5th-Dec - 6th-Dec 2014
UK signed an agreement with Bahrain to establish a permanent naval base at Mina Salman Port
06-DEC-2014
The United Kingdom (UK) on 6 December 2014 signed an agreement with Bahrain to establish a permanent naval base at Mina Salman Port in Bahrain.
The agreement was signed between the Foreign Secretary of UK's Philip Hammond and Foreign Minister of Bahrain Sheikh Khalid bin Ahmed bin Mohammed Al-Khalifa in Manama, the capital of Bahrain.
The new base will bolster and provide the Royal Navy with a forward operating base and a place to plan, store equipment for naval operations and accommodate Royal Navy personnel.
The base will be built by Bahrain at an estimated cost of 15 million pounds with the British underwriting the ongoing costs. It will be completed in 2015.
The base will be in addition to the UK’s four-mine hunter warships permanently based in Bahrain that supports British destroyers and frigates in the Gulf.
Comment
The naval base will become the springboard for Britain’s involvement in the Middle East, most importantly its operations in Iraq as part of the US-led coalition against the armies of the Islamic State.
The country already hosts the Naval Support Activity Bahrain controlled by the US government, which is the port where the US Fifth Fleet is positioned. It is also where the U.S. Naval Forces Central Command for the region is headquartered.
MRF Limited to be the global partner of ICC cricket World Cup 2015
06-DEC-2014
MRF Limited of India will be the global partner for the ICC Cricket World Cup 2015. The decision was announced by International Cricket Council (ICC) on 1 December 2014 during the unveiling occasion of the ICC Cricket World Cup Trophy.
With this, MRF will have access to multiple branding opportunities at all game venues during the Cricket World Cup and at other promotional events held by the ICC across the world.
Already, MRF Pace Foundation Academy had been working alongside some of the fastest bowlers in world cricket and now it shares the commitment of ICC to continuous quality improvement.
ICC Chairman: N Srinivasan
MRF Limited Chairman and Managing director: K M Mammen
Punjab Government banned health camps in the State without permission
06-DEC-2014
State Government of Punjab on 5 December 2014 decided to ban health camps without prior approval of district civil surgeons. The decision was made after more than dozen people lost their vision partially following cataract operation in a camp at Gurdaspur district of the state.
The free eye check-up camp was conducted by a Mathura-based NGO in Uttar Pradesh.
The government has also made mandatory that the civil surgeon, before allowing any medical camp, would certify that the organisation has sufficient medical infrastructure and specialists to conduct surgeries.
Civil surgeons have also been asked to ensure that sterilized equipment is used for surgery in such camps and a proper pre-operative and post-operative case of the pateinets is taken.
The Jalandhar based eye surgeon who carried out the operations at the health camp and coordinator of Mathura based NGO that organised the camp have been arrested.
First World Soil Day observed on 5 December
06-DEC-2014
First World Soil Day was observed by the United Nations Food and Agriculture Organization (FAO) on 5 December 2014. On eve of the first World Soil Day, UNFAO along with Global Soil Parternership (GSP) declared the year of 2015 as UN International Year of Soils.
On this day, events took place to raise the importance of soil as a critical component of the natural system and as a vital contributor to the human commonwealth through its contribution to food, water and energy security.
The 2015 International Year of Soils will be observed across the world with events organised in Rome, New York and Santiago de Chile. The events will continue throughout the year to raise awareness and promote more sustainable use of this critical resource.
The United Nations approved the date of World Soil Day on the request of the King of Thailand Bhumibol Adulyadej and the FAO Global Soil Partnership (GSP) to raise awareness about the soil and usage of soil. The day coincides on the birthday of King of Thailand Bhumibol Adulyadej.
Steps need to be taken to stop sex determination contents on internet: SC
06-DEC-2014
The Supreme Court on 3 December 2014 asked the Union government to take efforts to stop sex determination contents on internet.
The bench comprising of Justice Dipak Misra and justice U U Lalit asked the Union government that an effort has to be taken to ensure that websites like Google India, Yahoo India and Microsoft Corporation (I) Pvt Ltd do not show contents in violation of the Indian law prohibiting sex determination of a foetus. The determination of sex of foetus is prohibited under the Pre-conception and Pre-natal Diagnostic Techniques (Prohibition of Sex Selection) Act, 1995.
The court also directed the websites that they do not violate the Indian law and they merely provide a corridor and they do not have any control.
The court also expressed unhappiness over a 2010 affidavit of Group Coordinator of Cyber Laws Formulation and Enforcement Division of Department of IT Centre.
The apex court also highlighted the Union government’s inability to filter or block such information like advertisement of sex-determination kits, tools and clinics on Interest of above mentioned websites.
However, the Union government in its reply expressed its inability to block such content citing technological limitations. It also said that information published on the websites is generally aimed at wider, worldwide dissemination and caters to the needs of many countries, which may not be for Indian citizens and these sites have servers outside India.
The Court took intervention on the Public Interest Litigation (PIL) filed by NGO Voluntary Health Association of Punjab seeking intervention of Supreme Court in view of decreasing number of girl child in India.
Assam government launched Lokpriya Gopinath Bordoloi Concrete Road Nirman scheme
06-DEC-2014
The Assam government on 5 December 2014 launched a new road construction scheme named Lokpriya Gopinath Bordoloi Concrete Road Nirman. Chief Minister Tarun Gogoi laid foundation stone for the scheme at Mirza in Kamrup district of Assam.
The total cost of the project will be around 195 crore rupees and it envisages construction of 254 kilometers of roads in the State. The first phase of project involves improving roads by interlocking concrete block pavement. The scheme will be applied to all the constituencies of Assam.
India sent humanitarian assistance to Maldives to resolve water crisis in Male
06-DEC-2014
India on 5 December 2014 sent humanitarian assistance to Maldives to help resolve the water crisis in Male, the capital of Maldives.
This humanitarian assistance for Maldives was undertaken by India following shut down of its lone desalination (water treatment) plant. The plant was shut down after a major fire broke out at the Male Water and Sewerage Company (MWSC) generator control panel on 4 December 2014 causing extensive damage to the cabling of the generator to the Distillation plants, disconnecting water supply.
As part of humanitarian assistance, India sent a large consignment of potable water to Male to meet the immediate requirement of people of Male.
The water was sent by five Indian Air Force (IAF) transport aircraft comprising of IL-76 and C-17 Globemaster III carrying 2000 tonnes of water.
Besides, Indian Navy dispatched INS Sukanya carrying 35 tonnes of fresh water and two Reverse Osmosis (RO) plants onboard which have a capacity of producing 20 tonnes of fresh water per day.
Maldives, a low-lying island nation in the Indian Ocean, has no natural water source and consumes only treated sea water.
UNGA adopted the resolution on establishment of a nuclear-weapon-free world
06-DEC-2014
The United Nations General Assembly (UNGA) on 2 December 2014 adopted a resolution on establishment of a nuclear-weapon-free world and accelerating the implementation of nuclear disarmament commitments.
The resolution was introduced as a part of First Committee Recommendations on Disarmament and International Security.
It was adopted by a recorded vote of 169 in favour to 7 against with 5 abstentions.
The countries who voted against the resolution were Democratic People’s Republic of Korea, France, India, Israel, Russian Federation, United Kingdom and the United States.
The countries with abstentions were Bhutan, China, Federated States of Micronesia, Pakistan, Palau.
The resolution primarily aimed at nuclear weapon possessing countries asked them to immediately and unconditionally accede to the Non-Proliferation Treaty (NPT) as non-nuclear-weapon states and put all their nuclear facilities under International Atomic Energy Agency safeguards.
