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On 10 May 2016 the Reserve Bank of India (RBI) cancelled the certificate of registration of the four Non-Banking Financial Companies (NBFCs). RBI cancelled their certificates in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934. Companies whose certificate of registration has been cancelled are; M/s Neelanjali Engineering Private Limited, M/s Novoflex Tradecom Private Limited, M/s Guide Investments and Trading Co. Pvt. Ltd and M/s Enol Ventures Private Limited. Apart from this, seven other Maharashtra-based Non Banking Financial Institutions have surrendered their registration certificates.

12th May, 2016 Economics

RBI cancelled Certificate of Registration of four

NBFCs

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On 9 May 2016 the Reserve Bank of India (RBI) announced that it will shortly issue Rs 1000 denomination banknotes with the inset letter 'R' in both the number panels. The banknotes will also have on the obverse, all the other security features, including ascending size of numerals, bleed lines and enlarged identification mark. The design of these banknotes notes is similar in all respects to the Rs 1000 banknotes in Mahatma Gandhi Series - 2005 issued earlier. The banknotes bearing signature of RBI Governor Dr. Raghuram G. Rajan, will also have the year of printing '2016' printed on the reverse. All the banknotes in the denomination of Rs 1000 issued by RBI in the past, would continue to be legal tender.

12th May, 2016 Economics

RBI to issue Rs 1000 Banknotes with inset letter

'R'

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On 11 May 2016 National Technology Day was celebrated across India with the theme "Technology enablers of Startup India". The function on this regard was presided over by the President Pranab Mukherjee in Vigyan Bhawan in New Delhi. Nation celebrates this day as a tribute to our scientists for their numerous accomplishments and innovations that have boosted National growth and identity.

12th May, 2016 Imp. days

May 11 observed as National Technology Day

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On 9 May 2016 the Controller General of Patents, Designs and Trademark granted the patent to Gilead Sciences (an American biopharmaceutical company) for its Hepatitis C drug Sofosbuvir (brand name Sovaldi) in India. The drug, which has a list price of 1000 US dollar a pill in the United States, was rejected for a patent by the Indian patent authority in January 2015. It was rejected on the basis that it represented only minor changes to a previous formulation, and the company already had licensing deals with manufacturers in India.

12th May, 2016 National

Gilead gets patent for Hepatitis C drug Sovaldi

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