Capsule Sep Oct

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Economyknow your customer norms by allowing self-certification of documents needed for opening bankaccounts.

Reserve Bank Governor Raghuram Rajan hopes thatinflation will moderate to acceptable level of 6 per centby Jan 2016 and maintained that the GDP growth inthe current fiscal will be 5.5 per cent, same as projectedearlier.

The Reserve Bank of India (RBI) on 30 Sep relaxed KnowYour Customer (KYC) norms. The RBI has asked banks to allow self-certified copy

of the document by mail or post for opening anaccount.

Banks have also been asked not to seek freshdocuments, if a KYC-compliant customer desires toopen another account in the bank.

If the customers are unable to comply within areasonable period of time, partial freezing may beintroduced for KYC non-compliant customers.

This means that only credits would be allowed in suchaccounts, but debits would not be allowed. Theaccount holder would have the option to close theaccount and take back the money in the account.

For periodic updating of KYC, the RBI told the banksnot to insist on physical presence of the customerand also not seek fresh proof of identity and addressin case of no change in status for low risk customers.

The Reserve Bank further said there was a need forbanks to complete KYC for all customers, includinglong-standing low risk customers.

The finance ministry has relented on a keyrecommendation of the Financial Sector LegislativeReforms Commission (FSLRC) as it looks to get Reserve

Aviation Indias no-frill airline IndiGo has placed orders for 250

latest Airbus A-320 NEO planes worth USD 25.5 bn (Rs.1.55 lakh cr).

Banking In the fourth bi-monthly monetary policy review on 30

Sep, the RBI kept key interest rates unchanged. The RBIGovernor Raghuram Rajan maintained that he would notcut rates unless inflation moderates to anticipated levels. The short-term lending rate (repo) rate will remain at 8

per cent. The cash reserve ratio (CRR) requirement of banks

will remain at 4 per cent. The statutory liquidity ratio (SLR) has also been

retained at 22 per cent. The RBI governor said second-and third-quarter

growth will be lower than the first quarter, but thefourth quarter looks more promising.

The RBI projects GDP to grow by 6.3 per cent in 2015-16 fiscal.

The RBI is in the process of modifying the definitionof wilful defaulters so as to bring the directors ofdefaulting companies under its ambit and announcedsetting up of a Central Fraud Registry to checkfrauds.

The RBI has reduced the liquidity provided under theexport credit refinance (ECR) facility from 32 per centof eligible export credit outstanding to 15 per centwith effect from Oct 10.

While the unchanged policy will not result in any reliefto borrowers in the festive season, RBI relaxed the

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Bank of India (RBI) governor Raghuram Rajans backingfor big-ticket financial reforms. The central banksdecisions will not face judicial review by the proposedFinancial Sector Appellate Tribunal (FSAT) that is meantto hear all appeals pertaining to the financial sector. TheBN Srikrishna-headed FSLRC had recommended thatFSAT hear appeals against RBI. This would have meantanother layer of scrutiny in addition to that ofconstitutional courts. Rajan has been explicit about hisviews on the suggestions, particularly in relation toregulatory functions, calling them schizophrenic andarguing that implementing them could turn RBI into apaper tiger. The governors support is critical as thefinance ministry has begun implementing the FSLRCsrecommendations, setting up four task forces, indicatingthat it was ready to press ahead with a broader reformsprogramme as suggested by the panel.

The Reserve Bank of India (RBI) permitted remittances toPrime Ministers National Relief Fund (PMNRF) throughExchange Houses on the condition such that the fundshould be directly credited to the banks and the banksmaintain full details of the remitters.

The Reserve Bank of India (RBI) will soon inviteapplications for issuance of licences in three categories small banks, payment banks and universal banks toachieve financial inclusion target, Financial ServicesSecretary GS Sandhu announced.

School-going children as young as 10 years will have tostart working on their signatures with SBI and ICICI Banknow allowing them to open and operate bank accounts,sign cheques and hold ATM cards on their own.

Countrys largest lender State Bank of India (SBI) hasreviewed its ATM usage charges, allowing more freetransactions to those who avoid visiting its branches,and unlimited transactions for those with large balances.In its latest directive on ATM charges applicable fromNov 1, SBI said that it would limit the number of branchwithdrawals to four a month for those maintainingbalances of up to Rs. 25,000. For customers maintaining an average monthly

balance of Rs. 25,000 and above, the bank will provideunlimited usage of its own ATM network, but willlimit access to third-party ATMs to three transactionsa month.

The bank will also increase the number of freetransactions on its home network from five to nine ifthe customer does not visit a branch during themonth.

For those who maintain average balances of over Rs.

1 lakh, the bank will provide unlimited access to allATMs across the country.

However, those customers whose balances are lessthan Rs. 25,000 will face the limit of five transactionson their home bank ATMs and three transactions onother banks machines. Those who exceed the limitwill pay Rs. 5 per transaction at SBIs ATMs and Rs.20 at machines belonging to other banks.

India is expected to join Asian Infrastructure InvestmentBank (AIIB) as the second-largest shareholder in what isbeing seen as a move by the govt to ensure that it has asay in running the new multilateral lending institutionbeing created at Chinas behest. India may get around 19 per cent voting rights based

on the size of its economy, compared to Chinas 42per cent. The bank is expected to start with anauthorised capital of $50 bn and will boostinfrastructure financing in the region. It will rival theAsian Development Bank (ADB), where Japan andthe US have larger shareholding than China, whichhas emerged as a major global force in recent years

The central board of the countrys largest lender StateBank of India (SBI) at its meeting has approved to reducethe face value of equity shares of the bank from Rs. 10 pershare to Rs. 1 per share and to increase the number ofissued shares in proportion thereof with an aim to increaseliquidity of the scrip. The decision would be reflected in the reduction in

face value of equity shares in existing global depositoryreceipt (GDR) programme.

The World Bank President Jim Yong Kim launched theGlobal Infrastructure Facility (GIF) aimed at mobilisingthe private sector to help tackle the massive infrastructuredeficit now facing developing countries and emergingmarkets such as India.

The five associates of State Bank of India (SBI) wouldraise about Rs. 33,000 cr capital to meet global risk norms,Basel III, in the next five years. Part of the fund would beraised by the market while remaining would be providedby the parent SBI. Among these, State Bank of Bikaner and Jaipur, State

Bank of Mysore and State Bank of Travancore arelisted entities. The unlisted subsidiaries like StateBank of Patiala and State Bank of Hyderabad wouldget funds from the parent entity. Besides, additionalcapital would be required for merger of associatebanks. The SBI first merged its associate State Bankof Saurashtra with itself in 2008. Two years later in2010, State Bank of Indore was merged with SBI.


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emySINCE 1993 Indias Premier Banking / SSC Institute The Finance Ministry has asked public sector banks totighten norms, including know your customer (KYC)monitoring for high-value fixed deposits, to check thekind of frauds suspected to have been committed at DenaBank and OBC.

The United States biggest bank, JP Morgan, has revealedthat it suffered a massive cyber attack on 76 mn privateand seven mn business customers in the country.

In a major breakthrough in Indias fight against blackmoney allegedly stashed abroad, Switzerland has said itwill examine Indian requests for banking information on apriority basis and provide requested details in a time-bound manner.As per Swiss National Banks latest data,the total money held by Indians in Swiss banks stood atover Rs. 14,000 cr as on Dec 2013, up by nearly 42 percent from a year ago. A Special Investigation Team (SIT),chaired by former Supreme Court judge Justice MB Shah,is looking into the menace of black money.

In a major gain for Indian authorities trying to recoverblack money stashed abroad, G20 members have agreedto a deal that will mandate automatic sharing of all bankinformation with tax authorities on an annual basis,starting 2017.

Capital Market The govt is considering a proposal to merge the Forward

Markets Commission (FMC) with the capital marketregulator Securities and Exchange Board of India (Sebi)to ensure better monitoring of the commodity futuresmarket.

Indian companies are dusting off plans to raise moneythrough foreign currency convertible bonds (FCCBs) asan appreciating rupee and a bullish stock market againmake these bonds attractive. The FCCBs had dried up inthe past two years. The FCCBs are a product of a bullmarket and an appreciating currency. When the equitymarket is high, FCCBs are the best option to get themaximum conversion premium, best yield-to-maturity andthe lowest coupon rate. FCCBs are very attractive as theymix equity with debt and make the debt cheap. The FCCBsare a good option for those companies that havesignificant foreign currency earnings.

The market regulator Sebi has barred realty major DLFand also its six top executives, including Chairman KPSingh, from securities markets for three years, after findingthe company guilty of active and deliberate suppressionof material information at the time of its public offer.

Corporate The National Pharmaceutical Pricing Authority (NPPA)

has imposed a fine of around Rs. 300 cr on Swissmultinational drug company Novartis for overchargingconsumers on sale of Voveran, its best-selling painkillermedicine.

Ranbaxy Laboratories, which has been facing regulatoryhurdles in the US, on 16 Oct said it would pay $39.75 mn(around Rs. 244 cr) in tranches to the state of Texas in theUS to settle the litigation concerning its participation inthe Texas Medicaid Program.

Five Indian companies Wipro, Essar Oil, Tech Mahindra,Larsen & Toubro and Tata Consultancy Services (TCS)are among the top global companies that did business inthe most sustainable manner in 2013, the CarbonDisclosure Report (CDR) 2014 disclosed on 15 Oct.

Hewlett-Packard Co has announced that it would splitinto two listed companies, separating its computer andprinter businesses from its faster-growing corporatehardware and services operations, and eliminate another5,000 jobs as part of its turnaround plan.