The resolution was adopted along with other 63 Drafts on First Committee. These other included convention prohibiting the use of those weapons, the Hague Code of Conduct against Ballistic Missile Proliferation, and establishment of a nuclear-weapon-free zone in the Middle East among others.
Other adopted resolutions called for lessening international tension by reducing the operational readiness of the several thousand nuclear weapons that remained on high alert despite the end of the cold war, and requested the five nuclear-weapon states to review nuclear doctrines and take steps to reduce the risks of the use of nuclear weapons.
This resolution and similar ones are generally not binding under the UN Charter, but are symbolic in nature.
Comment
The resolution mainly targeted countries namely Israel, Pakistan and India among others. Israel and Pakistan also voted against the provision. India has been firm in rejecting the NPT, which it considers discriminatory in trying to preserve the nuclear weapon monopoly of five nations — the US, Russia, China, France and Britain.
US football team goalkeeper Tim Howard won 2014 US Player of year award
06-DEC-2014
US football team goalkeeper Tim Howard on 5 December 2014 won the 2014 US Player of the Year award for his work with the U.S. national team.
Howard received 101 first-place votes from a panel of journalist nationwide thus beating compatriot footballer Jermaine Jones and Clint Dempsey to win the award.
It is the first time that Howard has won the prestigious honor given to a U.S. team member.
He had made eight appearances for the national team including some spectacular performances at the 2014 FIFA World Cup. He made 16 saves in the Americans' 2-1 loss in extra time to Belgium in the second round in Brazil.
He became the second keeper to win the award after Kasey Keller. Kasey Keller got this award twice.
Howard also won US Soccer's Male Athlete of the Year.
ICC withdrew case against President of Kenya Uhuru Kenyatta
06-DEC-2014
International Criminal Court (ICC) on 5 December 2014 withdrew the case against President of Kenya Uhuru Kenyatta thus ending the case against him. He was being tried on count of charges of crimes against humanity for his involvement in ethnic violence that erupted after elections in 2007.
Kenyatta is the first sitting President to appear before the ICC court for ethnic violence.
The ICC ended the case after the Chief prosecutor Fatou Bensouda filed a withdrawing notice against President Kenyatta.
The notice was filed due to lack of evidence which could have proved Kenyatta’s culpability beyond a reasonable doubt. Also, Kenya locked the case by not cooperating in the investigation.
The withdraw notice also added that prosecutors reserved the right to file charges again if more evidence become available related to the case.
Case
President of Kenya Kenyatta was accused of helping to plan and finance a wave of ethnic violence after disputed elections in 2007. More than 1200 people died and 600000 fled their homes in Naivasha and Nakuru due to ethnic violence.
India and Russia signed Inter-Governmental Agreement for developing Multi Role Fighter Aircraft
06-DEC-2014
India and Russia signed an Inter-Governmental Agreement for designing, developing and producing the Multi Role Fighter Aircraft. The announcement was made by Union Defence Minister Manohar Parrikar on 5 December 2014 during the parliamentary session.
Moreover, Indian Fighter aircraft MIG 21 is being phased out and aircrafts MIG 29 are being procured from Russia. With the fifth generation stealth technology, the aircraft strikes would be high as they cannot be immediately detected by radar.
However, no deal has been struck with Russia for procurement of Fighter Aircraft equipped with stealth technology. Till date, no agreement has been signed with any country for the procurement or purchase of fighter aircrafts.
Apart from these Multi Role Fighter Aircrafts, around 20-30 indigenously-built Light Combat Aircraft Tejas will also be commissioned soon by India.
Mahaparinirwan Diwas observed on 6 December to pay tribute to B R Ambedkar
06-DEC-2014
6 December: Mahaparinirwan Diwas
Mahaparinirwan Diwas was observed across India on 6 December 2014. On this day, followers of B R Ambedkar paid tribute to him.
6 December is observed as Mahaparinirwan Diwas across India to mark the death anniversary of Dr B R Ambedkar.
Dr B R Ambedkar was fondly known as messiah of the marginalised people and also the Father of the Indian Constitution had died on 6 December 1956.
About Dr Bhimrao Ramji Ambedkar
• Dr BR Ambedkar is popularly known as Babasaheb
• He was an Indian jurist, economist, politician and social reformer who inspired the Modern Buddhist Movement and campaigned against social discrimination of Dalits, women and labour
• He was Independent India's first law minister and the principal architect of the Constitution of India
• In 1956 he converted to Buddhism, initiating mass conversions of Dalits
• In 1990, Ambedkar was posthumously conferred with the Bharat Ratna, India's highest civilian award
• Ambedkar was born on 14 April 1891 into a poor low Mahar caste in the town and military cantonment of Mhow in Madhya Pradesh
Sikorsky Corp bagged 6000 crore rupee deal to supply S-70B Seahawks to Indian Navy
06-DEC-2014
Sikorsky Aircraft Corp of the US on 5 December 2014 bagged the 6000 crore rupees deal for supply of 16 Multi-role Helicopters (MRH) to the Indian Navy with an option for eight additional aircraft. The company will also provide complete logistics support and training program.
Sikorsky was selected for the deal after it won the commercial bids that were opened on 4 December 2014.
As per the deal, Sikorsky will supply S-70B Seahawk to India. The S-70B aircraft is part of Sikorsky’s SEAHAWK helicopter family (including the SH-60 and MH-60 models) and can be used both for anti-surface and anti-submarine warfare.
The proposed Indian Navy S-70B variant will include avionics and flexible open architecture Weapons Management Systems that will integrate advanced sonar, 360 degree search radar, modern air-to-surface missiles, torpedoes for the ASW role, and a blade and tail fold capability will facilitate shipboard storage.
Background
Earlier in 2008, Indian Navy had floated a tender for 16 helicopters with an option for another eight and had selected Finmecccanica’s NH-90 and Sikrosky’s S-70B helicopters for evaluation.
But European company Finmeccanica, which is the parent company of AgustaWestland was banned in August 2014 due to 3550 crore rupees VVIP helicopter scam leaving Sikrosky as the sole bidder.
UN declared 2015 as the International Year of Soils
06-DEC-2014
United Nations General Assembly on 5 December 2014 declared 2015 as the International Year of Soils (IYS). With this, UN celebrated the first official UN World Soil Day 2014 on 5 December 2014.
Celebrations of IYS was organized as part of the 69th session of the UN General Assembly in New York, coupled with concurrent events in Bangkok, Rome and Santiago.
The Food and Agriculture Organization of the United Nations has been nominated to implement the IYS 2015, within the framework of the Global Soil Partnership and in collaboration with Governments and the secretariat of the United Nations Convention to Combat Desertification.
The IYS 2015 aims to increase awareness and understanding of the importance of soil for food security and essential ecosystem functions.
The specific objectives of the IYS 2015 are to
• Raise full awareness among civil society and decision makers about the profound importance of soil for human life;
• Educate the public about the crucial role soil plays in food security, climate change adaptation and mitigation, essential ecosystem services, poverty alleviation and sustainable development;
• Support effective policies and actions for the sustainable management and protection of soil resources;
• Promote investment in sustainable soil management activities to develop and maintain healthy soils for different land users and population groups;
• Strengthen initiatives in connection with the SDG process (Sustainable Development Goals) and Post-2015 agenda;
• Advocate for rapid capacity enhancement for soil information collection and monitoring at all levels.
Belgium's former Queen Fabiola died
06-DEC-2014
Belgium's former Queen Fabiola died
Belgium's former Queen Fabiola, the widow of the Belgium king Baudouin, died on 5 December 2014 in Brussels. She was 86.
