9.72 per cent) and plastics 21 per cent).

Taxation/Trade European Union granted GSP-Plus status to Pakistan The European Union (EU) has on 12

December granted GSP-Plus status to Pakistan, a move that is expected to boost the textile and other industries as it gives exporters duty-free access to 27 European countries. Under this deal 75 Pakistani products would have duty-free access to European markets. The standard GSP scheme, which offers generous tariff reductions to developing countries. Practically, this means partial or entire removal of tariffs on two thirds of all product categories.

Green Signal For Millionaires Tax in France Frances Constitutional Council gave the green light on December 29, 2013 to a millionaires tax, to be levied on companies that pay salaries of more than 1 million ($1.38 million) a year. The measure, introduced in line with a pledge by President Francois Hollande to make the rich do

more to pull France out of crisis, has infuriated business leaders and soccer clubs, which at one point threatened to go on strike.

Space Mars Orbiter Successfully Placed in Mars Transfer Trajectory Indias Mars Orbiter Mission (MOM)

successfully placed in Mars transfer trajectory on 1 December by ISRO scientists. India has now become the first Asian country and fourth nation in the world to leap into the interplanetary space. Less than half the around 50 spacecrafts sent by other countries towards Mars have been able to complete it. Now, the Mars spacecraft will travel 780 million kilometers (485 million miles) over 300 days (ten months) to reach an orbit around Mars planet in September 2014.

China launches Moon Rover China launched its first moon rover mission on December 1, 2013. The Change-3 rocket carrying the Jade Rabbit or Yu Tu rover blasted off from the Xichang Satellite Launch Center in the southwest of the country. The 140-kg Jade Rabbit rover separated from the much larger landing vehicle early on December

15, 2013, around seven hours after the unmanned Changee-3 space probe touched down on a fairly flat, Earth-facing part of the moon.

SPACEX Launches first Commercial TV satellite An unmanned Falcon 9 rocket developed by Space Exploration Technologies, or Space X, blasted off on December 3, 2013 to put the companys first commercial satellite into orbit, staking a potentially game-changing claim in a global industry worth nearly $190 billion a year.

Iran Sent Second Monkey into Space for Second Time Iran has on 14 December successfully launched its second monkey named Fargam into the space and back, the countrys latest step toward sending humans into orbit. The monkey was flown on Irans liquid-fueled Pajohesh (research) rocket


for a 15-minute mission that took him approximately 72 miles into space. The first rocket carrying a monkey named Pishgam (Pioneer) in the space was launched by Iran on 28 January 2013.

Europe Launched Gaia Satellite To Map Milky Way The European Space Agency (ESA) launched its star-surveying satellite Gaia into space on 19 December. Gaia lifted on a Soyuz rocket from Europes Spacesport from the Kourou in French Guiana.

The first Trajectory Correction Manoeuvre (TCM) of Spacecraft of Indias maiden interplanetary mission to Mars was carried out successfully.

Indias Geosynchronous Satellite Launch Vehicle (GSLV-D5), powered by an indigenous cryogenic engine, effortlessly puts the 1,982-kg GSAT-14 communication satellite into a perfect orbit after lifting off from Sriharikota.

GSLV-D5 Puts GSAT-14 INTO ORBIT One of Indias most ambitious dreams became a reality on January 5, 2014 when its Geosynchronous Satellite Launch Vehicle (GSLV-D5), powered by an indigenous cryogenic engine, effortlessly put the 1,982-kg GSAT-14 communication satellite into a perfect orbit after 17 minutes of flight.

Science and Technology Human DNA from 4,00,000 years ago Discovered In Spain In the month of December 2013 Scientists

have discovered a fossilized leg bone from an early 4,00,000 year old human in the Pit of Bones site in spain and the bones DNA opens a new mystery into our human ancestors. DNA tends to breaks down over time, but the leg bone has been well preserved in the Spanish bit of bones because of the constant temperature.

