Fact Box “Anubhuti” Railway CoachesFebruary 28th, 2013

Owing to increased popularity of Shatabdi and Rajdhani trains, there is also a demand for higher travel comfort. Thus, was felt the need for the special AC luxury class by Railway Minister and named ‘Anubhuti’coaches. These with more facilities would be introduced in Shatabdi trains at the earliest.

Some facts about of Anubhuti coaches:

Ticket to cost 1.5 times more than more than AC 1 executive class Class in Shatabdi. While AC 1 has 56 seats in Shatabdi, Anubhuti will be equipped with 50 seats. Ergonomically designed cushioned seats. Provision of LCD video screens. Whilst the cost of making an Executive Class coach is Rs. 2 crore, the additional cost of for

an ‘Anubhuti coach’ is estimated at Rs. 30 lakh. Automatic doors. Interiors and lighting arrangements will be aesthetically designed to enhance the

ambience. Free Internet. Improved catering services.

All Shatabdis will be provided with ‘Anubhuti’ coaches in due course. The hiked fare for the ‘Anubhuti’ coaches may well be worth the premium. Such experiences could be availed eventually in the Rajdhanis, Durontos and other

superfast trains. The Anubhuti coaches will be manufactured at Rae Bareli and Kapurthala.

Parliament passes Bill to prevent offences against women at workplaceFebruary 28th, 2013

Expressing concern at the rise in offences against women, the Rajya Sabha approved the amended the Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Bill, that seeks to provide protection to women in unorganized and organized sectors including the private sector.

The Bill covers harassment of domestic help and agricultureworkers.

The Bill, which has already been passed by the Lok Sabha

Fact Box: Rajat GuptaFebruary 28th, 2013

Rajat Gupta has been ordered to pay $6.2 million forlegal expenses incurred by his former employer Goldman Sachs during his trial.

Rajat Gupta (64) is India-born former Goldman Sachs director who was sentenced to two year last year for insider trading.

In US, the banks by laws are required to pay the legal fees of their top Officers and Directors. Before, his trial, Mr. Rajat Gupta entered into a deal with Goldman Sachs that if Rajat Gupta is found guilty for insider trading, he will reimburse entire amount that the Goldman Sachs pays for legal fees incurred.

Who is Rajat Gupta and what is the case?

Rajat Kumar Gupta, is an Indian American Businessman. He was global head of McKinsey & Company, the management consulting firm from 1994 to 2003 and a business leader in India and the United States.

After his rise in McKinsey, he was known as the “First India-born CEO of a global corporation”.

Gupta also chaired as corporate chairman, board director or strategic advisor to a variety of large and notable organizations including Goldman Sachs, Procter and Gamble and American Airlines, and non-profits including The Gates Foundation, The Global Fund and the International Chamber of Commerce.

The case:

In 2007 when Gupta was Director of Goldman Sachs, he provided confidential information about the company’s investment plan and earning details, which are considered Non-Public information, to Raj Rajaratnam. He leaked the information of $ 5 billion investment which was to be made by Berkshire Hathaway into Goldman Sachs.Rajaratnamtraded on the information and made profits. It was

alleged that Gupta also had some vested interest in Rajaratnam company- Galleon and he also got some benefits through that trading which is considered as Insider Trading- a corporate crime. It was also alleged that Gupta passed on non- public information about Procter & Gamble to Rajaratnam where he leaked info about company’s sale of its assets worth $ 3 billion and about its quarterly earnings which were not made public.

The Directorate-General of Hydrocarbons holds back approval for KG-D6 work programmeFebruary 28th, 2013

The Directorate-General of Hydrocarbons (DGH) has held back approvals for work programme (WP) and budget for KG-DWN-98/3 (KG-D6) block for 2012-13 and 2013-14.

DGH has sought an explanation on various issues including the decision of the operator to cancel the plan of drilling two approved development wells and inability to adhere to the management committee (MC)-approved plans.

India asks Sri Lanka to fix accountability for rights violation, torture of TamilsFebruary 28th, 2013

India held that Sri Lanka would have to fix accountability for the alleged violation of human rights and torture of Tamils and assure a sustainable settlement of issues pertaining to them.

The UNHRC (United Nations Human Rights Commission) has took up for discussion a U.S.-sponsored resolution on issues related to Sri Lanka.

The External Affairs Minister Salman Khurshid expressed concern at the averred brutal killing of LTTE chief Prabhakaran’s 12-year-old son Balachandran even as DMK and AIADMK tried for an independent probe into it by an international agency.

JPC to probe chopper dealFebruary 28th, 2013

The government moved a motion in the Rajya Sabha which was adopted by voice vote – for the formation of a JPC (Joint Parliamentary Committee) to probe the chopper deal.

Objective: JPC to enquire into the allegations of payment of bribes in the acquisition of VVIP helicopters by the Ministry of Defence from M/s AgustaWestland and the role of alleged middlemen in the transaction.

The JPC will have 10 members from the Rajya Sabha and 20 from the Lok Sabha. JPC shall give its report within 3 months of its first sitting.

Pope Benedict XVI will be known as ‘emeritus Pope’ – VaticanFebruary 28th, 2013

The Vatican announced that the Pope Benedict XVI will be known as ‘emeritus Pope’. It also held that the Pope after his retirement will continue to wear a white cassock and will be still addressed as “Your Holiness Benedict XVI” and will have the additional title of “Roman pontiff emeritus”.

Earlier, Pope Benedict XVI has announced that he would resign at the end of this month after as the head of the Catholic Church citing old age and poor health to continue.

It is the first papal resignation in nearly 600 years. The new pope is expected to be elected before Easter. Cardinal Joseph Ratzinger became Pope in 2005 after John Paul II’s death.

The last Pope who resigned was Pope Gregory XII, who stepped aside in 1415 amid a schism within the Church.

Park Geun-hye sworn in as South Korea’s first woman PresidentFebruary 28th, 2013

Park Geun-hye sworn in as South Korea’s first woman President.

Ms. Park is the daughter of South Korea’s late military strongman Park Chung-hee who seized power in 1961. He went on to rule the country for the next 18 years until his eventual assassination in 1979.

Rajya Sabha approves President’s Rule in JharkhandFebruary 28th, 2013

The Rajya Sabha approved the proclamation of the President’s Rule inJharkhand.

Arjun Munda resigned as Chief Minister of Jharkhand after his government lost majority last month as the JMM withdrew support to the BJP-led government.

On January 18, 2013, Jharkhand was brought under the President’s Rule for the 3rd time since its formation 12 years ago.

The Rajya Sabha approved the proclamation with a voice vote after a debate.

ISRO scientists successfully launch Indo-French satellite PSLV-SARALFebruary 28th, 2013

ISRO launched Indo-French satellite SARAL and six foreign mini and micro spacecraft from Sriharikota in Andhra Pradesh. Thus, PSLV-20 successfully puts seven satellites in orbit.

Some more information:

PSLV 20 23rd mission of PSLV PSLV has an impeccable record of 21 consecutive successful flights. 9th time ISRO is using the ‘core alone’ variant of the rocket.

Besides SARAL, the other 6 mini and micro spacecrafts were:

1. Micro-satellite UniBRITE from Austria2. Micro-satellite BRITE from Austria3. AAUSAT3 from Denmark4. STRaND from United Kingdom5. Micro-satellite NEOSSat from Canada6. Mini-satellite SAPPHIRE from Canada

The ISRO-built SARAL is a 410-kg satellite with payloads – Argos andAltika – from French space agency CNES for study of ocean parameters towards enhancing the understanding of the ocean state conditions which are otherwise not covered by the in-situ measurements.

Objective:

SARAL satellite is aimed for oceanographic studies. SARAL will furnish data products to operational and research user communities, in support of marine meteorology and sea state forecasting; operational oceanography; seasonal forecasting; climate monitoring; ocean, earth system and climate research.

Altimeter (Altika) would assist in studying the sea surface heights while Argos payload is a satellite-based data collection platform.

India ‘economic linchpin’ in Afghanistan – Robert BlakeFebruary 28th, 2013

Robert Blake, Assistant Secretary of State for South and Central Asia in a Congressional hearing held that “any discussion of South Asia has to start with India”, and that the State Department viewed India “as kind of the economic linchpin for future” as far as it’s significant role in Afghanistan was concerned.

The Assistant Secretary of State for South and Central Asian Affairs is the head of the Bureau of South and Central Asian Affairs within the United States Department of State, which handles U.S. foreign policy and relations in Afghanistan,Bangladesh, Bhutan, India, Kyrgyzstan,

Kazakhstan, Maldives, Nepal,Pakistan, Sri Lanka, Tajikistan, Turkmenistan, and Uzbekistan.

Arun Tadanki Yahoo! India MD resignsFebruary 28th, 2013

Arun Tadanki, Managing Director, India & Southeast Asia, declared his decision to leave Yahoo.

“Mauritia” – An ancient micro-continent found under Indian OceanFebruary 28th, 2013

A detailed article in the journal Nature Geoscience suggests that the remains of a micro-continent named “Mauritia” might be preserved under huge amounts of ancient lava beneath the Indian Ocean. This study further suggests that such micro-continents may have occurred more often than formerly thought.

Researchers suggest that volcanic chains in the middle of tectonic plates, such as the Hawaiian Islands, are induced by giant pillars of hot molten rock known as mantle plumes. These mantle plumes rise up from near the Earth’s core, penetrating overlying material like a blowtorch.

As per the researchers, it appears that Mantle plumes triggered continental breakups, softening the tectonic plates from below until they fragmented and thus how the lost continent of Eastern Gondwana ended about 170 million years ago.

The researchers also held that Mauritius is part of a contiguous block of abnormally thick crust that extends in an arc northward to theSeychelles islands. The study hints Mauritius and the adjacent region overlie an ancient micro-continent they call “Mauritia”.

Fact Box: February 28 – The National Science DayFebruary 28th, 2013

Every year February 28 is celebrated as the National Science Day Rashtriya Vigyan Diwas (रा�ष्ट्री�य वि�ज्ञा�न दि��स).

Why National Science Day is celebrated?

1928- To mark the discovery of the Raman effect by Indian physicist Sir Chandrasekhara Venkata Raman on February 28, 1928. For this discovery, Sir C.V.Raman was awarded the Nobel Prize in Physics in 1930.

1986- The NCSTC (National Council for Science and Technology Communication)  demanded the Government of India to assign February 28 every year as the ‘National Science Day’ for India.

2000- The first National Science Day was celebrated on February 28,2000. 2013- The American Chemical Society designated the ‘Raman Effect’ as

an International Historic Chemical Landmark. Theme for the National Science Day 2013 –“Genetically Modified Crops and Food

Security”

Rail Budget 2013: HighlightsFebruary 28th, 2013

Highlights of the Rail Budget 2013-14 as presented by Railway Minister Mr. P.K. Bansal relating to the following Headings:

Manufacturing:

A new wheel factory to be set up at Rae Bareli A greenfield Mainline Electrical Multiple Units (MEMU) manufacturing

facility at Bhilwara (Rajasthan) in collaboration with State Government and BHEL.

Six more Rail Neer bottling plants to be set up Coach Manufacturing Unit in Sonepat District (Haryana) in

collaboration with State Government. A Midlife Rehabilitation Workshop at Kurnool (Andhra Pradesh) in 

collaboration with the State Government. Bikaner and Pratapgarh workshops to undertake POH of BG wagons.

Continue reading…

Keeping in mind 2014 Elections, Uttar Pradesh Chief Minister Akhilesh Yadav presents a people friendly budgetFebruary 26th, 2013

Uttar Pradesh CM Akhilesh Yadav presented a Rs 23,913 crore deficit budget for the state for 2013-14 at Rs 2,21,201.19 crore.

The focus of the budget is mainly on poor, farmers, agriculture, rural

development, Muslims, backward classes and infrastructuredevelopment.

The budget has a 10% increase from the last year. No new tax has been imposed. Fiscal deficit has been estimated at Rs 23,913 crore (2.9% of the GDP) .

As Uttar Pradesh is anticipated to play a dominant role in the formation of next government at the Centre, the ruling of UP – Samajwadi Party is keen to broaden its support base and solidify at its home.

Assam becomes India’s first state to produce over 500 Million Kg Tea for consecutive 2 yearsFebruary 26th, 2013

With a production of 589 million Kgs in 2011 and 588 million Kgs 2012,Assam has become the first state in India to produce over 500 million kilogram tea for two years in a row.

The North East Tea Association, a premium body of the tea planters held that over Rs 7500s crore rupee turn over was recorded in Assam tea sector last year.

Around 7 lakh workers are engaged in the tea sector of which 50% are women.

“W49B”: The Youngest black hole in our galaxy discovered by the ScientistsFebruary 26th, 2013

Recent  data from NASA’s Chandra X-ray Observatory has spotted the youngest black hole yet in the Milky Way galaxy named “W49B”.

W49B is just 1000-years-old and only 26,000 light-years away from Earth.

Democratic Republic of Congo: African leaders sign UN-backed peace accordFebruary 26th, 2013

Regional African leaders have inked a UN-brokered accord which aims to bring peace to the troubled eastern region of the Democratic Republic ofCongo.

Objective: The agreement may lead to the establishment of a special UN intervention brigade in eastern Congo, along with political efforts to bring peace.

Leaders from Mozambique, Rwanda, Tanzania, South Africa, Democratic Republic of Congo, Congo Republic and South Sudanattended the signing.

The deal was signed in the presence of UN Secretary General Ban Ki-moon in the Ethiopian capital, Addis Ababa.

About 800,000 people have been displaced since the M23 (March 23) rebel group took up arms against the Kinshasa government in May, 2013.

‘One Stop Crisis Centres’: Government announces crisis centre for womenFebruary 26th, 2013

President Pranab Mukherjee made a mention of setting up of ‘One Stop Crisis Centres’, in his speech to the joint session of Parliament on the opening day of the Budget session of Parliament.

Objective:  Specialized facility for providing all necessary services for women subjected to violence.

UK scientists discover deepest undersea ventsFebruary 26th, 2013

UK scientists have discovered an amazing set of hydrothermal vents, the deepest anywhere in the world, in the the ocean floor in the Caribbean.

Hydrothermal vents are among the most unknown features of the deep ocean and their existence was not known until the 1970s. Later on they have been discovered at about 200 sites around the world including the Southern Ocean and the Atlantic. But it was only around 3 ago that vents were first detected in the Cayman Trough, a deep trench formed by the boundary between two tectonic plates.

The expedition was funded by the Natural Environment Research Council.

The expedition is being run from a British research ship “James Cook”, named after the 18th century explorer who made discoveries around the Pacific.

New Life Sciences prize announced by World’s Technology tychoonsFebruary 26th, 2013

Few of the world’s best-known technology tycoons, including Google co-founder Sergey Brin and Facebook founder Mark Zuckerberg, established a $15-million annual prize to reward pioneering achievements in life sciences.

Objective: To generate fervor and financial reward for spectacular scientific accomplishment.

In its first year, prizes of $3 million each were awarded to 11 scientists in the field of cancer and genetic research.

Justice (Retd) Ms Usha Mehra Commission Submitted its ReportFebruary 26th, 2013

Justice (Retd) Ms Usha Mehra Commission submitted its report to the Government.

The Commission was constituted on 26th December, 2012.

Objective: To enquire into various aspects of the incidence of brutal assault to a young woman in Delhi on December 16, 2012.

The Commission was asked to submit its report within 3 months and the Commission has submitted it before time.

AirAsia and Tata Group join hands for an economical airlineFebruary 26th, 2013

AirAsia: Malaysia’s no-frills carrier

AirAsia has applied to the Foreign Investment Promotion Board (FIPB) to join hands with the Tata Group Arun Bhatia’s Telestra Tradeplace to enter the aviation sector.

Stakes in the Joint-Venture:

AirAsia: 49% Tata Sons Ltd.: 30% Hindustan Aviation: 21 If the proposal is approved by the FIPB, then the Director General of Civil Aviation (DGCA)

will be approached for a permit to commence operations. Tata Sons will not have any operating role in the airline.

Kerala raises age limit to buy liquor from 18 to 21February 26th, 2013

Kerala Cabinet ratified the Kerala Abkari Act Amendment Ordinance 2013 which ideates increasing the age for buying and selling liquor from 18 to 21 years in the state.

Also, the new amendment will now make it compulsory for television and movies to show statutory warnings against liquor consumption .

Hari Shankar Singhania, leading industrialist, passes awayFebruary 26th, 2013

Hari Shankar Singhania (79), one of India’s most distinguished industrialists, passed away.

Singhania was president of JK Organization In 2003, he was awarded Padma Bhushan He was the second Indian to serve as president ofInternational Chamber of

Commerce, Paris, during 1993-94.

TRAI releases pre-consultation paper for pan-India mobile number portabilityFebruary 26th, 2013

The Telecom Regulatory Authority of India (TRAI) has started processes for the execution of the nation-wide mobile number portability. TRAI has released consultation process to look for views from stakeholders on the pan-India MNP services. Through this pre-consultation paper, TRAI is attempting views from stakeholders on various issues like optimal method of carrying out Inter-service area porting, amendments required in the existing licence conditions. TRAI has called for the stakeholders and other interested parties to submit their views by March 7, 2013.