The cause of Queen Fabiola death was not indicated.
Queen Fabiola of Belgium
• Born as Dona Fabiola de Mora y Aragon in Madrid to Spanish nobility, she married King Baudouin in December 1960.
• After marrying Baudouin, she became the fifth queen of the Belgians.
• She remained Queen Consort for 33 years until Baudoin's death in 1993.
• After Baudouin's death, Fabiola moved out of the Royal Palace of Laeken to take up residence at Stuyvenbergh Castle.
UN observed International Volunteer Day on 5 December
06-DEC-2014
International Volunteer Day: 5 December 2014
UN observed International Volunteer Day (IVD) on 5 December 2014. The theme of the IVD 2014 was People’s Participation. Make change happen, volunteer!
On IVD 2014, UN not only celebrated and recognized volunteerism in all its facets but also paid special tribute to the participation of people in making a difference at all levels: locally, nationally and globally.
IVD 2014 highlighted the contribution of volunteers in engaging people from the grass-roots in decision-making processes, ultimately creating space for participation that leads to: stronger governance, social cohesion, peace and sustainable development.
About International Volunteer Day
International Volunteer Day (IVD) is an international observance designated by the United Nations. It was adopted by the United Nations General Assembly through a resolution on 17 December 1985.
It is viewed as a unique chance for volunteers and organizations to celebrate their efforts, to share their values, and to promote their work among their communities, non-governmental organizations (NGOs), United Nations agencies, government authorities and the private sector.
Physicist Ashton Carter nominated as next defense secretary of US
06-DEC-2014
Physicist Ashton Carter was nominated as the next defence secretary of US Department of Defence. He was nominated by the President Barack Obama on 5 December 2014.
Ashton will replace Chuck Hagel as US Defence Secretary, who resigned in November 2014. He will take over as defense secretary in 2015. He will be the fourth defence secretary of President Obama in six years.
About Ashton Carter
• Ashton carter was born in 1954 and he is a physicist and former Harvard professor.
• He was professor and chair of the International Relations, Science, and Security faculty in Kennedy school of Harvard.
• He served as assistant secretary of defense for international security policy under President Clinton (1993-94).
• As assistant secretary of defence, he directed military planning during the 1994 crisis over nuclear weapons program of North Korea and he played an important role in removing all nuclear weapons from the territories of Ukraine, Kazakhstan and Belarus.
• He authored many articles, scientific publications, government studies and Congressional testimonies.
• He authored books like Directed Energy Missile Defense in Space, Ballistic Missile Defense, Managing Nuclear Operations , Soviet Nuclear Fission: Control of the Nuclear Arsenal in a Disintegrating Soviet Union and Keeping the Edge: Managing Defense for the Future .
• He had been a longtime member of the Defense Science Board and the Defense Policy Board, the principal advisory bodies to the Secretary of Defense of US.
Arun Duggal appointed as non-executive Chairman of Credit rating agency ICRA
06-DEC-2014
Credit Rating Agency ICRA Limited on 5 December 2014 appointed Arun Duggal as non-executive Chairman after he was elected unilaterally by the ICRA Board. Currently, Arun Duggal is serving as an independent director on the Board of ICRA Ltd.
He will replace Pranab Kumar Choudhury who will resign from ICRA Limited and all other affiliated entities on 29 January 2015. He has been associated with the rating agency for 24 years.
Duggal is the former Chairman of the non-banking financial company Shriram Capital Ltd.
About Investment Information and Credit Rating Agency of India Limited (ICRA)
It is second largest Indian rating company in term of customer base. It is a joint-venture between Moody's and various Indian commercial banks and financial services companies. ICRA is an Indian independent and professional investment information and credit rating agency.
It was established in 1991, and was originally named Investment Information and Credit Rating Agency of India Limited.
UNEP released the First Adaptation Gap Report
06-DEC-2014
The United Nations Environment Programme (UNEP) on 5 December 2014 released the first Adaptation Gap Report. The Report was released during a crucial round of climate talks in Lima, Peru.
The Adaptation Gap Report serves as a preliminary assessment of global adaptation gaps in finance, technology and knowledge. It lays out a framework for future work on bridging these gaps.
The report says that even if global greenhouse gas emissions are cut to the level required to keep global temperature rise below 2°C this century, still the cost of climate change adaptation in developing countries is likely to reach two to three times the previous estimates of 70-100 billion US dollars per year by 2050.
Highlights of the first Adaptation Gap Report
Despite adaptation funding reaching 23 billion-26 billion US dollars in 2012-2013, there will be a significant funding gap after 2020 unless new and additional finance for adaptation is made available.
Without further action on cutting greenhouse gas emissions, the cost of adaptation will rise even further as more-expensive action is needed to protect communities from the intensifying impacts of climate change.
The report provides a reminder that the potential cost of inaction carries a price tag. It finds that the earlier figures are likely to be a significant underestimate.
Extending the analysis to all developing countries indicates a chance that adaptation costs could climb as high as 150 billion US dollars by 2025/2030 and 250 billion-500 billion US dollars per year by 2050. These costs are based on the assumption that wide-ranging action is taken to cut emissions.
The Report also highlights that Least Developed Countries and Small Island Developing States are likely to have far greater adaptation needs as without early efforts, the existing adaptation gap will widen.
Financial Gap
• There is evidence that financial commitments to adaptation objectives have increased in recent years, but scaling up financial flows to adaptation remains a priority.
• Private-sector funding is not systematically tracked. For this reason, estimates of adaptation finance flows are underestimated.
• The additional revenue can be raised from the international auctioning of emissions allowances and the auctioning of allowances in domestic emissions trading schemes, revenues from international transportation and financial transaction taxes.
• The estimates show that 26 billion-115 billion US dollars can be raised by 2020, while 70 billion-220 billion US dollars can be raised by 2050, depending on the level of climate change mitigation efforts put in place.
Technological gap
• The report highlights that there is a need to accelerate the propagation and international transfer of technologies for adaptation many of which already exist. This requires governments to remove barriers to technology uptake.
• The report looks at scientifically developed seeds which can be used to sustain agriculture within the context of a changing climate critical for most African countries.
• For instance, in Madagascar, rice varieties that mature in four months have been introduced. These rice varieties stand a greater chance of reaching maturity before the height of the cyclone season.
Knowledge gap
• The report also points to considerable opportunities for using existing knowledge on climate change and adaptation more effectively.
• For many regions and countries, there is a lack of systematic identification and analysis of adaptation knowledge gaps.
• Integrating and interpreting scientific evidence from different sources and making it available to decision makers at all levels is one of the most important knowledge needs today.
• The report recommends that consideration of knowledge gaps be integrated more explicitly in project to ensure that the knowledge produced responds better to user needs.
• The report also suggests that a repository of adaptation options can play a pivotal role in informing development decisions.
Movie titled Bhopal: A prayer for Rain released to mark the 30th anniversary of Bhopal Gas Tragedy
06-DEC-2014
A movie titled Bhopal: A prayer for Rain, World’s Deadliest Industrial Disaster was released worldwide on 5 December 2014 to commemorate the 30th anniversary of Bhopal Gas Tragedy.
The film revisits the Bhopal gas tragedy of 3 December 1984 that left around 3700 people dead and countless others were incapacitated for life.
The film is directed by Ravi Kumar. The cast in the lead roles are Martin Sheen, Mischa Barton, Kal Penn, Rajpal Yadav, Tannishtha Chatterjee, and Fagun Thakrar.
Sahara Movie Studios and Rising Star Entertainment have produced the movie and have been committed to it since inception.
The film shows how Union Carbide flouted major safety precautions, resulting in the gas leak.
