11-12 MAY 2016
RBI cancelled Certificate of Registration of four NBFCs
The Reserve Bank of India (RBI) on 10 May 2016 cancelled the certificate of registration of the four Non-Banking Financial Companies (NBFCs).
RBI cancelled their certificates in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
The NBFCs whose certificate of registration were cancelled include
• M/s Neelanjali Engineering Private Limited
• M/s Novoflex Tradecom Private Limited
• M/s Guide Investments and Trading Co. Pvt. Ltd
• M/s Enol Ventures Private Limited
ALSO READ:RBI tightened NBFC norms by requiring them to have stronger capital base
Apart from this, seven Maharashtra-based Non Banking Financial Institutions have surrendered their registration certificates following which they won't be allowed to transact their financial business. Out of the seven firms who have returned their licences, six are based in Mumbai and one in Pune.These include
• M/s V.H Doshi & Sons Investment Pvt. Ltd.
• M/s Vinodchandra Doshi Investment Co Private Limited
• M/s Samarth Doshi Investment Co. Private Limited
• M/s Echjay Overseas Trades Private Limited
• M/s Hari Mahavin Investment Private Limited
• M/s Baroda Industries Private Limited
• M/s Eureka Finvest Private Ltd.
India vs Pakistan: Why Can’t we just be Friends? by Husain Haqqani
India vs Pakistan: Why Can’t we just be Friends?: Husain Haqqani
A forthcoming book titled India vs Pakistan: Why Can’t we just be Friends? was in the news in the second week of May 2016. The book is authored by former Pakistani Ambassador to the U.S. Husain Haqqani.
The book on India-Pakistan relations stirred a controversy because it exposed Pakistan's role in the 26/11 terror attacks.
The book recounts the visit by ex-ISI chief General Pasha to Washington on 24 and 25 December 2008, where he made the startling admission. During the visit, General Pasha had admitted to the author that theplanners of the 26/11 attacks were “our people” but it was not “our operation”.
Who is Husain Haqqani?
•Husain Haqqani is a Pakistani leading South Asia expert, journalist, academic, political activist and former ambassador of Pakistan to Sri Lanka and the United States.
•He has written two books on Pakistan. These books are Pakistan: Between Mosque and Military, and Magnificent Delusions: Pakistan, the United States, and an Epic History of Misunderstanding.
•He is currently a Senior Fellow and Director for South and Central Asia at the Hudson Institute in Washington, D.C.
•He worked as a journalist from 1980 to 1988, and then as political adviser for Nawaz Sharif and spokesperson for Benazir Bhutto.
•From 1992 to 1993, he was ambassador to Sri Lanka.
•In 1999, he was exiled following criticisms against the government of then-President Pervez Musharraf.
•He was appointed as Pakistan's ambassador in April 2008, but his tenure ended after the Memogateincident, when the claim was made that he had been insufficiently protective of Pakistan's interests.
•A judicial commission was set up by the Supreme Court of Pakistan to probe the allegations against him. According to commission's report, which was issued in June 2012, he was declared guilty of authoring a memo, which called for direct US intervention into Pakistan. However, Pakistan's Supreme Court noted that the commission was only expressing an opinion.
MP Tourism wins Best Indian Destination for Wildlife Award
Madhya Pradesh Tourism (MPT) on 9 May 2016 received the Best Indian Destination for Wildlife Award. The award was presented by the Lonely Planet Group.
Actress Amy Jackson presented the award to MPT at a function held in Mumbai.
On behalf of MPT Chairman, his Officer on Special Duty (OSD), Vinod Kumar Amar received the award.
Wildlife in Madhya Pradesh
•As per the estimates of Forest Survey of India published in the State of Forest Report (SFR) 2003, the total forest cover of M.P. is 24.79% of the land area.
•One third of the state is forested and offers an exciting panorama of wildlife.
•Madhya Pradesh has 25 wild life sanctuaries including nine National Parks. Kanha, Bandhavgarh, Pench, Panna, and Satpura National Park are managed as project tiger areas.
•Ghatigaon sanctuary is managed for great Indian bustard or Son Chiriya.
•Barasingha is the state animal and dudhraj is the state bird of Madhya Pradesh.
•The state has also launched number of programmes for the conservation of flora and fauna because of which Kanha and Pench were regarded as the most beautiful national parks in Asia.
About Lonely Planet
•Lonely Planet is the largest travel guide book publisher in the world.
•The company is owned by American billionaire Brad Kelley's NC2 Media, which bought it in 2013 from BBC Worldwide for 77 million US dollar.
•Originally called Lonely Planet Publications, the company changed its name to Lonely Planet in July 2009.
•As of 2014, Lonely Planet's largest office is located in Footscray, a suburb of Melbourne, Australia.
RBI to issue 1000 Rupees Banknotes with inset letter 'R'
The Reserve Bank of India (RBI) on 9 May 2016 announced that it will shortly issue 1000 rupees denomination banknotes in the Mahatma Gandhi Series – 2005 with the inset letter 'R' in both the number panels.
About the Banknotes
• The banknotes will also have on the obverse, all the other security features, including ascending size of numerals, bleed lines and enlarged identification mark
• It will carry the signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India on the obverse.
• These banknotes will also have the year of printing 2016 printed on the reverse.
• The design of these banknotes notes is similar in all respects to the 1000 rupees banknotes in Mahatma Gandhi Series - 2005 issued earlier.
Details of New Features
Ascending size of numerals in numbering panels:
• Numerals in both the numbering panels of banknotes will be in ascending size from left to right, while the first three alpha-numeric characters will remain constant in size.