Tata groups Land Rover has forayed into an elite club ofworlds 100 most valuable brands as the only Indian-owned entity. Land Rover, an iconic British car brandowned by Indian conglomerate Tatas, has been ranked91st with a brand value of USD 4.47 bn and is one of thefive new entrants on this annual list compiled by leadingbrand consultancy Interbrand.

Insurance The Insurance Regulatory and Development Authority

(Irda) has constituted a working group to harmonise itscorporate governance guidelines and disclosures withthe Companies Act, 2013. RK Nair, member (finance andinvestment), Irda, is chairman of the group.

With increased penetration of govt health insuranceschemes like Rashtriya Swasthya Bima Yojana (RSBY)coupled with private hospitals building capacity acrossthe country, health insurers are also looking at smallermarkets. Private health insurer Star Health is at presentpiloting a Rs. 1 lakh sum insured cover with an annualpremium of Rs. 1,000 across a few districts in Tamil Naduand Kerala.

Manufacturing Prime Minister Narendra Modi launched his pet Make in

India campaign on 25 Sep to put India prominently onthe global manufacturing map and, in turn, facilitate the

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inflow of new technology and capital, while creatingmillions of jobs. The ambitious scheme, which also puts in place the

logistics and systems to address in a timely mannerqueries of potential investors, was unveiled alongwith a logo (a lion), a portal and brochures on 25identified growth sectors of the India economy.

The prime minister said for him the term FDI did notexpand to foreign direct investment but firstdevelop India. We have to create opportunities ofemployment. If the poor get jobs the purchasingpower of families will increase.

The processes of applying for licences has been madeonline which will be available 24/7.

The validity of such licences has also been extended tothree years.

Power Anil Ambani-owned Reliance Powers agreement to buy

three hydel power assets of Jaiprakash Power VenturesLimited (JPVL) with an aggregate capacity of 1,791 megawatts (MWs) for Rs. 12,000 cr ($2 bn) has fallen.

After Jaypee Groups arrangement with Anil AmbanisReliance Group for the sale of its power units collapsed,the Manoj Gaur-led conglomerate has struck a deal withthe Sajjan Jindal-owned JSW Group. Mumbai-based JSWGroups energy arm has agreed to buy three operationalpower units with aggregate capacity of 1,891 MW fromJaypee Group for an undisclosed amount as the diversifiedenterprise looks to boost its energy business.

PSUs The govt has said it has begun the process of reviving

five ailing PSUs and is working on one-time settlementinvolving voluntary retirement scheme entailing a cost ofRs. 1,000 cr for employees of six state-run units notcapable of revival. The state-run units which have been identified by the

govt for revival include HMT Machine Tools, HeavyEngineering Corporation, NEPA, Nagaland Paper &Pulp Co and Triveni Structurals. Out of 11 sick PSUs,process for reviving five has started and these shallbe revived.

However, for the remaining six units, which cannot berevived, the govt has decided on making a one-timesettlement proposal of VRS for the employees of theseunits. The six companies which cannot be revived areHindustan Photo Films, HMT Bearings, HMTWatches, HMT Chinar Watches Ltd, Tungabhadra

Steel Products, and Hindustan Cables. The HeavyIndustries and Public Enterprises Minister AnantGeete announced that a joint venture of maharatnaswill be formed to help revive sick Public SectorUndertakings (PSUs).

The govt also plans to review the functioning of theBoard for Reconstruction of Public SectorEnterprises (BRPSE).

Retail Amazon founder Jeff Bezos recent visit to India is finally

yielding some results for the American e-commerce giantas Kishore Biyani-led Future Group, one of Indias largestbrick-and-mortar retailers has announced that it hasentered into a strategic alliance with Amazon India to sellits private labels.

India is the fastest growing e-commerce market in theAsia-Pacific region and is expected to touch USD 6 bn(about Rs. 3.7 lakh cr) by next year. Digital commerce isat a nascent stage in India. B2C (business to consumer)e-commerce leads the market in India, while B2B (businessto business) is limited to organisations that drive onlinechannels to integrate with their partners and distributors.Mobile commerce is finding increasing traction inshopping. However, as of now less than 5 per cent oftotal digital commerce happens through mobile. m-commerce will help organisations skip the desktop wavewith increasing penetration of affordable smart deviceswith connectivity and a rapidly growing ecosystem toengage customers on mobile.

Taxation Prime Minister Narendra Modi plans to roll out the Goods

& Services Tax (GST) by Apr 2016. But it may hit anotherhurdle as the finance ministry wants to compensate statesfor only three years while the states have beendemanding to be compensated for five years. The Centre is also not agreed to make provision for

compensation in the Constitution amendment Bill; itmay be provided for in the GST law. The compensationwill be given to states on the lines of a formula to besuggested by the 14th Finance Commission. TheCentre is also amenable to states demand for changesin the GST council and dropping the dispute-resolution council. Many deadlines for GSTimplementation, originally scheduled for 1 Apr 2010,have already been missed. To allay states fears andto protect their revenues, the Centre is planning tokeep alcohol out of the GST ambit constitutionally.


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emySINCE 1993 Indias Premier Banking / SSC InstituteAccording to a revised draft of the Constitutionamendment Bill, petroleum, though zero-rated, will beunder GST because it is an input product. GST, avalue-added tax, gives credit for taxes paid on inputs. The Bombay High Court has ruled that Vodafone is not

liable to pay an income tax demand of Rs. 3,200 cr in acase relating to transfer pricing. The verdict has come asa big relief for the UK-based mobile service provideralready locked in a big tax dispute with the govt.

The Central Board of Direct Taxes (CBDT) has extendedthe due date for filing of income tax (I-T) returns by non-salaried taxpayers to Nov 30 from Sep 30 for theassessment year 2014-15 (fiscal ended Mar 31, 2014).However, the CBDT has not exempted such taxpayersfrom penal interest which will be levied if the tax return isfiled after Sep 30. The extension is available to alltaxpayers who are covered by the tax audit requirementsof section 44AB of the I-T Act and are required to filetheir returns by Sep 30. In addition, CBDTs release clarifiesthat the extension will also apply to a working partner ina firm, whose accounts are subject to tax audit provisions.

Telecom The International Cricket Council (ICC) has jointly

awarded its audio-visual rights for ICC Events from 2015to 2023 to Star India and Star Middle East.

The telecom sector regulator Telecom RegulatoryAuthority of India (TRAI) has suggested a 10 per centhigher base price for the next round of spectrum auctionin the 1800 Mhz band (2G spectrum) in view of theincreasing data usage by consumers. It recommended aprice of Rs. 2,138 cr per Mhz for the 1800 Mhz band forconducting the auction scheduled for Feb 2015.

Mobile users will be able to retain their numbers even ifthey relocate from one telecom circle to another and willnot be required to pay hefty roaming charges whiletravelling out of their home city from end-March nextyear. The Telecom Commission, which is the highestdecision-making authority within the Department ofTelecommunications (DoT), accepted therecommendations of the Telecom Regulatory Authorityof India (Trai) on full-fledged mobile number portability(MNP). Full MNP will now be implemented by Mar 31,2015.

Trade India will stick to its position on the food security issue

at the WTO trade negotiations as it is the sovereign dutyof the govt to protect the interest of its poor, Commerce

& Industry Minister Nirmala Sitharaman has said. Indiahad made it clear at Geneva that it would not ratify theTrade Facilitation Agreement (TFA) until a permanentsolution was found on the food security issue. New Delhihad asked WTO to amend the norms for calculatingagriculture subsidies so that the country could continueto procure food grains from farmers at minimum supportprice and sell them to poor at cheaper rates withoutviolating the norms. The current WTO norms limit the value of food

subsidies at 10 per cent of the total value of foodgrainproduction. India is asking for a change in the baseyear (1986-88) for calculating food subsidies. Indiawants a change taking into account the inflation andcurrency fluctuation.

The Centre has accorded in-principle approval for settingup six more Software Technology Parks of India (STPIs)in Odisha. With this, the number of such parks in thestate has risen to 10. The new STPIs would be set up atJaypore in Koraput district, Sambalpur, Jajpur, Angul,Rayagada and Bhawanipatna in Kalahandi. The fourexisting STPIs are at Bhubaneswar, Rourkela, Brahmapurand Balasore. The STPI, an autonomous society underUnion ministry of Communication and InformationTechnology, was set up to promote software exports fromthe country.

Others Continuing decline in food prices, including vegetables,

pulled down the Sep wholesale price inflation to a five-year low of 2.38 per cent. The Wholesale Price Index(WPI)-based inflation was at 3.74 per cent in Aug and7.05 per cent in Sep 2013.

The remittances to developing countries are expected toreach USD 435 bn, an increase of five per cent over 2013,the World Bank has said. In its latest issue of theMigration and Development Brief, the World Bank hassaid that India, with the worlds largest emigrant stockof 14 mn people, will remain in the top spot this year,attracting about USD 71 bn in remittances. China may stand just behind India with USD 64 bn in

remittances. Other large recipients are the Philippines(USD 28 bn), Mexico (USD 24 bn), Nigeria (USD 21bn), Egypt (USD 18 bn), Pakistan (USD 17 bn),Bangladesh (USD 15 bn), Vietnam (USD 11 bn) andUkraine (USD 9 bn).

The growth rate this year is substantially faster thanthe 3.4 per cent growth recorded in 2013, drivenlargely by remittances to Asia and Latin America.

