National Affairs
India, Bermuda sign Tax Information Exchange Agreement
India and Bermuda signed a Tax Information Exchange Agreement (TIEA) that is based on international standards of transparency and exchange of information.
The agreement was signed here by Minister of State for Revenue S S Palanimanickam and Dr Ewart Brown, the Premier of Bermuda. This is the first TIEA signed by India.
Among other things, the agreement provides that the information sought under it must be relevant to the administration and enforcement of the domestic laws of the Contracting Parties concerning taxes covered by the agreement.
The requesting State has to provide some minimum details about the information requested in order to justify the relevance criteria. Information is to be treated as secret and can be disclosed to only specified person or authorities, which are tax authorities or its oversight body, an official press release said. The agreement also provides for disclosure of information to any other person or entity or authority or any other jurisdiction with the written consent of the competent authority of the requested Party.
Ayodhya Verdict: High Court awards two-thirds of disputed Ayodhya site to Hindu parties, one-third to Sunni Waqf Board
Sixty years after the matter first went into litigation, a Special Full Bench of the High Court of Allahabad has ruled that the disputed land in Ayodhya where the Babri Masjid stood for 500 years until it was demolished in 1992 shall be divided into three parts. A two-thirds portion is to be shared by two Hindu plaintiffs and one-third will be given to the Sunni Muslim Waqf Board.
By a 2-1 majority verdict, plaintiffs representing Lord Ram, the Nirmohi Akhara and the Waqf Board were declared joint title-holders of the property. The Bench asserted that the portion under the central dome of the demolished three-dome structure where the idol of Ram Lalla had been kept in a makeshift temple was the birthplace of Lord Rama “as per faith and belief of the Hindus.”
- The disputed area to be split into three equal portions to be given to Hindus (Ram Lalla), the Nirmohi Akhara and Muslims
- Area covered by the central dome to be part of the area given to Hindus
- The area covered by Ram Chabutra, Sita Rasoi and Bhandar to form part of the share of the Nirmohi Akhara
- Muslims to get not less than one-third of the total area of the premises (2.77 acres) and if need be they may be given a part of the outer courtyard (which was earlier with Hindus) or compensated from the land acquired by the Centre in 1993 (67 acres)
- Bench Comprising Justice S U Khan and Justice Sudhir Agarwal, Justice D V Sharma
Cabinet nod for judicial accountability bill
The Union Cabinet approved a bill providing for a mechanism to deal with complaints against judges of the High Courts and the Supreme Court.
- Public can lodge complaints against judges with a national oversight committee.
- The bill will mandate judges to declare assets and liabilities
- Oversight committee to be headed by a retired Chief Justice of India
The bill to replace the Judges Inquiry Act retains its basic features, contemplates setting up of a national oversight committee with which the public can lodge complaints against erring judges, including the Chief Justice of India and the Chief Justices of the High Courts.
On receiving a complaint, the committee will forward it to a system of scrutiny panels. In the case of a complaint against a Supreme Court Judge, the scrutiny panel will consist of a former Chief Justice of India and two sitting Supreme Court judges, and in the case of a complaint against a High Court judge, the panel will have a former Chief Justice of the High Court and two of its sitting judges. The members of the Supreme Court panel will be nominated by the Chief Justice of India, and that of the High Court panels by the Chief Justice of the High Court concerned.
Greece keen on maritime cooperation
Greece has expressed interest in joining hands with India in maritime cooperation.
Prime Minister of Greece George Papandreou expressed his country's interest in cooperating with India in shipping, pointing out that Greek shipping lines could handle a chunk of Indian exports to the European Union (EU).
ADB to fund tourism projects in Himachal Pradesh
Asian Development Bank has agreed to fund tourism projects in Himachal Pradesh, costing around Rs .454 crore.
The funds would be used to upgrade tourism infrastructure in the State and to facelift various tourist destinations.
UPA’s rural health cover plan RSBY now open to all
THE government has extended a health insurance scheme earlier restricted to people living below the poverty line to a wider range of groups, a development which could drive down insurance premiums and treatment costs at hospitals.
The Rashtriya Swasthya Bima Yojana or RSBY — the United Progressive Alliance government’s flagship health insurance scheme for the poor — can now be tapped by all sections of society, even those above the poverty line. RSBY offers so-called cashless medical insurance facility inwhich payments are made directly by the insurance company to the hospital.
- RSBY was launched in April 2008.
