Important dates in India
- 12th Jan: Swami Vivekananda was born on 12th January, 1863 and this date is celebrated as “National youth day” in India.
- 15th Jan: This date is celebrated as Army day in India.
- 23rd Jan: This day is celebrated as Netaji Jayanti which is Netaji Subash Ch. Bose’s birthday.
- 26th Jan: Republic day is celebrated on 26th Jan every year. On 26th January, 1950 India’s Constitution has came into force and this is a public holiday in India.
- 14th Feb: Valentine day is celebrated across the World and also in India.
- 28th Feb: Every year this date is celebrated as National Science day in India.
- 03rd March: This date is celebrated as National defence day in India.
- 14th April: This date is remembered as Dr. B.R. Ambedkar was born.
- 01st May: This date is very much famous as the Labour movement had been started in India, so this date remembered as Labour Day in India.
- 11th May: This date is celebrated as “National Technology Day” in India.
- 08TH August: This date is remembered as Quite India movement Day as it had been started by Mahatma Gandhi in the year 1942 against the British Government with a slogan of Do or Die.
- 15th August: Our nation had got independence from the British government on 15th August’1947. This date is celebrated as Independence Day in India.
- 20th August: On 20th August ‘1944, the youngest prime minister of India, Rajiv Ratna Gandhi was born. So, this date is celebrated as National Sadbhawana Diwas in India.
- 29th August: This date is celebrated as National Sports Day in India.
- 05th September: Dr. Sarvepalli Radhakrishnan was born on 05th September, 1888 in India. So, this date is celebrated as Teacher’s day in India.
- 14th September: This date is celebrated as National Hindi Day in India.
- 02nd October: The father of nation (not officially), Mahatma Gandhi was born on 02nd October. So this date is celebrated as Gandhi Jayanti and it is a public holiday in India. Recently, United Nation General Assembly had announced that 02nd October as International Peace Day.
- 08th October: This date is National Air force day in India.
- 10th October: This date is National Post-Office day in India.
- 14th November: Pandit Jawaharlal Nehru was born on this day and this date is celebrated as Children’s Day in India.
- 30th November: This date is National Flag Day in India.
- 04th December: This date is National Navy Day in India.
- 09th December: This date is National Girl child day in India.
- 14th December: This date is National Energy Consumption Day in India.
- 23rd December: This date is National Farmer’s day (Kisan Diwas) in India.
- 25th December: Christmas day is celebrated across the India and in the World
Important Days in JanuaryJan 1Army Medical Corps Establishment DayJan 8African National Congress Foundation DayJan 10World Laughter DayJan 9Pravasi Bharatiya DivasJan 11Death anniversary of Lal Bahadur ShastriJan 12National youth Day (Birth Day of Swami Vivekanand)Jan 15 Army DayJan 23Netaji Subhash Chandra Bose's birth anniversaryJan 25International Customs Duty Day, India Tourism Day, Indian Voter DayJan 26Republic DayJan 28 Birth anniversary of Lala Lajpat RaiJan 30(Martyr's day) Mahatma Gandhi's Martyrdom Day;World Leprosy Eradication DayJan 31World Leprosy Eradication DayInportant Days in FebruaryFeb 2 World Wetlands DayFeb 4National Day of SrilankaFeb 5Kashmir Day (Organised by Pakistan)Feb 13Sarojini Naidu's Birth AnniversaryFeb 14St. Valentine's DayFeb 24Central Exise DayFeb 28National Science DayImportant Days in MarchMar 3National Defence DayMar 4National Security DayMar 8International Women's DayMar 9CISF Raising DayMar 12Mauritius Day;Central Industrial Security Force DayMar 15World Consumer DayMar 16National Vaccination DayMar 21World Forestry DayMar 22World Day of WaterMar 23World Meterological DayMar 24World TB DayMar 26Bangaladesh Liberation DayImportant Days in AprilApril 1Orissa DayApril 5Natinal Meritime DayApril 7World Health DayApril 13Jallianwallah Bagh Massacre Day (1919)April 14B.R. Ambedkar Remembrance DayApril 18World Heritage DayApril 22World Earth DayApril 23World Books DayImportant Days in MayMay 1International Labour Day, Maharashtra DayMay 3International Energy DayMay 8International
