JAN 11 TO 15 ►☻“Know India Programme” for NRI and PIO youth by GOI January 11, 2014 Ministry of Overseas Indian Affairs programme named “Know India Programme (KIP)” for young Overseas Indians, with a view to provide them an exposure to the country of their origin (i.e. India) so that they can understand India better and more closely. Know India Programme of the Ministry of Overseas Indian Affairs is a 3-week orientation programme for diaspora youth conducted with a view to promote awareness on different facets of life in India and the progress made by the country in various fields e.g. economic, industrial, education, Science & Technology, Communication & Information Technology, culture. Under the Programme, 20 young persons of Indian origin in the age group of 18 to 24 from different countries visit India every year, which will provide them an opportunity to have a deeper understanding into Indian people and society. The content of the programme broadly includes the following: 1. Presentations on the country, political process, developments in various sectors, 2. Interaction with faculty and students at a prestigious University/College/Institute, 3. Presentation on the industrial development and visits to some Industries, 4. Visit to a village to better understand the typical village life, 5. Exposure to Indian media, 6. Interaction with NGOs and organizations dealing with women affairs, 7. Visit to places of historical importance/Monuments, 8. Taking part in Cultural programmes, 9. Exposure to yoga, 10. Call on high dignitaries, which may include President of India, Chief Election Commissioner of India, Comptroller and Auditor General of India, and Ministers in-charge of Overseas Indian Affairs, Youth Affairs and Sports. So far MOIA has organized 24 Know India Programmes in which 729 Overseas Diaspora Youth have participated in these programmes. ►☻RBI permits firms to issue debt to non-residents as bonus January 11, 2014 The Reserve Bank of India (RBI) has granted permission to Indian companies to issue non-convertible or redeemable preference shares or debentures to non-resident shareholders from their general reserves as bonus. This facility will also include the depositories that act as trustees for the ADR/GDR holders. The issue of preference shares (excluding non-convertible/redeemable preference shares) and convertible debentures (except optionally convertible or partially convertible debentures) would be subject to Foreign Direct Investment Scheme. Why has the RBI allowed company to issue non-convertible debentures to non-resident Indians? As per the notification issued by the RBI, the step has been taken with a view to rationalize and simplify the norms following references from some Indian companies to issue non-convertible or redeemable bonus preference shares or debentures to non-resident shareholders from the general reserve under a scheme of arrangement by a court, under the provisions of the Companies Act. Until now, RBI was granting permission for such issuances on a case-to-case basis. ►☻Scientists spot rare Indian Pitta after 60 years January 11, 2014 Indian Pitta, a bird endemic to the Himalayan foothills and Western Ghats, was spotted at Aravalli Biodiversity Park near Vasant Kunj in Delhi recently. As per ornithologists, Indian Pitta, a small and colourful bird which is mainly seen in closed-canopy forests, was spotted in Delhi after 60 years. Why sighting of Indian Pitta is special for scientists? The sighting of Indian Pitta or ‘Navaratna’ was last reported by ornithologist Usha Ganguli in her book-A Guide to the Birds of Delhi. But for scientists, the spotting of the bird in national capital after 60 years is special because it was seen in the mining pits which they have converted in to moist forests. As an experiment, scientists planted evergreen species in these despoiled pits of Aravalis which was a wasteland earlier. The bird discovered the type of atmosphere it needs at this location. The RBI has chosen the Clearing Corporation of India Ltd. (CCIL) to act as aLocal Operating Unit (LOU) for issuing internationally compatible Legal Entity Identifiers (LEIs) in India. What is Legal Entity Identifier (LEI)? The LEI is a 20-character unique identity code assigned to entities which are parties to a financial transaction. The assigning of LEI is part of Global LEI System (GLEIS) programme to which India is a party. What would be the work of CCIL as an LOU? As an LOU, CCIL will issue unique identifier codes to all eligible and willing legal entities taking part in financial markets across the world on a non-profit cost recovery basis. After the recognition of CCIL by the Regulatory Oversight Committee of the GLEIS, codes issued by it will be accepted globally. Once theinfrastructure in this regard is established, the use of the LEI numbers is expected to be mandated for OTC derivative transactions and large borrowers (legal entities) in a phased manner. The functioning of CCIL as an LOU will be under the regulation and supervision of the RBI. Recently, the RBI had designated CCIL as a critical Financial Market Infrastructure (FMI) for oversight