nicl ao 2015
DESCRIPTION
AO preparation easy beezy...TRANSCRIPT
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 1/106
BI/Finance News
usiness, MoUs & Deals
ational News
M Visit to Seychelles
M Visit to Mauritius
M Visit to Sri Lanka
ews Around the World
ppointments
Awards & Honors
Sports News
ICC World Cup
National Games
Important Days
Important Books & Authors
Obituaries
Reports & Indexes
Important Yojanasnion Budget 2015-16
conomic Survey
ailway Budget 2015-16
MUDRA Bank
Land Bill
Indian Census 2011
Organisation & Headquarters
Insurance Terms
Table of Contents
NICL AO - General Awareness & Current Affairs Magazine
Important Notice
The news covered in the Magazine are sufficient for NICL AO 4th April and 11-12th April. If you have anydoubt regarding any news kindly verify it. If you find any Typing Error, Repeated News then our Apologiesfor that.
The Insurance Terms are fully covered, study whatever you feel like.
Thank you for Downloading. All the Best. We will be giving quiz for NICL AO, kindly keep an eye on oursite.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 2/106
News Related to RBI, Finance, Economy
RBI 6th Bi-Monthly Policy
Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.75 per
cent;
Keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand
and time liabilities (NDTL);
Reduce the statutory liquidity ratio (SLR) of scheduled commercial banks by 50 basis points from
22.0 per cent to 21.5 per cent of their NDTL with effect from the fortnight beginning February 7,
2015;
Replace the export credit refinance (ECR) facility with the provision of system level liquidity with
effect from February 7, 2015;
Continue to provide liquidity under overnight repos of 0.25 per cent of bank-wise NDTL at the
LAF repo rate and liquidity under 7-day and 14-day term repos of up to 0.75 per cent of NDTL ofthe banking system through auctions; and
Continue with daily variable rate term repo and reverse repo auctions to smooth liquidity.
Consequently, the reverse repo rate under the LAF will remain unchanged at 6.75 per cent, and
the marginal standing facility (MSF) rate and the Bank Rate at 8.75 per cent.
Union Government on 7 February 2015 decided to infuse 6990 crore rupees in nine Public Sector Banks
to enhance their capital and meet global risk norms. The capital infusion was decided on the basis of
performance of each bank. This is the first tranche of capital infusion for which the government had
allocated 11200 crore rupees in the Union Budget 2014-15.
The criteria includes
Weighted average of Return on Assets (ROA) for all PSBs for last three years put together
Return on Equity (ROE) for these banks for the last financial year.
The Banks are:
1.
State Bank of India (SBI) - 2970
2.
Bank of Baroda (BoB) - 1260
3. Punjab National Bank (PNB) - 870
4. Canara Bank - 570
5.
Syndicate Bank - 460
6. Allahabad Bank - 320
7. Indian Bank - 280
8. Dena Bank - 140
9. Andhra Bank – 120
Total – 6990
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 3/106
Union Government on 4 February 2015 approved a development package and ad hoc support of 850
crore rupees for Andhra Pradesh.
ICICI Bank on 10 February 2015 launched India’s first digital Bank on mobile phone, Pockets. This digital
e-wallet can be downloaded from Google Playstore. Pockets, the digital e-wallet uses a virtual VISA cardthat enables the users to transact on any website or mobile application in India.
Users can fund it from any bank account across India and start transacting immediately. It requires no
documentation or branch visit. Users can also choose to add a zero balance Savings Account to the
wallet, which will allow them to earn interest on their idle money.
Mahindra Finance in talks with IFC for JV for Payment Bank. IFC is a World Bank Group. Most of the big
telecom players who possess huge distribution networks have entered the fray. Reliance Industries tied
up with SBI; Airtel with Kotak Bank.
Standard Chartered revised FY16 GDP growth forecast to 7.7% from 6.3%.
Union Government on 10 February 2015 approved a proposal to increase the authorised Share Capital
of the National Minorities Development and Finance Corporation (NMDFC) to 3000 crore rupees from
1500 crore rupees. NMDFC works for welfare of minorities.
ICICI Bank has tied up with UAE Exchange to offer an instant bank transfer service to the Indians residingin the Gulf nation. ’FLASHremit’ service started by the bank enables customers to conveniently send
money instantly to their beneficiaries in India in Indian Rupees.
RBI issued guidelines on CCCB
Reserve Bank of India had issued guidelines on when it would require Indian banks to maintain a
CCCB, an additional layer of loss-absorbing capital on top of banks’ increased minimum capital
requirements under Basel III.
According to the RBI’s guidelines, the key trigger for activating the CCCB will be when the
credit/GDP ratio has risen relative to its long-term trend. The RBI said it would require banks to hold the full 2.5 per cent buffer when the gap between
the credit/GDP ratio and the long-term trend exceeds 15 percentage points.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 4/106
West Bengal Chief Minister (CM) Mamata Banerjee on 11 February 2015 launched the Micro Business
Credit Card in association with the State Bank of India to boost the Micro Small and Medium Enterprises
(MSME) sector in the state. The Micro Business Credit Card is the first of its kind in India. These
Business credit cards will even help the farmers to start businesses.
The Supreme Court of India on 13 February 2015 directed CBI to probe the role of Reserve Bank of
India (RBI) and Securities and Exchange Board of India (SEBI) in the multi-crore chit-fund scam. It has
directed the CBI to investigate their role for effecting a mechanism.
The Reserve Bank of India on 13 February 2015 announced that soon the currency notes of one rupees
denomination will be in circulation. The notes will be printed by the Government of India. RBI in its
release informed that these currency notes are legal tender as provided in The Coinage Act 2011. It said
that the existing currency notes in this denomination in circulation will also continue to be legal tender.
Hidden Word Bharat (भारत ) vertically arranged on right hand side will be present.
To get customers to use alternate banking channels such as ATMs, Internet and mobile banking, State
Bank of India has started technology learning centres at 385 regional business offices across the country.
India’s largest bank is conducting free interactive learning sessions for customers on the third Friday of
every month at these offices.
Government exempted oilseeds, raw cotton, 36 other products from commodity transaction tax.
The Reserve Bank lifted the ban on imports of gold coins and medallions by banks and trading houses.
The RBI in a notification also said banks are permitted to import gold on consignment basis. Domestic
sales will be, however, permitted against upfront payment only.
Foreign shareholding in Hathway Cable & Datacom Ltd has reached the prescribed limit and foreign
investors would not be allowed to purchase further shares in the company, the RBI said. The foreign
shareholding through GDRs/ADRs/FDI/NRI/PIO/ FIIs/RFPIs in Hathway Cable & Datacom Ltd has reached
the prescribed threshold limit, RBI said in a notification.
Digital wallet provider Paytm is looking to set up 30,000 to 50,000 retail outlets where its 2.4 crore
customers can load cash on their digital wallet.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 5/106
The government said up to 26 per cent FDI in insurance companies will be allowed through automatic
route, as it notified rules to increase foreign direct investment ceiling in the sector to 49 per cent.
Union Ministry of Petroleum and Natural Gas in the first week of February 2015 finalised new oil subsidy
sharing formula between the public sector oil refining companies and oil marketing companies. As perproposal, No contribution towards subsidy for crude oil price less than and equal to 60 dollars per
barrel.
Assam’s Chief Minister Tarun Gogoi on 19 February 2015 advocated for Naturonomics for Assam and
other North Eastern (NE) states to usher in a robust economy in the region.
The Cabinet Committee on Economic Affairs (CCEA) on 19 February 2015 approved the continuation of
the incentive scheme for marketing and promotion services of raw sugar production during the currentsugar season (October-September) of 2014- 15.
State Bank of India (SBI) will provide finance totaling ` 100 crore benefiting 3,000 small tea growers in
the North East soon.
Reserve Bank of India said it will shortly issue ` 10 denomination banknotes in the Mahatma Gandhi
Series-2005. "It will incorporate rupee symbol on the obverse and the reverse, with inset letter 'N' in
both the numbering panels, bearing the signature of Raghuram G Rajan, Governor, Reserve Bank of
India and the year of printing '2014' printed on the reverse of the Banknote," an RBI release said.
PSU banks employee unions and bank management, Indian Banks' Association (IBA), agreed on 15 per
cent wage hike and entered into an agreement for it. The bank employees will now also get holidays on
two Saturdays in a month. The second and 4th Saturday will be the holiday and other two will have full
working days.
Insurance sector regulator IRDA has given in-principle approval for setting up of ` 1,500 crore nuclear
liability pool for providing risk cover to nuclear reactors.
The Asian Development Bank has inked two loan agreements worth $400 million with India to upgrade
district roads in Madhya Pradesh and to support improvements to power transmission and distribution
systems in Assam.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 6/106
The Indian Army and State Bank of India (SBI) on 23 February 2015 signed a Memorandum of
Understanding (MoU) on the Defence Salary Package.
The oil ministry has suspended ONGC director (technical) Shashi Shankar over allegations of
irregularities.
ICICI Prudential Life Insurance has crossed the ` 1-trillion mark in Assets Under Management (AUM).
ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential PLC, a leading
international financial services group headquartered in the United Kingdom.
Union Government accepted 14th Finance Commission recommendations
Recommendations of the 14th Finance Commission
Tax devolution should be the primary route for transfer of resources to the states
The increased devolution of the divisible pool of taxes is a compositional shift in transfers – from
grants to tax devolution
The panel recommended horizontal distribution by using broad parameters like population
(1971) and changes in population since then, income distance, forest cover and area among
others
Distribution of grants to States and local body was recommended by using 2011 population data
with weight of 90 percent and area with weight of 10 percent
Grants to States should be divided into two and they are
a) Grant to duly constituted Gram Panchayats
b) Grant to duly constituted municipal bodies
Grants should be divided into two parts and they include, basic grants – depending upon the
performance of the gram panchayats and municipal bodies. The ration of basic to performance
grant is 90:10 for Panchayats and 80:20 for municipalities
It recommended a total grant of 287436 core rupees for a five-year period. Of this fund, 200292
crore rupees will go for panchayats while the remainder will go to the municipalities.
SEBI Cancelled Sahara AMC's Registration As Portfolio Manager.
In order to improve governance of public sector banks, Finance Minister Arun Jaitley proposed setting
up an autonomous banks’ board bureau to help lenders raise capital for meeting expansion needs.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 7/106
The government has decided to delink 8 Centrally Sponsored Schemes (CSS), including National
eGovernance Plan, Backward Regions Grant Funds, Modernization of Police Forces and Rajiv Gandhi
Panchayat Sashaktikaran Abhiyaan (RGPSA), from its support.
In a significant move, the Government said commodities market watchdog FMC will be merged with the
capital market regulator SEBI. After the emergence of a major crisis at National Spot Exchange Ltd, the
Forward Markets Commission (FMC) was last year brought under the Finance Ministry.
RBI Announces External Advisory Committee For Evaluating Applications Of Small Finance Banks And
Payments Banks. Usha Thorat, former deputy governor of the Reserve Bank of India (RBI) will chair the
External Advisory Committee (EAC) to evaluate applications received for small finance banks, while Dr.
Nachiket Mor, Director, Central Board of the Reserve Bank will chair the EAC for payment banks. Morethan 100 entities have applied for small finance and payment banks.
In its bi-monthly monetary policy review, RBI governor Raghuram Rajan said that 72 applications for
Small Finance Banks and 41 applications for Payments Banks were received up to the deadline for
submission. This number excludes applications that might have been received at other venues.
IRDAI released India Insurance Vision 2025. The study, India Insurance Vision 2025, done by McKinsey
for CII, was formally released by TS Vijayan, Chairman of Insurance Regulatory and DevelopmentAuthority of India (IRDAI). The industry has a potential to reach $250 billion mark by 2025, it said.
To give financial confidence to the budding entrepreneur, especially those in the socially excluded
category, the government has proposed creation of a special bank – MUDRA – to fund small enterprises.
MUDRA, or the Micro Units Development Refinance Agency Bank, will have a corpus of Rs. 20,000
crore and credit guarantee corpus of Rs. 3,000 crore.
Gross bank credit grew by 10.1 per cent in the December quarter as against 14.2 per cent growth
registered in the year-ago period, according to the RBI data.
Aggregate deposits grew 10.9 per cent in the period which was slower than 15.4 percent
registered in the year-ago quarter.
Metropolitan branches, constituting 53.1 per cent of aggregate deposits and 64.2 percent of
gross bank credit, recorded the highest credit-deposit (CD) ratio at 92.3 per cent, it said. For
other population groups, CD ratio was lower than the national level of 76.4 percent.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 8/106
The CD ratio was the highest for Tamil Nadu (121.1 per cent) followed by Chandigarh (114.9 per
cent), Andhra (109.3 per cent) and Telangana (106.4 per cent).
State-run oil firms including Oil and Natural Gas Corp (ONGC) will invest over Rs. 76,565 crore on the
project expansion during 2015-16, up 5 per cent over the previous fiscal.
ONGC, the nation’s most profitable company, will see its capital expenditure rise to Rs.
36,249.37 crore as compared with Rs. 34,813 crore in the current fiscal, according to the Budget
2015-16 document.
World Bank approved USD 500 million loan for its MSME Growth
Innovation and Inclusive Finance Project to improve access to
finance for Indian small and medium enterprises in manufacturingand services sector.
The Project will support MSMEs through direct financing by
the Small Industries Development Bank of India (SIDBI) and
Participating Financial Institutions (PFIs) across three
components.
Country’s third largest software services firm Wipro has partnered
with the World Economic Forum (WEF) to develop a cyber-value-
at-risk (VAR) framework that will allow organisations to assessthreat landscape, the nature of assets needed protection and
quality of defenses.
The Reserve Bank of India (RBI) has refused to share its banks' inspection reports on alleged money
laundering laws and other violations with Central Economic Intelligence Bureau (CEIB), citing legal
hurdles.
The RBI was required to share relevant extracts of inspection reports with law enforcement
agencies and CEIB, an apex intelligence agency under the Finance Ministry, to check black
money and other financial crimes where gross violations of Know Your Customer (KYC)
guidelines and Prevention of Money Laundering Act (PMLA) are noticed, official sources said.
Bank Rate - 8.50%
Cash Reserve Ratio
(CRR) - 4 %
Statutory Liquidity
Ratio (SLR) - 21.5 %
Repo Rate - 7.50 %
Reverse Repo Rate -6.50 %
Marginal Standing
Facility (MSF) - 8.50 %
RBI RATES
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 9/106
RBI reduced Repo rate by 25 basis points to 7.5 percent
The Reserve Bank of India (RBI) on 4 March 2015 reduced the repo rate by 25 basis points to
7.5 percent with immediate effect.
This is the second time since January 2015 that RBI reduced the repo rate by 25 basis points.
With this, the reverse repo rate under the LAF stands adjusted to 6.5 percent, and themarginal standing facility (MSF) rate and the Bank rate to 8.5 percent .
The RBI reduced the repo rate outside the bi-monetary policy review cycle taking into account the
following developments:
1. The new Consumer Price Index (CPI) rebased to 2012 was released on 12 February 2015. As per
this, inflation in January 2015 stood at 5.1 percent which was well within the target of 8 percent
for January 2015.
2. The prices of vegetables and inflation excluding food and fuel reached a new low indicating that
disinflation is evolving along the path set out by the RBI in January 2014 and at a faster pace
than earlier envisaged.
3. The recently-released GDP estimates based on base year 2011-12 by Central Statistical Office
(CSO) pictures a steadily recovering economy which appears to be right.
4. In Union Budget 2015-16, many important and valuable structural reforms has been included.
This will help improve supply over the medium term and help achieve fiscal consolidation.
5. The rupee remained strong relative to peer countries, thus, creating disinflationary impulses.
To make it easier for new individual investors, market regulator SEBI announced a 'Saral' or simplified
account opening form for such persons and eased the process for submitting address proof documents.
The move comes in the backdrop of the government and the regulator making efforts to attract new
retail investors to the market especially for the disinvestment share sales through Offer For Sale (OFS)
and other routes.
Insurance Bill passed by Lok Sabha The long-pending Insurance bill, a key economic reform legislation
providing for raising foreign investment cap to 49 per cent, was passed by Lok Sabha with thegovernment insisting that the measure is crucial for expanding the penetration of insurance in the
country.
The controversial Insurance Laws (Amendment) Bill, which seeks to replace an ordinance, also
provides for imprisonment of up to 10 years for selling policies without registration with the
regulator IRDA.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 10/106
The proposed legislation will also allow PSU general insurers to raise funds from the capital
market and provides for increased penalty to deter multilevel marketing of insurance products.
The bill, one of the key reform legislations, has been pending since 2008.
Lok Sabha passed the Coal Mines bill to allow e-auction of coal blocks after the Supreme Courtcancelled their allocation leading to uncertainty in the coal sector, amid opposition by Left and some
other opposition parties.
The Coal Mines (Special Provisions) Bill, 2015, would replace two ordinances issued by the
government - - the first on October 21 last year and the other in December, after the apex court
cancelled the allocation of 204 blocks.
Replying to a debate on the bill, Coal and Power Minister Piyush Goyal said its passage would
ensure "transparent and honest" process of auctioning of coal blocks.
Highlighting the necessity of passing the bill, he warned that if the Bill is not passed, then there
could be a crisis in the coal sector with the closure of these mines.
Union Government and RBI signed an agreement on Monetary Policy Framework
Union Government and Reserve Bank of India (RBI) signed an agreement on Monetary Policy
Framework. The agreement was signed on 20 February 2015 but was made public on 2 March
2015.
The agreement empowers the RBI to go for inflation targeting that is common in developed
countries and it also empowers RBI to monitor its monetary policy framework.
As per the agreement, RBI will aim to bring down the inflation below six percent by January
2016 and inflation target for 2016-2017 and subsequent years will be 4 percent +/-2 percentage
points.
Features of the agreement that empowers RBI to monitor its framework
India’s monetary policy framework will be operated by the RBI.
India’s monetary policy framework will aim to “maintain price stability while keeping in mind
the objective of growth.
If the RBI fails to meet the target, then it will have to report to the Union Government the
reasons for the failure to achieve the target.
It will also provide the remedial action to take and estimate of the time period within which the
target would be achieved.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 11/106
It will put in place a framework of a modern monetary policy to meet the challenges of an
increasingly complex economy.
The RBI’s Governor will determine the country’s key interest rates or any measures needed to
achieve that inflation target.
It binds the Union Government to take proactive measures for price control.
The agreement will provide a predictable policy stance on inflation, helping investors, especially
in the debt market
The agreement was signed in line with the recommendations of the RBI’s Urjit Patel committee. The
committee’s recommendation will smoothen the monetary policy scene in the country. At present, the
Union Government and the RBI provides inflation estimates but don’t set any targets for it.
Union Ministry of Shipping on 3 March 2015 signed an agreement with Toyota for export of automobile
units. The export of automobile units will be done through Kamarajar Port Limited (KPL).
Giving a boost to affordable housing, the RBI eased the norms for home loans for up to Rs 10 lakh by
allowing banks to include stamp duty and registration charges to the cost of a unit. These charges form
around 15 per cent of the cost of the house and place a burden on borrowers. As per the current
practice, banks do not include stamp duty, registration and other documentation charges in the cost of
housing property.
Global food prices fell to a nearly five-year low in February this year on increased supply of key food
items and strong US dollar, according to the United Nations food agency FAO.
Food prices averaged at 179.4 points in February, down from 181.2 points in January and 208.6
points in February 2014, the Food and Agriculture Organisation’s price index showed.
FAO’s Food Price Index is a trade-weighted index that tracks prices of five major food
commodity groups on international markets. It aggregates price sub-indices of cereals, meat,dairy products, vegetable oils and sugar. FAO HQ – Rome, Italy.
National Payments Corporation of India (NPCI), the umbrella organisation for all retail payment system
in India, has successfully linked 15 crore bank accounts with Aadhaar number.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 12/106
The Reserve Bank of India's (RBI) net dollar purchases from the spot market rose to a near seven-year
high in January 2015 to $12.14 billion, a level last seen in January 2008 amounting to $13.63 billion.
In a bid to keep comfortable liquidity in the system in the fourth quarter, RBI had started making
dollar purchases more from the spot market than what they were doing earlier. Net dollarpurchases of RBI stood at $6.74 billion in December 2014.
Railways, LIC sign MoU to set up projects worth Rs. 1.5 trillion
Just within fifteen days of presenting the Railway Budget 2015-16, the Minister of Railways
Suresh
Prabhu fulfilled yet another commitment of his Budget announcement by achieving the highest
ever funding of Rs 1.5 lakh crore for Railways.
A Memorandum of Understanding (MoU) was signed between the Ministry of Railways and
Life Insurance Corporation (LIC). Under this MoU, LIC will make available to the Ministry of
Railways/its entities a Financial Assistance with a limit of 1,50,000 crore over the next five years
for implementing Railway projects. The Financial Assistance will be available from the Financial
Year 2015-16.
Terming Indian economy a "bright spot" on the global economic landscape, IMF raised its growth
forecast for the current fiscal to 7.2 per cent, even as it called for steps to revitalise the investment
cycle and accelerate structural reforms in the country.
EPFO trustees approve raising age limit under pension scheme to 60
At present, a formal sector worker covered under the EPS-95 can make contributions towards
pension scheme till the age of 58 years and can claim pension thereafter.
After the amendment to the pension scheme, a formal sector worker can choose to contribute
towards it till 60 years of age. This will provide him a benefit of 4 percent enhanced pension per
year.
India and Mauritius will work together to avoid the "abuse" of double taxation avoidance convention,
Prime Minister Narendra Modi declared, as the two countries agreed to push negotiations for a long
pending revision of the treaty.
Often corporates have been accused of laundering money through the "Mauritius route" for
channelling FDI in India and the two governments have been in negotiations to curb this
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 13/106
practice. Negotiations to amend the bilateral tax treaty have been hanging fire for a long time
amid India's apprehensions that it is being misused to route black money and evade taxes.
Reserve Bank of India has agreed for a $1.5-billion currency swap agreement with the Sri Lankan
central bank to help the island nation keep its currency stable. At the current valuation, one Indian
rupee is equivalent to 2.12 Sri Lankan rupees. It has lost almost three per cent value in comparison to
the Indian rupee so far in 2015. Arjuna Mahendran – Governor of Central Bank of Sri Lanka.
1.8 lakh accounts opened under Sukanya scheme in 2 months of launch
As many as 1.80 lakh
accounts have been opened
under 'Sukanya Samridhi
Scheme' in less than two
months of launch of thespecial programme for girl
child, with the maximum
number of accounts in
Karnataka and the least in
Bihar.
On January 22, Prime
Minister Narendra Modi had
launched a small deposit
scheme for girl child, as part
of the 'Beti Bachao Beti Padhao' campaign. The
deposits would fetch an
interest rate of 9.1 per cent
and provide income tax
rebate as well.
As per data available with the Finance Ministry, 56,471 accounts have been opened in
Karnataka, followed by 43,362 accounts in Tamil Nadu and 15,877 accounts in Andhra Pradesh.
However, Bihar accounted for the least number of accounts opened at just 204, followed by
Kerala 222 and West Bengal 334, the data showed.
National Capital Delhi saw 2,054 accounts being opened, 4,177 accounts in Haryana while 7,620
accounts have been opened in Uttar Pradesh.
Falling for the fourth straight month, wholesale price inflation showed negative growth of 2.06 per cent
in February from a year ago. It had declined -0.39 per cent in January and was 5.03 per cent in February
bout the Sukanya Samridhi ccount
1. AS PER THE DETAILS OF THE SCHEME, 'SUKANYA
SAMRIDHI ACCOUNT' CAN BE OPENED AT ANY TIME
FROM THE BIRTH OF A GIRL CHILD TILL SHE ATTAINS THE
AGE OF 10 YEARS, WITH A MINIMUM DEPOSIT OF RS
1,000. A MAXIMUM OF RS 1.5 LAKH CAN BE DEPOSITED
DURING THE FINANCIAL YEAR.