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In its twice-a-year South Asia Economic Focus report,the World Bank said that Indian economy would grow by6.4 per cent in 2015-16.

The United Nations Economic and Social Commissionfor Asia and the Pacific (ESCAP) has estimated that theIndian economy will grow at 5.5 per cent in the currentfiscal. The Survey estimated that overall inflation in thecurrent financial year would be hovering around 8 percent.

In purchasing power parity (PPP) terms, China will thisyear become the worlds largest economy and India, thethird largest, behind the US. According to theInternational Monetary Fund (IMF), the combinedpurchasing power of Chinas citizens now outstrips thatof Americas. And by the end of the year will China shouldmake up 16.48 per cent of the worlds purchasing-poweradjusted GDP for a total of $17.632 tn. The US will makeup $17.416 tn. The PPP bases economic output on what a countrys

citizens can purchase, as opposed to an unadjustedGDP figure using market exchange rate, which is moreoften quoted. When it comes to raw GDP data baseon exchange rates, China will eventually also overtakethe US if it carries on growing as it has, but that is stilllikely to take many years.

India and United Kingdom have launched the UK-IndiaFinancial Partnership to strengthen links between thefinancial services industries of the two nations. ThePartnership will strengthen links between the financialServices industries of both countries and deepencooperation between London and Mumbai, two of theWorlds leading financial centres.

The Union Govt will come up with a new publicprocurement policy for micro, small and mediumenterprises (MSME) by Apr next year. The MSMEMinister Kalraj Mishra said that it would be mandatoryfor all public sector units to procure at least 20 per cent ofproducts and services from micro and small enterprises(MSEs) under the new procurement policy.

The French bank Groupe BPCE has come with the solutionto introduce a service that allows individuals to sendmoney with just a few clicks on the social network. Theproduct, which will be available only to people with Frenchbank accounts and cellphone numbers, will linkindividuals Twitter accounts to BPCEs existing moneytransfer service. As part of the service called S-Money,people will be able to transfer through their Twitter

accounts in the latest sign of how technology is seepinginto the world of banking.

Automobile The Competition Commission of India (CCI) has imposed

a combined penalty of more than Rs. 2,500 cr on 14 carcompanies for unfair business practices in the spare-partsmarket. The highest penalty of around Rs. 1,346 cr has been

imposed on Tata Motors. Other major companiesinclude Maruti Suzuki, Mahindra and Mahindra,Toyota, General Motors and Honda.

After having successfully sold houses on its site, leadingonline marketplace Snapdeal.com will now sell four-wheelers. This is the first time that any e-commercecompany in India will be selling four-wheelers.

The revenues of the Indian auto industry can rise 5-foldto hit the $300-bn mark, and volumes can log in over 3-fold increase to around 76 mn units by 2026, according toVision 2026, prepared by ICRA Management ConsultingServices (IMaCS) as an input for the Automotive MissionPlan (AMP) 2026.

Aviation IndiGo has signed a $2.6-bn deal with Industrial and

Commercial Bank of China Ltd (ICBC) for the lender tofinance more than 30 new aircraft.

Banking The Reserve Bank of India (RBI) said its surplus (profit)

for the FY14 fiscal declined 14.75 per cent to Rs. 52,679cr as its interest income from investments in foreignsovereign bonds declined during the year even as itsinvestments increased. The central bank follows a Jul-Jun fiscal calendar. However, the central bank transferredthe entire surplus to the govt, making it the largest evertransfer by it.

The Reserve Bank of India (RBI) moved to close aloophole, saying that the rules need to be followed withrespect to e-commerce credit card transactionsessentially taking place between two residents in India.This means that companies such as taxi services providerUber will need to follow the two-step authenticationprocess that it was able to circumvent by virtue of havingan overseas payment gateway. The central bank toldbanks to ensure that payments should be in rupees ininstances when the credit card is not presented physically

The Reserve Bank of India (RBI) eased norms to refinanceexternal commercial borrowings (ECB).


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emySINCE 1993 Indias Premier Banking / SSC Institute The apex bank allowed banks to approve even thosecases where the average maturity period (AMP) offresh borrowings exceeded the residual maturity ofexisting loan. Borrowers would be required to follow certain

conditions to avail themselves of a fresh ECB. Refinancing is to be undertaken before the maturity

of the existing ECB and the borrower should not be inthe default or caution list of the RBI and should notbe under the investigation of the Directorate ofEnforcement.

The overseas branches or subsidiaries of Indian bankswill not be permitted to extend ECB for refinancing anexisting ECB.

All other aspects of the ECB policy such as eligibleborrower, recognised lender, permitted end-use,amount of ECB, all-in-cost, average maturity period,reporting arrangements would remain unchanged.

The new norms would come into force with immediateeffect.

The Pradhan Mantri Jan Dhan Yojana (PMJDY), anambitious financial inclusion scheme under which thegovt intends to provide every household with a bankaccount and insurance cover, has been launched by PrimeMinister Narendra Modi on 28 Aug. As a first step, under the scheme, every account holder

will get a RuPay debit card with Rs. 30,000 lifeinsurance besides accidental insurance of up to Rs.1 lakh.

This is the largest such exercise in the financialservices sector in the country.

At least 7.5 cr households will get basic bankaccounts by Jan 25, 2015, a day before RepublicDay.

Upon satisfactory operation of the account for sixmonths, the account holder will get a Rs. 5000overdraft facility.

In the second phase, all households that open suchbank accounts under the Jan Dhan Yojana will get Rs.1 lakh accident insurance for 1.5 cr people.

All those who open accounts by Jan will get Rs. 30,000life insurance over and above the Rs. 100,000 accidentinsurance.

This scheme will ease financial pressure on lower-income sections, who are often left with no source ofincome when the primary earning member passesaway.

The Mumbai Economic Offences Wing (EOW) said ithad uncovered a large-scale banking racket involving

multiple persons who conspired to perpetrate widespreadfraud at Dena Bank and Oriental Bank of Commerce aswell as some other banks.

The RBI said in the light of the provisions of theCompanies Act, 2013, the upper age limit for ManagingDirector & Chief Executive Officer (MD & CEO) and otherWhole Time Directors (WTDs) of banks in the privatesector should be 70 years. Within the overall limit of 70years, individual banks boards are free to prescribe alower retirement age for WTDs, including MD & CEO, asan internal policy. The Companies Act, 2013 prescribesthat no company shall appoint or continue theemployment of any person as Managing Director, WholeTime Director or Manager who is below the age of 21years or has attained the age of 70 years.

To expedite credit decision, the Reserve Bank of Indiaasked banks to set a timeline for disposal of loanproposals, but did not ascribe a particular time frame forthe same.

The Reserve Bank of India (RBI) issued revised and finalguidelines for raising non-equity regulatory capitalinstruments by banks under the stringent Basel IIIframework recently. Under the new guidelines, lenders can issue tier-II

capital with a minimum original maturity of 5 yearsas against 10 years now.

Banks can issue tier-II debt capital instruments toretail investors, subject to the board approval.

The terms and conditions of all non-equity capitalinstruments (both additional tier-I & II) issued bybanks must have a provision that requires suchinstruments to either be permanently written off orconverted into common shares upon the occurrenceof the point of non-viability (PONV) trigger event.

The banks shall ensure the non-common equity capitalinstruments issued by them meet all the eligibilitycriteria such as legal, accounting and operational, toqualify for recognition as regulatory capitalinstruments.

The call option on additional tier-I instruments perpetual non-cumulative preference shares ( PNCPS)and perpetual debt instruments (PDIs) will bepermissible at the initiative of the issuer after theinstrument has run for at least five years.

The govts forcing banks to open new deposit accountsand give overdrafts to millions of new depositors hascome in for criticism. However, as a new InternationalMonetary Fund (IMF) survey reiterates, India is still oneof the most under-banked countries among emerging

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nations, especially when it comes to access to credit.India has fewer loan accounts about 147 per 1,000adults compared to a Brazil or South Africa. Commercialbank loans are about half of economic output, much lowerthan for China or South Africa. While outstanding creditas a proportion of gross domestic product (GDP) hasincreased in 2013, the number of loan accounts hasdecreased. In other words, access to credit for those whodidnt have it in the first place might not have improved.

Indian Highways Management Company Limited(IHMCL), a NHAI-promoted company, and Axis Bank havesigned an agreement for provision of Central ClearingHouse (CCH) services and sale of FASTag, for ElectronicToll Collection (ETC) at the Toll Plazas on the NationalHighways.

The State Bank of India and ICICI Bank signed frameworkagreements with the Export Import Bank of China (ChinaExim Bank) for Lines of Credit (LOC) amounting to $1.8bn and $1 bn respectively. The LOC will be utilised forprojects involving import of Chinese raw materials, energy,equipment, mechanical and electronic products, completesets of equipment, new and high-tech products, energyprojects, infrastructure and construction projects and anyother projects mutually agreed on by the two banks, thebanks said in their respective statements. Axis Bank,Indias third largest private bank, also signed an MoUwith China Development Bank for an undisclosed amountto support its corporate clients by funding them atcompetitive rates.

Aiming to enhance efficiency of cheque clearing system,the Reserve Bank of India (RBI) has decided to do awaywith the requirement of returning back paid govt chequesto the concerned departments. In a notification issued from Mumbai, the RBI said

that govt cheques would be cleared through ChequeTruncation System (CTS) based on their electronicimages. The notification added that if any drawee bankwants to verify govt cheque in physical form beforepassing it for payment, the image would be returnedunpaid under the reason present with documents.