considering its systemic importance in financial markets regulated by the Reserve Bank. It was also granted the status of a Qualified Central Counterparty (QCCP). What is Global LEI System (GLEIS)? After the global economic crisis of 2008 jolted the world economy, countries across the globe felt the absence of a common, accurate and sufficiently comprehensive identification system for parties undertaking financial transactions. This deficiency led to the origin of the idea of setting up of a Global LEI System (GLEIS). Regulators world over recognized the significance of the LEI as a key component of necessary improvements in financial data systems. Consequently, the G20 at the Cannes Summit held in November 2011, endorsed the development and maintenance of a GLEIS and tasked the Financial Stability Board (FSB) to spearhead the co-ordination of international regulatory work and to deliver concrete recommendations on the system. India’s RBI joined ROC of the GLEIS in 2013 and as a member of FSB, the RBI, is committed to the adoption and implementation best international practices. FSB has designed the framework for the GLEIS. It is as follows: • A Regulatory Oversight Committee (ROC): Responsible for the governance of the GLEIS and presently includes members and observers from more than 70 authorities across the globe; • A Central Operating Unit (COU): Key operational arm of the GLEIS • Local Operating Units (LOUs): Primary interface for entities desiring to register for the LEI system. How would GLEIS help? GLEIS will introduce a single global system for uniquely identifying parties to financial transactions. The system would provide myriad benefits as a valuable ‘building block’ to contribute to and support many financial stability objectives, including: • Improved risk management in firms • Better assessment of micro and macro-prudential risks • Facilitation of orderly resolution • Curbing market abuse • Checking financial fraud • Facilitating higher quality and accuracy of financial data. What is the current status of GLEIS? At present, the GLEIS is being developed and while many operational issues, particularly regarding its cross border compatibility are being worked out upon, LOUs in quite a few countries have already become operational. Considering this, the identifiers currently assigned by LOUs are referred to as pre-LEIs and LOUs themselves are called pre-LOUs. ►☻Get rid of SLR, end loan waivers: RBI committee January 11, 2014 A high-level panel of the Reserve Bank of India (RBI) has suggested that the central bank should gradually abolish the Statutory Liquidity Ratio (SLR), the portion of deposits that banks must compulsorily keep in government securities. At present, SLR is at 23% while most banks keep it around 27% as state-backed bonds often provide attractive rates at low risk. As per the Committee on Comprehensive Financial Services for Small Businesses and Low-Income Households, headed by Nachiket Mor (former executive director ICICI Bank): • SLR should be gradually abolished • A Separate category of banks should be created to cater to low-income households with a minimum entry capital requirement of Rs. 50 crore — 1/10th of the currently mandatory Rs. 500 crore. • Banks should provide facilities for withdrawal, payment and deposit within 15 minutes walking distance anywhere in the country. • All Indians above 18 to have a “full-service, safe, and secure electronic bank account” by 2016. • The priority sector lending cap should be increased from the current 40% to 50%. • Interest subsidies and loan waivers should be abolished. What is SLR? Apart from keeping a portion of deposits with the RBI as cash (CRR), banks are also required to maintain a minimum percentage of their net demand and time liabilities with them at the end of every business day, in the form of gold, cash, government bonds or other approved securities. This minimum percentage is called Statutory Liquidity Ratio. Example: If you deposit Rs. 100/- in bank, CRR being 9% and SLR being 11%, then bank can use 100-9-11= Rs. 80/- for giving loan or for investment purpose. SLR is the requirement imposed by the regulator on commercial banks that compels them to invest a percentage (currently 23%) of their Net Time and Demand Liabilities (NDTL) in approved government securities. Through this, today, 23% all the resources – deposits and borrowings – mobilised by commercial banks are invested in government securities. The Narasimham Committee – I (1991) had recommended scaling down SLR from a high of 38.5 per cent to 25 per cent and the RBI moved in a calibrated fashion in that direction. SLR is at 23 per cent with effect from August 11, 2012. A reference book, popularly known in the teaching-academic circle as Datt & Sundharam Indian Economy by Gaurav Datt and Ashwani Mahajan mentions as follows: “There is now a demand to abolish SLR altogether”. Purpose/ Objective of SLR SLR is aimed at serving three purposes: • (i) it is an instrument of credit control; • (ii) it works as a cushion against the possibility of bank failures; and • (iii) it is a conduit for financing government deficits. Out of these, SLR