Gujarat declared 353 villages of Kutch region as scarcity-affected
06-DEC-2014
State Government of Gujarat on 5 December 2014 declared 353 villages of Kutch district as completely or partially scarcity-affected. Of total 353 villages, 79 were declared completely scarcity-affected and 274 as partially affected by water shortage.
These villages were declared as scarcity affected after the state government conducted a survey of the Kharif Crops in Kutch region. Following the survey, these villages were found to be facing acute shortages for drinking water and fodder following insufficient rainfall during the monsoon season.
Apart from this, Gujarat government issued orders to the concerned departments to take prompt and adequate relief measures in these scarcity affected villages.
Following measures were announced to deal with the situation:
• To provide employments under the MGNREGA and drinking waters for the human and live-stocks
• Small farmers and poor animal breeders of Kutch region to be provided 4 kilo-grams of grass per cattle head at the rate of 2 rupees on daily basis.
• The Gau-Shalas and Panjara Poles will get a subsidy of 25 rupees per day each cattle head.
• The cattle camps will also get a subsidy of 25 rupees per day on each cattle head.
Indian PM Narendra Modi named as the Asian of the Year 2014 by The Straits Times
06-DEC-2014
Indian Prime Minister (PM) Narendra Modi was on 5 December 2014 named as the Asian of the Year 2014 by Singapore’s leading newspaper The Straits Times for being a development-focused leader.
The editors of the paper picked Narendra Modi as he created an impressive election victory for his party Bhartiya Janata party (BJP) in the national election that ended in May 2014.
The award also recognises Modi's record as an administrator who has propelled his home state Gujarat to global attention.
The Straits Times' choice of Narendra Modi as Asian of the Year 2014 was based on several factors:
• After assuming the office of PM in May 2014, Narendra Modi has made a mark on Asia by reaching out to neighbouring countries and receiving international leaders like Xi Jinping of China and Tony Abbott of Australia.
• Moreover, Modi has had a highly successful visit to Japan for a summit with Japanese Prime Minister Shinzo Abe.
• On the economy level, Modi’s Make in India campaign could help enhance the growth engines of the economy and can provide equilibrium to the region when the top Asian economy China is slowing, and Japan is in recession.
• Politically and socially, Modi has energized India with his moving calls that aimed at the development of India.
• In January 2015, he will receive US President Barack Obama, the first time that a US leader will be the chief guest at the annual Republic Day celebrations in India.
About the award Asian of the Year by The Straits Times
• Every December, editors of The Straits Times pick an Asian whose actions have significantly impacted his own society or the wider Asian continent in the 12 months past.
• In 2013, the award was shared by Chinese President Xi Jinping and Japanese Prime Minister Shinzo Abe.
• The first Asian of the Year award went to President Thein Sein of Myanmar in 2012.
Researchers developed World’s fastest 2D camera at the Washington University
05-DEC-2014
Researchers led by Professor Gene K Beare developed world’s fastest 2D camera at the National Institute of Biomedical Imaging and Bioengineering, Washington University. The research related to this was published in the journal Nature on 3 December 2014.
The camera can capture events up to 100 billion frames per second and it may have wider application in areas like biomedicine, astronomy and forensics.
The researchers used a technique called compressed ultrafast photography (CUP) to make movies of the images they took with single laser shots.
The camera doesn't look like a Kodak or Cannon rather and it is a series of devices envisioned to work with high-powered microscopes and telescopes to capture dynamic natural and physical phenomena.
This camera has the potential to greatly enhance our understanding of very fast biological interactions and chemical processes and allows to build better models of complex, dynamical systems.
The current ultrafast imaging techniques are limited by on-chip storage and electronic readout speed to operations of about 10 million frames per second.
RBI notified norms to set up TReDS trading platform for MSME receivables
05-DEC-2014
Reserve Bank of India (RBI) on 4 December 2014 notified norms to set up Trade Receivables Discounting System (TReDS) trading platform for micro, small and medium enterprises (MSME) receivables.
TReDs is a scheme for setting up and operating the institutional mechanism to facilitate the financing of bills of MSMEs from corporate and other buyers, including government departments and public sector undertakings (PSUs).
Norms notified by RBI
• MSME sellers, corporate and other buyers, including the government departments and PSUs, and financiers (both banks and NBFCs) will be direct participants in the TReDS.
• The TReDS will provide the platform to bring these participants together for facilitating uploading, accepting, discounting, trading and settlement of the invoices or bills of MSMEs.
• The TReDS should have a minimum paid up equity capital of 25 crore rupees and it will not allow any credit.
• Among all the entities only promoters will be permitted to have shareholding in excess of 10 percent of the equity capital of the TReDS.
• The foreign shareholding in the TReDS would be as per the extant foreign investment policy.
• TReDS should have sound technological basis to support its operations, be able to provide electronic platform for all the participants and information about bills, discounting and quotes should be in real time supported by a robust information system.
• The TReDS shall have a suitable Business Continuity Plan (BCP) including a disaster recovery site and shall have an online surveillance capability which monitors positions, prices and volumes in real time so as to check system manipulation.
Comment
Micro, Small and Medium Enterprises (MSMEs) plays an important role in the economic fabric of the country but it continue to face constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds.
In order to address the above constraints of MSMEs RBI want to provide an institutional mechanism called TReDS for financing trade receivables and to raise the adequate funds from multiple financers.
Union Cabinet relaxed norms for e-rickshaw drivers
05-DEC-2014
Union Cabinet on 5 December 2014 relaxed norms for e-rickshaw drivers in Delhi. The decision will pave the way for the battery-operated vehicles or e-rickshaws to ply on Delhi roads.
The norms waived the provision requiring that no person shall be granted a learner’s licence to drive a commercial vehicle unless he or she has held a driving licence for light motor vehicle for at least one year.
The decision also added that e-rickshaw is a legal entity and any driver passing the driving test will now be granted a licence.
In July 2014, Delhi High Court had banned plying of e-rickshaws on the roads of Delhi considering the prima facie that e-rickshaws are a hazard to other traffic as well as citizens.
In October 2014, Delhi government had notified Central Motor Vehicles (Sixteenth Amendment) Rules, 2014 for plying of e-rickshaws. The rules made it mandatory for drivers to have licence for operating and limiting the maximum speed to 25 km per hour. Also e-rickshaw will be allowed to carry four passengers and 40 kg luggage while e-carts will transport goods up to 310 kg.
Prime Minister of Sweden Stefan Loefven called for snap elections in March 2015
05-DEC-2014
Prime Minister of Sweden Stefan Loefven of Social Democrat party on 3 December 2014 called for snap elections after losing budget vote in the Riksdag, the Parliament of Sweden. The elections will be held on 22 March 2015.
During the budget vote, the ruling coalition led by Social Democrats party- only won 153 of 349 votes, while a centre-right alternative garnered 182 votes.
The snap election will be Sweden's first since 1958 and is highly unusual for what is often considered one of Europe's most stable democracies.
Earlier in September 2014, Social Democrats party had won the parliamentary elections. It joined the Greens in a minority centre-left government that ended eight years of centre-right rule. However the Sweden Democrats became kingmakers after winning 13 percent of the vote.
About Snap Election
A snap election is an election called earlier than expected. Generally it refers to an election in a parliamentary system called when not required (either by law or convention), usually to capitalize on a unique electoral opportunity or to decide a pressing issue.
It differs from a recall election in that it is initiated by politicians (usually the head of government or ruling party) rather than voters, and from a special election in that the winners will serve an entire term as opposed to the remainder of an already established term.