The RBI has further said that both the presenting anddraweee banks need to preserve the cheques for aperiod of 10 years. It added that in some cases if thecheques are required for the purpose of anyinvestigation or enquiry, they may be preservedbeyond 10 years. The revised guidelines would beeffective from Oct 1, 2014.

The Finance Ministry is in the process of finalising thecommission to banks at 2 per cent of the quantum of

funds they transfer to individual beneficiaries under thegovts direct benefit transfer (DBT) scheme. The presentrate of commission is 1 per cent. The govt transfers money to the bank account of

consumers of kerosene, LPG, among others, throughits DBT scheme to plug loopholes and ensurecorruption-free delivery. This money will not bededucted from the consumers account but the govtwill spend additional 2 per cent. For instance, if abank transfers Rs. 100 cr a year as DBT payments,govt will transfer Rs. 102 cr to that bank.

The govt has setup a committee to examine the unclaimedamount in PPF, Post Office and Savings Schemes. Thecommittee will examine and recommend how this amountcan be used to protect and further financial interest of thesenior citizens. The seven-member committee is beingheaded by the Deputy Governor HR Khan of ReserveBank of India (RBI) and will submit its reports by 31 Decthis year. The committee will also suggest whether the

unclaimed deposits should come to the govt or bekept in a separate account.

A Public Provident Fund (PPF) is a 15-yearinvestment scheme which offers tax exemption. Theminimum annual investment in PPF is Rs. 500.

Capital Market In its biggest-ever crackdown on a large-scale illicit money

pooling scheme estimated at nearly Rs. 50,000 cr, marketregulator Sebi ordered immediate closure of unauthorisedcollective investment schemes run by PACL Ltd andrefund of investors money within three months.

To safeguard markets from systemic risks, Securities andExchange Board of India (SEBI) has put in place a newlayer of safety net in the form of core settlementguarantee fund to mitigate risks from possible default ininstitutional trades. The new system will enhance the robustness of the

present risk management system of the clearingcorporations to enable them to deal with defaults ofthe clearing members much more effectively.

This new core fund will be created within the existingSettlement Guarantee Fund (SGF), against which noexposure is given and which is readily andunconditionally available to meet settlementobligations of clearing corporation in case of clearingmembers failing to honour settlement obligation


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emySINCE 1993 Indias Premier Banking / SSC InstituteCommodity Market The finance ministry has put out draft rules, ForwardContracts (Regulation) (Intermediaries) Rules, 2014,to give the Forward Markets Commission (FMC), thecommodity market regulator, more powers over

intermediaries in the commodity derivatives market. The rules propose giving wider powers to the regulator

to check violations by market intermediaries. Theyempower the regulator to inspect the books ofaccounts and electronic records of the intermediaryfor effective regulation.

The proposed changes come in the wake of the Rs.5,574.35-cr fraud at the National Spot Exchange Ltd(NSEL) that surfaced in Jul 2013, exposing loopholesin the system. NSEL flouted rules by allowing sales ofgoods that were not stocked in the warehouses bytraders.

Corporate The real-estate major DLF has been directed by the

Supreme Court to deposit Rs. 630 cr fine slapped on it bythe Competition Commission of India (CCI) for allegedlyresorting to unfair business practices.

Disinvestment The govt approved the sale of shares in Coal India, ONGC

and NHPC, kicking off the mega disinvestment drive. Atcurrent market prices, the sale of shares in state-ownedCIL, ONGC and NHPC could garner over Rs. 23,000 cr,Rs. 18,000 cr and Rs. 2,800 cr respectively, helping thegovt meet its disinvestment target of Rs. 43,425 cr forthis fiscal. CCEA has cleared 10 per cent stake dilution in CIL, 5

per cent in ONGC and 11.36 per cent in NHPC throughthe Offer For Sale (OFS) route.

Energy The Supreme Court cancelled all coal blocks allocated

since 1993, observing that the allocation done byscreening committee was not fair and transparent.

The fruits of phased diesel price decontrol are beingreaped by the three govt-controlled oil marketingcompanies (OMCs), with the fuel giving them a smallprofit of 35P a litre, first time in 12 years.

FDI/FDI The govt notified increase in foreign direct investment

(FDI) limit to 49 per cent through approval route in the

defence sector. The move is aimed at boosting domesticindustry of the country which imports up to 70 per centof its military hardware.

The govt notified the liberalised FDI norms for theRailways, permitting 100 per cent foreign directinvestment (FDI) through automatic route in several areas,including high-speed trains, suburban corridor projectsthrough Public Private Partnership (PPP), dedicatedfreight lines, rolling stock, including train sets,locomotives/coaches manufacturing and maintenancefacilities, railway electrification, signalling systems,freight terminals, passenger terminals andinfrastructure in industrial parks like railway line/sidings.

FDI will not be allowed in train operations and safety.

Insurance The Insurance Regulatory and Development Authority

(IRDA) recently sent a circular to all life insurers, allowinga one month-extension to meet the criteria for conversionof a minimum number of policies into dematerialised(demat) form as part of a pilot scheme. The regulator had launched a two-month pilot project

in Jul, making it mandatory for all life insurers toconvert a minimum of 1,000 or five per cent of thetotal individual policies issued into demat format.Some life insurance companies were not ready withthe testing and technicalities of system integrationdue to which there was need for the deadline to beextended.

The Finance Minister in consultation with LIC hasfinalised arrangement for payment of premium towardslife insurance cover under the newly launched Jan Dhanscheme. It has been decided to set aside Rs. 50 cr fromSocial Security Fund (SSF) worth about Rs. 1,800 crmanaged by LIC. This would be a revolving fund and LICwould manage it.

Power Piyush Goyal, the Union Minister of Power and Coal,

announced setting up of worlds largest solar park inAndhra Pradesh which will generate 2,500 MW. He wasspeaking at the signing of a joint document between theGovt of India and the Andhra Pradesh govt to implementPower For All (PFA) from Oct 2, a programme to supplyquality power round the clock for domestic and industrialconsumers in the state.

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Telecom The govt will initially spend Rs. 69,524 cr on various IT

and telecom projects under the Digital India programme.The govt has identified broadband and mobile networksas key growth pillars under Digital India. The govt hasenhanced expenditure on broadband network to connectall 2.5 lakh village panchayats to Rs. 32,000 cr.Simultaneously, it has also advanced deadline to finishrollout of national optical fibre network (NOFN) by aquarter to Dec 2016 from the earlier announced date ofMar 2017. To provide mobile connectivity toapproximately 42,300 villages that still dont have anynetwork coverage, the govt has earmarked Rs. 16,000 cr. Under the National Rural Internet Mission, govt has

earmarked fund of Rs. 4,750 cr to make roll outCommon Service Centres (CSCs) across 2.5 lakhvillages. Through CSCs people in rural area get accessto govt services like birth certificate, train tickets, payvarious fees etc without actually having to visitconcerned office.

Trade The Textiles Ministry signed an MoU with the leading

home-grown e-commerce company Flipkart. Through thisagreement, Flipkart will help weavers create an onlinepresence on its marketing platform and provideinfrastructural support in data analytics and customeracquisition by levying a 3-4 per cent service charge.

India is likely to be the worlds fastest-growing exporterfrom 2014 to 2030, and has the potential to move fromthe 14th largest exporter of goods by value to be theworlds fifth largest exporter as per the HSBC TradeForecast Report. The report also says India will continue to be the

largest trading partner of United Arab Emirates(UAE) in the years to come. The report says UAE islikely to remain top export destination for India till2030, and China is forecast to emerge as the secondlargest export market, displacing the US by 2030. Indiahas been the largest trading partner of UAE over thepast several years. Bilateral trade between the twocountries was worth $75 bn in 2012-13.

India will be the worlds No.1 cotton grower this year,ousting China from the top spot for the first time in over

30 years as revealed by the US govt recently, reflecting adramatic shift in global supplies amid uncertainty overBeijings farm policy.

The govt has formally signed free trade agreement (FTA)in services and investment with the ten members ofAssociation of Southeast Asian Nations (ASEAN) in NewDelhi. The agreement is aimed at allowing free movementof both manpower and investments from either sidebetween India and ASEAN. Except Philippines, nineASEAN countries have signed the agreement.

Others The Commission for Agricultural Costs and Prices

(CACP) has recommended a marginal increase in the fairand remunerative price (FRP) for sugarcane to Rs. 230per quintal for the 2015-16 season (Oct-Sep).

The retirement fund body Employees Provident FundOrganization (EPFO) has decided to retain interestpayment on provident fund deposits for 2014-15 at 8.75per cent.

The Indian Patent Office (IPO) has become the first patentoffice in the world to introduce Real Time Transparencysystem.

The retirement fund body Employees Provident FundOrganisation (EPFO) made it mandatory for firms toprovide their employees bank account numbers with IFSCcode of bank branch to facilitate allotment of universalPF account number and payment to its subscribers.

To facilitate projects, the Ministry of Environment andForests has further relaxed the process of granting forestclearances under the Forest Conservation Act, 1980. Now,project developers will be able to secure clearances inareas around tiger reserves, national parks andsanctuaries, without awaiting the nod of the NationalWildlife Board, as the process of securing a forestclearance has been de-linked from the assessment of theimpact on wildlife by the board. Earlier, the Supreme Courthad mandated projects within a 10-km radius of wildlifeparks and sanctuaries be cleared by the wildlife board, asthese could have a deleterious impact on biodiversity.

The United Bank of India (UBI) declared KingfisherAirlines and its chairman Vijay Mallya (pictured) wilfuldefaulters for non-payment of Rs. 400 cr of dues.


