manthan current affairs supplement – june 2015

7/24/2019 MANTHAN Current Affairs Supplement June 2015

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MANTHAN Current Affairs Supplement June, 2015

MANTHAN June, 2015 Page : 1

NATIONAL

Govt to launch 1st One-Stop Crisis Centre under Nirbhaya Fund in Chhattisgarh

The first One-Stop Crisis Centre for women in distress out of the proposed 660 is set to be inaugurated inChhattisgarh later this month under the Nirbhaya Fund. A Women and Child development ministrys initiative

the Centre would act as a one-stop facility to provide all kinds of aid to women in distress including medicahelp, counselling, legal and police assistance, while ensuring anonymity of the victim. The Centre will bemandated to provide legal, medical and psychological assistance to distressed women.

Gujarat-cadre of ficers appointed Power, Commerce Secretaries

In a major reshuffle, the government made 17 Secretary-level appointments. Two Gujarat-cadre IAS officerswill take over as Commerce and Power Secretaries. Pradeep Kumar Pujari, a 1981-batch officer, has beenappointed Secretary, Power. He is currently Special Secretary and Financial Adviser, Department ofAgricultural Research and Education, Agriculture Ministry. He will replace Pradeep Kumar Sinha, who wasrecently appointed Cabinet Secretary. Rita A. Teaotia, also from the 1981-batch and currently SpeciaSecretary, Department of Telecommunications, has been named Commerce Secretary, replacing Rajeev Kherwho retired.

India scraps duty exemptions in defense production for public sector to attract foreign companies

The government has withdrawn a critical preference given to state-run companies and government entitiesthat manufacture defence goods, a measure that will help attract private capital to the sector and boost jobcreation by creating a level playing field.

The government has issued a notification to withdraw the excise and customs duty exemptions enjoyed bythe Ordnance Factory Board and public sector units in defence sector.

The move addresses a key demand of private sector and foreign original equipment (OEMs) such asBoeing, Airbus, Lockheed Martin and BAE Systems, which are actively exploring the scope of future

investments in India.Air Marshal Birender Singh Dhanoa is IAF's new Vice Chief

Air Marshal Birender Singh Dhanoa, a Kargil war veteran, took over as the Vice Chief of the Indian Air Force.

He succeeds Air Marshal Ravi Kant Sharma demitted the office, after 40 years of service in the IAF.

Dhanoa was commissioned in the IAF in June 1978 as a fighter pilot.

He is an alumnus of Rashtriya Indian Military College, the National Defence Academy and the DefenceServices Staff College, Wellington.

108 Member of Parliament yet to adopt a village under Saansad Adarsh Gram Yojana

The Union government said that 108 Member of Parliament are yet to adopt a village under Saansad AdarshGram Yojana. Rural Development Minister Birender Singh said that out of 108 Members of Parliament, 55 arefrom west Bengal. None of the MP's from Delhi have identified any village under the scheme. Chhattisgarh is inthe top in implementation of the Scheme. This scheme was launched 9 months ago with the objective ofdeveloping 3 model villages by each Member of Parliament by March 2019.


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Delhi, Dhaka set boundary pact in motion

In a historic step towards improving ties, India and Bangladesh exchanged the instruments of ratification of theLand Boundary Agreement, promising an end to the stateless existence of more than 50,000 people in 162enclaves on both sides of the border. Foreign Secretary S. Jaishankar and his Bangladeshi counterpart, M.Shahidul Haque, signed the documents and exchanged the modalities for implementing the deal. Prime

Minister Narendra Modi, his Bangladeshi counterpart, Sheikh Hasina, and West Bengal Chief Minister MamataBanerjee were present. The deal, signed in 1974, entered the process of implementation after Parliamentratified it in May 2015.The two countries signed 22 agreements and memorandums of understanding oneconomic cooperation, trade and investment, security, infrastructure development, education, science andtechnology, IT and culture.

16th edition of the International Indian Film Academy (IIFA)

16th edition of the International Indian Film Academy (IIFA) informally known as the Bollywood Oscars, washeld in Malaysia. The 2015 IIFA Awards honoured the best films of 2014. Haider was awarded the mostawards (09). Winners Popular Awards Best Film:Queen. Best Director: Rajkumar Hirani PK. Best Actor In ALeading Role: Shahid Kapoor Haider as Haider Meer. Best Actress In A Leading Role: Kangana Ranaut Queen as Rani Mehra. Best Actor In A Supporting Role: Riteish Deshmukh Ek Villain as Rakesh Mahadkar

Best Actress In A Supporting Role: Tabu Haider as Ghazala Meer. Male Debutant Star: Tiger Shroff Heropanti as Bablu. Female Debutant Star: Kriti Sanon Heropanti as Dimpy. Best Performance In A ComicRole: Varun Dhawan Main Tera Hero as Seenu. Best Performance In A Negative Role: Kay Kay MenonHaider as Khurram Meer. Best Story: Vikas Bahl, Chaitally Parmar, Parveez Shaikh- Queen. Special Awards.

K V Chowdary appointed new CVC; Vijai Sharma named new chief information commissioner

K V Chowdary, former chairman of the Central Board of Direct Taxes (CBDT), has been appointed the newcentral vigilance commissioner. Vijai Sharma has been named the new chief information commissioner.Chowdary and Sharma's appointments were finalized in June 1 meeting of the selection committee headed byPrime Minister Narendra Modi and comprising Union ministers Rajnath Singh, Arun Jaitley, Jitendra Singh aswell as Leader of Congress in Lok Sabha Mallikarjuna Kharge.

Flood of fire written by Amitav Ghosh

Booker Prize awardee Amitav Ghosh has released his new novel Flood of fire. With the novel, he hasconcluded the Ibis trilogy, his fictional recreation of the events leading up to the first opium war of 1839-42. TheIbis trilogy is a work of historical fiction by Amitav Ghosh. It comprises Sea of Poppies (2008), River of Smoke(2011), and Flood of Fire (2015). The story is set in the first half of the 19th century. It deals with the trade ofopium between India and China run by the East India Company and the trafficking of coolies to Mauritius.

Haryana's Jind , Karnal & UP's Muzaffarnagar inc luded in NCR

Jind and Karnal districts of Haryana and Muzaffarnagar of Uttar Pradesh were included in National CapitaRegion. This inclusion was announced by Urban Development minister M Venkaiah Naidu in New Delhi.

Earlier on 1 July 2013, Bhiwani and Mahendragarh districts of Haryana and Bharatpur district of Rajasthanwere included in the National Capital Region. National Capital Region Planning Board (NCRPB) came intobeing in 1985, with enactment of the National Capital Region Planning Board Act, 1985 of Government ofIndia.

RC Tayal appointed as Director General of National Security Guard

Senior IPS Officer RC Tayal was appointed as the Director General (DG) of National Security Guard (NSG)He succeeded JN Choudhury who retired on 31 May 2015. He will serve the office till August 2016. NSG was


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raised in 1984 as a federal contingency force with an aim to undertake counter-terror and counter-hijackoperations and it was later tasked to protect high-risk VVIPs. The NSG members are also known as Black Catsbecause of the black drill cotton coveralls and for the black helmets that they wear.

ISRO bags Space Pioneer Award for its Mars mission

The countrys low-cost Mars mission which is in rendezvous with the red Planet for an extended period hasbeen presented with the Space Pioneer award for the year 2015 by the US National Space Society. SpacePioneer award for the year 2015 was presented to Indian Space Research Organisation (ISRO) in the Scienceand Engineering category during the 34th Annual International Space Development Conference held atToronto in Canada during May 20-24, 2015. It said the National Space Society (NSS) of USA presented theaward in recognition of ISROs efforts in accomplishing Mars Mission in its very first attempt.

India's first indigenous aircraft carrier INS Vikrant undocked

India has undocked its first indigenously-built aircraft carrier INS Vikrant at a simple ceremony at CochinShipyard Limited in Kochi. India's largest aircraft carrier, INS Vikrant's induction into the Navy will be done aftera series of static and dynamic trials. The successful completion of the 40,000 tonne aircraft carrier puts India inthe elite group of four nations - the US, Russia, the UK and France - in the world capable of designing and

constructing aircraft carriers. The ship has a length of over 260 metres and breadth of 60 metres. It has twotake-off runways and a landing strip with three arrester wires, capable of operating STOBAR aircraft includingthe indigenous LCA, as well as a range of helicopters with hangar facilities.

Parkash Singh Badal conferred with 2015 Sant Namdev National Award

Punjab Chief Minister Parkash Singh Badal was conferred with the prestigious 14th Sant Namdev NationalAward in Pune, Maharashtra. He was awarded for promoting peace, communal harmony and universalbrotherhood. The award was given by Maharashtra Chief Minister Devendra Fadnavis on behalf of the SarhadFoundation. Badal was honoured with a citation, a prize amount of 101000 rupees and a memento by thefoundation. As a goodwill gesture, the Chief Minister returned the award money to the foundation and urged toutilise it towards the ongoing socio-cultural programmes and other development activities.

Indian-origin sc ientist Manu Prakash developed World's first water-based computer

Indian-origin scientist Manu Prakash along with his team developed World's first water-based computer. Theresults were published in the journal Nature Physics. Manu Prakash is an Assistant Professor ofBioengineering at Stanford University. They have built a synchronous computer that operates using the uniquephysics of moving water droplets.