Bleed lines:
• The banknotes of 1000 rupees banknotes will have six angular bleed lines in four sets of 1-2-2-1 lines on the obverse in both, the upper left and right hand edge of the banknotes. These will facilitate identification of these notes by visually impaired persons.
Enlarged Identification Mark:
• The existing identification mark (diamond shape in 1000 rupees) near the left edge of the banknote has been enlarged.
• The RBI is committed to continually bring about modifications in the design of banknotes with changing times.
All the banknotes in the denomination of 1000 rupees issued by the Reserve Bank in the past, including 1000 rupees denomination banknotes with ascending size of numerals in the number panels but without bleed lines and enlarged identification mark, will continue to be legal tender.
Uttarakhand Floor Test: Harish Rawat wins the Test with 33 votes in favour
In the Uttarakhand floor test conducted on 11 May 2016 in the legislative assembly, the Harish Rawat-led government got the majority.
In the voting held on the order of honourable Supreme Court, Harish Rawat got 33 votes against 28 votes out of 61 qualified members who voted in the assembly.
Following the result, the SC said that Harish Rawat can take charge as the Chief Minister of the State after the Union informed the SC that it will revoke the President rule in the State.
Background
Uttarakhand plunged into a political crisis after nine Congress legislators of the state including former chief minister Vijay Bahuguna revolted against the Chief Minister Harish Rawat and turned to the opposition Bharatiya Janata Party (BJP) for support.
Following which the President Rule under Article 356 was imposed in Uttarakhand on 27 March 2016 by the President Pranab Mukherjee on the recommendation of the Union Cabinet.
However, this was challenged by Harish Rawat in the Uttarakhand High Court which in its April 21 order quashed the President Rule in the State.
This was followed by ordering of conduct of ‘composite floor test’ in the Uttarakhand legislative assembly by the Supreme Court on 5 May 2016 on the lines of 2005 Jharkhand floor test.
The apex court on 9 March 2005 had passed the order for Jharkhand Assembly on the line of earlier order for a composite floor test in Uttar Pradesh in 1998.
National Technology Day observed on May 11
May 11: National Technology Day
National Technology Day was celebrated across India on 11 May 2016. The function on this regard was presided over by the President Pranab Mukherjee in Vigyan Bhawan in New Delhi.
The theme for celebrations of the Technology Day 2016 is Technology enablers of Startup India.
Nation celebrates this day as a tribute to our scientists for their numerous accomplishments and innovations that have boosted National growth and identity.
The day commemorates the anniversary of first of the five tests of Operation Shakti (Pokhran-II) nuclear test which was held on 11 May 1998 in Pokhran, Rajasthan.
Other than Pokhran nuclear test, first indigenous aircraft Hansa-3 was also test flown at Bangalore and a successful test firing of the Trishul missile was conducted on May 11.
Indian Patent Office approves patent for Gilead's hepatitis C drug Solvadi
The Controller General of Patents, Designs and Trademark on 9 May 2016 granted the patent to Gilead Sciences for its Hepatitis C drug Sofosbuvir (brand name Sovaldi) in India.
The drug, which has a list price of 1000 US dollar a pill in the United States, was rejected for a patent by the Indian patent authority in January 2015. It was rejected on the basis that it represented only minor changes to a previous formulation, and the company already had licensing deals with manufacturers in India.
About Indian Patent Office
•The Indian Patent Office is administered by the Office of the Controller General of Patents, Designs & Trade Marks (CGPDTM).
•It is a subordinate office of the Government of India and administers the Indian law of Patents, Designs and Trade Marks.
•The CGPDTM reports to the Department of Industrial Policy and Promotion (DIPP) under the Ministry of Commerce and Industry.
•CGPDTM has five main administrative sections, which are Patents,Designs, Trademarks, Geographical indications, and Patent Information System.
•The patent office is headquartered at Kolkata. The office of the CGPDTM is in Mumbai.
About Sofosbuvir
•Sofosbuvir is a nucleotide analogue used in combination with other drugs for the treatment of hepatitis C virus (HCV) infection.
•It has been marketed since 2013.
•Compared to previous treatments, sofosbuvir-based regimens provide a higher cure rate, fewer side effects and a two- to four-fold reduced duration of therapy.
•Sofosbuvir inhibits the RNA polymerase that the hepatitis C virus uses to replicate its RNA. It was discovered at Pharmasset and developed by Gilead Sciences.
•The price of sofosbuvir is quoted in various media sources as 84000 US dollar to 168000 US dollar for a course of treatment in the U.S.
•It is on the World Health Organization's List of Essential Medicines.
About Gilead Sciences
•Gilead Sciences is an American biopharmaceutical company that discovers, develops and commercializes therapeutics.
•In 2006, Gilead acquired two companies, which were developing drugs to treat patients with pulmonary diseases.
•The company's name and logo refer to the Balm of Gilead, inspired by a 1965 play by Lanford Wilson featuring the underworld adventures of the patrons of the namesake cafe.
About Hepatitis C
•Hepatitis C is an infectious disease caused by the hepatitis C virus (HCV) that primarily affects the liver.
•The virus persists in the liver in about 75% to 85% of those initially infected.
•HCV is spread primarily by blood-to-blood contact associated with intravenous drug use, poorly sterilized medical equipment, needlestick injuries in healthcare, and transfusions. It may also be spread from an infected mother to her baby during birth.
•There is no vaccine against hepatitis C.
•Chronic infection can be cured about 90% of the time with treatments that include the medications sofosbuvir or simeprevir.
•An estimated 130–200 million people worldwide are infected with hepatitis C.
•It occurs most commonly in Africa and Central and East Asia.
•The existence of hepatitis C, originally identifiable only as a type of non-A non-B hepatitis, was suggested in the 1970s and proven in 1989.