2. THE ACCOUNT CAN BE OPENED IN ANY POST OFFICE OR
AUTHORISED BRANCHES OF COMMERCIAL BANKS.
3. THE ACCOUNT WILL REMAIN OPERATIVE FOR 21 YEARS
FROM THE DATE OF OPENING OF THE ACCOUNT OR
MARRIAGE OF THE GIRL CHILD AFTER ATTAINING 18
YEARS OF AGE.
4. TO MEET THE REQUIREMENT OF HIGHER EDUCATION
EXPENSES, PARTIAL WITHDRAWAL OF 50 PER CENT OF
THE BALANCE WOULD BE ALLOWED AFTER THE GIRL
CHILD HAS ATTENDED 18 YEARS OF AGE.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 14/106
2014. Food prices rose 7.74 per cent, according to official data released in March. Inflation in prices of
onions, pulses and protein-rich food items such as egg, meat and fish rose and declined in prices of
vegetables, fruits and milk during February.
Social networking giant Facebook on 14 March 2015 acquired the shopping search engine TheFind.With the acquisition, Facebook has moved into the e-commerce. Both Facebook and TheFind cast the
acquisition as a way to lift the digital advertising business of Facebook.
India's third largest IT services exporter Wipro Ltd. announced the appointment of appointment of
former TCS top executive Mr. Abid Ali Neemuchwala as the Group President and Chief Operating
Officer of the company.
HDFC Bank launched Chillr, a mobile app that allows users to instantly transfer money to any contact intheir phonebook.
The bank has partnered with MobME, a Kochi-based technology firm, to launch this app. Chillr is
a first-of-its kind application that is linked directly to customers’ bank accounts.
With Chillr, the bank’s customers can transfer money to any person in India once they download
the app and register.
The app works on the Android and iOS operating systems and will soon be launched for the
Windows phone as well.
The app is useful for college students and young professionals. Parents whose children study in
other cities can transfer money via the app.
Soon users will also be able to pay utility bills and various merchants via the mobile, HDFC Bank
said in a statement.
Each transaction will be charged Rs. 3.50.
There is a limit of 10 transactions of Rs. 5,000 and a maximum of Rs. 50,000 in a month,
according to company officials.
The ongoing dispute between Sahara and Mirach took a new turn with the latter announcing a $400-million defamation suit against the Sahara Group and a news outlet for attempting to discredit Mirach
and its CEO in the court of public opinion.
IAS officer D K Ravi who 'exposed tax frauds' and took on land mafia in Karnataka found dead.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 15/106
The Union Cabinet on 17 March 2015 approved the Undisclosed Foreign Income and Assets (Imposition
of Tax) Bill, 2015 to deal with cases relating to black money stashed away in other countries.
Important provisions of the Bill
Concealment of income and assets and evasion of tax in relation to foreign assets will be
prosecutable with punishment of rigorous imprisonment up to 10 years.
Penalty for such concealment of income and assets at the rate of 300% of tax shall be levied
The government will give a short window to those stashing black money abroad to declare their
wealth, pay taxes and penalty, and escape prosecution under the proposed law.
Non filing of return or filing of return with inadequate disclosure of foreign assets will be liable
for prosecution with punishment of rigorous imprisonment up to 7 years.
Country's largest private sector lender ICICI Bank said it has sold its profit making Russian subsidiary
ICICI Bank Eurasia Limited Liability Company (IBEL) to Sovcombank -- marking its exit from Russia.
To encourage investment in research and entrepreneurial activities in the biotechnology field, the
government has asked the RBI to declare it as a priority sector to make lending easy for start-ups.
In keeping with his Budget announcement, Railway Minister Suresh Prabhu constituted the ‘Kayakalp’
Council and appointed industrialist Ratan Tata as its head. In, perhaps, a first, the Minister also included
two key employee representatives in the council. The Railways has about 1.55 million employees and is
considered one of the world’s largest employers.
India has overtaken the US to become the third-largest steel producer in the world with a production of
14.56 million tonnes (MT) in first two months of the year. India has been the fourth-largest steel
producer for the past five years, behind China, Japan and the US.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 16/106
Business News, MoUs and Deals
The Expert Appraisal Committee on Infrastructure Development on 31 January 2015 approved the
development of no-frill airports at Kishangarh, Ajmer in Rajasthan and Belgaum in Karnataka. Thecommittee was constituted by Union Ministry of Environment, Forests and Climate Change.
E-commerce firm Alibaba on 4 February 2015 signed an agreement to acquire 25 percent stake in
One97 Communications. One97 Communications is the parent of mobile commerce firm Paytm.
Homegrown handset maker, Micromax took over Korean electronics giant Samsung and became India’s
biggest smartphone vendor and third largest in the world. This was revealed by a report released by
research firm Canalys on 4 February 2015.
China on 9 February 2015 launched its first cruise liner to sail via its ambitious transcontinental initiative
Maritime Silk Road (MSR). The sail was launched from the Beihai port located in southwest China’s
Guangxi Zhuang Autonomous Region.
Gujarat State Handloom and Handicraft Development Corporation (GSHHDC) on 4 February 2015
signed a Memorandum of Understanding (MoU) with global e-commerce giant eBay.
CSIR-National Chemical Laboratory (CSIR-NCL) on 5 February 2015 signed a Memorandum of
Understanding (MoU) with Security Printing and Minting Corporation of India Ltd (SPMCIL). The MoU is
aimed at fostering collaboration on research and exchange of technical expertise in areas of material
sciences and testing capabilities for bank notes, security documents and coins.
The Rajasthan Government and Adani Enterprises Ltd (AEL) on 9 February 2015 signed a Memorandum
of Understanding (MoU) to jointly set up India’s largest solar park with capacity of 10000 MW of
electricity in Rajasthan.
Reliance Communications and Facebook announced a tie-up to provide free access to 33 Web sites —
an initiative that aims to encourage more people to use the Internet. These Web sites are across eight
categories — social media, news, career, education and knowledge, sports, health and social welfare
and search engine Bing. The free Web sites include Facebook, ecommerce portal OLX, Cleartrip,
TimesJobs, Babajob and sports Web site ESPN Cricinfo.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 17/106
Star India Pvt. Ltd on 11 February 2015 acquired the Telugu television channel network Maa Television
Network Ltd (MTNL) including its brand, assets and four channels for an undisclosed amount.
Microsoft on 11 February 2015 acquired Sunrise for 100 million US dollars. Sunrise is the maker of one
of the top calendar apps for iOS and Android.
Union Government constituted Anil Baijal Panel to suggest a framework to assess CSR activities.
The India Cements Limited on 11 February 2015 transferred the Indian Premier League (IPL) team
Chennai Super Kings Cricket (CSK) franchise to its new subsidiary Chennai Super Kings Cricket (CSKC)
Limited.
The Board of Directors of Grasim Industries Limited on 11 February 2015 approved the proposed merger
of Aditya Birla Chemicals (India) Limited (ABCIL) with Grasim.
FMCG major ITC has entered into an agreement with Johnson & Johnson to acquire its brands, ’Savlon’
and ‘Shower To Shower’, in India.
Kerala-based business conglomerate Muthoot Group on 14 February 2015 tied-up with World WideFund (WWF) for Nature-India for its Friends for Life project.
To create ‘India’s first online luxury mall’, online marketplace Snapdeal.com announced the acquisition
of Exclusively.com (formerly Exclusively.in), the definitive online destination for premium and luxury
fashion.
Mashable, the leading media company for the Connected Generation, and India.com Web Portal
Limited, India's fastest-growing and leading publisher of original content, on Wednesday announcedtheir partnership to launch Mashable India.
Europe-based RUAG Aerostructures and Tata Group firm TAL Manufacturing Solutions on 17 February
2015 signed a multi-year contract worth over 150 million US dollar to supply components for Airbus 320.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 18/106
Samsung Electronics Co has bought U.S. mobile wallet startup LoopPay, signaling its intention to launch
a smartphone payments service to compete with a recent offering from rival Apple Inc.
The National Stock Exchange (NSE) signed a Memorandum of Understanding (MoU) on 26 February
2015 with the Gujarat International Finance Tec-City (GIFT) to establish an international exchange in
Gujarat. The MoU was signed in the presence of Gujarat Finance Minister Saurabh Patel.
Tech giant International Business Machines Corporation (IBM) on 23 February 2015 tied-up with IT
services major Tech Mahindra Limited to build a platform for the development of cloud-based apps for
its clients to increase hybrid services adoption.
Self-drive car rental service Zoomcar on 25 February 2015 tied-up with automaker Tata Motors Limited
to add 50 more new Nano cars to its fleet. These new cars will be split between Pune and Bengaluru.
Andhra Pradesh (AP) Government on 23 February 2015 signed Memorandum of Understanding (MoU)
with Wipro for building and implementing the AP State Enterprise Architecture (APSEA).
Tata Power has signed a Memorandum of Understanding (MoU) with Siberian Coal Energy Company
(SUEK) to develop opportunities in the energy sector.
The 5th India-Myanmar Joint Trade Committee (JTC) meeting was held in Nay Pyi Taw in Myanmar on 17
February 2015.
The first Renewable Energy Global Investors Meet & Expo, also called RE-Invest 2015, was held in New
Delhi from 15 February 2015 to 17 February 2015. The meet was organised by the Union Ministry of
New and Renewable Energy as a follow-up to the Make in India initiative of the Prime Minister.
Google on 24 February 2015 acquired Facebook mobile marketing startup Toro. Toro Company is best
known for its Facebook ad campaigns. The financial terms of the deal were not disclosed.
Ola on March 2, 2015 acquired TaxiForSure for $200 million in a cash and equity deal, signaling
consolidation in the $11 billion taxi industry. Ola and TaxiForSure will continue to operate as separate
entities.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 19/106
Anil Ambani-led Reliance Infrastructure Ltd on 4 March 2015 announced the acquisition of
management control of Pipavav Defence and Offshore Engineering Company Ltd (PDOE) for 2082.3
crore rupees. With this acquisition, Reliance Infrastructure Ltd will foray into the emerging business of
defence production.
Forbes magazine on 3 March 2015 released Global Billionaire’s 2015 annual list. Bill Gates co-founder of
Microsoft topped the global billionaires list of Forbes magazine with worth of 79.2 billion US dollars for
the 16th time. The United States topped the list with 536 rich people, followed by China at 213 rich
people, Germany at 103 rich people and India at 90 rich people.
Among Indian women, Savitri Jindal and family was ranked 283 on the list with a net worth of
$5.3 billion in 2015, up from $4.9 billion in 2014.
Sun Pharma Group's promoter Dilip Shanghvi moving ahead of Reliance Industries' Mukesh Ambani to
become the richest Indian. Excluding Ranbaxy's valuation (its merger with Sun Pharma is yet to becompleted), Shanghvi's net worth after recent gains was Rs 1.4 lakh crore. Ambani's net worth was Rs
1.3 lakh crore.
Flipkart on 6 March 2015 acquired mobile ad network AdiQuity. The acquisition is aimed at increasing
advertising muscle of Flipkart.
Tata Motors-owned Jaguar Land Rover (JLR) is set to build its first all-electric car in Austria. The luxury
car-maker’s Jaguar brand could begin production of the vehicle next year.
Tata Consultancy Services has been named as the top employer in Europe for the third consecutive
year by a top employers certification agency Top Employers Institute, citing the Indian IT major as an
“exceptional performer” in nine core human resources areas.
Fast moving consumer goods major Emami Ltd has roped in actor Hrithik Roshan as one of the brand
ambassadors for the ‘Fair and Handsome’ brand. Hrithik, already a brand ambassador for Emami’s “He”
range of men’s deodorants, will now endorse the “fairness” face-wash (under the Fair and Handsome).
With e-commerce business growing in India, realty major DLF has tied-up with online market place
Snapdeal to sell its apartments and would offer 1 per cent discount to potential home buyers. DLF will
offer on Snapdeal about 50 flats in eight housing projects across the country in a price range of Rs 34
lakh to Rs 3 crore.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 20/106
Union Ministry of Corporate Affairs on 10 March 2015 released data of top ten Corporate of 2014. The
pack of top ten corporate comprises of eight public sector undertakings and two private sector
undertakings.
In term of assets, Reliance Industries Ltd (RIL) is the largest corporate with assets worth 3.68lakh crore rupees. RIL is followed by state-owned Indian Oil Corporation (IOC) with assets worth
2.52 lakh crore rupees and mortgage lender Housing Development Finance Corp (HDFC) with
assets worth 2.25 lakh crore rupees.
News Related to India
10th Aero India show concluded in Bengaluru
10th Aero India show concluded on 22 February 2015 at the Yelahanka Air Force Station in Bengaluru,
Karnataka. The five-day long show had started on 18 February 2015 and was inaugurated by Prime
Minister Narendra Modi.
During the 10th Aero India show, audience witnessed the performance of Sarang aerobatic team from
the Indian Air Force (IAF) flying the Dhruv helicopters. Squadron Leader Deepika Misra and FlightLieutenant Sandeep Singh became the first women to be a part of SARANG Team.
Audiences also witnessed the aerobatic performances of the aerobatic teams from Sweden, England,
Czech Republic and Open Sky Jump team from US.
Highlights 10th Aero India show
The 10th edition of Aero Show was focused on Make in India campaign of the Union
Government. It is aimed at encouraging small and medium industries to invest in defencemanufacturing base.
Delegates from 109 countries participated in the event and over 700 companies from India and
abroad took part in the exhibition.
In the exhibition, India showcased its indigenously made Light Combat Aircraft (LCA) Tejas,
Advanced Light Helicopter Dhruv, radars, missiles, satellites, Unmanned Aerial Vehicles (UAVs)
and Airborne early warning and control system (AWACS) .
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 21/106
Moreover, the foreign military aircraft also were displayed that included F-15C Eagle, Lockheed
F-16C, Boeing KC-135, Boeing C-17, Rafale and Embraer EMB-145I etc.
The United States with 64 companies had the biggest presence at the event.
Aero India Show is a biennial air show and aviation exhibition which is held in Bangaluru at the
Yelahanka Air Force Station.
On 10 February 2015, Delhi Elections 2015 counting was held. AAP won 67 seats and BJP just 3.
Bharatiya Janata Party's chief ministerial candidate Kiran Bedi lost to Aam Aadmi Party candidate SK
Bagga in the Krishna Nagar constituency by 2277 votes. Congress party candidates lost deposits in 63 of
the 70 seats, including senior leaders Ajay Maken, Yoganand Shastri, Kiran Walia and Sharmistha
Mukherjee. Arvind Kejriwal took oath as the CM of Delhi on 14 February 2015.
Hindustan Aeronautics Limited (HAL) on 5 February 2015 bagged a Defence contract of 1090 crore
rupees for supplying 14 Do-228 aircrafts to Indian Air Force (IAF) along with six reserve engines, one
flight simulator and associated equipment.
Prime Minister Narendra Modi on 8 February 2015 announced constitution of three sub-groups of Chief
Ministers within the NITI Aayog. The decision was made after the first meeting of the Governing Council
of NITI Aayog.
Uttarakhand Government on 7 February 2015 launched Himalaya Darshan programme at Dehradun.
The programme was launched as part of ongoing efforts to boost tourism by the State Government.
Mobile application-based taxi aggregator Uber on 11 February 2015 had introduced two new India
specific safety features. The features include panic buttons and in-app tracking tools.
The Navy is learnt to have taken the call to retire the decrepit warhorse INS Viraat, the aircraft carrier in
2016 that has had a service life of 56 years as on date — first as HMS Hermes in the Royal British Navy
and in its present avatar since 1987.
Union Ministry of Home Affairs on 12 February 2015 constituted a three-member Special Investigation
Team (SIT) for re-investigation of the 1984 anti-Sikh riot cases. The three-member SIT will be headed by
Pramod Asthana, an IPS officer of 1986 batch.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 22/106
India on 14 February 2015 successfully test-fired a BrahMos supersonic cruise missile from Indian
Navy's latest destroyer INS Kolkata.
Vanaj 2015 is a weeklong National Tribal Festival for the first time. It was in news as it was inaugurated
by the Union Minister of Tribal Affairs Jual Oram on 13 February 2015 at the the Indira Gandhi NationalCenter for Arts (IGNCA), New Delhi.
The third National Lok Adalat on 14 February 2015 disposed of 56000 cases in a single day. It also
disbursed of 265 crore rupees as claims towards final settlement in bank recovery and cheques bounce
cases.
Construction of toilets under Prime Minister Narendra Modi's dream project, Swachh Bharat Abhiyan,
has gained momentum with 7.1 lakh individual household toilets being built in January, the highest forany month since the project was launched in October, government data showed.
Dosmoche festival was celebrated with religious and traditional fervor in the Ladakh region of Jammu
and Kashmir in the third week of February 2015. The festival was celebrated with a week-long period of
prayers and ritual at Liker monastery.
India and Sri Lanka on 16 February 2015 signed bilateral agreements on civil nuclear cooperation,
cultural cooperation and cooperation in the field of Agriculture. Besides, an agreement was also signed
for Sri Lanka's participation in the Nalanda University Project.
Union Government on 18 February 2015 approved Project-17A worth 8 billion US dollar. The project is
aimed at building country's most advanced warships. Under the Project-17A seven frigates will be built
indigenously with stealth features to avoid easy detection.
India on 19 February 2015 successfully test-fired nuclear weapons capable, surface-to-surface Prithvi-II
missile from Chandipur-on-sea in Balasore district, Odisha as part of a user trial by the army. The missile
was tested for a shortened range of 250 km as against its full range of 350 km.
India’s first air quality checking Mobile App, SAFAR-Air was launched on 17 February 2015 at the Indian
Institute of Tropical Meteorology in Pune, Maharashtra.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 23/106
State Government of Bihar on 18 February 2015 decided to give 35 percent reservation to women in
non-gazetted government jobs.
Justice KS Radhakrishnan panel on road safety submitted its report to the Supreme Court.
Prime Minister Narendra Modi on 19 February 2015 launched the nationwide Soil Health Card Scheme
in Suratgarh town of Sriganganagar district, Rajasthan. The nationwide scheme will help farmers to
scientifically analyse the soil of farms in the country. The scheme aims at helping farmers in improving
productivity by appropriate use of nutrients or fertilisers.
Himachal Pradesh is set to become the country's first state to present a 'paperless' budget on March
11.
The 29th Surajkund International Crafts Mela was celebrated from 1 February 2015 to 15 February
2015 at Surajkund, Faridabad. Chhattisgarh was selected as the Theme State while Lebanon was
Partner Nation for the Surajkund Mela.
IRCTC Tied Up With Jubilant Foodworks to Deliver Pizza at Train Seats . Jubilant FoodWorks Ltd is an
Indian company based in Noida, Uttar Pradesh which holds the master franchise for Domino's Pizza in
India, Nepal, Sri Lanka and Bangladesh, and also for Dunkin' Donuts in India.
The Eighth India-Nepal Battalion level Combined Military Training named Exercise Surya Kiran-VIII,
commenced on 23 February 2015 at Integrated Army Training Centre, Saljhandi, Nepal. The exercise will
end on 8 March 2015.
The Delhi Government on 24 February 2015 launched a mobile application mLiquorSaleCheck for the
benefit of the customers and to put a cap on sale of illicit liquor. The App will provide detailed
information about the liquor being sold in the city.
Delhi Chief Minister Arvind Kejriwal has been made a member of the Governing Council of newly
formed NITI Aayog, which has Prime Minister Narendra Modi as its chairman. Kejriwal has come in
place of national capital territory's Lieutenant Governor Najeeb Jung.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 24/106
Madhya Pradesh governor Ram Naresh Yadav on 25th February, 2015 sent his resignation after the
Union home ministry asked Yadav to step down after he was named in an exam scam in the state.
World Bank in January 2014 released a strategy report titled Building Resilience for Sustainable
Development of the Sundarbans. The report states that the environmental damage in the climatechange-hit islands of Sundarbans is costing India a sum of 1290 crore rupees annually.
Union Ministry of Chemicals & Fertilizers on 25 February 2015 declared the year 2015 as the Year of
Active Pharmaceutical Ingredients (API). It was declared by the Union Minister of Chemicals &
Fertilizers Ananth Kumar.
Dreaded terror group ISIS and all its affiliate organizations, responsible for series of savage attacks and
killings in Iraq and Syria, have been banned in India under the Unlawful Activities (Prevention) Act.Earlier Home Minister Rajnath Singh had said in Parliament on December 16, 2014 that the West Asian
group had already been declared banned in India under a United Nations Schedule.
Government will roll out a pilot project to give a digital boost to the flagship rural job scheme MNREGA
in gram panchayats to ensure its better implementation through mobile monitoring system . Under the
scheme expected to be functional from April this year, a total of 35,000 gram panchayats will be covered
which would be given a mobile/tablet, Minister of State for Rural Development Sudarshan Bhagat said in
a written reply in Lok Sabha. An amount of Rs 35 crore have been sanctioned as each mobile/tablet
would be costing Rs 10,000.
The Union Cabinet on 25 February 2015 approved the implementation of the scheme for setting up of
15000 Mega Watt (MW) Grid-connected Solar Photo Voltaic (SPV) Power projects under the National
Solar Mission (NSM).
The Telecom Regulatory Authority of India (TRAI) on 25 February 2015 issued 6th Amendment to the
Telecommunication Mobile Number Portability Regulation, 2009. This amendment will facilitate full
MNP (Pan-India Portability) across India with effect from 3 May 2015.
Indian Air Force, Army and Navy have placed orders worth Rs 83,858 crore from 2011 to the last fiscal
while domestic defence industries have earned Rs 69 crore by export of military hardware. Replying to
questions in the Lok Sabha, Parrikar also said that Foreign Direct Investment amounting to Rs 24.36
crore has been received after government opened the defence industry for private sector.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 25/106
The Zoological Society of London (ZSL) and the Gujarat Forest Department on 26 February 2015 signed
a memorandum of understanding (MoU) for conservation of Asiatic lion and its habitat.
Andhra Pradesh has become the first state to opt for executing the National Optical Fibre Network
(NOFN) on its own and the telecom department will reimburse the cost for the same.
Indian Navy on 27 February 2015 concluded its Theatre Level Readiness and Operational Exercise
(TROPEX)-2015. The event encompassed all dimensions of maritime warfare.
Union Government on 12 February 2015 approved revised Guidelines for Pradhan Mantri Gram Sadak
Yojana (PMGSY). The guidelines were revised to accord priority in the selection of roads for new
connectivity as well as upgradation, leading to the eligible habitations in the Gram Panchayats identified
by the Members of Parliament (MP) under Saansad Adarsh Gram Yojana (SAGY).
Union Government blocked private email network like Yahoo and Gmail for official work. The aim of the
move is to monitor staff's online activities.
Mufti Mohammad Sayeed led Jammu and Kashmir People's Democratic Party and Bharatiya Janata Party
formed J&K Government jointly. Mufti Mohammad Sayeed will take oath as CM on 1 st March, 2015.
Defence Acquisition Council (DAC) on 28 February 2015 approved buying of 38 more Pilatus trainer
aircraft from Switzerland at a cost of 1500 crore rupees. These trainer aircraft will train Indian Air Force (IAF) fighter pilots. Besides, DAC appointed Goa Shipyard Limited (GSL) as the lead agency to build 12
Mine Counter Measure Vessel (MCMV) for the Navy. The decision was taken by DAC meeting chaired
by Union Defence Minister Manohar Parrikar.
A Bill to amend the Citizenship Act, one of the six items on which government had issued ordinances,
was today passed by the Lok Sabha. The Citizenship (Amendment) Bill, 2015 seeks to remove disparity
between Persons of Indian Origin cardholders and Overseas Citizens of India cardholders.
In order to facilitate last mile connectivity to passengers and tourists, the IRCTC has launched concierge
services at New Delhi railway station. The service aims to facilitate train passengers at the station in
hiring a porter, getting information regarding running status of the trains, and arranging a taxi for
dropping the passenger to his residence or hotel, a senior IRCTC official said.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 26/106
The Election Commission of India (ECI) on
3 March 2015 launched National Electoral
Roll Purification and Authentication
Programme (NERPAP) throughout India.
