1-2 sept 2015

Manish Sisodia got additional charge of Law Ministry of Delhi

Delhi's Deputy Chief Minister Manish Sisodia was on 31 August 2015 given the additional charge of the Law Ministry of the city.

Sisodia, who is the third person to hold charge of the portfolio in less than seven months, will replace Kapil Mishra.

Kapil Mishra, an MLA from Karawal Nagar, was handing the Law Ministry portfolio ever since Jitendra Singh Tomar was arrested in a fake degree case in June 2015. Mishra will continue as Minister for Water and Tourism and Delhi Jal Board’s chairman.

With this additional charge, Sisodia now heads the ministries of education, finance, planning, urban development, land & building, law, justice & legislative affairs and all other departments not specifically allotted to any minister.

Union Ministry of Youth Affairs and Sports recognised Yoga as sports discipline

Union Ministry of Youth Affairs and Sports on 1 September 2015 recognised Yoga as a sports discipline. It was placed under priority category.

The ministry took the decision in order to encourage the practice of yoga across the country especially among the youth.

Further, due to the present recognition the practitioners will benefit in the form of funding and other administrative assistance for its development.

About Yoga

Yoga is an Indian physical, mental, and spiritual practice or discipline. It finds mention in the Yoga Sutras of Patanjali, the author of the grammatical Mahabhasya.

On 21 June 2015, the first International Day of Yoga was observed globally for which India gave the lead to the world.

Union Ministry of Youth Affairs and Sports on 1 September 2015 recognised Yoga as a sports discipline. It was placed under priority category.

The ministry took the decision in order to encourage the practice of yoga across the country especially among the youth.

Further, due to the present recognition the practitioners will benefit in the form of funding and other administrative assistance for its development.

About Yoga

Yoga is an Indian physical, mental, and spiritual practice or discipline. It finds mention in the Yoga Sutras of Patanjali, the author of the grammatical Mahabhasya.

On 21 June 2015, the first International Day of Yoga was observed globally for which India gave the lead to the world.

Ratan P Watal took charge as Union Finance Secretary

Ratan P Watal on 31 August 2015 took charge as the Union Finance Secretary. Prior to the present elevation, he was the secretary of the Department of Expenditure of the Finance Ministry since 2013.

Watal, 59, is a 1978-batch Andhra Pradesh cadre IAS officer and holds masters degree in economics.

About Union Ministry of Finance
• It consists of five departments namely Department of Economic Affairs, Department of Expenditure, Department of Revenue, Department of Financial Services, and Department of Disinvestments.
• Finance Secretary is the senior-most IAS officer in the Union Ministry of Finance. He coordinates the working of various departments under the Ministry of Finance. The Finance Ministry currently has five secretaries including Watal.
• While every other note bears the signature of the governor of Reserve Bank of India (RBI), the rupee note bears the signature of the Finance Secretary.

Union Government approved Smart National Common Mobility Card model for seamless travel across India

The Union Ministry of Urban Development on 1 September 2015 gave approval for Smart National Common Mobility Card (NCMC) model for seamless travel across India.

The model will enable commuters to travel by different metros and other transport systems across the country besides retail shopping and purchases.

Features of Smart National Common Mobility Card (NCMC)

• It is based on EMV Open Loop Card system with stored value model.
• It meets travel needs based on stored value of money and can be used for travelling by any means of transport and also enables account based retail applications.
• The model is an improved version of nationwide common card prevalent in Singapore.
• The National Payments Corporation of India (NPCI) will be involved in indigenous development and management of Clearing and Settlement of payments, Simulating Cards, Terminals and network, a support base of vendors for providing certified tools, cards, terminals and other services.
• The Centre for Development of Advanced Computing (C-DAC) will develop the standards and hardware for Metro gates/validators along with related ecosystems.
• Funding of 4.47 crore rupees approved by the ministry for developing the model.

30 Women in Power: Their Voices, Their Stories by Naina Lal Kidwai

30 Women in Power: Their Voices, Their Stories: Naina Lal Kidwai (Author & Editor)

The book 30 Women in Power: Their Voices, Their Stories was in news in August 2015. It was written and edited by Naina Lal Kidwai.

It is a collection of narratives on modern Indian women who have been pioneers and led large organizations - in banking, law, the media, advertising, government services, health care, consulting, the fast-moving consumer goods sector and the not-for-profit space.

About Naina Lal Kidwai
• She is an executive director on the board of HSBC Asia-Pacific and the chairman of HSBC India.
• She is also a non-executive director of Nestle SA and was the first woman president of the Federation of Indian Chambers of Commerce and Industry (FICCI).
• Earlier, she edited the book Contemporary Banking in India.

L C Goyal appointed as CMD of India Trade Promotion Organisation

Prime Minister Narendra Modi on 31 August 2015 approved the appointment of L C Goyal as the Chairman and Managing Director (CMD) of the Indian Trade Promotion Organization (ITPO).

Prior to the present appointment, he retired as the secretary of the Union Home Ministry. He was a 1979 batch IAS officer of Kerala cadre.

About ITPO

• It is the nodal agency of the Union Government under the aegis of Ministry of Commerce and Industry for promoting country's external trade.
• It approves holding of international trade fairs in India and regulates holding of various expositions in India primarily to avoid any duplication of efforts while ensuring proper timing.
• It is a Mini-Ratna Category-1 Central Public Sector Enterprise (CPSE) with 100 percent shareholding of Government of India.
• It was established in April 1977 and is headquarted at Pragati Bhawan, New Delhi.
• Among other things, it organizes the prestigious India International Trade Fair (IITF) annually in Pragati Maidan.

CSO released estimates of GDP for April-June quarter of 2015-16

Central Statistical Office (CSO) on 31 August 2015 released the estimates of Gross Domestic Product (GDP) for the April-June quarter of 2015.