•Hepatitis C infects only humans and chimpanzees.
Social fridges scheme of Europe adopted by Argentina as poverty rises
Social Fridge Scheme: A scheme started during Europe’s economic crisis to feed the needy ones
The term ‘Social Fridge’ was in news in the second week of May 2016 with Argentina adopting it to feed the needy ones who are facing the hardship due to increase in job cuts and inflation in the country.
The genesis of ‘social fridge’ or ‘solidarity fridge’ lies in the recent economic crisis of Europe during which countries like Spain and Germany saw the mushrooming of such fridges.
It is called so because people leave food in outdoor "social fridges" for those who need it. The fridges typically stand on the sidewalk outside restaurants.
As of now some 57 “social fridges” are operating in Argentina.
Why the trend spread to Argentina?
Argentina is one of the richest nations of Latin America and with its countless fields and livestock it is one of the world’s biggest food producers.
• Since the time Conservative President Mauricio Macri took office on 10 December 2015 inflation is hovering around 40 percent and domestic prices have soared. As a result, Argentines are finding hard to match their salaries with their purchase of food.
• Further, the increasing inflation has led to an estimated 1.4 million Argentine falling into poverty net in last five months. Some 34.5 percent of the nation's 40 million people are living below the poverty line.
• With the lifting of foreign trade and currency restrictions, raising of utility prices and cutting of public sector jobs to correct the economic woes the Marci government, some 140000 people have lost their jobs.
• Although Argentina set up a national food bank during an economic crisis in 2001, many charities say they cannot run food projects because of a lack of regulations to authorize them.
Social fridges scheme of Europe adopted by Argentina as poverty rises
Social Fridge Scheme: A scheme started during Europe’s economic crisis to feed the needy ones
The term ‘Social Fridge’ was in news in the second week of May 2016 with Argentina adopting it to feed the needy ones who are facing the hardship due to increase in job cuts and inflation in the country.
The genesis of ‘social fridge’ or ‘solidarity fridge’ lies in the recent economic crisis of Europe during which countries like Spain and Germany saw the mushrooming of such fridges.
It is called so because people leave food in outdoor "social fridges" for those who need it. The fridges typically stand on the sidewalk outside restaurants.
As of now some 57 “social fridges” are operating in Argentina.
Why the trend spread to Argentina?
Argentina is one of the richest nations of Latin America and with its countless fields and livestock it is one of the world’s biggest food producers.
• Since the time Conservative President Mauricio Macri took office on 10 December 2015 inflation is hovering around 40 percent and domestic prices have soared. As a result, Argentines are finding hard to match their salaries with their purchase of food.
• Further, the increasing inflation has led to an estimated 1.4 million Argentine falling into poverty net in last five months. Some 34.5 percent of the nation's 40 million people are living below the poverty line.
• With the lifting of foreign trade and currency restrictions, raising of utility prices and cutting of public sector jobs to correct the economic woes the Marci government, some 140000 people have lost their jobs.
• Although Argentina set up a national food bank during an economic crisis in 2001, many charities say they cannot run food projects because of a lack of regulations to authorize them.
India and Mauritius signed Protocol to Amend Taxation Methods
India and Mauritius on 10 May 2016 signed a protocol on taxation at Port Louis, Mauritius. The protocol provides for amending the convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains
The Protocol also provides for updation of Exchange of Information Article as per international standard, provision for assistance in collection of taxes, source-based taxation of other income, amongst other changes.
Salient features of the Treaty/Protocol
• With this Protocol, India gets taxation rights on capital gains. They arise from alienation of shares acquired on or after 1 April 2017 in a company resident in India with effect from financial year 2017-18. Taxation in India at full domestic tax rate will take place from financial year 2019-20 onwards.
• The benefit of 50 percent reduction in tax rate during the transition period from 1 April 2017 to 31 March 2019 shall be subject to LOB Article.
• Interest arising in India to Mauritian resident banks will be subject to withholding tax in India at the rate of 7.5 percent in respect of debt claims or loans made after 31 March 2017.
• Under the amended treaty, only those Mauritius-based companies that have a total expenditure of more than 27 lakh rupees in the preceding 12 months will be able to benefit from the tax treaty.
Significance of the Protocol
• The Protocol will tackle the long pending issues of treaty abuse and round tripping of funds attributed to the India-Mauritius treaty.
• It will curb the revenue loss, prevent double non-taxation, streamline the flow of investment and stimulate the flow of exchange of information between the two countries.
• It will improve transparency in tax matters and will help curb tax evasion and tax avoidance.
• Simultaneously, existing investments, that is investments made before 1 April 2017 have been grand-fathered and will not be subject to capital gains taxation in India.
Indian Navy decommissions fighter planes Sea Harriers
Indian Navy on 11 May 2016 decommissioned its fleet of iconic Sea Harriers. This episode of decommissioning marked the end of an era in India’s naval history, as the country holds an official ceremony phasing out the last of its iconic Sea Harrier jets.
They were replaced with new generation MIG-29 K fighters in a ceremony on INS Hansa near Vasco.
Wing Commander Shikhu Raj, a Sea Harrier Pilot himself and the commander of the squadron handed over the command of the squadron to Captain KHV Singh in an historic ceremony and bid adieu to the Sea Harriers.
The function was presided over by the Chief of Naval Staff Admiral RK Dhowan.
About fighter planes Sea Harriers
• The de-inducted fighter aircrafts, the Naval Air Squadron 300 - INAS 300, were popularly known as 'white tigers'.
• Called the glorious heritage of Indian Navy, Sea Harriers were inducted in 1983 and played a pivotal role in various operations.