The programme was launched with the
prime objective to bring a total error-freeand authenticated electoral roll. During
the NERPAP, Electronic Privacy
Information Centre (EPIC) data of electors
will be linked with Aadhar data of UIDAI
for the purpose of authentication.
President Pranab Mukherjee on 2 March 2015 gave his assent to the Maharashtra Animal Preservation
(Amendment) Bill 1995. This amendment bans slaughter of bulls and bullocks in Maharashtra. Presidentgave his assent to the Bill as per the provisions in Article 201 of the Constitution of India.
Features of the amendment
If anyone is found selling beef or in possession of it can be jailed for five years and fined up to
10000 rupees.
The new act will however allow slaughter of water buffaloes, which provides carabeef, generally
seen as inferior quality meat (that makes up only 25 percent of the total beef market in the
state).
World’s largest and tallest Indian national flag was unfurled on 3 March 2015 at Town Park in
Faridabad, Haryana. The flag was unfurled by BJP president Amit Shah, Haryana CM ML Khattar and
Bollywood actor Ranbir Kapoor.
The flag has dimension of 96 feet by 64 feet and weighs 48 kilograms. Flag was hoisted at the
height of 250 feet (75 meters). Thus, making it the world’s largest and the highest hoisted
Indian flag in the world.
The unfurling event was organised by Nav Chetna Trust which is formed to work on social issues
like Beti Bachao Beti Padhao Campaign and Swachh Bharat Mission.
Another such flag is located at the Central Park in Connaught Place, New Delhi. This flag is 60
feet in width and 90 feet in length and is hoisted at the height of 207 feet.
MOST IN NEWS
BRITISH BROADCASTING CORPORATION(BBC) ON 4 MARCH 2015 RELEASED A
DOCUMENTARY FILM INDIA'S DAUGHTER.
THE DOCUMENTARY FILM HAS BEEN
DIRECTED BY LESLEE UDWIN.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 27/106
National Building Construction Corporation Ltd (NBCC) and Delhi Development Authority (DDA) on
March 4, 2015 signed an MoU for the first smart sub-city to come up at Karkardooma in East Delhi. The
30-hectare DDA land will be developed by NBCC as the first transit oriented development (TOD) smart
city in Delhi -- ‘East Delhi Hub Project’.
Union Minister Raosaheb Dadarao Danve, who was made Maharasthra BJP president a few months
back, resigned from the Council of Ministers over the principle of ‘one-man, one-post’. Mr. Danve, who
held the portfolio of Minister of State for Consumer Affairs, Food and Public Distribution, quit the
Council of Ministers over the principle of ‘one-man, one-post’, the sources said.
Foreign Secretary S Jaishankar completed his SAARC Yatra of four nations on 4 March 2015. His SAARC
Yatra started on 1 March 2015 and ended on 4 March 2015. He undertook the SAARC Yatra with an aim
to firm up India’s ties with members of the grouping while reviewing regional and bilateral cooperation.
During the Yatra, he visited four countries namely Afghanistan on 4 March 2015, Pakistan on 3 March
2015, Bangladesh on 2 March 2014 and Bhutan on 1 March 2015.
Jaishankar visit to Afghanistan: During the visit, he called on Afghan President Ashraf Ghani and
CEO Abdullah Abdullah and held extensive talks focusing on India's development projects and
the security situation in the war-torn country.
Jaishankar visit to Pakistan: During the visit, he held Foreign Secretary level talks with his
Pakistani counterpart Aizaz Chaudhary, which was cancelled in July 2015. He also met with
Prime Minister Nawaz Sharif and his Advisor on Foreign Affairs and National Security Sartaj Aziz.
He handed over a letter from Prime Minister Narendra Modi to Pakistan Prime Minister Sharif.
Jaishankar visit to Bangladesh: During the visit, Jaishankar met with Prime Minister of
Bangladesh Sheikh Hasina in Dhaka. He also met with Bangladesh Foreign Minister Abul Hassan
Mahmud Ali and Bangladesh Foreign Secretary Shahidul Haque. He held foreign secretary level
talks in Dhaka.
Jaishankar visit to Bhutan: During the visit, he met with Bhutanese Prime Minister Tshering
Tobgay and held discussions on SAARC co-operation and bilateral ties. He also met with the 4th
King of Bhutan Jigme Singye Wangchuck.
Indian Prime Minister Narendra Modi has been named among the 30 most influential people on theinternet by Time magazine. The list also features President Barack Obama. Time said Prime Minister
Modi roughly has 38 million followers on social networking sites.
The Kathmandu-Varanasi-Kathmandu bus service was on 5 March 2015 flagged off jointly by India and
Nepal. Nepal Minister for Physical Infrastructure and Transport Bimalendra Nidhi and Ambassador of
India to Nepal Ranjit Rae flagged off the bus service.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 28/106
Prime Minister Narendra Modi on 5 March 2015 inaugurated two units of 600 Mega Watt (MW) each
of Shree Singaji Thermal Power Project at Dongliya village in Khandwa district of Madhya Pradesh. The
first phase of Shree Singaji Thermal Power Project with 1200 MW capacity has been developed by
Madhya Pradesh Power Generation Company Limited (MPPGCL) at an expense of 7820 crore rupees
With the commissioning of two plants, the total thermal power generation capacity of the State
increased to 4500 MW.
British Broadcasting Corporation (BBC) on 4 March 2015 released a documentary film India's
Daughter.
The documentary film has been directed by Leslee Udwin.
The film is based on the Delhi gang rape and murder of the 23-year-old female named Nirbhaya
that took place on 16 December 2012. The film was simultaneously released in Denmark,
Sweden, Switzerland, Norway and Canada.
The documentary includes an interview conducted by British filmmaker Leslee Udwin and BBC
of Mukesh Singh, the driver of the bus. Mukesh has made derogatory statements against
women.
India and Spain on 5 March 2015 signed an agreement on Mutual Protection of Classified Information
to provide the framework for enhanced bilateral cooperation in areas of defence research,
development and technology cooperation. The agreement was signed by the Defence Minister Manohar Parrikar and Defence Minister of Spain Pedro Morenes Eulate. It was signed during the official visit of
Defence Minister of Pedro Moremes to India.
Subway opened an all-women operated outlet in Mumbai.
National Research Development Corporation (NRDC) and Council for Research in Ayurvedic Sciences
(CCRAS) on 5 March 2015 signed a Memorandum of Agreement (MoA) to commercialise ayurvedic
medicines and technologies developed at CCRAS. The MoA was signed by Abhimanyu Kumar, Director
General of CCRAS and H Purushotham, Chairman & Managing Director of NRDC. The MoA provides
Intellectual Property Rights services to CCRAS in India and abroad.
The government has decided to recruit young female officers in the force and deploy them at select
locations like Nathula Pass along the Indo-China frontier. This is a maiden initiative undertaken for
women empowerment in the Indo-Tibetan Border Police (ITBP). Till now, women could only don the
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 29/106
combat uniform in the officer cadre in all central security forces like the Central Reserve Police Force
(CRPF), Central Industrial Security Force (CISF) and the border guarding forces Border Security Force
and Sashastra Seema Bal, except ITBP.
Haryana Chief Minister Manohar Lal Khattar on 8 March 2015 launched a scheme for girl child – AapkiBeti Humari Beti. The scheme was launched with an aim to combat the problem of declining child sex
ratio in the state.
The scheme was announced at a state-level function on the occasion of International Women’s
Day at Panchkula. Khattar launched the scheme by giving away a cheque of 21000 rupees each
to mothers of six female children born on or after 22 January 2015.
Key Characteristics of the Scheme
Under the scheme, the first girl child born on or after 22 January 2015 in Schedule Caste (SC)
and Below Poverty Line (BPL) families will be eligible to receive 21000 rupees.
The second girl child born on or after 22 January 2015 of all families will also receive the same
amount.
Families where twin girls or multiple girls are born will also get 21000 rupees per girl child.
Other schemes that were launched during the function
Haryana Kanya Kosh: for the welfare and development of girl child and women in the state
Multi Sectoral Nutrition Programme: The programme will address the maternal and child
nutrition in five districts namely Mewat, Fatehabad, Narnaul, Palwal and Kaithal.
Maharashtra Government on 8 March 2015 launched Bhagyashree scheme for girl child. The schemereplaced Sukanya scheme. As per the scheme, the state government will deposit an amount of 21200
rupees in bank for a girl child born in a Below the Poverty Line (BPL) family. The Bhagyashree scheme
aims at providing one lakh rupee on maturity after the girl completes 18 years of age. The scheme was
launched by the Chief Minister of Maharashtra Devendra Fadnavis in the presence of Bollywood actress
Bhagyashree. Bollywood actress Bhagyashree is the brand ambassador of the scheme.
Prime Minister Narendra Modi on 9 March 2015 launched the first indigenously developed Rotavirus
vaccine named Rotavac. This is the third such vaccine, besides GSK Rotarix and Merck’s RotaTeq
available globally against Rotavirus.
First Kisan Call Centre (KCC) of North-East was opened on 9 March 2015 in Agartala, Tripura. The KCC
was launched by the Tripura Chief Minister Manik Sarkar. KCC was financed by the Tripura
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 30/106
government. It will be run by a private enterprise with experts of agriculture, horticulture, fisheries and
animal husbandry.
Former Prime Minister Manmohan Singh, industrialist Kumar Mangalam Birla, ex-coal secretary P C
Parakh and three others were summoned as accused by a special court in a coal scam case pertaining to
the allocation of Talabira-II coal block in Odisha in 2005 and asked to appear before it on April 8. Special
CBI Judge Bharat Parashar summoned the six accused on April 8 for the alleged offences punishable
under Sections 120-B (criminal conspiracy) and 409 (criminal breach of trust by public servant, or by
banker, merchant or agent) of the IPC and under the provisions of the Prevention of Corruption Act
(PCA).
Parliament gave nod to a Bill seeking to pave the way for plying of e-rickshaws on the roads of the
national capital region, with the government considering a proposal to provide credit to buy these
battery- operated vehicles. The Rajya Sabha passed the Motor Vehicles (Amendment) Bill, 2015 to
amend the 1988 Act by a voice vote. The measure was adopted by the Lok Sabha on March 3.
WWF India and Tata Capital Housing Finance Ltd have announced a partnership to support
conservation programmes for three critically endangered species — the great Indian bustard, greater
one-horned rhinoceros, and red panda.
India, Seychelles Sign Four Pacts to Boost Security Cooperation – Narendra Modi visited Seychelles
Seeking to expand its footprint in the strategic Indian Ocean, India today agreed to help
Seychelles in mapping its hydrology reserves under four agreements signed during the visit of
Prime Minister
Narendra Modi who launched a coastal surveillance radar project to boost security cooperation
with the island nation.
The Prime Minister also announced that India will give a second Dronier aircraft to Seychelles
and provide free of cost visas for three months for its citizens and making it available to them on
arrival.
After one-to-one and delegation-level talks with Seychelles President James Alix Michel, Modi,
the first Indian Prime Minister to visit Seychelles in 34 years, also said they underlined the
importance of comprehensive cooperation in the Indian Ocean region.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 31/106
About Seychelles
The 115-island country, whose capital is Victoria, lies 1,500 kilometres (932 mi) east of mainland
Southeast Africa.
The currency of Seychelles is Seychellois rupee.
The President of Seychelles is James Michel.
India and Mauritius inked five MoUs to give impetus to bilateral relations – Narendra Modi visited
Mauritius
India and Mauritius inked 5 Memorandum of Understandings (MoUs) on 11 March 2015 to give
new impetus to bilateral co-operation between the two nations. The MoUs were signed in Port
Luis in presence of Prime Minister Narendra Modi and his Mauritian counterpart Sir Anerood
Jugnuth.
Prime Minister Narendra Modi is on a five day official tour of three ocean nations, namely
Seychelles, Mauritius and Sri Lanka. The journey started on 10 March 2015 and will conclude on
14 March 2015.
This is the first visit to Mauritius by an Indian Prime Minister in over three decades.
The five MoUs which were signed between the two nations include
1.
MoU in the field of Ocean Economy: The agreement provides for mutually beneficial
cooperation for exploration and capacity development in the field of marine resources, fisheries,
green tourism, research and development of ocean technology, exchange of experts and otherrelated activities
2. MoU on Programme for Cultural Cooperation for the year 2015-18: The programme will help to
enhance bilateral cooperation and will also enhance greater people-to-people participation
between the two countries.
3. MoU on the Protocol for the importation of fresh mango from India: The aim of this Protocol is
to facilitate importation of fresh mango fruits from India by Mauritius to enable the Mauritian to
relish the flavor of the world-renowned Indian mangoes.
4. MoU for the Improvement in Sea and Air Transportation Facilities at Agalega Island of
Mauritius: This will help in betterment of the condition of the inhabitants of this remote Island.
These facilities will enhance the capabilities of the Mauritian Defence Forces in safeguarding
their interests in the Outer Island.
5. MoU on Cooperation in the field of Traditional System of Medicine and Homeopathy: This
MoU will promote cooperation in the field of traditional system of health and medicine between
the two countries. It envisages exchange of experts, supply of traditional medicinal substances,
joint research and development and recognition of the traditional systems of health and
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 32/106
medicine in both countries. It also aims at promotion and popularization of the various Indian
traditional systems which fall under AYUSH.
Modi commissions India-built Mauritian naval patrol ship Barracuda
’Barracuda’ which has automatic 30 mm Rapid Fire Gun and 12.7 mm Heavy Machine Guns aspart of its ammunition was handed over to Mauritius in December 2014 by Kolkata-based
Garden Reach Shipbuilders and Engineers Ltd (GRSE).
About Mauritius
Capital of Mauritius is Port Louis.
Currency of Mauritius is Mauritian rupee.
The president and prime ministers are Kailash Purryag(President) and Anerood Jugnauth(Prime
Minister).
India, Sri Lanka sign four agreements – Narendra Modi Visited Sri Lanka
India and Sri Lanka signed four agreements during Narendra Modi’s maiden visit to the country,
the first bilateral tour by an Indian Prime Minister in 28 years, with the PM announcing a slew of
measures aimed at resetting ties with the strategic neighbour.
Prime Minister Modi, who arrived here this morning on the final stop of his three-nation tour of
Indian Ocean island nations, met Lankan President Maithripala Sirisena and discussed bilateral
and issues of regional importance.
The two sides signed four agreements on visa, customs, youth development and building
Rabindranath Tagore memorial in Sri Lanka.
About Sri Lanka
President - Maithripala Sirisena
Prime Minister - Ranil Wickremesinghe
Capitals: Sri Jayawardenepura Kotte, Colombo
Currency: Sri Lankan Rupee
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 33/106
Olympic medal winning boxer MC Mary Kom is being appointed as the brand ambassador of the
Northeast to showcase the potential of the region which offers Rs. 2.4 trillion business opportunities
across various sectors.
The Haryana Government has imposed a complete ban on the sale of beef in any form and proposed to
provide for 10 years rigorous imprisonment for cow slaughter, but ruled out equating it with murder.
The city of New Delhi got its name on December 31, 1926, according to archival documents of the
period at the National Archives of India (NAI).
New city 'NAINA' to come up over 600 square km near Navi Mumbai airport.
After severe floods in Jammu and Kashmir and cloudburst in Uttarakhand, the government said it has
formulated a Himalayan Meteorology Programme for better understanding of weather in the
mountainous States.
Agra’s tourist attraction Taj Mahal has emerged as the most popular in Asia for global ‘virtual
travelers’, according to Google. Google Street View is a technology featured in Google Maps and Google
Earth that provides panoramic views from positions along many streets in the world.
Facebook restricted access to nearly 6,000 pieces of information on its website in India during July-
December 2014 period, the highest for any country, following requests from government and other
agencies to act against hate-content on the social media platform.
The Supreme Court of India (SC) on 17 March 2015 quashed the Union Government’s decision to include
Jats in the Central Other Backward Classes (OBC) list.
India and Kyrgyzstan signed a memorandum of understanding, seeking to strengthen the bilateral
cooperation between the two nations in the textile sector.
Wildlife Management of Palvancha on 18 March 2014 announced eco-restoration project for Kinnersani
Sanctuary in Telangana.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 34/106
National Green Tribunal (NGT) on 18 March 2015 directed the Indian Railways to impose a fine of 5000
rupees on individuals spotted littering or throwing waste on the railway platforms and railway tracks.
The order was given with an aim to implement the genesis of Swacch Bharat Abhiyan and was passed by
a bench headed by NGT Chairperson Justice Swatanter Kumar.
Indigenously developed Beyond Visual Range (BVR) air-to-air missile, Astra, was successfully test fired
at the Integrated Test Range (ITR), Chandipur in Odisha on 18 March 2015. It was test-fired aboard a
Sukhoi-30 fighter aircraft.
Maharashtra Government on 18 March 2015 announced to rename Girgaum Chowpatty as Swaraj
Bhoomi to honour veteran freedom fighter Bal Gangadhar Tilak.
RBI to issue Rs. 5 coins to mark 125th Jawaharlal Nehru anniversary.
In a first, the country's largest border guarding force-- BSF-- will have a woman IPS officer. The officer,
who has broken the proverbial glass ceiling in the paramilitary force tasked to secure two of the most
important Indian borders with Bangladesh and Pakistan, is 1996-batch Himachal Pradesh cadre Satwant
Atwal Trivedi. Trivedi, who has been posted as the Deputy Inspector General (DIG) in the 50 year-old
force, is at present serving as IG (crime and cyber security) in Himachal Pradesh. She also holds the
distinction of being the first women IPS officer in the hill state.
The Rajiv Gandhi International Airport (RGIA) in Hyderabad clocked 10 million passengers in the financial
year 2014-15. Bhanu Khannan who arrived at the airport from a Chennai bound flight emerged as the 10
millionth passenger at the airport.
Megastar Amitabh Bachchan on 13 March 2015 was roped in as the brand ambassador for Union
Government’s campaign against Hepatitis B, a critical public problem in India. Bachchan was roped in as
the brand ambassador for India’s fight against Hepatitis B after his successful stint as UNICEF’s
goodwill brand ambassador of pulse polio campaign in India.
The Union Cabinet on 20 March 2015 approved 33 percent reservation for women in police forces of all
Union territories (UTs) including Delhi police, through direct recruitment in non-gazetted posts like
constables to sub-inspectors.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 35/106
News around the World
Japan on 1 February 2015 successfully launched the Information Gathering Satellite, a spy satellite. The
Satellite was launched from the Tanegashima Space Centre in the Kagoshima Prefecture in the south ofJapan.
India and China on 2 February 2015 jointly launched the Visit India Year in China in Beijing during the
visit of Indian External Affairs Minister Sushma Swaraj to China.
Pakistan on 2 February 2015 successfully test-fired indigenously developed Air Launched Cruise Missile
(ALCM) Ra’ad. The missile, also called Thunder in Arabic, has been developed by Pakistan's Air Weapons
Complex and NESCOM.
NASA on 31 January 2015 successfully launched its first Earth satellite Soil Moisture Active Passive
(SMAP). The satellite is designed to collect global observations of the vital soil moisture.
The Nagasaki-based Henn-na Hotel (meaning Strange Hotel) of Japan in the first week of February
2015 announced to open the first Robot-staffed Hotel of the World. The hotel will be opened on 17 July
2015 and it will significantly reduce the operating costs.
The First World Ocean Science Congress (WOSC) was held in Kochi, Kerala from 5 February 2015 to 8
February 2015.
Yemen has been in crisis for months, with Shiite Houthi rebels besieging the capital and then taking
control. As a result along with USA and UK many countries closed their embassy in Yemen.
Ukraine ceasefire deal agreed at Minsk talks by Russian President Vladimir Putin.
Experimental aerospace firm SpaceX on 12 February 2015 successfully launched the Falcon 9 rocket
from the Cape Canaveral Air Force Station, Florida on its third attempt. The rocket carried an unmanned
Deep Space Climate Observatory (DSCOVR) satellite.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 36/106
France on 16 February 2015 signed a 5.2-billion-euro (5.9 billion US dollar) agreement with Egypt for
the first foreign sale of its Rafale fighter plane. As per the deal, France will supply 24 Rafale fighters to
Egypt.
Three Indian, two women and one man were among the shortlisted 100 applicants who were chosen for one-way trip to Mars under Mars One mission in the third week of February 2015. These Indians are
Ritika Singh, Shradha Prasad and Taranjeet Singh Bhatia.
Indian telecom major Bharti Airtel Limited on 18 February 2015 tied-up with United Nations Children’s
Fund (UNICEF) to provide health, education and youth-focused content to its customers in 17 African
countries.
India and the US on 19 February 2015 held their first-ever bilateral dialogue on the United Nations (UN) and other multilateral issues in Washington.
Two tropical cyclones Marcia and Lam hit Australia on 20 February 2015. This is the first time that two
cyclones have hit Australia at one time.
Parliament of Thailand (National Legislative Assembly) on 19 February 2015 passed a law banning
commercial surrogacy, putting a halt on foreign couples seeking to have children through Thai
surrogate mothers.
Former President of Maldives Mohamed Nasheed was arrested on 22 February 2015 in Male. He was
arrested under anti-terrorism laws after a court said that he might flee the country to avoid hearings on
terrorism charges.
WHO approved ReEBOV Antigen rapid test kit to identify Ebola-infected patients.
Former Jatiya Party lawmaker Abdul Jabbar was sentenced to life imprisonment on 24 February 2015 by
the International Crimes Tribunal-1 in Bangladesh.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 37/106
The United States (US) on 24 February 2015 announced that it would allow work permits to spouses of
H-1B visa holders from 26 May 2015. The move will benefit thousands of talented and professional
Indian spouses who come to America but are unable to work.
Australian researchers unveiled the world's first 3D-printed jet engine, a manufacturing breakthroughthat could lead to cheaper, lighter and more fuel-efficient jets.
One of the largest public school system in the US is planning to introduce Texas's first Hindi dual
language school, a move that could benefit the country's significant Indian-American population.
The Federal Communications Commission (FCC) of the United States (US) on 26 February 2015 voted to
implement the Net Neutrality Rules. Net Neutrality Rules define same rate by all Internet Service
Providers. It is very important for India and a lot of petitions has been filed for Net Neutrality Rules inIndia.
FBI announced 3 million US dollar award for information on Evgeniy Mikhailovich Bogachev. Bogachev,
currently is one of the FBI’s most wanted criminal. He created a virus named GameOver Zeus. According
to a report by Symantec, Gameover Zeus has largely been used for banking fraud and distribution of the
CryptoLocker ransomware.
Parliament of Jamaica on 25 February 2015 passed a law to decriminalise the possession of small
amount of marijuana up to 57 grams for personal use.
US blogger and creator of Mukta-Mona, Avijit Roy was hacked to death in Bangladesh.
Australia, Malaysia, Indonesia to trial new flight tracking system.
NASA's Dawn spacecraft on 6 March 2015 completed its Orbit around Dwarf Planet Ceres. By doing so,
it became the first spacecraft to orbit around a dwarf planet.
Sri Lankan Government on 5 March 2015 temporarily suspended construction work of China’s port city
project in Colombo with immediate effect.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 38/106
The world's oldest person Misao Okawa, a mother of three, grandmother of four and great-
grandmother of six, turned 117 in western Japan.
Connaught Place in the national capital has become the world's fifth most expensive office location,beating the central business districts of Russia, Japan and China, according to property consultant
Cushman & Wakefield. London's West End is the most expensive office market for the third
consecutive year globally. Connaught Place or CP -- developed as a showpiece of Lutyens' Delhi -- was
ranked seventh in the 2013 list. Its ranking has improved on account of renewed demand and
strengthening economic environment. Connaught Place has been commanding a rental value of Rs 412
per sq ft a month and has seen a rental value increment of less than 1 per cent over the previous year.
Solar Impulse, claimed to be the world's only solar-powered aircraft, made a stopover in Ahmedabad.