The pan-India mobile number portability was one of the top elements of the National Telecom Policy 2012.

Fact Box: Kishenganga Hydro-electric project (KHEP)February 26th, 2013

Court of Arbitration the Court permits India to go ahead with the construction of the Rs. 3600 crore KHEP

In a key decision, the Court of Arbitration the Court chaired by Stephen M. Schwebel, at the Hague has permitted India to go ahead with the construction of the Rs. 3600 crore Kishenganga Hydro-electric project (KHEP) in North Kashmir. The court eliminated Pakistan’s plea that this was a violation of the 1960 Indus Waters Treaty.

Thus, India can go ahead with the diversion of the waters of Kishanganga for hydro-electric power generation.

Kishanganga is a tributary of Jhelum. Kishenganga is called ‘Neelam’ in Pakistan. KHEP is a 330 MW run-of-the-river Kishenganga project.

Project is under construction by the NHPC (National Hydro Power Corporation) in Gurez valley near Bandipura in north Kashmir.

What was Pakistan’s contention?

Pakistan had contended that as per the 1960 Indus Waters Treaty, the following are impermissible:

1. The KHEP’s planned diversion of the waters of the Neelum (or Kishenganga)2. The use of the drawdown flushing technique both at the KHEP and at other Indian

hydroelectric projects that the Treaty regulates.

Pakistan had raised objections to the above holding that it will affect Pakistan’s water availability downstream and thus it sought setting up of a Court of Arbitration on May 17, 2010.

What was India’s contention?

India had asserted that both the design and planned mode of operation of the KHEP are in full conformity with the Indus Waters Treaty of 1960.

What is the verdict of the Court of Arbitration?

A Court of Arbitration was set up under the chairmanship Stephen M. Schwebel was set up on May 17, 2010 at The Hague.

The members of the Court of Arbitration visited India and Pakistan for site inspection in June, 2011.

The court eliminated Pakistan’s plea that this was a violation of the 1960 Indus Waters Treaty.

Thus, India can go ahead with the diversion of the waters of Kishanganga for hydro-electric power generation.

At the same time, the court has confined India from adopting the drawdown flushing technique for clearing sedimentation in the run-of-the river project.

Thus, now India will have to adopt a different flushing technique for clearing sedimentation in the run-of-the river project.

The Court had limited India from constructing any permanent works on or above Kishenganga at Gurez that may suppress the restoration of the full flow of the river.

The court has permitted India to construct a temporary by-pass tunnel for diversion of waters.

AirAsia seeks Indian govt’s nod to join hands with Tata Group to enter country’s aviationFebruary 24th, 2013

Malaysia’s no-frills carrier AirAsia has sought the approval of the Indian Government to join hands with the Tata Group to enter the aviation sector.

This would be the first investment in the sector by a foreign airline after the Government raised the foreign direct investment (FDI) limit from 26% to 49% in 2012.

AirAsia has applied to the Foreign Investment Promotion Board (FIPB) to take a 49% stake in a venture with Tata Sons Ltd., and Arun Bhatia’s Telestra Tradeplace.

Telestra Tradeplace is an investment holding company of Arun Bhatia. One of its group companies is Hindustan Aerosystems Pvt Ltd., which manufactures and supplies precision components for the aerospace industry. If FIPB grants clearance to the proposal, the airline operators would then need approval from the Director General of Civil Aviation (DGCA) to start operations.

Stakes of the three companies:

Continue reading…

Tech tycoons institute Breakthrough Prize for Life SciencesFebruary 24th, 2013

Technology magnates, including Google co-founder Sergey Brin and Facebook founder Mark Zuckerberg, have launched a $15-million annualBreakthrough Prize for Life Sciences to reward outstanding scientific achievements in life sciences.

Kerala increases age limit to buy liquor from 18 to 21February 24th, 2013

The Kerala Abkari Act Amendment Ordinance 2013 has been given approval by the Kerala Cabinet. With this amendment, the age limit for buying and selling liquor has been raised from 18 to 21. Kerala government aims to bring down liquor consumption in the state. Besides, the new amendment would make it mandatory for television and movies to show statutory warnings against liquor consumption.

AmEx unveils ‘ezeClick’ serviceFebruary 24th, 2013

Credit card selling company American Express (also AmEx) has launched a service ‘ezeClick’ which will enable its customers to carry out online transactions without entering card details.

To avail the facility, the AmEx card members need to register just once, create their ezeClick ID and use it for all future online purchases across all participating merchants.

Black money could be more than 10% of GDP: StudyFebruary 24th, 2013

As per a study conducted last year by the National Institute of Public Finance and Policy (NIPFP) on quantifying black money generated in the country, the illicit wealth is likely to exceed 10% of GDP or anywhere above Rs 10 lakh crore.

The study was headed by R Kavita Rao, head of NIPFP’s tax policy and research, and included former director general of income tax investigation SS Khan. The report has given sectoral break-up of the scope of black money such as the real estate sector, telecom, mining etc.

In 2012, the government had reacted to the furor over black money by selecting three institutions to estimate the quantum of black money. These were:

National Council for Applied Economic Research (NCEAR) NIPFP National Institute of Financial Management (NIFM).

The first report has been submitted by NIPFP while other two reports have not been disclosed.

Transfer Pricing Loopholes

Continue reading…

Pre-consultation paper by TRAI for pan-India MNPFebruary 24th, 2013

The Telecom Regulatory Authority of India (TRAI) has released pre-consultation paper for the implementation of the pan-India Mobile Number Portability (MNP). Through this pre-consultation paper, the Authority has sought views from stakeholders on various issues like optimum method of implementing Inter-service area porting, amendments required in the existing licence conditions of the MNP service licence, generation of UPC by roaming subscriber, modifications required in the MNP regulations etc.

The pan-India MNP was one of the key constituents of the National Telecom Policy 2012 (NTP 2012).

In addition to this facility, the government also intends to abolish roaming charges as per the NTP 2012. The move is being opposed by the telecom operators as it could cause them a revenue loss of about Rs. 13,500 crore.

What are the objectives of NTP 2012?

NTP 2012 aims at:

Abolishing roaming charges on mobile phones Allow users to hold the same number across the country without paying any extra charge Delinking spectrum allocation from Licensing Increasing Tele-density in rural areas NTP mentions Cloud computing, Next-Generation Networks, IPV6 and Voice over Internet

Protocol (VoIP) as thrust areas of future technologies.

The policy also allows national number portability, but again, with no visible timelines.

Fact Box: TOD ( Transit-Oriented Development )February 24th, 2013

First phase of TOD pilot projects approved in Delhi

Approval has been granted for the implementation of Transit-Oriented Development (TOD) pilot projects along four metro corridors and another pilot project near Karkardooma in Delhi.  It will be implemented by the UTTIPEC (Unified Traffic and Transportation Infrastructure(Planning and Engineering) Centre) which is working to develop a vision and strategy for the creation of a mass-rapid transport system in the Capital. The UTTIPEC, which is a division of the Delhi Development Authority, will conduct at least 25 workshops in the months ahead focusing on the metro corridors b/w Chattarpur to Arjangarh and Peeragarhi to Teekri Kalan.

What is TOD and why it is being implemented?

Transit-oriented development (TOD):

It is a mixed-use residential and commercial area in such a fashion so as to maximize access by Transit and Non-motorized transportation. In a TOD residential and commercial districts are located near and around a transit station/corridor which provides high quality service, good walking area, good parking management and many other design features that facilitate transportation use and maximize overall availability.

Objective:

TOD is designed in order to maximize access to public transport. It would make public transport the first choice of travel for all sections of society.

It incorporates features that promote transit ridership. Emphasize on building a transport system friendly to walkers, cyclists and women.

Features:

A TOD neighborhood typically has a center with a transit station or stop (train station, metro station, bus stop, etc.)

Streets have good Connectivity. Traffic control features. Parking Management. Mixed-use development that includes shops,

schools and other public services, and a variety of housing types and prices, within each neighborhood.

A TOD is surrounded by relatively high-density development with progressively lower-density development spreading outward from the center.

Radius of a TOD generally varies from 400 to 800 m from a transit stop, as this is considered to be an appropriate scale for pedestrians. Intense Zone: Inner zone of radius 300 meters, it will have high-density mixed use development, pedestrians and non-motorized transport.

Then there are two more concentric zones of 800 meters and 2 km with high-density street network and equitable distribution of road space.

It is generally believed that transit riders will walk up to a quarter-mile to a bus stop and a half-mile to a train station, albeit in practice a portion of transit riders will walk somewhat more.

Some of the benefits of TOD include:

Reduced household driving and thus lowered regional congestion, air pollution and greenhouse gas emissions.Walkable communities that accommodate more healthy and active lifestyles.Provides Housing and Mobility choicesImproves environmental performanceResults in infrastructure cost savingsHelps supports healthy life-stylesStrengthens Transit systemsCreates lasting value

Increased transit ridership and fare revenue.Improved access to jobs and economic opportunity for low-income people and working familiesExpanded mobility choices that reduce dependence on the automobile, reduce transportation costs and free up household income for other purposes

E&Y lifetime award to Ratan TataFebruary 24th, 2013

Former Tata Group chairman Ratan Tata has been honored with ‘Ernst &  Young life time achievement award’ 2013 for ‘asserting a greater role for Indian entrepreneurs on the global business landscape’.

Godrej Group Chairman Adi Godrej has been given the ‘Entrepreneur of the year (2012)’ award.

Union Cabinet approves merger of BHPVL with BHELFebruary 24th, 2013

The Union Cabinet has given nod to merger of Bharat Heavy Plate & Vessels Ltd. (BHPVL) Vishakhapatnam with Bharat Heavy Electricals Limited (BHEL), New Delhi.

Why this amalgamation?

BHPVL, established in 1966, is an engineering / heavy fabrication company in Vishakhapatnam, Andhra Pradesh. The company faced severe losses and was pronounced sick by the Board for Industrial and Financial Reconstruction (BIFR) in October, 2005. In 2008, it was taken over by BHEL as its 100% subsidiary. However, the company’s show was not upto the mark, as it remained a separate company and it could not derive full benefits of synergy with BHEL.

Now,

The merger will aid BHPV to become a unit of BHEL. BHPV would be able to take part in tenders, obtain orders and attract best vendors for

procuring materials / capital goods.

T.S. Vijayan is new IRDA chairmanFebruary 24th, 2013

Former chairman of Life Insurance Corporation, T.S. Vijayantook over as the chairman of the Insurance Regulatory and Development Authority (IRDA).

Goal-line technology to be adopted in 2014 FIFA World CupFebruary 22nd, 2013

World football’s governing body FIFA has announced that goal-line technology will be used during the 2014 World Cup in Brazil.

Why is ‘Goal-line technology’?

A method to determine whether the Football has completely crossed the goal line or not.

This is done using electronic devices. This technology will assist the referee in taking the final

decision that whether it was a goal or not. On 5 July 2012, IFAB officially approved the use of goal

line technology.

FIFA has already approved two systems – Hawk Eye and GoalRef. The Hawk Eye system, used in cricket and tennis, involves the strategic placing of cameras from different points within the stadium while GoalRef uses an electronic chip inside the ball.

Criticism: The Critics (many from the FIFA itself) have pointed out that use of such a technology would affect the human element of the game and eliminate the joy of debating mistakes.

Govt cancels Rs.12,000 cr bond auction to curb fiscal deficitFebruary 22nd, 2013

The government has cancelled the Rs.12,000-crore bond issue, cutting short its market borrowing programme for the current financial year with an aim to contain the fiscal deficit at 5.3%.

This move has decreased the total market borrowing by the government in the current fiscal to Rs.5.58 lakh crore from Rs.5.70 lakh crore as envisaged in the 2012-13 Budget.

The government has already borrowed Rs.3.70 lakh crore in the first-half ending September 30, which is 65% of the total planned borrowing. The front-loading of borrowing was done as part of its strategy to make available capital to the private sector in the last six months of 2012-13.

In November 2012, the fiscal deficit projection for the current financial year was raised to 5.3%, from 5.1% estimated in Budget.

The health of the government exchequer has improved as the government has managed to generate around Rs. 21,500 crore from PSU stake sales as against a fiscal target of Rs. 30,000 crore.

Fact Box: ‘Gwadar Port’ and ‘Chabahar port’February 22nd, 2013

China assumes control of Gwadar Port

China has taken control of Pakistan’s Gwadar Port located at the mouth of the Persian Gulf just outside the strategically important Strait of Hormuz. Previously, the control of the port was with Port of SingaporeAuthority (PSA) which was recently transferred to the China Overseas Port Holding Company.

Gwadar Port

Why the port offered to China? What are the Advantages and Disadvantages for China? What Pakistan gets here? Why India is concerned?

Chahbahar Port

Why Afghanistan needs to use port of Iran? Strategic location of Chabahar port. What is the India’s role in this whole gambit? Why the deal b/w Iran and Afghanistan will be a win-win situation for

Afghanistan, India, Iran and also for US? But, what India may lose in this ploy?

Continue reading…

Fact Box: Mercury TreatyFebruary 22nd, 2013

Mercury treaty to be adopted by 140 countries

Around 140 nations will adopt the world’s first legally binding treaty on mercury.

Objective: The Treaty aims at reducing global emission levels of the toxic heavy metal also known as quicksilver, which poses risks to humanhealth and the environment.

Nations will be asked to ink the treaty next October in Minamata,Japan, in honour of the town’s inhabitants who for decades have suffered the consequences of serious mercury contamination.

Where is Mercury found?

Mercury is found in products ranging from electrical switches to thermometers to light-bulbs, to amalgam dental fillings and even facial creams, and large amounts of the heavy metal are released from small-scale gold mining, coal-burning power plants, metal smelters and cement production.

What are the hazards of mercury?

Mercury poisoning affects the body’s immune system and can lead to problems including psychological disorders, loss of teeth and problems with the digestive, cardiovascular and respiratory tracts. It also affects development of the brain and nervous system and poses the greatest risk to fetuses and infants.

As per United Nations Environment Programme (UNEP) report:

In the past 100 years, man-made emissions have raised the mercury concentrations in the top 100 metres of the world’s oceans to double.

Concentrations in deeper waters have increased by up to 25%. Much human exposure to mercury is through the consumption of contaminated fish. Around 200 tonnes of the substance are deposited in the Arctic every year. Developing countries were especially vulnerable to direct mercury contamination mainly

due to the extensive use of the element in small-scale gold mining and to the burning of coal for electricity generation.

Severe extinction threat to various Indian reptilesFebruary 22nd, 2013

As per an analysis of Zoological Society of London along with IUCN species survival commission:

19% of turtles, lizards, snakes, crocodiles and other reptiles were facing severe threat of extinction.

One out of every five out of 10000 species of reptiles in the world, many of which are from India, is facing a threat of extinction.

Out of the endangered species are the King cobra, Indian crocodile (mugger), South Andaman krait and four kinds of turtles namely, Red-crowned Roofed Turtle, Bengal Roof Turtle, Jaggedshelled turtle and Hawksbill turtle. These species were identified to be extinct forever.

There is no information about conservation status of around one in every three reptiles in India.

30% of the freshwater reptiles were almost close to extinction. 50% freshwater turtles are close to extinction. These reptiles are affected

by international and national trade. 15% reptiles in Indo-malayan region were threatened. Out of 1500 species samples in the study, 112 were from India. Out of these 1500 species, 12.2% had threat of extinction.

India, Sri Lanka ink anti-terror, tax evasion agreementsFebruary 22nd, 2013

India and Sri Lanka inked two distinct pacts on fightinginternational terrorism and avoidance of double taxation with the aim to enrich bilateral relationships.

Both sides also talked about enhanced cooperation in a range of areas including civil nuclear energy and the emotive issue of fishermen and rehabilitation process of Tamils in Sri Lanka besides the 13th Amendment of the Lankan constitution that gives autonomy to provinces. Both nations also decided to start a dialogue b/w Commerce Secretary of India and Secretary of the Ministry of Finance and Economic Development of Sri Lanka at an early date to evolve a framework for a special economic partnership b/w the two countries.

India and Sri Lanka are each other’s largest trade partners in South Asia.

Fact Box “Europa”February 22nd, 2013

About Europa:

Moon of Jupiter 6th closest moon of Jupiter Smallest of Jupiter’s 4 Galilean satellites Discovered in 1610 by Galileo Galilei Slightly smaller than Earth’s Moon

Composition:

- Primarily made of silicate rock - Likely has an iron core - Thin atmosphere composed mainly of oxygen - Surface is composed of water ice and is one of the smoothest in the Solar System.

Time Line:

1610 – Discovered by Galileo Galilei 1979 – Studied by the Voyager mission 1989 – The Galileo mission was launched which provided the bulk of the present data that

we have on Europa. 2022 – JUICE (Jupiter Icy Moon Explorer), the next mission to Europa by the European

Space Agency.

“Europa” is most promising in habitability in universe after Earth: NASA

As per NASA, Jupiter’s sixth closest moon Europa is the most likely heavenly body in the universe beyond the Earth that could be habitable. Europa which bears an ocean, a thin shelf of ice and oxidants on its surface is far more likely to be habitable than the desert-covered Mars, which has been the focus of recent exploration.