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emySINCE 1993 Indias Premier Banking / SSC InstituteCentre

The first ever National Mental Health Policy was launchedon the eve of the World Mental Health Day on 10 Oct inan attempt to provide universal psychiatry care to thepopulation, 20 per cent of which are likely to suffer someform of mental illness by 2020. The policy, unveiled by Health Minister Harsh

Vardhan, seeks to include mental treatment at primaryhealth care at a time when India is estimated to haveonly about 3,500 psychiatrists and over 50 per cent ofthe mentally ill have no access to health care.

As part of the Ministrys efforts to boost mental healthcare, many hospitals dedicated to curing mental illnesswould be upgraded to Bangalore-based NationalInstitute of Mental Health and Neurosciences, thecountrys foremost such institute. Vardhan also calledfor de-criminalising attempt to suicide, which ispresently a crime, saying people often having mentaltrouble attempt to take the extreme step and needhuman care not prosecution.

A recent WHO report had said that India sees largestnumbers of suicides globally and in the 15-29 yearsage group, it has the highest suicide rate.

The Govt launched Deen Dayal Antyodaya Yojana on 25Sep for upliftment of urban and rural poor by providingopportunities through skill development. The Urban Development Minister Venkiah Naidu has

said that his ministry has allocated Rs. 1,000 cr forthe scheme and 50 per cent of the fund will be spenton skill development. Naidu said earlier only 798 citieswere brought under the scheme for providing skilleducation to the youth but Govt has decided to extendthe scheme to over four thousand cities in the countryas for realising the Make in India objective, skilldevelopment is essential. The govt has also decidedto observe 25 Sep as Antyodaya Diwas every year tomark the birth anniversary of Pandit DeendayalUpadhyaya.

The govt has reduced the age for imparting skilleducation to youth from 18 to 15 years and will alsofocus on providing skill to disabled and blind youth.

The govt launched an ambitious village developmentproject named Sansad Adarsh Gram Yojana (SAGY).

Under the scheme, each MP will take theresponsibility of developing physical and institutional

infrastructure in three villages and turn them into modelvillages by 2019.

Prime Minister Narendra Modi unveiled the blueprintof the scheme on 11 Oct, the birth anniversary ofsocial activist Jaiprakash Narayan.

Through the scheme, if each MP adopts three villages,it will be able to develop 2,379 gram panchayats overthe next five years. The Lok Sabha has 543 MPs andthe Rajya Sabha 250, 12 of whom are nominated.

A gram panchayat would be the basic unit. It willhave a population of 3,000-5,000 in plain areas and1,000-3,000 in hilly, tribal and difficult areas.

The MP would be free to identify a suitable grampanchayat for being developed as Adarsh Gram,other than his/her own village or that of his/herspouse.

There are 2,65,000 gram panchayats in India. Primarily,the goal is to develop three Adarsh Grams by Mar2019, of which one would be achieved by 2016.

Thereafter, five such Adarsh Grams (one per year) willbe selected and developed by 2024.

The scheme, based on Mahatma Gandhis concept ofrural development, revolves around creating modelvillages for transforming swaraj (self rule) into su-raj(good governance).

The development work carried out includes personaldevelopment, human development, socialdevelopment economic development andenvironmental development, in line with Gandhisvision of a model village.

This will be done using the programmes of the Centreand states, aided by constituency development funds(MPLADS) of the MPs.

The scheme will be implemented through a villagedevelopment plan that would be prepared for everyidentified gram panchayat with special focus onenabling every poor household to come out of poverty.

The govt will set up two national-level committees formonitoring the implementation of the scheme.

One committee will be headed by the rural develomentminister and have ministers incharge of planning,programme implementation and other key ministriesas may be decided.

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The second committee will be headed by the ruraldevelopment secretary with representatives from atleast a dozen ministries.

The Prime Minster Narendra Modi on 16 Oct launchedPandit Deendayal Upadhyay Shramev Jayate Karyakram.Looking to create an environment conducive to industrialdevelopment the Prime Minister launched a host ofschemes which envisage, among others, portable PFaccounts and a unified portal for labour inspection atfirms. A Unified Labour Portal or Shram Suvidha A transparent and accountable Labour Inspection

Scheme Portability through Universal Account Number (UAN)

for Employees Provident Fund members An Apprentice Protsahan Yojana flagged off under

which 50 per cent support for training in MSMEs willbe provided by the labour ministry.

The revamped Rashtriya Swasthya Bima Yojana(RSBY) for workers in the unorganised sectorlaunched

A unified Labour Identification Number (LIN) forsimplifying business regulations and securingtransparency and accountability in labour inspectionsby various agencies and bodies under theadministrative control of labour ministry will also belaunched.

In a bid to promote Industrial Training Institutes(ITIs), the ministry will felicitate some individuals whohave passed out from these institutions and areholding top posts in various companies.

The Prime Minister unveiled an initiative of appointingNational Brand Ambassadors of vocational trainingto instil pride and confidence in ITI students.

The PM claimed to have replaced 16 forms (whichfactory owners had to fill) with one form, which isavailable online.

Now computer draw will decide which inspector(labour) will go for inspection to which factory andhe will have to upload his report online in 72 hours.

Wielding the broom, PM Narendra Modi on 2 Octlaunched the countrys biggest-ever cleanliness drive. The Swachh Bharat mission is expected to cost

nearly Rs. 2 lakh cr. The PM administered a pledge to people to make India

clean and said that this task was not the responsibilityonly of safai karamcharis or the govt but of all the 125cr Indians.

The urban component of the Mission is proposed to

be implemented over 5 years starting from 2 Oct 2014in all 4,041 statutory towns.

The Urban Development Ministry will allocate Rs.62,000 cr for cleaning towns across the country; theMinistry of Drinking Water and Sanitation will spendRs. 1 lakh 34 thousand cr for the programme.

The Cabinet had in Sep decided to merge the NirmalBharat Abhiyan, a campaign for rural sanitation,with Swachh Bharat Mission.

Anant from Maharashtra and Bhagyashree fromGujarat have designed the logo of the campaign(Gandhis spectacles) and the slogan Ek KadamSwachhata Ki Or respectively.

The PM said that, as per a WHO estimate, a person inIndia loses about Rs. 6,500 per annum due to illnessand poor health as he is unable to perform day-to-dayduties.

Prime Minister Narendra Modi has ordered a fourfoldincrease in the users of secure RAX telephone sets, askingsenior bureaucrats up to the director level to be giventhese secure lines for communication so that all govtbusiness is safe from interception by intelligence agenciesof foreign countries.

Addressing a function on World Habitat Day (6 Oct) inNew Delhi, Urban Development and Housing Minister MVenkiah Naidu announced that the Sardar Patel NationalHousing Mission scheme to provide houses to all by2020 will be affordable for the common man and will bedeveloped through public-private partnership mode. This Mission is in pursuit of Prime Minister Narendra

Modis call of Har Parivar ko Ghar. Three crore houses would be built by 2022 and mostly

for the economically weaker sections and low incomegroups. An investment of about Rs. 50 lakh cr wouldbe required over the next few years for urbandevelopment and housing initiatives.

The govt is trying to make India a slum-free countrythrough appropriate urban planning and policies sothat those who migrate to urban areas need not live inslums.

The Centre has given six more months to state govts toimplement the landmark Food Security Act that gives legalentitlement to highly subsidised food grains to two-thirdsof the countrys population. The food law, which cameinto force in Jul 2013, was to be implemented by the stategovts within a year by Jul 4, 2014. But the deadline wasextended by three months till Oct 4 as many states couldnot put in place the necessary infrastructure for rollingout the welfare scheme.


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emySINCE 1993 Indias Premier Banking / SSC Institute The deadline for state govts to implement the foodlaw expired on Oct 4 and the govt has given sixmonths more time till Apr 4, 2015 for implementingthe law. So far, 11 states have implemented the law. Ofthere, only five states have implemented the scheme

fully. Around 25 states and UTs are yet to implementit. Under the scheme, each eligible person would get 5kg of rice and wheat at Rs. 3 and Rs. 2 per kgrespectively.

States Prime Minister Narendra Modi has announced an interim

assistance of Rs. 1,000 cr for Andhra Pradesh to take upimmediate relief work in the aftermath of the devastationcaused by Cyclone Hudhud

Gujarat govt has set up a Special Purpose Vehicle (SPV)to promote Vadodara as the states cultural capital andencourage tourism in the city. The SPV, known as VadodaraInternational Art and Culture Festival Authority, isheaded by state Tourism and Finance Minister SaurabhPatel.

Kerala is poised to achieve total primary education byApr 18, 2015. The State Literacy Mission is implementingthe Athulyam project to achieve this feat by involvingthe local bodies across the State. As many as 140 civic bodies across the State had

achieved total primary education in the first phase ofthe project, with Kannur and Kasaragod becomingthe first districts in the State to attain this distinction.The state govt will launch a survey to identify thoselacking in primary education. The project is to ensureprimary education to all people between 15 and 50years of age across the State.

The next Pravasi Bharatiya Divas (PBD), the worldslargest annual gathering of the Indian diaspora, will beheld in Gujarats capital Gandhinagar in Jan to mark 100years of Mahatma Gandhis return to India from SouthAfrica. The 13th edition of the PBD will be held for thefirst time in Gujarat, at the Mahatma Mandir ConventionCentre in Gandhinagar Jan 7-9. The theme of the PBD hasbeen decided to be 100 years of Mahatma Gandhis returnto India from South Africa. Mahatma Gandhi returned tohis homeland from South Africa on Jan 9, 1915 and henceall the celebrations at PBD 2015 will be focused on thecentenary year of Gandhis homecoming. The mega eventis expected to be attended by over 4,000-5,000 NRIs.

