Union Budget 2015-16: Highlights

TAXATION

1. Abolition of Wealth Tax.

2. Additional 2% surcharge for the super rich with income of over Rs. 1 crore.

3. Rate of corporate tax to be reduced to 25% over next four years.

4. No change in tax slabs.

5. Total exemption of up to Rs. 4,44,200 can be achieved.

6. 100% exemption for contribution to Swachch Bharat, apart from CSR.

7. Service tax increased to14 per cent.

AGRICULTURE

1. Rs. 25,000 crore for Rural Infrastructure Development Bank.

2. Rs. 5,300 crore to support Micro Irrigation Programme.

3. Farmers credit - target of 8.5 lakh crore.

INFRASTRUCTURE

1. Rs. 70,000 crores to Infrastructure sector.

2. Tax-free bonds for projects in rail road and irrigation

3. PPP model for infrastructure development to be revitalised and govt. to bear majority of the risk.

4. Atal Innovation Mission to be established to draw on expertise of entrepreneurs, and researchers to foster scientific innovations; allocation of Rs. 150 crore.

5. Govt. proposes to set up 5 ultra mega power projects, each of 4000MW.

EDUCATION

1. AIIMS in Jammu and Kashmir, Punjab, Tamil Nadu, Himachal Pradesh, Bihar and Assam.

2. IIT in Karnataka; Indian School of Mines in Dhanbad to be upgraded to IIT.

3. PG institute of Horticulture in Amritsar.

4. Kerala to have University of Disability Studies

5. Centre of film production, animation and gaming to come up in Arunachal Pradesh.

6. IIM for Jammu and Kashmir and Andhra Pradesh.

DEFENCE

1. Allocation of Rs. 2,46,726 crore; an increase of 9.87 per cent over last year.

2. Focus on Make in India for quick manufacturing of Defence equipment.

WELFARE SCHEMES

1. GST and JAM trinity (Jan Dhan Yojana, Aadhaar and Mobile) to improve quality of life and to pass benefits to common man.

2. Six crore toilets across the country under the Swachh Bharat Abhiyan.

3. MUDRA bank will refinance micro finance orgs. to encourage first generation SC/ST entrepreneurs.

4. Housing for all by 2020.

5. Upgradation 80,000 secondary schools.

6. DBT will be further be expanded from 1 crore to 10.3 crore.

7. For the Atal Pension Yojana, govt. will contribute 50% of the premium limited to Rs. 1,000 a year.

8. New scheme for physical aids and assisted living devices for people aged over 80 .

9. Govt. to use Rs. 9,000 crore unclaimed funds in PPF/EPF for Senior Citizens Fund.

10. Rs. 5,000 crore additional allocation for MGNREGA.

11. Govt. to create universal social security system for all Indians.

RENEWABLE ENERGY

1. Rs. 75 crore for electric cars production.

2. Renewable energy target for 2022: 100K MW in solar; 60K MW in wind; 10K MW in biomass and 5K MW in small hydro

TOURISM

1. Development schemes for churches and convents in old Goa; Hampi, Elephanta caves, Forests of Rajasthan, Leh palace, Varanasi , Jallianwala Bagh, Qutb Shahi tombs at Hyderabad to be under the new tourism scheme.

2. Visa on Arrival for 150 countries.

GOLD

1. Sovereign Gold Bond, as an alternative to purchasing metal gold.

2. New scheme for depositors of gold to earn interest and jewelers to obtain loans on their metal accounts.

3. To develop an Indian gold coin, which will carry the Ashok Chakra on its face, to reduce the demand for foreign coins and recycle the gold available in the country.

FINANCIAL SECTOR

1. Forward Markets Commission to be merged with the Securities and Exchange Board of India

2. NBFCs registered with the RBI and having asset size of Rs 500 crore and above to be considered as ‘financial institution’ under Sarfaesi Act, 2002, enabling them to fund SME and mid-corporate businesses

3. Permanent Establishment norms to be modified to that mere presence of offshore fund managers in the country does not lead to “adverse tax consequences.”

News and Updates - February 28, 2015

AB De Villiers hits fastest 150 in ODI history

South African cricketer AB De Villiers has hit the fastest 150 in one-day internationals (ODI’s). He achieved this feat in 64 balls in World Cup Pool B match against West Indies held at Sydney and also broke the previous record of Australia’s Shane Watson by 19 balls. AB De Villiers in the innings scored 162 runs from 66 balls and it comprised of 8 sixes and 17 fours. In this match, South Africa scored 408 runs which is the second-highest total in World Cup history.