• Designed and manufactured by British Aerospace, Sea Harrier is a naval Short-Vertical Take-Off and Landing Jet Fighter, used for both reconnaissance and strike.
• They operated from both INS Vikrant and INS Viraat aircraft carriers and participated in operations including Vijay and Parakram apart from many naval exercises.
• The use of the ski jump take offs from a short flight deck with a heavier load was a specialty of these 33 year serving fighter jets.
• The aircraft, developed by the British in the 1960s, was used by the British during the Falklands War, both Gulf Wars, and during the NATO intervention in Bosnia and Herzegovina.
• The retired aircraft will be put on display in museums.
About MIG 29 K
• The newly inducted MIG 29 Ks will be operational from INS Vikramaditya aircraft carrier\
• Presently 45 MIG 29k are being introduced
At present, Navy has more than 200 aircrafts and helicopters combat ready.
Scientists unveiled HoloFlex, world's first holographic flexible smartphone
A group of researchers at the Human Media Lab at Queen’s University on 5 May 2016 announced that they have developed the world’s first holographic flexible smartphone named HoloFlex.
The device is capable of rendering 3D images with motion parallax and stereoscopy to multiple simultaneous users without head tracking or glasses.
Key highlights of HoloFlex
•The device features a 1920x1080 full high-definition Flexible Organic Light Emitting Diode touchscreen display.
•Images are rendered into 12-pixel wide circular blocks rendering the full view of the 3D object from a particular viewpoint.
•It produces 160 x 104 resolution image that allows users to inspect a 3D object from any angle simply by rotating the phone
•It is equipped with a bend sensor, which allows the user to bend the phone as a means of moving objects along the z-axis of the display.
•It is powered by a 1.5 GHz Qualcomm Snapdragon 810 processor and 2 GB of memory.
•It can also be used for holographic gaming. In a game such as Angry Birds, users would be able to bend the side of the display to pull the elastic rubber band that propels the bird. When the bird flies across the screen, the holographic display makes the bird literally pop out of the screen in the third dimension.
Indian-American Revathi Balakrishnan named as 2016 Texas Elementary Teacher of the Year
Indian-American elementary teacher, Revathi Balakrishnan was honoured by US President Barack Obama at the White House in the first week of May 2016. She was named as 2016 Texas Elementary Teacher of the Year.
She received the honour for her excellent work in the field of education at Patsy Sommer Elementary School in Texas.
With this honour, she will represent Texas in the National Teacher of the Year competition.
About Revathi Balakrishnan
• She originally is from Chennai, Tamil Nadu who attributes her success in the field of education to her love of teaching.
• She was a systems analyst with Liberty Mutual, managing databases and programming for about 12 years before becoming a teacher.
• She taught math classes in third through fifth grade at Sommer at Sommer Elementary for six years before teaching at Forest North Elementary for three years.
• She earned her economics degree from University of Madras.
National Teacher of the Year Programme
• It identifies exceptional teachers in the United States of America.
• The honour recognises their effective work in the classroom, engages them in a year of professional learning, amplifies their voices and empowers them to participate in policy discussions at the state and national levels.
Supreme Court struck down TRAI’s regulation on telecom companies over call drops
The Supreme Court on 11 May 2016 struck down the regulation ofTelecom Regulatory Authority of India (TRAI)which made it mandatory for telecom companies to compensate subscribers for call drops from January 2016.
The court struck the regulation calling it as arbitrary, unreasonable and non-transparent.
The apex bench comprising Justices Kurian Joseph and R F Nariman passed the judgement on the appeals filed by Cellular Operators Association of India (COAI).
COAI is a body of Unified Telecom Service Providers of India and 21 telecom operators, including Vodafone, Bharti Airtel and Reliance, challenging the Delhi High
After TRAI imposed mandatory compensations to the subscribers for call drops, COAI appealed to the apex court that the entire telecom sector is under huge debt and they have to pay big price for spectrum, therefore zero tolerance on call drops should not be imposed on them.
As the service providers refused to pay compensations to the consumers, the Telecom Regulatory Authority of India (TRAI) informed the Supreme Court that it is going to take necessary action against the Telcos for call drops to protect the interest of consumers.
TRAI claimed to court that it has to safeguard 100 crore telecom subscribers and if companies agree to compensate call drops with equal number of free calls to consumers without pre-conditions then it is open to re- consider its direction imposing penalty on them.
Earlier on 16 October 2015, the Delhi High Court upheld the TRAI’s decision of mandatory payment of compensation of one rupee per call drop experienced by the Telecom Network subject to a cap of 3 rupees a day.
12 may
Rajya Sabha passes the Insolvency and Bankruptcy Code Bill 2016
The Rajya Sabha on 11 May 2016 passed the Insolvency and Bankruptcy Code Bill 2016. The bill is being seen as a transformational legislation that will help in improving India’s ranking in the World Bank’s Ease of Doing Business index.
The Lok Sabha had already cleared the bill on 5 May 2016.
The Bill is based on the recommendations of the Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 chaired by Bhupender Yadav. The committee submitted the report to government on 28 April 2016.
Major Highlights of the Bill
• Insolvency resolution:The Code creates time-bound processes for insolvency resolution of companies and individuals. These processes will be completed within 180 days. If insolvency cannot be resolved, the assets of the borrowers may be sold to repay creditors.
• Insolvency Professionals:The resolution processes will be conducted by licensed Insolvency Professionals (IPs). This IPs will be members of Insolvency Professional Agencies (IPAs). IPAs will also furnish performance bonds equal to the assets of a company under insolvency resolution.
• Information Utilities:Information utilities (IUs) will be established to collect, collate and disseminate financial information to facilitate insolvency resolution.