As per the estimates, India grew by 7 percent during the first quarter of the 2015-16 financial year. Thus, India remained the fastest growing major economy of the world for a second straight quarter.

India had overtaken China as the world’s fastest growing major economy in the January-March quarter, growing 7.5 per cent against China’s 7 per cent.

Highlights of the CSO estimates

• GDP at constant (2011-12) prices in Q1 of 2015-16 is estimated at 27.13 lakh crore rupees as against 25.35 lakh crore rupees in Q1 of 2014-15, showing a growth rate of 7.0 percent. In terms of GVA it is 7.1 percent.
• The economic activities which registered growth of over 7 percent in Q1 of 2015-16 over Q1 of 2014-15 are manufacturing, trade, hotels and transport & communication and services related to broadcasting and financial, insurance, real estate and professional services.
• Growth in other areas: agriculture, forestry and fishing (1.9), mining and quarrying (4.0), electricity, gas, water supply & other utility services (3.2), construction and public administration, defence (6.9) and other services (2.7).
• Gross Capital Formation (GCF) rate, a barometer for investments, continued to decline. It was down to 27.8 per cent from 29.2 per cent in April–June 2014.

Comment

As per a recent forecast of the International Monetary Fund (IMF), India will remain as the fastest growing major economy during 2015. It will grow at 7.5 per cent in 2015 compared with China’s 6.8 per cent and 3.3 per cent of advanced nations during the same period.

Volatility in China’s stock markets in recent times coupled with its shrinking economic activities especially in the manufacturing sector are expected to result in India’s predominance over China in terms of growth rates.

However, India’s growth momentum largely depends on growth in the agriculture sector. India couldn’t surpass the growth rate of January-March quarter (7.5) during the Q1 of 2015-16 (7.0) largely due to low growth rate in the agriculture sector caused by unseasonal rains during the rabi season.

Master of horror cinema Wes Craven died

Wes Craven, a master of horror cinema and a proponent of the slasher genre, passed away on 30 August 2015 following brain cancer in Los Angeles. He was 76. He is survived by his wife, a sister, a son, a daughter, and a stepdaughter.

Craven was best known for directing the Nightmare on Elm Street film and Scream franchises. Craven began making films after briefly teaching English at Westminster College in Pennsylvania. Later he directed, wrote and edited pornographic movies. In 1972, he directed his first feature film Last House on the Left.

His most famous creation was the character of serial killer Freddy Krueger, played by Robert Englund, who with his razor-blade glove, haunted the dreams of high school students in A Nightmare on Elm Street (1984).

The first Nightmare on Elm Street earned Craven 25 million US dollars. It spawned six sequels, although Craven directed only the last one, Wes Craven’s New Nightmare (1994).

Craven’s career had been relatively quiet until 1996, when the his film Scream was released. The success of Scream led to three sequels, all of them directed by Craven.

More recently, Craven was nearing the completion of a five-issue comic book series about zombies, werewolves and vampires, Coming of Rage, which he wrote with Steve Niles.

Tejinder Pal Singh named as Australian of the Day by Commonwealth Bank

An Indian-origin driver in Australia Tejinder Pal Singh was on 31 August 2015 named as Australian of the Day by Commonwealth Bank of Australia for feeding the homeless in Darwin for the past three years.

He dedicated the last Sunday of every month to feed the poor and homeless in northern Darwin after his night shift as a cabbie. He cooked around 30 kg of Indian food to feed the homeless. The free lunch comprises chickpeas, rice and vegetarian curry.

His van itself carries the sign Free Indian food for hungry and needy people, Provide Sikh family.

The Commonwealth Bank has been sponsoring the Australian of the Day campaign for over 35 years. The campaign recognises the extraordinary Australians who have made a big difference to the country.

RBI declared SBI and ICICI Bank as Domestic Systemically Important Banks

The Reserve Bank of India (RBI) on 31 August 2015 declared State Bank of India (SBI) and ICICI Bank as Domestic Systemically Important Banks (D-SIBs) in line with the D-SIB Framework released by the RBI on 22 July 2014.

These banks have been identified as D-SIBs based on the methodology provided in the D-SIB Framework and data collected from banks as on 31 March 2015.

Further, these banks have been put under associated bucket structure as required under the D-SIB Framework and each bucket corresponds to the higher loss absorbency requirements that they would be required to hold from January 2016.

As a result, SBI has been put under Bucket 3 with additional Common Equity Tier 1 (CET1) requirements as a percentage of Risk Weighted Assets (RWAs) placed at 0.6percent.

On the other hand, ICICI Bank has been put under Bucket 1 with additional CET1 requirements as a percentage of RWAs placed at 0.2 percent.

Framework for dealing with D-SIB

Framework for dealing with D-SIB was issued by the RBI on 22 July 2014 as required under the October 2010 recommendations of the Financial Stability Board (FSB) following the 2008 global financial crisis. In its recommendation FSB called all member countries to put in place a framework to reduce risks attributable to Systemically Important Financial Institutions (SIFIs) in their jurisdictions.

As part of the framework, D-SIBs were placed in four buckets depending upon their Systemic Importance Scores (SISs) in ascending order and will be required to have additional Common Equity Tier 1 capital requirement ranging from 0.20% to 0.80% of risk weighted assets.

The additional CET1 requirements applicable to D-SIBs will become effective from 1 April 2016 in a phased manner and would become fully effective from 1 April 2019. The additional CET1 requirement will be in addition to the capital conservation buffer.

In case a foreign bank having branch presence in India is a Global Systemically Important Bank (G-SIB), it has to maintain additional CET1 capital surcharge in India as applicable to it as a G-SIB, proportionate to its RWAs in India.