Pakistan test-fired its surface-to-surface ballistic missile Shaheen III, which is capable of carrying
nuclear and conventional warheads upto a range of 2750-kilometers.
India 14th among most popular destinations for Muslim travellers. Singapore took the top spot for the
non-OIC destinations. Malaysia topped the list for OIC countries, which also included Turkey, the UAE,
Saudi Arabia and Qatar.
Google Launches Virtual Tour of Nepal's Everest Region.
NASA’s Hubble Space Telescope has found strong evidence of a massive saltwater ocean under the icy
crust of Jupiter’s largest moon Ganymede that could potentially support life.
In a breakthrough, Japanese researchers have successfully transmitted electric power wirelessly to a
pinpoint target using microwaves, an advance that brings space-based solar power closer to reality.
According to Japan Aerospace Exploration Agency, or Jaxa, the researchers were able to transform 1.8kilowatts of electric power into microwaves and transmit it with accuracy into a receiver located 55
metres away.
Pakistan successfully tested its first indigenous all-weather armed drone and a laser guided missile
that can strike its targets with pinpoint accuracy. The drone, named Burraq, has the ability to fly in all
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 39/106
types of weather conditions and strike its targets with pinpoint accuracy. Pakistan also tested its laser
guided missile named Barq.
The Times Higher Education on 13 March 2015 released the World Reputation Rankings 2015. This year
rankings show that the United Kingdom boasts 12 of the 100 most renowned higher education institutions in the world.
Top 5 Universities
1. Harvard University (US)
2. University of Cambridge (UK)
3. University of Oxford (UK)
4. Massachusetts Institute of Technology (US)
5.
Stanford University (US)
In a major development, former Maldivian president Mohamed Nasheed was sentenced to 13- year
imprisonment by a criminal court here under the anti-terrorism laws. Capital of Maldives – Male.
A California-based institution Zaytuna College has become the US' first officially recognised Muslim
college after receiving formal academic accreditation.
Prime Minister Narendra Modi has overtook Chinese President Xi Jinping to secure the top rank in
handling domestic and international affairs in a global survey conducted by a Chinese firm.
In the 'China's National Image Global Survey 2014, conducted in nine countries — the US, UK,
Australia, Japan, South Africa, India, Russia, Brazil and China — Modi's handling of domestic and
international affairs has won him the top rank while Xi figured second.
China has raced ahead of Germany to become the world's third largest arms exporter, a Stockholm
based think tank said in a report. Exports of major arms from the world's second largest economy grew
143 percent between 2010 and 2014. In the preceding five year period China had ranked ninth globally,the Stockholm International Peace Research Institute (SIPRI) said in a report.
Union HRD Minister Smriti Irani was named Young Global Leader from India by the World Economic
Forum (WEF). In the list of 187 YGLs for 2015 from across the world, Irani is accompanied by 10 other
Indians, including Gaurav Gogoi, an MP and son of Assam Chief Minister Tarun Gogoi.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 40/106
Japan government signed agreements with four Indian non-profit organisations, under which the Asian
nation will financially aid them to improve infrastructure and expand their humanitarian activities.
India will host the seventh Asian Ministerial Conference on Disaster Risk Reduction (AMCDRR) in 2016.
Five middle-income countries (MICs) which displayed strong economic growth in 2014 – India, Brazil,
China, Mexico and Indonesia – account for 363 million, or a half , of the world’s hungry, according to a
report released by the International Food Policy Research Institute (IFPRI).
The first global conference on Dalit rights will be held in US to increase awareness about injustices
faced by nearly 260 million people across the globe including in India due to caste-based discrimination.
Kerala to host its first global conference on gender equality.
The world's first hydrogen-powered tramcar has rolled off the assembly line in China's eastern
Shandong Province.
Nobel laureate Sir Venkatraman Ramakrishnan on 18 March 2015 was named as the President of
Britain's prestigious Royal Society, a communion of the many of the world's most distinguishedscientists.
Appointments
India 1.
Ashok K Agarwal appointed as General Manager of Southern Railway.
2.
Nandita Chatterjee was appointed as the Secretary in the Union Ministry of Housing & Urban
Poverty Alleviation (HUPA).
3. LC Goyal appointed as Union Home Secretary. At the time of his appointment was serving as
Union Rural Development Secretary.
4. MO Garg appointed as Director General of Council of Scientific & Industrial Research.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 41/106
5. M Ravindran appointed as Chairman of Indraprastha Gas Limited.
6. Krishna Chaudhary took charge as DG of Indo-Tibetan Border Police (ITBP).
7. Arvind Kejriwal sworn-in as Chief Minister of Delhi.
8. Balasubramaniam Venkataramani appointed as MD & CEO of Multi Commodity Exchange
(MCX).
9.
Jawed Usmani sworn-in as Chief Information Commissioner of Uttar Pradesh.10. Tapan Misra appointed as ISRO's Space Applications Centre Director.
11. Ram Niwas Goel Elected Speaker of Delhi Assembly.
12. Nitish Kumar took oath as Chief Minister of Bihar. He succeeded Jitan Ram Manjhi, who
resigned from his office on 20 February 2015 before the trust vote.
13. Justice Amitava Roy sworn in as Supreme Court judge. Prior to this, he served as the Chief
Justice of Odisha High Court.
14.
Kshatrapati Shivaji appointed as new CMD of SIDBI.
15. Mufti Mohammed Sayeed took oath as J&K Chief Minister.
16. Nirmal Singh Appointed J&K Deputy CM.
17.
Jagmohan Dalmiya unanimously elected as President of BCCI.18. FICCI appointed Arvind Virmani as Economic Mentor.
19. Baldev Sharma appointed as chairman of National Book Trust.
20. Arun Singh has been appointed as India’s ambassador to the U.S. succeeding S. Jaishankar, who
was named the Foreign Secretary in January. Prior to this he was India’s Ambassador to France.
21. Pramod Kumar Gupta has been appointed as Officer on Special Duty (OSD) to Minister of State
for Textiles, Santosh Kumar Gangwar. Officer on Special Duty (OSD) is an IAS officer who in on
central deputation and works in a particular ministry.
22. 1998 Asian Games gold-medallist Dingko Singh on 10 March 2015 was included in National
Boxing Selection panel. The goal of the panel will be to pick a bunch that can deliver medals at
the Olympics.
23.
IPS officer M Akhaya has been appointed as the Chief Vigilance Officer in the Department of
Telecommunications.
24. Credit Rating Information Services of India Limited (CRISIL) on 16 March 2015 announced to
appoint Ashu Suyash as the Managing Director (MD) and Chief Executive Officer (CEO) of the
company.
World
1. Sergio Mattarella sworn-in as the President of Italy.
2. Ajaypal Singh Banga appointed as member of US Advisory Committee for Trade Policy and
Negotiations.
3. Ashton Carter appointed as the new Defence Secretary of the US.
4.
Kolinda Grabar-Kitarovic sworn-in as First Female President of Croatia.
5. Indian-American Rashad Hussain appointed US Special Envoy and Coordinator.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 42/106
6. Ravi Chaudhary appointed as Executive Director for Regions and Centre Operations at FAA of
the US.
7. Gopinath Pillai appointed as Special Envoy to Andhra Pradesh by Singapore government.
8. Indian-origin Kannan Ramesh appointed as Judicial Commissioner in Singapore Supreme Court.
9. Indian-American Sunil Sabharwal re-nominated as Alternate Executive Director at IMF by the
US.
10. U.S. President Barack Obama has nominated veteran diplomat David Hale as the next
ambassador to Pakistan. A career foreign service official, Mr.Hale is currently the U.S.
Ambassador to Lebanon, a position he has held since 2013.
11.
Visit Britain, the National tourism agency of Britain on 10 March 2015 roped in Bollywood actor
Saif Ali Khan to promote an India-centric campaign, Bollywood Britain.
Awards & Honors
National
Legendary Singer Lata Mangeshkar on 20 March 2015 was presented with the Laadli Voice of the
Century award. She was awarded at the sixth edition of the National Media and Advertising Awards for
Gender Sensitivity held at Mumbai, Maharashtra.
Maharashtra Chief Minister Devendra Fadnavis was the chief guest at the awards ceremony.
Winners of the National Media and Advertising Awards in different category
Laadli Voice of the Century award – Lata Mangeshkar
Best movie award – Queen
Laadli Grand Prix award – advertising agency Ogilvy and Mather for its advertisement, Titan
Raga — tum nahi badle
Laadli extraordinaire award – Charu Khurana, she won a landmark judgment in the Supreme
Court regarding Bollywood’s bias against women make-up artistes
1.
Mithileshwar awarded with Shrilal Shukla Sahitya IFFCO Award 2014.
2. Madhya Pradesh won the 10th National Award for excellent work in MGNREGA.
3. Lok Sabha Speaker Sumitra Mahajan’s name was included in the LIMCA book of records in the
first week of February 2015. Her name was included for being the only woman of the country to
represent the same Indore Lok Sabha constituency on the same party ticket for eight times in a
row.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 43/106
4. Marathi writer Bhalchandra Nemade on 6 February 2015 was chosen for the Jnanpith Award
2014 by the Jnanpith Selection Board.
5. Vinod Mehta awarded with Yash Bharti Samman 2015 by UP Government.
6. Dr. Ambedkar National Merit Awards conferred by Thaawar Chand Gehlot.
7. National men’s team captain Sunil Chhetri was presented with All India Football Federation’s
2014 Player of the Year award.8. National women’s team striker Bala Devi was presented with 2014 AIFF Women’s Footballer of
the Year.
9. Dr. Tessy Thomas, Geeta Varadan jointly named for Nayudamma Award 2014.
10. Chhattisgarh Government awarded for Renewable Power Development in the State.
11. Marathi Writer DM Mirasdar Selected for The Vinda Karandikar Jeevan Gaurav Puraskar.
12. Irom Sharmila or Iron Lady of Manipur won Sthree Shakti award.
13. Indian-American physician Rahul Jindal selected for Fulbright Nehru Distinguished Chair.
14. Rani Mukerji awarded by National Institute of Gender Justice for representing the cause of
women.
15.
L. Subramaniam, Roshan Kumari Receive Hafiz Ali Khan Award.16. Former Union Minister and senior Congress leader M. Veerappa Moily on 9 March 2015 was
selected for the prestigious Saraswati Samman for 2014 for his Kannada poem Ramayana
Mahanveshanam.
17. Padma Shri Award winner and senior Naga litterateur Temsula Ao was named for the
prestigious Kusumagraja National Literature Award.
President of India, Pranab Mukherjee on 8 March 2015 presented Stree Shalti Puskars and Nari Shakti
Puruskars for the year 2014.
Rani Lakshmibai Award - Seema Prakash, Madhya Pradesh - For working for the cause of
vulnerable and marginalised Communities of Madhya Pradesh Since 2000 particularly for theKorku tribe of the state.
Rani Rudramma Devi Award - Astha Sansthan (NGO), Rajasthan - For protecting women’s
rights, gender mainstreaming, issues relating to violence against women tribal rights, food
security, transparency and right to work and others.
Mata Jijabai Award - Chandraprabha Bokey, Maharashtra - She is a social worker and is working
in rural areas since 1960. Her field of work includes empowerment and rehabilitation of
destitute, divorced, disabled women and rehabilitation of orphan children.
The Nari Shakti Puraskars have been conferred for the first time in 2015 and the award carries a cash
prize of one lakh rupees and a citation.
International
1. Zakir Naik won King Faisal International Prize for the year 2015.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 44/106
2. Amartya Sen won inaugural Charleston-EFG John Maynard Keynes Prize 2015.
3. Indian-origin scientist Professor Srikanth Jagabathula received CAREER Award.
4. Nagesh Kukunoor’s film Dhanak won two awards at 65th Berlin International Film Festival.
5. Saurav Ganguly awarded Honorary Life Membership of Marylebone Cricket Club (MCC).
6. Indian-American Purnendu Dasgupta won 2015 American Chemical Society Division of
Analytical Chemistry J. Calvin Giddings Award.7. Kristen Stewart first American actress to win the Best Supporting Actress Award at France's
Cesar Awards.
8. Clemson University honoured Ratan Tata with Doctorate of Automotive Engineering.
9.
Namibian President Hifikepunye Pohamba won 2014 Mo Ibrahim Prize for African Leadership.
10.
U.S. economist Stephen Ross wins Deutsche prize for pricing models. The last recipient, in 2013,
was Raghuram Rajan, governor of the Reserve Bank of India and former chief economist at the
International Monetary Fund.
11. Three South Asian women, namely Niloofar Rahmani, Nadia Sharmeen and Tabassum Adnan
on 3 March 2015 were selected for the prestigious International Women of Courage Award for
the year 2015 given by the US Secretary of State.12. Kerala Tourism on 8 March 2015 won the silver prize of Golden Gate award at the
Internationale Tourismus-Borse Berlin (ITB-Berlin) 2015, Germany. Kerala won the award for its
global multimedia campaign to promote the backwaters of Kerala. The Golden Gate award (Das
Golden Stadttor) is presented every year at the ITB-Berlin and is dubbed as the Oscar in
tourism communication. It is considered the ultimate recognition in global tourism
communication.
13. Indian-Origin Educator Ganasen Reddy Gets Lifetime Achievement Award In South Africa.
14.
Indian Researcher Minoti Apte Wins Woman of the Year 2015 in New South Wales, Australia.
15. Rajendra Singh, an eminent environment activist known as “Water Man”, has been conferred
the prestigious Stockholm Water Prize this year for his innovative water restoration efforts andextraordinary courage to empower communities in Indian villages.
87 th Academy Awards or OSCAR 2015
Awards -
Best Picture - Birdman or (The Unexpected Virtue of Ignorance) – Alejandro González Iñárritu
Best Actor - Eddie Redmayne – The Theory of Everything as Stephen Hawking
Best Actress - Julianne Moore – Still Alice as Dr. Alice Howland
Best Directing - Alejandro González Iñárritu – Birdman or (The Unexpected Virtue of Ignorance)
Best Supporting Actress - Patricia Arquette - Boyhood
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 45/106
Best Supporting Actor - J. K. Simmons – Whiplash
Best Original Screenplay - Birdman or (The Unexpected Virtue of Ignorance) – Alejandro
González Iñárritu
Best Animated Feature Film - Big Hero 6 – Don Hall, Chris Williams and Roy Conli
Best Foreign Language Film - Ida (Poland) in Polish – Paweł Pawlikowski
Academy Honorary Awards
Jean-Claude Carrière
Hayao Miyazaki
Maureen O'Hara
Jean Hersholt Humanitarian Award
Harry Belafonte
Most Nominations & Awards - Birdman (or The Unexpected Virtue of Ignorance) – 9
BAFTA Awards 2015
Best Film - Boyhood
Best Director - Richard Linklater - Boyhood
Best Actor in a Leading Role - Eddie Redmayne - The Theory of Everything as Stephen Hawking
Best Actress in a Leading Role - Julianne Moore - Still Alice as Dr Alice Howland
Outstanding British Film - The Theory of Everything
Best Film Not in the English Language - Ida - Polish Language Film of Poland, Lunchbox was
India’s entry but did not win.
Best Animated Film - The Lego Movie
FIlmfare Awards 2015 Best Film – Queen
Best Director – Vikas Bahl for Queen
Best Actor (Female) – Kangana Ranaut for Queen
Best Actor (Male) – Shahid Kapoor for Haider
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 46/106
Lifetime Achievement - Kamini Kaushal
Best Supporting Actor (Female) – Tabu for Haider
Best Supporting Actor (Male) – Kay Kay Menon for Haider
Best Actress Critics – Alia Bhatt for Highway
Best actor critics – Sanjay Mishra for Ankhon Dekhi
Best film critics – Ankhon Dekhi
Most awards - Queen with total 6 Awards
News related to Sports
Australian Open 2015 came to an end on 1 February 2015 at Melbourne, Australia. Novak Djokovic of
Serbia and Serena Williams of the US won the men’s and women’s single title, respectively. Indo-Swiss
pair Leander Paes (India) and Martina Hingis (Switzerland) won Mixed Doubles Titles.
Yuvraaj Singh was the costliest player in Indian Premiere League 8 auctions. He was sold for Rs 16 Crore.
Usain Bolt to retire after 2017 World Championships in London.
Indian leg-spinner Anil Kumble and Australian legend Betty Wilson and New Zealand legend Martin
Crowe was inducted into ICC Cricket Hall of Fame.
Anirban Lahiri won Hero Indian Open title of Golf.
Somdev Devvarman retained the Delhi Open title of Tennis.
Ranchi Rays crowned Champions of Hero Hockey India League 2015. Indian Skipper MS Dhoni co-owns
the Ranchi Rays team.
Rohit Sharma Joins PETA Call to Get Cats and Dogs Sterilised.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 47/106
India Set to Host Asian Football Confederation (AFC) Awards for the First Time.
Spanish tennis ace, Rafael Nadal on 2 March 2015 won the Argentina Open title of Tennis. In the
summit clash, Nadal defeated Juan Monaco of Argentina in straight sets 6-4, 6-1 in Buenos Aires. This
was the 65th career title for Nadal. As a result, Nadal moved onto fifth place in the Open era all-time list led by Jimmy Connors of the US who had won 109 titles.
Olympic medalist pugilist MC Mary Kom on 2 March 2015 announced that she will quit boxing after the
2016 Rio Olympic Games. She decided to retire after the Olympic Games as her body would not be able
to cope with the rigours of the sport any further.
Swiss Tennis ace, Roger Federer on 28 February 2015 won the Dubai Duty Free Tennis Championships
title. To lift his seventh Dubai Championship title, Federer defeated world number one Novak Djokovic of Serbia 6-3, 7-5. This was 126th ATP final for Federer of which he had won 84th career title. He also
passed 9000 aces in singles matches, the fete achieved only by three other players since 1991.
Three-time Grand Slam winner Sania Mirza of India has decided to team up with former World No. 1
Martina Hingis of Switzerland in the US-leg of the WTA Tour circuit after parting ways with women's
doubles partner Hsieh Su-wei of Chinese Taipei with whom she featured in the doubles final of the just
concluded Doha Open championship.
Olympic bronze medalist Saina Nehwal’s quest for becoming the first Indian woman to win the most
prestigious All England badminton championship ended in agony after she suffered a heart-breaking
loss to Spain’s Carolina Marin in the summit clash. Olympic bronze medallist, Saina, thus, failed to
emulate her long-time coach Pullella Gopichand (2001) and legendary Prakash Padukone (1980), who
had won the prestigious title in the past.
Karnataka won eighth Ranji Trophy title by defeating Tamil Nadu.
India beat Nepal 2-0 in 1st leg of 2018 World Cup Qualifiers.
Young Indian shuttler Kidambi Srikanth clinched the Swiss Grand Prix Gold championship title after
overcoming a strong challenge from Viktor Alexson in a hard-fought men's singles final.
Putting up a dominating show, India scored in three of the four quarters to outplay Poland 3-1 to win
the FIH World Hockey League Round 2 at Major Dhyan Chand stadium. India skipper Ritu Rani then
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 48/106
celebrated her 200th International appearance by finding the net in the 59th minute to seal the title for
her side.
Services on 15 March 2015 won the 69th edition of Santosh Trophy of football which is also called
Senior National football championship. In the final played at Guru Nanak Stadium in Ludhiana, Punjab, itdefeated hosts Punjab 5-4 via tie-breaker.
Mercedes driver Lewis Hamilton of Britain on 15 March 2015 won the 2015 Formula 1 Rolex Australian
Grand Prix at Albert Park, Melbourne, Australia. Only 11 cars were able to take the chequered flag.
Karnataka retained Irani Cup 2015. Karnataka became only the second state team to bag back-to-back
Irani Cups after wrapping up a 246-run win over Rest of India with 50 minutes remaining on the fourth
day.
Indian recurve mixed team of Sanjay Boro and Madhu Vedwan beat Indonesia 20-19 in a shoot off to
win the gold at Asia Cup Stage 2 archery competition.
Sania Mirza and Martina Hingis won the women doubles title of BNP Paribas Tennis Open.
11th ICC Cricket World Cup 2015
The opening ceremony was held in Melbourne, Australia and Christchurch, New Zealand.
Yahoo signed Jonty Rhodes as analyst for World Cup cricket.
Virat Kohli became first Indian cricketer to score century against Pakistan in World Cup. India defeatedPakistan 6th time in the World Cups.
India defeated South Africa in their 4th World Cup meet. Earlier South Africa had a record of defeating
India 3 times in the World Cups.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 49/106
Chris Gayle became first cricketer to score Double Century in Cricket World Cup. He scored against
Zimbabwe. He also became the first cricketer outside India to score a double century. There are total 5
double centuries, first double century was scored by Sachin Tendulkar, 2nd was by Virender Sehwag, 3rd
and 4th was by Rohit Sharma and also he score the Highest Individual Score(264 runs) in ODIs.
AB De Villiers hits fastest ODI 150 in South Africa World Cup win. He also holds the record of fastest
century. South Africa's 257-run victory was the joint-biggest by runs in World Cups, equaling India's win
over Bermuda in 2007.
Kumar Sangakkara became only the second batsman after Indian icon Sachin Tendulkar to score
14,000 One—day International runs when the Sri Lankan veteran reached the landmark against
Australia in a World Cup Pool A match. He also became the first batsman to score hundreds in three
consecutive World Cup matches. On 11 March 2015 he entered the record books by scoring four
consecutive centuries in a Cricket World Cup. He achieved the feat when he scored 124 runs against
Scotland in the Pool A match of the 2015 Cricket World Cup in Hobart, New Zealand. With this, he also
became the first cricketer to achieve this feat in the One Day Internationals (ODI) history.
England were knocked out of the World Cup by a spirited Bangladesh who grabbed a quarter-final spot
following a dramatic 15-run victory in a tight Pool A match in Adelaide on March 9th.
MS Dhoni’s team betters West Indies Clive Lloyd outfit's record with 10th straight WC win. Dhoni isalso credited with most wins (13) by an Indian captain in World Cups. He has overtaken 1983 World
Cup-winning skipper Kapil Dev (11), Mohammed Azharuddin (10) and Sourav Ganguly (9). Now, the
Men in Blue stand second only to Ricky Ponting’s Australian side that had registered a staggering 24
consecutive victories in the showpiece event.
Mahendra Singh Dhoni achieved the memorable milestone of recording 100 ODI wins as captain after
leading India to a resounding victory against Bangladesh in the cricket World Cup quarterfinals. Dhoni is
the first non-Australian captain to achieve the feat — in his 178th ODI — as he got past South Africa’s
Hansie Cronje, who won 99 ODIs for his side. Ricky Ponting, with 165 ODI wins as captain, and Allan
Border (107) are the two Australian greats leading the chart in the 50-overs format.
Martin Guptill, the batsman of New Zealand cricket team, on 21 March 2015 scored the highest-ever
score of 237 not out in Cricket World Cup history.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 50/106
All-rounder Jean-Paul Duminy became the first South African bowler and ninth overall to notch up a
World Cup hat-trick.
Sri Lankan players Mahela Jayawardene and Kumar Sangakkara retired from ODI cricket.
Pakistani Batsman and Captain Misbah Ul Haq and Pakistani All Rounder Shahid Afridi took retirement
from ODI cricket.
NATIONAL GAMES 2015
A Brief History
The very first National Games was held in 1924 in Lahore. During the year India got independence, in
1947, there was no National Games. However, the first National Games after Independence was held in
1948 in Lucknow.
The motto of National Games is Get Set Play.
35th National Games 2015 (31st Jan – 14th Feb)
The 35th National Games was held in Kerala. It is the second time that Kerala is hosting the national
games after it hosted the 27th National Games in 1987.
The mascot of the 35th National Games is ''Ammu'', The Great Hornbill, or the Great Indian Hornbill, the
State bird of Kerala.
National Games mascot Ammu, the Great Hornbill, has immortalised itself by finding a mention in the
Limca Book of Records.