Median time between CO2 emission and the maximum warming caused by it is 10.1 years: Study
05-DEC-2014
The median time it takes to cause maximum warming following a Carbon Dioxide (CO2) emission is 10.1 years. This was revealed by study titled Maximum warming occurs about one decade after a carbon dioxide emission published in journal Environmental Research Letters on 2 December 2014.
The study was conducted by Katharine L Ricke and Ken Caldeira of Carnegie Institution for Science.
Apparatus of the study
• For the study, the researchers combined the results from two large modelling studies - carbon-cycle and physical-climate model inter-comparison projects.
• One is about the way carbon emissions interact with the global carbon cycle and other is about the effect of carbon on the Earth's climate used by the Intergovernmental Panel on Climate Change.
• Further, they evaluated the uncertainties in timing and amount of warming and divided them into three contributing factors: carbon cycle, climate sensitivity and ocean thermal inertia. If uncertainty in any one factor is reduced to zero without reducing uncertainty in the other factors, the majority of overall uncertainty remains there.
Findings of the Study
• After carrying out the conjoined study, researchers found that the median time between an emission and the maximum warming is 10.1 years, with a 90 percent probability range of 6.6–30.7 years.
• The study further found that the Carbon Dioxide (CO2) emissions can cause long-term environmental damage. The findings of the study were published in the.
• The warming caused by a single emission reaches the maximum number of people quickly, but the damage caused by this warming can play out over longer periods leading to sea level rise and also causing harm to ecosystems.
• The results indicated that benefit from avoided climate damage from avoided CO2 emissions will be manifested within the lifetimes of people who acted to avoid that emission.
RBI relaxed norms for PPIs and doubled the limit to one lakh rupees
05-DEC-2014
The Reserve Bank of India (RBI) on 3 December 2014 relaxed the norms for Pre-paid Payment Instruments (PPI) and doubled the limit of PPI from 50000 rupees to one lakh rupees.
The move would help in achieving the objective of limiting cash transactions in the system.
Highlights of RBI norms on PPI
• The maximum validity of gift cards has been enhanced from one year to three years. Other provisions of PPI guidelines with respect to gift cards will continue.
• RBI also allowed issue of multiple PPIs by banks from fully-KYC compliant bank accounts for dependent or family members.
• Only one card can be issued to one beneficiary.
• The bank may put in place mechanisms to monitor and report suspicious transactions on these PPIs to Financial Intelligence Unit India (FIU-IND).
• The central bank also permitted banks to issue rupee denominated PPIs for visiting foreign nationals and NRIs.
• However, this would be subject to certain conditions like the cards can be issued by overseas branches of banks in India directly or it can be issued by co-branding with the exchange houses/money transmitters up to a maximum amount of 2 lakh rupees by loading from a KYC compliant bank account.
• Such PPIs should be activated by the bank only after the traveller arrives in India and cash withdrawal will be restricted to 50000 rupees per month.
• The cards should be issued strictly for use in India and transactions should be settled in Indian rupee.
Prepaid payment instruments
Prepaid payment instruments (PPIs) are those which facilitate purchase of goods and services against the value stored on such instruments. The value stored on such instruments represents the value paid for by the holder, by cash, by debit to a bank account, or by credit card.
India and Japan decided to cooperate in Cyber security & Green ICT
05-DEC-2014
India and Japan will cooperate in the fields of Cyber security and Green Information and Communication Technology (ICT).
The two countries announced their decision on 4 December 2014 after India-Japan Joint Working Group Meeting on ICT held in New Delhi. Accordingly, the two countries will cooperate in five different projects, namely
• Green ICT - Green Mobile Base Station project
• Cyber Security Cooperation - Japan-India Combat Spam project
• ICT for Disaster Management (ICT4DM) - ICT Use in disaster-affected areas project
• ICT Application for Social and Economic Challenges - National ID Application and Utilization Platform project
• Cooperative project for detecting symptoms and quick response to cyber attacks (PRACTICE)
Union Ministry for Communication and Information Technology (MCIT) and Ministry of Internal Affairs and Communication (MIC) Japan will coordinate the activities for taking these projects forward by involving industrial partners in both the countries.
The two countries have aimed that the joint projects should be implemented by early 2015.
To discuss and further work towards implementation of these projects, the next meeting of the joint working group is to be held in Tokyo in 2015.
Air India and NBCC signed MoU for Monetization of Land Assets
05-DEC-2014
Air India and National Buildings Construction Corporation Limited (NBCC) on 4 December 2014 signed a Memorandum of Understanding (MoU) for implementation of the monetisation of assets of Air India at various locations on joint venture basis.
The MoU was signed at Rajiv Gandhi Bhawan in New Delhi in the presence of Union Urban Development Minister M Venkaiah Naidu and Civil Aviation Minister Ashok Gajapati Raju.
The MoU will be a non-binding, non-exclusive agreement and each land asset will be individually evaluated for a particular mode of monetization process.
This MoU is intended to blend together NBCC’s huge expertise in successful completion of several prestigious projects and Air India’s vast surplus land assets.
The MoU has provided three models of development of properties
Model 1: The land value will be the Air India interest in the partnership. Money on development of the project shall be the interest of the NBCC. The sale proceeds will be shared by NBCC and Air India in the ratio of partnership interest.
Model 2: NBCC shall pay Air India a portion of the value of the land as upfront money. NBCC interest in the project would be the project cost and upfront money paid to Air India. The sale proceeds are shared by NBCC and Air India in the ratio of partnership interest.
Model 3: NBCC shall construct the project on behalf of Air India and development cost will be invested by NBCC and will charge fixed internal rate of return (IRR) on the project on its investment on mutually acceptable terms. This will help Air India in realizing full potential of its surplus land assets in partnership with NBCC.
Benefit of monetisation of assets
• Monetisation of assets is important to any revival plan or Financial Restructuring Plan (FRP) particularly for any loss making company.
• It will help in unlocking the value of unutilised immovable assets of Air India by way of sale or lease of such assets
• This step will help it to bring more revenue making it less dependent on the government for a bail out
CMD of Air India - Rohit Nandan and
CMD of NBCC - Dr. Anoop Kumar Mittal
Supreme Court directed Union to prosecute black money hoarders abroad by 31 March 2015
05-DEC-2014
The Supreme Court on 3 December 2014 directed the Union to complete prosecution of black money hoarders abroad under the Income Tax Act, 1961 by 31 March 2015.
A SC Bench comprising of Chief Justice of India H L Dattu, Justice Madan B Lokur and Justice A K Sikri directed the Union and Special Investigation Team (SIT) to probe the cases of black money.
The court also said that if for any reasons the probe remains inconclusive then appropriate decision will be taken by Union to extend the deadline of 31 March 2015.
The court also asked SIT head Justice M B Shah to consider the plea of petitioner Ram Jethmalani to provide him the copies of the reports of SITs probes into the black money cases without blackening the content.
Earlier in October 2014, the Centre submitted to the Supreme Court a list of 627 Indians holding black money in accounts abroad in HSBC bank, Geneva.
According to the amendment of Income Tax Act, 1961 recently, the period of limitation for launching prosecution has been extended from six years to 16 years to enable the prosecution of black money hoarders.
India joined Thirty Meter Telescope Project as a Full Member
05-DEC-2014
India on 2 December 2014 joined the Thirty Meter Telescope (TMT) Project as a Full Member. With this, India joined the elite group of countries including USA, China, Japan and Canada to build the largest telescope in the world at Mauna Kea in Hawaii.
India became the full member of the project after K Vijay Raghavan, Secretary, Department of Science and Technology (DST) under the Union Ministry of Science and Technology, signed the documents to change India's formal relationship from Associate to Member of the TMT International Observatory (TIO). DST is the financial authority of India-TMT.