Union Government announces Rs 1500 crore Indian Nuclear Insurance Pool

Union Government has launched an Indian Nuclear Insurance Pool (INIP) of 1,500 crore rupees as per themandatory provision under the Civil Liability for Nuclear Damage Act, 2010. With this launch, INIP became27th nuclear insurance pool in the world that managing nuclear liabilities and India has joined an exclusive listof countries having nuclear pools. The pool will address third party liability insurance in a bid to offset financialburden of foreign nuclear suppliers under the CLNDA, 2010. The pool is set up by General InsuranceCorporation of India and 11 other non-life insurers. They are New India, Oriental Insurance, National Insuranceand United India Insurance from the public sector apart from private insurance companies.

India signs motor vehic le pact with three nations

India has signed a motor vehicles agreement with three SAARC nations Bhutan, Bangladesh and Nepal that envisages seamless transit of passenger and cargo vehicles among these countries.


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Govt decides to inc rease number of work days under MGNREGA in drought hit areas

The Union government has decided to increase the number of workdays under MGNREGA from 100 days to150 days in drought-affected areas. MGNREGA promises 100 days of work every year to rural householdsacross the country. The Centre will bear the cost of providing work to rural households for 50 more days and itwill be applicable to only the households which complete 100 days of work.

Election Commission of India suspends recognition of National People's Party

The Election Commission of India (ECI) has suspended the recognition of National People's Party (NPP) as astate party in Meghalaya. The NPP is headed by former Lok Sabha Speaker PA Sangma. The decision wastaken in lieu of its failure in filing the election expenditure statement related to 2014 Lok Sabha generaelections within the prescribed limit of 90 days. The ECI took this decision under the powers vested in it as perthe 16A of the Election Symbols (Reservation and Allotment) Order, 1968. It states that the commission cansuspend or withdraw recognition of a recognised political party, either national or state, for its failure to observeModel Code of Conduct or follow lawful directions and instructions of the commission.

Delhi's Connaught Place ranked fifth most expensive off ice market in the world

At nearly US$157 per sq. ft. per annum (Rs 10,000), Delhi's Central Business District (CBD) of ConnaughPlace was ranked as the fifth most expensive prime office market in the world. Mumbai's Bandra-KurlaComplex (BKC) was at 15th position (US $ 102 or over Rs 6,400) while Nariman Point was ranked 30th (US $76 or Rs 4,900) on the top 50 rankings for global prime office properties. The findings are part of CBREResearch's semi-annual Global Prime Office Occupancy Costs survey released. London West End's overalprime occupancy costs of US$ 267 per sq. ft. per year topped the "most expensive" list. Hong Kong Centralfollowed with total prime occupancy costs of US$254 per sq. ft., Beijing's Finance Street (US$196 per sq. ft.),the Beijing CBD (US$188 per sq. ft.) and New Delhi's CBD of Connaught Place (US$157 per sq. ft.) roundedout the top five.

Union Government launches weather alert service NOWCAST

Union Agriculture Minister Radha Mohan Singh has launched a weather alert service named NOWCAST.

NOWCAST will be used to send SMS alerts on extreme weather data like hailstorm, thunderstorm and squaloriginated by India Meteorological Department (IMD) to over one crore farmers whose mobile numbers areregistered on governments mKisan portal. Further, the mKisan portal will send warning SMSs to farmerslocated in affected district/blocks. These warnings will help the farmers to take precautionary measures asneeded and feasible. The SMS will be sent in English, Hindi and regional languages as per farmers request.

C.N.R. Rao confreres with Japans highest civilian award Order of the Rising Sun, Gold and SilverStar

Eminent scientist and Bharat Ratna awardee Chintamani Nagesa Ramachandra (C.N.R.) Rao has beenconferred with Japans highest civilian award the Order of the Rising Sun, Gold and Silver Star. He waspresented for his outstanding contributions to science and Indo-Japanese science cooperation. He is eminent

scientist and worlds foremost solid state and materials chemists. He has worked mainly in solid-state andstructural chemistry. He was first Indian scientist to reach the h-index of 100. h-index also called the Hirschindex or Hirsch number is a tool that measures the productivity and impact of the published work of a scientistor scholar. In 2014, he was awarded with Indias highest civilian award of India Bharat Ratna along with cricketlegend Sachin Tendulkar.


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Historian-writer Ramachandra Guha selected for Japans Fukuoka Prize

Eminent Historian-writer Ramachandra Guha has been selected for Japans Fukuoka Prize 2015 in n theAcademic category. Apart from him Thant Myint-U (Grand Prize category) and Minh Hanh (Arts and Culturecategory) were also chosen for this edition of award. They have been selected for their outstandingcontributions to academia, arts and culture across Asia. The awards will be presented to them on September

17, 2015. Gandhi before India (2013), Patriots and Partisans (2012), Makers of Modern India (2010) and Indiaafter Gandhi: The history of the worlds largest democracy (2007) are his famous bibliography. Prize has threecategories: Grand Prize, Academic Prize, and Arts and Culture Prize. Winners of 2014 are Mohammad Yunus,Romila Thapar, Ashis Nandy and Mo Yan.

First International Yoga Day observed globally

The first International Yoga Day (IYD) was celebrated across the world on 21 June 2015. First edition of IYDwas led by India and was marked by 192 countries across the globe. Prime Minister Narendra Modi ledthousands of participants of all ages at Rajpath yoga event. The idea of celebrating the International Yoga Daywas pitched by Prime Minister of India at the United Nations General Assembly (UNGA) in September 2014. InDecember 2014, UNGA had unanimously adopted India-led resolution to observe 21st June as InternationaDay of Yoga. This resolution was adopted under the agenda of Global Health and Foreign Policy. 21st June

was selected because it represents one of the two solstices and it is the longest day in the NorthernHemisphere which has special significance in many parts of the world.

UPSC allows scribes for visually challenged

Visually challenged candidates and those with locomotor disability and cerebral palsy can use scribes to writethe Civil Services preliminary and main examinations, the Union Public Service Commission has said. Suchcandidates will get additional time of 20 minutes per hour to complete the examination. Only those with aminimum of 40 per cent disability will be allowed to take the help of a scribe. Those appearing in Indian ForestService examination too can use a scribe and get the additional time for each paper of three-hour duration.Because of a change in pattern, the candidates applying for the Indian Forest Service examination will berequired to appear in the Civil Services preliminary examination.

NALSAR varsity issues first 'gender-neutral' degree in India

In a first, the NALSAR Law University in Hyderabad has issued a gender-neutral graduation certificate to astudent who did not wish to be identified with honorific Mr or Ms but with "Mx". Anindita Mukherjee, whograduated this year from the Law school, had requested the authorities to address her as "Mx" in hercertificates and the university, which has probably become the first Indian educational institution to do soaccepted the "fact".

Vocalist Sanjay Subrahmanyam selected for Sangita Kalanidhi award 2015

One of the foremost south Indian classical vocalists, Sanjay Subrahmanyam has been selected for the SangitaKalanidhi award 2015. It will be bestowed upon him when he will preside over the 89th annual conference of

the Academy which will be held between December 15, 2015 and January 1, 2016. With this, he is seventhartistes to be conferred with the award before completing 50 years of age. Others are Ariyakudi RamanujaIyengar, Maharajapuram Viswanatha Iyer, Musiri Subramania Iyer, G.N. Balasubramaniam, Semmangudi R.Srinivasa Iyer, M.L. Vasanthakumari and M. Balamuralikrishna. It is a prestigious award bestowed annuallyupon an expert of Carnatic Music by the Madras Music Academy.


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China opens Nathu La as 2nd route to Kailash-Manasarovar Yatra

China opened the second land crossing in Tibet via Nathu La to allow the first batch of Indian pilgrimsundertaking the arduous Kailash-Manasarovar Yatra, in the latest confidence-building measure between thetwo neighbours. The opening of the second route through the Himalayan pass of Nathu La in Sikkim, 4,000metres above sea level, was officially announced during Prime Minister Narendra Modis visit to China last

month and will allow more Indians to undertake the pilgrimage.The new route is in addition to the existing Lipulekh Pass, the only route that was badly damaged in the floodsin Uttarakhand in 2013.

Maharashtra has become the first State in the country to have a State butterfly.

The BJP-led government has declared the Blue Mormon (Papilio polymnestor) as the State butterfly ofMaharashtra. The decision was taken at a meeting of the State Wildlife Board in Mumbai.

The Blue Mormon is a large, swallowtail butterfly found primarily in Sri Lanka and India, mainly restricted to theWestern Ghats of Maharashtra, South India and coastal belts. It may occasionally be spotted in theMaharashtrian mainland between Vidarbha and Western Maharashtra.

It is reportedly the second largest butterfly found in India, just smaller than the southern birdwing. No State inIndia has ever declared a State butterfly.

Upgraded submarine INS Sindhukir ti to boost Navys flagg ing fleet

India will finally get a desperately-needed shot in the arm for its depleting underwater combat fleet. With INSSindhukirti set for final "full-power trials" after being stuck in a refit for a decade, the Kilo-class submarine isexpected to be formally handed over to the Navy next month.