has been serving overwhelmingly the third purpose. As a credit control instrument, it is relatively blunt and being used rather infrequently. Between October 25, 1997 and August 11, 2012 SLR has been changed only five times from 25% to 23%. As far as its function as a cushion against bank failures is concerned, it is practically meaningless because weak commercial banks are not allowed to fail by the Government/RBI which is guided by the too-big-to-fail doctrine while resolving bank failures. Therefore, one may conclude that the biggest casualty of abolition of SLR would be government borrowing programmes which are of gigantic size every year. So the basic question is who will subscribe to such borrowings? The answer will determine the fate of the banking structure, post-SLR abolition. What do the supporters of ‘SLR abolition’ say? Abolition of SLR would dramatically free up nearly a quarter of deposits for industrial and consumer loans — and possibly lower interest rates. As per some experts, reducing SLR on a gradual basis would be healthy for the financial sector and this would allow banks to direct their resources to a more productive use. ►☻Election Commission cancelled Google tie-up, back with NIC January 11, 2014 The Election Commission of India (EC) has cancelled tied-up with US-based internet heavyweight, Google to assist it manage online voter registration and facilitation services ahead of the India’s General Election 2014. • The decision came after when major political parties and cyber security experts raised concerns that it could be used for spying. • In a flash, the commission has decided to fall back on its good old partner, the government-controlled National Informatics Centre (NIC),to facilitate voters to check their enrolment status online and locate their polling station, etc. Note: As per Google’s proposal to the EC, the internet giant had offered its search engines to help voters find out their enrolment status online, and locate their respective polling booths, complete with directions through Google Maps. ►☻Global Warming: Gangotri glacier is shrinking January 11, 2014 As per report titled, ‘Estimation of retreat rate of Gangotri glacier’, the Gangotri glacier is receding like other glaciers in the Himalayas and its volume and size is shrinking between Gaumukh and Bhojbasa. The appraisal of retreat measured by using rapid static and kinematics GPS survey. The study is conducted by scientists from G.B. Pant Institute of Himalayan Environment and Development in Almora. Excerpts of the report – ‘Estimation of retreat rate of Gangotri glacier’ • The retreat in the past decade was higher than it is in this decade. Still, there is some disintegration in the upper regions of the glacier which shows that some tectonic activities are going on in the region. This might be alarming but it is under study. • From year 2000 onwards, the average rate of retreat of the glacier per year has about 12 to 13 m.. • Global warming is also the one of the factor for glacial retreat. • Recessional moraines and broad glacial terrace- like features provide sufficient evidence of the shrinking of the glacier in the recent past between Gaumukh and Bhojbasa. • The River Bhagirathi originates from the glacier retreated more than 1,500m in the last 70 years. About Gangotri Glacier • Location: Uttarkashi District, Uttarakhand • The glacier is one of the largest in the Himalayas with an estimated volume of over 27 cubic kilometers. • The glaciers originate at about 7100 m above the sea level and are 30.2 km long and width that varies between 0.5 and 2.5 km. • The River Bhagirathi is one of the main tributaries of the Ganga, originates from Gangotri glacier. ►☻HSBC PMI: Service sector output drops in December for 6th consecutive month January 11, 2014 The HSBC Services Purchasing Managers’ Index (PMI), compiled by Markit, fell to 46.7 in December from 47.2 in November, registered the sixth consecutive monthly drop in output levels, the longest period of continuous reduction since the 2008/2009 global financial crisis. • The sharpest decline in new orders was noted in hotels and restaurants. The post and telecommunications sub-sector remained resilient, with growth in both business activity and new orders. • The HSBC/Markit manufacturing PMI showed India’s manufacturing sector decelerated marginally to 50.7 in December as a slowdown in domestic order flows led to slower output growth. • Thus, the HSBC India Composite Output Index, which maps both services and manufacturing, stood at 48.1, below the crucial 50 mark, for the sixth consecutive month. • The index dropped from November’s 48.5, indicating a slightly faster rate of contraction. Note: An index value of less than 50 indicates contraction. ►☻Supreme Court: Persons can be tried despite not being named in FIR January 11, 2014 The Supreme Court held that a person can be made an accused by the trial court in case evidence crops up during the proceedings even if he has not been named in the FIR or charge sheet. A five-judge Constitution Bench headed by Chief Justice P. Sathasivam stated that Section 319 of the Criminal Procedure Code (CPC) empowers the trial court to summon a person as an accused despite his name not being mentioned by the investigators in the First Information Report (FIR) and charge sheet. This new ruling will be helpful to solve the cases, especially the 2G scam and other high profile cases. The judgment could have implications in some cases arising out of the 2G scam in which the trial judge had summoned as accused some corporate honchos despite them not being named by Central Bureau of Investigation (CBI) in the FIR and charge sheet. Yet, many businessmen have voiced their displeasure and approached the Supreme Court against the trial court’s summoning order. The apex court is yet to pronounce its verdict in the case. ►☻Supreme Court directs Centre to set up National Regulator for granting all Green Clearances January 11, 2014 The Supreme Court has directed the Centre to establish a national regulator for environmental clearances. The apex regulator will supervise grant of clearances and implementation of forest policy and environmental laws. The apex court has given the Centre time till March 31 to appoint the regulator and set up offices in “as many States” as possible under Section 3(3) of the Environment (Protection) Act 1986. Why does the Supreme Court want a national regulator for green clearances? It has come to the notice of the apex court that the current mechanism under the Environment Impact Assessment Notification dated September 14, 2006, issued by the Government with regard to processing, appraisals, and approval of the projects for environmental clearance is deficient in many respects. It, therefore, felt the need for a regulator at the national level with its offices in all the States which can conduct an independent, objective and transparent appraisal and approval of the projects for environmental clearances which can also monitor the implementation of the conditions laid down in the environmental clearances. How may this decision affect Centre’s power? The granting of environmental clearances has so far remained a suspect due to absolute Government control over Forest Advisory Committees, entrusted under the Act to oversee adherence to environmental norms. The latest decision will not only deprive the Centre of its arbitrary power to take decisions on projects, but would also ensure that those found guilty of violations are awarded sizeable penalties under the “polluter pays” principle. What is the reaction of MoEF over this decision? The MoEF has strongly objected to this direction as it believes that it would not be feasible for a single authority with limited number of experts to look into the diverse and inter-linked nature of issues involved in the grant of environment clearances to various categories of projects. It further says that the volume of work being dealt by six expert advisory panels could not be done by single regulator, instead, it may result in financial pressure on the government exchequer which otherwise could be utilized to strengthen the existing regulatory mechanism. ►☻Rashtriya Kishor Swasthya Karyakram: India’s first adolescent health programme launched January 11, 2014 The Government of India has started the country’s first comprehensive adolescenthealth programme- Rashtriya Kishor Swasthya Karyakram, which will also focus on adolescents’ reproductive health. Rashtriya Kishor Swasthya Karyakram • Focus: Health needs of 24.3 crore adolescents which makes 21% of India’s population in India. • A holistic and participative programme instead of a ‘doctor-driven’ effort. • Strategy: RMNCH+A stands for (Reproductive, Maternal, New born, Child Health + Adolescent). • New dimensions: Mental health, nutrition, substance misuse, gender based violence and non-communicable diseases. • Community based interventions through peer educators, and is supported by collaborations with other Ministries and State governments, knowledge partners and research. • Strives to make adolescents aware even before the occurrence of anydisease or problem, so that they could make informed decisions and choices. • Using new technologies and social media platforms to reach the adolescents in their own spaces, with strategic partnerships with communities and peers. Emphasis on 6 ‘Cs”: • Coverage • Content • Communication • Counseling • Clinics • Convergence Adolescent, who? As per RKSK programme, a person within 10-19 years of age is an adolescent. It includes people in this age bracket in urban and rural areas and includes both girls and boys, married and unmarried, poor and affluent, whether they are in school or out of school ►☻RBI: Gold loan finance companies can now give loans up to 75% of the market value of the gold January 11, 2014 The Reserve Bank of India (RBI) has eased the norms for extending loans against gold jewellery as collateral. It has decided to raise the Loan-To-Value (LTV) cap for loans against the collateral of gold jewellery to 75 % from the present limit of 60% with immediate effect. This means that gold loan companies in India viz. Muthoot Finance, Manappuram Finance, etc can lend up to 75% of the value of gold jewellery deposited with them as