How to identify a D-SIB?

In order to identify a D-SIB, the D-SIB Framework specifies a two-step process of identification of D-SIBs. In the first step, the sample of banks to be assessed for systemic importance has to be decided. The selection of banks in the sample for computation of SIS is based on analysis of their size as a percentage of annual GDP.

In line with this, RBI adopted an assessment methodology primarily based on the Basel Committee on Banking Supervision (BCBS) methodology for identifying the G-SIBs with suitable modifications to capture domestic importance of a bank.

The indicators used for assessment are: size, interconnectedness, substitutability and complexity. Based on the sample of banks chosen for computation of their systemic importance, a relative composite systemic importance score of the banks will be computed.

Highest mountain of North America Mt McKinley renamed as Denali

The highest mountain of North America was on 28 August 2015 renamed as Denali instead of its existing name Mt McKinley by US President Barack Obama. This designation will now recognize the sacred status of Denali to generations of Alaska Natives.

The mountain, which sits in the 6 million-acre Denali national park, has been known as Denali in Alaska since 1975. Now officially, the Denali name will be used by all and it will also take effect for all federal usage and on all official maps.

The change comes after a debate between lawmakers from Alaska and Ohio. In January 2015, Republican Senate Lisa Murkowski of Alaska introduced legislation that sought to officially call the mountain what Alaskans and indigenous people called it Denali or The High One.

The historic change came during Obama's three-day presidential trip to Alaska. It is the latest bid by the President to fulfill his 2008 campaign promise to improve relations between the federal government and the nation’s Native American tribes.

Background
In 1896, the peak was named as Mount McKinley after a gold prospector exploring the region heard that Ohioan William McKinley, a champion of the gold standard, had won the Republican nomination for president.

In a show of support, the prospector declared the tallest peak of the Alaska range as Mt McKinley and the name stuck. However, McKinley was tragically assassinated in 1901. But he never set foot in Alaska and for centuries, the mountain that rises some 20000 feet above sea level had been known by another name Denali.

In 1975, the state of Alaska officially designated the mountain as Denali, and has since been pressing the federal government to do the same. The peak plays a central role in the creation story of the Koyukon Athabascans, a group that has lived in Alaska for thousands of years.

CSIRO, Imperial College warned 99% seabirds will ingest plastic by 2050

Commonwealth Scientific and Industrial Research Organisation (CSIRO) and Imperial College London warned that 99 percent of the world's seabird species will be ingesting plastic by 2050 if current marine pollution trends continue.

A study by researchers from the CSIRO and Imperial College London found the percentage of birds consuming plastic in marine environments was increasing at an alarming rate.

The study, led by Dr Chris Wilcox with co-authors Dr Denise Hardesty and Dr Erik van Sebille was published in the journal PNAS on 1 September 2015.

Highlights of the study

The study found that nearly 60 percent of all seabird species including albatrosses, shearwaters and penguins have plastic in their gut.
Based on analysis of published studies since the early 1960s, the team of researchers found that plastic is increasingly common in seabird’s stomachs. In 1960, plastic was found in the stomach of less than 5 percent of individual seabirds, rising to 80 percent by 2010.
The researchers predict that plastic ingestion will affect 99 percent of the world’s seabird species by 2050, based on current trends.
The scientists estimate that 90 percent of all seabirds alive today have eaten plastic of some kind, which includes bags, bottle caps, and plastic fibres from synthetic clothes, which have washed out into the ocean from urban rivers, sewers and waste deposits.
Ingesting plastic causes gut impaction, weight loss and sometimes even death of the birds.
The researchers found plastics will have the greatest impact on wildlife where they gather in the Southern Ocean, in a band around the southern edges of Australia, South Africa and South America.

Solution suggested includes

Improving waste management can reduce the threat plastic is posing to marine wildlife
Even simple measures can make a difference, such as reducing packaging, banning single-use plastic items or charging an extra fee to use them, and introducing deposits for recyclable items like drink containers.
Efforts to reduce plastics losses into the environment in Europe resulted in measureable changes in plastic in seabird stomachs with less than a decade, which suggests that improvements in basic waste management can reduce plastic in the environment in a really short time.

The work was carried out as part of a national marine debris project supported by CSIRO and Shell’s Social investment program as well as the marine debris working group at the National Center for Ecological Analysis and Synthesis, University of California, Santa Barbara, with support from Ocean Conservancy.

Palmyra's Temple of Bel destroyed by ISIS militants: UN

Palmyra's Temple of Bel: The temple consecrated to the Mesopotamian god Bel

Islamic State for Iraq and Syria (ISIS) militants destroyed 2000-year old Palmyra's ancient Temple of Bel in Syria on 30 August 2015. The United Nations in its report said that the news of destruction was confirmed through the satellite images.

As per the reports, the militant group partially demolished the temple by explosives. The explosion caused much damage to the temple. Temple of Bel in Palmyra was under the control of ISIS militants.

Temple of Bel

It was an ancient stone ruin located in Palmyra, Syria.
The temple, consecrated to the Mesopotamian god Bel, worshipped at Palmyra in triad with the lunar god Aglibol and the sun god Yarhibol, formed the center of religious life in Palmyra and was dedicated in 32 BC.
The walls of the temenos and propylaea were constructed in the late first and the first half of the second century AD.
Its ruins were considered among the best preserved at Palmyra.
It was an UNESCO World Heritage site
Site contains monumental ruins of great city, once one of the most important cultural centres of the ancient world

2 sept

Law Commission of India submitted its report on Death Penalty

The Law Commission of India on 31 August 2015 submitted its report on the Death penalty to the Union Government. The report was submitted by Chairman of Law commission Justice (retd) AP Shah.