• NCLT:The National Company Law Tribunal (NCLT) will adjudicate insolvency resolution for companies.
• DRT:The Debt Recovery Tribunal (DRT) will adjudicate insolvency resolution for individuals.
• Insolvency and Bankruptcy Board:The Insolvency and Bankruptcy Board of India will be set up to regulate functioning of IPs, IPAs and IUs.
Suggestions recommended by Joint Parliamentary Committee and accepted by government in toto include:
• Insolvency Bill Cross-border insolvency:Cross border insolvency relates to an insolvent debtor who has assets abroad. The Code does not contain provisions to deal with such situations. The Committee recommended that new provisions should be made to provide for the central government to enter into agreements with other countries to enforce provisions of the Code.
• Information storage with IUs:A person should not have the right to remove information, and should only be allowed to modify or correct information provided by him.
• Purpose of establishing the Bankruptcy Fund:A contributor should be allowed to withdraw his contribution from the fund in cases including where he has to make payments to workmen.
• Insolvency Professionals:The Code does not specify the professional streams from where IPs will be drawn. The Committee recommended that these streams should be specified in the Code.
• Employee benefits during liquidation:Any dues payable to workmen from these funds should be excluded from the debtor’s assets during liquidation.
• Insolvency Professional Agencies:The Board should make model bye-laws to ensure consistency among rules followed by all IPAs.
• Information Utilities:Operational creditors should also be a part of the creditors committee’s deliberations. The IUs should be made interoperable, to ensure that a seamless network of information is created.
UP government approves bicycle highway between Taj and lion safari
The Uttar Pradesh government on 11 May 2016 gave its nod to develop nearly 200-km long bicycle highway from Agra to the lion safari in Etawah. The plan aims at encouraging eco-tourism in the vicinity of the Taj Mahal.
The highway was approved in a Cabinet meeting presided over by Chief Minister Akhilesh Yadav.
Highlights of the proposed highway
• The highway will not run along the Agra-Etawah main road but will cover various historical and tourism centres.
• Starting from eastern gate of the Taj Mahal, it will cover areas such as Raja Bhoj ki Haveli, Bateshwarnath Temple, Mela Kothi Jarar, Naugava ka Quila and other rural areas to reach lion safari in Etawah.
Other Cabinet decisions include
• It approved the implementation of Prime Minister Crop Insurance Scheme (Pradhan Mantri Fasal Bima Yojana) from the Kharif season 2016. Under the scheme, a farmer will have to pay a uniform premium of only 2 percent for all Kharif crops and 1.5% for all Rabi crops.
• It approved transfer policy for 2016-17 for employees. According to the new transfer policy, Group A and B will be transferred from a district on completion of six years and 10 years in a division on 31 March 2016. The group C employees will be transferred by departmental heads.
• The Cabinet approved the construction cost for an international cricket stadium in Saifai.
• It decided to construct a new ultra modern state-of-art model bus station at Kaiserbagh bus station in the state capital.
Chaos and Caliphate: Jihadis and the West in the Struggle for the Middle East by Patrick Cockburn
Chaos and Caliphate: Jihadis and the West in the Struggle for the Middle East: Patrick Cockburn
The book titled Chaos and Caliphate: Jihadis and the West in the Struggle for the Middle East authored by Patrick Cockburn was in news in the first week of May 2016.
The book was in news because it exposes how millions of people were killed by a series of disastrous Western interventions in West Asia.
Key facts included in the book
•In the book, the author provides analysis of a period, in which the U.S. and its allies have persistently repeated disastrous policies that left millions dead.
•It draws together a careful selection of Cockburn’s writings from the frontlines of the conflicts in Afghanistan, Iraq, Libya and Syria, interspersed with thoughtful analyses and contemporary, original reflection.
•The book starts with Afghanistan in 2001, after the September 11 attacks on the US.
•It also presents the author’s fear that dividing the region will repeat the horrors of Partition.
•However, the author does not go into the reasons why the U.S and its allies have kept repeating disastrous and destructive policies.
Who is Patrick Cockburn?
•Patrick Oliver Cockburn is an Irish journalist.
•He has been a Middle East correspondent since 1979 for the Financial Times and, presently, The Independent.
•He has written four books on Iraq's recent history.
•He won the Martha Gellhorn Prize in 2005, the James Cameron Prize in 2006 and the Orwell Prize for Journalism in 2009.
Two Harbour Defence Systems commissioned at Vizag to enhance Navy's surveillance capability
Integrated Underwater Harbour Defence and Surveillance System (IUHDSS) and Mine Warfare Data Centre (MWDC) were inaugurated on 11 May 2016.
They were inaugurated by Flag Officer Commanding-in-Chief, Eastern Naval Command Vice Admiral HCS Bisht, at the Naval Dockyard in Visakhapatnam.
The two Harbour Defence Systems would enhance the Navy's surveillance capability and response to security threats.
Both the IUHDSS and MWDC will function under the control of the Naval Officer-in-Charge (Andhra Pradesh) Commodore Sanjiv Issar.
About the Defence Systems:
Integrated Underwater Harbour Defence and Surveillance System (IUHDSS): It is a multi-sensor system that can detect, identify, track and generate warnings for all types of surface and underwater threats to Vizag harbor.
Mine Warfare Data Centre (MWDC): It collates, analyses and classifies the data collected by the Navy's Mine Hunting Ships from various ports along the east coast. This will be the nodal centre for maintaining an underwater information database of harbours along the east coast.
President approves name of Four Judges for Supreme Court
President Pranab Mukherjee on 11 May 2016 signed the warrant for the appointment of four judges to the Supreme Court. These include three chief justices of high court and one senior advocate.