Europa’s evident youth and smoothness of the surface have led to the theory that a water ocean exists underneath it, which could possibly be a home for extraterrestrial life.

This theory suggests that the heat energy from tidal flexing is the reason behind the ocean to stay in liquid state and causes geological activity very similar to the plate tectonics.

Mission “Clipper”:

NASA is planning a new $2-billion exploration project called “Clipper”. The mission follows the success of Cassini, a probe that closely explored Titan, a moon of

Saturn. NASA will send a spacecraft to Jupiter’s orbit and conduct a number of fly-bys to study

Europa in its entirety. Clipper could be launched by 2021 and would take a further three-six years to reach

Europa.

* As per scientists, Enceladus, the 6th largest moon of Saturn, could also be habitable.

NTPL signs pact with banks for 1,000-MW projectFebruary 22nd, 2013

A consortium of banks which includes Bank of India, Indian Bank andCentral Bank of India has agreed to lend Rs. 937 crore for the 1,000-MW NTPL power project, a joint venture of the Neyveli Lignite Corporationand the Tamil Nadu Power Generation and

Distribution Corporation.The project is being set up at Tuticorin in Tamil Nadu. The project would be taken up at an estimated cost of Rs. 4,909.54 crore.

The first unit of 500 MW is expected to start operating in December 2013 and the second unit with the similar capacity would begin operation in March 2014. The power generated from the project would be distributed among Tamil Nadu, Kerala, Karnataka and Puducherry.

Viswanathan Anand wins Grenke ClassicFebruary 22nd, 2013

World chess champion Viswanathan Anand scored an emphatic victory over German Arkadij Naiditsch to clinch the Grenke Chess Classic trophy.

SEWA founder Ela Bhatt conferred with Indira Gandhi Peace PrizeFebruary 21st, 2013

Self-Employed Women’s Association of India(SEWA) founder Ela R Bhatt has been conferred with the Indira Gandhi Prize for Peace, Disarmament and Development for the year 2011.

The Prize has been awarded to Bhatt for her lifetime achievements in comprehensively empowering women in India and elsewhere through grassroots entrepreneurship.

“Kai Po Che” premieres in MumbaiFebruary 21st, 2013

Bollywood movie Kai Po Che which has been directed by Abhishek Red.

The movie based on Chetan Bhagat’s novel 3 Mistakes of My Life was premiered in Mumbai.

The film’s title “Kai Po Che” is a Gujarati phrase that means "I have cut the kite" – which is used by a kite flier when (s)he cuts off another competitors kite and yells "Kai Po Che!"

Nadal beats David Nalbandian to grab Brazil Open 2013February 21st, 2013

Spain’s tennis star Rafael Nadal vanquished Argentina’s David Nalbandian to win the 2013 Brazil Open title.

Value of currency note has not increased with inflation: RBIFebruary 21st, 2013

As per a RBI study, the average value of a currency note did not keep pace with inflation in the past four decades.

As per the study:

There has been only eight fold increase in the average value of a currency note (for denominations of Rs 10 and above) while there was a 18-fold rise in the inflation.

The evolving denominational distribution of currency notes, even with the introduction of higher denomination notes (Rs 500 and Rs 1,000) was not commensurate with the underlying demand for the various denominations necessitated by the inflation path.

Implication : A consumer would need to carry a much larger number of currency notes

than was the case earlier to purchase the same volume of goods and services. Due to inflation, there has been a decline in the average real value of a currency note of

Rs 10 and above (Base: 1971-72) from Rs 21.6 in 1971-72 to Rs 5.8 in 1997-98 before a modest rise to Rs 8.9 in 2008-09.

Possible factors behind such trends in the denominational pattern of currency circulation:

Presence of only two government note printing units at Nashik and Dewas till the setting up of two more note presses in Mysore and Salboni in 1995-96.

Use of alternative payment channels such as cheques, credit/debit cards and internet banking which are not only more efficient instruments than paper currency but also leave paper/electronic trails facilitating tax audit.

The possibility of use of high denomination notes for blackeconomy transactions and the demonetisation of Rs 1,000 and higher denomination notes in 1978 to curb hoarding/circulation of black money.

EDMC clears proposal to develop Tele-Booking Services of the Auto-RickshawsFebruary 21st, 2013

Standing Committee of East Delhi Municipal Corporation (EDMC) has cleared the proposal to set up Green Auto tele-booking services of the auto-rickshaws on the lines of radio taxis. The main objective of the project is to provide 24-hour auto rickshaw facility at the door-steps of the residents of East Delhi at Government notified meter based price.  The facility will be controlled and managed through a centralized call-centre. The call-centre would be responsible for forwarding the calls directly to the auto drivers.

Severe extinction threat to various Indian reptilesFebruary 21st, 2013

As per an analysis of Zoological Society of London along with IUCN species survival commission:

19% of turtles, lizards, snakes, crocodiles and other reptiles were facing severe threat of extinction.

One out of every five out of 10000 species of reptiles in the world, many of which are from India, is facing a threat of extinction.

Out of the endangered species are the King cobra, Indian crocodile (mugger), South Andaman krait and four kinds of turtles namely, Red-crowned Roofed Turtle, Bengal Roof Turtle, Jaggedshelled turtle and Hawksbill turtle. These species were identified to be extinct forever.

There is no information about conservation status of around one in every three reptiles in India.

30% of the freshwater reptiles were almost close to extinction. 50% freshwater turtles are close to extinction. These reptiles are affected

by international and national trade. 15% reptiles in Indo-malayan region were threatened. Out of 1500 species samples in the study, 112 were from India. Out of these 1500 species, 12.2% had threat of extinction.

NASA discovers ‘Youngest Black Hole’ in Milky Way:February 21st, 2013

NASA has claimed to have discovered the youngest black hole, namedW49B, in Earth’s galaxy or the Milky Way.

The black, located within a supernova remnant, was formed by a rare supernova explosion of a massive star. The agency’sChandra X-ray Observatory captured its images which is located 26,000 light-years away.

The remnant is estimated to be about 1,000 years old. It is very young as compared to the average age of a black hole in the Milky Way which ranges b/w 17,000 and 21,000 years. The agency is still to confirm the event.

The formation of this black is very unusual as most supernova lead to the formation of a neutron star (a small and highly dense body comprised almost entirely of neutrons). These neutron stars are identified by theirunique X-ray characteristics which were not found in W49B indicating that it has instead formed a black hole.

Fact Box: Dongria Kondh tribeFebruary 21st, 2013

MoEF justifies cancellation of environmental clearance to Vedanta

The Ministry of Environment and Forests (MoEF) has held that its decision of cancellation of the environmental clearance granted toVedanta for the Lanjigarh Bauxite mining project in Odisha was right and that forest land cannot be diverted under the provisions of theScheduled Tribes and Other Traditional Forest Dwellers (Recognition of Forest Rights) Act, 2006.

As per MoEF, the diversion of forest land on the proposed mining site of the Lanjigarh bauxite mining lease is violative of the fundamental rights of the Dongria Kondh tribals as well as the spirit of Forest Rights Act especially for the vulnerable tribal groups such as the Dongria Kondh and thus cannot be allowed for this reason alone.

As per Govt. the Lanjigarh bauxite mining lease is located in Scheduled Areas as referred to in Clause (1) of Article 244 of the Constitution.Circumscribing or extinguishing of forest rights in such areas shall not be in conformity with the provisions of the clause-5 of the Fifth Schedule to the Constitution.

About Dongria Kondh tribe:

The Dongria Kondh, a primitive tribal group [now termed as particularly vulnerable tribe], has been protecting more than 7 sq. km. of the sacred undisturbed forests on top of the mountain, where the proposed mining lease area of the Lanjigarh bauxite mining lease is located. They consider the land and forests sacred to their deity. Diversion of these sacred areas for mining will undermine the customary rights of the Dongria Kondhs to protect their sacred places of worship and thereby amount to a violation of their fundamental right to manage their own affairs in the matter of religion and fundamental right to conserve theculture of their own. It was also in direct violation further of the specific provisions of the Forest Rights Act.

SEBI allows Gold ETFs to invest in Gold Deposit SchemesFebruary 21st, 2013

Market regulator SEBI has allowed Gold Exchange Traded Funds (ETFs) to invest in gold deposit schemes of banks, as part of overall efforts to utilize idle assets of the precious metal for more productive purposes.

The gold ETFs of mutual funds have been permitted to invest in Gold Deposit Scheme (GDS) of banks, subject to certain conditions including that the total investment in GDS will not exceed 20% of total asset under management of such schemes.

As per RBI, about 20,000 tonnes of idle gold is lying with the people. The central bank wants to channelize the idle gold for productive purposes and also curb the demand for imports.

As per SEBI guidelines, before investing in GDS, mutual funds would have to bring out a written policy related to the investment with due approval from the Board of the Asset Management Company and the Trustees.

Increasing gold imports have been contributing substantially to the widening of Current Account Deficit (CAD). In 2011-12 fiscal, gold imports stood at USD 56.5 billion.

Dishonoring of cheque given as security is not punishable: Supreme CourtFebruary 21st, 2013

The Apex Court has held that dishonoring of a cheque given as security is not liable to be visited with a penalty under Section 138.

It is generally thought that dishonoring of a cheque in any circumstances can attract penal action. However, the Negotiable Instruments Act itself contemplates the presumption of a cheque having been issued for consideration or discharge of debt being amenable to rebuttal.

Fact Box: Saxo BankFebruary 20th, 2013

Saxo Bank enters Indian market

Saxo Bank has announced its entry into the Indian market to provide trading platform for foreign equities.

About Saxo Bank:

An Online Danish investment bank.Founded:    1992Headquarters:    Copenhagen, Denmark

Chairman:

Kurt K. Larsen, Chairman

Vice Chairman:

Dennis Malamatinas

CEO:

Kim Fournais

Founder members: Lars Seier Christensen, Kim Fournais and Marc Hauschildt.

1992: Saxo was originally founded as a brokerage firm under the name ‘Midas Fondsmæglerselskab’.

2001: The company obtained a banking license and its name was later changed to “Saxo”.

Services offered:

Trading via an online platform SaxoTrader in Forex, Stocks, CFDs, Futures, Funds and Bonds.

Private Wealth Management services. The bank provides online trading and investment across global financial markets. Saxo Bank is well known internationally for its success in Internet brokerage and it has

bagged number of awards for the same.

Chandrasekhar Committee meets set pathway to unify foreign investments normsFebruary 20th, 2013

The K.M. Chandrashekhar committee formed to unify foreign investment norms met for the first time.

Objective: To relax entry norms for a diverse category of foreign investors such as FDI / FII/ QFI/NRI/FVCI and the like.

Two sub-committees

Two sub-panels have been set up with following objective:

1. The first one will harmonize the FDI/FII categories keeping in mind that not all FII investment is short-term, and FII investments above a particular threshold should be deemed FDI.

2. The second sub-committee would look to fortify Know Your Client (KYC), and process related issues. This has been mooted to do away with the registration need of FIIs with SEBI, once KYC is strengthened.

The panel discussed the feasibility of entrusting the responsibility of KYC to Qualified Depository Participants (QDPs) after elevating them to a custodial depository participant (CDP).

Fact Box: ‘Letter of Comfort’February 20th, 2013

‘What is ‘Letter of Comfort’?

A comfort letter is a document prepared by an accounting firm assuring the financial soundness or backing of a company.

This letter is issued by a parent company to a lending institution in which it acknowledges its support of a subsidiary company’s attempt for financing.

A letter of comfort does not imply that the parent company guarantees repayment of the loan being sought by the subsidiary company.

It merely gives reassurance to the lending institution that the parent company is aware of the credit facility being sought by the subsidiary company, and supports its decision.

As such, a letter of comfort creates a moral obligation for the parent company rather than a legal one.

News: The Finance Ministry has issues     “Letter of Comfort” sanctioning Rs 25,000 crore additional cash subsidy

To compensate the revenue loss incurred by the state-owned fuel retailers on selling auto and cooking fuel below cost this fiscal, the government has decided to pay them Rs 25,000 crore additional cash subsidy. The Finance Ministry has issued a “comfort letter” to Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) sanctioning Rs 25,000 crore for part of the revenue they lost on selling diesel, domestic LPG and kerosene below cost. Earlier, the government had shelled out Rs 30,000 crore in subsidy.

Losses incurred by Oil Companies: IOC, BPCL and HPCL lost Rs 39,268 crore in revenue on selling diesel, LPG and kerosene at government controlled rate in October-December quarter. Fuel retailers currently lose Rs 9.22 a litre on diesel, Rs 31.60 per litre on kerosene and Rs 481 on every 14.2-kg LPG cylinder. They lose Rs 443 crore per day of sale of the three fuels.Cash subsidy is paid by the Finance Ministry to state oil retailers who sell crude oil and products like LPG products at a discount.

Meteor hits Earth outside Chelyabinsk city in Russia

February 20th, 2013

A meteor which was about 17 metres across and weighed 10,000 tons impacted Earth nearly 30 to 50 km above the ground near Russian city Chelyabinsk. The meteor is also being said as the largest celestial body to have hit the Earth over the past hundred years. Shock waves from its explosion over Chelyabinsk injured 1,200 people and shattered doors and windows of houses, schools and hospitals.

As per NASA, the tiny asteroid released 300 to 500 kilotons of energy when it exploded, which is roughly equivalent to 20 atomic bombs of the type dropped on Hiroshima and Nagasaki. This makes the meteor the largest since 1908 when a 50 meter wide meteor hit Tunguska in Siberia, levelling an estimated 80 million trees. The energy of the Tunguska blast is estimated to have been up to 50 megatons.

In response to this event scientists have called for the need to develop sophisticated meteor warning system. Presently, we can detect only 10% objects of the size of Chelyabinsk meteor in the solar system.

What is an asteroid?

An asteroid is a small rock in orbit around a star – a bit like a tiny planet.

What are meteoroids?

Small pieces of space debris such as parts of asteroids or parts of comets on a collision course with earth are calledmeteoroids.

What are meteors and meteorites?

When meteoroids enter the earth’s atmosphere they are calledmeteors. Most meteors burn up in the atmosphere, but if they survive and strike the surface of the earth they are calledmeteorites.

What is a comet?

A comet is an object consisting of a central mass surrounded by dust and gas that may form a tail, orbiting a star, usually in an eccentric orbit.

Bhaskar Rao appointed as Lokayukta of KarnatakaFebruary 20th, 2013

Former Chief Justice of Karnataka, Bhaskar Rao, has been appointed as the Lokayukta of Karnatka. The chair of the anti-corruption ombudsman was vacant after previous Lokayukta Justice Shivraj V. Patil was forced to resign after the media expose of illegal land allotments in 2011.

First corporate sponsorship for Padma Shri Girisha HosanagaraFebruary 20th, 2013

High-jumper Padma Shri awardee Girisha Hosanagara Nagarajegowda who bagged silver medal in London paralympics has become brand ambassador of nutrition company Herbalife.

Australia clinches women’s cricket World CupFebruary 20th, 2013

In the women’s cricket World Cup tournament, Australia beat West Indiesby 114 runs in the final match played in Mumbai to win the title.

India’s trade deficit surges to $20 billionFebruary 20th, 2013

India’s trade deficit surged to a three-month high of $20 billion despite some stingy improvement by 0.82% growth at $25.58 billion in January. The growth, however, does not seem to provide much help in attaining the $350 billion export target for 2012-13.

India-Japan first Maritime Affairs dialogue at DelhiFebruary 20th, 2013

New Delhi (India) hosted the first India-Japan Maritime Affairs Dialogue. Both sides deliberated on issues of mutual interest, inter alia, maritime security including non-traditional threats, cooperation in shipping, marine sciences and technology, marine biodiversity and cooperation at various multilateral forums.

Asoke Kumar Mukerji – The next Permanent Representative of India to the UNFebruary 20th, 2013

Asoke Kumar Mukerji, currently Special Secretary at headquarters, has been appointed as the next Ambassador/Permanent Representative ofIndia to the United Nations at New York.

Golden Bear to ‘Child’s Pose’: BerlinaleFebruary 20th, 2013

Child’s Pose (Poziţia Copilului) by Romanian director Călin Peter Netzer was awarded the Golden Bear at the 63rd Berlin InternationalFilm Festival.

The Alfred Bauer Prize (Silver Bear) went to ‘An Episode in the Life of an Iron Picker’ by Danis Tanović

Best Director Award was given to David Gordon Green for ‘Prince Avalanche’.

India-based documentary ‘Salma’ by British filmmaker Kim Longinottobagged the second place in Panorama Audience awards at Berlinale.

American philosopher and law expert Ronald Dworkin passed awayFebruary 20th, 2013

American philosopher and constitutional law scholar Ronald Dworkin (81), who debated that the law should be founded on moral integrity, has passed away. He was widely known and one of the most quoted legalscholars in the U.S. and also an expert on British law.

50% increase in Bad loans of listed Banks

February 19th, 2013

The bad loans or Non Performing Assets of listed banks swelled by 50% at Rs 30,840 crore in the first nine months of the current financial year ended December 31, 2012.