In its 272-page draft report, the commission favoured speedy abolition of the death penalty from the statute books of India not serve the penological goal of deterrence any more than life imprisonment.

However, the capital punishment should not be abolished in cases where the accused is convicted of involvement in a terror case or waging war against the nation.

It further said that, the administration of death penalty, even within the restrictive environment of ‘rarest of rare doctraine’ was constitutionally unsustainable. Continued administration of death penalty raises constitutional questions related to the miscarriage of justice, errors, as well as the plight of the poor in the criminal justice system.

Main Highlights of the report
• The commission questioned the mercy petition system provided for under the Constitution. The exercise of mercy powers under Articles 72 and 161 of Indian Constitution have failed in acting as the final safeguard against miscarriage of justice in the imposition of the death sentence.
• The report stated that from 26 January 1950 till date, successive Presidents have accepted 306 mercy petitions and rejected 131.
• In focusing on death penalty, as the ultimate measure of justice to victims, the restorative and rehabilitative aspects of justice are lost sight of. Reliance on the death penalty diverts attention from other problems ailing the criminal justice system such as poor investigation and crime prevention.
• It is essential that the state establish effective compensation schemes to rehabilitate victims of crime. At the same time it is also essential that courts use the power granted to them under the Code of Criminal Procedure, 1973 to grant appropriate compensation to victims in suitable cases.
• The voices of victims and witnesses are often silenced by threats and other coercive techniques employed by powerful accused persons. Hence, it is essential that a witness protection scheme shall also be established.
• The need for police reforms for better and more effective investigation and prosecution has also been universally felt for some time now and measures regarding the same need to be taken on a priority basis.

Background
The Law Commission of India received a reference from the Supreme Court in Santosh Kumar Satishbhushan Bariyar verses Maharashtra (2009) and Shankar Kisanrao Khade verses Maharashtra (2013) to study the issue of the death penalty in India.

In recognition of the fact that the death penalty is an issue of a very sensitive nature, the Commission decided to undertake an extensive study on the issue. In May 2014, the Commission invited public comments on the subject by issuing a consultation paper.

The Commission also held a one-day Consultation on The Death Penalty in India on 11 July 2015 in New Delhi. Thereafter, upon extensive deliberations, discussions and in-depth study, the Commission gave shape prepared its report.

Durban to host XXII Commonwealth Games in 2022

The Commonwealth Games Federation (CGF) General Assembly on 2 September 2015 selected South African city Durban as the host for the XXII Commonwealth Games.

With this, South Africa became the first country from Africa to host the games in its 85 years history.

The games are scheduled to start on 18 July 2022 to mark the birth anniversary of South African anti-apartheid revolutionary Nelson Mandela.

So far, South Africa successfully hosted the three biggest single-sport events— Rugby world cup (1995), the ICC ODI world cup (2003), and FIFA world cup (2010). Commonwealth games will be the first biggest multi-disciplinary event to be held in the country.

About Commonwealth Games

• It is a multi-disciplinary international sporting event that involves athletes from 71 nations and territories connected with the Commonwealth.
• It is held once every four years. It is often referred to as the Friendly Games.
• The General Assembly of the CGF is responsible for the direction and control of the Commonwealth Games. It is the highest authority of the Commonwealth Sports Movement.
• The first event was organised in 1930 in Hamilton, Canada.
• So far, Britain have hosted the Games six times, Australia and Canada four times each, New Zealand three times, and Jamaica, Malaysia and India (XIX games in 2010) once each.
• While the XX Games (in 2014) was held in Glasgow of the UK, the XXI Games will be held in Gold Coast, Australia in 2018.

Mumbai won Buchi Babu Memorial Trophy of Cricket

Mumbai on 1 September 2015 won the Buchi Babu Memorial Trophy in the All India invitation cricket tournament. In the final match played in Chennai, Mumbai defeated Tamil Nadu Cricket Association Districts (TNCA) XI by six wickets.

TNCA batting first was able to score 163 all out in 74 over, in response to which, Mumbai scored 166 for four in 45.2 over.

Mumbai's Surya Kumar Yadav, was adjudged as the Man of the Series.

About Buchi Babu Memorial Trophy
Buchi Babu Memorial Trophy in an annual tournament held in honour of Mothavarapu Buchi Babu Naidu.

Buchi Babu born in 1868 was an Indian socialite and cricket pioneer who organised cricket clubs for native Indians. He is considered to be the “father of south Indian cricket”, who founded the annual Madras Presidency Matches, the first of which was held shortly after his death.

Two of Naidu’s sons, M Baliah and C Ramaswami, played for the Indian national cricket team.

Naidu challenged the social norms embodied in Madras cricket, such as the rule that forbade non-Europeans from enjoying the comforts of the pavilion during lunch and instead being left sitting under the shade of trees to eat lunch. He was responsible for bringing Ranjitsinjhi to Madras and for sending Chari to England, while the Buchi Babu Memorial Tournament has become a prestigious annual affair, involving India’s top teams.

Union Government released 2000 crore rupees to EPS-95 as contribution for 2015-16

The Union Government on 1 September 2015 released 2000 crore rupees to Employee Pension Scheme, 1995 (EPS-95) as its contribution for the year 2015-16.

Further, a sum of 250 crore rupees was contributed as grant-in-aid for providing minimum pension of 1000 rupees to the pensioners of EPS-95.

The additional grant-in-aid became necessary as the Union Government directed the Employees' Provident Fund Organisation (EPFO) in September 2015 to provide for guaranteed minimum pension of 1000 rupees per month.