- Rashtriya Swasthya Bima Yojana offers annual cashless medical insurance cover of Rs 30,000
- It covers nearly 2 cr poor families across 27 states for a premium varying from Rs 300-600 across states
- Govt is keen to bring sections such as truck drivers and street vendors within the scheme’s remit
- Citizen groups interested in joining RSBY will have to apply to the Centre with data about their membership
- Insistence on groups is to avoid prospect of only sick and vulnerable seeking cover Employers may switch to RSBY
20,000-crore boost for Navy’s snooping power
Defence ministry has cleared the acquisition of four longrange surveillance aircraft and four big amphibious assault warships for the Navy.
The four new aircraft will be the P-8I Poseidon longrange maritime patrol aircraft, which will add to the eight such planes already contracted from Boeing under the $2.1-billion deal inked in January 2009.
The entire project to acquire the four amphibious warfare ships, called Landing Platform Docks (LPDs) in naval lingo, will be worth around Rs 16,000 crore.
Both the P-8Is and the LPDs are crucial to the Navy’s long-term strategic plans. The 12 P-8I aircraft, the first of which is slated for induction by early 2013, will help India plug the existing gaps in its surveillance of the entire Indian Ocean Region.
India, Russia to hold terror combat exercise
The Indian and Russian armies are gearing up to launch a large counter-terrorism combat exercise, ‘Indra’, at Chaubattia near Ranikhet.
The first edition of Indra was conducted at the Mahajan ranges in 2005, while the second was conducted at Pskov in Russia in 2007.
A K Antony launches e-governance projects
Defence Minister A K Antony has launched three e-governance projects of the Defence Accounts Department subject to ensure quick and accurate disbursement of pension. The three web-enabled online automation projects are: titled ‘Suvigya,' ‘Aashraya,' and ‘Sankalan'.
October 3 to be observed as ‘National Cerebral Palsy Day'
With cerebral palsy, a brain disorder which affects mostly children, becoming the commonest cause of childhood disability in India, October 3 will be observed as the first “National Cerebral Palsy Day” by doctors, rehabilitation professionals, parents and people engaged in prevention and management of this impairment.
The theme will be “demystifying cerebral palsy by action through awareness and advocacy”.
India Post releases stamps on four former princely states
The Department of Posts today released a set for four stamps on "Princely States of India" as a curtain-raiser to Indipex 2011, the World Philatelic Exhibition that will be held here from February 12-18 next year.
The commemorative set depicts the stamps issued by the then princely states of Sirmoor, Indore, Bamra and Cochin.
An official press release said these stamps were both archaic and rare and highly valued by philatelists all over the world.
There were as many as 568 states in India before Independence which ceased to exist after India gained freedom.
This is the second set of the series as the first set of six stamps on Heritage Postal Buildings, comprising Delhi GPO, Shimla GPO, Udagmandalam Head Post Office, Coochbehar HPO, Nagpur GPO and Lucknow GPO , were released on May 12 this year.
Jharkhand launched 4,500 MNREGA schemes
The Jharkhand government started 4,500 schemes under the Mahatma Gandhi National Rural Employment Guarantee Act. The schemes have been launched to tackle drought conditions in the State. They include construction of wells, ponds and tracks to provide help to the villagers.
India denounces racist remarks against Delhi CM on New Zealandchannel
India strongly and unequivocally denounced the racist remarks of a New Zealand television journalist, Paul Henry of TVNZ, against Delhi Chief Minister Sheila Dikshit.
The High Commissioner of New Zealand conveyed deep regret for the hurt caused by the comments of the media commentator which he characterized as culturally insensitive, inappropriate and vulgar and certainly not the views of the Government of New Zealand.
Global Economic Summit in Mumbai
Aiming to assist SMEs grow and forge cross-border alliances, the World Trade Centre and All India Association of Industries (AIAI) announced the second edition of the Global Economic Summit between January 27-29, 2011 at the WTC in Mumbai.
In Sanskriti Schools, 25% seats for poor
According to the HRD ministry, the new set of Sanskriti schools across the country being planned by the department of personnel & training (DoPT) will have to give 25% reservation to children of economically weaker sections as per the Right to Education Act.
As per the draft proposal — prepared by DoPT — the new Sanskriti schools will give reservation to only 15% of poor children. It will have 55% reservation for children of officers belonging to all India services/central services, 15% for kids of state government employees and 15% for general public.
International Affairs
Germany celebrates 20 yrs of reunification
Germany celebrated 20 years since reunification when the capitalist West and the communist East merged after decades of Cold War division that ended with the fall of the Berlin Wall.
China's lunar probe launch successful
China's lunar probe Chang'e-2 was successfully launched, control centre at the Xichang satellite launch site in southwest China's Sichuan Province.