India-TMT will be a joint project of the DST and Department of Atomic Energy (DAE) that will be anchored in the Indian Institute of Astrophysics (IIA) and led by IIA; Aryabhatta Research Institute of Observational Sciences, Nainital; and Inter-University Centre for Astronomy and Astrophysics, Pune.
India’s contribution to the Project
In September 2014, Union cabinet chaired by Prime Minister Narendra Modi gave its approval for India’s participation in the TMT project at a total cost of 1299.8 crore rupees from 2014 to 2023.
India's contributions to the project will be in the areas of software systems, segment production and the production of the very high precision sensors and actuators that make the primary mirror possible.
India will deliver 100 smaller, hexagonal mirrors out of a total of 492 that is needed to build the 30m diameter primary mirror of the telescope. Japan, China and the US will supply the remainder whereas Canada will construct the dome.
India will also deliver 3444 edge sensors that will guide the actuators in aligning the segments.
About TMT Project
Thirty Metre Telescope (TMT) is being built at the height of 4050 meter on Mauna Kea Mountains in Hawaii. It is expected to be completed by 2020. It will enable astronomers to study objects in our own solar system and stars throughout our Milky Way and its neighboring galaxies, and forming galaxies at the very edge of the observable Universe, near the beginning of time.
The TMT project was born out of the merging of three earlier large-telescope projects:
• The California Extremely Large Telescope (CELT), which was a partnership between Caltech and University of California (UC)
• The Very Large Optical Telescope (VLOT) led by Association of Canadian Universities for Research in Astronomy (ACURA)
• The Giant Segmented Mirror Telescope (GSMT), which was a partnership between the National Optical Astronomical Observatory (NOAO) and the Gemini Observatory.
As a result, the nonprofit TMT Observatory Corporation was founded in June 2003 by the Association of Canadian Universities for Research in Astronomy (ACURA), the University of California (UC), and the California Institute of Technology (Caltech).
The TMT Master Agreement was signed by the Scientific Authorities of all partners on 24 July 2013. The partner signatories are:
• Association of Canadian Universities for Research in Astronomy (ACURA)
• The California Institute of Technology (Caltech)
• The Indian Institute of Astrophysics (IIA)
• The National Astronomical Observatories of the Chinese Academy of Sciences (NAOC)
• The National Optical Astronomy Observatory of Japan (NAOJ)
• The University of California (UC)
On 6 May 2014, the TMT International Observatory LLC (TIO) was formed with founding Members:
• The California Institute of Technology (Caltech)
• The National Institutes of Natural Sciences (Japan)
• The National Astronomical Observatories of the Chinese Academy of Science (China)
• The Regents of the University of California (UC)
The goal of TIO is to design, develop, build and operate the Thirty Meter Telescope.
The design, development, and construction phases of TMT is funded by the support of the Gordon and Betty Moore Foundation
Union MoEF approved the construction of Chhatrapati Shivaji Maharaj statue in Arabian Sea
05-DEC-2014
The Union Ministry of Environment and Forests (MoEF) on 4 December 2014 gave its approval for the construction of Chhatrapati Shivaji Maharaj statue and memorial in the Arabian Sea, off the Mumbai coast.
As the project is environmentally sensitive, it will cost approximately 2000 crore rupees to ensure that it does not cause any environmental damage.
Highlights of the project
• The proposal put forward by the state includes a 190-feet statue that is to be erected on a rocky projection 1.5km from Raj Bhavan. The total area will be 15.96 hectares.
• The plan is also comprised of three levels of pedestal with museums, art galleries and recreation centres.
• On the mainland, there will be two jetties- the existing one at the Gateway of India and a proposed jetty at Nariman Point to ferry passengers and commodities.
• To make it environmentally sustainable, there will be a sewage treatment plant and desalination plant along with wind mills, solar shelters, solar light poles, tidal turbines etc.
• The memorial will consist of three layer pedestal of concrete with stone cladding of granite. The rocky outcrop will be fortified with a Reinforced Cement Concrete sea wall.
Background
In January 2014, the Maharashtra Coastal Zone Management Authority (MCZMA) had recommended to the MoEF to consider a special dispensation under the Coastal Regulation Zone (CRZ) Notification-2011 for the proposal to install Chhatrapati Shivaji Maharaj's statue and memorial in the Arabian sea as a permissible activity.
It had also asked the ministry to delegate powers to the MCZMA under CRZ Notification 2011 to recommend the project from a CRZ point of view to the planning authority at the state level.
Justice Sardar Muhammad Raza Khan appointed as new Chief Election Commissioner of Pakistan
05-DEC-2014
Justice Sardar Muhammad Raza Khan was on 4 December 2014 appointed as new Chief Election Commissioner (CEC) of Pakistan. The office of CEC was lying vacant since 2013 after the retirement of Fakhruddin G. Ibrahim.
The announcement was made by Senator Rafiq Rajwana, chief of the parliamentary committee just a day before the expiry of a Supreme Court deadline to fill this key constitutional office. The Supreme Court had set 5 December 2014 as deadline for the appointment of a permanent CEC.
Presently, Sardar Muhammad Raza Khan is the Chief Justice of the Federal Shariat Court of Pakistan.
Justice Sardar Muhammad Raza
• Justice Sardar Muhammad Raza Khan belongs to Abbottabad in Khyber Pakhtunkhwa, Pakistan.
• He was appointed as Chief Justice of Peshawar High Court on 25 April 2000. During this time, he twice served as acting Governor of North-West Frontier Province (NWFP).
• In 2002, he was elevated as Judge of Supreme Court of Pakistan where he served for more than 8 years. He retired as a judge of the Supreme Court of Pakistan in 2011.
President Pranab Mukherjee inaugurated Golden Jubilee Celebrations of Rama Devi Women's College
05-DEC-2014
President of India Pranab Mukherjee inaugurated Golden Jubilee Celebrations of Rama Devi Women's College on 30 November 2014 at Bhubaneswar, Odisha.
On this occasion, President paid tribute to the unique contribution and leadership of Rama Devi.
Rama Devi was one of the most committed workers in India’s national movement and a devoted disciple of Mahatma Gandhi.
She along with Gopabandhu Choudhury and Acharya Harihar Das organized mass meetings in Odisha during the Civil Disobedience Movement in 1931.
She led the Dandi March that took place on the West Coast of India in 1930. Inchudi on the Balasore Coast and Kujanga in Cuttack were selected by the Utkal Provincial Congress Committee to break the Salt Law.
She was an organiser, speaker, campaigner and inspirer of ordinary men and women. She worked hard to root out untouchability and communalism.
She organised a pada yatra to support Vinobha Bhave’s Bhoodan Movement and gave utmost emphasis to education, emancipation and empowerment of women.
Indian-American scientist Arun Majumdar appointed as US Science Envoy
05-DEC-2014
Indian-American scientist Arun Majumdar was on 4 December 2014 appointed as the United States (US) Science Envoy with effect from 1 January 2015.
Arun Majumdar will join the office along with three other US Envoys Peter Hotez, Jane Lubchenco and Geri Richmond. These distinguished scientists will engage internationally at the citizen and government levels.
They will work to develop partnerships, improve collaboration and forge mutually beneficial relationships between other nations and the US. Their aim will be to encourage improved scientific cooperation and promote economic prosperity.
Presently, Arun Majumdar is the Jay Precourt Professor at Stanford University where he serves on the faculty of the Department of Mechanical Engineering.
Arun Majumdar
• An IIT-Bombay alumnus, Arun Majumdar is a material scientist, engineer.