Indian Coast Guard Patrol Vessel Rajdhwaj Commissioned Indian Coast Guard Ship Rajdhwaj, a 50 metre-long inshore patrol vessel (IPV), was commissioned on 11 December in Chennai by Shipping Minister G.K. Vasan. The IPV is equipped with the most advanced and sophisticated navigational and communication sensors and equipment. The ship can be propelled sensors and equipment. The ship can be propelled to a maximum speed of 31.5 knots. At economical speed of 14 knots, it has an endurance of 1,500 nautical miles. The ship is the eighth in the series of IPVs designed and built by Garden Reach Shipbuilders Engineers, Kolkata.

First Human Artificial Heart Implanted In France The first human artificial heart implantation performed in Georges Pompidou Hospital, Paris on 18 December was successful. The artificial heart designed by the French biomedical heart designed by the French biomedical firm Carmat and developed by the Dutch based European Aeronautic Defence and Space Company (EADS). The artificial heart give patients up to five years of extra life, which replaces the real heart. The previous heart assistance devices are created mainly for temporary use. The artificial heart weighs as little as less than a kilogram (900 grams), almost three times heavier than an average healthy human heart.

Health/Nutrition/Diseases/Drugs Uruguay Becomes Worlds First Country To Legalize Marijuana Trade Uruguay has become the

first country in the world to make it legal to grow, sell and consume marijuana. In this regard Uruguay senators gave the approval for government sponsored bill on 10 December. According to the new law-Registered Uruguayans over the age of 18 will be allowed to buy up to 40 grams of the drug a month.

The Indian High Commission in Pakistan issues an advisory that all adults and children traveling to India from Pakistan after January 30, 2014 are required to obtain Oral Polio Vaccination (OPV) at least six weeks prior to their departure to India.

Energy/Gas/Oil ICA gives go ahead to Kishenganga project The Hague-based International Court of Arbitration has

allowed India to go ahead with construction of the 330-MW Kishenganga hydro-electric project in North Kashmir which was in dispute with Pakistan.


In its final order delivered on December 20, 2013 the court upheld Indias right under the bilateral Indus Waters Treaty to divert waters from the Kishenganga for power generation in Jammu and Kashmir.

Dabhol-Bangalore Natural Gas Pipeline Dedicated to Nation Prime Minister of India Dr. Manmohan Singh dedicated GAILs 1000 km Dabhol-Bangalore natural gas pipeline to the Nation on December 3, 2013 during the inauguration of the 8th Asia Gas Partnership Summit (AGPS) Bangalore. The Dabhol-Bangaluru pipeline connects South India to the national gas grid for the first time.

Pipeline has been constructed at an investment of Rs.4500 crore with a design capacity of 16 MMSCMD of natural gas which can produce 3000 MW of clean energy.

The pipeline starts at Dabhol in Maharashtra and passes through Belgaum, Dharwad, Gadag, Bellary, Devanagere, Chitradurga, Tumkur, Ramanagaram, Bengaluru Rural and Bengaluru Urban districts.

Russia Begins Pumping in the Arctic Russia has announced the start of offshore oil production in the Arctic, upstaging its Western rivals in the rush for the regions energy riches. Russias natural gas monopoly Gazprom on December 20, 2013 began pumping oil at its first Arctic

offshore platform at the Prirazlomnoye field in the Pechora Sea. Gazprom became the first company in the world to launch commercial production oil from under the Arctic waters.

New Norms For Mega Power Projects The Government on January 2, 2014 moved to ease conditions that could make it easier for large power projects under an ambitious programme to create electricity generation capacity in the nation, which have been mired in problems related to fuel linkages or state-level approvals. The Cabinet Committee on Economic Affairs (CCEA) relaxed norms for 25 Ultra Mega Power

Projects (UMPP) by increasing the time period for them to submit mega project certificates to tax officials. The certificates must show how far they have come in procuring coal and buying or importing the necessary equipment.

Changed Norms Duty-free equipment imports for thermal power projects of 1,000 MW, and above, capacity and

hydro power projects of 500 MW and above. The developer must tie up Atleast 65% of the installed capacity through competitive biding. The remaining 35% of the installed capacity should be through the regulated tariff according to

the host states policy. The Cabinet Committee on Economic Affairs has also approved construction of a 220-kv

transmission system from Alusteng in Srinagar to Leh.