These names were recommended by the Supreme Court Collegiumheaded by Chief Justice of India TS Thakur on 4 May 2016. The recommended ones were
Justices include
• Justice AM Khanwilkar of the Madhya Pradesh High Court
• Justice DY Chandrachud of the Allahabad High Court
• Justice Ashok Bhushan of the Kerala High Court to the Supreme Court
Senior lawyer
• L Nageshwar Rao: Fourth appointment
These four will be sworn in as Supreme Court judges on 13 May 2016, the last working day before the summer vacation. With this sworn-in event, the judicial strength of the Supreme Court will move up to 28.
They are the first appointments to the Supreme Court since the collegium system of judicial appointments was restored after the National Judicial Appointments Commission (NJAC) Act was struck down by a Supreme Court bench on 16 October 2015.
NPPA fixes ceiling price of 54 drug formulations
The drugs price regulator National Pharmaceutical Pricing Authority (NPPA) on 11 May 2016 fixed the ceiling price of 54 drug formulations used for treatment of cancer, diabetes rheumatoid arthritis, bacterial infections and hypertension.
The ceiling prices were revised/fixed by NPPA as per the Schedule-I under Drugs (Price Control) Amendment Order (DPCO), 2016.
Apart from this, it also fixed the retail price of 11 formulations under DPCO, 2013, which covers 680 formulations.
DPCO, 2013 was notified on 15 May 2013 replacing the 1995 order that regulated prices of only 74 bulk drugs.
How the prices are fixed and regulated?
• The prices of essential drugs are fixed on the basis of the simple average of all medicines in a particular therapeutic segment, having sales of more than 1 percent.
• It regulates the prices of all other medicines, while companies are allowed to hike prices of such drugs by up to 10 per cent in a year.
National Pharmaceutical Pricing Authority (NPPA)
• Set up in 1997, the NPPA is a government organisation that controls the prices of controlled bulk drugs and formulations and to enforce prices and availability of the medicines in the country, under the Drugs (Prices Control) Order, 1995.
• The organization is also entrusted with the task of recovering amounts overcharged by manufacturers for the controlled drugs from the consumers.
• It also monitors the prices of decontrolled drugs in order to keep them at reasonable levels.
ICC lifts suspension on Sri Lankan wicket-keeper Kusal Perera
The International Cricket Council (ICC) on 11 May 2016 announced that it has lifted the provisional suspension imposed on Sri Lanka wicket-keeper batsman Kusal Perera.
The decision was taken after withdrawal of the disciplinary charges against Perera that were made in December 2015. The pronouncement came after the WADA-accredited laboratory in Qatar withdrew its original Adverse Analytical Finding following further investigations.
As a result, Perera can now return to domestic and international cricket with immediate effect.
What were the charges on Perera?
• Perera's urine sample was provided for a random test by the International Cricket Council during the home series against Pakistan in May 2015. However, the cricketer stated that he took some medicines for a leech bite.
• He tested positive for a banned substance November 2015. The laboratory reported about the presence of 19-Norandrostenedione, an anabolic steroid prohibited by WADA. He was recalled from the New Zealand tour in December 2015.
•After the A sample became positive, he himself with the help of Sri Lanka Cricket Board asked for the testing of B sample, which was tested at Qatar.
•On 25 December 2015, the results of the B sample came and it revealed that he is positive for the banned substance.
About Kusal Perera
•Mathurage Don Kusal Janith Perera plays Test cricket, One Day Internationals (ODIs) and Twenty20 Internationals (T20Is) for the Sri Lanka national cricket team.
•At present, he is the permanent wicket keeper in all formats.
•He was a key member of the 2014 ICC World Twenty20 winning team.
•He owned the joint second fastest fifty of all time in ODI history.
Shashank Manohar unanimously elected as Independent ICC Chairman
Shashank Manohar on 12 May 2016 was elected unanimously and unopposed as the Chairman of the International Cricket Council (ICC) by the Board.
Manohar is the first elected independent Chairman of the Cricket governing body and will serve for two-year term with immediate effect.
Before his election, the ICC Full Council approved constitutional amendments to accommodate the new position of an independent ICC Chairman.
The amendments also included the abolishment of the President’s post with effect from the 2016 ICC Annual Conference in Edinburgh.
How Manohar was elected unanimously?
• ICC directors were each allowed to nominate one candidate till 23 May 2016; the candidate should be either a present or past ICC director.
• Nominees will be eligible to contest election if they have support of at least two or more full member directors.
• Manohar was the sole nominee for the position and the Board has unanimously supported his appointment.
• The independent Audit Committee Chairman, Adnan Zaidi presided the election process and declared Manohar as the successful candidate.
About ICC’s Full Council
• It comprises 10 full members, 38 associate members and 57 affiliate members who are collectively represented by five regional affiliate member representatives.
• The role of Chairman is an honorary one.
About Shashank Manohar
He is a prominent Indian lawyer who served his first stint as the BCCI President from 2008-2011. Following the passing of Jagmohan Dalmiya, he was re-elected as the BCCI President in October 2015 and, by virtue of that position, has held the role of ICC Chairman since then.
Stephen Curry named NBA’s Most Valuable Player for second straight year
Golden State Warriors guard Stephen Curry on 10 May 2016 was named the NBA’s Most Valuable Player for the second straight year.
With this, he became the first unanimous winner in the award’s 61-year history after a record-breaking contribution to the Warriors’ historic season.
Stephen Curry, the 11th person to win back-to-back MVP awards, swept all 131 first-place votes including 130 from a panel of sportswriters and broadcasters and one from the Kia MVP fan vote. He secured 1310 points to top in the list.