The 3,000-tonne INS Sindhukirti's re-induction into the fleet is vital since the Navy is down to just 13 olddieselelectric submarines - barely half of them fully operational at present at present -and one nuclear-poweredsubmarine without nuclear-tipped missiles on lease from Russia.

NUSI gets Best Welfare Organisation 2015 award

National Union of Seafarers of India (NUSI), India's oldest and largest shipping trade union, has beenhonoured with the Best Welfare Organization of the Year 2015 award, promoted by the United Kingdom-based International Seafarers Welfare and Assistance Network.

At a function held in London recently, the prestigious award was presented to NUSI general secretary-cum-treasurer Abdulgani Y Serang by Secretary General of International Maritime Organization Koji Sekimizu. NUShas got around 80,000 seafarers as members working aboard Indian as well as foreign cargo ships.

e-stamping to be introduced in States

The government is preparing to introduce e-stamping to prevent malpractices in land registrations and makerevenue transactions safer.

The e-stamp is a Web-based, secure, tamper-proof system to replace the conventional registration documentsAuthorised stamping centres will collect the payment for stamp duty and issue stamp certificates. Besides theconvenience of online payment of stamp paper fee, the system enables verification by the user and thegovernment and round-the-clock availability of stamp papers. It also offers the facility to deposit the exact feeand avoid fleecing by vendors. The stamp certificate generated by the system comes with a uniqueidentification number that can be verified online.


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The Stockholding Corporation of India has been authorised by the Centre to act as the central record keepingagency for the e-stamping project.

The e-stamping system will be applicable for all documents, including sale and mortgage deeds, rentaagreements, lease deeds, and power of attorney.

Union Government launches Bhuvan Ganga Mobile App to aid Clean Ganga Mission

The Centre launched a mobile application, where the public can upload pictures of pollution sources of theGanga River for further action by the authorities concerned. Union Water Resources Minister Uma Bhartlaunched Bhuvan Ganga Mobile Application and web portal after signing of an MoU between the NationaMission for Clean Ganga (NMCG) and the National Remote Sensing Centre (NRSC), ISRO to effectively planand monitor the Centres flagship Clean Ganga Mission.

Bhuvan Ganga portal is an exclusive web portal deployed in ISRO Bhuvans geoportal with all geospatialayers related to river Ganga. It will be used as a tool to support decision making and planning for the CleanGanga Mission. Bhuvan Mobile App is a user-friendly android based application to enable public to collect andreport information on various pollution sources that affects the water quality of river Ganga.

India ranked 143rd in Global Peace Index, wasted $340 billion due to vio lence

A research conducted by the Institute for Economic and Peace has found that close to $340 billion got wasteddue to violence in India alone as violence and other crises escalated in a global level, worst since the end ofWorld War II.

The research firm based in Australia has ranked India as the 143rd out of the 162 nations listed in the GlobalPeace Index. The only respite for India is that Pakistan and Afghanistan are listed below in the list whereas therest of the South Asian countries fared better.

Iceland is in the top of the list of the most peacekeeping nation.

Iraq, Syria, Nigeria, South Sudan and Central Africa remains to be deep down in the list with huge amounts

being spent by the UN and other peacekeeping missions on refugees and the injured.PM to launch 3 mega schemes for urban India

Prime Minister Narendra Modi will launch three ambitious schemes aimed at developing cities and towns as"new engines for growth", projects which will entail an investment of over Rs 3 lakh crore in the next five years.

Urban development minister M Venkaiah Naidu said the launch of three projects- 100 smart cities, Atal Missionfor Rejuvenation and Urban Transformation (AMRUT) and housing for all- will herald a new urban era.

500 cities having 1 lakh and more population will be chosen for AMRUT project. Smart cities project will bebased on PPP model.

Rajasthan becomes No. 1 state in solar energy in IndiaAccording to data released by the Union ministry of new and renewable energy on June 4, 2015, Rajasthanhas grabbed the number one position in the country with an installed capacity of 1,167 megawatt againstGujarat's 1,000MW.


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India, Japan to sign pact on increasing intellectual property cooperation

The union cabinet on Wednesday approved a pact between India and Japan for cooperation in the field ofintellectual property. The Memorandum of Cooperation will be signed between the Department of IndustriaPolicy and Promotion (DIPP) and the Japan Patent Office (JPO).

The pact will aim to enhance efforts to support innovation in both the countries and will be renewedautomatically every four years. The union cabinet also approved six new Indian Institutes of Management(IIMs) in the country.

Sahitya Akademi announces Bal Sahitya Puraskar 2015

The Sahitya Akademi, announced the Bal Sahitya Puraskar for this year, in which five novelists, four writers ofshort stories, and three authors of poetries, among others, have been awarded for their contribution tochildrens literature.

Instituted by the Sahitya Akademi, the award comprises Rs 50,000 and a casket containing an inscribedcopper plaque and a citation.

Tiren Boro (Bodo), Sowmya Rajendran and Nivditha Subramaniam (English), Ramnath G Gawade (Konkani)Ramdeo Jha (Maithili) and Mukti Upadhyay Baral (Nepali) have been awarded for their novels.

Those who have been awarded for their short stories are Nayeem Kashmiri (Kashmiri), ThokchomThouyangba Meitei (Manipuri), Krishna Kumar Ashu (Rajasthani) and Janardhan Hegde (Sanskrit).

Tara Chand Kalandri (Dogri), Srikanta Saren (Santali) and Sella Ganapathi (Tamil) have been awarded fortheir poetry collections. Bano Sartaj (Urdu) has been honoured for her book on a one act play. Eli Ahmed(Assamese) and Kartik Ghose (Bengali), among others, have been honoured with the Bal Sahitya Puraska2015 for their contribution to Childrens Literature.

Sri Sri Ravi Shankar to Receive Colombias Highest Civilian Award

Indian spiritual leader, Sri Sri Ravi Shankar has been conferred with Colombia's highest civilian award. He wasconferred with Orden de la Democracia Simon Bolivar en el grado de cruz Caballero by Colombia forspreading the message of peace in society, inter-mediation in war, reducing stress and combating violencethrough yoga and breathing exercises.

Sahitya Akademi confers Bhasha Samman on 4 Scholars

The Sahitya Akademi's prestigious Bhasha Samman will be conferred on two scholars who have contributedsignificantly to the enrichment of classical and medieval literature (northern) and Bhili language respectively.

Jaspal Singh, a diplomat, scholar, teacher and educationist, has been selected for his contribution to classicaand medieval literature (northern) and Vasant Nirgune for his contribution to the enrichment of Bhili languagewhich is not recognised by the Akademi.

The Akademi instituted 'Bhasha Samman' in 1996 to be given to writers, scholars, editors, collectors,performers or translators who have made considerable contribution to the propagation, modernisation orenrichment of the languages concerned.

The award carries a cash prize of Rs.1,00,000, an inscribed copper plaque and a citation.


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Solar Energy Corporation of India to be renamed

The Centre has decided to change the name and nature of Solar Energy Corporation of India, a four-year-oldcentral public sector undertaking set up as a not-for-profit company to promote solar energy in India.

SECI will be renamed as Renewable Energy Corporation of India (RECI) and as such its activities will embraceall branches of renewable energy, not just solar.

RECI, however, will not be a not-for-profit company. It will be allowed to seek and make profits, according to apress release from the Ministry of New and Renewable Energy.

India's stand on Internet governance gets US backing

The US has backed India's stand on Internet governance, saying both countries share a common vision ofensuring every global citizen has a say in decision-making on the subject. India has proposed that the Internetshould be managed through a multi-stakeholder approach and the governments should have "supreme rightand control" on matters relating to national security.

A committee on Internet governance, chaired by Finance Minister Arun Jaitley, has favoured the approach anddecided that the country should try to collaborate with the US on the matter.

India has opposed shifting Internet's management under ICANN. ICANN, a non-profit organisationincorporated in California, currently coordinates, manages and implements worldwide Internet rules andpolicies by factoring in views of the global community.

Centrally sponsored schemes reduced to 30

The number of centrally sponsored schemes (CSS) is likely to be reduced to 30 from 72 with a Chief MinistersSub-Group of NITI Aayog reaching a broad consensus on the issue.

The draft report which was prepared by a committee headed by National Institution for Transforming India(NITI) Aayog's CEO Sindhushree Khullar suggested that centrally sponsored schemes to be divided into two

broad groups. The first, Core Scheme, comprising of national development agenda that includes legislativelybacked schemes such as MNREGA, Swachh Bharat Mission and Mid Day Meal etc.

The second is Optional Schemes for social protection and social inclusion. Based on the division of schemesinto two parts, the number of centrally sponsored schemes (CSS) would be 30, the draft stated.

PM Narendra Modi to launch Integrated Power Development Scheme in Varanasi

Prime Minister Narendra Modi has launched Integrated Power Development Scheme (IPDS) in Varanasi. TheIPDS is one of the flagship programmes of the Ministry of Power and will be at the core attempt to ensure 247power for all.

The Project envisages converting area overhead lines into underground cabling in the areas around the

temples and ghats in the Varanasi city. The scheme includes upgradation of the electrical assets at sub-centers, lines and distribution transformers, capacity enhancement and renewal of the old sub stations andinstallation of roof-top solar panel in government buildings.