Global Solar Power Capacity To Reach 43000 MW - The solar power capacity addition is projected to be around 43,000 MW worldwide in 2014 with China likely to lead the pack with a planned capacity of around 10,000 MW, according to a report by global consulting firm Mercom Capital Group. India is expected to add about 1,800 MW of solar energy capacity in 2014.

Environment UN Report On Climate Change The report of the Working Group II of the U.N. Intergovernmental

panel on climate change (IPCC) was leaked online. The final draft has been sent to all governments for review and comment before the report is finalised. Impacts of Climate Change The UN scientific panel on existing and future risks to Asia from climate change Extracts from the final draft of Working Group II report of the IPCC 50% Indo-Gangetic Plains could see a decrease in agro yields of about 50% in the most favourable

and high yielding wheat area due to heat stress. More frequent and intense heat-waves in Asia will increase mortality and morbidity in vulnerable

groups. Increase in heavy rain and temperature will increase the risk of diarrhea diseases, dengue fever and

malaria.


In India changes are project in more than a third of the forest area by 2100, mostly from deciduous to evergreen forest.

Current temperatures are already approaching critical levels during the susceptible stages of the rice plant in North India in October, South India in April and August and East India in March-June.

Doubling of carbon dioxide leads to a 51% decrease in the most favourable and high yielding agri area due to heat stress. About 200 million people would experience adverse impacts.

In India, the estimated countrywide agricultural loss in 2030 of over $ 7 billion will severely affect the income of 10% of the population. This could be reduced by 80% if cost effective climate adaptation is done.

People living in low-lying coastal zones and flood plains are most at risk from climate impacts in Asia.

Films/Film Festival Tamilnadu Chennai International Film Festival The Eleventh Edition of the Chennai International

Film Festival got off to a glittering start at a star-studded event in the city on December 12, 2013. It witnessed the coming together of iconic Tamil actor film-maker Kamal Haasan and Hindi film star and path-breaking television anchor, Aamir Khan. A total of 163 films from 58 countries were screened at the Festival which ended on December 19, 2013.

The two days fourth edition of Asias first and only poetry film festival, the Sadho Poetry Film Festival opens in New Delhi.

Appointments/Election Arup Raha Air Marshal Arup Raha, 59, an ace fighter pilot, is the next Indian Air Force Chief,

succeeding Air Chief Marshal NAK Browne, who is retired on December 31, 2013. Mr. Raha will have three year tenure as Chief of the Air Staff.

Assembly Elections 2013 The Assembly elections were held in Madhya Pradesh, Chhattisgarh, Rajasthan, Delhi and Mizoram in November, December, 2013. The results of four states except Mizoram were announced on December 8, 2013. Chhattisgarh The BJP registered a thumping victory by winning 49 of the 90 seats during the 2013

assembly elections. Raman Singh retained his Rajnandgaon Assembly constituency by defeating Congress candidate Alka Mudliyar. Raman Singh is the fourth Chief Minister of the state.

Madhya Pradesh Chief Minister Shivraj Singh Chouhan led BJP to an emphatic win in the Assembly Elections. Shivraj is the 18th and current Chief Minister of Madhya Pradesh.

Rajasthan Vasundhara Raje led BJP to a glorious win in the Rajasthan Assembly elections. She is the first woman chief minister of Rajasthan state in 2003. She is the 22nd chief minister of the state.

Delhi - Aam Aadmi Party leader Arvind Kejriwal is sworn in as the Delhi Chief Minister along with his six Cabinet colleagues by the Lieutenant Governor Najeeb Jung at the historic Ramlila Maidan, New Delhi. He has sworn in as the youngest Chief Minister of Delhi. He is of 45 years in age. Council of Ministers:

Arvind Kejriwal: Home, Finance, Vigilance, Services, Planning and Power Manish Sisodia: Education, PWD, Urban Development, Local Bodies, Revenue and Land & Building Somnath Bharati: Administrative Reforms, Tourism, Law, Art and Culture Satyendra Jain: Health, industries, Gurudwara Elections Rakhi Birla: Women & Child Development, Social Welfare, Languages Saurabh Bhardwaj: Food and Supply, Transport, Environment, Elections, General Administration Girish Soni: Labour, Development, Employment, Scheduled Caste and Scheduled Tribe Department.