Becoming the 11th person to win back-to-back MVP awards, he joined an illustrious club that includes the likes of James, Jordan, Kareem Abdul-Jabbar, Wilt Chamberlain, Magic Johnson and Larry Bird.
28-year-old, Curry was followed by San Antonio Spurs forward Kawhi Leonard (second with 634 points) and Cleveland Cavaliers forward LeBron James (third with 631 points).
The Oklahoma City Thunder’s Russell Westbrook (stood at fourth place with 486 points) and Kevin Durant (stood at fifth place with 147 points).
The league said that it is the first time in the National Basketball Association’s history that a player has been the blanket first pick for the award. No player, not even Michael Jordan in his pomp, has been a unanimous choice for MVP.
How the MVP is chosen?
The MVP award is chosen by a panel of 130 sportswriters and broadcasters in the United States and Canada with one vote going to fans.
Under a preferential voting system, players receive 10 points for a first choice vote, seven points for each second place vote, five points for third, and three points for fourth and one point for fifth.
Renowned commentator Tony Cozier died
Famous West Indian cricket writer, commentator and journalist Tony Cozier passed away on 11 May 2016 in Barbados. He was 75.
Tony Cozier: The voice of West Indies cricket
•Born on 10 July 1940, Winston Anthony Lloyd Tony Cozier was a cricket writer and commentator on West Indian cricket from 1958 until his death.
•He was described as having an encyclopaedicknowledge of cricket.
•He studied journalism at Carleton University, Ottawa.
•He began his reporting career in 1958.
•In 1961, he became the editor of the Barbados Daily News where he worked with retired cricketer Everton Weekes
•He played hockey as a goalkeeper for Barbados and cricket as a batsman and wicket-keeper for two local Barbados clubs.
•His first Test Match commentary on radio was on West Indies v Australia in 1965.
•He was a member of the BBC's Test Match Special commentary team.
•He also commentated for Channel Nine in Australia and Sky Sports.
•During his commentating career, he covered every Wisden Trophy series except one.
Praveen Rashtrapal, Congress member of Rajya Sabha, dies
Indian National Congress (INC) member of Rajya Sabha Praveen Rashtrapal died on 11 May 2016 after suffering a massive heart attack. He was 76.
About Praveen Rashtrapal
• He was born on 23 December 1939 in Muwada, District of Gujarat
• He was elected to the 13th Lok Sabha (1999-2004) on behalf of Congress (INC) party from Patan Lok Sabha constituency.
• He was a member from the Upper House from April 2006 to April 2012 and was re-elected in April 2012 from the state of Gujarat.
• He was All India Congress Committee (AICC) Secretary and also in charge of Uttar Pradesh affairs.
• He was a member of the Joint Parliamentary Committee on 2G scam in the15th Lok Sabha (2009-2014).
• He was known to be staunch trade-unionist and also served as Assistant Commissioner of Income Tax before entering politics.
• He was associated with the trade union movement of Income Tax employees in particular and the Central Government employees.
• He published the books like The Betrayal, 2003; in Gujarati, (i) Worshipping False God (A Review), 2003, (ii) Socialism, Binsampraday and Samanta, 2003, (iii) Sadak Thi Sansad, 2004 and (iv) NISBAT-collection of articles.
World's oldest ground-edge stone axe found in Australia
Australian archaeologists on 11 May 2016 announced that they have discovered a piece of the world's oldest axe. The axe was discovered in the remote Kimberley region of Western Australia.
The analysis of the fragment was published in the journal Australian Archaeologyon 9 May 2016.
Key highlights of the axe
•The axe fragment is about the size of a thumbnail and dates back to a Stone Age period of 45000 to 49000 years ago.
•It is an axe with a handle attached.
•Its antiquity coincides with or immediately follows the arrival of humans on the Australian landmass.
•It is the earliest evidence of a ground-edge axe yet reported in the world. In Japan, such axes appear about 35000 years ago. However, in most countries in the world they arrive with agriculture after 10000 years ago.
•New studies of the fragment revealed that it comes from an axe that had been shaped from basalt then polished by grinding it on another rock until it was very smooth.
•The axe fragment was initially excavated in the early 1990s by Professor O’Connor at Carpenter’s Gap 1. The Carpenter’s Gap 1 is a large rock shelter in Windjana Gorge National Park in the Kimberley region of Western Australia.
•This type of axe would have been very useful for a variety of tasks including making spears and chopping down or taking the bark off trees.
Hockey India recommended Ritu Rani and VR Raghunath for Arjuna Award
Hockey India on 11 May 2016 recommended Indian women’s team captain Ritu Rani and senior men’s team drag-flicker VR Raghunath along with Dharamvir Singh for Arjuna Award.
Besides, it also recommended Sylvanus Dung Dung for Major Dhyan Chand Lifetime Achievement Award and veteran coach CR Kumar for Dronacharya Award.
VR Ragunath: He debuted for Indian Hockey team in 2005 against Pakistan for bilateral series.
- He was part of Indian team that won the bronze in the 2007 Sultan Azlan Shah Cup and Silver in 2008.
- He also helped Indian team to win gold in the 2007 Asia Cup and silver in 2013 where he scored six goals.
- In 2014 Asia Games he was the key member of the Indian team which won the gold after nearly three decades and secured Olympic berth.
Ritu Rani: She led the team from the front and helped it achieve the 2016 Rio Olympic berth.
Dharamvir Singh: He was also a part of the 2014 Asian Games gold medal winning team.
- He was also in the team which won the silver medal at the 2014 Commonwealth Games and the bronze medal at 24th Sultan Azlan Shah Cup.
Sylvanus Dung Dung: Aged 70, he was part of the Indian team that won the gold at the 1980 Moscow Olympic Games wherein he had scored the golden goal against Spain.