The net Non-Performing Assets (NPAs) of 40 listed banks surged to Rs 92,398 crore as on December 31, 2012, from Rs 61,558 crore as on March 31, 2012.

The net NPAs in State Bank of India, Punjab National Bank and Bank of Baroda rose by 60%, 70% and 118% respectively.

SEBI freezes bank accounts of two Sahara group firmsFebruary 19th, 2013

Market regulator Securities Exchange Board of India (SEBI) ordered freezing of bank accounts and attachment of properties of two Sahara group firms – Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL), and top executives, including its chairman Subrata Roy for failing to refund more than Rs. 24,000 crore to investors.

What is the case?

In August 2012 decision the apex court had ruled that finance schemes run by SIRECL and SHICL who raised Rs. 6,380 crore and Rs. 19,400 crore respectively from bondholders were illegal and ordered it to repay as much Rs. 24,000 crore to up to millions of investors

In December 2012, the court allowed the company to pay the money in three instalments, including an immediate payment of Rs. 5,120 crore, followed by an installment of Rs. 10,000 crore in the first week ofJanuary 2013, and the remainder by the first week of February 2013. In a latest development, the Supreme Court allowed SEBI to freeze accounts and seize properties of Sahara group’s two companies for defying court orders

Italy arrests head of Italian company on charges of bribery in Defence dealFebruary 19th, 2013

The head of Italian firm Finmeccanica, Giuseppe Orsi, has been arrested in Milan in connection with charges that bribes were paid to secure an Indian defence helicopter deal worth Rs 3600 crore. 

What is the case?

It is suspected that Italian firm Finmeccanica paid bribes to Indian political parties to secure a defence deal worth Rs 3600 crore signed in 2010 for sale of 12 three-engine AW-101 AgustaWestland VVIP choppers produced by Finmeccanica’s subsidiary AgustaWestland to Indian Airforce. The matter is also being pursued by Indian Defence Ministry.

Mohan Parasaran is new Solicitor General of IndiaFebruary 16th, 2013

Mohan Parasaran has been appointed as the new Solicitor General ofIndia following the resignation of senior advocate Rohinton Nariman from the post. Mr Parasaran, who is currently the Additional Solicitor General, is a senior advocate of the Supreme Court.

What is the job of SG? The Solicitor General appears on behalf of, and advises, the union government on various cases.

Fact Box: Special Purpose Vehicle (SPV)February 16th, 2013

 

Cabinet approves setting up of SPV for TAPI gas pipeline

The Union Cabinet has given nod to set up the Special Purpose Vehicle (SPV) for the $9-billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project. It has also granted permission to GAIL (India) to join the SPV.

The Dubai-based SPV, TAPI Ltd., will scout for consortium leader, who will develop and operate the project, arrange finances and be accountable for safe supply of gas through the pipeline.

TAPI Ltd. needs an initial contribution of $20 million, that is, $5 million from an identified entity from each of the four-participating countries. All four nations have inked an Inter-Governmental Agreement (IGA) along with a Gas Pipeline Framework Agreement (GPFA) which includes necessary provisions for security and safety of the pipeline.

Now lets see:

What is an SPV? What is the difference between a company and an SPV? How an SPV is set up? What are the benefits of creating an SPV?

What is an SPV?

SPV is the acronym for Special Purpose Vehicle which is also called Special Purpose Entity. An SPV is primarily a business association of persons or entities eligible to participate in the association meant for a single, well-defined and narrow lawful purpose. No SPV can be formed for an unlawful purpose, or for undertaking activities which are contrary to the provisions of law or public policy. An SPV is very similar to a company which is mainly formed to raise funds by collateralizing future receivables.

What is the difference between a company and an SPV?

Although both these entities are established as per Company Act and also follow the all the regulations in the Company Act, the difference lies in the purpose. The company, as

distinguished from an SPV, may be called a general purpose vehicle. A company may do several things which are mentioned in the memorandum of association (MoA) or permitted by the Companies Act. An SPV may also do the same, but its scope of operation is limited and focused. The MoA is quite narrow in the case of an SPV. This is primarily to provide comfort to lenders who are concerned about their investment.

 

How an SPV is set up?

An SPV is set up with the help of its promoter(s) or sponsor(s). The sponsoring company diverts some of its assets from the rest of the company into an SPV. This isolation of assets creates a distance b/w the SPV and the sponsoring company which is important as it provides comfort to investors by almost insulating the SPV from the ups and downs of the originating entity. What is significant here is the distance b/w the sponsoring company and the SPV. In the absence of adequate distance b/w the sponsor and the new entity, the later will not be an SPV but only a subsidiary company. A good SPV should be able to stand on its feet, independent of the sponsoring company. Unfortunately, this does not happen in practice.

 

What are the benefits of creating an SPV?

The key advantage is that it helps in separating the risk and freeing up the capital. As a result, the SPV and the sponsoring company are protected against risks like insolvency, which may arise during the course of operation. The SPV also allows securitization of assets without disturbing the managerial relationship. Under the arrangement, any predictable income stream generated by secure assets can be securitized.

Angelo Mathews appointed as captain of Sri Lankan cricket teamFebruary 16th, 2013

Angelo Mathews has been selected as Sri Lanka’s Test and one-day  international captain for the rest of 2013. He took the reins from Mahela Jayawardene, who recently nominated Mathews to replace him.

Super volcano eruptions may eliminate lifeFebruary 16th, 2013

As per a recent study, life on Earth faces danger from a catastrophic“Supervolcano” which seismologists say is due to erupt in ‘200 million years’ time.

How is it happening?

Continue reading…

Fact Box: Antyodaya Anna YojanaFebruary 16th, 2013

Haryana lifts VAT on wheat given by AAY

Haryana has exempted from Value Added Tax for wheat being given to beneficiaries of Antyodaya Anna Yojana (AAY) under the Public Distribution System (PDS). The move would benefit such beneficiaries to the tune of about Rs 1.50 crore in a year. The State has also got rid of the VAT on distribution of kerosene oil under the PDS.

What is Antyodaya Anna Yojana?

AAY was launched by the cetral government in December 2000. Under the scheme 1 crore of the poorest among the BPL families covered under the

targeted public distribution system are identified. Twenty five kilograms (kg) of food grains were made available to each eligible family at a

highly subsidized rate of Rs. 2 per kg for wheat and Rs.3 per kg for rice. This quantity has been enhanced from 25 to 35 kgs with effect from April, 2002.

The scheme has been further expanded in June 2003 by adding another 50 lakh BPL families. Under the scheme, during 2002-03, against an allocation of 41.27 lakh tonnes of foodgrain, 35.39 lakh tonnes have been lifted by State Governments, and during 2003-04, 38.24 lakh tonnes of food-grain have been lifted against an allocation of 45.56 lakh tonnes.

Iran test fires cruise missile "Ghader"February 16th, 2013

Iran test-fired a surface-to-surface cruise missile named “Ghader”, which means Capable in Farsi, in international waters near the Strait of Hormuz.

About “Ghader”: Surface-to-surface, ground-to-ship cruise missile Range of 200 kilometres Highly advanced with radar, satellite communications, precision in target destruction, as

well as range and radar-evading mechanism

Iran’s war games ‘Vilayat-90’ and the missile firing are being perceived as a practice exercise for closing the Strait of Hormuz if the West were to block Iran’s oil sales. The US and the EU is considering imposing more sanctions on the sale and purchase of Iran’s oil to make the country financially weak to thwart Iran’s nuke program.

Where is Strait of Hormuz?

It is a narrow strait located b/w the Gulf of Oman and the Persian Gulf. Iran borders the Strait of Hormuz to the north, and the United Arab Emirates and Oman’s Musandam Peninsula border it to the south.

Importance: Much of the Persian Gulf relies on the Strait of Hormuz to export its petroleum and reach the ocean, making it one of the world’s most important oil supply routes.

Fact Box: Priority sector lending (PSL)February 16th, 2013

Priority sector lending (PSL) by public sector banks to minorities to minorities surpassed 15% mark.

Priority sector lending by public sector banks to minorities has increased from 10.6% in 2007-08 to 15.01% in 2012-13 with a total lending of Rs 1,71,960.71 crore to minorities. Priority sector lending to minorities is one of the schemes covered under prime minister’s new 15 point programme for the welfare of minorities.

What is Priority Sector Lending?

Priority Sector Lending is an important role given by the Reserve Bank of India (RBI) to the banks for providing a specified portion of the bank lending to few specific sectors like agriculture or small scale industries. Basically this is meant for all round development of the economy apart from only focusing on the financial sector.

Are there minimum limits?

The limits are prescribed according to the ownership pattern of banks. While for local banks, both the public and private sectors have to lend 40 % of their net bank credit, or NBC, to the priority sector as defined by RBI, foreign banks have to lend 32% of their NBC to the priority sector.

Are there specific targets within the priority sector?

Domestic banks have to lend 18 % of NBC to agriculture and 10 % of the NBC has to be to the weaker section. However, foreign banks have to lend 10 % of NBC to the small-scale industries and 12 % of their NBC as export credit. However, for the balance, there are a vast number of sectors that banks can lend as priority sector. The Reserve Bank has a detailed note of what constitutes a priority sector, which also includes housing loans, education loans and loans to MFIs, among others.

What if a bank does not achieve priority sector lending targets?

Domestic banks having a shortfall in lending to priority sector/ agriculture are allocated amounts for contribution to the Rural InfrastructureDevelopment Fund ( RIDF ) established in NABARD. In case of foreign banks operating in India, which fail to achieve the priority sector lending target or sub-targets, an amount equivalent to the shortfall is required to be deposited with SIDBI for one year.

Fact Box: Asteroid 2012 DA14February 16th, 2013

Asteroid 2012 DA14 fly-by closest to Earth

Newly discovered asteroid 2012 DA14 flew by closest to Earth.

DA14 is the largest known object of its size which passed this close without making any impact.

It shot past in a south-north direction above Earth on Feb 15-16, 2013. About 2012 DA14

It is a near near-Earth asteroid with an estimated diameter of 50 meters (160 ft) and an estimated mass of 190,000 metric tons. It was detected in February 2012 by La Sagra Observatory in southern Spain.

The asteroid flashed passed with a speed of 12,427mph (20,000kph) and 18,641mph (30,000kph). It flew inside the orbits of high geostationary satellites some 22,000 miles (35,406km) above the Earth. It is one of the moderate size asteroids which fly past Earth, on average, every 40 years, yet actually strikes our planet only every 1200 years or so. In 1908 a similar sized asteroid exploded in the atmosphere above Siberia and leveled hundreds of square miles of forest.

How its observations will help?It will help scientists to determine its minerals and spin rate.

The information will also help in plotting DA14′s future visits and also aid in development of techniques to prevent future asteroids.

CBI takes off 2G prosecutor for leaking strategyFebruary 16th, 2013

The CBI has removed its prosecutor A.K. Singh in the 2G spectrum scam case for allegedly sharing the agency’s trial strategy with an accused in the case reportedly identified as Unitech managing director Sanjay Chandra. It was revealed from a taped conversation b/w prosecutor AK Singh and Chandra in which Singh is heard giving “advice” on ways to scramble the court proceedings and how a particular prosecution witness would depose.

Iran proposes termination of all nuke arms after North Korean testFebruary 16th, 2013

Reacting to the nuclear test of North Korea, Iran has suggested that all the world’s nuclear weapons should be destroyed. It has also said that all nations should be able to use nuclear technology for peaceful purposes.

Iran is under U.N. sanctions over its own nuclear program, which the United States and some of its allies suspect is aimed at developing an atomic weapons capability. Iran denies that charge and says its program is purely peaceful.

North Korea conducts third nuke test, defies UNFebruary 16th, 2013

North Korea confirmed the third nuclear test it conducted underground, a move that has been widely condemned across the globe including China. North Korea confirmed that it successfully carried out an underground nuclear test of a new, "miniaturised" device. The announcement that the detonated device was "miniaturised" will raise alarm around the globe, with its suggestion that Pyongyang has mastered the technically complex process of producing a warhead small enough to fit on a long-range missile.

In response to this act, the UN Security Council will held a meeting for emergency consultations. The 15-nation Security Council is currently presided over by South Korea and it had been calling for strong action against its neighbor in the event of a nuclear test.

MCX-SX starts tradingFebruary 16th, 2013

India’s new stock exchange MCX-SX has started trading in equities, competing against the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

MCX-SX is the third national equity market trading platform. MCX-SX started trading in the shares of 1,116 listed companies.

India’s oldest stock exchange BSE has 5,191 firms on its list.

There are 1,665 companies listed on the National Stock Exchange that started trading in 1994 and has now emerged as the largest stock exchange in the country.

The benchmark index for the MCX-SX is called SX-40, just like BSE Sensex and NSE Nifty.

About SX-40 index:

A free-float based index of 40 large-cap and liquid stocks,representing diverse sectors of the economy.

Base value: 10,000 Base date: March 31, 2010 The index will measure the economic performance with better representation of various

industries and sectors based on ICB, a leading global classification from Britain’s FTSE.

Parle-G is now India’s first homegrown Rs 5K crore FMCG brandFebruary 16th, 2013

The1939 born Parle-G glucose biscuit brand of Parle Products has become the first Indian FMCG brand to cross the Rs 5,000-crore mark in retail sales in a year. In 2012, Parle Products sold Rs 5,010 crore worth of its flagship glucose biscuit brand at retail price, besting the entire domestic sales of Dabur or Godrej products and selling three times more than Maggi noodles. It sells more than 100 crore packets across sizes every month.

Parle Products was set up by Mohanlal Dayal Chauhan in 1929 at Vile-Parle, a Mumbai suburb.

Kalyan Kumar Chakravarty appointed as new chairman of Lalit Kala AkademiFebruary 16th, 2013

Kalyan Kumar Chakravarty , a 1970 batch retired IAS officer has been appointed as the new chairman of Lalit Kala Akademi. The appointment was cleared by the President Pranab Mukherjee.

Chakravarty had been the member-secretary of Indira Gandhi National Centre for the Arts, director general of the National Museum, New Delhiand vice chancellor of the National Museum Institute.

‘MyIndia Initiative-A Digital Volunteer Programme’ launched by Ministry of I & BFebruary 16th, 2013

The Ministry of I&B (Information and Broadcasting) launched the ‘My India   Initiative-A Digital Volunteer Programme’.  

Objective: To disseminate the development messages across the Social Media platforms by registering citizens as volunteers in an effort to contribute positively towards nation building. The programme will have real time engagement through the Social Media tools.

Twitter Conference The Ministry of I&B also held, for the first time, a Live Twitter Conference on the eve of 3rd Community Radio Sammelan, on 8th February, 2013 with an aim to reach out to the people in the shortest possible time.

The topic for the Twitter Conference was “Community Radio: Road Travelled & way forward”.

ITPA to be set up to address players’ concernsFebruary 15th, 2013

A collective body of Indian tennis players named the Indian Tennis Players Association (ITPA) is being set up to address contemporary issues faced by the players in the country.

Objective:

ITPA will be a not-for-profit association, modelled on the functioning of the ATP, which encourages players to make decisions for the benefit of the sport.

Address contemporary issues faced by the players in the country.

Why the need for ITPA ?

The founding members feel that the existing structure of tennis administration doesn’t represent or adequately address contemporary issues faced by the players in the country.

The association has extended membership to all current and former national and international players through a process of registration.

Horacio Zeballos defeats Rafael Nadal to win VTR OpenFebruary 15th, 2013

Horacio Zeballos of Argentina defeated Rafael Nadal of Spain to win the VTR Open held in Chile.

Equity investment limit for Insurance companies raised to 15 %February 15th, 2013

The Insurance Regulatory and Development Authority (IRDA) has raised the equity investment limit for the Insurance companies to 15% up from existing 10%.

The move follows the Finance Ministry pitching for raising the equity investment limit for insurance giant LIC to up to 30%.

With this permit Insurance companies will be allowed to increase their investments in equity in a given company from the present level of 10% to a higher level of 12% and 15% depending upon the size of the controlled fund of any given insurer.

The move would not have any adverse effect on the financialhealth of the insurer as the insurance companies control sizeable funds.

Four years back, IRDA had amended investment norms to forbid an insurer from holding more than a 10% stake in a company.

Other steps:

IRDA also approved the health insurance regulations to enable a more consumer-friendly system. It has referred the matter to insurance advisory committee to add more clarity onbancassurance regulation.

IRDA also gave nod to standard proposal form to record full details of a policyholder as per the KYC norms for sale of life insurance products.

RBI directs Co-op banks to not grant loans for gold purchaseFebruary 15th, 2013

The RBI has directed State and Central co-operative banks not to give loans for purchase of gold in any form to curb the considerable increase in its import in recent years.

Currently, these banks are allowed to grant loans against pledge of gold ornaments, but not permitted to grant any advance for purchase of gold in any form. They offer loans for various purposes against the security of gold/gold ornaments as part of their lending policy.

Banks to start loans recovery from KingfisherFebruary 15th, 2013

Troubled air carrier Kingfisher Airlines is at moribund point as its key lenders have decided to recall the loans given to the company. The consortium of 17 banks led by State Bank of India (SBI) has anexposure of Rs. 7,000 crore to the Kingfisher.