Mizoram Lal Thanhawla of Congress party won a seat in the Mizoram State Assembly from both Serchhip and Hrangturzo. He is the 8th Chief Minister of Mizoram.


Lieutenant General Aniruddha Chakravarty, VSM, takes over as the Director General of National Cadet Corps (NCC).

Sushma Singh Sworn In As New CIC - President Pranab Mukherjee on 19 December administered the oath of office to former IAS Officer Sushma Singh as Chief Information Commissioner at Rashtrapati Bhawan in New Delhi. Sushma Singh, who is the fifth Chief Information Commissioner of CIC, is the second woman to be appointed to the post after Deepak Sandhu, whose term ended on 18 December. She had joined the CIC as Information Commissioner on 23 September 2009.

Vinod Kumar Duggal Appointed as Governor of Manipur Former home secretary V.K. Duggal was appointed as the Governor of Manipur on 23 December. He will replace the present Governor of the state, Ashwani Kumar, who was given an additional charge of Manipur, while being a Governor of Nagaland. On 31 December Duggal was sworn in as the new Governor of Manipur.

Thailands PM Yingluck Shinawatra Dissolves Parliament Thailands Prime Minister Yingluck Shinawatra on 9 December formally dissolved the countrys parliament and called for new elections. The new elections are scheduled to take place on 2 February 2014.

Socialist Michelle Bachelet has been elected as Chiles president on 15 December for a second time by a wide margin.

Somalias parliament on 21 December approved as the new Prime Minister Abdiweli Sheikh Ahmed, a political newcomer and economist who faces tough challenges in the war-torn nation.

Nepal Maoists Agreed To Join Newly Elected Assembly The party of Nepals former communist rebels on 24 December agreed to join the recently elected Constituent Assembly (CA), ending months of political turmoil to pave the way for a new government and drafting of a fresh Constitution.

Justice D.P. Buch, a retired judge of the Gujarat High Court, was administered the oath of Lokayukta by Governor Kamla Beniwal at Raj Bhavan in the presence of Chief Minister Narendra Modi on 11 December.

Harsh Kumar Bhanwala has been appointed as the Chairman of the National Bank for Agriculture and Rural Development (NABARD) on 15 December. Bhanwala succeeds Prakash Bakshi, who retired as NABARD chairman in September 2013.

Gen Bikram Singh Is The New Chairman of COSC Indian Army Chief Gen Bikram Singh has been appointed as the new Chairman, Chiefs of Staff Committee (COSC) on 18 December. He Succeeds IAF Chief NAK Browne. Bikram singh on 30 December took over as the new chairman, chiefs of staff committee.

Indian-American Nandita Berry Appointed as Texas Secretary of State Indian-born Houston attorney Nandita Berry has been appointed Texas new secretary of state on 19 December. She succeeds John Steen. Berrys appointment effective on 7 January 2014. Berry is the first Indian-American to hold the prestigious post of the chief elections officer for Texas.

Aam Aadmi Party candidate MS Dhir was on January 3, 2014 elected the Speaker of the Delhi Assembly.

J. N. Chaudhary was appointed as new head of NSG (National Security Guard) on 26 December 2013. Krishna Iyer: Krishna Iyer was appointed President and CEO of Wal-Mart India. It was announced by

the US retail giant Wal-Mart on 13 December 2013.

P. H. Parekh: Senior advocate P. H. Parekh has been appointed as the President of the Supreme Court Bar Association (SCBA) for 2013-2014.

S. B. Nayar was appointed as chairman and managing director (CMD) of India Infrastructure Finance Co. Ltd (IIFCL). IIFCL is a state-owned firm that funds infrastructure projects.

Shivakumar was appointed as the Chairman and CEO of PepsiCo India, The post was lying vacant since Manu Anand quit the US food and beverage maker PepsiCo India in June 2013 to join food company Cadbury Kraft.


Siddharth Birla, Chairman of Xpro India Limited took the charge as the President of Federation of Indian Chambers of Commerce and Industry (FICCI) on 21 December 2013.

V. Kannan assumes charge as Chairman and Managing Director of Vijaya Bank. S.K. Sharma takes charge as Chairman and Managing Director of Bharat Electronics Ltd (BEL). He

joined BEL in 1978.