PM Narendra Modi to launch IARI in Jharkhand

To address regional challenges in the agriculture sector, Prime Minister Narendra Modi laid foundation stone ofIndian Agricultural Research Institute (IARI) on June 28, 2015 at Barhi in Hazaribagh district, Jharkhand.


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The institute, which will offer post graduate and doctoral courses, will have three major schools focusing onnatural resources management, crop improvement and protection and horticulture and forestry. The institutewill give thrust on research and extension programmes for addressing major regional challenges.

Indian Railways, Army among world's biggest employers: Study

Two Indian organisations - Army and Railways - are among the world's biggest employers, together employinga whopping 2.7 million people, said a report.

The Indian railways is ranked at the eighth place in the list of world's biggest employers, while the IndianArmed Forces with 1.3 million people is placed at ninth rank according to a research published by the WorldEconomic Forum.

The US Department of Defense is the world's biggest employer, second is People's Liberation Army (theChinese military) and in third is the US supermarket giant Walmart.

Sahibganj first dist ric t to have toilets under Clean Ganga project

Sahibganj, a picturesque district in Jharkhand skirted by the Rajmahal Hills, is where Prime Minister NarendraModi's ambitious programme to stop the disposal of human waste into the river Ganga will be the first to seethe light of day. The Centre has identified 77 villages in Sahibganj where toilets with waste disposal facilitieswould be constructed by the end of 2015-16.

Sahibganj, the only district in Jharkhand which has the Ganga flowing through it, will feature not only aconfluence of the Prime Minister's pet campaigns, Clean India and Clean Ganga, but also the Bharatiya JanataParty (BJP)'s efforts to reach out to an estimated 60 million people who rely directly on the river for theirlivelihoods, including boatmen and fishing communities.

Kerala town to host international literary festival

Kerala State Youth Welfare Board, in association with PAMPA (People for Performing Arts and More), an art-cum--cultural outfit, will organise the third edition of South India Writers' Ensemble (SIWE) in Chengannur in

July with an aim to popularise literary festivals in towns and villages.Kanaka Hama Vishnunath, a founder member of PAMPA said that the main objective of PAMPA is to exposepeople of small towns and periphery villages to such celebrations of art and culture.

The literature of the north-eastern part of the country is the focus of the festival this year.

Yoga made compulsory for 10-lakh strong central forces

The 10 lakh-strong paramilitary forces of the country have been asked by the Centre to include Yoga in theirdaily physical drills.

The directives have been issued to the six CAPFs like Central Reserve Police Force, Border Security Force,

Central Industrial Security Force, Indo-Tibetan Border Police Force, Sashastra Seema Bal, National SecurityGuard and the Assam Rifles which work under the command of the Union Home Ministry.

Govt to set up Rs 500 crore rupee capital fund to boost domestic Pharma industry

The government plans to set up a 500 crore rupee venture capital fund to boost domestic pharma industry andprovide cheaper loans to entities looking to establish or upgrade manufacturing facilities.

The government is working on various proposals, including single window clearance for drug approvals, torejuvenate the local pharma sector and make medicines more affordable.


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The steps were suggested by a task force formed by the Department of Pharmaceuticals in a report submittedto Chemicals and Fertilisers Minister Ananth Kumar.

While releasing the report, Ananth Kumar said that this is in line with the government's agenda of promoting'Make in India' and the Ministry will take action on all the steps suggested by the task force.

9th National Statistics Day observed with theme Social Development

The Ministry of Statistics and Programme Implementation has been celebrating the Statistics Day every year29th June, since 2007 to create public awareness, especially among the younger generation for drawinginspiration from Late Professor Prasanta Chandra Mahalanobis about the role and importance of statistics insocio-economic planning, policy formulation and good governance.

In recognition of the notable contributions made by him in the fields of statistics and economic planningGovernment of India has designated 29th June every year as the Statistics Day in the category of SpecialDays for celebration at the national level to mark his birth anniversary.

The theme selected for 9th Statistics Day was Social Development in view of the contribution and importanceof this sector to Indian economy. The main theme paper on Social Development Statistics: Current Status,

Issues and Challenges was presented by Central Statistics Office.On this occasion, National Awards in Statistics, constituted in the Honour of Prof. C.R. Rao were conferred byGeneral (Dr.) Vijay Kumar Singh to Dr. Hukum Chandra, Scientist, IASRI and Dr. Pulak Ghosh, Professor IIM,Bangalore.

Chennai Metro Rail commences operations

The much-awaited Chennai Metro Rail was launched by Chief Minister J Jayalalithaa, from her office via videoconference. The first train steered by two lady drivers, started from Alandur and headed to Koyambedu, a 10.1-km stretch which takes an hour by road. The train covers the distance in 19 minutes, with a 30-second halt ateach station. The service would be from 6 am to midnight.

Nandkumar Saravade to takeover as CEO of Data Security Council of India

Data Security Council of India (DSCI) Board has named Nandkumar Saravade as chief executive officer of theorganization, effective July 1.

DSCI has been leading cyber security and privacy protection initiatives in the country through policy advocacy,thought leadership, awareness and building capacity of security professionals and also law enforcementagencies

Cabinet c lears signing of pact between India, Sweden on MSMEs

The government has approved signing of an agreement between India and Sweden to promote cooperation inthe micro, small and medium enterprises (MSME) sector.

The cooperation opens up doors of new opportunities for the domestic MSME sector by way of new markets,joint ventures, sharing of best practices and technology collaborations, among others.


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INTERNATIONAL

2004 Nobel chemistry winner Irwin Rose dies at 88

Irwin Rose, a biochemist who shared the 2004 Nobel Prize in chemistry for discovering a way that cells destroyunwanted proteins " a key for developing new cancer therapies, has died. He was 88. Rose " along with

Israelis Aaron Ciechanover and Avram Hershko " discovered how plant and animal cells use a chemical "kiss-of-death" to mark old and damaged proteins so they can be destroyed. Rose did the Nobel work during hiscareer at the Fox Chase Cancer Center in Philadelphia. He became a UCI researcher after retiring in 1997.

Northern Ireland cr iminalizes paid sex

Northern Ireland has made history by becoming the first in the United Kingdom to criminalise the purchase ofsex. Those found paying for sex will have to cough out as much as 1,000 fine (almost Rs 1 lakh by Indiancurrency standards). The maximum penalty could also result in a year-long jail term. Till now, it was an offenceonly when someone paid for the sexual services of a prostitute subjected to force or threats. From June 1,under section 15 of the Human Trafficking and Exploitation (Criminal Justice and Support for Victims) Act(Northern Ireland) 2015, it has become an offence to obtain sexual services in exchange for payment, either bypaying, or promising to pay, any person directly, or through a third party. Sweden was the first country tocriminalise the purchase of sex, in 1999. Norway and Iceland adopted the model in 2009, and in December2013 France followed suit.

Shailesh Nayak is India's candidate for top WMO post

Shailesh Nayak, an Indian scientist and bureaucrat, is contesting the election for the top post at the Geneva-based World Meteorological Organisation (WMO). Nayak, a geologist from MS University, Baroda, has had astint at the Indian Space Research Organisation till 2000. He was earlier the director of Indian National Centrefor Ocean Information Services, Hyderabad. The WMO is a specialised UN agency dealing with the state andbehaviour of the Earth's atmosphere, its interaction with the oceans, the climate it produces and the resultingdistribution of water resources. Michel Jarraud, the current Director-General, stands down at the end of thisyear after three terms in office. The WMO Congress meets every four years. It will conclude on June 12. As on

January 1, 2013 it had a membership of 191 member states and territories.Snowden awarded freedom of expression pr ize in Norway

Former security contractor Edward Snowden won a Norwegian prize for freedom of expression and receivedyet another invitation to leave his exile and receive the award in person. The Norwegian Academy of Literatureand Freedom of Expression said the 31-year old fugitive had won the Bjornson Prize -- named after aNorwegian Nobel literature laureate -- "for his work protecting privacy and for shining a critical light on USsurveillance of its citizens and others." Snowden, a former analyst at the US National Security Agency, haslived in exile in Russia since 2013 after revealing mass spying programmes by the United States and its allies.

Mauritius first woman President

The government of Mauritius designated Ameenah Gurib-Fakim as the Indian Ocean island nations newPresident, making her the first woman to hold the ceremonial position.

The appointment of Ms. Gurib-Fakim (56), an internationally-renowned scientist and biologist, is subject toParliament approval.


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Bangladesh Liberation War award for Vajpayee

Bangladesh is set to honour former Prime Minister Atal Bihari Vajpayee for his outstanding support for thecountrys independence from Pakistan in 1971 when he was a Lok Sabha member.

Prime Minister Sheikh Hasina will also honour the families of the members of Indian armed forces for

sacrificing their lives for the cause of Bangladeshs independence.First facial recognition ATM developed in China

Chinese researchers have successfully developed the first automated teller machine (ATM) with faciarecognition technology to reduce the risk of theft.

The developers include Tsinghua University and Tzekwan Technology, a Hangzhou firm in easternChinas Zhejiang province.