Red Cross Day (It is celebraed to commemorate the birth anniversary of
the founder of the Red Cross Organization Jean Henry Dunant)May 11National Technology DayMay 15International Family DayMay 17World Telecom DayMay 24Commonwealth DayMay 31World No Tobacco DayImportant Days in JuneJune 5World Environment DayJune 8World Oceans dayJune 12World Day Against Child LabourJune 14World Blood Donor dayJune 15World Elder Abuse Awarness DayJune 17World Day to Combat DesertificationJune 20World Refugee DayJune 23United Nations Public Service DayJune 26International Day Against Drug Abuse and Illicit TraffickingJune 29Statistics DayImportant Days in JulyJuly 1Doctor's DayJuly 4American Independence DayJuly 11World Population DayJuly 18Mandela DayJuly 26Kargil Victory DayJuly 28World Hepatitis DayImportant Days in AugustAug 6Hiroshima DayAug 9Quit India Movement DayAug 12International youth DayAug 14Pakistan's Independence DayAug 15India's Independence DayAug 19World Photography DayAug 20Sadbhavana DiwasAug 29National Sports Day of India (Dhyanchand's Birth Day)Aug 30Small Industry DayImportant Days in SeptemberSept 5Teacher's Day (Dr. Radhakrishnan's Birth Day)Sept 7Forgiveness DaySept 8International Literacy DaySept 14Hindi day,World First Aid DaySept 16World Ozone DaySept 21International Day of Peace, World Alzheimer's daySept 25Social Justice DaySept 27World Tourism DayImportant Days in OctoberOct 1International Day for the Elderly(UN)Oct 2Gandhi Jayanti, International Day of Non-ViolenceOct 3World Nature Day, World Habitat DayOct 4World Animal DayOct 5 World Teacher's DayOct 6World Wildlife Day, World Food Security DayOct 8Indian Airforce dayOct 9World Postal DayOct 10World Mental Health day;National Post Day Oct 11 International Girl Child Day Oct 12World Sight dayOct 13World Calamty Control Day(UN)Oct 14World Standard DayOct 15World White cane day(guiding the blind) Oct 16 World Food Day Oct 17International povertyOct 20National Solidarity Day (China attacked India on that day)Oct 24United Nations DayOct 30World Thrift DayOct 31Rastriya Ekta Diwas (Sardar Patel), National Integration Day (In memory of Indira Gandhi)Important Days in NovemberNov 7Infant Protection day;World Cancer Awareness DayNov 9Legal Service DayNov 10Transport DayNov 14Children's day/ World Diabetics dayNov 17Guru Nanak Dev's Birth AnniverrsaryNov 26Law DayNov 30Flag DayImportant Days in DecemberDec1World AIDS DayDec 3World Disability DayDec 4Navy DayDec 7Armed Force Flag DayDec 10Human Rights dayDec 11UNICEF DayDec 14National Energy Conservation DayDec 19Goa's Liberation dayDec 23Kisan Divas (Farmer's Day) - See more at: http://www.onlinegk.com/general-knowledge/important-days/#sthash.QfK97MDy.dpuf
National:
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
IISc, IIT-B make it to top 40 in varsity rankings
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
Daily GK
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
National:
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
IISc, IIT-B make it to top 40 in varsity rankings
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
Daily GK
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
National:
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
IISc, IIT-B make it to top 40 in varsity rankings
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
Daily GK
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
National:
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
IISc, IIT-B make it to top 40 in varsity rankings
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
Daily GK
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
National:
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
IISc, IIT-B make it to top 40 in varsity rankings
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
Moti Darwaza door caves in
The once impregnable Golconda Fort suffered damage when one side of its huge door fell due to ‘rust and decay’. The left door of the historic Moti Darwaza got uprooted and rested precariously on the other door, giving anxious moments to passers-by. Luckily, nobody got injured, but the movement of traffic was thrown out of gear for nearly two hours as the massive wooden door leaned forward dangerously.