Chang'e-2 arrived at an Earth-Moon transfer orbit after it separated from the carrier rocket, which has a perigee of 200 km and an apogee of about 380,000 km from the earth, according to the centre.
Chang'e II was built as an alternative to Chang'e I, which was launched in October 2007 and maintained a 16-month lunar orbit. The series of Chang'e probes is named after a legendary Chinese Moon goddess.
Musharraf launches party in London
Emerging from his two-year political exile with the launch of a new political party, All-Pakistan Muslim League (APML), Mr. Musharraf offered to work for peace with India but made it conditional on a settlement of the Kashmir issue to the satisfaction of Pakistan.
Iraq sets world record for delay in govt-formation
Iraq has broken the world record for the amount of time taken to form a new government.
In 1977, it took 208 days for Dutch politicians to agree to a coalition. Iraqis took a good deal longer.
Maliki was picked as the nominee for the top government job from his Shi’ite-led National Alliance after he secured support from Moqtada al-Sadr, an anti-American Shi’ite cleric.
Economy, Banking and Finance
IMF pegs India’s ’10 growth at 9.7%
THE International Monetary Fund raised its India growth forecast for 2010 and Indian economy will expand 9.7% this year, up from the July forecast of 9.4%, said in its World Economic Outlook report
- The IMF estimates are based on market prices whereas official agencies calculate GDP growth at factor cost.
- The world economy, led by emerging markets, is forecast to grow by 4.8% in 2010 before falling to 4.2% next year.
- CHINA is expected to grow at 10.5% in 2010 and 9.6% in 2011.
- US forecast for the year to 2.6% from 3.3% projected in July.
Website launched for feedback on XII Plan
Seeking feedback from the general public, probably for the first time in its history of formulating five-year plans, the Planning Commission on Monday launched a website to elicit suggestions on the ‘Approach Paper' to the XII Plan (2012-17) so as to make the final document more inclusive and effective.
Since the approach paper, to be prepared by the Commission, is the basic starting point in laying down the major targets in various sectors of the economy, the key challenges that will have to be encountered and the broad strategy to be followed for achieving the set objectives, the feedback from the general public and other stakeholders is expected to help in charting out the approach path.
New $1-b core loan window for corporate
The government is working on a proposal to open a new overseas borrowing window for Indian corporates enabling them to raise up to $1 billion annually exclusively for infrastructure projects.
The department of economic affairs, or DEA, the policymaking arm of the finance ministry, has proposed that Indian firms be allowed to raise up to $1 billion by selling long tenure bonds in the overseas markets or as loans. This will be a separate facility available to corporates that are eligible to borrow up to $500 million now.
Services FDI dips 50 % to $1.08 b in Apr-July
Foreign direct investment in the country's services sector almost halved to $1.08 billion (Rs 4,948 crore) in the first four months of the fiscal, industry data revealed. The sector that included financial and non-financial services, had attracted $2.14 billion (Rs 10,432 crore) foreign direct investment during April-July 2009-10.
Cabinet approves 10 % divestment in SCI
The Centre embarked on a two-pronged strategy, allowing disinvestment of 10 per cent of its stake in Shipping Corporation of India (SCI) and allowing it to raise additional equity of like quantum.
The disinvestment in this Navratna company is expected to generate about Rs.1,300 crore.
Sidbi lines up 350 cr for Bandhan’s women
Small Industries Development Bank of India, or Sidbi, has extended a 350-crore line of credit to the country’s fourth-largest microfinance institution (MFI) by portfolio size, Bandhan Financial Services to on-lend to poor women. Bandhan said it will use the fund to lend to 3.5 lakh new borrowers this fiscal.
Sidbi has also committed to offer another 50 crore to Bandhan in the form of subscription to the latter’s proposed non-convertible debentures (NCD).
Government crops loan interest subsidy by 50 bps
The government has cut interest subsidy offered to banks for providing short-term loans to farmers at low rates, a move that will affect the profitability of the lenders further after a recent increase in deposit rates.
The decision, however, will not impact the flow of credit to the farm sector as banks are required to set aside 18% of their total advances for agriculture. It is part of the broader target of 40% to all sectors classified as a priority by the Reserve Bank of India.
The government has reduced the interest subvention, or subsidy, on short-term crop loans lower than 3,00,000 by 50 basis points to 1.5% for the current rabi season,which begins in October. The banks, however, will still have to provide these loans at the earlier rate of 7%, implying a 50 basis points hit on these loans that would amount to at least 1,000 crore.
The banks are expected to provide 2,00,000 crore in short-term crop loans this year. The government has set a target of 3,75,000 crore for farm loans this year. In 2009-10, banks disbursed around 3,66,000 crore to the agriculture sector.