Tzekwan chairman Gu Zikun, an anti-counterfeit technology expert, believes the technology will curbATM-related crimes.

NSA can no longer spy on AmericansU.S.A. Patriot Act, initially introduced after the 9/11 terror attacks in 2001, lapsed without renewal byCongress, and the U.S. National Security Agency effectively lost the authority to conduct bulk telephonedata collection on millions of Americans.

Indian banker honoured with lifetime achievement award in UAE

A top Indian banker here has been conferred with the lifetime achievement award for his contribution to thebanking industry and greater understanding of the economic development of the Middle East region. RSeetharaman, CEO of Doha Bank, has been conferred with the Lifetime Achievement Award for hiscontribution to the industry and his support for the environment and the business. The Banker Middle EastIndustry Awards 2015 Ceremony was held recently he received the award.

Mauritius parliament approves first woman president

Prominent scientist Ameenah Gurib-Fakim was approved by the parliament of Mauritius as the Indian Oceanisland nations new president, making her the first woman to hold the ceremonial position. Parliament speakerMaya Hanoomanjee, who is also the first woman to hold that post, said the overwhelming approval of Gurib-Fakims designation was a historic day for the country. Gurib-Fakim, 56, becomes the first female president ofthe island, which gained independence from Britain in 1968 and replaced Britains Queen Elizabeth II as itshead of state in 1992. Mauritius is one of the richest and least corrupt countries in Africa, a middle-income nation of some 1.3 million people with a per capita GDP of just over USD 9,000.

Tariq Aziz, an influential ex Iraqi minister,dies

Tariq Aziz, known as the face of Saddam Hussein's regime on the world stage for many years, has diedrecently in Iraq. Aziz, 79, served as foreign minister and Deputy Prime Minister and was a close adviser to theformer leader. He was found guilty of deliberate murder and crimes against humanity for a crackdown onreligious parties in the 1980s, and was sentenced to death in October 2010 by the Iraqi Supreme Court for thepersecution of religious parties under Saddam's rule but was never executed.


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UK Author Al i Smith won 2015 Baileys Women's Prize for Fiction

UK Author Ali Smith on 3 June 2015 won the 2015 Baileys Women's Prize for Fiction for her novel How to beBoth. Ali Smith, a Scottish author, has also won the 2014 Goldsmiths Prize and the Novel Award in the 2014Costa Book Awards for the same book. Other nominees for the award were English author Laline PaullCanadian author Rachel Cusk, Pakistani author Kamila Shamsie and Welsh author Sarah Waters. Earlier, the

book was shortlisted for the 2014 Man Booker Prize and the 2015 Folio Prize.11 Indo-Canadians honoured for strengthening bilateral ties

Eleven Indo-Canadians have been honoured here with 'ICCC Annual Awards 2015' for strengthening bilateraties and their business achievements besides contributions to the economy. Avinash Mehra, vice president ofthe Canadian Imperial Bank of Commerce was among 11 winners which include Nisha Agnihotri, PrashantPathak, Neeru Gupta, Manjul Bhargava, Hargurdeep Singh, Avish Sood, Rajiv Manucha, Asim Ghosh, JagParmar and Venkatesh Mannar. Each award, carrying a trophy and citation, was presented by Toronto mayorJohn Tory and president of the Indo-Canada Chambers of Commerce (ICCC) DP Jain. ICCC was founded in1977. It is a non-profit, non-partisan organisation dedicated to promote bilateral, social, cultural and economicties between the two countries.

Turkey's ruling party loses Parliamentary majority

Turkey's governing AK party has lost its Parliamentary majority for the first time in 13 years. The surpriseoutcome also sees the pro-Kurdish HDP crossing the 10 per cent threshold, securing seats for the first time.With 99 per cent of the vote counted, the AKP has 41 per cent of the vote. The result is a blow to PresidentRecep Tayyip Erdogan's plans to boost his office's powers. President Erdogan, who first came to power asprime minister in 2003, had been seeking a two-thirds majority to turn Turkey into a presidential republic.

Mauritius regains top slo t as source of FDI in India

Mauritius has regained the position as top source of foreign direct investment (FDI) into India by pushingSingapore to the second slot in 2014-15. Mauritius accounted for about 29 per cent of the countrys total FDIinflows last fiscal. In 2013-14, Singapore had replaced Mauritius as the top source of FDI into India. India

attracted $ 9.03 billion in FDI from Mauritius in 2014-15, whereas it was $ 6.74 billion from Singapore,according to the data of the Department of Industrial Policy and Promotion (DIPP). Although Singapore hascome down to the second position, foreign inflows from that country are increasing year after year. FDI inflowof $ 6.74 billion in 2014-15 was the highest ever received from Singapore since 2006-07. Other nations fromwhere foreign inflows are increasing include Japan, the Netherlands, the US, Germany, France and the UAEduring the last financial year.

G-7 leaders to continue sanctions against Russia till it fully respects ceasefire in Ukraine

Leaders of the Group of Seven nations have agreed that sanctions against Russia must remain in place, untithe ceasefire in eastern Ukraine is fully respected. German Chancellor Angela Merkel said at the end of a two-day G7 Summit in Bavaria, Germany. Russia was suspended from what used to be the Group of Eight in 2014

because of its occupation and annexation of Ukraines Crimea region, and its support for separatists in easternUkraine.

Jazz legend Ornetter Colema passes away

In the US, legendary saxophonist and composer Ornetter Colema died in Manhattan at the age of 85Coleman's album Change of the Century ushered in a new jazz style in the late 1950s, that later becameknown as Free Jazz. The world first learned of Free Jazz in 1959 when the American Alto Saxophonist walkedinto a Hollywood music studio.


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Comet 'Philae' woken up, contacted Earth, says European Space Agency

The European Space Agency said its comet lander, Philae, has woken up and contacted Earth. Philae wasdropped on to the surface of Comet 67P by its mothership, Rosetta, in November 2015. It worked for 60 hoursbefore going to sleep when its solar-powered battery ran flat. The comet has since moved nearer to the sunand Philae has enough power to work again. The Rosetta probe took 10 years to reach the comet, and the

lander - about the size of a washing-machine - bounced at least a kilometre when it touched down. Its exactlocation on the comet has since been a mystery. However, ESA said that it might have located it from imagesand other data from the mothership.

UN chooses Denmark's Mogens Lykketoft to head General Assembly

UN General Assembly has chosen a new President, selecting Mogens Lykketoft of Denmark to serve the one-year term. Lykketoft was the sole candidate put forward by Western European nations for the position that isrotated between regions. The 69-year-old has been speaker of the Danish parliament since 2011. Lykketoft wiltake over the General Assembly's top post on 15th of September 2015.

Sirisena appoints defence chief

Two senior slots in the armed forces of Sri Lanka were filled with President Maithripala Sirisena appointing AiChief Marshal Kolitha Gunathilaka as the new Chief of Defence Staff and Air Marshal Gagan Bulathsinhala asthe new Air Force Commander.

Mexicos top court quietly legalizes gay marriage

The Supreme Court in Mexico has legalized same-sex marriage in a landmark legal ruling. A court hasdecreed that it is unconstitutional for Mexican states to bar same-sex marriages. Whilst no official legislationhas been brought forward in parliament to introduce marriage for gay and bisexual couples, the court rulingrepresents a precedent which will require courts throughout the country to follow suit. This means that same-sex marriage has effectively been legalized throughout Mexico.

India emerges as UK's third largest FDI source in 2014

India has emerged as Britain's third biggest job creator in 2014 as the country saw a 65% increase in foreigndirect investments (FDI) from London. India helped create 9,350 jobs in UK in 2014 second only to the US(36,778 jobs) and Germany (9,727 jobs). But Germany recorded far fewer projects than that of the US, India oFrance. The data was released by the UK Trade Investment Agency which shows that between 2014 and2015, India created 7,730 new jobs and safeguarded 1,620 old jobs. In comparison, other European countrieslike Italy created 2,193 jobs, Spain 3,646, Switzerland 1,489, Sweden 1,382, Denmark 2,015 and Norway 440Australia created 4,012 jobs in UK in 2014 while Asian giants Japan and Singapore recorded 3,873 jobs and338 jobs, respectively.

Five-time Turk ish President dead

Turkeys former President and Prime Minister Suleyman Demirel, a political giant for over half a century whosurvived two military coups and a ban on holding office, died. He was 90. Mr. Demirel served as Prime Ministeron repeated occasions in the 1960s and 1970s and then again one final time in the 1990s before serving ashead of state from 1993 to 2000. In all, he was Prime Minister of seven different governments, serving fiveseparate stints in the post.

Aakar Patel to head Amnesty International Ind ia

Writer Aakar Patel joined Amnesty International India as its new executive director. Aakar Patel will head AIndia's operations and its efforts to end human rights abuses in India and worldwide. With a background in the


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textile industry, Aakar's work includes 'India: Low Trust Society' (2015) and 'Rights and Wrongs', a report onthe 2002 Gujarat riots which he co-authored. Aakar has been working as a columnist with publications in Indiaand Pakistan.