Employee Pension Scheme (EPS)-95

• It came into effect on 16 November 1995 and the scheme was launched under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
• It applies to the employees of all factories and other establishments to which the Employees' Provident Funds and Miscellaneous Provisions Act, 1952 applies.
• The Union Government and employers contribute 1.16 percent and 8.33 percent of the monthly wages of the members respectively.
• Under the scheme, monthly benefits for superannuation/ retirement, disability, survivor, widow(er), children is provided and the amount of pension is based on average salary during the preceding 12 months from the date of exit and total years of employment.
• It also provides for minimum pension on disablement and also provides for past service benefit to participants of erstwhile Family Pension Scheme, 1971.

India won three-match test series against Sri Lanka

India on 1 September 2015 won the three-match cricket test series against Sri Lanka, 2-1. In the third and final match of the series, India defeated the host with an emphatic 117-run.

With this win, India also ended a 22-year long drought of a win over Sri Lanka on Sri Lankan soil.

Series Report
1st Test: Played at Galle International Stadium, Galle between 12 August and 15 August 2015. Sri Lanka won the match by 63 runs. Dinesh Chandimal of Sri Lanka was declared Player of the match.
2nd Test: Played at P Saravanamuttu Stadium, Colombo between 20 August and 24 August 2015. India won the match by 278 runs. Kannaur Lokesh Rahul of India was declared Player of the match.
3rd Test: Played at Sinhalese Sports Club Ground, Colombo between 28 August and 1 September 2015. India won the match by 117 runs. Cheteshwar Pujara of India was declared Player of the match. The match also saw test debut of two players namely Naman Ojha of India and Kusal Perera of Sri Lanka.

• Player of the series - Ravichandran Ashwin of India

Some other facts of the series
• 135-run partnership between Captain Angelo Mathews and debutant Kushal Perera in the third test, is the second-highest stand in the fourth innings in Sri Lanka's Test history.
• It was Virat Kohli's first test series win as a Test captain
• The first match at Galle saw the batting collapse of young Indian side in the fourth innings on Independence Day after being in total control for most of that match.
• The second match will be remembered for being the last Test of Kumara Sangakkara, the gentleman cricketer from Sri Lanka, and a role model for many around the world.
• India won a memorable series victory in Sri Lanka after a gap of 22 years.

FIIs/FPIs exempted from MAT purview for the period prior to 1 April 2015

The Union Government on 1 September 2015 decided to exempt Foreign Institutional Investors (FIIs)/ Foreign Portfolio Investors (FPIs) from paying Minimum Alternate Tax (MAT) for the period prior to 1 April 2015.

The decision was based on Justice A P Shah Committee’s report that was submitted to the Union Ministry of Finance on 25 August 2015. It is expected to improve ease of doing business conditions in the country.

Recommendations of Justice A P Shah Committee

To bring an amendment to Section 115JB of the Income Tax (I-T) Act, 1961 clarifying the complete inapplicability of the MAT provisions to FIIs/FPIs (OR)

Central Board of Direct Taxes (CBDT) may issue a circular clarifying the complete inapplicability of the MAT provisions to FIIs/FPIs.

In accordance with the above suggestions, the government decided to bring an amendment to the I-T Act, 1961.

Background

As per the Finance Act, 2015 the 20 percent MAT on Capital Gains made by FIIs/FPI was waived off from the financial year 2015-16.

However, the issue of imposing MAT prior to 1 April 2015 became controversial as the FIIs raised objections to 68 notices (in lieu of 602 crores rupees) issued by the International Taxation Wing of the Income Tax Department in lieu of MAT.

Against this background, the ministry constituted the Justice A P Shah committee 20 May 2015 to recommend on the issue.

Minimum Alternate Tax (MAT)

• It is a direct tax and was introduced during 1997-98 financial year by the Union Government in order to make the companies pay minimum amount as tax irrespective of tax exemptions that a company is availed of under various tax saving provisions.
• It is calculated on the book profits of a company.
• It can be carried forward and set-off (adjustment) against regular tax payable during the subsequent five-year period subject to certain conditions.
• It is applicable to all companies except those engaged in infrastructure and power sectors.
• Income arising from free trade zones, charitable activities, investments by venture capital companies is also excluded from its purview.

West Central Railway Zone became first zone to eliminate all Unmanned Level Crossings

The West Central Railway on 31 August 2015 became the first railway zone in the country to eliminate all Unmanned Level Crossings (ULCs). The headquarters of the zone is located in Jabalpur, Madhya Pradesh.

Out of total 118 unmanned level crossings falling in the zone as on 1 April 2014, 80 were eliminated in the financial year 2014-15 and the remaining 38 were eliminated by 31 August 2015.

The safety initiative was achieved by constructing 33 Limited Height Sub Ways (LHs) and manning of 30 level crossings.

In the 2015-16 railway budget, the government proposed to construct 970 Road Over Bridges (ROBs) and Road Under Bridges (RUBs) and other safety related works to eliminate 3438 level crossings across the country at an estimated cost of 6581 crore rupees.

RBI proposed marginal cost of funds methodology to calculate Base Rate

The Reserve Bank of India (RBI) on 1 September 2015 proposed a new methodology to calculate Base Rate (Base Rate). It is based on marginal cost of funds methodology.

The new methodology is aimed at bringing uniformity among BRs of banks so that they will be more sensitive to any changes in policy rates of the RBI like Cash Reserve Ratio (CRR), Statutory Liquidity Ratio (SLR), etc.

At present, banks are following different methodologies in computing their BR like on the basis of average cost of funds, marginal cost of funds or blended cost of funds (liabilities).

Under the proposed methodology, the components of BR will include cost of funds, negative carry on CRR/SLR, un-allocable overhead costs and average return on net worth.

The new methodology is expected to come into effect from 1 April 2015.

Base Rate

• It is defined as the minimum interest rate of a bank below which it is not viable to lend.
• It was introduced on 1 July 2011 by the RBI.
• It replaced the benchmark prime lending rate (BPLR), the interest rate which commercial banks charged their most credit worthy customer.