One basis point is a hundredth of a percentage point.
Banks free to transfer NPAs to peers: SC
The Supreme Court has ruled that the banks are free to transfer their debts including non-performing assets (NPA) to other lenders. The apex court set aside a Gujarat High Court order which had prohibited such transfers.
A two-judge bench comprising chief justice SH Kapadia and justice Swatanter Kumar on Thursday held that the assignments of the debts and NPAs from one bank to the other is legal as per the provisions of the Banking Services Regulation Act.
Fiscal deficit falls 17% to 1.5L cr in April-Aug
The Centre’s fiscal deficit fell by 16.93% to 1,51,425 crore during April-August, 2010, year-on-year, on increased revenues from the auction of 3G spectrum, or radio waves, for mobile telephony.
The Budget for 2010-11 estimates the fiscal deficit, which represents excess government expenditure over its revenue, at 3,81,408 crore.
Exports surge 23 % to $16.64 b in August
India's exports continued to surge for the tenth successive month growing by 22.5 per cent to $16.64 billion in August as compared to the same period last fiscal.
However, imports also jumped by 32.2 per cent year-on-year to $29.67 billion in August.
During April-August this fiscal, exports posted a growth rate of 28.6 per cent to $85.27 billion on a year-on-year basis. Imports grew by 33.1 per cent to $141.89 billion. The trade deficit for the period stood at $56.62 billion, outstripping the deficit of $40.28 billion logged in the same period a year earlier.
The government is aiming for around 15 per cent export growth in the current fiscal year to March 2011 after a drop of nearly 5 per cent in the previous year and is confident that it will be able to touch the $200-billion export target set for 2010-11.
India's food inflation rate declines marginally to 16.24%
India's food inflation rate fell marginally to 16.24 per cent for the week ended September 25 from 16.44 per cent in the previous week, an official statement said.
Capital flows to emerging markets to touch $825 b
Net private capital flows to emerging economies are projected to be $825 billion in 2010, up from $581 billion in 2009 and the April forecast of $709 billion, the Institute of International Finance (IIF) has said.
IIF, a grouping of financial institutions worldwide, has estimated that private sector investments into emerging markets in 2011 would touch $833 billion.
SKS microfinance sacked CEO
SKS Microfinance said it has terminated the services of Suresh Gurumani as managing director & chief executive officer, but did not cite any reason for this drastic step that came within three months of the company’s successful IPO. Gurumani, who had joined SKS in December 2008 from Barclays, was replaced by M R Rao, the deputy CEO of the microfinance company, with immediate effect.
Telecom users top 700m
Telecom operators in the country added 18.18 million subscribers in August this year, taking the total number of mobile users in India to 670.60 million. According to data released by the telecom regulator, the wireless subscriber base increased from 652.42 million in July, 2010, to 670.60 million by the end of August, 2010, translating into a growth of 2.79%.
The total number of telephone subscribers (both mobile and landline) in India increased to 706.37 million by August-end from 688.38 million in July, it added. With this, the overall teledensity (telephones per 100 people) in India touched 59.63%.
BHEL wins Rs 3700 cr contract for 700 MW supercritical thermal unit
The public sector Bharat Heavy Electricals Limited (BHEL) said it had bagged a Rs 3700 crore order for a 700 MW coal-fired thermal unit with supercritical parameters in Karnataka.
The order has been placed by Karnataka Power Corporation Limited (KPCL) for setting up the 700 MW Supercritical Unit-3 at Bellary Thermal Power Station (TPS) in Karnataka on turnkey basis.
Brooke Bond relaunches Red Label tea with ad featuring Anupam Kher
Brooke Bond has relaunched Red Label, its largest tea brand with a heritage of 140 years, from this month with a new advertising campaign featuring actor Anupam Kher.
This is the first time that the company has used a Bollywood celebrity as part of a campaign for the brand.
IDBI Bank to finance MSMEs with SIDBI
IDBI Bank has entered into a special partnership with Small Industries Development Bank of India (SIDBI) for joint financing of MSME clients across the country. Financial assistance would be given where working capital would be provided by IDBI Bank and term loan by SIDBI (beyond a certain level by IDBI Bank).
ICICI Bank opens branch in Singapore
ICICI Bank opened a retail branch in Singapore, with India's High Commissioner T. C. A. Raghavan symbolically signing the first account.
With this, the bank sought to raise its profile under the “Qualified full banking” (QFB) privileges obtained from the Monetary Authority of Singapore in April this year. State Bank of India is the only other Indian banking institution to have been granted such a QFB licence in the City-State.