guarantee. The salient features related to RBI’s move to raise Loan-To-Value (LTV):- • Only intrinsic value of gold to be used to determine the loan value. • Non-Banking Finance Companies (NBFCs) will have to certify on purity of gold, which will be used to determine the maximum permissible loan and the reserve price for auction. • The firms can add suitable cautions to protect themselves against disputes on redemption. • Mandatory ownership verification to be done in cases where the gold jewellery pledged is more than 20gm, through a suitable document explaining how the ownership was determined. • Firms have to conduct auction in the same town or taluk, in which the branch that had extended the loan is located. • Disbursement of loans of Rs 1 lakh and above must be done through cheques. ►☻Cabinet approved the TRAI guidelines for TV rating agencies January 11, 2014 The Union Cabinet approved the proposal of the Ministry of Information and Broadcasting to bring out the comprehensive regulatory framework in the form of guidelines for Television Rating Agencies in India. Excerpts of guidelines for Television Rating Agencies • All rating agencies including the existing rating agencies shall obtain registration from the Ministry of Information and Broadcasting. • Detailed registration procedure, eligibility norms, terms and conditions, cross-holding norms, period of registration, security conditions and other obligations have been outlined. • Ratings must be technology neutral and shall capture data across multiple viewing platforms viz. cable TV, Direct-to- Home (DTH), Terrestrial TV etc. • No single company / legal entity either directly or through its associates or interconnect undertakings shall have substantial equity holding that is, 10% or more of paid up equity in both rating agencies and broadcasters/ advertisers/ advertising agencies. • Panel homes for audience measurement shall be drawn from the pool of households selected through an establishment survey. A minimum panel size of 20,000 to be implemented within six months of the guidelines coming into force. Thereafter the panel size shall be increased by 10,000 every year until it reaches the figure of 50,000. • Secrecy and privacy of the panel homes must be maintained. 25% of panel homes shall be rotated every year. • The rating agency shall submit the detailed methodology to the Government and also publish it on its website. • The rating agency shall set up an effective complaint redressal system with a toll free number. • The rating agency shall set up an internal audit mechanism to get its entire methodology/processes audited internally on quarterly basis and through an independent auditor annually. All audit reports to be put on the website of the rating agency. Government and TRAI reserve the right to audit the systems /procedures/mechanisms of the rating agency. • 30 days time would be given to the existing rating agency to comply with the guidelines. Note: The guidelines are aimed at making television ratings transparent, credible and accountable. The proposal is based on recommendations made by the Telecom Regulatory Authority of India (TRAI). ►☻No cash transactions in CIS : SEBI move to check laundering January 11, 2014 The market regulator, Securities and Exchange Board of India (SEBI) made it compulsory for all investments into Collective Investment Scheme (CIS) funds to be made through banking channels, and not in cash, to prevent any money laundering activities through such schemes. As per the regulations of SEBI • Money payable towards subscription of units of CIS shall be paid through cheque or demand draft or through any other banking channel, but not by cash. • For launching any such scheme, a person needs to make an application for registration as a Collective Investment Management Company (CIMC) provided that any scheme which is otherwise regulated or prohibited under any other law will not be deemed to be a CIS. • The CIMC will enter into an agreement with a depository for dematerialisation of the units of the scheme proposed to be issued. It will follow with Know Your Client guidelines. The new norms are known as the Securities and Exchange Board of India (Collective Investment Schemes) (Amendment) Regulations, 2014. These will help to improve transparency in fund-garnering activities through CIS activities and will make it easier to identify the source of funds and real investors involved in such schemes. ►☻New blood test could be used to predict if a patient will have a heart attack January 13, 2014 Scientists have developed a new and simple blood test that can be used to predict whether a patient is about to have a heart attack by testing forCirculating Endothelial Cells (CECs). They found that the presence of CECs in a person’s blood after a heart attack was something not seen in healthy controls. • As per the researchers at Oregon Health & Science University (OHSU) in Portland (Oregon, USA), the new test involves measuring gamma – prime fibrinogen – a component of the blood’s clotting mechanism, to find out whether a person is prone to an attack or not. • In other words, the gamma-prime