Union Cabinet approved Policy for Marginal Fields of ONGC and OIL

The Union Cabinet on 2 September 2015 gave its nod for Policy for Marginal Fields (MFP) of Oil and Natural Gas Corporation (ONGC) and Oil India Limted (OIL).

Marginal Fields are those discoveries that could not be monetized for many years due to various reasons such as isolated locations, small size of reserves, high development costs, technological constraints, fiscal regime etc.

Key Features of Policy for Marginal Fields

• It is aimed at stimulating investment as well as higher domestic oil and gas production.
• 69 oil fields which have been held by ONGC and OIL for many years, but have not been exploited, will be opened for competitive bidding.
• Private sector will be allowed to play a bigger role in the development of marginal fields.

Changes in MFP vis-à-vis earlier policies

The earlier contracts were based on the concept of profit sharing. Under the profit sharing methodology, it became necessary for the Government to scrutinize cost details of private participants and this led to many delays and disputes. Under the new regime, the Government will not be concerned with the cost incurred and will receive a share of the gross revenue from the sale of oil, gas etc.

The licence granted to the successful bidder will cover all hydrocarbons found in the field. Earlier, the licence was restricted to one item only (e.g. oil) and separate licence was required if any other hydrocarbon, for example, gas was discovered and exploited.

The policy allows the successful bidder to sell at the prevailing market price of gas, rather than at administered price.

The Duels of the Himalayan Eagle authored by Air Marshal Bharat Kumar released

The Duels of the Himalayan Eagle: The first Indo-Pak Air War (1-22 September 1965): Air Marshal (retd.) Bharat Kumar
The Indian Air Force (IAF) commissioned book, The Duels of the Himalayan Eagle: The first Indo-Pak Air War was released on 1 September 2015. The book was released by Vice President Mohd. Hamid Ansari at the inauguration of the Tri-Services Seminar to commemorate the Golden Jubilee celebrations of the India-Pakistan War of 1965 in New Delhi.

The war's golden jubilee celebrations will last from 28 August to 22 September 2015.

The author, who was a young fighter pilot during the 1965-war, has tried to club official records, squadron diaries and veteran accounts of the war in the book.

Dinesh Kumar Likhi took charge as CMD of Mishra Dhatu Nigam Limited

Dinesh Kumar Likhi on 1 September 2015 took charge as the Chairman-cum-Managing Director (CMD) of Mishra Dhatu Nigam Limited (MIDHANI). Prior to this appointment, he was Director (Production & Marketing) of MIDHANI itself.

Likhi succeeded M Narayana Rao. As a CMD of MIDHANI, he will be expected to contribute in a bigger way in research, development, manufacture and supply of critical alloys and products of national security and strategic importance for defence, aerospace and atomic energy.

Likhi is a gold medallist in Metallurgical engineering from IIT, Roorkee, a Ph.D in Strategic Alliance from IIT Delhi. He began his career as a management trainee at SAIL’s Rourkela Steel Plant. He joined Midhani in 2011.

About Mishra Dhatu Nigam Limited (MIDHANI)
• Mishra Dhatu Nigam Limited (MIDHANI) is Hyderabad-based Public Sector Unit that works under the Ministry of defence.
• It was set up in 1976 with the objective of proving the nation self reliance in strategic materials. For over three decades now, the company has been handling challenging tasks of developing alloys, taking a lead position in indigenization of critical technologies and products.
• MIDHANI has now started offering its core competence of developing and manufacturing custom made alloys to suit the specific requirements of customers for their critical applications.

India emerged as 8th largest tourism market for Australia

Australian trade minister Andrew Robb on 1 September 2015 said that India has emerged as the 8th largest tourism market for Australia. In 2014, over 2 lakh Indians visited the nation in and spent about 1 billion dollars which was an increase of 39 percent.

Earlier in 2013, India stood at 11th position.

Till date in 2015, a total number of 207000 Indians have visited Australia. This increase was supported by the 2015 ICC Cricket World Cup held in Australia and New Zealand.

Robb also said that India was one of the fastest growing markets and the result demonstrates that tourism is one of its strengths. He said that tourism can be its fastest growing sector this decade if it continues to leverage on the 'clean, green and safe' brand to position itself for tourism.

AK Jha appointed as Interim CMD of NTPC

A K Jha was on 1 September 2015 appointed as the Interim Chairman & Managing Director (CMD) of National Thermal Power Corporation Limited (NTPC) with effect from 1 September. However, he will continue to hold the post of Director (Technical), NTPC.

A K Jha succeeded Arup Roy Choudhury, who retired on 1 September 2015. Jha is a graduate in Mechanical Engineering from BIT Sindri, Ranchi University and holds LLB from the Delhi University.

He joined NTPC in 1977 as an Executive Trainee and was directly associated with its flagship project Singrauli (5×200 MW). Jha has a rich and varied experience of 38 years in areas spanning across power projects such as design and engineering, project planning and monitoring and construction.

He joined the NTPC board as Director (Technical) in July 2012.

Bihar to give 2% reservation to grand children of freedom fighters in government jobs

The Bihar Government on 1 September 2015 decided to give two percent reservation in government jobs to the grand children of freedom fighters.

The decision was made during the state cabinet meeting.

The reservation will be given to those freedom fighters whose names figured in the list, which was prepared by union government. It has also decided to grant a marriage assistance of 51 thousand rupees to the granddaughter of freedom fighter.