Arvind Ranjan: Arvind Ranjan, a 1977-batch IPS officer of Kerala Cadre, assumed charge as 24th Director General of the Central Industrial Security Force (CISF) at the forces headquarters in Lodhi Road in New Delhi on December 26, 2013.

Resignations/Dismissed/Retired/Quit Sudans Vice President Ali Osman Taha Resigned Sudans Vice-President Ali Osman Taha, a key

figure behind the Islamist-backed coup 24 years ago, has resigned to pave the way for a new government. His resignation was announced by the Sudanese President, Omar al-Bashir in Khartoum on 7 December. He resigned and vacated his office at the presidency ahead of his cabinet reshuffle. Taha has been the first Vice President of Sudan, the second highest political party.

Environment Minister Jayanthi Natarajan Resigned Jayanthi Natarajan resigned as the Minister of state for environment and forest from the Council of Ministers (COM) on 21 December. Marpadi Veerappa Moily, the petroleum and natural gas Minister on 24 December took an additional charge of the Environment and Forests Ministry after the exit of Jayanthi Natarajan.

Chandra Kant Birla: Chandra Kant Birla, Chairman of Hindustan Motors Limited resigned from the board on 29 December 2013. He also stepped down free the post of director of Hindustan Motors (HM).

G. S. Singhvi: The senior most judge of Supreme Court of India, Justice GS Singhvi on 11 December 2013 retired.

Tunisias Islamist Prime Minister Ali Larayedh resigns as part of a plan to end months of political deadlock, amid a fresh eruption of social unrest.

Central African Republic President Michel Djotodia resigns under intense pressure over his failure to stem the sectarian unrest which was ripping his country apart.

Arrests/Jailed/Released The former Chief Minister of Bihar and Rashtriya Janata Dal President, Lalu Prasad is released from

Birsa Munda jail in Ranchi, two days after the Supreme Court granted him bail in the Chaibasa treasury case.

Deaths Nelson Rolihlahla Mandela, the towering figure of Africas struggle for freedom and a hero to

millions around the world, passed away on December 6, 2013 at the age of 95. ) First Black President On April 27, 1994, South Africa held its first democratic elections. At 77,

Mandela was appointed as South Africas first black president on May 10, 1994, with de Klerk as his first deputy. In 1994, he published his autobiography, Long Walk to Freedom.

) Mandela has received more than two hundred and fifty awards over four decades. He was the winner of the Nobel Peace Prize in 1993. In 1990 he was conferred with the Bharat Ratna. He was the recipient of Mahatma Gandhi peace award in 2001.

Surjit Singh, 58, noted scholar and Director, Institute of Development Studies (IDS), Surjit Singh passed away in Jaipur on December 4, 2013 at the age of 58.

Farooq Sheikh, 65, best known for his performance in films such as Shatranj Ke Khiladi, Chashme Buddoor and Umrao Jaan, died of heart attack in Dubai on December 27, 2013.

Union Labour and Employment Minister Sis Ram Ola passes away at the age of 86 in Gurgaon, Haryana. Sis Ram Ola was a member of the 15th Lok Sabha of India.


The head of the royal family of erstwhile Trivancore, Kerala, Uthradom Tirunal Marthanda Varma, passes away at the age of 91.

Mikahil Kalashnikov, the Russian gun designer of the fabled AK-47 automatic rifle, passes away at the age of 94.

Senior leader of the Centre of Indian Trade Unions (CITU) Kali Ghosh passes away at the age of 83. TC Narendran, internationally known insect taxonomist and recipient of the EK Janaki Ammal

National Award of the Ministry of Environment and Forests, passes away at the age of 69 in Kozhikode.

Prince of Mysore Srikantadatta Narasimharaja Wodeyar Died Srikantadatta Narasimharaja Wodeyar, the eighth and the last King of the Mysore Royal Family, died on 10 December in Bangalore. Maharaja Srikantadatta Narasimharaja Wodeyar Bahadur, also named Srikanta Wadiyar, was the prince of Mysore Kingdom and the present head of the Wadiyar dynasty that ruled the Kingdom of Mysore between 1399 and 1950.