fibrinogen test will be used in conjunction with a cholesterol test to better predict who is likely to suffer a heart attack. Thus, the doctors can identify people who are at risk and who don’t know they are at risk. Note: A heart attack is caused by the slow buildup of cholesterol plaque in the arteries, a process known as atherosclerosis or “hardening of the arteries.” When the plaque builds up too much, it can rupture, causing a sudden blood clot to form over the rupture site. This can ultimately lead to a heart attack or stroke. ►☻Tennis: Australian Open begins in Melbourne January 13, 2014 The Australian Open Tennistournament, the first Grand Slam tournament of the year, inaugurated at Melbourne, Australia. It will be held at Melbourne Park from January 13-26, 2014. • India’s Somdev Devvarman is the only Indian in the Singles title and the Doubles section is featuring Leander Paes, Mahesh Bhupathi, Rohan Bopanna, Divij Sharan, Yuki Bhambri and Sania Mirza with their respective team-mates. About Australia Open 2014 • Founded in 1905. • Held annually in January at Melbourne, Australia. • Events: Men’s and women’s singles; men’s, women’s, and mixed doubles and junior’s championships; as well as wheelchair, legends and exhibition events. • It is the 102nd edition of the Australian Open, played on outdoor hard courts. Surfaces played on: • Surface Grass (1905–87) • Rebound Ace (1988–2007) • Plexicushion (2008–present) Organized by the International Tennis Federation (ITF) and is part of the 2014 ATP World Tour and the 2014 WTA Tour calendars under the Grand Slam category. ►☻Trade Deficit of India with China soars to $ 31.42 bn January 13, 2014 India’s trade deficit with its largest trading partner China reached a humongous $ 31.42 billion as the bilateral trade fell by 1.5% in 2013, recording a declining trend for the second consecutive year. Compared to 2012, India’s trade deficit surged by $ 2.5 billion in 2013, which brought into attention the failure of Indian exports to make headway into China despite repeated assurances by China to address India’s concerns. As per the trade data from January to December 2013 released by the Chinese customs: • Bilateral trade between the two countries was also showing a decreasing trend for the second consecutive year. • Bilateral trade reached $ 65.47 billion in 2013, a slight decrease of 1.5% compared to year 2012. • In 2011, the bilateral trade was $ 74 billion and it slipped to $ 66.7 billion in 2012. • Chinese exports to India rose slightly to stand at $ 48.44 billion for the 2013, whereas Indian exports to China decreased by around 10% to $ 17 billion, causing a trade deficit of $ 31.42 billion to India. About India-China Trade: Trade between India and China is seen as a stabilizing factor in Sino-India relationship. In 2011, China emerged as India’s largest trading partner when the bilateral trade reached a record $ 74 billion. Both the countries have set a trade target of $100 billion to be achieved by 2015. However, many are doubtful over the possibility of this realizing this goal as there are a number of systemic impediments. Since 2011, India’s exports to China have decline by 20%. The fall in exports was largely due to curbs on the export of iron ore, which had emerged as India’s single biggest export to resource-hungry China. In response to India’s concerns on widening trade deficit, China has promised to open up its market to Indian IT and pharmaceuticals. It is hoped that Indian exports to China will improve following the MoUs inked during Chinese Premier Li Keqiang visit to India to facilitate India’s exports of oil meal, pharmaceuticals, marine products and buffalo meat. ►☻Social Activist Ila Pathak passed away January 13, 2014 Well-known Social activist Ila Pathak (80) passed away. Ila Pathak: Born in 1933, she was an active member of Movement for Secular Democracy (MSD) and vice-president of Peoples’ Union for Civil Liberties’ (PUCL). She became the founder secretary of Ahmedabad Women’s Action Group (AWAG). She was also a former professor of H K Arts College and head of IndiaChapter of Women’s International League for Peace and Freedom (WILPF). Major contributions of Ila Pathak: Pathak played a major role in movement for justice to the victims of 2002 Gujaratriots, protest against Patan P T C College gangrape incident, etc. She was also a supporter to Manipur’s Irom Sharmila’s protest against Armed Forces Special Powers’ Act (AFSPA). ►☻Gorakhpur now has world’s longest railway platform January 13, 2014 A newly constructed railway platform in Gorakhpur, U.P. entered into the Limca Book of World Records for being world’s longest railway platform. • Platform No. 1 of the Gorakhpur is 1366.33 metres with ramp and 11355.40 metres without it. • Gorakhpur is headquarter of North Eastern Railways zone. The World’s longest railway platforms are: 1. Gorakhpur railway station (Uttar Pradesh, India): 1,366.33 m (4,483 ft) 2. Kollam Junction Railway Station (Kerala, India): 1,180.5 m (3,873 ft) 3. Kharagpur (West Bengal, India): 1,072.5 m (3,519 ft) 4. State Street Center subway station (Chicago, Illinois, USA): 1,067 m (3,501 