Some other decisions made during the Cabinet meet includes
• It approved the proposal of the road construction department to build a road connecting Digha rail-cum-road Bridge to Ashok Rajpath for smooth traffic.
• It approved the proposal to raise the compensation amount to those killed by animals from 2 lakh rupees to 5 lakh rupees. In case of serious injury, one would get 60000 rupees and for minor injury, the amount would be 10000 rupees. In case of house damage, the owner would be compensated with 40000 rupees to rehabilitate.
• It extended the term of judicial committee probing the Forbesganj police firing of 3 June 2011 till 30 November 2015. Its term expired on 1 September 2015.
• It approved the free transfer of 118.82 acres of land to the Indian Institute of Management (IIM), Bodh Gaya.
• It cleared the creation of 32 posts for the Ganga River Protection Management Society, which is set up under the Ganga River Basin Authority. A sum of 2.56 crore rupees has been sanctioned for the purpose.
• It also extended the term of state law commission for another three years, which was supposed to expire on 7 September 2015. Retired judge Abhijit Sinha was nominated as the chairman of the state law commission for a period of three years.
• The proposal of the art and culture department to finalize the rules and regulations for the appointment in Mithila Chitrakala Sansthan, Madhubani, was also cleared. The sansthan is registered under the Society Registration Act.

Allahabad HC: Ensure flag hoisting ceremony of National Flag in Madarsas on 15 August and 26 January

Allahabad High Court on 1 September 2015 asked Uttar Pradesh government to ensure flag hoisting ceremony of National Flag on Independence Day and Republic Day in Madarsas and other schools all over the state.

A bench comprising Chief Justice DY Chandrachud and Justice Yashwant Verma passed the order on a Public Interest Litigation (PIL) filed by Arun Gaur, a resident of Aligarh.

The petitioner prayed the court to issue directions to ensure that the flag hoisting ceremony is held at madrassas on 15 August and 26 January in the same manner as done at the offices of various bodies controlled or assisted by the government.

The court directed the state government to issue necessary directions in this regard. It also asked the state government to file its counter-affidavit on the PIL and fixed 22 September 2015 as the next date of hearing.

Swachhata Sangraam Abhiyaan in Indore to make it open defecation-free

Swachhata Sangraam Abhiyaan was launched in Indore district of Madhya Pradesh on 1 September 2015. On the occasion, over 100 public representatives donated 140 toilets for the poor.

The aim of the programme is to make the entire district open defecation-free by the end of the financial year 2015-16. Depalpur tehsil is going to be the first tehsil of the district to achieve this milestone.

The district collector P Narahari announced that the first three village panchayats to eradicate open defecation would be awarded the Ahilya Gram Puraskar. The winners would be given cash prize of 20 lakh rupees, 15 lakh rupees, and 5 lakh rupees respectively.

He also announced that all panchayats that become open defecation free by 2 October 2015 would be given a cash prize of 3 lakh rupees each.

Apart from this, the collector also said that those who are donating toilets would be given the title of Swachata Shiromani and their names would be put up on the board in the village where they made the donation.

Person doing the best work under the programme would be awarded the titles of Swachata Nayak and Swachata Senani.

In addition to these awards, the collector also announced that those who do not work towards making their areas open defecation free would be publicly shamed. For this purpose, Shame Yatra (procession) would be taken out on the first day of every month in each village and the names of the errant persons would be made declared.

These possessions will be carried out till the date the village achieves its defecation free status. The day the village is declared open defecation free, a Garva (pride) Yatra will be taken out.

India won UNESCO's Award of Excellence 2015 for conserving Sree Vadakkunnathan Temple

India on 1 September 2015 won the UNESCO prize Award of Excellence 2015 for the conserving the Sree Vadakkunnathan Temple of Kerala. The award was given in the category of UNESCO Asia Pacific Heritage Award for Cultural Heritage Conservation.

While, the Xieng Thong Temple in Luang Prabang won the UNESCO Award of Merit and became the first project in Lao PDR to receive the UNESCO Asia‐Pacific Heritage Award.

The Award of Excellence for the Conservation of Sree Vadakkunnathan Temple at Thrissur in Kerala recognizes the remarkable conservation effort undertaken at the sacred site which employed age‐old rituals and conservation techniques drawn from vastu shastra.

As such, the tangible attributes of the temple are inextricably linked with its intangible heritage which dates back to generations, thus ensuring that spirit of place resonates throughout the site.

Other Awardees
A total of 12 winning projects from five countries India, China, Lao PDR, Australia and Thailand have been recognized in 2015 Heritage Awards of UNESCO. These Awardees are:

Awards of Distinction:

Saltpans of Yim Tin Tsai, Hong Kong SAR, China
JN Petit Institute, Mumbai, India

Awards of Merit:

Cangdong Heritage Education Centre, Kaiping City, Guangdong Province, China
Pingyao Courtyard House, Shanxi Province, China
Xieng Thong Temple, Luang Prabang, Lao PDR
Baan Luang Rajamaitri, Muang District, Chantaburi, Thailand

Honourable Mention:

Wanslea Cancer Wellness Centre, Cottesloe, Western Australia, Australia
Sanfang Qixiang, Fuzhou, Fujian, China
Parvati Nandan Ganapati Temple, Pune, Maharashtra, India
YHA Mei Ho House Youth Hostel, Hong Kong SAR, China

Award for New Design in Heritage Contexts:

Port Arthur Penitentiary, Tasmania, Australia

About Sree Vadakkunnathan Temple
• Vadakkunnathan Temple is an ancient Hindu temple dedicated to Lord Shiva at city of Thrissur, Kerala.
• This temple is a classic example of the architectural style of Kerala and has monumental towers on all four sides and also a kuttambalam.
• Mural paintings depicting various episodes from Mahabharata can be seen inside the temple. The shrines and the Kuttambalam display vignettes carved in wood.
• The temple was declared as a National Monument by India under the Ancient Monuments and Archaeological Sites and Remains (AMASR) Act, 1958.