Guru Sunderlal Satyanarayan Gangani, a Kathak guru and Sangeet Natak Akademi awardee, passes away at the age of 84 on 17 December, 2013.

Michiaki Takahashi, who developed a vaccine for the chicken pox virus died ar the age of 85 due to hear failure on 23 December 2013 in Osaka, Japan.

Swami Nityanand Maharaj, founder secretary of Ramkrishna Vivekananda Mission in Barrackpore in North 24 Paraganas district in West Bengal, passes away at the age of 82.

Alan Turing Alan Turing, the mathematics genius who committed suicide in 1954 after undergoing chemical castration for being gay when homosexual activity was a criminal offence in Britain, received the royal pardon posthumously on December 24, 2013.

Eusebio da Silva Ferreira Known as the Black Panther or simply The King, football legend Eusebio, who reigned over Portuguese football in the 1960s, bringing glory to both his club Benfica and his country, passed away on January 5, 2014 at the age of 71.

Awards/Honours Time magazine named Pope Francis its Person of the Year for 2013 on December 11, 2013, hailing the

head of the Catholic Church as a new voice of global conscience since taking office in March 2013.

Filmmaker Shivendra Singh Dungarpur is selected for the 2013 Bimal Roy Memorial Emerging Talent Award for his widely appreciated documentary Celluloid Man.

The Union Minister of Social Justice and Empowerment Kumari Selja presents the Helen Keller Award to Ashish Jha, Nita Panchal, Kajal Dhawan, Bhavanishankar R. Ankit Rajiv Jindal and Kivadasannavar.

Chief Justice of India P. Sathasivam presents the Sangita Kalanidhi MS Subbulakshmi Award to Sudha Raghunathan at the inauguration of the 87th Annual Conference and Concerts of The Music Academy in Chennai.

Union Minister of State for Human Resource Development Shashi Tharoor is named the Person of the Year by the People for the Ethical Treatment of Animals (PETA) India.

Sahitya Akademi Awards 2013: Bollywood lyricist Javed Akhtar, Bengali poet Subodh Sarkar and Sanskrit poet Radhadant Thakur were selected for Sahitya Akademi Awards 2013 on December 18, 2013.

CK Nayudu Award: Former India captain Kapil Dev received the Col. C.K. Nayudu Lifetime Achievement Award for 2013 on January 11, 2014.

Malala Received 2013 UN Human Rights prize Pakistan teenage activist Malala Yousafzai has been conferred the 2013 UN Human Rights Prize.


General Bikram Singh Awarded The USs Legion of Merit In the month of December 2013 Gen Bikram Singh has joined the ranks of legendary figures of the Indian Army including Field Marshal KM Kariappa as he has been awarded the sixth highest American military honour Legion of Merit.

GHIAL Awarded British Safety Councils Sword of Honour Rajiv Gandhi International Airport (RGIA), operated by GMR Hyderabad International Airport Ltd (GHIAL), has been awarded the Sword of Honour for safety management. The Sword of Honour is considered to be the Oscar of the Safety World.

Eminent Indian missile scientist A Sivathanu Pillai has received the highest Russian award Order of Friendship on 16 December by President Vladimir Putin for his contribution towards strengthening the ties between the two countries through the successful BrahMos supersonic cruise missile programme.

The KK Birla Foundation announces that the 23rd Bihari Puraskar, 2013 will be awarded to Chandra Prakash Deval for his Rajasthani poetry collection Hirna! Maun Saadh Van Charna.

The International Cricket Council (ICC) on 9 December announced that Former Pakistan captain Waqar Younis and ex-Australia wicketkeeper Adam Gilchrist will be inducted into the ICC Cricket Hall of Fame.

President Pranab Mukherjee presents Indias 25 greatest global Indian living legends awards at the Rashtrapati Bhavan in New Delhi. The awardees include Dr. Amartya Sen, Amitabh Bachchan, Vikram Seth, Sachin Tendulkar and others.

15th Chief Justice of India P. Sathasivam presents the Sangita Kalanidhi MS Subbulakshmi Award to Sudha Raghunathan at the inauguration of the 87th Annual Conference and Concerts of The Music Academy in Chennai.

01.ga jan-2014

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