• He formerly ran the Environmental Energy Technologies Division at the Lawrence Berkeley National Laboratory (LBNL).
• He was also the deputy director of LBNL as well as a professor of mechanical engineering at the University of California, Berkeley.
• Majumdar is a member of the National Academy of Engineering and the American Academy of Arts and Sciences.
Justice Vaidyanathapura Rama Krishna Iyer died at 100
05-DEC-2014
Justice Vaidyanathapura Rama Krishna Iyer died on 4 December 2014 in Kochi at the age of 100. He died due to renal and cardiac failure. He was former Supreme Court Judge, an MLA from Kerala, a philosopher and a renowned social activist.
Throughout his life, Krishna Iyer stood for the cause of justice, equality and socialism who played the role of a people’s tribune till the end of his life. As he had said, “Judges are the spinal cord of the rule of law, and the final interpreters of the Constitution. Their judgments govern social and economic justice.”
He was leading light among the judicial fraternity who had pushed for reformative theory, in contrast to deterrence theory in the criminal justice system.
His Landmark Judgements
Shamsher Singh & Anr vs State Of Punjab, August 1974: This case interpreted the powers of the Cabinet vis-à-vis the President and the Governors wherein it held that President and Governors are bound to act on the aid and advice of the Council of Ministers except in certain situations.
Maneka Gandhi vs Union of India, January 1978: This case gave a new dimension to Article 21 of the Constitution related to Right to Life and personal liberty so as to imply many more fundamental rights from Article 21.
C. B. Muthamma vs Union of India & Ors, September 1979: The SC ruled against gender discrimination. Allowing a case filed by C B Muthama, India’s first woman ambassador, the court struck down a provision which mandated that on marriage, women IFS officers should resign.
Municipal Council, Ratlam, vs Vardhichand AIR 1980: This case interpreted Article 21 to include the right to a wholesome environment and changed the whole approach of the courts in matters concerning environment.
He was also known for other landmark judgments, especially for granting a stay on the Allahabad High Court's judgment against former Prime Minister Indira Gandhi, which led to the Emergency in 1975. Allahabad High Court verdict had declared former Indira Gandhi's election to the Lok Sabha void.
About Justice Krishna Iyer
• Justice Iyer was part of the citizen's panel that inquired into the 2002 Gujarat riots along with retired justice P.B. Sawant and others.
• He had unsuccessfully contested against the Congress’ R Venkataraman in the presidential polls of 1987.
• He became the judge of the Supreme Court on 17 July 1973 and retired at the age of 65 on 14 November 1980.
• In 1968, he was appointed as a Judge in Kerala High Court
• He was appointed as Law Commission Chairman in 1971
• He was elected to the then Madras Assembly in 1952 and was a member of Kerala Legislative Assembly in 1957.
• He had also served as the Minister for Law, Home, Irrigation, Power, Prison, and Inland Navigation in the first communist government of Kerala headed by E M S Namboodiripad during 1957-59.
• He was instrumental in the passage of the Kerala Education Bill, Agrarian Relations Bill, and the Agricultural (Indebtness Relief) Bill which brought relief to marginalised farmers. The Kerala Dowry Abolition Bill was introduced when he was the Minister.
• He is the last but one Supreme Court judge who have previously served as a politician
• Justice Iyer called Bhopal gas tragedy as Bhoposhima (Bhopal + Hiroshima) caused by gasassination.
• In 1999, he was conferred with Padma Vibhushan by Atal Bihari Vajpayee government
• He was born on 15 November 1914 at Vaidyanathapuram near Palakkad, in Malabar region of Kerala in a Tamil Brahmin family
Books written by Justice Krishna Iyer
There are 105 published books by V. R. Krishna Iyer which includes four travelogues. Some other books include
• Law and the People (1972)
• Law, Freedom and Change (1975)
• Law India, Some Contemporary Challenges (1976)
• Social Justice and the Handicapped Humans (1978)
• The Indian Law (Dynamic Dimensions of the Abstract) (2009)
• Wandering in Many Worlds (2009) is the autobiography of V.R. Krishna Iyer
SBI Cards tied up with FBB of Future Group to launch a co-branded credit card named Styleup
05-DEC-2014
State Bank of India (SBI) Cards on 3 December 2014 launched a co-branded credit card named Styleup with Fashion at Big Bazaar (FBB) of Future Group. FBB is the fashion destination of the Future Group.
The card offers a lifetime discount of 10 per cent discount on fashion apparel.
The co-branded Styleup Card will come with 500 rupees joining gift and will offer a lifetime flat 10 per cent discount on fashion apparel, footwear at all FBB and Big Bazaar stores.
Moreover, the customers will also get 10 times rewards on all Big Bazaar purchases. The card will also provide 2.5 percent fuel surcharge waiver. The card can be sourced from all FBB and Big Bazaar stores.
SBI Cards is the only free-standing credit card company in the country which has witnessed a robust year-on-year growth. The tie-up with the Future Group will allow SBI Cards to enter into the high growth retail sector that is expected to increase to more than 800 billion US dollars by 2015.
About Future Group
Future Group is an Indian private conglomerate founded by Kishore Biyani. Headquarter is located in Mumbai.
The company is known for having a popular supermarket chains like Big Bazaar and Food Bazaar, lifestyle stores like Brand Factory, Central etc. and also for having notable presence in integrated foods and FMCG manufacturing sectors.
ICICI Bank and HDFC Bank lowered Fixed Deposits rates by 25 bsp and 50 bsp
05-DEC-2014
Two largest private banks of India ICICI Bank and HDFC Bank on 3 December 2014 decided to lower Fixed Deposit (FD) rates.
ICICI Bank lowered its term deposit rates by 25 basis points (bsp) while HDFC Bank lowered its interest rates by up to 50 bsp on various maturities.
Following the revision, the highest rate offered by the HDFC bank is 8.75% on deposits above one year. HDFC Bank's new fixed deposit rates are applicable from first week of December 2014.
The revised rate of ICICI bank will come into effect from 28 November 2014.
Comment
The banks have been flushed with liquidity due to deposit growth outpacing the growth in advances. Bankers say that there is no fresh investment demand from corporate.
Although banks have been bringing down deposit rates, no bank has recently reduced its base rate — the benchmark rate which determines the pricing of most loans, including home loans.
Bankers have said that they are waiting for a signal from the central bank that the downward movement is sustainable.
Subramanian Committee on Review of Environmental Laws submitted report to the Union Government
05-DEC-2014
High Level Committee on Review of Environmental Laws headed by former Cabinet Secretary TSR Subramanian submitted its report to Union Ministry for Environment, Forests and Climate Change on 18 November 2014.
The committee recommended formulating a new umbrella law to streamline the process of environment clearances for development projects in the country.
Main recommendations of the Committee
• It proposed new Environment Loss Management Act (ELMA).
• It recommended full-time expert bodies, National Environment Management Authority (NEMA) and State Environment Management Authority (SEMA), to be constituted at the Central and state levels respectively.
• The NEMA and SEMA recommended to evaluate project clearance (using technology and expertise), in a time bound manner, providing for single window clearance.
• A fast track procedure for linear projects (roads, railways and transmission lines), power and mining projects and for the projects of national importance has been prescribed in the new mechanism.
• The committee has suggested amendments to almost all green laws, including those relating to environment, forest, wildlife and coastal zone clearances.
• It also recommended that an environmental reconstruction cost should be assessed for each project on the basis of the damage caused by it to the environment and should be dovetailed with the cost of the project.
• An Environment Reconstruction Fund is proposed to be established for accumulation of this cost and other penalties recovered from projects.