After Rajasthan, Madhya Pradesh has become the secondstate to propose amendments in various labour laws thatalso include amendment in Industrial Dispute Act 1947

and Factory Act 1948. The state cabinet okayed thisamendment to offer an option to employer to retrenchunproductive, inefficient workers but they will get thebetter compensation packages. The employer canretrench employees by giving them three-month noticeand wages of three months in lieu of job.

The Uttar Pradesh govt has launched State Road SafetyPolicy-2014. UP Chief Minister Akhilesh Yadav hasannounced that Uttar Pradesh is the first state in countryto kickstart this effective policy model.Expertise andcooperation from New Zealand police department andWorld Bank transport cell are also incorporated in thisnew Policy.

With an intention to boost tourism in Uttar Pradesh, thestate govt will develop a heritage arc involving Agra,Lucknow and Varanasi on the lines of Agra-Jaipur-Delhitriangle.

In the first phase, three square km around the Taj Mahalwill be developed. In Lucknow, proper lighting of RumiDarwaza, Ghantaghar and other monuments will be done.In Varanasi, restoration of ghats, by-lanes and historicalsites will be undertaken.

The Tamil Nadu govt has announced a populist AmmaCement Scheme under which it will procure cement fromprivate manufacturers and sell them at Rs. 190 per bag inthe wake of possible increase in rates of key constructioncomponents. The scheme follows similar efforts like theAmma Canteen and Amma Mineral water, all low-costinitiatives.

Rajasthan has started the countrys first olive refineryand expressed hope that it would be able to fulfil thecountrys demand of olive oil in coming years.

Judiciary The Punjab and Haryana High Court has disqualified

five Haryana Janhit Congress (HJC) MLAs who hadfactioned out and supported Congress to form govt in2009. The orders have come in the wake of a petition filedby Haryana Janhit Congress President, Kuldeep Bishnoi.In 2009 assembly polls, Haryana Janhit Congress hadwon six seats and out of these, five MLAs shifted theirloyalties to Congress and helped Bhupinder Singh Hoodaform the Govt.

Expressing concern that no guidelines are in place inencounter killings in the country, the apex court said acertain procedure needs to be followed in such cases tobring to justice the perpetrators of the crime who take lawin their own hands.

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After being rapped by the Supreme Court for its approachto clean Ganga, the Narendra Modi govt has placed beforeit a blueprint of short-medium-and long-term measuresthat spread over 18 years and involved thousands ofcrores of investment to restore the glory of the holy river.The NDA govt has identified 118 towns as a first target toachieve total sanitation, including water waste treatmentand solid waste management.

The Supreme Court has declared the National Tax TribunalAct as unconstitutional under which a tribunal was setup to decide tax-related cases by taking away jurisdictionof high courts in such matters.

The Supreme Court has quashed allocation of 214 out of218 coal blocks which were allotted to various companiessince 1993. A bench, headed by then Chief Justice RMLodha, saved only four blocks, one belonging to NTPCand SAIL each and two allocated to Ultra Mega PowerProjects, from being cancelled.

Others According to the 12th Five Year Plan, approved by the

Cabinet, the Indian Space Research Organisation (ISRO)plans to launch 58 space missions, including sendingspacecraft to moon and Mars, an exclusive satellite tokeep a round-the-clock watch on the country anddeploying 500 transponders in the next five years. The space agency also aims to deploy its own version

of the Global Positioning System by putting into orbita constellation of seven satellites which would formthe Indian Regional Navigational Satellite System(IRNSS).

ISRO plans to add 400 transponders to the existing187 to meet the growing demand from DTH operators,satellite mobile communications and new-generationbroadband VSAT systems.

An indicative plan outlay of Rs. 39,750 cr for the12th Plan has been made for the Department of Space.

The space agency is designing a special eye-in-the-sky in the form of a Geo-Imaging Satellite (GISAT)to be stationed 36,000 km above to maintain round-the-clock vigil and assist state authorities to tacklenatural disasters, floods and forest fires and keep awatch over the countrys sensitive borders.

Missions initiated in the 11th Plan like Chandrayaan-II, Astrosat-1 and Aditya-1 are also expected to setforth on their respective destinations into space overthe next five years.

As part of Chandrayaan-II, ISRO plans to land a roveron the lunar surface and put a satellite in an orbit

around the moon. The mission is expected to belaunched in 2014.

Aditya-1 will be dedicated to solar coronal studiesand will contain Visible Emission Line Space SolarCoronagraph, the main payload to study the coronaldynamics.

Astrosat-1 is Indias first satellite dedicated toastronomy, which will scan the universe in x-ray,ultraviolet and visible light bands.

The development of the next-generation satellitelauncher, the GSLV Mk-III, which will help ISRO putheavier satellites into orbit, is also part of the 12thPlan.

ISRO plans to put a satellite in a 500 km x 80,000 kmorbit around Mars which will carry nearly 25 kg ofscientific payloads on board.

The space agency will also pursue mission POLIX tostudy the X-ray polarisation from bright x-ray emittingobjects during the 12th Plan period.

Seeking to reach out to more people, Prime MinisterNarendra Modi addressed the countrymen on 3 Oct overradio for the first time, giving a pep talk about how toshed despondency and use their skills for betterment andprosperity of the country.

The National Pharmaceutical Pricing Authority (NPPA)has withdrawn its order to fix prices of drugs, which arenot under the list of essential medicines, a move that hasbeen welcomed by the pharmaceutical industry. Underthe Drug Price Control Order (DPCO) 2013, the govtalready controls the prices of 348 drugs listed in theNLEM.

The navigation satellite IRNSS 1C was successfullylaunched on 16 Oct from the Satish Dhawan Space CentreSHAR, Sriharikota. It is the third of seven satellites in the series to put in

place Indias own navigation system at par with USGlobal Positioning System (GPS).

The Polar Satellite Launch Vehicle (PSLV-C26)carried the 1,425-kg Indian Regional NavigationSatellite System-1C (IRNSS-1C) and precisely put thesatellite into its perfect, pre-designated orbit.

This was the 28th successful launch of the IndianSpace Research Organisation.

The first two satellites in the series, IRNSS 1A andIRNSS 1B, were launched from Sriharikota on Jul 1,2013 and Apr 4 this year respectively.

The IRNSS applications include terrestrial and marinenavigation, disaster management, vehicle tracking andfleet management.


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emySINCE 1993 Indias Premier Banking / SSC Institute From vehicle tracking to fleet management and fromdisaster management to mapping, the satellite extendsservices to its clients. The IRNSS-C1 carried two types of payloads, one fortransmitting navigation service signals to the users

and another consisting of a C-band transponder tofacilitate Cube Retro Reflectors for laser ranging.

The semi-high speed train that proposes to reducetravelling time between Delhi and Agra to 105 minuteswill be named Gatimaan Express and will start runningbefore 30 Nov. The train will have a top speed of 160 km per hour, the

maximum till date in Indian Railways. There will be eight-inch LCD TV screens installed

behind each seat which will run pre-recordedprogrammes only as the live feed will be providedlater on.

The train will have automatic fire alarm withemergency braking system and passenger informationsystem.

The train engine is equipped with a 5,400HP electriclocomotive.

There are 14 new LHB AC coaches manufactured atRail Coach Factory at Kapurthala. While 12 coacheswill be used for daily running, two will be kept asspare ones.

The train will have Executive Class and Chair Carcategory of seats and also catering facility.

Railways also plans to launch similar trains in eightmore routes including Delhi to Kanpur and Delhi toChandigarh.

Centre The has Govt approved launching of the National Ayush

Mission (NAM) to address gaps in health services invulnerable and far-flung areas of the country. Throughthe Ayurveda, Yoga and Naturopathy, Unani, Siddha andHomoeopathy (Ayush) mission, the Centre seeks toaddress gaps in health services by supporting the effortsof state govts for providing Ayush health services andeducation in the country, particularly in vulnerable andremote areas.

The Govt has proposed to provide finance to 5 lakh jointfarming groups of landless farmers through NABARD inthe current financial year. Radha Mohan Singh, the UnionAgriculture Minister, made announcement in this regard.A very large number of landless farmers are unable toprovide land title as guarantee, institutional finance isdenied to them and they become vulnerable to money

lenders usurious lending. In order to achieve the targetedgrowth of agriculture and allied sector at 4 per cent, fromthe year 2014-15, various schemes of Ministry ofAgriculture have been restructured into specificMissions/Programmes.

The Govt has come out with draft guidelines for e-rickshaws. The new guideline proposes to make driving licence

and periodic fitness certificates mandatory for e-rickshaw drivers.

e-rickshaws will have top speed of 25 kilometres anhour and carry a maximum of four passengersexcluding the driver, and not more than fortykilograms of luggage.

The amendments to the Central Motor Vehicle Rules1989 will add e-rickshaw as a separate vehiclecategory.

The power of its motor should not be more than2000W.

The Prime Minister Narendra Modis next big push tofree up service delivery from the hold of the lowerbureaucracy will be in the form of a digital cloud forevery Indian. Certificates issued by the govt education,residential, medical records, birth certificates etc are tobe stored in individual digital lockers and acommunication protocol established for govt departmentsto access them without physically having to see the hardcopy. This will happen under the MyGov.in programme.

The govt approved continuation of production of ureafrom three plants using naphtha as feedstock for a durationof three months ending on Sep 30.