Indian origin scientist to gets Russia's highest tech award

B Jayant Baliga, a US-based Indian-origin scientist, is awarded Russia's top technology award in recognition ofhis work as a major development in energy management which brought about huge increase in efficiency andmajor savings. The award has been presented to Professor Baliga and Shuji Nakamura by Russian PresidenVladimir Putin. Nakamura, a Nobel Laureate, is recognised for his work on blue light emitting diodes (LEDs). InRussia, the Global Energy Prize is known as the electronics equivalent of the Nobel Prize. Professor Baligainvented the digital switch or the insulated gate bipolar transistor (IGBT) while working at General Electricalresearch & development centre in New York in the US in 1983. The IGBT switches energy hundreds ofthousands of times a second, raising the efficiency of any equipment manifold.

UN declares June 19 International Day for the elimination of sexual vio lence in conflict

The United Nations has declared June 19 International Day for the Elimination of Sexual Violence in Conflict tohighlight abuses by armed extremist groups such as Boko Haram and Islamic State. The date of 19 June was

chosen in memory of resolution 1820 the Security Council adopted on 19 June 2008, which recognized for thefirst time that sexual violence is a tactic of war and a threat to international peace and stability.

June 20 observes as World Refugee Day

Every year June 20 is observed as World Refugee Day to raise awareness of the situation of refugeesthroughout the world. The theme for year 2015 is With courage let us all combine. United Nations GeneraAssembly (UNGA) had passed a resolution to observe 20 June as World Refugee Day on 4 December 2000.

UK NRI philanthropist chosen for V K Krishna Menon Award

Benni Joseph Mavelil, a UK-based philanthropist has been chosen for the VK Krishna Menon award inrecognition of his outstanding professional and altruistic achievements, contributions and services to the

community and wider multicultural society. Mavelil, President of the UK Knanaya Catholic Community, wilreceive the award by the V K Krishna Menon Institute later in 2015. The V K Krishna Menon award is given tooutstanding Indian patriots who have served in the Diaspora and also distinguished themselves in variousfields including science, literature, business, politics, diplomacy and philanthropy.

EU extends sanctions against Russia

The European Union has extended economic sanctions against Russia until January to keep pressure onMoscow over the conflict in eastern Ukraine, drawing a rebuke and a warning of retaliation from Russianofficials.

The sanctions include limits to access on some financial markets, a ban on certain technologies andexchanges between the bloc and Russia in energy and defence sectors. In response, Russia extended its banon the import of many agricultural products from the EU.

Japan marks Okinawa anniversary

Japan marked the end of the Battle of Okinawa, the bloodiest episode in the Pacific War, which killed 200,000people. Prime Minister Shinzo Abe is scheduled to speak at a ceremony in Itoman, at the southern tip of theisland, near to the spot where terrified locals jumped from cliffs or were pushed to their deaths on the orders ofImperial soldiers taught never to surrender. Thousands of visitors filed to the black marble monument inscribedwith the names of the fallen to pray and leave flowers.


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Australia to jo in China-led infrastruc ture bank

Australia, announced that it would join the new China-led Asian Infrastructure Investment Bank (AIIB) as afounding member, contributing about $930 million to the financial institution of which India will be the secondlargest shareholder.

The AIIB, which will be headquartered in Beijing, is designed to finance infrastructure construction in thecontinent. The bank already has 57 prospective members.

However, it has been shunned by the United States and Japan, the worlds largest and third largesteconomies.

G-20 meet in Turkey to focus on 3-I agenda

Inclusiveness, implementation and investment will form the top priorities for the Group of twenty (G-20) summitto be hosted and chaired by Turkey in November in the shadow of a global economic slowdown. The TurkishG-20 presidency will focus its efforts on ensuring an inclusive and robust growth through collective action.

G-20 is a premier forum for global economic and financial cooperation that brings together the worldsadvanced and emerging economies representing around 85 per cent of the global GDP. India is one of itsmembers.

Since the 2008 financial crisis, G-20 has broadened its multi-lateral ambit from an overarching aim of abalanced, sustained and strong growth to diverse issues such as climate change, energy, unemployment andwomen empowerment.

China, India fast-track BCIM economic corr idor project

China and India are adding fresh momentum to the establishment of the Bangladesh-China-India-Myanma(BCIM) economic corridor, which is expected to develop gradually before more ambitious goals are achieved.

India is showing enthusiasm over the project, which will link Kolkata with Kunming, the capital of Chinas

Yunnan province, passing through Myanmar and Bangladesh, with Mandalay and Dhaka among the focapoints. The focus on linking provinces and States in this case, Yunnan and West Bengal seems to havegiven a new impulse to galvanising the plan.

International Day Against Drug Abuse and Illic it Trafficking observed globally

The International Day against Drug Abuse and Illicit Trafficking was first observed on June 26, 1988. The daywas introduced on December 7, 1987 by the UN General Assembly to honour Lin Zexu's contribution indismantling the opium trade in Guangdong. This day, the members of the General Assembly decided toestablish an international society free of drug abuse since the use of drugs continues to constitute a serioushazard to public health.

Debt cr isis: Greece closes its banks, limits ATM cash withdrawal

Greece closed its banks and imposed capital controls to check the growing strains on its crippled financiasystem, in a move that brought the prospect of being forced out of the euro into plain sight.

After bailout talks between the Left-wing government and foreign lenders broke down at the weekend, theEuropean Central Bank froze vital funding support to Greece's banks, leaving Athens with little choice but toshut down the system to keep the banks from collapsing.


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Banks will be closed and the stock market shut all week, and there will be a daily 60 euro limit on cashwithdrawals from cash machines. Payments via debit or credit cards to accounts within Greece and onlinebanking transactions within Greece will be allowed but payments and transfers to accounts outside Greece areprohibited.

Moldovan PM quit s over fake diploma

Moldovan Prime Minister Chiril Gaburici announced his resignation, just four months into the job, after beingaccused of faking his education credentials. Mr. Gaburici took office on February 18, 2015 after his LiberaDemocratic Party managed to form a coalition with other pro-European parties.

Mexico Supreme Court opens door to gay marriage nationwide

Mexico's Supreme Court has ruled it is unconstitutional for Mexican states to bar same-sex marriages. But thecourt's ruling is considered a "jurisprudential thesis'' and does not invalidate any state laws, meaning gaycouples denied the right to wed would have to turn to the courts individually. Given the ruling, judges andcourts would have to approve same-sex marriages. The high court ruled that any state law which considers theultimate purpose of marriage to be "procreation, and or defines (marriage) as celebrated between a man and awoman, is unconstitutional.'' Gay marriage is legal in some parts of Mexico, including Mexico City and the

northern state of Coahuila.

CONTEMPORARY ECONOMIC DEVELOPMENTS

RBI cuts repo rate, airs wor ries

The Reserve Bank of India cut the policy rate (repo) by 25 basis points, the third time this year, to 7.25 per cenfrom 7.5 per cent. The repo rate is the rate at which the RBI lends money to banks. The RBI cut rates by 25basis points each in January and March from a peak of 8 per cent. The RBI cut rates by 25 basis points eachin January and March from a peak of 8 per cent. In the previous policy announcement the first bimonthlypolicy for 2015-16 on April 7 the RBI had maintained status quo in the repo rate at 7.5 per cent, saying that

transmission of policy rates to lending rates had not taken place despite weak credit off-take and thefrontloading of two rate cuts.

BSNL to offer free roaming from June 15, 2015

State-run operator BSNL will not charge mobile phone users for incoming calls when on roaming from June 15onwards, Telecom Minister Ravi Shankar Prasad said. BSNL CMD Anupam Shrivastava said no speciarecharge was needed to utilize the offer. He said the impact of the scheme would be assessed after one year.In May 2015, the company had also reduced roaming tariff by 40 per cent for incoming calls on roaming.

Emami buys Kesh King for 1,651cr

Emami Ltd, one of the leading FMCG companies in India, entered into an agreement with Sanjeev Juneja to

acquire his hair & scalp-care business under the 'Dr Juneja's Kesh King' and allied brands in one of the biggestacquisitions in FMCG space in the recent times. It is valued at Rs 1,651 crore, the biggest by Emami and alsothe biggest by any Kolkata-based company so far.

L&T bags Rs 468 crore defence orders for construction of floating dock for Indian Navy

The Ministry of Defence has awarded a Rs 468 crore order for the design and construction of a floating deckfor the Indian Navy to Larsen & Toubro (L&T). According to a BSE filing by L&T, the floating dock is expected


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to enhance the support infrastructure of the Indian Navy for docking of warships and submarines for repairsand refits.

Banks gearing up to appoint internal ombudsman

The RBI advised all public sector banks and some private and foreign banks to appoint an internalombudsman.

The RBI suggested that the officer appointed should not have worked in the bank in which he/she isappointed as chief customer service officer (CCSO).

If a customer is still dissatisfied with the solution provided by the internal ombudsman, he/she can take itup with the central banks banking ombudsman.

At present only 11 banks, including Punjab National Bank, Union Bank, Oriental Bank of Commerce,Indian Overseas Bank, Allahabad Bank, Dena Bank and Corporation Bank, have an internal ombudsmaneach.

RBI directive on pay package for non-executive directors

In order to enable banks to attract and retain professional directors, the RBI has asked the Board ofDirectors to formulate a comprehensive compensation policy, including payment of compensation in theform of profit-related commission, for non-executive directors of private banks.