• The report also proposes a National Environment Research institute on the lines of the Indian Council of Forestry Research and Education to bring in the application of high-end technology in environment governance.
• The committee has not suggested any major changes in the forest laws but has recommended revision of the compensatory afforestation policy.
• It has suggested that the area for compensatory afforestation in the revenue land should be doubled from the current one hectare for each hectare of forestland diverted to non-forest use for development projects.
• The committee also recommends identification of no go forest areas – primarily with over 70 per cent canopy cover and protected areas— which shall not be disturbed except in exceptional circumstances and that too only with the prior approval of the Union Cabinet.
• The committee also recommended increasing the net present value (NPV) of the forest paid by the project proponents for diversion of forests to five times of what it is today.
• The committee has also recommended reducing power of National Green Tribunal (NGT). It suggests district-level courts to decide on infringement of environmental laws.
About the Subramanian committee
The Committee was constituted by the Union Ministry of Environment, Forest and Climate Change on 29 August 2014 to review the processes, laws and Acts of the Ministry.
The committee was constituted to review the key environment laws—
• Environment Protection Act (EPA) of 1986
• Forest Conservation Act (FCA) of 1980
• Wildlife Protection Act (WPA) of 1972
• The Water (Prevention and Control of Pollution) Act of 1974
• The Air (Prevention and Control of Pollution) Act of 1981
• Later, the Indian Forest Act (IFA) of 1927, the colonial law which governs the forest administration in the country, was also added to the list of laws for the committee to review.
43rd Navy Day observed on 4 December
05-DEC-2014
43rd Navy Day was observed on 4 December 2014. On this day, Chief of Naval Admiral Robin K Dhowan and navy personnel rededicated themselves to the service of the nation.
The President Pranab Mukherjee and Prime Minister Narendra Modi commended dedication of Indian Navy to protect the maritime interests of nation.
The Air Chief Marshal Arup Raha and Army Chief Lt. General Dalbir Singh Suhag also paid tributes to martyrs of INS Sindhurakshak at the Amar Jawan Jyoti in New Delhi.
As a part of Navy Day celebrations, a series of operational displays was held in Vishakhapatnam and 20 ships, 23 aircraft and a submarine showcased the capability and versatility of Naval ships, submarines, aircraft and the Special Forces.
About Navy Day
The Navy day will be celebrated every year to commemorate the success of Operation Trident of Indian Navy on Karachi Harbour during the 1971 Indo-Pak war.
Raninder Singh became first Indian to be elected to ISSF executive committee
05-DEC-2014
Raninder Singh on 3 December 2014 became the first Indian to get elected as a member of the International Shooting Sport Federation (ISSF)'s Executive Committee. He is the President of National Rifle Association of India (NRAI).
This is the first time in the 107-year history of ISSF that an Indian has been elected as the member of the global body representing the sport of shooting.
Contesting his first election, Raninder garnered 22 out of 25 votes in the General Assembly meeting held at Munich, Germany.
He was also elected as the member of the Administrative Council of ISSF with 145 out of 293 votes.
About Raninder Singh
• He was appointed as the President of the National Rifle Association of India (NRAI) in December 2009
• He has been an accomplished international level trap shooter
• He belongs to royal house of Patiala belonging to the Phulkian dynasty
• Raninder Singh born on 2 August 1967 is an Indian politician from Punjab, India, and is son of former Chief Minister of Punjab Amarinder Singh
International Shooting Sport Federation (ISSF)
International Shooting Sport Federation (ISSF) is the global body representing the sport of Shooting at International level. It was established in 1907.
The organization, with 154 national member federations, has its headquarters in Munich, Germany. Its current President is Olegario Vazquez Rana and its Secretary General is Franz Schreiber.
Manipur government extended Disturbed Area status under AFSPA for another one year
05-DEC-2014
The Manipur Government on 1 December 2014 extended the Disturbed Area status for Manipur to another one year under the Armed Forces (Special Powers) Act (AFSPA) with effect from 1 December 2014.
Except the eight assembly segments in the Imphal Municipal Council of Manipur, the disturbed area status will be applicable to the valley and hill districts in the rest of the state. The extension will allow security forces to operate and aid civil administration to flush out insurgents.
The decision was taken at a Cabinet meeting after taking serious note of frequent bomb blasts and other acts of violence.
Armed Forces (Special Powers) Act (AFSPA)
The Armed Forces (Special Powers) Act (AFSPA) is an Act of the Parliament of India which was passed on 11 September 1958. It extends to the whole of the State of Assam, Manipur, Meghalaya, Nagaland and Tripura and the Union Territories of Arunachal Pradesh and Mizoram.
The AFSPA was first imposed in Manipur in September 1980. However, it has been extended from time to time. Section 3 of the AFSPA empowers the state government to extend the Disturbed Area status over the entire state or some selected areas.
It grants special powers to the Indian Armed Forces to maintain public order in the places that are termed as Disturbed Areas under the Act.
Germany banned export of antibiotic drug cephalosporin from Dewas plant of Ranbaxy
05-DEC-2014
German Drug Regulatory Authority (GDRA) on 3 December 2014 decided to bar export of antibiotic drug cephalosporin from Ranbaxy Laboratories.
The move was announced after the Ranbaxy plant at Dewas in Madhya Pradesh failed to comply with standard manufacturing practices.
The GDRA issued a non-compliance report for the plant where Ranbaxy made the antibiotic, after an inspection in June 2014.
During the inspection, the GDRA found deficiencies related to operation of drug manufacturing rooms and procedures related to sterilisation of equipment at the Dewas site.
The Dewas factory and Ranbaxy’s other India-based plants are also barred from exporting to the United States after the U.S. Food and Drug Administration (FDA) inspections found those plants violated its standard manufacturing practices.
Ranbaxy gets more than half of its revenue from the United States. Germany accounted for 2 per cent of global sales in the 15-month period till March 2014.
Infosys appointed Stanford Professor John Etchemendy as independent director
05-DEC-2014
Infosys on 4 December 2014 appointed Stanford Professor John W. Etchemendy as an Independent member on its Board of Directors (BoD).
As per Infosys, Etchemendy’s joining will help the company to reinvent their core foundation of learning.
About John W. Etchemendy
• Etchemendy has been a faculty member in Stanford’s Department of Philosophy since 1983
• He is also a faculty member of the Symbolic Systems Programme and a senior researcher at the school's Centre for the Study of Language and Information (CSLI)
• Before joining Stanford, he served as the faculty at Princeton University for two years.
• He has authored several books and articles on logic
• He has been co-editor of the Journal of Symbolic Logic and on the editorial board of several other journals
Some Awards won by him includes
• In 1988 he received the Dean’s Award for Excellence in Teaching
• In 1992 he received the Bing Award for Excellence in Teaching
• He was awarded the Educom Medal in 1997 for leadership in the application of technology to the teaching of logic
Indian Oil won Beighton Cup Hockey tournament
05-DEC-2014
Indian Oil won the 119th Beighton Cup Hockey tournament on 4 December 2014. In the final match played at the SAI Eastern Centre in Kolkata the Indian Oil defeated the Punjab National Bank in tie-breaker by 5-4 goals.
The match ended in a draw at 2-2 goals at the schedule time of the game.
The awards of the tournament were presented by the West Bengal Governor Keshari Nath Tripathy.
About Beighton Cup
Beighton Cup is one of the oldest field hockey tournaments in the world and running till date. It was instituted in 1895. It is organised by Bengal Hockey Association
The other one of the oldest Hockey tournaments of India is Aga Khan Cup. It is held in Mumbai since 1896.