States Indias youngest state, Telangana, conducted a

household survey in just a day to map the socio-economic profiles of households in the state

Delhi Govt will impose one-rupee cess on purchase ofevery packet of cigarette and bottle of liquor. The revenuecollected from this will be used to establish an UrbanTransport Fund to promote public transport and its usein the city.

In an attempt to conserve several coral species at oneplace and to boost tourism in the state, the countrys firstcoral garden will be set up at Mithapur coastal region ofDevbhoomi Dwarka district in Gujarat.

The State Govt of Bihar formally placed transgenderpeople (the third gender category) in annexure II thebackward class. Bihar joins states like Karnataka, whichhas a draft State Policy for Transgenders and Kerala,

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which touts the intersex option in the registration ofbirths and deaths.

The flood situation in Jammu and Kashmir was declared anational-level disaster by Prime Minister NarendraModi.

Arunachal Pradesh has the highest proportion of hiredworkers among all states, including in sectors likeeducation and health, according to the data of the 6thEconomic Census Report 2013. The percentage of femalehired workers is 30.3 per cent.

Bills Becoming the first in the country, Rajasthan Legislative

Assembly ratified National Judicial AppointmentsCommission (NJAC) Bill. The new Bill would bring moretransparency in judicial system, including judgesappointments, and filling up the vacant posts in theSupreme Court and would be a milestone in the history ofjudiciary.

The Govt has proposed stiff penalties for traffic offencesunder the new Road Safety and Transport Bill 2014released for comments from the public recently. It proposes to be specially harsh on drunk school-

bus drivers and youngsters in the 18 to 25 age bracket. Inebriated school bus drivers will be fined Rs. 50,000

with imprisonment for three years for the first offencewhile youngsters will also have their licencesimmediately cancelled along with a fine of Rs. 25,000.

A subsequent offence will attract a fine of Rs. 50,000or imprisonment up to a year or both besides a one-year licence suspension.

Red-light jumping will be fined with Rs. 15,000 for thethird offence along with cancellation of the drivinglicence.

Offenders will also be asked to go for a monthscompulsory refresher training.

India has been grappling to reduce the fatality rate onits roads, which is 1.4 lakh deaths every year.

The new golden hour policy will provide immediaterelief to accident victims and help save lakhs of lives.

The Bill might be introduced in the winter session ofParliament.

The Bill suggests a single-window automated drivinglicence system and unified biometric system, a unifiedvehicle registration system and a single National RoadTransport & Multinational Coordination Authorityand Goods Transport and National Freight Policy.

Committee Moving ahead with his resolve to weed out archaic rules

and procedures as part of reforms process, Prime MinisterNarendra Modi set up a committee to identify obsoletelaws which he believes hamper governance by creatingavoidable confusion.

The Committee will be chaired by R Ramanujam,Secretary in the PMO. VK Bhasin, former Secretary,Legislative Department, will be its other member.

Defence The joint military exercise involving the armies of India

and Nepal named Surya Kiran VII was conducted at thePithoragarh military station.

India and Russia held their maiden aerial exercise inRussia involving aircraft like Su-30MKI and Mi-17helicopters to boost cooperation between their air forces.Exercise Avia Indra-2014 was conducted at Astrakhanregion near the Caspian Sea in Russia.

The Chief of Naval Staff Admiral RK Dhowancommissioned INS Sumitra, one of the biggestsurveillance ships of the Indian Naval Force at Chennai. It is an indigenously built naval offshore patrol vessel

(NOPV) and the fourth in the series of indigenousNOPV developed for the Indian Navy.

The 2200-tonne vessel is the biggest NOPV to bedeveloped at Goa Shipyard.

It spans more than hundred metres in length and hasone of the largest of engines of its type to be inductedin the Naval forces.

It can travel at a maximum speed of 25 knots and hasan endurance of six thousand nautical miles.

It also has medium-and short-range weapons installedin it. They include 76mm guns, Close-In WeaponSystem (CIWS), electronic support and acommunication intelligence system. It has a helipadto operate one lightweight Dhruv helicopter.

There is an advanced weapon sensor platform, makingINS Sumitra effective for surveillance and ensuringsecurity of offshore installations, including oil-fillingstations.

The ship will monitor the eastern coastline ofTamilnadu and Puducherry.

Indo-US combined military training exercise Yudh Abhyas2014, part of an ongoing bilateral defence cooperation,was held in Chaubattia in Uttarakhand.


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emySINCE 1993 Indias Premier Banking / SSC InstituteJudiciary Giving a level-playing field to more than four crore peoplewith disabilities in India, the apex court held that theCentre, States and Union Territories were obligated toimplement the rules of reservation for this class in the

matters of appointment, selection, direct recruitment,deputation and also for promotions. The Supreme Courtruled in favour of three per cent reservation fordifferently-abled candidates in all govt jobs, includingcivil services.

Others The Govt launched an action plan aimed at reducing

newborn deaths from 29 per thousand live births to singledigit by 2030, ahead of global deadline of 2035. Indiawitnesses 13.3 lakh under-5 children dying every year,over half of them in their first month. The Union HealthMinister Harsh Vardhan unveiled the India NewbornAction Plan (INAP), which also hopes to bring downstillborn deaths from the current 22 per thousand livebirths. While India has 17.5 per cent of the worldpopulation, its share in newborn mortality is a whopping27 per cent.

Chief Minister of Uttarakhand Harish Rawat officiallydeclared Sep 9 as Himalaya Diwas, a day which wouldbe celebrated across the state to spread the message ofconservation of the Himalayan ecosystems.

WorldFinland, known for its knowledge-based economy andclean technology as the President Pranab Mukherjeevisited this key Nordic nation on 14 Oct, which was thefirst by an Indian president in 26 years. India and Finlandsigned 19 pacts to step up cooperation in energy, fishingand education, besides exploring tie-ups in science andtechnology. The country also supported Indiasmembership in elite nuclear clubs like Nuclear SuppliersGroup (NSG) and Missile Technology Control Regime(MTCR). The two countries have USD 1.5 bn of trade.Finland was a largely agrarian society up until World WarII, when it transformed itself into a post-industrial societywith a strong focus on education and research.With thenew govt keen on making the country a globalmanufacturing hub, India is seeking to engage withFinland, known for its knowledge-based economy andclean technology as the President Pranab Mukherjeevisited this key Nordic nation on 14 Oct, which was thefirst by an Indian president in 26 years. India and Finlandsigned 19 pacts to step up cooperation in energy, fishingand education, besides exploring tie-ups in science andtechnology. The country also supported Indiasmembership in elite nuclear clubs like Nuclear SuppliersGroup (NSG) and Missile Technology Control Regime(MTCR). The two countries have USD 1.5 bn of trade.Finland was a largely agrarian society up until World WarII, when it transformed itself into a post-industrial societywith a strong focus on education and research.

Underscoring its commitment to the United Nations body

President Pranab Mukherjee had a rare interactionthrough video-conference with Indian scientists workingat the Himadri station, Indias first Arctic research facility,located 1,200 km from the North Pole.

Himadri station is at Ny-Alesund in Norway, which is thenorthernmost permanent human settlement. India is the11th country to have established a full-fledged researchstation here.

As many as 13 agreements were signed between Indianand Norwegian entities during the visit of PresidentPranab Mukherjee to this Scandinavian nation that startedfrom 12 Oct. The agreements, which range from a statementof intent between the Defence Research & DevelopmentOrganisation (DRDO) and the Norwegian DefenceResearch Establishment to setting up a state-of-the-artfish farming unit outside Delhi, also had IIT, Kanpur,Hyderabad University and several other educationalinstitutions reaching accord with their Norwegiancounterparts. India and Norway have signed agreement on

exemption of visa requirement for holders ofdiplomatic and official passports in Oslo. Thisagreement was signed in the presence of PresidentPranab Mukherjee and Prime Minister of NorwayErna Solberg. President Pranab Mukherjee was on asix-day visit to Norway and Finland. He is first everIndian head of the state to visit Norway.

With the new govt keen on making the country a globalmanufacturing hub, India is seeking to engage with

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UN Women, India has contributed $1 mn to theorganisation for the current financial year. External AffairsMinister Sushma Swaraj handed over the cheque asIndias contribution to the core voluntary budget of UNWomen (United Nations Entity for Gender Equality andthe Empowerment of Women) to Under-Secretary Generaland Executive Director of UN Women, Phumzile Mlambo-Ngcuka, for the 2014-15 financial year.

India has been ranked at 55th position on 2014 GlobalHunger Index (GHI). It shows that the number of hungrypeople has declined in India. The countrys score is betterthan Pakistan (rank 57) and Bangladesh (57) but it stilltrails behind Nepal (44) and Sri Lanka (39). India was at63rd position on GHI last year. The GHI report has beenjointly prepared by International Food Policy ResearchInstitute (IFPRI) and NGOs Welthungerhilfe andConcern Worldwide.

The United Nations owes India USD 110 mn, the secondhighest outstanding payment to any country, for costsrelating to peacekeeping operations and troops. India,one of the largest troop-contributing countries to UNpeacekeeping missions, owed the money for troops/formed police, contingent-owned equipment andconsumables letters of assist, deaths and disability. Apartfrom India, Ethiopia was owed the largest amount at USD137 mn, Pakistan at USD 109 mn and Bangladesh at USD108 mn.

China surpassed the European Union in levels of pollutionlevels per capita for the first time last year, propelling to arecord the worldwide greenhouse gas emissions that areblamed for climate change. Biggest polluter China passedthe US in terms of overall carbon emissions seven yearsago and remains the worlds biggest fossil fuel emissionsproducer.