Banks had to consider this extreme measure as the airline’s management could not devise with any reliable revival plan. Its flying licence has been cancelled since January 1, 2013. It stopped flying since October 1, 2012, following a strike.

Fact Box: ‘Operation Three Star’February 15th, 2013

‘Operation Three Star’ was the code name of the top secret execution plan in which Parliament attack convict Afzal Guru was sent to gallows in the high-security Tihar Jail on February 9, 2013.

Afzal Guru was found guilty of conspiring and sheltering the militants who attacked Parliament on December 13, 2001, in which nine persons were killed.

Pope Benedict XVI to renounce as the head of the Catholic ChurchFebruary 15th, 2013

Pope Benedict XVI has announced that he would resign at the end of this month after as the head of the Catholic Church citing old age and poor health to continue.

It is the first papal resignation in nearly 600 years. The new pope is expected to be elected before Easter. Cardinal Joseph Ratzinger became Pope in 2005 after John Paul II’s death.

The last Pope who resigned was Pope Gregory XII, who stepped aside in 1415 amid a schism within the Church.

MoEF sets up committee to study legal cover for elephant habitatsFebruary 15th, 2013

A panel has been set up by the Ministry of Environment and Forests (MoEF) with the objective to review how elephant reserves and corridors across the country can get a higher level of legal protection under existing green laws. 

Objective: The step has been taken comes after the National Board for Wildlife raised concerns about lack of legal cover for elephant reserves and corridors against changes in the vast landscapes that pachyderms occupy in the country.

What are the problems faced by environment ministry to bring legal safeguards for Elephant habitats? What is the job assigned to the committee?

Continue reading…

Prime Minister of Bhutan visited IndiaFebruary 15th, 2013

Prime Minister of Bhutan, Lyonchhen Jigmi Y. Thinley made a home visit to India.

His visit was aimed at improving India-Bhutan bilateral ties.

Twitter starts ‘pay by tweet’ serviceFebruary 15th, 2013

Twitter has launched the first ‘pay-by-tweet’ service withAmerican Express (Amex) which will allow its cardholders to purchase products simply by sending a short message.

How it will work?

Continue reading…

PMGSY upgraded to include left-out habitationsFebruary 14th, 2013

The Union Cabinet has given its approval to the following regardingPradhan Mantri Gram Sadak Yojna (PMGSY):

(i) Revision of the Core Network by including:

2,687 left-out unconnected habitations in Tribal (Schedule-V) areas and blocks adjoining the international border under the Border Area Development  Programme (BADP). New connectivity will also be provided to these habitations, at an estimated cost of Rs. 5,929 crore and  certain roads measuring about 2,000 km in these areas will be upgraded at an estimated cost of Rs.1,000crore.

1,410 left out unconnected habitations with population of 250 persons and above in the 10 Hill States and desert areas (as identified under the Desert Development Programme (DDP)) to provide new connectivity to these habitations, at an estimated cost of Rs. 8,551 crore.

9,112 left out unconnected habitations with population of 500 persons and above in plain areas to provide new connectivity to these habitations, at an estimated cost of Rs.13,850 crore.

(ii) Extension of the cluster approach from international border blocks to international border districts of the State of Arunachal Pradesh,  by clubbing the  population within a path distance of 10 km, and treating as a cluster for eligibility and to provide new connectivity to 126 habitations at an estimated cost of Rs.1,200 crore.

(iii) ‘In principle’ approval for covering unconnected habitations with population of 100 persons and above in the Left Wing Extremists affected blocks with a limited provision to complete missing links, to form closed loops from through routes of the core network at an estimated cost of Rs. 8,000 crore.

About PMGSY

The programme was launched in the year 2000 and with the objective of providing all-weather road connectivity to all unconnected habitations with population of 500 persons and above 250 persons and above in hilly states, desert areas (as identified under DDP), Tribal Schedule-V areas and 82 selected tribal and backward districts as identified under Integrated Action Plan  in rural areas of the country.

Current status:

The net number of total eligible unconnected habitations are 1,64,849. The total cost of sanctioned projects, including the projects for upgradation of roads under PMGSY is Rs.1,42,945 crore. A total of 3,66,789 km roads including upgradation have been

constructed till December 31, 2012 and all-weather connectivity has been provided to 89,382 habitations.

Govt considers enhancing NABARD capital base to Rs 20,000 crore. The government is cogitating to expand the capital base of India’s apex farm development bank National Bank for Agriculture and Rural Development (NABARD) to Rs 20,000 crore from existing Rs 5,000 crore.

The increase in authorised capital will augment the operations and broaden the activities of NABARD. Following these changes NABARD would be able to undertake short term lending operations and introduce new credit products.

Government considers enhancing NABARD capital base to Rs 20,000 croreFebruary 14th, 2013

The government is cogitating to expand the capital base of India’s apex farm development bank National Bank for Agriculture and Rural Development (NABARD) to Rs 20,000 crore from existing Rs 5,000 crore.

The increase in authorised capital will augment the operations and broaden the activities of NABARD. Following these changes NABARD would be able to undertake short term lending operations and introduce new credit products.

Government lowers GDP growth estimate for 2012-13 to 5%February 14th, 2013

As per latest official estimates of Central Statistical Organization (CSO), the GDP growth of India in the current fiscal has declined to 5% which is much lower than previous estimates by the RBI, the Finance Ministry and IMF. The fall in growth, which is at lowest in last 10 years, is due to poor performance of manufacturing, agriculture and services sectors. The previous low at 4% was registered in 2002-03. Since then the Indianeconomy has been growing at over 6%, the highest rate being 9.6% in 2006-07. CSO’s advance estimate lowered the growth in agriculture and allied activities to 1.8% in 2012-13, compared to 3.6% 2011-12. Manufacturing growth is also expected to drop to 1.9% in this fiscal, from 2.7% in 2011.

India’s GDP growth projections by other agencies for current fiscal 2012-13:

As per the RBI: 5.5% As per the Finance Ministry: 5.7 to 5.9% As per the IMF: 5.4%

MoEF clearance to 2,500 MW hydro projectsFebruary 14th, 2013

The Forest Advisory Committee, under the Ministry of Environmentand Forest (MoEF), has granted clearance to hydro projects worth 2,500 mega watts (MW) across various States. The projects approved include the 800-MW Tawang-II hydroelectric project

in Arunachal Pradesh, the 520-MW Teesta-IV project in Sikkim, and Luhri project (775 MW) in Himachal Pradesh.

The National Board for Wild Life has also given wildlife clearance to Vishnugad Pipalkoti hydroelectric project (444 MW) in Uttarakhand. However, it would still need clearance from the State Board of Wild Life.

Kalyan Kumar Chakravarty appointed as new chairman of Lalit Kala AkademiFebruary 14th, 2013

Kalyan Kumar Chakravarty , a 1970 batch retired IAS officer has been appointed as the new chairman of Lalit Kala Akademi. The appointment was cleared by the President Pranab Mukherjee.

Chakravarty had been the member-secretary of Indira Gandhi National Centre for the Arts, director general of the National Museum, New Delhiand vice chancellor of the National Museum Institute.

India and Japan to enhance cooperation in tourism sectorFebruary 14th, 2013

India and Japan have decided to strengthen cooperation in tourism sector. Both the nations will identify areas for collaboration and explore new avenues in tourism sector especially in the sphere of human resource development, exchange of tour operators, investment in the tourism sector and exchange of information related to tourism sector. Both the countries also discussed the possibility of signing a MoU (Memorandum of Understanding).

In case of inbound tourism Japan is among the top ten tourist generating markets for Indi. Japanese tourists have a strong interest in places associated with Buddhism in India.

Scottish government sketches ‘transition plan’ to independenceFebruary 14th, 2013

The government of Scotland has outlined a transition plan to independence in case the people of the country give "Yes" vote in the autumn 2014 referendum in which the people will be asked whether Scotland should be an independent nation or not. If people voted yes, Scotland’s Independence Day would be in March 2006 followed by independent elections.  The Scottish government paper envisages ministers joining other parties and civic groups to negotiate the terms of independence with the UK government, which would witness the division of assets and liabilities, new global connections – including the EU – and Scotland’s retention of the monarchy.

How many countries form the UK? The UK currently consists of 4 countries:

1. Scotland2. England 3. Wales

4. Northern Ireland

‘World Radio Day’ observed on February 13February 13th, 2013

World Radio Day was observed across the globe on February 13 to celebrate radio as a medium; to improve international cooperation between broadcasters; and to encourage major networks and community radio alike to promote access to information and freedom of expression over the airwaves. This day was proclaimed on 3 November 2011 byUNESCO’s 36th General Conference.

It was originally proposed by Spain.

Fact Box: AWACSFebruary 13th, 2013

Union Cabinet nod to DRDO for developing AWACS

The Defence Research and Development Organisation (DRDO) has received approval from the Union Cabinet of India for developing an indigenous Airborne Early Warning and Control System (AWACS) for IAF.

What is AWACS?

Continue reading…

“Shubh Yatra” Magazine by Civil Aviation MinistryFebruary 13th, 2013

The Ministry of Civil Aviation launched Shubh Yatra, an exclusive monthly bi-lingual (Hindi & English) in-flight magazine of Air India. It covers travel, lifestyle, culture and entertainment in all color and spice. This is the new name of the in-flight magazine.

Fact Box: Rajiv Gandhi Equity Savings Scheme (RGESS)February 13th, 2013

RGESS schemes to become more investor-friendly – Finance Minister P. Chidambram

Finance Minister P. Chidambaram has expressed the need revisit theRajiv Gandhi Equity Savings Scheme (RGESS) to make its provisions more retail investor-friendly. It was felt by the minister that the in current form the scheme is too complex for the small investor to understand and that complying would be difficult. He is expected to bring necessary changes to in the coming Budget.

More about RGESS:

Continue reading…

Fact Box: Special Olympics World Winter GamesFebruary 13th, 2013

India bagged 46 Medals in 2013 Special Olympics World Winter Games in Pyeongchang (South Korea)

India clinched record 46 medals in the 2013 Pyeongchang Special Olympics World Winter Games. The games were organized at Pyeongchang and Gangneung in South Korea. India’s medal tally includes 13 gold, 17 silver and 16 bronze from mentally-challenged. The medal tally of India doubled from World Winter Games 2009.

About 2013 Special Olympics World Winter Games  held at South Korea:

Held at Pyeongchang and Gangneung in South Korea it was 11th event of its kind.

The mascots were Ra, In and Bow.

The event witnessed participation of 2200 athletes from more than 120 countries. Athletes competed in 8 categories of sports- alpine skiing, cross-country skiing,

snowboarding, snowshoeing, figure skating, short track speed skating, floor hockey and floorball.

What is Special Olympics ?

They are the world’s largest sports organization for children and adults with intellectual disabilities, providing year-round training and competitions to more than 4 million athletes in 170 countries.

Special Olympics World Games are held alternatively between summer and winter games. Special Olympics World Games are held every two years.

1968 – First International Special Olympics Summer Games held at Soldier Field in Chicago.

1971 – US Olympic Committee gave the Special Olympics official approval to use the name “Olympics”

2011 – Games held at Athens, Greece 2013 – Games held at Pyeongchang, South Korea 2015 – Games to be held at Los Angeles, California 2017 – Games to be held at Graz and Schladming, Austria

Fact Box: ‘Zhuang Zedong’ – The Architect of "Ping-Pong Diplomacy"February 12th, 2013

Zhuang Zedong(72), Chinese ‘ping-pong diplomacy’ player passed away recently.

‘Ping-pong’ = The game of Table tennis. ‘Diplomacy’ = The art and practice of conducting negotiations between nations.

What was “Ping-Pong” Diplomacy?

It refers to the exchange of ping-pong (table tennis) players b/w the US and Chinain the early 1970s.

The ping-pong diplomacy led to betterment of relations b/w US and China and eventually paved the way to US President Richard Nixon’s visit to Beijing, China.  In 1972, the then US President Richard Nixon met Mao Zedong (The founding father of the People’s Republic of China from its establishment in 1949, who governed the country as Chairman of the

Communist Party of China until his death).

Who was Zhuang Zedong ?

Zhuang Zedong (72), famous Table Tennis star of China, is popularly  called the “Architect of Ping-Pong Diplomacy”. Zhuang Zedong  who is known for his ‘Ping Pong diplomacy’ that paved the way for normalizing ties with the U.S., passed away.

Zhuang won several championships in the 1960s and remained World Table Tennis Champion thrice. He was as much remembered for his sport performances as for off the events. He is remembered for his chance meeting with American player Glenn Cowan at the World Table Tennis championship in Nagoya, Japan in 1971, the period when the relations b/w the US and China were strained. The meeting paved the way for taking ties between the countries out of the deep freeze.

Fact Box – "REX": World’s first complete bionic manFebruary 12th, 2013

What is Rex ?

Researchers have built the world’s first complete bionic man named “Rex”.

Rex, which is on display in UK, has the face of a man, prosthetic limbs, a functional artificial blood circulatory system and artificial organs, including a pancreas, kidney, spleen and trachea. At 6.5-feet tall, Rex is valued at a whopping $1 million.

Rex showcases the potential future of prosthetics. As per scientists, in future, people may be able to fix a failing organ without having a transplant and without having to wait for a compatible donor.

India, Austria ink Social Security AgreementFebruary 12th, 2013

India signed a Social Security pact with Austria. As per the pact, the Indian professionals working in Austria would be exempted from paying the social

security contribution of the country, if such payments are already made in India. This agreement would also enhance cooperation in labor market expansion in Austria which has more than 17000 Indian professionals. 

What are the Salient features of the agreement?

What is social security contribution?

Salient features of the agreement: Indians working in Austria on short-term contracts

of up to 5 years are exempted from paying social security contribution in Austria if they continue making the payments in India.

The workers sent by an Indian company from a third would also be eligible for the relief.    The benefits of social security to Indian workers would also be exportable in case they

relocate to India once his/her service term in Austria ends. The same benefits will be extended to self employed Indians on relocation to India.

India already have signed similar pacts with nations like Czech Republic, Belgium, Germany, France, The Netherlands,Switzerland, Hungary, Luxembourg, Denmark, South Korea,Finland, Canada, Norway and Japan.

What is social security contribution?

Social security contribution is similar to India’s Employees Provident Fund (EPF).  As per Indian Labour Law, it is mandatory for every employer and employee who falls under the umbrella of Employees Provident Fund Act 1952 to make contribution towards the provident fund. Likewise, Austria has a mandatory contribution fund known as Social Security. In the absence of this pact, the Indian workers in foreign nations paid social security tax in the countries of their stay although they contributed there part in India.

9th Aero India show concludesFebruary 12th, 2013

The 9th biennial Aero India air show at Air Force Station, Yelahanka in Bangalore came to an end with breathtaking aerobatic.

The event showcased the Boeing C-17 Globemaster-III, which India is buying following a deal of $ 4.1 billion; the Swiss-made Pilatus PC-7 trainer, which is the latest in the Indian Air Force’s kitty; and the vintage Tiger Moth de Havilland DH82 basic trainer aircraft. The aerobatic maneuvers by ‘Russian Knights’ coupled with the Czech Flying Bulls’ aerobatics and helobatics from the Indian Air Force’s Sarang enthralled the audiences.

The event brought 700 companies and received official delegations from 78 countries, with the largest presence by the U.S., followed by France, the U.K., Russia, Germany, Israel and Belgium.

Curiosity drills Mars surface for the first timeFebruary 12th, 2013

NASA’s Mars rover Curiosity drilled into the Martian surface for the first time as part of an effort to investigate if the planet ever had conditions to support microbial life.

Previous Mars probes have had tools to scrape and grind into rock, but never a drill to collect interior samples.

The rover is on a two-year mission and is looking for geologic and chemical conditions needed to support and preserve microbial life. Its ultimate target is a 3-mile- (5-km) high mound of layered sediment rising from the floor of the Gale Crater where it had landed.

SC orders Karnataka to release Cauvery water to Tamil NaduFebruary 12th, 2013

The apex court directed Karnataka to release 2.44 tmc (thousand million cubic feet) water of Cauvery river to Tamil Nadu for irrigating its standing crops in the delta basin.

The court dismissed the objections of Tamil Nadu which sought 9 tmc of water for the state’s standing crops spread over six lakh hectares of land. The court passed the directions after receiving the report of the expert committee that had visited the Tamil Nadu part in the delta region and recommended that 2.44 tmc water be released for the standing crop.

Researchers discovered world’s largest prime numberFebruary 12th, 2013

Researchers have discovered the world’s largest prime number which consists of over 17 million digits.

The number has now shot up to 2 multiplied by itself 57,885,161 times minus 1. The finding was made as part of the Great Internet Mersenne Prime Search (GIMPS).

What is GIMPS?

GIMPS is a distributed computing project designed to discover a particular kind of prime number first identified in the 17th century.

All prime numbers can only be divided by themselves and 1.

What are Mersenne prime numbers?

The Mersenne prime numbers are rare which occur in the form 2 multiplied by itself p times minus 1, where p is itself a prime number. Thus its general form is 2^p-1.