Such compensation, however, shall not exceed Rs. 10 lakh per annum for each director.

At present, banks in the private sector pay only sitting fees to non-executive directors, and no otherremuneration is paid to them. The part-time Chairman however, is being paid a fixed remuneration withthe approval of the RBI.

In a notification, the RBI said private sector banks would be required to obtain prior RBI approval forgranting remuneration to the part-time non-executive Chairman under the Banking Regulation Act, 1949.

Meena Hemchandra appoin ted as executive director of RBI

The Reserve Bank of India (RBI) has appointed Meena Hemchandra as the executive director who wouldbe in charge of department of banking supervision.

She will also be in charge of department of non-banking supervision and department of co-operativebanking supervision.

Banks allowed investing in long-term bonds of other banks, with rider

In order to boost Infrastructure investment the RBI has allowed banks to invest in long term-bonds of otherbanks. This is subject to conditions whereby not more than 20 per cent of the primary issue size of a bond

issue is allotted to investor banks.

India signs pact on automatic exchange of tax information

India and five other nations have joined a multilateral agreement for automatic exchange of financiainformation, a move that will help it combat tax evasion and deal with the problem of black money. AustraliaCanada, Costa Rica, Indonesia and New Zealand are the other five nations that signed the MultilateraCompetent Authority Agreement (MCAA) in Paris for automatic exchange of financial account information. Thetotal number of countries which have agreed to share financial information has now gone up to 60, including


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Switzerland. The target is to reach 94 countries by 2017. The new system, dubbed the Common ReportingStandards (CRS) on Automatic Exchange of Information (AEOI), is very wide in scope and obliges the treatypartners to exchange a wide range of financial information, including that about the ultimate controlling personsand beneficial owners of entities. Previously, information was exchanged between countries on the basis ofspecific requests relating to cases of tax evasion and other financial crimes. AEOI, when fully implementedsets up a system wherein bulk taxpayer information will periodically be sent by the source country of income to

the country of residence of the taxpayer.Axis Bank allows booking of lockers via mobile app

Now, you can use a mobile application to choose the nearest location where you can open a bank locker. AxisBank, the countrys third-largest private sector lender, has launched a new mobile application that will allow itscustomers to book lockers, saving them many visits to bank branches. The bank initiated the process ofbooking lockers through mobile phones to offer customers convenience and transparency in transactions. Withthis customers can figure out the availability of the locker from their homes or on-the-go. On booking thelocker, the documents and KYC (know-your-customer) formalities can be done with the closest Axis Bankbranch and the customer can claim the locker within seven days. The charges for the lockers will be in therange of 3,000-12,000 in metro/urban areas and 1,500-10,000 in rural areas depending on location andsize of the locker.

Bangladesh allows LIC to operate in domestic market

Indian insurance giant LIC has been allowed to form a joint venture in Bangladesh, becoming the secondforeign insurer to operate in the country. The approval came nearly two years after the IDRA rejected a LICproposal to launch its business in Bangladesh with a paid up capital of Tk 300 million. LIC has been in theinsurance business for six decades. It became the second foreign insurance agency after the US-basedMetLife-ALICO, which only has a branch office in Bangladesh and is not a joint venture registered companyApart from two state-run insurance companies, Bangladesh currently has 60 insurance companies in privatesector, 43 of them being general and 17 life. Apart from India, the LIC operates in Nepal, Sri Lanka andSingapore.

Vedanta buys 4.98% stake in Cairn India for $ 315 mnVedanta Ltd, formerly Sesa Sterlite, has acquired 4.98 per cent stake in Cairn India for $315 million from awhollyowned subsidiary Twinstar Mauritius Holdings (TSMHL).Vedanta ownership in Cairn India does notchange as a result of this share transfer. TSMHL had 39.41 per cent stake in Cairn India, while Vedantasstake was 18.73 per cent. Following the share transfer, Vedanta will continue to hold 59.9 per cent in CairnIndia of which 25.5 per cent will be held directly and 34.4 per cent held indirectly through TSMHL.

Investments in PE, VC funds, 75% in equity in the works

The National Pension System is set to provide a whole new range of choices to its subscribers including optionto invest in instruments such as private equity and venture capital funds, real estate investment trusts as wellas a higher exposure of up to 75 per cent to equities. The pension regulator Pension Fund Regulatory and

Development Authority is examining the recommendations of the expert panel led by former Sebi chief GNBajpai that had recommended greater flexibility to NPS subscribers for their investments. Currently, there is acap of 50 per cent for the private sector and 15 per cent for the government. One thing we are looking at isharmonisation of the government pattern and the private sector pattern.

Snapdeal, Gojavas join hands

Online marketplace Snapdeal and supply chain company Gojavas have joined hands to provide a newexperience to online shoppers. The new partnership, an industry first service for customers 90 minutes


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reverse pick-ups will help customers replace or return items within 90 minutes of intimation. The facility isavailable in 15 cities, and will enable hassle-free returns as well as refunds.

Seshasayee becomes Chairman of Infosys

Infosys Ltd. has announced that the companys board had approved the appointment of R. Seshasayee asNon-Executive Chairman of the Board with immediate effect. K.V. Kamath would step down from his positionas Chairman of the Board and as an Independent Director of the Company, consequent to his nomination asPresident of the BRICS bank, New Development Bank. Mr. Seshasayee has been an Independent Director onthe Companys Board since January 2011 and is the chairperson of the Audit Committee.

MP first to have wind, solar units with 1,100cr investment

Madhya Pradesh will be first state in the country where production units of solar panels and wind rotors arebeing set up with an investment of Rs 1,100 crore. Production is likely to start in the next few years. Windenergy giant Suzlon group is investing Rs 500 crore in its wind rotor plant near Indore. World's largest 750MWsolar power plant is being set up in Rewa district of state. The state government is setting up plant in a jointventure with Solar Energy Corporation of India.

IREDA awarded Miniratna (Category-1) status by Department o f Public Enterprises

Indian Renewable Energy Development Agency Limited (IREDA) has been awarded the Miniratna (Cateogry -1) status by the Department of Public Enterprises under the Union Ministry of Heavy Industry and PublicEnterprises. Grant of status allows IREDA to make capital expenditure on new projects, modernizationpurchase of equipment, etc. without Government approval up to 500 crores rupees, or equal to their net worth,whichever is lower.

IMAs firs t Jan Aushadhi medical store launched in Delhi

Indian Medical Associations (IMA) first-ever Jan Aushadhi Generic Drug (JAGD) Store was inaugurated on 5June 2015 at its headquarters in IP Estate, New Delhi. The store will offer over 118 commonly used drugs at a10 to 20 percent lesser price than market value. All medicines, which will be offered at the IMAs, the countrys

largest non-government organisation of doctors, JAGD store have been approved and quality controlled by theBureau of Pharma Public Sector Undertakings of India (BPPI) under the aegis of Department ofPharmaceuticals.

Reserve Bank of India announces new measures on debt restruc turing by lenders

The Reserve Bank has allowed banks to take control of debt-laden companies by converting loans into equity ia debt restructuring fails to revive them within a stipulated time frame. As per an RBI notification, allowing loanconversion will now be a pre-condition for all debt restructuring deals. A decision on invoking the StrategicDebt Restructuring by converting debt into equity has to be taken within 30 days after a review of the account.The RBI said that it should be approved by 75 percent of the creditors by value and 60 percent of creditors bynumber. Capital markets regulator Sebi has already relaxed the norms for banks to take over the ownership ofsuch companies under a new Strategic Debt Restructuring regime.

India figures in top 5 emerging economies for highest investment commitments

According to a World Bank report, India has figured in top five emerging economies for highest investmentcommitments in private sector, infrastructure sectors - energy, transport and water. India has figured in the listdespite a drop in investment commitments of 6.2 billion dollar in 2014. The top five countries with the biggesinvestment commitments in 2014 are Brazil, Turkey, Peru, Colombia and India. These five countries togetherattracted 78 billion dollar. It represents 73 percent of the investment commitments in developing world in 2014.


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Maharashtra to create NBFS to utilise money lying with corporations

Maharashtra government has decided to create a non-banking financial services (NBFS) institution to use thesurplus money lying with the state-run corporations. In Mumbai, about 40,000 crore rupees are lying idle in thebank accounts of these corporations. This money is not being used and the corporations keep getting interestfrom banks. This way the government will not have to pay high interest rates to banks and the surplus money

of corporations will be used to meet urgent needs.HDFC Bank launches PayZapp

HDFC Bank has launched Pay Zapp, a complete digital payment and purchases solution, a one-stop onlineportal offering customers great deals at one place. Under PayZapp, unlike other wallets, is not a pre-paidwallet. It reflects your account and it reflects your credit card balance.

US becomes biggest oil producer in 2014, surpasses Saudi Arabia

The United States has overtaken Saudi Arabia as the world's biggest oil producer in 2014 while India hasrecorded the highest growth in energy consumption among major economies. The US produced 15.9 per centmore oil in 2014 at 11.6 million barrels of oil per day to topple Saudi Arabia's 11.5 million bpd production,

according to BP Plc's Statistical Review of World Energy released. Russia with 10.8 million bpd oil productionwas placed third. Chinese growth in consumption slowed to its lowest level since 1998 as its economyrebalances away from energy intensive sectors, though China remained the world's largest growth market forenergy. India, however, posted a 7.1 per cent rise in energy consumption, the fastest among major economiesand second only to Algeria's 8.4 per cent expansion.