The mascot found a place in the record books owing to a play, Kalikkunna Kuttikalkkayi Bharatham
Kathirikkunnu (India Awaits Children Who Play) in which Ammu is featured.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 51/106
According to the Limca Book’s 2015 Special Literature Edition, it is a play about a mascot which had
been staged in most number of schools.
Legendary Javed Akhtar penned Hariharan composed National Games Anthem for National Games 2015
Kerala.
The games torch,a cauldron shaped in the form of a traditional Kerala lamp, was lit by P.T. Usha andAnju Bobby George, which was passed to them by Sachin Tendulkar.
The oath was taken on the behalf of the participants by the Kerala captain, Preeja Sreedharan.
Sachin Tendulkar was the goodwill ambassador for national games.
Maharashtra Netball player Mayuresh Pawar passed away during the 35th National Games.
Medal Tally
The Services Sports Control Board has been the all-time leader in Medal Tally of National Games.
Individual –
Sajan Prakash of Kerala won the most medals in National Games 2015. He won 6 Golds, 2 Silvers. He
won the medals in Swimming. He was ranked 1st in Individual Medal Tally.
Rajina Kiro of Andaman Nicobar and Inaocha Devi Mayanglambam of Madhya Pradesh 5 Golds 1 Silvers
each. They both won medals in Canoe & Kayak but individually. They ranked 2nd jointly in Medal Tally.
Aakanksha Vora of Maharashtra won 5 Gold Medals and 1 Silver Medal. She was ranked 3rd.
Saloni Dalal, a school girl of Karnataka became the youngest medal winner in the ongoing 35th National
Games in Kerala on 3 February 2015. The 12-year-old, Saloni won a Bronze medal in the 200 meter
breast stroke swimming event.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 52/106
State Wise Medal Tally –
Ranks States Gold Silver Bronze Total
1 Services SCB 91 33 35 159
2 Kerala 54 48 60 162
3 Haryana 40 40 27 107
4 Maharashtra 30 43 50 123
5 Punjab 27 34 32 93
6 Madhya Pradesh 22 24 38 84
7 Manipur 18 18 24 60
8 Tamil Nadu 16 16 20 52
9 Telangana 16 11 11 38
10 Gujarat 10 4 6 20
The 2016 National Games is likely to be held in Goa.
Important Days
1. World Cancer Day (WCD) 2015 was observed across the world on 4 February 2015. The tagline
for the WCD 2015 was Not beyond Us.
2. Union Minister for Health & Family Welfare Jagat Prakash Nadda declared 10 February as the
National Deworming Day.
3. World Radio Day was observed globally on 13 February 2015 with the theme Youth and Radio.
4. National Women's Day of India observed on 13 February on the date of birth of India’s first
women governor Sarojini Naidu.
5.
15th
International Mother Language Day was celebrated across the world on 21 February 2015.The theme for the year 2015 is Inclusive Education through and with Language - Language
Matters.
6. International Rare Disease Day observed on 28 February. The slogan for 2015 was Day-by-day,
hand-in-hand.
7. National Science Day celebrated on 28 February to commemorate the invention of Raman
Effect by Prof. CV Raman. The theme of 2015 National Science Day was Science for Nation
Building.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 53/106
8. Zero Discrimination Day celebrated on March 1. This year's theme Open Up, Reach Out.
9. The World Wildlife Day was observed on 3 March 2015. The 2015 theme of the day is Wildlife
crime is serious, let’s get serious about wildlife crime.
10.
International Women's Day is celebrated on 8th March. This year’s theme, “Empowering
Women - Empowering Humanity: Picture It!".
11. World Kidney Day (WKD) was observed globally on 12 March 2015. The theme for the year 2015
is Kidney Health for All.
12. World Consumer Rights Day 2015 observed on 15 March with the theme Helping consumers
choose healthy diets.
13. 22nd World Water Day celebrated on 22nd March with the theme 'Water and Sustainable
Development'.
14. International Day of Forests observed on 21st March with the theme Forests and Climate
Change.15.
World Sparrow Day observed on 20 March with the theme I Love Sparrows.
16. The World Meteorological Day (WMD) 2015 was observed across the world on 23 March 2015.
The theme for the WMD 2015 is Climate Knowledge for Climate Action.
Important Books
Fragile Frontiers — The Secret History of Mumbai Terror Attacks - Saroj Kumar Rath
Editor Unplugged — Media, Magnates, Netas and Me - Vinod Mehta
Flora of Guntur City Andhra Pradesh - PR Mohana Rao
India’s Growth Resurgence: Sectorial Issues and Governance Risks - Yerram Raju, M Sitarama Murthy
and Singala Subbaiah.
The Indian Parliament – A Critical Appraisal - Prof. Sudha Pai and Avinash Kumar
Madhorubhagan (One Part Woman) - Perumal Murugan (under controversies for description of Hindu’s
half-female god, Ardhanareeswara)
The Red Sari (Unofficial and Controversial Autobiography of Sonia Gandhi) - Javier Moro
Neither a Hawk nor a Dove - Pakistan's Ex-Foreign Minister Khurshid M Kasuri
Indian Parliamentary Diplomacy- Speaker’s Perspective written by Meira Kumar was released on 19
March 2015. Meira Kumar is a former Speaker of Lok Sabha.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 54/106
Obituaries
Maharashtra Netball player Mayuresh Pawar passed away during the 35th National Games.
Acclaimed Indian sculptor and artist Mrinalini Mukherjee passed away.
Veteran Marathi theatre artist Atmaram Govind Bhende died.
Veteran journalist Diptosh Majumdar died.
Former Maharashtra Home Minister RR Patil passed away.
Veteran Cartoonist Rajinder Puri passed away.
Bollywood Actor Ashraful Haque passed away. Ashraful Haque was famously known for his roles in the
movies Delhi Belly and Fukrey.
Noted film producer and Dada Saheb Phalke award winner Daggubati Ramanaidu passed away on 18
February 2015.
Legendary Urdu Poet and the Chairman of the Urdu Advisory Committee, Government of Bihar Dr.
Kalim Ahmed Ajiz passed away.
Rana Bhagwandas, the first Hindu Chief Justice of Pakistan passed away.
Pioneer of mobile theatre in Assam Adya Sharma passed away.
Maria Golovnina, Reuter’s bureau chief for Afghanistan and Pakistan, found dead.
Veteran Tamil director and mentor of actor Kamal Hassan, RC Sakthi passed away.
Cinematographer-Director Aloysius Vincent passed away.
Former Haryana Chief Minister Hukam Singh passed away.
Acclaimed US actor Leonard Nimoy aka Mr Spock of Star Trek passed away.
Russian opposition politician Boris Nemtsov shot dead in Moscow.
Ornithologist and naturalist KS Lavkumar Khachar died on 3 March 2015. He was 84. Khachar was
among the pioneers of nature conservation in India. He worked to spread awareness about ornithology,
nature and wildlife conservation. He had a long association with the Bombay Natural History Society
(BNHS) and World Wide Fund for Nature (WWF) India. He was awarded several prestigious awards that
include The Salim Ali-Loke Wan Tho Lifetime Award for Excellence in Ornithology for his pioneering
work in ornithology and on the Nanda Devi National Park.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 55/106
Veteran journalist and author Vinod Mehta passed away after prolonged illness in the Capital on March
8th. Mr. Mehta, 72, who had founded the Outlook Magazine and served as its Editor-in-Chief , last held
the post of editorial Chairman of the publication. An eminent political commentator, Mr. Mehta was
served as the editor of several publications, including The Pioneer, The Sunday Observer, The
Independent and The Indian Post. Some of his recent books include, Lucknow Boy: A Memoir (2010) &
Editor Unplugged (2014).
Veteran sports journalist K Baskaran, who had carved a niche for himself in covering Indian football for
four decades, died. He also authored a book on football, Wills Book of Football.
Noted Gandhian and former Chancellor of Gujarat Vidyapith, Narayan Desai, died. Desai was also
associated with Vinoba Bhave's Bhoodan (land gift) movement and Jayprakash Narayan's 'total
revolution' movement. He was popular for reciting 'Gandhi-Katha'(narratives on the life of Mahatma Gandhi) across the world which he began in 2004.
Lia Van Leer, an Israeli cinema pioneer and Israel Prize laureate, has died in a Jerusalem hospital aged
90. Born in Romania, Van Leer moved to Israel and studied at Hebrew University where she met her
future husband, Dutch filmmaker and engineer Wim van Leer. They founded Israel's first cinema club in
the 1950s. The two travelled extensively, collecting movies from around the world, which led to her
founding the Israel Film Archives. In 1973, she created the Jerusalem Cinematheque and, 10 years later,
started the Jerusalem Film Festival. Van Leer was awarded the Israel Prize in 2004 for her life's
achievements and the President's Medal last year.
Marathi folk legend Shahir Krishnarao Sable died on 20 March 2015 in Mumbai, Maharashtra. He was
92.
Lee Kuan Yew, the founding father of Singapore died.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 56/106
Reports, Indexes
Hurun Report Inc released the Hurun Global Rich List 2015.
Top 5 Billionaires in Hurun Global Rich List 2015
1. Bill Gates - USA
2. Carlos Slim Helu & family - Mexico
3. Warren Buffet - USA
4. Amancio Ortega - Spain
5. Larry Ellison – USA
As per the list, India has overtaken Russia and United Kingdom in terms of the number of billionaires in
the country. India has 97 billionaires, four more than Russia's 93. Mukesh Ambani is the richest Indian
with a fortune of 20 billion US dollars (Rank 41). The other Indians to figure in the top 100 are Dilip
Sanghvi of Sun Pharma who is ranked 53, Pallonji Mistry & family who own Tata Sons are ranked at 60and Wipro's Azim Premzi is ranked at 74.
Telecom regulator Telecom Regulatory Authority of India (TRAI) on 7 February 2015 released a report on
subscriber base. India telecom subscriber base reaches all-time high at 970 million at the end of
December 2014. The number of telephone subscribers in India increased from 964.20 million at the end
of November 2014 to 970.97 million at the end of December 2014. Bharti Airtel has maintained its
leadership with 217.2 million mobile customers.
The Reporters Without Borders (RWB) on 12 February 2015 released the World Press Freedom Index
(WPFI) 2015. In the WPFI 2015, India was placed at 136th position out of 180 nations that were
surveyed worldwide in terms of press freedom. In the top of the list were three Scandinavian countries:
Finland on the 1st position followed by Norway and Denmark.
Forbes on 26 February 2015 released Asia’s 50 Power Businesswomen 2015 list . The list features six
Indian women CEO and Managing Director (MD). The Asia's 50 Power Businesswomen list showcases a
year of accomplishments by the region's female entrepreneurs and executives.
The list includes following Women from India
Arundhati Bhattacharya, CMD, State Bank of India
Chanda Kochchar, CEO, ICICI Bank,
Akhila Srinivasan, MD/Non-Executive Director, Shriram Life Insurance/Shriram Capital
Kiran Mazumdar Shaw, Founder, Chairman and MD, Biocon
Shikha Sharma, CEO and MD, Axis Bank
Usha Sangwan, MD, Life Insurance Corp. of India
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 57/106
Pradhan Mantri Kaushal Vikas Yojana (PMKVY)
The Union Cabinet approved the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) on 19 March 2015 with
an outlay of 1500 crore rupees. The programme aims to impart skill training to youth with focus on first
time entrants to the labour market and class 10 and class 12 drop outs.
Key characteristics of the Pradhan Mantri Kaushal Vikas Yojana (PMKY)
The programme aims to impart skill training to youth with focus on first time entrants to the
labour market and class 10 and class 12 drop outs.
The scheme will cover 24 lakh persons and skill training would be based on the National Skill
Qualification Framework (NSQF) and industry led standards.
The programme will be implemented by the Union Ministry of Skill Development and
Entrepreneurship through the National Skill Development Corporation (NSDC) training partners.
In addition, Central and State Government affiliated training providers would also be used for
training purposes.
Skill training would be on the basis of skill gap studies conducted by the NSDC for the period2013-17.
Focus of the training would be on improved curricula, better pedagogy and better trained
instructors.
Training would include soft skills, personal grooming, behavioral change for cleanliness, good
work ethics.
A monetary reward will be given to trainees on assessment and certification by third party
assessment bodies. The average monetary reward would be around 8000 rupees per trainee.
Funds Allocation
Out of the total outlay of 1120 crore rupees to be spent on skill training of 14 lakh youths, 220
crore rupees has been allocated for recognition of prior learning. 67 crore rupees has been allocated for awareness building and mobilization efforts. Mobilization
would be done through skill melas organized at the local level with participation of the State
Governments,
Municipal Bodies, Pachayati Raj Institutions (PRIs) and community based organizations.
Pradhan Mantri Suraksha Bima Yojana
Finance Minister Arun Jaitley in Budget 2015-16 announced a low-cost personal accidental cover
named Pradhan Mantri Suraksha Bima Yojana to increase the insurance penetration level in the
country.
Highlights of Pradhan Mantri Suraksha Bima Yojana
1.
Pradhan Mantri Suraksha Bima Yojana is expected to be launched on June 1, 2015.
2.
It is an insurance policy which covers death or disablement of the policyholder caused due to
accident or accidental injuries.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 58/106
3.
The Pradhan Mantri Suraksha Bima Yojana will offer an accidental death and full disability
cover of Rs. 2 Lakh and for partial disability cover of Rs. 1 Lakh.
4.
This cover is available to people in age group 18 to 70 years.
5. The premium of Pradhan Mantri Suraksha Bima Yojana is Rs.12 per annum.
6.
The premium will be directly auto-debited by the bank from the subscribers' account.
7.
The scheme will be offered by all public sector general insurance companies - New India Assurance Company, National Insurance Company, The Oriental Insurance Co, and United India
Insurance Co - through tie-ups with banks. The government also plans to rope in other insurers
as well.
8. Any person having a bank account and Aadhaar number linked to the bank account can give a
simple form to the bank every year before 1st of June in order to join the scheme. Name of
nominee to be given in the form.
Government Contribution:
Various Ministries can co-contribute premium for various categories of their beneficiaries from
their budget or from Public Welfare Fund created in this budget from unclaimed money.
This will be decided separately during the year.
Common Publicity Expenditure will be borne by the Government.
Subscribers have to renew this accidental cover every year. If they don't want to have the hassle of
renewing the cover every year, they can give an instruction for auto-debit of bank account every year.
Pradhan Mantri Jeevan Jyoti Bima YojanaEligibility:
Available to people in the age group of 18 to 50 and having a bank account. People who join the
scheme before completing 50 years can, however, continue to have the risk of life cover up to
the age of 55 years subject to payment of premium.
Premium:
Rs.330 per annum. It will be auto-debited in one installment.
Payment Mode:
The payment of premium will be directly auto-debited by the bank from the subscribers
account.
Risk Coverage:
Rs.2 Lakh in case of death for any reason.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 59/106
Terms of Risk Coverage:
A person has to opt for the scheme every year. He can also prefer to give a long-term option of
continuing, in which case his account will be auto-debited every year by the bank.
Who will implement this Scheme?
The scheme will be offered by Life Insurance Corporation and all other life insurers who are
willing to join the scheme and tie-up with banks for this purpose.
Government Contribution:
Various other Ministries can co-contribute premium for various categories of their beneficiaries
out of their budget or out of Public Welfare Fund created in this budget out of unclaimed
money. This will be decided separately during the year.
Common Publicity Expenditure will be borne by Government.
Atal Pension Yojana 2015
The Finance Minister Shri Arun Jaitley has announced a new initiative called Atal Pension Yojana (APY) in
Union Budget 2015-16. Hence we though of giving a short note on Atal Pension Yojana. The APY will be
focused on all citizens in the unorganised sector.
Here are the Highlights of Atal Pension Yojana:
Benefit of APY:
Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and
contributes between the age of 18 years and 40 years.
The contribution levels would vary and would be low if subscriber joins early and increase if he
joins late.
Eligibility for APY:
Atal Pension Yojana (APY) is open to all bank account holders who are not members of any
statutory social security scheme.
Age of joining and contribution period:
The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum
period of contribution by the subscriber under APY would be 20 years or more.
Focus of APY:
Mainly targeted at unorganised sector workers.
Enrolment and Subscriber Payment:
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 60/106
All bank account holders under the eligible category may join APY with auto-debit facility to
accounts, leading to reduction in contribution collection charges.
Funding of APY:
Government would provide
fixed pension guarantee for the subscribers;
would co-contribute 50% of the subscriber contribution or Rs. 1000 per annum, whichever is
lower, to eligible subscribers; and
would also reimburse the promotional and development activities including incentive to the
contribution collection agencies to encourage people to join the APY.
Age of Joining, Contribution Levels, Fixed Monthly Pension and Return of Corpus to the nominee of
subscribers
The Table of contribution levels, fixed monthly pension to subscribers and his spouse and return of
corpus to nominees of subscribers and the contribution period is given below.
For example, to get a fixed monthly pension between Rs. 1,000 per month and Rs. 5,000 per
month, the subscriber has to contribute on monthly basis between Rs. 42 and Rs. 210, if he joins
at the age of 18 years.
For the same fixed pension levels, the contribution would range between Rs. 291 and Rs. 1,454,
if the subscriber joins at the age of 40 years.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 61/106
UNION BUDGET – 2015-16
Allocation & Revenue – Government Earning and Expense
The Plan Expenditure for 2014-15 was revised from ₹5,75,000 crore to ₹4,67,934 crore due to alarge deficit.
The Plan Expenditure for 2015-16 was set at ₹4,65,277 crore.
The Non-Plan Expenditure was estimated at ₹13,12,200 crore, with the total being estimated at
₹17,77,477 crore.
The government expects ₹4,65,277 crore as tax receipts, of which ₹5,23,958 crore will go to
state governments.
Non-tax receipts were estimated at ₹2,21,733 crore for 2015-16.
The defence budget was increased from ₹2.29 lakh crore in 2014-15 to ₹2.46 lakh crore in
2015-16, an increase of 10.95%.
The expenditure on healthcare was set at₹33,152 crore for 2015-16, a reduction from ₹39,238
crore in 2014-15.
Tax-free infrastructure bonds were re-introduced after a gap of one year.
The fiscal deficit for 2014-15 was 4.1% of the GDP. The target set for 2015-16 was that the fiscal
deficit would be brought down to 3.9%.
The revenue deficit target for 2015-16 was set at 2.8% of the GDP, 0.1% lower from 2014-15.
Service Tax – Raised from 12.36 to 14%
The service tax rate was raised from 12.36% to 14%.
A Swachh Bharat cess was announced, under which 2% will be
added on select services.
The service tax exemption given to mutual fund agents was
withdrawn.
Varishta Bima Yojana for senior citizens was exempt from service tax.
Lottery ticket sellers and chit fund agents were brought under the ambit of service tax.
On Activities & Goods
Pre-cooling, ripening, retail packing and labelling of vegetables and fruits were exempted from service tax.
Ambulance services were exempted from service tax.
Visits to music concerts, amusement and theme parks were brought under the ambit of service
tax.
Visits to museums, zoos, national parks, wildlife sanctuaries and tiger reserves were exempted
service tax.
Service tax is a tax levied by
the government on service
providers on certain servicetransactions, but is actually
borne by the customers.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 62/106
Income Tax – How much do we need to Pay after Earning
There was no change in income tax slabs of individuals.
The wealth tax was abolished.
The surcharge on individuals, Hindu Undivided Families (HUF),
associations of persons (AOPs), bodies of individuals (BOI)s, artificial
juridical persons, firms, cooperative societies and local authorities
having income earning ₹1 crore or more, was raised from 10% to 12%.
The permitted deduction limit was raised up to ₹25,000 towards health
insurance for ordinary citizens, an increase from previous ₹15,000.
For senior citizens, it was raised to ₹30,000 from previous ₹20,000.
A deduction up to ₹80,000 was allowed on the treatment of select very
serious diseases for very senior citizens.
A deduction up to ₹25,000 was allowed for differently-abled citizens.
An additional ₹50,000 was permitted on the new pension scheme.Salaried employees were given the choice between Employees'
Provident Fund and National Pension Scheme as their pension fund.
Investments in Sukanya Samriddhi Scheme and interest payouts were
made eligible for deductions.
Exemptions for transport allowances was raised from ₹800 to ₹1,600 per month, it is thus
₹19,200 per year. This exemption is usually given to individual salaried employees for
commuting from home to workplace.
It was announced that premature withdrawal from pension funds, if service period is less than
5 years, will result in deduction of tax at source. If withdrawal amount is more than ₹30,000
then 10% tax will be deducted.
Corporate Tax – The Big Shots will Pay
It was announced that corporate tax rate will be gradually reduced from 30% to 25% over the
period of 4 years, starting in April 2016.
2% surcharge was introduced on earnings above 10 crores.
It was announced that donations made to Swachh Bharat Abhiyan and Clean Ganga plan under
corporate social responsibility will get 100% deduction.
The General Anti-Avoidance Rule was delayed by two years.
Yoga trusts were classified as charitable trusts and given tax benefits.
Income Tax Slab
Up to ` 250,000 NIL
` 250,001 to
` 500,000
10%
₹500,001 to
₹1,000,000
20%
₹1,000,001 30%
Above
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 63/106
Economic Reforms
A proposed Benami Transactions (Prohibition) Bill, which would criminalise cash transactions
of₹
20,000 or above for purchase of immovable properties, was announced.
Permanent Account Number (PAN) was made mandatory for transactions above ₹1 lakh.
A gold coin with the Ashoka Chakra on the face will be created.
The SARFAESI Act will be expanded to cover non-banking financial institutions (NBFC) which
will make it easier for them to recover non-performing assets (NPA).
The states of Bihar and West Bengal were given special assistance packages from the centre.
A startup incubator programme called Self Employment and Talent Utilisation (SETU) was
announced. It was allocated ₹1,000 crore.
Salaried employees were given the choice between Employees' Provident Fund and National
Pension Scheme as their pension fund.
Two new insurance schemes and a pension fund were announced to improve the social security
of the poor citizens. Pradhan Mantri Suraksha Bima Yojana with an annual premium of ₹12 will provide a coverage
of ₹2 lakh for full disability or death, and 1 lakh for partial disability.
Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme with an annual premium of
₹330, it will pay ₹2 lakh is case of death.
Atal Pension Yojana is a pension scheme targeted at the unorganised sector.
Educational Investments & Announcements
A scheme called Nayi Manzil was announced which will help minority youth without school-
leaving certificate to find employment.
Five new All India Institutes of Medical Sciences (AIIMS) were announced for Jammu and
Kashmir, Punjab, Tamil Nadu, Himachal Pradesh and Assam.
An Indian Institute of Technology (IIT) will set up in Karnataka and the Indian School of Mines,
Dhanbad will be upgraded to an IIT.
Two new Indian Institute of Management (IIM) announced for Jammu and Kashmir and Andhra
Pradesh.
A new Post Graduate Institute of Horticulture Research and Education was announced for
Amritsar.
Three new National Institutes of Pharmaceutical Education and Research were announced for
Maharashtra, Rajasthan and Chhattisgarh.
Two new Institutes of Science and Education Research were announced for Nagaland and
Odisha.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 64/106
Two new institutes called Apprenticeship Training Institute for Women were announced for
Haryana and Uttarakhand.
A networked system called the Student Financial Aid Authority was announced which would
monitor the allocation of scholarships and educational loans under the Pradhan Mantri Vidya
Lakshmi Karyakram.
The education budget was allocated ₹69,074 crore for the year 2015-16. This was a reductionfrom the revised estimates from 2014-15 which was ₹70,505 crore.
The school education sector was allocated ₹42,219.50 crore and higher education sector was
allocated ₹26,855 crore.
Excise and Customs – How things got cheap/costly
The education cess were subsumed from central excise duty. Instead, the central excise duty
rates were rounded off from 12.36% to 12.5%.
The clean energy cess was increased from ₹100 to ₹200 per tonne of coal.
It was announced that the Goods and Services Tax is expected to be implemented by 1 April
2016.
The excise duty on cigarettes was increased by 25%.
The excise on cut tobacco was raised from ₹60 to ₹70 per kg.