The latest finding is only the 48th  Mersenne prime ever found and the 14th discovered by GIMPS.

Lifetime Grammy Award to Ravi Shankar posthumouslyFebruary 12th, 2013

Late sitar maestro Pandit Ravi Shankar was honored with the Lifetime Achievement Grammy award, which was jointly accepted by his musically gifted daughters Anoushka Shankar and Norah Jones.

“Ranchi Rhinos” wins Hockey India LeagueFebruary 12th, 2013

Ranchi Rhinos has won the maiden Hockey India League (HIL). They defeated Delhi Waveriders in the final match of the tournament. With this Delhi Waveriders took second position followed by Uttar Pradesh Wizards.

Awards from the Hockey India League (HIL):

Hero Goal of the Day: Manpreet Singh Man-of the-Match: Mauritz Furtse Fair-Play Award: Ranchi Rhinos Hero Player of the Tournament: Sardar Singh Ponty Chadha Trophy for Upcoming Player of the Tournament: Mandeep Singh Airtel Award for Most Goals in the Tournament: Delhi Waveriders

For more on Hockey India League: Click Here

Tendulkar equals Gavaskar’s record of first class 100sFebruary 12th, 2013

Sachin Tendulkar has equalled Sunil Gavaskar’s record of most first-class hundreds by smashing an unbeaten century against Rest of India in the Irani Cup.

Tendulakar equaled Gavaskar’s record of 81 first-class hundreds. It was Tendulkar’s 30th domestic hundred to add to the 51 Test tons, which are also taken into account in the first-class count.

With this knock, Tendulkar also crossed another milestone of 25,000 runs in first class cricket. Tendulkar has 51 Test hundreds in 194 games. Ininternational cricket, the iconic batsman has 100 hundreds, including 49 in ODIs to his name.

Pakistan test fires Hatf-IX successfullyFebruary 12th, 2013

Pakistan successfully test fired the nuclear-capable, short range, surface-to-surface Hatf-IX tactical missile with a range of 60 km, designed to defeat all known anti-tactical missile defence systems. The Hatf-IX or Nasr is capable of inflight manoeuvres.

“Wankel” engine gets CEMILAC nod to power UAVsFebruary 11th, 2013

What is Wankel?

India has developed its own propulsion engine for future UAVs (Unmanned Aerial Vehicles). The 55-hp engine named “Wankel” is developed by three national research agencies – National Aerospace Labs, Aeronautical Development Establishment, and the Vehicle Research and Development Establishment at the cost of Rs 20 crore. The engine has been certified by the certifying body for military planes CEMILAC (Centre for Military Airworthiness and Certification.

Wankel will be used to power the home-grown UAVs Nishant, Lakshya and Rustom-1 and 2 versions used to observe and survey border areas.

The UAV, in its test flights with the engine, reached its targets of 4.5 flying hours and an altitude of 3.6 km.

U.S. govt. to slap fraud charges against S&P for ‘false’ mortgage ratingsFebruary 11th, 2013

U.S. largest credit rating agency Standard & Poor’s (S&P) is in trouble as country’s Justice Department is planning to file civil fraud charges against the agency accusing it of inflating the ratings of mortgage investments which crashed when the financial turbulence occurred.

The suit would be the first significant U.S. government action against the ratings industry, which during the heydays reaped record profits as it awarded gilt-edged ratings on complex bundles of home loans that quickly collapsed.

The high ratings made many investments look safer than they actually were, and are now seen as having contributed to a crisis that brought down financial system and the broader economy.

The settlement talks b/w the S&P and the Justice Department failed recently after prosecutors sought a penalty in excess of $1 billion and insisted that the company admit wrongdoing.

Financial Institutions Syndicated Deal of the Year 2012 award goes to YES BankFebruary 11th, 2013

YES Bank has been awarded the Financial Institutions Syndicated Deal of the Year 2012 in its Asia Pacific Region. The award was given for $155 million loan syndicated by YES bank which was distributed across 9 different countries from 14 banks.

The award was given away by Asia Pacific Loan Market Association (APLMA), which is a leading trade association for syndicated loan market in this region.

Corporation Bank offers new variants of savings bank accounts: “SB Super” and “SB Signature”February 11th, 2013

‘SB Super’ and ‘SB Signature’ are the new variants of savings account launched by Corporation Bank.

Facilities with these accounts:

Both offer preferential loan processing by affixing ‘priority’ seal by the branch while forwarding loan applications.

Bundled demat and trading account including a waiver of annual maintenance charges for the first year.

Free NEFT, SMS banking, and 25 per cent concession in bank charges for gold coins,

Condition: A customer should maintain a minimum quarterly average balance (QAB) of Rs 15,000 for SB Super and Rs 1 lakh for SB Signature.

Government nominates C R Naseer Ahmed on the Board of Directors of Syndicate BankFebruary 11th, 2013

The Central Government has nominated Mr. C R Naseer Ahmed as part-time non-official director on the Board of Directors of the Bank for a period of three years from February 01, 2013 or until further orders, whichever is earlier.Source.

Dell ready to become private in $24 billion dealFebruary 11th, 2013

PC manufacturer Dell is ready to go private in a $24.4-billion buyout. The company which is facing slump will pay its stockholders $13.65 per share to leave the company on its own. The company will be sold to a group of investors that includes investment firm Silver Lake. Once this is done, DELL will stop trading on the NASDAQ.

Dell did rapid growth through the 1990s which brought its founderMichael Dell into one of the world’s richest people. Michael Dell, who owns nearly 16% stake in the company, will remain the CEO after the sale closes. Dell’s sale is the highest-priced leveraged buyout of a technology company.

What is a “Leveraged buyout (LBO)”?

LBO = Acquisition of a company (or a part of a company or it can also be single asset like a real estate) using a substantial amount of borrowed money (bonds or loans /  debt) to meet the cost of acquisition.

The financial buyer (e.g. private equity fund) puts a small amount of equity (relative to the total purchase price) and utilizes leverage (debt or other non-equity sources of financing) to fund the rest of the amount that is paid to the seller.

LBOs can have many different forms such as Management Buy-out (MBO), Management Buy-in (MBI), secondary buyout, tertiary buyout, etc.

Can LBO be employed in public companies also?

YES. Though, mostly LBOs occur in private companies, but it can also be employed with public companies.

The +ves of Leveraged buyout::

In LBO transactions, financial buyers seek to generate high returns on the equity investments and use financial leverage (debt) to increase these potential returns.

Financial backers of Dell are of the view that it will be easier to engineer a turnaround without having to pander to the stock market’s fixation on whether the company’s earnings are growing from one quarter to the next.

Taking the company private will leave it without publicly traded shares to attract and reward talented workers or to help buy other companies.

The -ves of Leveraged buyout:

LBOs need companies to reserve some of their incoming cash to reduce the debt taken on as part of the process of going private.

The obligations mean Dell will have less money to invest in innovation and expansion of its business.

Equity holders – Risk arises due to significant financial leverage. Interest amount that has to be paid for the debt taken by the company are are "fixed costs" and thus they can in future force the company into default if they not paid.

Debt holders – The debt holders assume the risk of default compared with higher leverage as well, but as they have claims on the assets of the company, they are likely to realize a partial, if not full, return on their investments, even in bankruptcy.

What is “Management Buyout (MBO)”?

MBO is quite similar to a LBO, but the difference is that in an MBO the Management Team of the target company acquires the company instead of a financial sponsor as in case of a LBO.

Example: Mr. Ram is the sole owner of XYZ company. Mr. Ram is now 65 years old and is set to retire in coming months and exit the business. Now, the Higher Management Team at the company believes strongly that the company has good future ahead and so the Management people come together and they buy out the Mr. Ram’s (owner’s) equity in the company and assume control in the XYZ company.

Britain confers new powers to regulators to break up banksFebruary 11th, 2013

The UK government has given new powers to regulators which can now break up banks if they fail to protect their retail operations from their riskier investment arms.

The government is cautious keeping in mind the happenings of past when risky investments undermined banks’ stability in 2008, leading to taxpayer bailouts of two big UK banks. The new measure gives regulators the power to force a complete separation of a lender’s retail business from its investment banking.

Sharad Sharma becomes ED of Geojit BNP ParibasFebruary 9th, 2013

Sharad Sharma has been appointed as the Executive Director of Geojit BNP Paribas to oversee the company’s operations. Satish Menon, also the Executive Director, will be responsible for all business lines.

Things you should know about BNP Paribas and Geojit BNP Paribas

- Logo: Geojit BNP Paribas:

- BNP Paribas is a French global banking group, headquartered in Paris.

- BNP Paribas was formed in 2000 via the merger of Banque Nationale de Paris (BNP) and Paribas in 2000.

- Bloomberg and Forbes in 2012 ranked BNP Paribas as the 3rd largest bank in world on basis of the total assets held by the bank.

- SBI Life Insurance is a Joint-Venture b/w SBI (74%) and BNP (26%) Paribas Assurance.

- ‘Geojit’ was a company started in 1987 by Mr. C. J. George and Mr. Ranajit Kanjilal. In 1994, it became a Public Limited Company named ‘Geojit Securities Ltd’.

- In 2007, BNP Paribas took a stake majority stake in Geojit Securities Ltd. and consequently, evolved ‘Geojit BNP Paribas Financial Services Ltd.’

Google launches ‘Mapathon 2013’ competition to “map” IndiaFebruary 9th, 2013

Google has unveiled its first ever mapping competition in India – Mapathon 2013. It is a nationwide mapping contest open to anyone who lives in India. Google will give prizes to top 1000 mappers who will win Android tablets, smartphones, gift vouchers and Google merchandise.

Those who wish to participate in the map making competition can log on to http://g.co/mapindia2013

Kotak Mahindra Bank acquires Barclays India’s business loan portfolioFebruary 9th, 2013

Kotak Mahindra Bank has acquired the business loans portfolio from Barclays Bank plc India branch and Barclays Investment and Loan (India Ltd) for an undisclosed sum.

India’s domestic savings declines to 30% this fiscalFebruary 9th, 2013

As per the warnings of India Ratings, the national savings rate will further plunge to 30% or so this fiscal, from 30.8% of the GDP last fiscal, if the advance estimates of national income are considered.

How would it affect Indian economy? The estimates depict a weak perspective of stabilizing twin deficits. While the estimated investment rate this fiscal is likely to be similar to FY12, an 80 bps rise in the share of

consumption expenditure (private and government) will reduce the savings rate further, leading to further widening of the current account deficit which is already prevailing at historic high of 5.3% in Q2.  The domestic saving rate had seen a high of 36.9% in FY08 but since then has continuously plummeted. It declined to 33.8% in FY10 and gained a little in FY11 to 34% but again fell to 30.8 %of GDP in FY12.

NTPC disinvestment raises Rs 11,000 croreFebruary 9th, 2013

Following the target of Rs. 30,000 to be raised through disinvestment in this fiscal, the government has sold 9.5% share of NTPC through Offer for Sale (OFS) through which the government mobilized about Rs 11,400 crore (about $2.1 billion).

So far in the fiscal, the government has mobilized about Rs 20,000 crore though divestments of its stake in these companies, which is about 67% of its target.

This would also help the government remain closer to its fiscal deficit target of 5.3% of GDP. The recent change in rules for OFS, of allowing institutional investors to bid for stocks at no margin, helped the NPTC issue sail through.

Earlier, institutions had to put in full margin money while bidding in an OFS. Under the new rules, an institutional investor which is bidding in OFS without any upfront margin, cannot revise its bid price downward, while those bidding with full margin money can do so.

L.N. Tallur wins Skoda Art Prize 2012February 9th, 2013

Renowned artist L.N. Tallur from Karnataka, whose works portray majorly the underbelly of India, has won the Rs. 1 million Skoda Prize 2012 forcontemporary art.

In his exhibition titled “Quintessential” Mr. Tallur narrates his theory of‘5th dimension’. He believes, when an object of art is ‘museumised’,it creates a fifth dimension, and is a further addition to Einstein’s 4 dimensions (time-space).

Artist Rohini Devasher won the Skoda’s 2012 Art India Breakthrough Artist Award.

Aircel offers ‘Mobile Money’February 9th, 2013

The Telecom operator Aircel has launched a new service called‘Mobile Money’ in collaboration with ICICI Bank and Visa to enable its customers transfer money, pay bills and withdraw cash by using only their mobile phones—without having to make a trip to the bank or an ATM.  It is similar to Vodafone’s M-Pesa service which first pioneered to great success in Africa.

The service will be initially rolled out in Tamil Nadu, specifically for the Chennai – Tirunelveli corridor – to help migrant labourers send back money to their villages.

How does it work?

A person who wishes to transfer money from A location to B destination will have to deposit the money with a correspondent in the A area, after which an SMS is sent to the recipient confirming the transaction details. The recipient has to merely go to a banking correspondent in their respective area (B) to retrieve the cash.

This plan will work even if both parties have no ICICI bank account, with the minimum amount needed to start an account being Rs. 100. The company will make money by charging commission ranging from 1.5 to 3% on each transaction.

Iranian President Ahmadinejad becomes first Iranian leader to visit Egypt since Islamic Revolution of 1979February 9th, 2013

Iranian President Mahmoud Ahmadinejad became the first Iranian leader to visit Egypt after Tehran’s 1979 Islamic revolution. He visited Egypt capital Cairo for attending the summit of the Organisation of Islamic Cooperation (OIC).

 

Significance of 1979 Islamic Revolution

The Islamic revolution of 1979 gave rise to a series of events for dethroning the Pahlavi dynasty under Shah Mohammad Reza Pahlavi, which was then replaced by the Islamic republic under Ayatollah Ruhollah Khomeini, the leader of the revolution.

Why the relations b/w Iran and Egypt are tense?

The relations b/w the two countries went wrong when Anwar Sadat (Egypt), the predecessor of Hosni Mubarak inked a peace pact with Israel in 1979 to became an ally with the Western Powers, namely Europe and United States, whereas Iran stood against the influence of Western Power in the Middle East.

Another reason behind the tension is the naming of a street in Tehran by the name of the Islamist, who was responsible for the assassination of Anwar Sadat in 1981.

Book on Netaji presented to the PresidentFebruary 9th, 2013

A book titled Netaji Subhash Chandra Bose and Germany compiled by Professor Anita B. Pfaff was given to the President of India Pranab Mukherjee. The book was published by the Federation of Indo-German Societies in India.  The book tells interesting facts about the life of Netaji and his contribution to freedom struggle of India.

Environment Ministry exempts linear projects from taking clearance from Gram sabhaFebruary 9th, 2013

From now on, linear projects, such as roads, transmission lines and gas pipelines will not have to seek consent of gram sabhas to get clearance under the Forest Rights Act as the Environment Ministry has exempted these projects from it. Such consent was seen as one of the bottlenecks in securing clearances.

For such linear projects, which do not require vast parcels of land yet go through several gram sabha clearance process, getting consent from every single such body was difficult. As per NHAI (National Highways Authority of India), the move would speed up the pending projects. One of the major infrastructure projects affected by clearance lag is the 1,185-km Kochi-Koottanad-Mangalore-Bangalore gas pipeline.

Previously, the Highways Authority wanted the Environment Ministry to de-link environment and forest clearance for linear projects. A total of 101 infrastructure projects are awaiting clearance at various levels. These include some 32 road projects.

Thirty Software companies detach from NASSCOM to form “iSpirt”February 9th, 2013

30 Indian software product companies have decided to form a new association called the Indian Software Product Industry Round Table, or “iSpirt”.

Why this separation?

Software companies involved in forming the new group have felt the need to create a new body which would be a group of Software Products companies rather than IT services companies like TCS, Infosys, and Wipro etc. which dominate NASSCOM. The objective is to bring all the software product companies (large and small) to share expertise and experiences, and create a larger awareness in society and government about the critical role the industry can play and something they believe they cannot effectively do under the larger NASSCOM umbrella. They have named the new body as Indian Software Product Industry Round Table, or iSpirt. Founding companies include Tally Solutions, QuickHeal, InMobi, Nucleus software, and industry stalwarts. The idea is to create and promote mass-solution software that can be bought off the shelf, like MS Windows or Office. The new association’s members want to offer education software for all schools rather than just IITs/IIMs.

The thirty founding members are led by Bharat Goenka, co-founder ofTally Solutions, Sharad Sharma, former head of Yahoo India R&D, startup mentor and founder of Brand Sigma, Naveen Tewari, founder of In-Mobi , and Vishnu Dusad, founder of Nucleus Software.

Why they are emphasizing on software products over software services?

Software services which are offered by IT service providers like TCS, Infosys cater to the needs of small number of people whereas the scalability of Software Product like Microsoft office, Tally is very high and many of its operations can be performed by the user itself. 

Corporation Bank launches new variants of savings bank accountsFebruary 8th, 2013

Corporation Bank has rolled out two new types of savings accounts namely SB Super and SB Signature.

A customer should maintain a minimum Quarterly Average Balance (QAB) of Rs 15,000 for SB Super and Rs 1 lakh for SB Signature.

Customers having any of the two accounts will be offered preferential loan processing. Both accounts offer bundled demat and trading account including a waiver of annual maintenance charges for the first year. They also bring concessions and offers like free NEFT, SMS banking, and 25 % concession in bank charges for gold coins.