CR Kumar: He is best known for guiding the Indian junior men’s hockey team to glory in the 2011 Junior World Cup in Hobart when he had served as the team’s Head Coach.
- He has also served as Assistant Coach of the Indian senior men’s team at the 1998 Utrecht World Cup and 2002 Kuala Lumpur World Cup.
- In recent years he has been closely working with women’s foreign Chief Coach Neil Hawgood.
Committee on Estimates recommends PM-headed authority on Ganga Rejuvenation
The Estimates Committee of Parliament, in its report on Ganga Rejuvenation tabled on 11 May 2016 recommended an overarching and fully empowered authority headed by the Prime Minister.
The Committee opined the authority is required to cut down on the red tape involving various ministries and state governments to be set up for securing the nirmalta(purity) and aviralta (flow) of the Ganga by July 2018.
The committee is chaired by BJP veteran Murli Manohar Joshi.
The committee also expressed concern over Ganga being declared one of the 10 most polluted rivers in the world.
Mission Clean Ganga
National Ganga River Basin Authority (NGRBA) started the Mission Clean Ganga with a changed and comprehensive approach to champion the challenges posed to Ganga through four different sectors, namely, of wastewater management, solid waste management, industrial pollution and river front development.
NGRBA functions include development of a Ganga River Basin Management Plan, regulation of activities aimed at prevention, control and abatement of pollution, to maintain water quality and to take measures relevant to the river ecology in the Ganga basin states.
It is mandated to ensure the maintenance of minimum ecological flows in the river Ganga and abate pollution through planning, financing and execution of programmes including that of
- Augmentation of Sewerage Infrastructure
- Catchment Area Treatment
- Protection of Flood Plains
- Creating Public Awareness
Uday Kotak, only Indian in Forbes Most Powerful People in the Financial World list
Forbes magazine on 11 May 2016 released the list of Money Masters: the Most Powerful People in the Financial World. The list comprises of 40 most powerful peoples in the financial world.
The only Indian who finds mention in the list is Uday Kotak, the CEO of the Kotak Mahindra Bank. He is ranked 33rd in the list with a net worth of 7.1 billion dollars and oversees assets worth 34.6 billion dollars.
The list has been topped by Stephen Schwarzman of Blackstone Group followed by David Tepper of Appaloosa Management and Jamie Dimon of JP Morgan Chase & Co.
Top ten People in the list include:
• Stephen Schwarzman:He is the CEO of Blackstone Group, the world’s biggest private equity firm. The net worth is 10.2 billion dollars and oversees assets worth 344 billion dollars.
• David Tepper: He is the CEO of Appaloosa Management and has a net worth of 11.4 billion dollars and oversees assets worth 18 billion dollars.
• Jamie Dimon:He is the CEO of JPMorgan Chase & Co, America’s largest bank. He oversees an institution that moves 5 trillion dollars a day. His net worth is 700 million dollars and oversees asset worth 2.4 trillion dollars.
• Warren Buffet: He is the CEO of Berkshire Hathaway and has a net worth of 68.5 billion dollars and oversees assets worth 552 billion dollars.
• Laurence Fink: He is the CEO of the world’s biggest asset manager BlackRock and has net worth of 550 million dollars and oversees assets worth 4.6 trillion dollars.
• Ken Griffin: A successful hedge fund manager and CEO of the financial firm Citadel. He as a net worth of 7.6 billion dollars and oversees assets worth 25 billion dollars.
• Jeffrey Gundlach:The bond king is the CEO of Doubleline Capital and has a net worth of 1.4 billion dollars and oversees asset worth 95 billion dollars.
• Carl Icahn: The activist investor and CEO of Icahn Investors has a net worth of 17.6 billion dollars and oversees assets worth 42 billion dollars.
• Lloyd Blankfein: He is the CEO of Goldman Sachs and has a net worth of 700 million dollars and oversees assets worth 878 billion dollars.
• George Soros: He is the chairman of Soros Fund Management and has a net worth 24.9 billion and oversees assets worth 29 billion dollars.
The candidates on the list were judged on net worth, assets under management or overseen, three-year track records and influence on markets.
Jewish roots of India’s Bene Israel community confirmed: Study
A Genetic study confirmed that the Bene Israel community living in the western part of India has roots of Jewish.
The study from Tel Aviv University, Cornell University and the Albert Einstein College of Medicine was published on 10 May 2016 in American Friends of Tel Aviv University.
Through the study of DNA, genetic evidences wereprovided by scientists about the Jewish roots in the Bene Israel community and the research team determined the genetic history of worldwide Jewish diaspora.
They used sophisticated genetic tools to conduct comprehensive genome-wide analyses on the genetic markers of 18 Bene Israel individuals.
Main highlights of the Study
• They found that while Bene Israel individuals genetically resemble local Indian populations but they constitute a clearly separated and unique population in India
• The study confirmed that Bene Israel being an admixed population, with both Jewish and Indian ancestry.
• The genetic contribution of each of these ancestral populations was substantial, some 19-33 generations (approximately 650-1050 years) ago.
• The researchers believed that the first encounter involved Middle-Eastern Jews and was followed by a high rate of tribal intermarriage.
• This study provides a new example of how genetic analysis can be a valuable and powerful tool to advance our knowledge of human history.
Background
According to their oral history, the Bene Israel people descended from 14 Jewish survivors of a shipwreck on India's Konkan shore.
The exact timing of this event and the origin and identity of the Jewish visitors are unknown. Some date the event to around 2000 years ago. Others estimate that it took place in 175 BCE.
Still others believe their Jewish ancestors arrived as early as the 8th century BCE.