ft) (longest in United States) 5. Cheriton Shuttle Terminal (Folkestone, United Kingdom): 791 m (2,595 ft) (longest in Europe) 6. Bilaspur railway station (Chhattisgarh, India): 790 m (2,592 ft) 7. Jhansi (Uttar Pradesh, India): 770 m (2,526 ft) 8. East Perth railway station (Perth, Western Australia): 770 m (2,526 ft) (longest in Australia) 9. Kalgoorlie railway station (Kalgoorlie, Western Australia): 760 m (2,493 ft) 10. Sonepur railway station (Sonepur, Bihar, India): 738 m (2,421 ft) After Gorakhpur,and Kollam, Kharagpur has the world’s third longest railway platform in the world with a length of 1,072.5 metres (3,519 ft). Zones and Headquarters of Indian Railways Indian Railways has 17 zones and each zonal railway is made up of a certain number of divisions, each having a divisional headquarters. There are a total of 68 divisions. Zones Headquarters Divisions Central (CR) Mumbai Bhusawal, Nagpur, Mumbai(CST), Solapur, Pune East Central (ECR) Hajipur Danapur, Dhanbad, Sonepur, Mughalsarai, Samastipur Eastern Coast (ECoR) Bhubaneswar Khurda Road, Waltair, Sambalpur Eastern (ER) Kolkata Malda, Howarh, Sealdah, Asansol North Central (NCR) Allahabad Allahabad, Jhansi, Agra North-Eastern (NER) Gorakhpur Lucknow, Varanasi, Izatnagar North-Western (NWR) Jaipur Bikaner, Jodhpur, Jaipur, Ajmer Northeast Frontier (NFR) Guwahati Katihar, Lumding, Tinsukhia, Alipurduar, Rangiya Northern (NR) Delhi Ambala, Ferozpur, Lucknow, Moradabad, Delhi South-Central (SCR) Secunderabad Secunderabad,Hyderabad, Guntakal, Vijaywada, Guntur, Nanded South-East Central (SECR) Bilaspur Nagpur, Bilaspur, Raipur South-Eastern (SER) Kolkata Kharagpur, Chakradharpur, Adra, Ranchi South-Western (SWR) Hubli Bangalore, Mysore, Hubli Southern (SR) Chennai Chennai, Madurai, Palghat, Trichy, Trivandrum West Central (WCR) Jabalpur Jabalpur, Bhopal, Kota Western (WR) Mumbai Bhavnagar, Mumbai Central, Ratlam, Rajkot, Vadodara*, Ahemdabad Kolkata Metro Railway (KMR) Kolkata Kolkata metropolitan area, South 24 Parganas, North 24 Parganas ►☻Ex-Israeli PM Ariel Sharon “The Bulldozer” passed away January 14, 2014 The iconic but controversial former Israeli Prime Minister, Ariel Sharon (85) passed away after spending eight years in a coma following a stroke. About Ex-Israeli PM Ariel Sharon Known as “The Bulldozer,” a fearless leader who got things done and was one of the most prominent figures inIsrael’s history – both on the battlefield and in political life. When Egypt and Syria launched a surprise attack in 1973, he led a division that cut off Egyptian soldiers on the Sinai Peninsula – a move that helped Israel win the war. The Arab world called Mr. Sharon “the Butcher of Beirut” after he supervised Israel’s 1982 invasion of Lebanon while serving as defence minister. • Became Prime Minister in 2001, won the election with a promise to bring peace and security to Israel. • Seemed to win re-election when he suffered a succession of strokes in 2005 and 2006. But, fell into a coma, from which he never recovered. • After 8 years in a coma, he died on January 11 in a hospital near Tel Aviv. ►☻NABARD slashes refinance rate by 0.20% to boost farm investment January 14, 2014 National Bank for Agriculture and Rural Development (NABARD) reduced refinance rate for banks and other lending agencies by 0.20 % to promote rural credit and rural infrastructure. Revised rates: The revised rate of interest on refinance for a period of five years for commercial, state cooperative, regional rural and primary urban cooperative banks will be 9.70%, down from 9.90%. The new rates are effective from January 7. Relaxation: • If banks draw refinance of Rs. 500 crore and more in a single drawl, they will be allowed additional reduction of 0.10% and will make effective rate 9.60 %. • For State Cooperative Agriculture and Rural Development Banks (SCRDBs), a 10 basis point reduction is allowed for a single drawl of Rs. 200 crore and above. These measures are expected to give a boost to banks for extending investment credit and creation of much-needed warehousing infrastructure for agricultural commodities in the country. ►☻Sheikh Hasina becomes Bangladesh PM for 3rd time January 14, 2014 Awami League chief Ms Sheikh Hasina (66) sworn in as Prime Minister of Bangladesh for the third time along with a 48-member cabinet. President Abdul Hamid administered the oaths of office and secrecy to Ms Hasina and her new cabinet members at theBangabhavan presidential palace in Dhaka. Awami League won 231 seats, of which 127 seats were uncontested, giving it a clear three-fourth majority in the country’s 10th parliament. The 18-party alliance led by former premier Khaleda Zia’s Bangladesh Nationalist Party (BNP) boycotted the polls after her arch-rival Hasina rejected the opposition’s demand for a neutral caretaker regime for election oversight. Note: Ms Hasina first came to power in 1996 and then defeated Khaleda Zia in the 2008 elections. ►☻Suresh Mathur Committee: IRDS sets up panel to study FDI in insurance intermediaries & TPA January 15, 2014 The insurance sector regulator, Insurance Regulatory and Development Authority (IRDA) set up a 10-member committee