About UNESCO Asia-Pacific Awards for Cultural Heritage Conservation
• The UNESCO Asia-Pacific Awards for Cultural Heritage Conservation were established in 2000 to recognize and encourage private efforts and public-private initiatives in successfully restoring structures of heritage value in the region.
• Since 2000, UNESCO has received 562 entries from 24 countries and a total of 174 projects have received UNESCO Heritage awards for conservation till now.
• The winning projects have set high technical and social standards for conservation in the region. They have increased local preservation efforts as well.

India partnered with UN's Better Than Cash Alliance to speed up PMJDY Programme

Indian Government on 1 September 2015 partnered with the United Nations’ (UN) Better Than Cash Alliance to share success stories from the financial inclusion programme Pradhan Mantri Jan-Dhan Yojana(PMJDY).

By joining the Better Than Cash Alliance, the Indian Government will have a research, technical, and policy partner as it continues to create a digital financial economy.

The partnership is an extension of Indian Government’s commitment to reduce cash in its economy. Digital financial services lower the cost of providing financial services and make it more convenient for poor people to access their accounts.

The Better Than Cash Alliance is made up of governments, companies and international organizations.

Pradhan Mantri Jan-Dhan Yojana (PMJDY)

PMJDY was launched in 2014 with a goal of covering every household with a bank account in less than five months’ time. The programme focuses on citizens excluded from the formal financial sector, including women, small farmers, and labourers.
PMJDY is a National Mission on Financial Inclusion encompassing an integrated approach to bring about comprehensive financial inclusion of all the households in the country.
Under PMJDY in one year, 175 million new accounts have been opened, with deposits totaling more than 3.4 billion US dollars (223 billion Rupees).
To ensure that these accounts are actively used, the Government is delivering financial products, such as credit for economic activity, as well as remittance facilities, insurance, and pension directly into the accounts.
There have been many success stories since the launch of PMJDY. For example, Canara Bank opened 12 million accounts and delivered financial literacy and educational tools to poor people in rural areas.
Similarly, Union Bank of India has also prioritized financial inclusion in rural areas, with a particular focus on women by providing weekly education trainings in villages and garment factories.

About Better Than Cash Alliance

The Better Than Cash Alliance is a partnership of governments, companies, and international organizations that accelerates the transition from cash to digital payments in order to reduce poverty and drive inclusive growth.
The Better Than Cash Alliance was launched in September 2012 in response to public and private sector demand for more strategic advocacy, research and guidance on digitizing these cash payments.
The UN Capital Development Fund (UNCDF) serves as the Secretariat of the alliance.

Railway Ministry launched three IT Initiatives developed by CRIS

The Minister of Railways Suresh Prabhakar Prabhu on 1 September 2015 launched three IT initiatives developed by Centre for Railway Information Systems (CRIS), IT arm of Ministry of Railways.

These initiatives are:
• Paperless unreserved ticketing through mobile phone between New Delhi-Palwal section (nr)
• Currency coin cum card operated automatic ticket vending machines at New Delhi railway station
• Mobile application for freight operations (PARICHAALAN)

Paperless unreserved ticketing mobile application

CRIS has developed a paperless Unreserved Ticketing feature in Mobile Application utsonmobile both for Android and Windows platforms.
This will eliminate the need for printing of Unreserved Tickets on ATVMs at the stations. User can download App from Google Play Store or Window Store.
The application has now been implemented on complete suburban area of Chennai & Mumbai Western Railway suburban section which covers 125 stations over 295 kms distance. Presently, about 1600 tickets are being booked daily by the passengers through this application.
The application is now being implemented on the New Delhi-Palwal section of Northern Railway covering 11 stations over 57 kms distance.
Payment for the ticket is done through the Railway Wallet feature in the App. After booking the ticket, the passenger will get the ticket confirmation screen which contains limited information of the ticket.
The ticket has distinct colour scheme everyday and it is embedded with Quick Response (QR) code. For the purpose of ticket checking, the application has various features such as colour scheme, show ticket features, secret code of the day, booking time of the ticket.

Cash/Smart Card Operated Ticket Vending Machine (Ccotvm)

Cash/Smart Card operated Ticket Vending machine (CCoTVM) is an unmanned self-operated kiosk which can be used by passengers themselves to buy unreserved tickets through Currency/Coins as well as smart cards.
These kiosks have easy graphical interface for ticket transaction so that the user can operate these machines.
The kiosk accepts currency or coin of all denominations of 5 rupees and above. The machine does not accept soiled, cut, glued, taped or colored notes and accepts currency notes of Gandhi series.
CCoTVMs will reduce queue length at existing ticket counters by providing an alternate unmanned ticketing solution and mode of payment. They carry out:
Issue of non-concessional second class journey tickets for non-suburban section and second/first class journey/return tickets for suburban section.
Issue of Platform Tickets
Renewal of non-concessional season tickets.
Recharge of smart cards in denominations of 20 rupees, 50 rupees, 100 rupees and 500 rupees.

PARICHAALAN, Real Time Decision Making In Freight Operations

Parichaalan is a mobile application, conceptualized and developed by CRIS, to make decision making on freight operations absolutely easy and user friendly.
It provides mapped movement of freight trains and powerful search tools, removing the need to sift through voluminous tabular data.
It provides effective Decision Support System focusing on the right parameters.
It allows use of powerful graphical interfaces for easy comprehension of vital parameters of operations.
It provides an effective planning tool that is predictive in nature for planning of movement and loading.
It provides a paperless tool that is environment friendly leading to savings of a 1000 trees per annum.
It allows for mobility of officials by providing Live updates and decision sharing through the app and adequate time for officials, less stressful working environment.
It allows for instant information retrieval across multiple pages through hyperlinks.