PNB buys 30% stake in MetLife IndiaFebruary 8th, 2013

Punjab National Bank which is India’s second-largest bank has acquired a 30% stake in the Indian subsidiary of the biggest US life insurer MetLife at an unrevealed amount.

Jackie Chan, Mo Yan selected as members of Chinese parliamentFebruary 8th, 2013

Movie star Jackie Chan and the 2012 winner of Nobel prize for literature Mo Yan has been selected as members of one of the houses of Chinese parliament, the Chinese People’s Political Consultative Conference (CPPCC).

The new leaders in China led by the new general secretary of the Communist Party Xi Jinping have picked 2,237 persons as new members of the CPPCC National Committee. Xi is expected to become the country’s new president when the two Houses of Parliament meet in March, 2013.

The CPPCC members, who are related to different fields, were selected without an election process and include 893 members of the Communist Party. Those chosen include officials, military officers, members of non-Communist parties, along with representatives from economic, political, cultural , social and environmental fields.

Famous Bengali Painter Shanu Lahiri passed awayFebruary 8th, 2013

Famous painter of Bengal School, Shanu Lahiri (85) passed away. She was the winner of President’s Gold Medal.

Rohinton Nariman submits resignation from Solicitor General of IndiaFebruary 8th, 2013

The Solicitor General of India, senior advocate Rohinton F Narimanhas resigned from the post amid speculation that the decision came over his differences with the Law ministry. Nariman has not stated any reason for quitting his post.

The Solicitor General of India is the second senior most law officer of the country.

Naseer Ahmed is the new Director of Syndicate Bank

February 8th, 2013

C R Naseer Ahmed has been appointed as the Director of Syndicate Bank. The Government of India has nominated Ahmed as part-time non-official director on the Board of Directors of Syndicate Bank for a period of 3 years.

South Africa tops ICC Rankings for Test CricketFebruary 7th, 2013

South Africa was declared as the world number one team in the ICC TestCricket Rankings. It is followed by England, Australia, Pakistan and India. India was at 5th spot.   South African batsman Hashim Amla has emerged as the best batsman in the category and with this he became the first batsman to hold the number one position in both Test and One-day format of the game since 2007, before this Ricky Pointing was the cricketer to achieve this feat.

In the bowling rankings, Dale Steyn, the South African bowler held the top spot followed by his teammate, Vernan Philander.  Pragyan Ojha is the only one from Indian side to figure in the top ten bowlers in the test rankings.

McGrath and Turner enter Australian Cricket Hall of FameFebruary 7th, 2013

Renowned pace bowlers Glenn McGrath and Charlie Turner have been inducted into the Australian Cricket Hall of Fame. Charlie Turner took 6-15 on test debut at Sydney in 1887. He died in 1944. Turner took 101 wickets in 17 test matches b/w the time period of 1887 and 1895.

Michael Clarke bags his 4th Allan Border MedalFebruary 7th, 2013

Australian Cricket Team’s skipper Michael Clarke has won his fourth Allan Border Medal. Previously, he won the medal in 2005, 2009 and 2012 medals. With this Clarke equalized Ricky Ponting who had also achieved this feat in past.

Thinning of Ozone has altered ocean circulation: StudyFebruary 7th, 2013

As per a latest study, a hole in the Antarctic ozone layer has changed the way waters in the southern oceans mix, which researchers say could impact global climate change. As per scientists this phenomenon has the potential to alter the amount of CO2 in the atmosphere. It has been found that subtropical intermediate waters in the southern oceans have become "younger" as the upwelling, circumpolar waters have gotten "older" – changes that are consistent with the fact that surface winds have strengthened as the ozone layer has thinned.

How is it important? How did the researchers found this?

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Functioning of Prasar Bharati to be examined by study groupsFebruary 7th, 2013

The Sam Pitroda-led expert panel has set up 11 study groups for examining the Government-Prasar Bharati ties, its financing, aspects related to content, presentation and other issues.

Tasks before the study group:

To work on aspects related to the Prasar Bharati-government relationship. To look into matters related to technology to suggest ways to keep the national

broadcaster updated with latest developments. To look into matters related to finance, business development and organisation and

human resource issues. To examine programming and content-related issues. To brainstorm on the policy related to archives of Doordarshan and All India Radio. Prasar

Bharati has huge archival material and there was a need to bring the archival management tointernational level.

The working groups will have to submit a white paper on 11 subjects within 30 to 60 days.

Indian Railways to host IHHA ConferenceFebruary 7th, 2013

The 10th International Heavy Haul Association (IHHA) Conference will be hosted by the Indian Railways in New Delhi. The conference is held once in every 4 years. The last conference was organized in Shanghai China in 2009.  The Conference provides a platform for railway researchers, practitioners, policy makers and industry leaders from across the globe to share their knowledge and experience and perhaps explore new possibilities in heavy haul railway operation. The central theme of the conference is “Building Transport Capacity through Heavy Haul Operation”. Heavy haul rail operation has evolved over the years as a technology to transport bulk commodities in large volumes and reduce the unit cost of transportation. Heavy haul envisages increased axle load of 24 tonnesand above. Train lengths have also enhanced up to 4 km. The trailing train loads vary from 10,000 tonnes to 50,000 tonnes.  

About IHHA:

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Minimize number of free cheque books issued to individuals: RBIFebruary 7th, 2013

The Reserve bank of India (RBI) has recommended in its discussion paper that the number of free cheque books given per year to individuals may be kept to a minimum and instead they should be encouraged to use electronic payments.

As per central bank’s recommendations:

Banks may levy moderate or steep charges on cheques issued beyond this minimum number.

In case of fresh loans, post-dated cheques (PDCs) should be completely stopped and repayments should be only through electronic payments, with suitable conditions for late payment and non-payments, which should be disclosed upfront.

Current PDCs should be converted to electronic payment mandates within a prescribed timeline.

Credit card dues should be paid electronically. In case cardholders make payments of dues using cheques, then the issuing banks may levy high convenience charge.

Banks may set some amount/value limit for cheques issued by individuals. Such charges may be higher than the charges levied on electronic payments of similar value.

Banks may levy a processing charge in case of individuals who have invested in shares/debentures/bonds and have not opted for receiving dividend/interest directly into their bank accounts, deposits the cheque into their bank account for collection.

Cheque collection boxes at public places should be discouraged and should be provided only at bank branches.

ICICI Bank ties with Aircel for Mobile MoneyFebruary 7th, 2013

India’s largest private sector bank, ICICI Bank has partnered with Aircel to launch a mobile banking service, ‘Mobile Money’.

With the help of this service the unbanked customers of these two companies will be able to transfer money securely and instantly through their mobile phones without getting connected to data services.

The service will work towards financial inclusion of those who face problems in transferring money due to absence of branches or ATMs closer to them by offering a range of financial services such as deposits and cash withdrawals, money transfer to third parties, self-reload of prepaid mobile credit, and various utility bill payments.

The service will be first launched in Tamil Nadu to specifically cater to the needs of migrant working population.

Rare Whooper Swan spotted after 113 years in HimachalFebruary 7th, 2013

Rare migratory bird Whooper Swan was spotted inPong Dam lake of Kangra valley in Himachal Pradesh after 113 years.

Whooper Swans, which migrate from Central Asia and Europe and are rare migrants to India, were last seen in the country in 1900 near river Beas.

NASA launches TDRS satelliteFebruary 7th, 2013

NASA launched an unmanned Atlas V rocket carrying the Tracking and Data Relay Satellite (TDRS). It is a communication satellite to stay in touch with its space station astronauts and relay more Hubble telescope images.

This is the 11th TDRS satellite to be launched by NASA. The space agency uses the orbiting network to communicate with astronauts living on the International Space Station.

NASA needs at least 7 TDRS satellites working in orbit at any one time. This launch will make eight.

India, Gibraltar ink TIEA pactFebruary 7th, 2013

India and Gibraltar have inked a Tax Information Exchange Agreement (TIEA)that among other things calls for transparent sharing of information.

This is the 13th TIEA being signed by India.

Countries with whom India has signed TIEA pact are Bahamas, Bermuda, British Virgin Islands, Isle of Man, Cayman Islands, Jersey, Macau, Liberia, Argentina, Guernsey, Bahrain and Monaco.

What is TIEA?

It is a pact which allows the signatories to share tax related information based on international standard of transparency and exchange of information.

Position of Gibraltar:

As per this agreement:

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Nayudamma award to VC of BHUFebruary 7th, 2013

Distinguished scientist and vice-chancellor of Banaras Hindu University (BHU) Lalji Singh, has been selected for the prestigious Dr Y Nayudamma memorial award for the year 2012.

Why this award?

The award is being given to him in recognition to his extraordinary contribution to life sciences and in honor of his untiring efforts for establishing DNA fingerprinting as a tool for both fundamental research and crime detection. He is also being rewarded for trying to unravel the puzzle of human evolution, in relation to the genetically diverse population especially the Andaman-Nicobar tribes.

About Nayudamma Memorial Award:

This award was established in 1986 in memory of distinguished chemical scientist and internationally renowned leather technologist Yelavarthy Nayudamma, and is conferred annually on persons who have made important contributions to the development of science and technology in the country.

By 2024, India to become second largest coal consumerFebruary 7th, 2013

As per BP World Energy Outlook 2030, India will overtake US as second largest coal consumer in 2024. Currently, China is the largest consumer of coal in the world.

Key projections of the report:

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Union Cabinet approved amendments to Lokpal and Lokayuktas Bill, 2011February 6th, 2013

The Union Cabinet has approved the proposals submitted by the Department of Personnel & Training for moving official amendments to the Lokpal and Lokayuktas Bill, 2011.

The Lokpal and Lokayuktas Bill, 2011 was referred to a Select Committee of the Rajya Sabha for examination and report.

Key Recommendations of the Select Committee:

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PMO forms executive panel on implementing the 8 missions of the NAPCCFebruary 6th, 2013

A secretary level committee has been constituted by Prime Minister Manmohan Singh to assist the PM’s council on climate change in implementing the 8 missions of the   National Action Plan of Climate Change (NAPCC).The absence of Inter-ministerial coordination has crippled the implementation of the

missions resulting in the setting up of the executive panel on climate change to be headed by principal secretary to Prime Minister Pulok Chatterji.

What is the job of the panel?

The committee will regularly monitor the implementation of the eight missions, other climate change initiatives and advise the Prime Minister’s council on modifications in the objectives, strategies and structure of the missions.

The Prime Minister’s council on climate change was formed in 2007, in order to co-ordinate national action for assessment, adaptation and mitigation of climate change.

What is NAPCC and what are its 8 missions?

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Scientists create first digital atlas of brainFebruary 6th, 2013

Scientists at Berkeley Lab have created the world’s first genome-wide digital atlas of gene enhancers in the brain, the switches that tell genes when and where they need to be switched on or off. This atlas completely documents the cerebrum, the region of the brain that is vital for cognition, motor functions and emotion identifies and locates thousands of gene-regulating elements which are the underlying causes of neurological disorders.

What are Gene Enhancers?

Gene Enhancers are short pieces of DNA in the human genome. They are not actual genes, so they do not give rise to proteins. They are switches that tell the actual genes when to become switch on and produce a protein. Each cell type in our body has different sets of these enhancers switched on or off, and collectively they help to organize the activities of our 20,000 genes in each single cell.

How will it help?

It will assist scientists to further their understanding how individual genes are regulated during development of the brain and how genetic mutations may impact human neurological disorders.

Nursery admissions not within purview of RTE Act: TharoorFebruary 6th, 2013

As per the Minister of State for Human Resource Development Shashi Tharoor, the Right to Education (RTE) does not apply to nursery admissions.

The RTE doesn’t apply to nursery admissions as the law specifies 8 years of compulsory schooling from the age of 6 to 14. Nursery children are younger than the minimum age.

There has been confusion on whether the right to education applies to nursery admissions as Right to Education Act stipulates that a child b/w the age group of 6 to 14 would be covered under the legislation.

The government has permitted unaided private schools to devise their own criteria for nursery admissions. However, it has been challenged in the Delhi High Court through a petition.

RTE criteria otherwise are applicable to private schools as well.

Haryana launches DBT schemeFebruary 6th, 2013

Haryana launched the Direct Benefits Transfer (DBT) Scheme.

In first phase, it has been launched for seven schemes in Ambala and Sonipat districts of the state. With the launch of this scheme in Ambala and Sonepat districts, an amount of Rs 323.33 lakh was sent as disbursal of the due amount to 3,338 beneficiaries. With this disbursal, Haryana become the leading state to have distributed 25% of the total central schemes beneficiaries of the country from January 1, 2013.

India gives $2.5 mn humanitarian aid for displaced SyrianFebruary 6th, 2013

India has promised a donation of $2.5 million as humanitarian assistance for over 2 million Syrians displaced by the ongoing conflict in the country. India announced the aid in an international conference of donors on Syriainaugurated by UN Secretary General Ban Ki-moon. The assistance could be in the form of life saving drugs, food and other essential items. India also expressed opposition to foreign military intervention in Syria.

Ban urged the international community to donate generously to raise $1.5 billion to provide humanitarian assistance to the displaced Syrians. Kuwaiti Emir Sheikh Sabah Al Ahmed pledged $300 million donation while the US promised $155 million. With this, the total US assistance to Syria will amount to $365 million, making it the single largest donor.

India hands over Dornier to SeychellesFebruary 6th, 2013

India handed over a Dornier 228 surveillance aircraft to Seychelles. The maritime surveillance aircraft will be used to guard the extensive coastline of the island nation in the Indian Ocean.

The Dornier 228 or DO-228 is manufactured by thedefence public sector undertaking, the Hindustan Aeronautics Ltd. (HAL). It is a highly reliable, multi-purpose, fuel efficient, rugged, light weight twin turbo prop aircraft with a retractable tricycle landing gear. It is a frontline surveillance platform for applications like maritime reconnaissance, intelligence warfare, search and rescue, pollution control and transport.

Union Cabinet gives nod to amendments to Regional Rural Banks (RRBs) Act, 1976

February 6th, 2013

The Union Cabinet approved the amendments proposed in the Regional Rural Banks (RRBs) Act, 1976

Objective:

To enhance authorized and issued capital to strengthen their capital base. The term of the non official directors appointed by the Central Government is proposed to

be fixed not exceeding 2 years. How these amendments will it help RRBs? 

These amendments are aimed at bringing financial stability in RRBs which will make then capable to play a larger role in financial inclusion and meet the credit requirements of rural areas and strengthen the Boards of RRBs.  

A brief account of RRBs Regional Rural Banks (RRBs) were set up under Regional Rural Banks Act, 1976 (the RRB Act) to build an alternative channel to the ‘cooperative credit structure and to ensure sufficient institutional credit for the rural and agriculture sector.

The ownership of RRBs is jointly with the Government of India, the concerned State government and sponsor banks, with the issued capital shared in the proportion of 50%, 15 % and 35%, respectively. As per provisions of the Regional Rural Banks Act, 1976 the authorized capital of each RRB is Rs. 5 crore and the issued capital is a maximum Rs. 1 crore.

National award to Vizag for NREGS implementationFebruary 5th, 2013

Visakhapatanam (popularly known as Vizag) district of Andhra Pradesh was given a national award for successfully implementing the Mahatma Gandhi NREGS and thereby improving social equality.

BHEL, GAIL become MaharatnaFebruary 5th, 2013

Two PSUs BHEL and GAIL have been conferred with the Maharatna status by the government. This will provide them greater financial and functional autonomy and also ensure better valuation for their shares.

A Maharatna firm can take investment decision of up to Rs 5,000 crore without going to the government.

For Navratna firms, this limit is Rs 1,000 crore.

However, lack of requisite number of non-official directors on their board makes them ineligible to exercise the Maharatna powers. BHEL is short of 6 non-official directors, while GAIL is short of 4 independent directors.

As per Department of Public Enterprises the Key qualifications for Maharatna status:

The Company should have an average annual turnover of more than Rs 25,000 crore in the last 3 years.

The PSU must have a net worth of over Rs 15,000 crore and net profit of more than Rs 5,000 crore during the last 3 years.

Distance Education Council allows students to pursue two degreesFebruary 5th, 2013

The Distance Education Council (DEC) has allowed students to pursue two programmes simultaneously through distance or combination of distance and regular modes in various combinations.

The DEC has also mentioned some of the combinations which students can opt for. These include one degree and diploma/postgraduate diploma/certificate. Likewise, a student can pursue one postgraduate diploma and one diploma/certificate, one diploma and one certificate, two postgraduate diplomas, two diplomas and two certificate courses.

Vasudeva Rao is new Director of IGCARFebruary 5th, 2013

P.R. Vasudeva Rao has been appointed as the new director of the Indira Gandhi Centre for Atomic Research (IGCAR).

About IGCAR

Indira Gandhi Centre for Atomic Research (IGCAR) is a premier atomic research centre of India. The centre is involved in broad based multidisciplinary programme of scientific research and advanced engineering directed towards the development of Fast Breeder Reactor technology. It is located in Kalpakkam, Tamil Nadu.