to study the options of allowing 100 % Foreign Direct Investment (FDI) in insurance intermediaries, Third-Party Administrators (TPA), surveyors and loss assessors. The 10-member committee : • Headed by: IRDA Senior Joint Director, Suresh Mathur and has officials from the regulator, insurance council, insurance companies as well as brokers and will submit its report in three months. • Objective: To study whether there is a case for raising the FDI limit in insurance entities (other than insurance companies) and if yes, to what extent. To study the options of allowing 100 % Foreign Direct Investment (FDI) in insurance intermediaries, Third-Party Administrators (TPA), surveyors and loss assessors. • Current Status: the FDI limit for these entities is 26 % in line with the limit stipulated for insurance companies. The committee will also look at the implications of modifying the limit on the industry and the international practices. ►☻PM laid foundation stone for Haryana Nuclear Power Project (Haryana Anu Vidyut Pariyojna) January 15, 2014 Prime Minister Manmohan Singh laid the foundation stone for a 2,800 MW nuclear power plant near Gorakhpur village in the Fatehabad district ofHaryana. • The Haryana Nuclear Power (or Haryana Anu Vidyut Pariyojna) Project (HNPP) will have four indigenously developed pressurized heavy water reactors with a capacity of 700 MW each. • The first phase (1,400 MW) of the 2,800-MW HNPP would be completed by 2020-21 at a cost of over Rs. 21,000 crore. • Around 1,500 acre land of villages Gorakhpur, Kajalheri and Badopal of district Fatehabad has been acquired for the project and Rs 450 crore paid to 847 families of these villages as compensation. ►☻Bill Gates: The most admired person in the world January 15, 2014 As per a new poll conducted by The Times, the co-founder of Microsoft and a billionaire philanthropist Mr. Bill Gates is the most admired person on the planet. He is better known for donating large sums of money to charitable organizations and scientific research and is highly regarded globally. Other Admired Personalities • Second most admired person in the poll was US president Barack Obama, followed by Russian leader Vladimir Putin and Pope Francis. • Chinese President Xi Jinping was at 6th position. • There were seven Indians in the list of 30 most-admired people. • Indians: Cricketing legend Sachin Tendulkar (5), BJP’s prime ministerial candidate Narendra Modi (7), Bollywood icon Amitabh Bachchan (9), former President Abdul Kalam (10), social activist Anna Hazare (14), Delhi Chief Minister Arvind Kejriwal (18) and Businesstycoon Ratan Tata (30). • Only six women were on the list of 30 most admired people. • Women: Queen Elizabeth (17th), US talk show host Oprah Winfrey (20th), German Chancellor Angela Merkel (26th), former US Secretary of State Hillary Clinton (27th) and Chinese contemporary folk singer Peng Liyuan (28th). Note: The “World’s most admired people poll” was conducted by YouGov for The Times by surveying approx 14,000 people in 13 countries. The countries that took part were Great Britain, France, Germany, Russia, the US, Australia,Pakistan, Indonesia, India, China, Egypt, Nigeria and Brazil. ►☻RBI inks a pact with Bank of Japan for raising BSA to $ 50 billion January 15, 2014 The Reserve Bank of India (RBI) and Bank of Japan (BOJ) signed an agreement to enhance the maximum amount of the Bilateral Swap Arrangement (BSA)between the two countries to $50 billion. The agreement signed by RBI Governor Raghuram Rajan and BOJ Governor Haruhiko Kuroda. The BSA shall be effective until December 3, 2015. • With this agreement, the current BSA, effective for 3 years from 2012 to 2015, has been raised from the original size of $15 billion. • Outcome: The expansion of the BSA will contribute to the stability of global financial markets including emerging economies. • Aim of BSA: To address possible short-term liquidity difficulties and supplement the existing international financial arrangements and is one of the efforts in strengthening mutual cooperation between India and Japan. ►☻Golden Globe Awards 2014: List of Winners of Motion Pictures January 15, 2014 The 71st Annual Golden Globe Awards ceremony was held at the Beverly Hills, California. The winners of various awards are as follows - • Best Motion Picture Drama: 12 Years a Slave • Best Motion Picture Musical/Comedy: American Hustle • Best Director in Motion Picture-Drama: Alfonso Cuaron for Gravity • Best Actor in Motion Picture-Drama: Matthew McConaughey for Dallas Buyers Club • Best Actress in Motion Picture-Drama: Cate Blanchett for Blue Jasmine • Best Actor in Motion Picture or Musical or Comedy: Leonardo DiCaprio for The Wolf of Wall Street • Best Actress in Motion Picture Musical or Comedy: Amy Adams for American Hustle • Best Actor in a Supporting role in Motion Picture: Jared Leto for Dallas Buyers Club • Best Actress in a Supporting role in Motion Picture: Jennifer Lawrence for American Hustle • Best Animated Film: Frozen Best foreign language film: The Great Beauty (Italy)
Posted on: Tue, 28 Jan 2014 07:30:30 +0000
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