The duty on plastic bags was increased from 12% to 18%.
The duty on soft drinks and packaged water was increased from 12% to 18%.
On cement, it increased from ₹900 per tonne to ₹1,000 per tonne.
The duty was removed from compounds used in the manufacture of incense sticks.
Excise duty on leather footwear was reduced from 12% to 6%.
The duty on locally manufactured mobile phones, LED/LCD panels, LED lights and lamps was
reduced.
The duty on ambulance chassis reduced from 24% to 12.5%.
22 components used in electronics sector were exempted from import duty.
Basic custom duty on magnetrons were removed.
Import duty on various refrigerator components were removed.
Import duty on solar water heaters was removed.
Some pacemaker components were exempted.
Duty on imported commercial vehicle was increased from 10% to 40%.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 65/106
Economic Survey of India 2014-15
Union Finance Minister Arun Jaitely on 27 February 2015 presented Economic Survey of India 2014-15 in
the Parliament.
The Economic Survey reviews the developments in the Indian economy over the previous 12 months,
summarises the performance on major development programmes and highlights the policy initiatives of
the government and the prospects of the economy in the short to medium term.
Three pronged strategy suggested in Economic Survey 2014-15
To improve the investment climate and reduce the backlog of stalled projects, Economic Survey
2014-15 suggested a three-pronged strategy, namely
Revival of public investment in short term, to act as an engine of growth in infrastructure sector.
It argues that public investment cannot be a substitute for private investment; but is required as
a complement and to crowd it in.
Need of creative solutions to strengthen institutions relating to bankruptcy. This will ensure that
exit options are available. This will also ameliorate over-indebtedness that lowers the capacity
to generate new investments. Towards this end, it contemplates setting up of a high-powered
Independent Renegotiation Committee.
Economic Survey highlights the need for reorientation and restructuring of the PPP model. This
is expected to make them more viable in future.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 66/106
Main Highlights of the Economic Survey 2014-15
General Highlights
Using the new estimate for 2014-15 as the base, GDP growth at constant market prices is
expected to accelerate to between 8.1 and 8.5 percent in 2015-16.
Inflation declined by over 6 percentage points since late 2013 which is likely to remain in the 5-
5.5 percent range in 2015-16, creating space for easing of monetary conditions.
The current account deficit declined from a peak of 6.7 percent of GDP in Quarter 3 of 2012-13
to an estimated 1.0 percent in the fiscal year 2015-16.
After a nearly 12-quarter phase of deceleration, real GDP has been growing at 7.2 percent on
average since 2013-14, based on the new growth estimates of the Central Statistics Office.
Foodgrains production for 2014-15 is estimated at 257.07 million tonnes, which will exceed
average food grain production of last five years by 8.5 million tones
Foreign portfolio flows have stabilized the rupee, exerting downward pressure on long-term
interest rates which is reflected in yields on 10-year government securities and surge in equity
prices.
From a cross-country perspective, a Rational Investor Ratings Index (RIRI) which combinesindicators of macro-stability with growth illustrates that India ranks amongst the most attractive
investment destinations.
It ranks well above the mean for its investment grade category (BBB), and also above the mean
for the investment category above it (on the basis of the new growth estimates).
In the short run, growth will receive a boost from the cumulative impact of reforms, lower oil
prices, likely monetary policy easing facilitated by lower inflation and improved inflationary
expectations, and forecasts of a normal monsoon in 2015-16.
Growth in medium-term prospects will be conditioned the “balance sheet syndrome with Indian
characteristics” that has the potential to hold back rapid increases in private sector investment.
In the long-run, private investments will be the engine of growth. However, there is a case for
reviving targeted public investment as an engine of growth in the short run to complement and
crowd-in private investment.
Expenditure control and expenditure switching from consumption to investment will be the key
to growth in the short-run
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 67/106
It calls for complementing Make in India initiative with Skill India initiative to enable a larger
section of the population to benefit from the structural transformation that such sectors will
facilitate.
The Survey emphasizes on creation of a National Market for Agricultural Commodities in place
of thousands of agricultural markets
The Model APMC Act, 2003 should be amended along the lines of the Karnataka Model that has
successfully introduced an integrated single licensing system.
Fiscal Framework
The Survey calls for adhering to the medium-term fiscal deficit target of 3 percent of GDP. This
will provide the fiscal space to insure against future shocks and also to move closer to the fiscal
performance of its emerging market peers.
It also calls for moving toward the golden rule of eliminating revenue deficits and ensuring that,
over the cycle, borrowing is only for capital formation.
Expenditure control combined with recovering growth and the introduction of the GST will
ensure that medium term targets are comfortably met.
In the short run, the need for accelerated fiscal consolidation will be conditioned by the
recommendations of the Fourteenth Finance Commission (FFC).
The quality of expenditure needs to be shifted from consumption, by reducing subsidies,
towards investment.
Subsidies and the JAM Number Trinity Solution
Food Subsidy Bill stands at 107823.75 crore rupees during 2014-15 (up to January 2015) which
means an increase of 20 percent over previous year
The direct fiscal cost of select subsidies is roughly 378,000 crore rupees or 4.2 percent of GDP in
2011-12.
41 percent of subsidy given for the PDS kerosene is lost as leakage and only 46 percent of the
remaining 59 percent is consumed by households that are poor.
The JAM Number Trinity – Jan Dhan Yojana, Aadhaar, Mobile – can enable the State to transfer
financial resources to the poor in a progressive manner without leakages and with minimal
distorting effects.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 68/106
Indian Railways and Public Investment
The Indian Railways over the years has been plagued by host of issues. Some of them include
underinvestment resulting in lack of capacity addition and network congestion; neglect of
commercial objectives; poor service provision; and consequent financial weakness. These have
cumulated to below-potential contribution to economic growth.
As a result, the competitiveness of Indian industry has been undermined. Calculations reveal
that China carries thrice as much coal freight per hour compared to India. Coal is transported in
India at more than the cost vis-à-vis China, and it takes 1.3 times longer to do so.
The railways public investment multiplier (the effect of a 1 rupee increase in public investment
in the railways on overall output) is around 5.
In the long run, the railways must be commercially viable and public support must be linked to
railway reforms. These include adoption of commercial practices, tariff rationalization, and
technology overhaul.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 69/106
Railway Budget 2015-16: Quality of Life in Journeys
Railway Minister Suresh Prabhu on 26 February 2015 presented his maiden Rail Budget 2015-16 in the
Lok Sabha. This was also the second rail budget of the Narendra Modi-led NDA government.
PROPOSED INVESTMENT PLAN (2015-2019)
Item Amount (Rs in crore)
Network Decongestion (including
DFC, Electrification, Doubling
including electrification and traffic
facilities)
199320
Network Expansion (including
electrification)
193000
National Projects (North Eastern &
Kashmir connectivity projects)
39000
Safety (Track renewal, bridge works,
ROB, RUB and Signalling & Telecom)
127000
Information Technology / Research 5000
Rolling Stock (Locomotives, coaches,
wagons – production &
maintenance)
102000
Passenger Amenities 12500
High Speed Rail & Elevated corridor 65000
Station redevelopment and logistic
parks
100000
Others 13200
TOTAL 8,56,020
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 70/106
Four goals for Indian Railways to transform over next five years
• To deliver a sustained and measurable improvement in customer experience.
• To make Rail a safer means of travel.
• To expand Bhartiya Rail’s capacity substantially and modernise infrastructure: for this purpose daily
passenger carrying capacity will be increased from 21 million to 30 million. Track length will also be
increased by 20 percent from 114000 km to 138000 km. Annual freight carrying capacity will be grownfrom 1 billion to 1.5 billion tonnes.
• To make Bhartiya Rail financially self -sustainable.
Key Highlights of the Railway Budget 2015-16
• No increase in passenger fares
• Passengers can book tickets 120 days in advance instead of 60 days which was available till date
• Outlay for passenger amenities increased by 67 percent
• New train sets that can save 20 percent journey time will be introduced in future. These trains will be
similar to bullet trains in design but can run on the existing tracks
• The speed passenger trains across nine corridors will be increased to 160-200 km from 110 km
• SMS alert will be introduced for train timings and under this passengers will be informed in advance
the updated arrival or departure time of the trains at starting or destination stations
• Air-conditioned coaches for suburban trains will be introduced
• Wi-fi will be available at 400 railway stations
• Railways Intends to set up an Innovation Council called Kayakalp for Purpose of Business Re-
Engineering
• Railways Proposes to set up Malaviya Chair for Railway Technology at IIT (BHU), Varanasi • Bidding system will be used for redevelopment of stations
• 10 satellite railway stations will be developed in 2015-16
• 800 km of gauge conversion will be commissioned
• E-catering introduced in 108 trains can be accessed by ordering on IRCTC website
• Water vending machines will be expanded on more stations
• On–board entertainment facility will be extended on Shatabdi trains
• General class coaches will see introduction of mobile charging stations
• For benefit of the common man, more general class coaches will be added to select trains
• Pension funds, multi-lateral banks have evinced interest in Railways
• Proposed the best operating ratio in nine years, of 88.5 per cent for 2015-16
• Track capacity will be increased by 10 percent to 1.38 lakh kilometers
• Feasibility report of high speed train between Mumbai and Ahmedabad is expected by mid-2015
• To ease private investment, wagon-making scheme will be reviewed
• All India 24x7 grievances helpline 138 will be started
• Bio-toilets will replace more than 7000 toilets, while 650 stations will get new toilets
• Passenger travelling unreserved can produce a ticket within 5 minutes and for this purpose Operation
Five Minutes will be introduced
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 71/106
• To address complaints of people Mobile application is being developed
• Integrated tickets will be introduced
• Hand-held devices will be introduced for ticket checkers; it is move towards paperless ticketing
• In next 2 years, centrally managed railway display network will be introduced in over 2000 stations
• Rail-cum-road ticket to be extended in many stations
• Rail connectivity will be enhanced in North Eastern states• To aid expanding freight handling capacity and provide end-to-end logistic solutions, Transport Logistic
Corporation of India will be set up
• PPP model will be used to augment resources and generate more employment
• 6608 kilometer of track will be electrified
• 96182 crrore rupees will be spent to expand capacity of 9420 km rail lines
• For women safety, CCTVs will be introduced in selected trains and suburban trains
• Train Protection Warning System and Train Collision Avoidance System will be installed on select
routes at the earliest
• Projects for rail connectivity to many ports and mines
• Foreign Rail Technology Cooperation Scheme will be launched in order to achieve the higher quality
service
• Programme to improve design, quality and cleanliness of bed linen will be launched within the next six
months
In the budget, Prabhu gave 11 thrust areas to improve quality of life in train journeys which also includes
Swachh Rail - Swachh Bharat drive. The 11 thrust areas include
Cleanliness
Swachh Rail - Swachh Bharat campaign
New department for cleanliness
Integrated cleaning by engaging professional agencies and training our staff
Waste to energy conversion plants
New toilets covering 650 additional stations compared to 120 stations in 2014
Bio-toilets to be fitted in the coaches
Bed linen
National Institute of Fashion Technology (NIFT), Delhi to design bed linen
The facility of online booking of disposable bedrolls at select stations will be extended to allpassengers through the IRCTC portal on payment basis
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 72/106
Help-line
Start a 24X7 helpline number 138 and a toll-free number 182 for security related complaints
Ticketing
Operation Five Minutes to ensure Speedy Purchase of Tickets for Unreserved Class Passengers.
Provision of modified hot-buttons, coin vending machines and single destination teller windows
will be launched to reduce the transaction time.
For the differently-abled travellers, a special initiative will be launched whereby they can
purchase concessional e-tickets after one-time registration.
Proposal to work towards developing a multi-lingual e-ticketing portal
Some other facilities include introduction of integrated ticketing system on the lines of rail-cum-
road tickets on Jammu – Srinagar route will be expanded.
Catering
Integrate Best Food Chains for E-Catering
Railway passengers to order their food through IRCTC website at the time of booking tickets
Leveraging technology
Introduce hand-held terminals to Travelling Ticket Examiners (TTEs) for verification of
passengers and downloading charts.
Extending facility of SMS on mobiles as a valid proof of travel for PRS tickets
SMS Alert service to inform passengers in advance of the updated arrival/departure time of
trains at starting or destination stations
Surveillance
Surveillance cameras will be provided on a pilot basis in selected mainline coaches and ladies’
compartments of suburban coaches without intruding into privacy
Entertainment
Project for introducing on-board entertainment on select Shatabdi trains on license fee basis
Mobile phone charging facilities will be provided in general class coaches & its numbers will be
increased in sleeper class coaches
Station facilities
200 more stations to come under Adarsh Station scheme
Wi-Fi will be provided at B category station
Facility of self-operated lockers to be made available at stations
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 73/106
Provision of concierge services will be introduced through IRCTC at major stations
Online booking of wheel chair on payment basis for senior citizens, patients and the differently-
abled passengers will be available through IRCTC on select stations
Train capacity
Capacity in identified trains will be augmented to run with 26 coaches
More General class coaches will be added in identified trains
Comfortable travel
NID to design user friendly ladders for climbing to the upper berths
Quota of lower berths for senior citizens will be increased
Middle bay of coaches will be reserved for women and senior citizens
NID will develop ergonomically designed seats
Provision of 120 crore rupees for Lifts and escalator has been made The newly manufactured coaches will be Braille enabled
Entrances will be widened to ease of differently-abled passengers
Corporate houses & MPs requested to invest in improving passenger amenities at Railway
stations through CSR & MPLAD funds
In this regard, Railway Budget 2015 – 16 unveiled certain initiatives ranging from cleanliness drive to
development of infrastructure to improving the overall quality of life in train journeys.
The major initiatives undertaken in the Railway Budget 2015-16
Station Redevelopment
Zonal and Divisional offices to be empowered for quicker decision making
Development of 10 Satellite Railway terminals in major cities with twin purpose of decongesting
the city and providing service to suburban passengers
Network expansion
Fast-track sanctioned works on 7000 kms of double/third/fourth lines
Commission of 1200 km of network in 2015-16 at an investment of 8686 crore rupees
Expansion of freight handling capacity
Transport Logistics Corporation of India (TRANSLOC), to be set up for developing common user
facilities to provide end-to-end logistics solution at select Railway terminals through Public
Private Partnerships.
Policy for Private Freight Terminals (PFT) to be revised.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 74/106
Automatic Freight Rebate Scheme for traffic to be expanded
Long haul freight operations to be used extensively and construction of long loop lines to be
expedited.
Improving train speed
Speed of 9 railway corridors to be increased from existing 110 and 130 kmph to 160 and 200
kmph respectively.
Average speed of freight trains in empty and loaded conditions will be enhanced to 100 kmph
for empty freight trains and 75 kmph for loaded trains.
Bullet train
Feasibility study for High Speed Rail between Mumbai-Ahmadabad is in advanced stage.
Upgrading manufacturing capability
Creation of job opportunities by upgrading the manufacturing capability and review offunctioning of Indian Railways Production Units.
Workshops for technological upgradation and enhancing productivity be undertaken to make
them self-sustaining.
Safety
RDSO to develop a suitable device with reliable power supply system based on theft-proof
panels/batteries in consultation with Indian Space Research Organization using geo-spatial
technology.
Train Protection Warning System and Train Collision Avoidance System to be installed on
selected routes at the earliest.
Better welding techniques being promoted and digital type machines to replace analogue type
machines.
Technology upgradation
Constitution of an innovation council called Kayakalp for business re-engineering.
Technology portal being constituted to invite innovative technological solutions.
Research Centers to be set up in selected universities for fundamental research.
Partnerships for development
PPP cell to be revamped to make it result oriented. Foreign Rail Technology Cooperation scheme
to be launched.
Joint ventures to be set up with States for focused project development, resource mobilization,
land acquisition and monitoring of critical rail projects.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 75/106
Improvements to Management Processes and Systems
Systems audit to be conducted for review of all processes and procedures.
Constitution of a working group to modify present system of accounting, to ensure tracking of•
expenditure to desired outcomes and Train operations to be audited.
Paperless working in material management system to be expanded and Vendors to be
integrated through Vendor Interface Management System.
Resource Mobilisation
Support from the Central Government for 41.6 percent of the Plan and Internal generation of
17.8 percent for setting up of a Financing Cell in the Railway Board.
Setting up an infrastructure fund, a holding company and a Joint Venture with an existing NBFC
of a PSU with IRFC for raising long term debt from domestic as well as overseas sources.
Digitized mapping of land records and responsibility fixing for encroachments.
New strategy to tap latent advertising potential including offering stations and trains for
corporate branding.
Railways in partnership with ports will deliver rail connectivity to Nargol, Chharra, Dighi, Rewas
and Tuna. Scrap disposal policy to be reviewed for speedier scrap disposal.
Human Resources
Human Resource Audit to be undertaken; Separate accounting head for HRD; ERP based HumanResource Management System.
Setting up a full-fledged University during 2015-16 and Improved delivery of health services to
employees
Energy and sustainability
Environment Directorate to be constituted in Railway Board to give increased focus on
environment management.
Initiative likely to save at least 3000 crore rupees in next few years will be taken up. 1000 MW
solar plants will be set up by the developers on Railway/private land.
Water conservation mission will include water audit and expansion of water harvesting systems.
100 DEMUs to be enabled for dual fuel- CNG and diesel.
Noise levels of locos to be at par with international norms and concerns related to wildlife will
be addressed.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 76/106
Transparency and Governance initiatives
System of on-line applications introduced for two categories of recruitment as a pilot project.
All possible solutions be explored to address menace of corruption. E-procurement value chain
to be expanded.
Social initiatives
Infrastructure like stations and training centers to be made available for skill development.
Promotion of products made by Self Help Groups, consisting mainly of women and youth on the
model of Konkan Railway.
Tourism
Incredible Rail for Incredible India to be launched and Promotion of training of auto-rickshaw
and taxi-operators as tourist-guides on the model of Konkan Railway.
Coaches in selected trains connecting major tourist destinations to travel agencies may be
offered on a revenue sharing model.
IRCTC to work on promoting the Gandhi circuit to attract tourists to mark the occasion of 100
years of the return of Mahatma Gandhi to India from South Africa.
IRCTC will work on Kisan Yatra, a special travel scheme for farmers for farming & marketing
technique centres.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 77/106
MUDRA BANK – Refinancer of Micro Finance Institutes
Micro Units Development Refinance Agency (MUDRA) Bank will be a refinance institution for micro-
finance institutions. Till date, MUDRA has been conceived only as a refinance institution and not as a
regulator for the micro finance institutions.
Union Budget 2015-16 has proposed to create MUDRA with a corpus of 20,000 crore, and credit
guarantee corpus of 3,000 crore. MUDRA Bank will refinance Micro-Finance Institutions through a
Pradhan Mantri Mudra Yojana.
MUDRA Bank proposes to give the utmost priority to enterprises set up by the under-privileged sections
of the society particularly those from the scheduled caste / scheduled tribe (SC/ST) groups, and also first
generation entrepreneurs and existing small businesses.
There are estimated to be some 5.77 crore small business units in India, mostly individual
proprietorship, which run small manufacturing, trading or service businesses. 62% of these are owned
by SC/ST/OBC as stated in the Union Budget speech of 2015-16.
What makes MUDRA Bank so special?
The innovative bank has four unique features.
One, it is structured as an apex refinancer to enable over 50 million unfunded entrepreneurs to access
formal credit from and through layers of credit institutions registered under it.
The micro entrepreneurs not only earn their livelihood but also provide jobs to others. They need credit
at reasonable interest, not doles or subsidies with which, sadly, the idea of inclusive growth has come to
be associated.
Two, MUDRA will fund the micro units which are more efficient than modern corporates. According to
the Economic Census 2014, the gross fixed assets of the 5.77 crore small businesses is about₹11.5 lakh
crore.
Three, the MUDRA Bank concept rests on theoretical depth and practical wisdom. It challenges the
experts who thought that micro businesses and marginal farming would face eventual euthanasia .Why then worry about them, they felt. An economist who had headed the Planning Commission for a
decade had even said that the jobs generated by the micro units were not clean.
Yet both micro businesses and marginal farming have grown bigger and faster since the 1990s,
challenging modern theories and experts alike. Long back, in the 1930s, a Russian economist called
Alexander Chayanov had theorised the efficiency of family farming and family economics over both
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 78/106
communism and capitalism because, according to him, a working family was neither capitalist nor
proletariat.
Lastly, the MUDRA architecture is indigenously designed to fund the uniquely Indian non-formal
sector. The press brief of the finance ministry’s department of financial services on MUDRA issued on
the day of the Budget explains its structure.
It will be a bank established under a new law. It will register, regulate and refinance all small business
finance institutions including those already in the business. It will partner with State level and regional
level coordinators to enable them to provide finance to last mile financiers (LMFs) of micro businesses.
The MUDRA bank will be at the top with national, State and regional level coordinators in the middle
and the LMFs at the end.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 79/106
The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement
(Amendment) Bill, 2015 was introduced in the Lok Sabha by the Minister for Rural Development, Mr.
Birender Singh on February 24, 2015. The Bill amends the Right to Fair Compensation and Transparency
in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (LARR Act, 2013).
Lok Sabha on 10 March 2015 passed the Land Acquisition (amendment) Bill, 2015 by voice vote. The bill
amends the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and
Resettlement (RFCTLARR) Act, 2013.
The Union Cabinet on 29 December 2014 approved promulgation of an ordinance that amends the Right
to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement
(RFCTLARR) Act, 2013.
The amendments were approved in a cabinet meet chaired by Prime Minister Narendra Modi. The
decision to amend the act was taken in the backdrop of suggestions that came up in interactions withthe State Revenue Ministers and key implementing Ministries, who faced difficulties in implementing
the Act.
Before being passed the Union Government made nine amendments in the Bill (more than 50 were
proposed) which was promulgated on 29 December 2014. But it refused to bring back the consent
clause or social impact assessment.
The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement
Act, 2013 came into effect on 1 January 2014. The Bill related to this was passed by the Parliament in
2013
1.
The act seeks to provide just and fair compensation to farmers while ensuring that no land can
be acquired forcibly
2.
The Act also stipulates mandatory consent of at least 70 per cent for acquiring land for Public
Private Partnership (PPP) projects and 80 per cent for acquiring land for private companies.
3.
The Act, which replaced Land Acquisition Act, 1894 made it mandatory compensation that is up
to four times the market value in rural areas and two times the market value in urban areas.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 80/106
Nine amended provisions which were accepted includes
Removed exemptions for Social Infrastructure Projects in public-private-partnership mode.
Social infrastructure projects (SIP), as the name implies, is defined as those buildings,structures and facilities specifically constructed to serve the community at large.
Land that will be acquired for industrial corridors will be limited to one kilometre on either side
of highways and railway lines
Compulsory employment will be provided to one member of a farming family that is selling its
land
A hassle-free grievance redressal mechanism of land losers will be put in place
Farmers may get right to appeal/complain over land acquisition hearing and redressal of
grievances at the district level
Ceiling on land for acquisition in industrial corridors
Panchayat's nod may be mandatory for acquiring tribal land Government may acquire land for government bodies, corporations
Term private entity was replaced with private enterprise
KEY POINTS of DEBATE in Land Acquisition (amendment) Bill, 2015
1.
The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and
Resettlement (Amendment) Bill, 2015 seeks to Amend the Act of 2013 (LARR Act, 2013).
2.
The Bill creates five special categories of land use: 1. defence, 2. rural infrastructure, 3.
affordable housing, 4. industrial corridors, and 5. infrastructure projects including Public
Private Partnership (PPP) projects where the central government owns the land 3.
The Bill exempts the five categories from provisions of the LARR Act, 2013 which requires the
consent of 80 per cent of land owners to be obtained for private projects and that of 70 per cent
of land owners for PPP projects.
4.
The Bill allows exemption for projects in these five categories from requiring Social Impact
Assessment be done to identify those affected and from the restrictions on the acquisition of
irrigated multi-cropped land imposed by LARR Act 2013.
5.