RBI issues Draft Framework on Issuance of Rupee linked Bonds Overseas

The Reserve Bank of India has issued Draft Framework on Issuance of Rupee linked Bonds Overseas. It isintended to permit Indian corporate and International Financial Institutions (IFIs) to issue rupee-linked bondsoverseas.

Indian corporates eligible to raise external commercial borrowings (ECBs) are permitted to issue Rupee

linked bonds overseas.

The corporates which, at present, are permitted to access ECB under the approval route will require priorpermission of the RBI to issue such bonds and those coming under the automatic route can do so withouprior permission.

The bonds may be floated in any jurisdiction that is Financial Action Task Force (FATF) compliant.

The subscription, coupon payments and redemption may be settled in foreign currency. The proceeds ofthe bonds can be parked as per the extant provisions on parking of ECB proceeds.

Banks incorporated in India will not have access to these bonds in any manner whatsoever.

Utility b ills valid proof o f address to open account

Reserve bank of India has allowed postpaid mobile service, piped gas and water supply bills to be submittedas proof of address for opening account with banks or other financial institutions. The RBI said the utility billwhich is not more than two months old are deemed to be Officially Valid Documents (OVDs) under simplifiedmeasures. Bank account or Post Office savings bank account statement; pension or family pension paymentorders (PPOs) issued to retired employees by government departments or PSUs, if they contain the addresstoo will be OVDs. Letter of allotment of accommodation from employer issued by government, regulatorybodies, PSUs, banks, financial institutions and listed companies have also been added to the list of OVDs.


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Similarly, documents issued by government departments of foreign jurisdictions and letter issued by foreignembassy or Mission in India too are OVDs.

RBI allows AIFIs to reverse excess provis ion on sale of NPAs

Reserve Bank of India has allowed All-India Term Lending and Refinancing Institutions (AIFIs) such as EximBank and NABARD to reverse the excess provision on sale of non-performing assets (NPAs) sold prior toFebruary 26, 2014 to asset reconstruction companies to their profit and loss account. The RBI said that it hasnow been decided to permit financial institutions to reverse the excess provision, when the sale is for a valuehigher than the Net book value (NBV), on sale of NPAs sold prior to February 26, 2014 to SecuritisationCompany (SC) Reconstruction Company (RC) to their profit and loss account. NBV is the value at which anasset is carried on a balance sheet.

India secures top-most ratings for financial market norms

Indias financial market regulatory framework got the top-most ratings from the global bodies of banking andcapital market regulators, with Reserve Bank of India (RBI) and the Securities and Exchange Board of India(SEBI) being rated better than their peers in China and the U.S. In the latest global assessment study of theregulatory framework for financial market infrastructures across the world, only six countries, including India,

have got the highest score of 4 for all eight parameters on a scale of one to four. The other five countries areAustralia, Brazil, Hong Kong, Japan and Singapore. The Rating Level 4 means that the financial markeregulators RBI and SEBI have all regulatory measures fully in force.

RBI allows NRIs to invest in chi t funds

The Reserve Bank today allowed non-resident Indians (NRIs) to invest in chit funds on non-repatriation basiswithout any ceiling, a move that will encourage flow of capital into the country. However, the subscription to thechit funds should be brought in through normal banking channel, including through an account maintained witha bank in India. Earlier in May 2000, non-residents were barred from investing in a company or firms engagedin the business of chit fund.

NTPC starts 200 MW capacity of Koldam plant in Himachal Pradesh

Power producer NTPC said it has commissioned another 200 megawatt (MW) capacity at its Koldam HydroPower Project in Himachal Pradesh. The total installed capacity of the Koldam project now stands at 800 MW.

FDI in services sector grows by 46% in 2014-15, reaches $ 3.2 bn

With the government taking steps to improve ease of doing business and attracting investments, FDI inflowsinto the services sector grew by over 46 per cent to 3.25 billion dollars in 2014-15. The services sector, whichincludes banking, insurance, outsourcing, R&D, courier and technology testing, had received foreign direcinvestment worth 2.22 billion dollar in 2013-14. However, the total foreign inflow in 2014-15 in the servicessector was low as compared to 2012-13 when it was 4.83 billion dollar, according to the Department ofIndustrial Policy and Promotion (DIPP) data. In step with the growth in FDI in important sectors like services,overall foreign inflows in the country too rose by 27 per cent to 30.93 billion dollar during the previous fiscalThe amount was 24.29 billion dollar in 2013-14.

Hannover Re to offer reinsurance cover for Pradhan Mantri Suraksha Bima Yojana

Hannover Re, the worlds third largest reinsurer, has decided to offer reinsurance cover for the Pradhan MantriSuraksha Bima Yojana (PMSBY) to encourage insurance companies to participate in the scheme. The globareinsurer is in talks with several Indian insurers for this purpose, Ankur Nijhawan, Managing Director, HannoveRe Risk Management Services India. Having a reinsurance cover will encourage more Indian insurancecompanies to participate in the PMSBY scheme and improve its penetration in India. Currently, public sector


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general insurers are taking the lead and promoting PMSBY in big way in association with banks. PMSBY offersa renewable one year accidental death-cum-disability cover of 2 lakh (1 lakh for partial permanent disabilityto all savings bank account-holders in the age group of 18 to 70 years for a premium of 12 a year pesubscriber. This scheme is currently delivered through banks, including regional rural banks and co-operativebanks.

Vinayak Bahuguna is Arcil's new CEOAsset Reconstruction Company (India) Ltd (Arcil), Indias first asset reconstruction company, has announcedthe appointment of Vinayak Bahuguna as its Chief Executive Officer & Managing Director. He succeeds Mr. PRudran who had completed his term in April 2015.

Basel III compliance: BIS pat for RBI

The Bank for International Settlements, the apex bank for all central banks, has complimented the Indianbanking authorities for their substantial reforms and alignment with the Basel framework. According to BISRegulatory Consistency Assessment Programme (RCAP), this evaluates a countrys readiness for Basel IIInorms. The risk-based capital requirements issued in July 2014 are assessed as compliant with the minimumBasel capital standards. All 14 components of the Basel framework included in the assessment have been

assessed as compliant. The 14 parameters include scope of application, transitional arrangements, definitionof capital, various approaches to quantify risk capital (credit, market and operational risks), securitisationframework, capital buffers (conservation and countercyclical), supervisory review process, legal and regulatoryframework for the supervisory review process and for taking supervisory actions besides disclosurerequirements.

Western Union, YES Bank tie up for remittances

Global payment service provider Western Union tied up with mid-sized private lender Yes Bank forinternational direct-to-bank transfers. This will facilitate money transfers to bank accounts in India, through theNEFT as well as IMPS clearing systems. This collaboration with YES Bank will allow consumers in the US, UKCanada, Australia and many other countries, to send money directly to more than 900 million bank accounts inIndia.

India has 4th largest ultra-high-networth households

India is home to the fourth largest number of ultra-high-networth households that have more than 100 milliondollars in private wealth, according to a new report topped by the US. The Boston Consulting Groups GlobaWealth 2015: Winning the Growth Game report said continued economic expansion of China and India wasdriving growth in wealth in the Asia Pacific region. The US remains the country with the largest number ofultra-high-networth (UHNW) households at 5,201, followed by China (1,037), the UK (1,019), India (928) andGermany (679) in 2014. Indias UHNW households grew manifold from 2013 when the number stood at 284The private wealth in the Asia-Pacific region expanded by a steep 29 per cent in 2014 to reach USD 47 trillion,enabling it to overtake Europe (Eastern and Western Europe combined) to become the worlds second-wealthiest region. With a projected USD 57 trillion in 2016, Asia-Pacific (excluding Japan) is expected to

surpass North America (a projected USD 56 trillion) as the wealthiest region in the world and will be the largestpool for client acquisition.

NPS becomes more attractive

In the 2015-16 Budget, the Centre granted additional tax deduction of Rs.50,000 to contributions made to theNational Pension System (NPS). Now, it has made this pension scheme more attractive. For an investor, theone glitch with NPS all along was that it didnt offer liquidity. Unlike the Employee Provident Fund (EPF) whichallows withdrawal of money when a person moves from one job to another or for reasons such as illness or


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childs education, NPS allowed withdrawal only at the age of 60 years. If one chose to withdraw before the ageof 60, 80 per cent of the amount needed to be converted into an annuity. But, now, withdrawals from NPS wilbe allowed. All individuals who have been making contributions to NPS for 10 years or more will be now giventhe option to withdraw up to 25 per cent of the corpus. To check needless drawing of money from the corpus,withdrawals will be allowed only on four grounds. These are: childs education, marriage, purchase (orconstruction) of a residential house, or treatment of any illness (either of the individual himself, his spouse o

children). There are 13 critical illnesses, including cancer, kidney failure, paralysis and heart surgery, for whichwithdrawal claims, will be accepted. However, it has been stipulated that only a maximum of three withdrawalswill b