India has record 69 billionaires
Tycoon Mukesh Ambani kept his title of richest Indian as the fast-growing economy minted 17 new billionaires in 2010, driving the total to a record 69, according to a Forbes rich list. Ambani, chairman of India's biggest private sector firm Reliance Industries, retained his top slot as the wealthiest Indian for a third consecutive year with a net worth of $27 billion.
The proposal of SAIL-MEL merger got its approval from shareholders
Shareholders of Steel Authority of India Ltd. (SAIL) approved the scheme of merger of Maharashtra Elektrosmelt Ltd. (MEL) with the ‘Maharatna' company under Sec.391-394 of the Companies Act, 1956. The proposal is now under consideration of the Ministry of Corporate Affairs.
Awards
Social activist Aruna Roy gets Lal Bahadur Shastri award
President Pratibha Patil presented the prestigious Lal Bahadur Shastri National Award for Excellence in Public Administration, Academia and Management to Aruna Roy, social and political activist.
Rahman, Ramakrishna Mission Ashram: 25th Indira Gandhi Award for National Integration
Oscar-winning composer A.R. Rahman and the Ramakrishna Mission Ashram, located in Chhattisgarh's Narainpur, have jointly won the 25th Indira Gandhi Award for National Integration for the year 2009 for their services in promoting and preserving national integration.
The award was instituted by the Congress in 1985 to recognise distinguished persons for outstanding contributions to the cause of national integration
Sachin Tendulkar wins Sir Garfield Sobers award
Sachin Tendulkar capped a fine year with the most coveted cricketing reward in recent times ‘The Sir Garfield Sobers Cricketer of the Year' Award. Tendulkar became the second Indian to win the award after Rahul Dravid bagged it in 2004.
ICC Awards : Sachin Bags ICC’s Cricketer Of The Year Award After Seven Years
Sachin Tendulkar kept his tryst with destiny, at long last by bagging the ICC Cricketer of the Year Award at the ICC Awards.
Winner list
Cricketer of the Year: Sachin Tendulkar (Ind).
Women’s Cricketer of the Year: Shelley Nitschke (Aus).
Test Player of the Year: Virender Sehwag (Ind).
ODI Player of the Year: AB de Villiers
Emerging Player: Steven Finn (Eng).
Associate and Affiliate Player of the Year: Ryan ten Doeschate (Netherlands).
Twenty20 International Performance of the Year: Brendon McCullum (NZ, for his 116 not out in 56 balls against Australia in Christchurch on 28 February, 2010).
Umpire of the Year: Aleem Dar (Pak). LG People’s Choice Award: Sachin Tendulkar (Ind).
Spirit of Cricket: New Zealand.
Appointments
A.N. Tiwari is the new Chief Information Commissioner
Information Commissioner A. N. Tiwari has taken over as the new Chief Information Commissioner, succeeding the incumbent, Wajahat Habibullah.
Vijay Kumar to head CRPF
The man who shot to fame as Veerapan slayer, K Vijay Kumar, has been appointed as new Director-General of the Central Reserve Police Force (CRPF) headquartered in New Delhi.
Mushtaq Ahmad is new chairman of Jammu and Kashmir Bank
RBI on Tuesday cleared the appointment of Mushtaq Ahmad as the new chairman and CEO of Jammu and Kashmir Bank. The bank, which saw the unceremonious exit of its former chairman Haseeb Drabu in August this year, had submitted the name of Mr Ahmad to RBI for approval, which gave its nod.
Debabrata Saha to also be India's Ambassador to San Marino
Mr Debabrata Saha, India's Ambassador to Italy, has been concurrently accredited as the country's next Ambassador to San Marino.
Sports
Golf
Europe wins Ryder Cup
Europe won the Ryder Cup, beating the United States by 14-1/2 points to 13-1/2 points at Celtic Manor.
Graeme McDowell clinched victory in the game's final match, beating Hunter Mahan three and one to spark wild celebrations amongst the European team and thousands of fans.
more current affairs
- Market regulator Sebi has barred 197 foreign funds, including those managed by global financial majors like HSBC, Deutsche Bank and Standard Chartered, and 342 sub-accounts from trading in stock market.
- Vietnam held a grand ceremony at Hanoi on October 1 to mark the beginning of the 10-day celebrations observing the 1,000th anniversary of the establishment of the country's capital city of Hanoi.
- Arunachal Pradesh Chief Minister Dorjee Khandu had directed the offices of all Resident Commissioners and Deputy Resident Commissioners outside the State to issue Inner Line Permits (ILP) to tourists within 15 minutes in order to simplify tourist permit procedure
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