Daily GK
The Indian Institute of Science (Bangalore) is India’s top ranked university but stands at 25th in a ranking of universities from BRICS and other emerging economies according to new data. The Times Higher Education BRICS & Emerging Economies Rankings 2015 covering 18 countries showed that India now has four universities in the top 40 – IISc, IIT Bombay, IIT Roorkee and Panjab University, Chandigarh – and seven more in the top 100. China tops the list with 27 universities in the top 100. China’s Peking University and Tsinghua University occupy the first and second positions. Taiwan is the next best represented country in the list.
New CBI chief takes charge
Anil Kumar Sinha took charge as Director of the Central Bureau of Investigation at the agency headquarters. Described as a soft-spoken officer by his junior colleagues, Mr. Sinha is said to have a “very simple” lifestyle. Mr. Sinha, who belongs to Bihar and was inducted as an IPS officer into his home cadre in 1979, is recipient of Police Medal for Meritorious Services in the year 2000 and President’s Police Medal for Distinguished Services in 2006.
Special SC Bench to hear, monitor social issues
The Supreme Court set up a special Bench, called the Social Justice Bench, comprising two judges devoted to the delivery of speedy justice in a range of social issues related to the downtrodden and socially marginalised groups. A brainchild of Chief Justice of India H.L. Dattu, the Social Justice Bench will be headed by Justice Madan B. Lokur and also have Justice U.U. Lalit. The Bench would start functioning from December 12. The Bench will sit every Friday at 2 p.m. The special Bench will handle issues related to the release of food grains lying in stock for use in drought-affected areas, framing of a fresh scheme for their public distribution, taking of steps to prevent the untimely death of women and children for want of nutritious food, hygienic mid-day meals in schools, clean drinking water, provision of “safety and secured living conditions for women forced into prostitution.”
India’s rank improves marginally
India has marginally improved its ranking on the global Corruption Perception Index this year, on the back of prosecutions of high-level officials and hope that the new leadership will reduce corruption, Transparency International said. India’s two-point improvement (on a total possible score of 100) did not count as a “significant change” unlike that in countries such as Egypt, Jordan and Afghanistan. With a score of 36, India now ranks 85 among 175 countries, with countries such as Sri Lanka, Thailand and Burkina Faso for company. Denmark ranks first, as it did in 2013, while Somalia and North Korea share the bottom spot. India ranks better than all its South Asian neighbours, except Bhutan.
Protest rallies mark Bhopal disaster anniversary
Inter-faith prayer meetings and protest rallies marked the observance of the 30th anniversary of the Bhopal gas disaster that killed thousands. The incident, which occurred on the intervening night of December 2 and 3, 1984, features among the world’s worst industrial disasters.
International:
2014 could be hottest year on record
The World Meteorological Organisation (WMO) says 2014 is on track to be one of the hottest, if not the hottest, on record, according to its preliminary estimates released during the climate talks at Lima (Peru). This was largely due to record high global sea surface temperatures, which will very likely remain above normal until the year-end. High sea temperatures, together with other factors, contributed to exceptionally heavy rainfall and floods in many countries and extreme drought in others.
Business and Economy:
Easy exit norms for foreign investors in construction sector
To help attract foreign funds in construction of townships, hospitals and hotels, the government relaxed the FDI policy for this sector by easing exit norms and reducing built-up area and capital needs. The revised norms relating to construction development sector has been notified by the Department of Industrial Policy and Promotion (DIPP). India allows 100 per cent FDI in the sector through the automatic route. The new policy has done away with the three-year lock-in period for repatriation of investment. The investor will be permitted to exit on completion of the project or after development of trunk infrastructure, that is, roads, water supply, street lighting, drainage and sewerage. Under the new policy, the minimum floor area requirement has been reduced to 20,000 square metres from 50,000 square metres earlier. It also brought down the minimum capital requirement to $5 million from $10 million.