The Bill brings provisions for compensation, rehabilitation, and resettlement under other related
Acts such as the National Highways Act and the Railways Act in consonance with the LARR Act.
6.
The Bill changes acquisition of land for private companies mentioned in LARR Act, 2013 to
acquisition for ‘private entities’. A private entity could include companies, corporations and
nonprofit organisations.
7.
The Bill states that if an offence is committed by a government employee he cannot be
prosecuted without the prior sanction of the government, as provided in Section 197 of the
Code of Criminal Procedure, 1973. The amendments state that the government employee can
be prosecuted if procedure laid down in Section 197 of the Code of Criminal Procedure, 1973 is
followed. Section 197 requires the prior sanction of the government prior to prosecuting a
public servant.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 81/106
INDIAN CENSUS 2011 – A full highlighted guide
Spread across 29 states and 7 union territories, the census covered 640 districts, 5,767 tehsils, 7,933
towns and more than 600,000 villages. A total of 2.7 million officials visited households in 7,933 towns
and 600,000 villages, classifying the population according to gender, religion, education and occupation.
Conducted every 10 years, this census faced big challenges considering India's vast area and diversity of
cultures and opposition from the manpower involved.
C. Chandramauli is the Registrar General and commissioner of 2011 Indian census. Census data was
collected in 16 languages and training manual was prepared in 18 languages. The census was conducted
in two phases.
The 15th Indian Census was conducted in two phases, house listing and population enumeration.
Census has been conducted in India since 1872 and 2011 marks the first time biometric information was
collected.
According to the provisional reports released on 31 March 2011, the Indian population increased to 1.21billion with a decadal growth of 17.64%. Adult literacy rate increased to 74.04% with a decadal growth
of 9.21%.
The motto of census 2011 was 'Our Census, Our future'.
The cost of the exercise was approximately ` 2200 crore (US$350 million) – this comes to less than $0.50
per person, well below the estimated world average of $4.60 per person.
The population of India on 1 March 2011 was 1,210,569,573. India added 181.5 million to its population
since 2001, slightly lower than the population of Brazil. India with 2.4% of the world's surface area
accounts for 17.5% of its population. Uttar Pradesh is the most populous state with roughly 200 million
people.
OVERVIEW
Population Total 1,210,726,932
Males 623,121,843
Females 587,447,730
Literacy Total 72.99%
Males 80.89%
Females 64.64%
Density of population per km2 382
Sex ratio per 1000 males 940 females
Child sex ratio (0 –6 age group) per 1000 males 919 females
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 82/106
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 83/106
Cities:
1. Mumbai of Maharashtra comes up as the most populous city on the country with a population
of 1.25 crores.
2.
Nagda city in Uttar Pradesh features the least population figure in the country: 100,036.3. The Indian city with the highest rate of literacy is Aizwal (Mizoram) with a literacy rate of
98.80%.
4. Rampur city in Uttar Pradesh is the Indian city with the lowest literacy level- the literacy rate in
Rampur is 60.74%.
5. According to Indian Census 2011, Kozhikode (Kerala) has the highest sex ratio with 1093
females per 1000 males.
6. Vapi city in Gujarat features the lowest sex ratio with 734 women per 1000 men.
Union Territories:
1.
Delhi is the most populated Union Territory.2. Lakshadweep is least populated UT.
3. Delhi is The Most Densely Populated Union Territory in India. Population Density per square km
11463.
4. Andaman & Nicobar Islands is the Least Densely Populated Union Territory in India. Population
Density per square km 46.
5. Pondicherry has the highest Sex Ratio among UTs. 1037 per 1000 males.
6. Daman and Diu has the lowest Sex Ration among Union Territories. 618 per 1000 males.
7. Lakshadweep has the highest literacy rate 91.85%.
8. Dadra and Nagar Haveli has the least literacy rate with 76.24%.
9. Delhi has the highest Rural & Urban Population in UTs with 944,727 and 12,905,780
respectively.
10. Lakshadweep has the least Rural & Urban Population in UTs with 33,683 and 26,967
respectively.
11. Andaman and Nicobar Islands is largest Union Territory by Area and Lakshadweep is the
smallest.
Disclaimer: The contents of the PDF are collected from various websites around the web. We, Team
ExamPundit do not claim any copyright on any of the content except the last “Union Territory” Portion.
Feel free to distribute but make sure you mention our name. Say a thanks?
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 84/106
Asian Organisations
Asian Development Bank - Manila,
Philippines
Asian Infrastructure Investment Bank -
Beijing, China(Proposed) New Development Bank (NDB) -
Shanghai, China(Proposed)
Association of Southeast Asian
Nations(ASEAN) - Jakarta, Indonesia
South Asian Association for Regional
Cooperation(SAARC) - Kathmandu,
Nepal
International Organisations byLocation
Vienna, Austria
Organization of the Petroleum
Exporting Countries (OPEC)
International Atomic Energy Agency
United Nations Industrial Development
Organization
Copenhagen, Denmark
International Council for the
Exploration of the Sea (ICES)
Brussels, Belgium
World Customs Organization
North Atlantic Treaty Organization
(NATO)
Paris, France
United Nations Educational, Scientific
and Cultural Organization (UNESCO)
Organisation for Economic Co-
operation and Development(OECD) European Space Agency
Lyon, France
International Criminal Police
Organization, or INTERPOL
Sevres, France
International Bureau of Weights andMeasures(BIPM)
Bonn, Germany
United Nations Volunteers
Rome, Italy
Food and Agriculture Organization
International Fund for Agricultural
Development
World Food Programme
The Hague, The Netherlands
International Court of Justice
International Criminal Court
Madrid, Spain
World Tourism Organization
Berne, Switzerland
Universal Postal Union
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 85/106
Lausanne, Switzerland
International Olympic Committee
International Boxing Association(AIBA)
International Hockey Federation
Gland, Switzerland
World Wide Fund for Nature (WWF)
Basel, Switzerland
Bank for International Settlements
Zurich, Switzerland
Federation Internationale de Football
Association(FIFA)
Geneva, Switzerland
Inter-Parliamentary Union
International Organization for
Standardization (ISO)
International Labour Organization
International Telecommunication Union
World Health Organization
World Intellectual Property
Organization World Meteorological Organization
World Trade Organization
United Nations High Commissioner for
Human Rights
United Nations High Commissioner for
Refugees
London, UK
International Maritime Organization
Commonwealth of Nations
Montreal, Canada
International Civil Aviation Organization
New York City, USA
International Rescue Committee
United Nations Entity for Gender
Equality and the Empowerment of
Women, also known as UN Women United Nations Security Council
United Nations Children's Fund(UNICEF)
United Nations Development
Programme(UNDP)
United Nations International School
Washington DC, USA
International Monetary Fund
Multilateral Investment Guarantee
Agency United Nations Atlas of the Oceans
World Bank Group
International Bank for Reconstruction
and Development
International Centre for Settlement of
Investment Disputes
International Development Association
International Finance Corporation
Nairobi, Kenya
United Nations Environment
Programme
United Nations Human Settlements
Programme
Tokyo, Japan
United Nations University
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 86/106
A
Abandonment
For a damaged property it may not be
worthwhile to go in for repairs because thecost of repairers may exceed the value of the
property when repaired. The insurer is
entitled to take over the interest of the
assured in whatever may remain of the
subject matter insured and all proprietary
rights incidental thereto. In ocean marine
insurance, the transfer by the insured to an
insurer of all rights, title, and interest in and
to the insured property, in return for the sum
insured. In property insurance, abandonmentis relinquishing ownership of damaged
property to an insurer to permit a total loss
claim to be made.
Absolute Liability
Liability for damages even though fault or
negligence cannot be proven.
Absolute Ownership
Absolute ownership exits where the interestor explicit right of possession of the insured is
so free from limitations, qualifications or
restrictions that it cannot be taken from him
without his consent.
Accident
Any Unforeseen and unexpected event is
considered an accident. For insurance
purposes it has to be due to external, physical
and violent means.
Accidental Bodily Injury
Injury to the body as the result of an accident
Accident, Hit and Run
Accidental Death or injury arising out of the
use of a motor vehicle(s) the identity whereof
cannot be ascertained inspite of reasonable
efforts for the purpose.
Accidental Death Benefit
A monetary compensation in addition to the
face amount of a life insurance policy, payable
if the insured dies as the result of an accident.
Sometimes referred to as "double indemnity."
Accompanied baggage
Baggage being taken by someone with his
own person whilst travelling.
Accumulation
Percentage addition to policy benefits as a
reward to the insured for continuous renewal.
Acquisition Costs
The insurer's cost of putting new business in
force, including the agent's commission, the
cost of clerical work, fees for medical
examinations and inspection reports, sales
promotion expense, etc.
Act of god
Any accidental act which could not have been
prevented by any amount of human care and
fore thought.
Actual Total Loss
It is a loss where the goods are completely
lost and become irrecoverable.
Ad valorem duty
Duty evaluated on percentage of cargo value.
Additional cover
An insurance policy extended to cover
additional risk perils such as strikes. Riots and
Civil commotion etc. on payment of extra
premium.
Adjuster
A person who investigates and settles losses
for an insurance buyer.
Insurance Termsfor NIACL, NICL, UIIC, LIC Insurance AO Exams
AMPUNDIT
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 87/106
Adjusting
The process of settling losses with or by an
insurance buyer.
Administrator
An individual or professional organization,
such as a bank's trust department, appointed
by the court to administer an estate when the
owner dies without having made a will or
without nominating an executor. An executor
may also be appointed if the named executor
declines to serve.
Agent
An insurance company representativelicensed by the state who solicits, negotiates
or effects contracts of insurance, and provides
service to the policyholder for the insurer.
Aggravation of risk
To make the existing risk worse, more
troublesome, etc.
Aggregate Indemnity
The maximum amount that may be collectedfor any disability or period of disability under
the policy.
Agreed value policy
Policy which undertakes to pay a specified
amount in case of total loss. Under this case
the policy does not take into account the
current market value.
All-risks PolicyCoverage by an insurance contract that
promises to cover all losses except those
losses specifically excluded in the policy. Also
known as open peril coverage.
Arbitration
A form of quasi-judicial dispute resolution
where an unbiased person or panel gives an
opinion about quantum of loss.
Arson
The willful and malicious burning of property,
often with criminal intent.
Assessor
Person who estimates the value of goods for
the purpose of apportioning the sum payable
by the underwriters to settle the claims. Also
called as Surveyor.
Assignment
The legal transfer of one person's interest in
an insurance policy to another person.
Assured
Party indemnified or promised to be
indemnified against loss by means of
insurance.
Average adjuster
Independent expert who assesses the
liabilities of the various parties to a common
maritime adventure and to classify the various
items of expenditure between general and
particular average, viz, ship, Freight and cargo.
Avoidance
A right which can be exercised by and
underwriter to relieve him of liability under
the policy because the assured has been guilty
of a breach of good faith or where the risk in
voyage policy has failed to attach within a
reasonable time after the underwriter wrote
the risk.
Award
The decision in arbitration.
B
Bailee
One who has custody of the property of
another. Bailees "for hire" have certain
responsibilities to care for the property of
others that is in their custody.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 88/106
Basic Limit
Usually refers to Liability of insurer indicating
the lowest amount for which a policy can be
written. This amount is either prescribed by
law or company policy.
Basic Rate
The standard charge for a given type of risk
for basic limit.
Beneficiary
An individual designated in a will to receive an
inheritance, or the individual designated to
receive the proceeds of an insurance policy,
retirement account, trust, or other asset.
Bill of Exchange
It is the bill drawn by exporter against the
importer.
Bill of Lading
Receipt for goods shipped on board a ship
signed by the person who contracts to carry
them, and stating the terms on which the
goods are carried.
Blanket Contract
A contract of health insurance affording
benefits, such as accidental death and
dismemberment, for all of a class of persons
not individually identified. It is used for such
groups as athletic teams, campers, and travel
policy for employees, etc.
Bodily InjuryPhysical injury, including sickness, disease,
mental injury, shock or death.
Bonus
The Bonus system awards discounts for claim-
free driving for a certain continuous period.
This goes on increasing upto a certain limit for
continuous claim free years.
Borderline Risk
An insurance prospect of doubtful quality
from an underwriting point of view to put it in
one among two group of risks.
Breach of condition
When a condition of the insurance contract is
broken by the assured, the insurer may avoid
the contract from the inception.
Broker
Middleman who represents an insured in the
solicitation, negotiation or procurement of
contracts of insurance, and who may render
services incidental to those functions. He alsorepresents insurer for certain purposes such
as delivery of the policy or collection of the
premium.
Burglary
It is a theft committed by breaking into or out
of the premises. Evidence of breaking in, is
necessary.
Burning Ratio
The ratio of losses suffered to the amount of
insurance in effect.
Business Interruption Insurance
Insurance for a business owner against losses
resulting from stoppage of business because
of fire or other insured peril. The insurance
provides reimbursement for lost net profits
and necessary standing expenses.
C
Cancellation
The discontinuance of an insurance policy
before its normal expiration date, either by
the insured or the Insurance Company.
Capacity
The amount of capital with an insurance
company as a whole for underwriting general
insurance coverage.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 89/106
Capital sum insured
It is the sum insured of a Person for which
cover is sought under a Personal Accident
Policy.
Captive Agent
An agent who, by contract, represents only
one company and its affiliates.
Cargo Insurance
Type of insurance that protects the
shipper/owner of the goods against financial
loss if the goods are damaged or lost while in
transit in between place of commencement
and destination.
Catastrophe
Event which causes loss of extraordinary
magnitude, such as a hurricane or tornado.
Cede
To transfer to a reinsurer all or part of the
insurance or reinsurance risk written by a
ceding company.
Ceding Commission
In calculating a reinsurance premium, an
amount allowed by the reinsurer for part or
all of a ceding company's acquisition and
other overhead costs, including premium
taxes. It may also include a profit factor. See
Overriding Commission.
Certificate of Insurance
A document issued to a member of a group
insurance plan, describing the insurance
benefits and principal provisions of the policy
in brief.
Cession
The amount of a risk which the insurance
company reinsures: the amount passed on to
the reinsurer.
Chartered Property Casualty Underwriter
(CCU)
Professional designation granted to persons in
the property and liability insurance field who
pass a series of rigorous examinations andmeet specified eligibility requirements.
Claim
It is a notification to an insurance company
that payment of an amount is due under the
terms of a policy by the insured.
Claim Amount
It is the amount payable by the insurer under
a policy on a claim arising.
Claim Settling agents
They are appointed by insurer in a foreign
country abroad for survey/settlement of
claims arising out of policy issued in the home
country for Overseas mediclaim and marine
insurance policies.
Claims Cohort
A group of claims with a common period of
origin. The period is usually a calendar year,
but may be shorter. The origin may be defined
by the date of the occurrence of claim or
alternatively by the date of reporting.
Claims reserve
Claims provision, provision for outstanding
claims/claims outstanding, claims reserve,
total claim liability.
Clause
Sentences and paragraphs describing
coverage's, exclusions, duties of an insured,
and termination of coverage, and other such
parts of the insurance policy.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 90/106
Claused Bill of Lading
Bill of Lading, which has been endorsed by the
ship owner, as the goods described thereon
do not conform to what is offered for
shipment e.g., package missing, inadequatelypacked.
Clean Bill of Lading
A bill of Lading is said to be clean if it has no
superimposed clause expressing of any
defective condition of the packaging or of
goods.
Co-insurance
A means of spreading the risk on largerinsurances between two or more direct
insurers.
Co-Insurers
Two or more insurers jointly covering the
same risk.
Collusion
A deal between persons usually to the
detriment of other persons or for someimproper purpose.
Combined ratio
A rough indication of the profitability of a
property and liability insurer's underwriting
operations, generally computed by adding the
ratio of losses incurred to premiums earned
and expenses incurred to premiums written.
Commercial LinesInsurance for businesses, professionals, and
commercial establishments.
Commission
The fee paid by the insurance companies to
agents and brokers for the sale of policies.
Common carrier
A firm that offers to transport merchandise
for hire and must accept shipments from
anyone who wishes to use its services.
Different laws and rules govern common
carriers than do. Private or contract carriers
that only transport the goods of those with
whom they have made agreements.
Common law
Common law comprises the body of principles
and rules of action, relating to the
government and security of persons and
property, which derive their authority solely
from usages and customs of immemorial
antiquity, or from the judgments and decrees
of the courts. It is outside the laws created by
enactment of statutes.
Comprehensive
A loosely used term signifying broad or
extensive coverage of insurance.
Compulsory Insurance
Any form of insurance which is required by
law. e.g. Motor third party insurance, Public
Liability Act Insurance.
Concealment
Deliberate suppression of material facts that
would affect the validity of a policy of
insurance.
Conditions
Those provisions in insurance contracts that
qualify the insurer's promise of indemnity or
impose obligations on the insured.
Consequential Loss
A loss which is an indirect result of an
accident or fire, e.g. food spoiled through
breakdown of a refrigerator.
Consideration
Price, token, or other matter used as an
inducement for the completion of a contract,
as an insurance premium.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 91/106
Constructive Total Loss
A loss of sufficient amount to make the cost of
salvaging or repairing the property equal to or
greater than the value of the property when
repaired.
Contract of Insurance
An agreement between the insurer and one
or more parties, called the insured, whereby
the insurer undertakes in return for the
payment of a certain consideration, called the
premium, to pay to the insured a certain sum
of money or to grant certain compensation on
the happening of a specified event.
Contractual liability
Legal liability assumed under contract.
Contribution
A participation, as two insurance policies in
the same loss.
Contributory negligence
The lack of ordinary care on the part of an
insured person, which combined with thedefendant's negligence and contributed the
injury as a proximate cause. In some
jurisdictions, contributory negligence on the
part of an injured party will defeat his or her
claim.
Cover Note
A cover note is a document issued in advance
pending the issue of the policy, and is
normally required if the policy cannot forsome reason or other be issued straight away.
Cover notes can also be issued during the
course of negotiations to provide cover on a
provisional basis. A cover note is not a
stamped document but is honored, all the
same , by all parties concerned.
Coverage
The scope of protection provided under a
contract of insurance; any of several riskscovered by a policy.
Credit insurance
A form of guarantee to manufacturers and
wholesalers against loss resulting from default
on the part of debtors.
Crop-Hail insurance
Protection against damage to growing crops
as a result of named perils.
Cumulative Bonus
The percentage at which the sum insured gets
increased annually, without additional
premium, e.g. Personal Accident Insurance,
Mediclaim Insurance.
D
Days of Grace or Grace Period
Period of time after the due date of a
premium during which the policy remains in
force (when both coverage of risk is available
and also the premium can be paid without
any late fees).
Debris Removal Clause
An extension to the standard policy to cover
the cost of making a seriously fire-damaged
building safe and removing debris.
Declaration Basis
An arrangement whereby a provisional
premium is paid and subsequently adjusted
by an additional or return premium on receiptof a declaration from the insured giving
details of values at risk.
Declination
The insurer's refusal to insure an individual
after careful evaluation of the application for
insurance and any other pertinent factors.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 92/106
Deductible
A provision whereby an insured may be
required to pay part of a loss, the insurance
being excess over the amount of the
deductible.
Dental insurance
A type of health insurance that covers dental
care expenses.
Depreciation
A decrease in the value of property over a
period of time due to wear and tear or
obsolescence. Depreciation is used to
determine the actual cash value of property attime of loss.
Disability
Inability to perform all or part of one's
occupational duties because of an accident or
illness: see Total Disability and Partial
Disability.
Double Insurance
If the insurance policy is taken from morethan one underwriter where period of
insurance, subject matter of insurance and
sum insured are same, then this is called
double insurance.
E
Earned Premium
Premium for which protection has been
provided. When a premium is paid in advance
for a policy period, the company 'earns'' a
portion of that premium only as time elapses
during that period.
Effective date
The date upon which the policy is put in force,
the inception date
Employer’s liability
Legal liability imposed on an employer making
him or her responsible to pay damages to an
employee injured by the employer's
negligence. Generally, replaced by 'workers
compensation', which pays the employee
whether the employer has been negligent or
not.
Endorsement
A written amendment affecting the
declarations, insuring agreements, exclusions,
or conditions of an insurance policy: a rider.
Escalation
Provision for automatic increases on some
defined basis in premiums and sums insured.
Estimated Maximum Loss (EML)
An expression used in fire, explosion and
material damage policies only. An estimate of
the monetary loss which could be sustained
by insurers on a single risk as a result of a
single fire or explosion considered by the
underwriter to be within the realms of
possibility.
Ex Gratia
A payment made where there is no legal
liability
Excess (also refer Deductibles)
Agreed amount up to which no claim is paid
under a policy.
Excess of loss reinsurance
A form of reinsurance whereby the reinsuring
company reimburses the ceding company for
the amount and only the amount of loss the
ceding company suffers over and above an
agreed aggregate sum in any one loss or in a
number of losses arising out of any one event.
Exclusion
That which is expressly eliminated from the
coverage of an insurance policy
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 93/106
Expense ratio
The proportionate relationship of an insurer's
expenses to premium expressed as a
percentage.
Extended coverage insurance
Protection for the insured against loss or
damage of his property caused by windstorm,
hail, smoke, explosion, riot, riot attending a
strike, civil commotion, vehicle and aircraft:
this is provided in conjunction with the fire
insurance policy.
F
Facultative Obligatory Treaty (Also Semi-
obligatory Treaty)
A reinsurance contact under which the ceding
company may cede exposures or risks of a
defined class that the reinsurer must accept if
ceded.
Facultative Treaty
A reinsurance contract under which the
ceding company has the option to cede and
the reinsurer has the option to accept or
decline classified risks of a specific business
line. The contract merely reflects how
individual facultative reinsurance shall be
handled.
Fidelity Bond
A form of protection which reimburses an
employer for losses caused by dishonest or
fraudulent, acts of employees.
Financial Loss Insurance
Insurance of legal liability for financial loss not
involving bodily injury or loss of or damage to
property
Fire
A combustion accompanied by a flame or
glow, which escapes its normal limits to cause
damage.
Fire insurance
Coverage for losses caused by fire and
lightning, as well as the resultant damage
caused by smoke and water
Floater Policy
A policy under the terms of which protection
follows moveable property, covering it
wherever it may be
Flood
Overflow of water from its natural
boundaries. More specifically defined by the
National Flood Act of 1968 as 'a general and
temporary condition of partial or completeinundation of normally dry land areas from (1)
the overflow of inland or tidal waters or (2)
the unusual and rapid accumulation or runoff
of surface waters from any source'.
FOB (f.o.b.)
Abbreviation for free-on-board, used in
commerce to describe the value of goods at
point of embarkation, excluding transport and
insurance costs. Export values are usuallyexpressed f.o.b. for customs and excise
purposes, while imports are usually valued
cost insurance and freight or charged in full.
Franchise
Deductible in which the insurer has no liability
if the loss is under a certain amount, but once
this amount is exceeded; the entire loss is
paid in full.
G
General average (in marine insurance)
A loss that must be borne partly by someone
other than the owner of the goods that were
lost or destroyed: for example, if it is
necessary to jettison cargo to save a ship, the
owners of the ship and the rest of the cargo
that is saved will share in the loss of the goods
that were intentionally sacrificed.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 94/106
General damages
Damages awarded to an injured persons for
intangible loss which cannot be measured
directly by rupees. Popularly known as "pain
and suffering." General damages aredistringuished from special damages which
are awarded from actual economic loss, such
asmedical costs, loss of income, etc.
Grace period
The period of time following the due date of a
policy premium during which the payment of
the premium will continue the policy and
during which the policy is in full force and
effect
Graded commission
A reduced commission justified by the size of
the premium
Gross Negligence
Intentional failure to perform a duty, reckless
disregard of the consequences as affecting
the life or property of another
Gross Premium
The premium paid by the policyholder.
Gross Profit
The figure calculated by adding turnover to
closing stock and work in progress and
subtracting from this amount the sum of the
opening stock and work in progress and the
variables selected by the insured (usually
defined as specified working expenses).