‘Color-Coded Mutual Funds’: SEBI to introduce color-coded Mutual Fund productsFebruary 5th, 2013

SEBI is planning to introduce color-coded Mutual Fund   (MF)  products which will inform investors about the level of risk involved with the instrument.

As per SEBI, healthy business models, better distribution networks and enhanced investor awareness about mutual funds could prompt a sustainable growth path for the industry, which now controls an asset under management of Rs 7.5 lakh crore. The share of retail investors is 97% of the 45 million folios.

Obama honors Indian American ScientistFebruary 5th, 2013

Indian American scientist Rangaswamy Srinivasan has been honored with the prestigious 2011 National Medal of Technology and Innovation by U.S. President Barack Obama.

For more about Rangaswamy Srinivasan:Click Here

India Cements appoints M S Dhoni as its Vice PresidentFebruary 5th, 2013

Indian skipper Mahendra Singh Dhoni has been appointed as vice-president of India Cements, a company which is headed by BCCI President N Srinivasan.

India Cements are the owners of IPL franchise Chennai Super Kings of which Dhoni has been the captain since 2008 and Srinivasan is the Managing Director-cum-vice-chairman of the company.

First Triangular India-US-Africa Partnership at HyderabadFebruary 5th, 2013

The first triangular India-US-Africa partnership in agricultural training was inaugurated by India and the US at the National Institute of Agricultural Extension Management (MANAGE), Hyderabad.

The objective of this program is to improve agricultural productivity, strengthen agricultural value chains, and support market institutions in 3 African countries namely Kenya, Liberia, and Malawi. It is supported by the United States Agency for International Development(USAID),India’s Ministry of External Affairs and the Ministry of Agriculture.

The Programme is being implemented by India’s National Institute of Agricultural Extension Management (MANAGE), Hyderabad, and the Chaudhary Charan Singh National Institute of Agricultural Marketing (NIAM), Jaipur.

Pakistan gives Gwadar port to China for operationsFebruary 5th, 2013

Pakistan has handed over the operations responsibility of its strategically located Gwadar port to China’s Overseas Port Holdings. Previously it was with Singapore’s PSA (Port of Singapore Authority) International.

Why the port offered to China?

There occurred some discords b/w the PSA International and Pakistani navy over land transfers, security issues and lack of infrastructure which led to PSA withdrawal from the contract.

Advantages and Disadvantages for China:

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UK bans sale of five invasive non-native aquatic plantsFebruary 5th, 2013

The British Government, for the first time, has declared to impose a ban over the sale of five species of invasive non-native aquatic plants.

Why this ban?

According to UK’s Non-Native Species Secretariat (NNSS) invasive species are plants or animals that had been introduced (deliberately or accidentally) by humans since the last ice age, which were having a detrimental impact on the economy, wildlife or habitats of Britain.

As per Ecologists, the alien species when leak into the wild damage the local ecology by creating problems such as forming dense mats in water, depleting oxygen and light availability, causing declines in the numbers of fish and other aquatic species. They also pose threat to native species. The non-native aquatic weed plants also contribute to increased flood risk and damaged structures such as bridges. They grow rapidly, choking up canals and rivers, which affects wildlife spots and creates problems with navigation. The UK government spends around £1.7bn each year to tackle the impact of invasive species.

Which are the 5 plants to be banned?

The plants to be banned from April 2014 are:

· Water fern · Parrot’s feather · Floating pennywort · Water primrose · Australian swamp stonecrop

Microsoft takes Office to the cloudFebruary 5th, 2013

Now, people can subscribe to Office 365 as a service in the Internet cloud, obviating the need to buy the popular productivity software on a disk.

How would it benefit users?

This service would allow the customers to use the suite of programs for documents, spreadsheets, presentations and other tasks on as many as five devices. Customers can subscribe to Office 365 at the cost of $100 a year. Documents or other files created using Office programs can be saved at Microsoft’s online SkyDrive with storage space advanced to 27 gigabytes for subscribers.

SEBI permits HSEL to exitFebruary 4th, 2013

The Securities and Exchange Board of India (SEBI) has allowed the erstwhile Hyderabad Stock Exchange (now Hyderabad Securities and Enterprises Limited (HSEL)) to exit as a stock exchange.

HSEL has shifted the companies listed exclusively on it to the dissemination board of BSE Ltd. It has also set aside funds to provide for an ongoing Arbitration case.

RIM renamed as BlackBerryFebruary 4th, 2013

Developer of Blackberry, Research In Motion Ltd. (RIM) is changing its name to BlackBerry to refresh its tarnished image as it begins marketing a reengineered line of BlackBerry 10 smartphones.

CEO of the company Thorsten Heins announced this as the company formally launched the BlackBerry 10, evincing the company’s hopes to regain lost ground in the smartphone market it once dominated. RIM’s aging line-up of devices has fared poorly in recent years against its competitors like Apple’s iPhone and Samsung’s wide range of Galaxy devices.

Research in Motion Limited is a Canadian   telecommunication  and wireless equipment company best known as the developer of the BlackBerry brand of smartphones and tablets. The company is headquartered in Waterloo, Ontario, Canada.

India falls nine places to 140th rank in World Press Freedom IndexFebruary 4th, 2013

India has stumbled nine places to 140th position in the list of 179 countries in the latest World Press Freedom Index2013. India’s show is worst since 2002. The decline is attributed to increasing impunity for violence against journalists and because internet censorship continues to grow.

China  moved a position up at 173rd rank showing little signs of improvement. The list is topped by three European countries – Finland,Netherlands and Norway. At the bottom of the list are Turkmenistan, North Korea and Eritrea. The Maldives crashed to 103rd spot losing 30 places. Pakistan  stood at 159th rank after losing 8 positions and Nepalslipped 12 positions down

to 118th spot.

John Kerry new Secretary of State in Obama’s govtFebruary 4th, 2013

Democratic Senator from Massachusetts and former presidential candidate John Kerry chosen as U.S. President Barack Obama’s Secretary of State. He replaced incumbent Ms Hillary Clinton.

Mr. Kerry had lost out to George W. Bush in the 2004 presidential election.

Scientists discover 10 million year old star still creating planetsFebruary 4th, 2013

Scientists have discovered a 10-million-year old star named TW Hydrae located 176 light years far from Earth may still be giving birth to new planets. As per NASA, the disk of material around the star may be massive enough to create even more planets than we have in our own solar system. The findings were made using the European Space Agency’s Herschel Space Telescope.

China approves construction of three new dams on BrahmaputraFebruary 4th, 2013

China gave green light for the construction of three new hydropower dams on the middle reaches of the Brahmaputra River, ending a two-year halt in approving new projects on the river amid concerns from India and environmental groups.

Where these dams would be built?

The three dams will be built at following sites:

A 640 MW dam will be built in Dagu, 18 km upstream of Zangmu. 320 MW dam will be built at Jiacha, also on the middle reaches of the Brahmaputura

downstream of Zangmu. At Jiexu, 11 km upstream of Zangmu.

Currently, China is doing construction on one major hydropower dam on the main stream of the middle reaches of the Brahmaputra or Yarlung Zangbo as it is known in China – a 510 MW project in Zangmu in the Tibet Autonomous Region (TAR).

Diversion plan postponed

China has shelved a plan to divert the Yarlung Zangbo’s waters to the arid north, citing technical challenges. The plan is part of the proposed Western route of the massive South-to-North diversion project, on which construction is yet to begin.

Concerns in India

The construction is likely to generate fresh concerns on how the flows of the Brahmaputra downstream will be impacted as large volumes of water will be required to store to generate power.

SBI slashes base rate to 9.7%February 4th, 2013

India’s largest public sector bank, State Bank of India, has cut its base rate (minimum lending rate) marginally from current 9.75% to 9.70%.

The decision came following RBI cut its key policy rate and the cash reserve ratio by 25 basis points each. The effect of central bank’s move is also visible as HDFC bank has reduced interests on auto loan by up to 50 basis points without altering its base rate, which

is currently at 9.70%. The interest rate on car loans has been cut by 25 basis points to the 10.50-11.50 % range.

After RBI announced cut, IDBI Bank was the first off the block to reduce base rate as well as its benchmark prime lending rate by 25 basis points each.

Genome sequence of 90 chickpea genotypes completeFebruary 2nd, 2013

A global research team led by the International Crop Research Institute for Semi Arid Tropics (ICRISAT), have succeeded in decoding the genome sequence of the CDC Frontier chickpea variety and genome sequence of 90 cultivated and wild genotypes from 10 different countries.

How would it help?

It will scientist to develop more resilient and diverse variety of chickpeas which can endure climate change as well as improvement in grain yields and quality, greater drought and disease resistance. The breakthrough will also be used to harness genetic diversity by broadening the genetic base of cultivated chickpea gene pool.

About Chickpea:

Second largest cultivated grain food legume in the world. Cultivated in about 11.5 million hectares mostly by resource poor farmers in the semi-

arid tropics. Source of income generation and improved livelihoods of small farmers in African

countries such as Ethiopia, Tanzania andKenya.

Significance for   India :

India is the largest producer of chickpea . Important from both commercial as well as nutritional point of view for India as it provides

cheap and rich source of protein which can address the problem protein malnutrition.

Tea production breaches 1 bn kg-markFebruary 2nd, 2013

The tea production of India surpassed the 1 billion mark after it was supported by small tea cultivators. The achievement was made following a major exercise initiated by the industry regulator, the Tea Board of India, to bring within the net all segments of tea producers — organised and unorganised — many of whom were not reporting their crop statistics. This step revealed that India had actually produced 75 million kg more than the 988 million it was estimated to have produced b/w January and December 2011.

SpiceJet starts flights from Delhi to GuangzhouFebruary 2nd, 2013

SpiceJet has become the only private Indian airline to offer flights toChina. The low cost carrier will launch four weekly flights from New Delhito Guangzhou.

Guangzhou will be the second major city in the southern China to have connectivity with India after Shanghai.

Currently, Shanghai is the only major southern mainland city that is connected directly to India, through Air India and Air China flights.

Both India and China feel that the lack of adequate direct air connectivity b/w them  has been an impediment to fostering closer commercial engagement, even as trade has seen rapid growth this past decade. China became India’s biggest trade partner in 2011, with trade reaching $73 billion. Bilateral trade fell to $66 billion last year on account of the downturn.

India successfully test fires K-5 ballistic missile from underwaterFebruary 2nd, 2013

India has advanced towards completing its nuclear triad capability by successfully test firing a nuclear-capable medium range K-5 ballistic missile from an underwater platform in Bay of Bengal.

Once complete, the nuclear triad will render India the ability to fire nuclear-loaded missiles from land, air and sea. It is the first underwater missile to have been fully developed by India and can be launched from a submarine.

To know About K-5: Click Here

Expert panel under chairmanship of Sam Pitroda constituted to review functioning of Prasar BhartiFebruary 2nd, 2013

An Expert Committee has been set up by the Ministry of Information & Broadcasting has with the task of reviewing the institutional frame work of Prasar Bharati including its relationship with Government, its continuing role as a public broadcaster and steps needed to ensure technical up-gradation of the organization. The panel will be chaired by Sam Pitroda (Advisor to the Prime Minister of India on Public InformationInfrastructure & Innovations).

What is the task assigned to the panel?

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SEBI revises OFS mechanismFebruary 2nd, 2013

Market regulator, the Securities and Exchange Board of India (SEBI), has revised the Offer For Sale (OFS) mechanism as the deadline is approaching for the promoters of listed companies to offload their stake to meet the minimum public shareholding norm of 25 % by June 2013.

As per SEBI, the revised norms:

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Bharti Airtel appoints Manoj Kohli as it MDFebruary 2nd, 2013

World’s 4th largest mobile operator by customers, Bharti Airtel,  will appoint Manoj Kohli as its Managing Director.

Kohli’s elevation will see Bharti Airtel founder Sunil Mittal become its executive chairman.

Taiwan business magnate Samuel Yin starts Asia’s Nobel-type prizesFebruary 2nd, 2013

Samuel Yin, head of Ruentex Group, of Taiwan tycoon is funding to establish Tang Prize Foundation with an initial endowment of $103 million. It has been named after the Tang Dynasty of 618-907 ADwhich is venerated by the Chinese for its cultural and scientific achievements.

What this foundation would do?

The foundation would award Nobel-type prizes to recognize extraordinary works in biopharmaceutical science, sustainable development, study of China and the rule of law.

Why this initiative?

As per the founder, the foundation would recognize those fields which bear intrinsic importance for humanity but are not covered by the 118-year-old Nobels.

The prizes will be awarded biennially starting next year (2014). Winners will receive $1.7 million, compared to $1.2 million that comes with a Nobel Prize.

The winners will be nominated and screened by special panel set up by the Academia Sinica, Taiwan’s most esteemed research organization.

Zimbabwe is left with only $217 in the bankFebruary 2nd, 2013

Only $217 was left in the coffers of Zimbabwe’s government after it paid the salaries of its public servants. Zimbabwe’s Finance Minister revealed this to explain the difficulty the current government is facing to fund the forthcoming constitutional referendum and polls. The country needs around $104 million to organize the vote.

The economy took the plunge at the turn of the millennium, afterPresident Robert Mugabe began seizing white-owned farms. The move crushed investor confidence, paralyzed production, attracted sanctions and daunted tourists.

The government’s national budget for this year stands at $3.8 billion and the economy is projected to grow 5%. The mineral rich country is now using the U.S. dollar and the South African rand.

Zimbabwe went through a decade hyper-inflation of 231 million%and infrastructure that collapsed as quickly as prices surged. Its condition is now relatively stable. But the problem with finances still prevails and local business battles against unstable electricity supplies, lack of liquidity and high labor costs.

Czech elects Milos Zeman as its PresidentFebruary 2nd, 2013

Milos Zeman has won presidential poll of Czech Republic by his defeating opponent Foreign Minister Karel Schwarzenberg. Mr Zeman will replace current president Vaclav Klaus, who completes his term in March,2013 after his 10 years regime.

Mr. Zeman is the supporter of further integration of the European Union.

Militants set afire Timbuktu manuscriptsFebruary 1st, 2013

Mali’s cultural heritage got a shock when militants set ablaze a building that housed priceless ancient manuscripts in country’s fabled desert city of Timbuktu, where the French-led troops are making a speedy advance towards north.

What are Timbuktu Manuscripts?

Timbuktu Manuscripts is a collective term for thousands of manuscriptsbeen preserved by private households in Timbuktu, Mali. A majority of these manuscripts are written in Arabic and deal with subjects like art, medicine, science, and calligraphy of the late Abbasid Caliphate, and even multiple priceless old copies of the Quran. These manuscripts date b/w the late 13th and the early 20th centuries (i.e. from the Islamisation of the Mali Empire until the decline of traditional education in French Sudan).

Timbuktu : It is situated on the edge of Sahara desert and it was a key centre of Islamic learning and has become a byword for exotic remoteness in the Western imagination. Here the ancient manuscripts were preserved at the Ahmed Baba Centre for Documentation and Research, which housed between 60,000 and 100,000 manuscripts.

‘Green Kumbh Mela’February 1st, 2013

A new campaign called ‘Green Kumbh’ is going hand in hand with the onging Maha Kumbh Mela in Allahabad. The green initiative which is being lead by Swami Chidanand Saraswati of Parmarth Niketan, Rishikesh who is also the force behind the Clean Ganga campaign, is being volunteered by hundreds of participants from around 45 countries.

Objective: The initiative is designed to beautify the grounds of Kumbh and its environs, while protecting the health and well-being of festival attendees.  Besides, this program will spread awareness and educationabout the importance of being “green”, thus informing and

motivating festivals-goers from all over the world to become stewards of theenvironment around them. Under this campaign various programs like tree plantation, providing free eco friendly toilets, and solid waste management are being organized at Kumbh Mela and its surroundings.

JJB rejects bone ossification test pleaJanuary 31st, 2013

“The Juvenile Justice Board rejected the police request for his bone ossification test for age determination.”

“The inquiry against the accused who will be 0f 18 years in June 2013, will continue by the Juvenile Justice Board nevertheless as per Section 3 of the Juvenile Justice Act.”

What is bone ossification test?

 Ossification is the process of formation of new bone by cells calledosteoblasts. As per scientific evidence, by the age of 25 years nearly all bones are completely ossified in humans. Ossification test is a guess work based on the fusion of joints in the human body b/w birth and age 25. If all joints are fused the person must be of 25yrs of age or older. As per experts that there can be an error of about 2 years in the age determined by the ossification test, but it is still more reliable than ascertaining the age on mere appearance basis.

Different ways to tell age of a person:

School Records Methods like Orchodometry which measures testicular volume. The test is available in India. Teeth (Forensic experts check teeth first. All molars are up by 18.) X-Ray of elbow, hip, knee, wrist, shoulders and collar-bones are taken for bone ossification (hardening) test. Bone age is correlated to chronological age. TW3 Test (Tanner-Whitehouse Tests) or Bone Maturation Test – Has been introduced by BCCI to check age fraud in juniorcricket. It works out skeletal maturity from hand and wrist bones.Telomeres Age determination based on the length of telomeres, the protective cap of chromosomes. Telomere length varies with age.

What does Section 3 of the Juvenile Justice Act say?

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