RBI doubles pre-paid card limit to Rs.1 lakh
Relaxing norms for Pre-paid Payment Instruments (PPIs), the Reserve Bank of India doubled the card limit to Rs.1 lakh. The balance in the PPIs should not exceed Rs.1 lakh at any point of time. The move would help in achieving the objective of limiting cash transactions in the system. Besides, the maximum validity of gift cards has been enhanced from one year to three years adding that other provisions of PPI guidelines with respect to gift cards will continue to be applicable. The 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.
Google launches new application for SMBs
In a move to create easier online presence for the small and medium businesses (SMBs), Google has launched a new application, Google My Business. The new product is designed to work across desktop and mobile devices, and will enable SMBs to create and update their business info on various Google products such as search, maps and Google plus from one place for free. The users can use the service in Hindi and English.
RBI issues new norms for MSME trading platform
The Reserve Bank of India (RBI) issued guidelines for setting up and operating the trade receivables discounting system in the country, called TReDS, with a minimum paid-up equity capital of Rs.25 crore. It will not be allowed to assume any credit risk. The central bank will accept applications to set up TReDS, till the close of business on February 13, 2015. The scheme for setting up and operating the institutional mechanism for facilitating the financing of trade receivables of micro, small and medium enterprises (MSMEs) from corporate and other buyers, including government departments and public sector undertakings, through multiple financiers will be known as TReDS. The central bank said that MSMEs, despite the important role played by them in the economic fabric of the country, faced constraints in obtaining adequate finance, particularly in terms of their ability to convert their trade receivables into liquid funds. The RBI expects this issue would be resolved through an institutional mechanism to fund trade receivables.
Panel to hear industry’s tax issues
The Finance Ministry set up a high-level committee to interact with trade and industry on tax related issues on a regular basis and ascertain areas where clarity in tax laws is required. The high-level committee will be headed by former Chief Economic Advisor (CEA) in the Ministry of Finance Ashok Lahiri. Other two members of the committee are Settlement Commission’s (Income Tax and Wealth Tax) retired member Sidhartha Pradhan and Customs and Central Excise retired DG (Audit) Gautam Ray. The committee will give recommendations to the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) for issuance of appropriate clarifications by way of circulars, instructions on tax issues.
Science and Tech
Indian systems for world’s largest telescope
Union Science and Technology Minister Harsh Vardhan signed a multilateral agreement admitting India’s participation in the development of the Thirty-Metre Telescope (TMT) in Hawaii. The Cabinet rapidly cleared the project and India has agreed to spend Rs.1299.8 crore on it over the next decade. Besides learning about the universe, India will gain the technology to manufacture fine aspherical mirror segments from the California Institute of Technology (Caltech). This technology will form the basis of the next generation of spy satellites. TMT will contain 492 hexagonal mirror segments of 82 different kinds. These will behave like a single mirror with an aperture of 30-metre diameter. This large collecting area of 650 square metres is thrice as sensitive as the Hubble Space Telescope. India’s role will primarily be to create the control systems and software that keep the mirrors aligned and collect the data.
GSAT-16 to be launched from French Guiana
GSAT-16, the communications satellite being put in orbit for ISRO from French Guiana has to significantly improve the national space capacity with 48 transponders. The addition is important as GSAT-16 comes 11 months after the last Indian communication satellite GSAT-14 was flown in January 2014. This is also the highest number of transponders packed into an Indian spacecraft so far.
- See more at: http://bitsadda.com/daily-gk-04-december-2014-current-affairs-cl-tirupati/#sthash.lQZslbZO.dpuf
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