Group insurance
Any insurance plan under which a number of
employees and their dependants are insured
under a single policy, issued to their
employer, with individual certificates given to
each insured employee; the most commonly
written lines are life and accident and health
H
Hail Insurance
Form of insurance that protects against loss of
crops from hail
Hazard
A condition that creates or increases the
probability of a loss
Health insurance
A generic term applying to all types of
insurance indemnifying or reimbursing for
losses caused by bodily accident or sickness or
for expenses of medical treatmentnecessitated by sickness or accidental bodily
injury.
House Breaking
When the theft is committed entering into or
out of the premises stealthily
Housekeeping
The general care, cleanliness and
maintenance of an insured property
Householders Policy
A package of insurance providing
homeowners with a broad range of property
and liability coverages
Hull insurance (in ocean marine and
aviation insurance)
Coverage for physical damage to a vessel or
aircraft
Hurricane
A tropical storm marked by extremely low
barometric pressure and circular winds with a
velocity of 120 miles an hour or more.
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 95/106
I
IBNR (Incurred but not Reported)
provision
Provision for claims incurred but not reportedby the balance-sheet date. That is, it is
anticipated that there would be a number of
policies that have, but for the advice of the
claim to the insurer, occurred and therefore
are likely to result in a liability on the insurer.
The magnitude of this provision can be
expected to reduce as the time since the
insurance risk on the contract expired
extends. The magnitude is also likely to vary
depending on the type of insurance risk
covered by any particular class of insurance
contract.
Illegal Contract
It is a contract, which is contrary to law and
against the interests of public. It can not be
sustained and does not have legal effect.
Imputed Negligence
Case in which responsibility for damage can
be transferred from the negligent party to
another person, such as an employer
Incurred Claims
Incurred claims equal the claims paid during
the policy year plus the claim reserves as of
the end of the policy year, minus the
corresponding reserves as of the beginning of
the policy year. The difference between the
year end and beginning of the year claim
reserves is called the increase in reserves and
may be added directly to the paid claims to
produce the incurred claims.
Incurred Loss Ratio
The percentage of losses incurred to
premiums earned.
Indemnification
Compensation to the victim of a loss, in whole
or in part, by payment, repair, or replacement
Indemnify
Legal principle that specifies an insured
should not collect more than the actual cash
value of a loss but should be restored to
approximately the same financial position as
existed before the loss.
Indemnity Period
The period, beginning with the date of the
damage, during which the turnover of the
business is affected by the damage. It lastsuntil the turnover recovers and reaches the
point at which it would have been had the
loss not occurred, or the expiry of the
maximum indemnity period -the number of
months selected by the insured -whichever
occurs first.
Indemnity principle
Of a general legal principle related to
insurance which holds that the individualrecovering under an insurance policy should
be restored to the approximate financial
position he or she was in prior to the loss.
Independent adjuster
One who adjusts losses on behalf of
companies but is not employed by any one.
He or she is paid by fee for each loss adjusted.
Indirect Loss (Or Damage)
Loss resulting from a peril, but not caused
directly and immediately thereby. For
example: Loss of property due to fire is a
direct loss, while the loss of rental income as
the result of the fire would be an indirect loss.
Inherent vice
A characteristic depreciation such as the
fading of ink, a cracking of parchment, the
graying of hair
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 96/106
Insurable interest
An interest which might be damaged if the
peril insured against occurs: the possibility of
a financial loss to an individual which can be
protected against through insurance.
Insurance
An economic device whereby the individual
substitutes a small certain cost (the premium)
for a large uncertain financial loss (the
contingency insured against) which would
exist if it were not for the insurance contract:
an economic device for reducing and
eliminating risk through the process of
combining a sufficient number ofhomogeneous exposures into a group in order
to make the losses predictable for the group
as a whole.
Insurance Company
An organization chartered to operate as an
insurer.
Any corporation primarily engaged in the
business of furnishing insurance protection to
the public
Insurance Entities
Any corporate body or individual which is
operating as an insurer, reinsurer or insurance
intermediary and which is subject to
insurance regulation
Insurance Product
An insurance product is defined as a product
that is provided by an insurance company.
Insurance Policy
Legal document issued to the insured setting
out the terms of the contract of insurance.
Insured
The person to whom or on whose behalf
benefits are payable under the policy
Insurer
A licensed legal entity, which underwrites
insurance, including a mutual insurance
company (but note the exemption of pure
reinsurers)
Intermediary
Any person who, or organisation which, gives
advice by way of directly offering, advertising
or on a person-to-person basis in respect of
an insurance product and includes the
promotion of such a product or the facilitation
of an agreement or contract between an
insurer and a customer. Intermediaries are
generally divided into separate classes. Themost common types are 'independent
intermediaries' who represent the buyer in
dealings with the insurer (also known as
independent brokers) and 'agents' (which
generally include multiple agents and sub-
agents) who represent the insurer.
Irrevocable beneficiary
Beneficiary designation allowing no change to
be made in the beneficiary of an insurancepolicy without the consent of the named
beneficiary
J
Jettison
Act of throwing overboard part of a vessel's
cargo or hull in hopes of saving a ship from
sinking.
Jewelers Block Insurance
An all risk insurance contract that provides
jewelers with coverage to losses, which they
would be exposed.
Joint-and-Several Liability
A legal principle that permits the injured party
in a tort action to recover the entire amount
of compensation due for injuries from any tort
feasor who is able to pay, regardless of thedegree of that party's negligence
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 97/106
K
Key-Person Insurance
Insurance designed to protect a business firm
against the loss of income resulting from thedeath or disability of a key employee.
L
Lapse
Termination of a policy due to failure by the
insured to pay the premium as required
Larceny
The unlawful taking, carrying, leading or riding
away of another person's property
Law of large numbers
While it is impossible to prdict either the time
or the loss amount of adverse events in
relation to individuals, the averages for a
sufficiently large set (of insureds) exhibit
certain patterns of loss frequency and loss
extent
Legal Costs
The costs of defending a claim from a third
party and claimant's costs for which an
insured is liable, are usually covered by a
liability policy.
Legal liability
Any liability imposed on a person by a court of
law
Lessee
The person to whom a lease is granted,
commonly called the tenant.
Lessor
The person granting a lease, also known as
the landlord
Letter of Credit (LOC)
Within the context of reinsurance, a banking
instrument established on a 'standby' basis to
secure recoverables from non-admitted
reinsurers to enable the ceding company toreduce the provision for unauthorized
reinsurance in its statutory statement
Liability
Any legally enforceable obligation
Liability Insurance
Insurance covering the policyholder's legal
liability resulting from injuries to other
persons or damage to their property. LiabilityInsurance. Provides protection for the insured
against loss arising out of legal liability to third
parties
Licensing
The incorporation of a company in the
jurisdiction or the approval given to a
company to underwrite insurance in the
jurisdiction. These are recognized to be
separate approvals and may be made inseparate jurisdictions
Line
One line is equal to the ceding company 's
retention. A proportional treaty may have a
total capacity expressed as x lines and a
reinsurer's share may be y lines
Line of Business
The general classification of business asutilized in the insurance industry, i.e., fire,
allied lines, homeowners, etc.
Lloyds
A voluntary unincorporated association of
individuals organized for the purpose of
writing insurance; normally refers to Lloyd's of
London, a group of individual underwriters
and syndicates that underwrite insurance risks
severally, using facilities maintained by theLloyd's of London Corporation
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 98/106
Load
To add charges to an insurance premium
Loss Adjuster
An independent professional appointed bythe insurers to settle claims
Loss of Profits
A synonym for business interruption
insurance
Loss Ratio
The proportionate relationship of incurred
losses to earned premiums expressed as a
percentage.
M
Manual
A book of rates, rules, and coverages usually
available for each kind of insurance
Margin of Solvency
The total assets of an insurance company
must exceed its liabilities (other than share
capital) by a relevant amount, known as the
margin of solvency
Marine
Pertaining to the sea or to transportation:
usually divided as to 'ocean marine' and
'inland marine'; the insurance covering
transportation risks
Marine Insurance
A form of insurance primarily concerned with
means of transportation and communication,
and with goods in transit
Market Value
The price for which something would sell,
especially the value of certain types of assets,
such as stocks and bonds. It is based on what
they would sell for under current market
conditions. For example, common stock
market value would be the price of the stock
as of a specified date
Material Damage Policy
The policy covering damage to property
(usually a commercial fire policy) as the result
of which damage a business interruption
claim may result. It is a condition of business
interruption insurance that a material damage
policy must be and remain in force
Material Fact
Information about the subject of insurance
that if known would change the underwriting
basis of the insurance, and which would cause
the insurer to refuse the application or charge
a higher rate
Misrepresentation
Act of making, issuing, circulating or causing
to be issued or circulated an estimate, an
illustration, a circular or a statement of any
kind that does not represent the correct
policy terms, dividends or share of surplus or
the name or title for any policy or class of
policies that does not in fact reflect its true
nature.
Moral Hazard
Moral Hazard refers to increase in probability
of loss that results from dishonesty in the
character of the insured person. Thus it is the
dishonest tendencies on the part of the
insured person that may induce that person
to attempt to defraud the insurance company
Morale Hazard
An attitude that increases the probability of
loss from a peril. The attitude of, "It's insured;
so why worry?" is an example of a morale
hazard
Mortgage
A deposit or conditional transfer to secure the
performance of some act: the person who
makes the transfer is called the 'mortgagor',
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 99/106
the other party, the 'mortgagee'; sometimes
an intermediary called a 'trustee' is appointed
Mortgagor
A borrower who takes out a mortgage
MPL (Maximum Probable Loss)
The largest loss thought probable under a
given insurance policy. Normally applied to
material damage risks where the total sum
insured is not considered to be at risk from
one loss event
Multi-Peril Policy
A package policy which provides protection
against a number of separate perils. Multi-
peril policies are not necessarily multiple line
policies, since the combined perils may be all
within one insurance line
N
Named Perils Policy
Coverage in a property policy that provides
protection against loss from only the perilsspecifically listed in the policy rather than
protection from physical loss. Examples of
named perils are fire, windstorm, theft,
smoke, etc.
Negligence
Failure to use that care which a reasonable
and prudent person would have used under
the same or similar circumstance. Negligence
may be constituted by acts of either omission
or commission or both.
Net Premium
A portion of the premium rate designed to
cover benefits of the policy, but not expenses,
contingencies, or profit
Net Premiums Earned
Net premiums written adjusted for the
increase or decrease during the year of theliability for unearned premiums
Net Premiums Written
This item represents gross premiums written
(direct and reinsurance assumed) less
reinsurance ceded
Net Retention
The final amount of insurance retained by the
company after reinsuring such amounts as it
did not wish to retain
No Claims Bonus
A reduction in the price of an insurance policy
because no claims have been made on it
No-Fault
A type of insurance mechanism whereby the
right to sue another party for damages caused
by negligence is limited and, in exchange,
expanded first party benefits are offered.
Mainly used in Vehicles insurance Policy.
Nominee
Nominee is the person who is nominated to
receive the amount under a policy and to give
a valid discharge to the insurer on settlementof claim under a life insurance policy
O
Obligatory Treaty
A reinsurance contract under which business
must be ceded in accordance with contract
terms and must be accepted by the reinsurer
Occupational Hazards
Occupations which expose the insured to
greater than normal physical danger by the
very nature of the work in which the insured
is engaged, and the varying periods of
absence from the occupation, due to the
disability, that can be expected
Ombudsman
An authority established either by the
company or the Government for the quick
redressal of grievances
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 100/106
Open cover
Gives to insured automatic insurance
protection so that there is no risk of any
shipments remaining uninsured through
oversight
Open Form
A continuous policy written on a reporting
basis
Operative Clause
Defines the class and nature of business
covered by a specific reinsurance treaty
PPackage Policy
A combination of two or more individual
polices into a single policy. A householders
policy, for example, is a package policy.
Partial Disability
The result of an illness or injury which
prevents an insurd from performing on or
more of the functions of his/her regular job
Particular Average
A term meaning an accidental and usually a
partial loss suffered by one interest and not
chargeable against others
Peril
The event insured against; the cause of
possible loss
Personal Injury
In law, a term used to embrace a broad range
of torts that includes bodily injury, libel,
slander, discrimination and similar offences.
Also a standard insurance coverage that
protects against a more limited group of torts
(false arrest, detention or imprisonment,
malicious prosecution, wrongful entry or
eviction, and libel, slander, or defamation)
Physical Damage
Damage to or loss of an automobile resulting
from a named peril
Physical Hazard
A condition of the subject of insurance which
creates or increases the chance of loss, such
as structural defects, occupancy, or similar
conditions
Pilferage
Petty theft, especially theft of articles in less
than package lots.
Policy
The legal document issued by the company to
the policyholder, which outlines the
conditions and terms of the insurance; also
called the policy contract for the contract
Policyholder's funds
Monies set aside by insurers to cover
outstanding liabilities to Policyholders. Also
known as technical reserves
Policy Period
The term for which insurance remains in
force, sometimes definite, sometimes not
Policyholder's surplus
Amount over and above liabilities available for
an insurer to meet future obligations to its
policyholders
Policy Term
The period for which an insurance policy
provides coverage
Policyholder
A person who pays a premium to an insurance
company in exchange for the insurance
protection provided by a policy of insurance
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 101/106
Pool
A risk sharing mechanism in which the
members of a group agree to be collectively
responsible for losses
Premium
The sum paid by a policyholder to keep an
insurance policy in force. It is the amount paid
to secure an insurance policy
Premium Notice
Notice of a premium due, sent out by the
company or one of its agencies to an insured.
Synonym for "Renewal Notice".
Principal
The applicant for, or subject of, insurance; the
one from whom an agent derives his or her
authority
Pro Rata Cancellation
Cancellation with a return of premium
charged for the period of time the policy was
in force equal to the ratio of the total
premium to the total policy period
Product Liability Insurance
Protection against financial loss arising out of
the legal liability incurred by a manufacturer,
merchant, or distributor because of injury or
damage resulting from the use of a covered
product
Professional Indemnity
It is a cover granted to professionals likeDoctors covering their legal liability for any
claims arising out of professional misconduct
Property Insurance
Insurance providing financial protection
against the loss of, or damage to, real and
personal property caused by such perils as
fire, theft, windstorm, hail, explosion, riot,
aircraft, motor vehicles, vandalism, malicious
mischief, riot and civil commotion, and smoke
Proposal
A person interested in taking out insurance
has to make an offer by means of a proposal.
This is an application for the cover required,
or for obtaining quotations of the premiumchargeable
Proposal Form
It is a form which is to be completed for
securing an insurance policy
Proposer
Proposer is a person who proposes the
insurance policy
Prospectus
A form, which is often part of the proposal
form, giving details of the cover available with
particulars of extra benefits and rebates
Protection and Indemnity (P & I)
Insurance
Liability insurance coverage in an ocean
marine policy
Provision for unexpired risks
Amount set aside on the balance sheet in
addition to unearned premiums with respect
to risks to be borne by the insurance
undertaking after the end of the financial
year, in order to pro-vide for all claims and
expenses in connection with insurance
contracts in force in excess of the related
unearned premiums and any premiums
receivable on those contracts
Provisions
The terms or conditions of an insurance policy
Proximate Cause
The dominating cause of loss or damage; an
unbroken chain of events between the
occurrence and damage
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 102/106
Public Liability/Third Party Liability
The insured's liability at law (excluding liability
to an employee arising out of
employer/employee relationship) to pay
compensation for death, injury or illnesssustained by any person or damage to
property caused by explosion or collapse of
boiler and pressure plant or use of lilting and
handling plant
Punitive Damages
Damages awarded separately and in addition
to the compensatory damages, usually on
account of malicious or wanton misconduct,
to serve as a punishment for the wrongdoerand possibly as a deterrent to others
Pure Risk
A condition in which there is the possibility of
loss or no loss only
Q
Quota Share Reinsurance
It is an automatic reinsurance, whereby theceding company is bound to cede a fixed
percentage of every risk written by it
irrespective of the size or quality of the risk.
Quote
An estimate of the cost of insurance, based on
information supplied to the insurance
company by the applicant.
RRate
The pricing factor upon which the insurance
buyer's premium is based
Recurring Clause
A provision in some health insurance policies,
which specifies an period of time during which
the recurrence of a condition is considered a
continuation of a prior period of disability or
hospital confinement
Reimbursement
The payment of the expenses actually
incurred as a result of a accident or sickness,
but not to exceed any amount specified in the
policy
Reinstatement
The restoration of a lapsed policy
Reinsurance
Insurance placed by an underwriter in another
company to cut down the amount of the risk
assumed under the original insurance
Renewal
Continuance of coverage under a policy
beyond its original term by the insurer's
acceptance of the premium for a new policy
term
Renewal Notice
The notice sent to the policyholder to remind
him that an insurance is due for renewal by
insurers
Renewal Receipt
The written evidence that a renewal premium
has been paid
Repatriation Expenses
(Under Overseas Mediclaim Policy) Expenses
incurred to travel back to home country
following sickness abroad
Replacement Cost
The cost to repair or replace property at
construction costs prevailing at time of loss;
the cost to repair or rebuild property without
any depreciation
Representation
Statements made by an applicant in the
application that he represents as being
substantially true to the best of his or her
knowledge and belief, but which are not
warranted as exact in every detail
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 103/106
Rescission
Termination of an insurance contract by the
insurer on the grounds of material
misstatement on the application for insurance
Reserve
Liability set up for particular purposes
Respondentia
An early form of marine insurance on cargo;
similar to bottomry, the equivalent on hulls
Restoration
Reinstatement, as the amount of coverage
after a loss
Retention
The act of retaining an exposure to loss: also
that part of the exposure that is retained
Retrocession
The amount of risk that a reinsurance
company reinsures; the amount of a cession
which the reinsurer passes on
Retrospective Date
The first date for which claims will be paid
under a claims-made policy of liability
insurance
Return Premium
An amount due the insured upon cancellation
of a policy
Revocable Beneficiary
A beneficiary designation that may be
changed by the policyowner without the
consent of the existing beneficiary
Rider
Usually known as an endorsement, a rider is
an amendment to the policy used to add or
delete coverage
Risk
It can be a potential source of loss or the
subject matter of insurance itself
Risk Management
A scientific approach to the problem of
dealing with the pure risks facing an individual
or an organization in which insurance is
viewed as simply one of several approaches
for dealing with such risks
Robbery
The unlawful taking of property by violence or
threat of violence
Running Down Clause
Additional coverage, which can be added to,
an Ocean Marine Hull policy to provide
protection for damage to another ship caused
by collision
S
Salvage
Recovery made by an insurance company by
the sale of property which has been taken
over from that insured as a part of loss
settlement. The remains of damaged vehicle
or any other property
Schedule
A list of coverages or amounts concerning
things or persons insured
Self-Insurance
A form of risk financing through which a firm
assumes all or a part of its own losses
Settlement
A policy benefit of claim payment
Short period rates
Percentage of annual premiums charged for
short period policies
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 104/106
Short Rate Cancellation
Cancellation with a less than proportionate
return of premium: also known as Pro Rata
Cancellation.
Social Insurance
Compulsory insurance, in which the benefits
are prescribed by law and in which the
primary emphasis is on social adequacy rather
than equity
Solvency margin
Surplus of assets over liabilities
Special Damages
Amount awarded in litigation to compensate
for specific identifiable economic loss
Speculative Risk
A condition in which there is a possibility of
loss or gain
Sprinkler Leakage Insurance
Insurance against loss from accidental leakage
or discharge from a sprinkler system due to
some cause other than a hostile fire or certain
other specified causes
Standing Charges
Expenses which still have to be met even if a
business cannot earn its full income owing to
fire or other damage. These expenses do not
diminish proportionately as a result of the
damage
Statutory Inspections
Plant inspections which are required by law to
be carried out at stipulated intervals by a
competent person who must also prepare a
report in a prescribed form detailing the
condition of the plant
Strict Liability
Liability for damages even though fault or
negligence cannot be proven
Subrogation
It is defined as the transfer of rights and
remedies of the insured to insurers who have
indemnified the insured in respect of the loss
Subsidence
Occurs when the ground under a building
moves downwards, often as a result of drying
out too much
Sum Insured
The limit of liability of the insurers under a
policy
Surety Bond
An agreement providing for monetary
compensation should there be a failure to
perform certain specified acts within a stated
period: the surety company, for example,
becomes responsible for fulfillment of a
contract if the contractor defaults
Surplus
An amount by which the value of an insurer's
assets exceeds their liabilities
Surrender Value
Surrender value is the amount payable to the
policy holder on his surrendering his right
under a policy and terminating the contract of
insurance
Surrounding Property
Property belonging to the insured or in his
custody or control except for the plant
causing the damage or property being lifted
Surveyor
The company official who inspects property
proposed and makes recommendations as to
rating and loss reduction
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 105/106
T
Tail coverage
An extended reporting period extension
under claims-made liability policies thatprovides coverage for losses that are reported
after termination of the policy
Technical provision
Amount set aside on the balance sheet to
meet liabilities arising out of insurance
contracts, including claims provision (whether
reported or not), provision for unearned
premiums, provision for unexpired risks
Tenants Liability
Cover for damage to rented buildings
Theft
The unlawful taking of property of another:
the term includes such crimes as burglary,
larceny and robbery.
Third party
Someone other than the insured and
insurance company
Third party claim
A demand made by a person against a
policyholder and any payment that will be
made by that company
Third Party Liability
Liability incurred by the insured to another
party but excluding contractual liability
Tornado
A whirling wind over land, accompanied by a
funnel-shaped cloud. It is usually very violent
and destructive in a narrow path, often for
many miles
Tort
A civil wrong, other than a breach of contract,
for which a court of law will afford legal relied
Total Disability
An illness or injury which prevents an insured
person from continuously performing every
duty pertaining to his/her occupation or
engaging in any other type of work
Total Loss
The complete loss or destruction of all the
property insured under a particular policy
Treaty
A reinsurance contract under which the
reinsured company agrees to cede and the
reinsurer agrees to assume risks of a
particular class or classes of business
Turnover
The money earned for goods supplied or
services rendered in the course of the
business at the premises specified in the
policy
U
Uberrimae FideiMeans "Utmost Good Faith'. The basis of all
insurance contracts - both parties to the
contract are bound to exercise good faith and
do so by a full disclosure of all information
material to the proposed contract.
Umbrella Liability
Insures losses in excess of amounts covered
by other liability insurance policies; also
protects the insured in many situations not
covered by the usual liability policies
Under-insurance
The situation where the Sum Insured is less
than the total value of property at risk.
Underwriter
The company receiving premiums and
accepting to cover the risk. Also, the person
employed by the company who decides
whether the company should accept a
7/21/2019 NICL AO 2015
http://slidepdf.com/reader/full/nicl-ao-2015 106/106
particular proposal for insurance or
application for revival
Underwriting
The process of selecting risks for insurance
and determining in what amounts and on
what terms the insurance company will accept
the risk.
Underwriting Profit or Loss
The amount of money, which an insurance
company gains or loses as a result of its
insurance operations
Unearned premium
That portion of the original premium for
which protection has not yet been provided
because the policy still has some time to run
before expiration.
Unenforceable Contract
This is one, which lacks some evidential
features. The contract is a valid one
otherwise, but could not be enforced in a
court of law
Uninsurable Risk
Risks not acceptable for insurance due to
excessive risk
Utmost Good Faith
A duty imposed on both parties to an
insurance contract. The legal duty implies full
in case of total loss is settled at the time of
making the policy
Vicarious Liability
In law, liability arising out of imputed
negligence
Void
Of no force or effect: null
Void Contract
A contract obtained by fraud is a void contract
Voidable Contract
A contract, which is valid until it is treated asvoid by the aggrieved party, is a voidable
contract
W
Warranty
A statement concerning the condition of the
item to be insured which is made for the
purpose of permitting the underwriter to
evaluate the risk; if found to be false, itprovides the basis for voidance of the policy
Weekly benefits (for Personal Accident
Insurance)
They are paid for the period of temporary
total disablement following an injury which is
admissible under the policy