The famous Yal Devi express train of Sri Lanka will onceagain connect Colombo to Jaffna after a gap of 24 years.Sri Lankas President Mahinda Rajapaksa inaugurated therail line connecting Colombo to Jaffna. Indian Railwayshas constructed the rail link on a subsidised Indian lineof credit of 800 mn dollars to Sri Lanka. This rail link hasbeen re-opened after 24 years. It was closed in 1990 duringcivil war in Sri Lanka. In 1927, Father of the NationMahatma Gandhi had once travelled by this train.

Over two thousand delegates from more than 500 cities inabout 50 countries took part in the XI World MetropolisCongress in Hyderabad. The five-day event, Cities forAll, was organised jointly by the Telangana state govt,

various Central and State organisations and the Worldmetropolis Association.

Afghanistan and the United States signed a deal on 30Sep to allow some US troops to stay in the country nextyear, signalling that new President Ashraf Ghani intendsto mend frayed ties with Washington. Hamid Karzai hadrefused to sign the deal in a disagreement that symbolisedthe breakdown of Afghan-US relations after the optimismof 2001 when the Taliban were ousted from power. Aparallel deal between Afghanistan and NATO was alsosigned. Troops from Germany, Italy and other NATOmembers will join a force of 9,800 US soldiers, bringingnumbers up to about 12,500. The new mission namedResolute Support will focus on training and supportingthe Afghan army and police as they take on the Talibaninsurgents.

President Pranab Mukherjee extended his greetings tothe govt and people of China on the occasion of the 65thanniversary of the founding of the Peoples Republic ofChina, which was celebrated on 1 Oct.

US President Barack Obama led the UN Security Councilin unanimously approving a binding resolution onstemming the flow of foreign jihadists to Iraq and Syria.The resolution requires all countries to adopt laws thatwould make it a serious crime for their nationals to joinjihadist groups such as Islamic State and Al-Nusra Front.

Year 2016-17 has been declared as the SAARC Year ofCultural Heritage. The decision was taken at the 3rdMeeting of the South Asian Association RegionalCooperation (SAARC) Culture Ministers in New Delhi.According to the Delhi Resolution passed in themeeting, Bamiyan in Afghanistan will be the SAARCcultural capital for 2015-16 summit.

The govt has cleared the agreement on power gridconnectivity with Nepal which will facilitate andstrengthen cross-border electricity transmission, gridconnectivity and power trade between the two countries.During Prime Minister Narendra Modis visit to Nepal inAug 2014, it was decided that negotiations on the powertrade agreement would be concluded within 45 days. Nepalis currently importing about 200 MW electricity from Indiaannually.

Dubai Govt has launched a new initiative calledHappiness Meter to monitor on a daily basis thehappiness and satisfaction of its population, tourists andvisitors to improve services.


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emySINCE 1993 Indias Premier Banking / SSC InstitutePersons in News Ajit Koujalgi: The heritage conservation campaigner

passed away recently. He was instrumental in puttingPuducherry on the conservation map of India.

Elected Voreqe Bainimarama: He has been sworn in as Fijis

new Prime Minister after the South Pacific nation heldits first general election since 2006.

Ashraf Ghani: The former finance minister won Afghanpresidential election and was sworn in as Afghanistansnext president in the first democratic transfer of powersince the ouster of Taliban. He had to sign a power-sharing deal with his rival Abdullah Abdullah and givehim the post of chief executive officer (CEO) similar tothat of Prime Minister, to end a prolonged standoff overthe disputed result.

O Panneerselvam: The erstwhile Finance Minister ofTamil Nadu has been sworn in as the new Chief Ministerof Tamil Nadu after the conviction of former CM JJayalalithaa. This is the second time Jayalalithaa hashanded over the administration to him in the middle ofher tenure. In 2001, Jayalalithaa had to step down as ChiefMinister following a Supreme Court verdict which heldthat she cannot hold the office after being convicted incriminal offences.

Removed Lalit Modi: In an apparent bid to end its standoff with the

BCCI, the Rajasthan Cricket Association (RCA) hasremoved former IPL Commissioner as its President.

Resigned Leela Samson: She has resigned as Sangeet Natak

Akademi chairperson.

Sacked Shashi Tharoor: The Congress party has sacked him as

a party spokesperson, ostensibly because he praisedPrime Minister Narendra Modis cleanliness campaign.

Sentenced J Jayalalithaa: The former Chief Minister of Tamil Nadu

has been convicted and sent to prison for four years bya Special court in Karnataka in a disproportionate assets

Appointed Khaled Bahah: President Mansour Hadi has appointed

him as the new Prime Minister of Yemen. V Radhakrishnan: The Tamil leader of plantation workers

in Sri Lanka and Peoples Front Parliamentarian has beenappointed as Deputy Minister of Botanical Gardens andPublic Relations.

Rizwan Akhtar: The Pakistan govt has named theLieutenant General as the new head of its intelligenceagency, Inter Services Intelligence (ISI).

Justice Handyala Lakshminarayanaswamy Dattu: He hasbeen sworn in as the 42nd Chief Justice of India (CJI) byPresident Pranab Mukherjee on 28 Sep and will have atenure of 14 months.

Arvind Subramanian: The US-based economist hasbecome the chief economic adviser to the Indian govt.

Abdullah Abdullah: He has assumed office asAfghanistans new CEO after a deal was reached betweenhim and Ashraf Ghani, now the President of Afghanistanto form a unity govt. The post of CEO is equivalent to thatof a Prime Minister.

Rajiv Mehrishi: The IAS officer has been appointedSecretary, Department of Economic Affairs in theMinistry of Finance, replacing Arvind Mayaram. Arvind Mayaram: In a surprise development the

erstwhile Finance Secretary has been shunted out ofthe Finance Ministry and given a low-profile Ministryof Tourism.

Vanita Gupta: The Indian-American, a top lawyer fromAmerican Civil Liberties Union, has been appointed tohead the civil rights division of the US justice department,becoming the first South Asian to hold this post. The USPresident Barack Obama is expected to nominate Guptato serve as the permanent Assistant Attorney General ofCivil Rights in the coming months.

Hemant Contractor: The former State Bank of India (SBI)Managing Director is set to take over as new Chairmanof Pension Fund Regulatory and Development Authority(PFRDA).

Died MV Kamath: The veteran journalist died at his native

place Manipal in Karnataka. He was the former chairmanof Prasar Bharti and recipient of Padma Bhushan award.

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case. She is the first sitting chief minister convicted andsent to jail.

Visited Mark Zuckerberg: The Facebook co-founder and CEO

came to India on his first visit to the country. Jeffrey P Bezos: The Chief Executive of e-commerce major

Amazon was in India and called on Prime MinisterNarendra Modi.

Appointed John Allen: President Barack Obama has chosen the

retired Marine Corps General, who earlier served as thecommander of the US and NATO forces in Afghanistan,to head the US-led global coalition against the dreadedterror group ISIS.

Seema Malhotra: The Indian-origin MP in UK has beenappointed as a shadow minister in the parliament. She isLabour Partys first minister tasked with tackling violenceagainst women and girls.

Subhash Chandra Garg: He has been appointed as theExecutive Director in World Bank.

Shah Rukh Khan: The Bollywood actor is the first Indianactor to be roped in as an ambassador of Interpols TurnBack Crime campaign, aimed at promoting greaterawareness on how to prevent crime.

Adil Zainulbhai: PM Narendra Modi has picked the formerMcKinsey India chief to head the Quality Council ofIndia that promotes high standards in areas like education,healthcare, environment, infrastructure, governance andsocial sectors.

Lalitha Kumaramangalam: She has been appointedchairperson of the National Commission for Women(NCW).

KV Thomas: The senior Congress leader took over asthe new chairman of Parliaments public accountscommittee.

Rona Fairhead: She has been appointed as the firstchairwoman of BBC Trust, the body overseeing theworld-famous news corporation.

Justice Handyala Lakshminarayanaswamy Dattu: He hasbeen appointed as the next Chief Justice of India (CJI).

Donald Tusk: The Polish prime minister has been namedas the next head of the European Council.

Federica Mogherini: She was appointed as EuropeanUnion (EU)s foreign policy chief on 30 Aug 2014.

Staffan de Mistura: The United Nations Secretary-GeneralBan Ki-moon announced the appointment of the veteran

diplomat and former member of the Italian govt as thenew special UN envoy on the Syria conflict.

Zeid Raad Zeid al-Hussein: He is the new United NationsHigh Commissioner for Human Rights.

Kaushik Basu: The International Economic Association(IEA) has appointed him as president-elect of theassociation beginning Sep 2014.

Died Bipan Chandra: The noted historian died recently. Goolam E Vahanvati: The former Attorney General of

India died recently. Norman Gordon: The South African fast bowler and the

oldest surviving 103-years-old Test cricketer passed awayafter a year-long illness recently.

Mohammed Fazal: The former Governor of Goa andMaharashtra died recently.

Joan Rivers: The US-based veteran comedian and TVhost died recently.

Firoza Begum: The Nazrul Sangeet legend fromBangladesh died recently.

Uppalapu Shrinivas: Popularly known as MandolinShrinivas, the child prodigy-turned-master musicianpassed away recently.

Elected Sandeep Jajodia: He has been elected as the new head of

the newly constituted boxing body, Boxing India. TM Bhasin: He has been elected the new chairman of

the Indian Banks Association (IBA) for 2014-15.

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