Ratan Tata honoured with Doctorate of Automotive Engineering by Clemson University

Ex-chairman of the Tata Group Ratan Tata has been honoured with Doctorate of Automotive Engineering by the Clemson University. He was conferred with Doctorate for his contributions to the global automotive industry at the South Carolina Automotive Summit.

Kshatrapati Shivaji appointed new CMD of SIDBI

Kshatrapati Shivaji appointed as the new CMD of Small Industries Development Bank of India (SIDBI). He has been appointed for three years. Presently he is a Principal Secretary (Expenditure), Finance Department in Maharashtra government.

Zoological Society of London and Gujarat Forest Department inks MoU for Asiatic lion Conservation

Zoological Society of London (ZSL) and Gujarat Forest Department on 26 February 2015 have inked a memorandum of understanding (MoU) for conservation of Asiatic lion and its habitat. Earlier in 2014, ZSL had launched charity’s new Lions400, a fundraising campaign and had raised over £135,000 towards helping to save the Asian lions.

SEBI imposes Rs. 26 crore penalty on DLF

 SEBI has imposed the penalty of Rs. 26 crore on realty giant DLF for fraudulent and unfair trade practices. It also imposed penalty of similar amount Rs. 26 crore which has to be paid collectively by seven persons. This is the biggest ever penalty imposed by SEBI in a single case. For quashing key information by DLF at the time of IPO in 2007, SEBI has barred DLF and its top executives from markets last year in October.

Justice Amitava Roy took oath as Judge of Supreme Court

Chief Justice of Odisha High Court, Amitava Roy today sworn in as a judge of Supreme Court of India. He will serve the post for three years. He was appointed by the President of India. Earlier he was the Chief Justice of the Rajasthan High Court in 2013.

Economic Survey of India 2015-16: Highlights

India can increase investments without borrowing more, a key government report said on Friday, in an indication that Finance Minister Arun Jaitley will stick to debt targets in his maiden full-year budget on Saturday.

The economic survey, the basis for Jaitley's budget for the fiscal year starting April 1, forecast the economy would grow by 8.1-8.5 percent under a new calculation method that makes India the world's top-growing big economy.

The survey was prepared by the finance ministry's chief economic adviser Arvind Subramanian.

Following are the highlights of the survey:

FISCAL DEFICIT

·         India must meet its medium-term fiscal deficit target of 3 percent of GDP

·         Government will adhere to fiscal deficit target of 4.1 percent of GDP in 2014/15

·         Govt. should ensure expenditure control to reduce fiscal deficit

·         Expenditure control and expenditure switching to investment key

GROWTH

·         2015/16 GDP growth seen at over 8 pct y/y

·         Double digit economic growth trajectory now a possibility

·         Economic growth at market prices seen between 8.1 - 8.5 percent in 2015/16 on new GDP calculation formula

·         Total stalled projects seen at about 7 percent of GDP, mostly in private sector

REFORMS

·         There is scope for big bang reforms now

·         India can increase public investments and still hit its borrowing targets

INFLATION

·         Inflation shows declining trend in 2014/15

·         Inflation likely to be below central bank target by 0.5 - 1 percentage point

·         Lower inflation opens up space for more monetary policy easing

·         Govt and central bank need to conclude monetary framework pact to consolidate gains in inflation control

·         Consumer inflation in 2015/16 likely to range between 5-5.5 percent

FISCAL CONSOLIDATION

·         Govt remains committed to fiscal consolidation

·         India can balance short-term imperative of boosting public investment to revitalize growth with fiscal discipline

·         Outlook for external financing is correspondingly favourable

CURRENT ACCOUNT DEFICIT

·         Estimated at about 1.3 percent of GDP in 2014/15 and less than 1.0 percent of GDP in 2015/16

SUBSIDIES

·         Overhauling of subsidy regime would pave the way for expenditure rationalisation

LIQUIDITY

·         Liquidity conditions expected to remain comfortable in 2015/16

Vacancies: Oriental Insurance Administrative Officer (Generalists and Specialists)

The Oriental Insurance Company Ltd.(A Government of India Undertaking) invites applications for the post of Administrative Officers (AO) Scale - I in specialised discipline of Accounts, Actuaries, Generalist, Legal and Marketing :
Administrative Officer (AO) : 246 posts (UR-125, OBC-60, SC-40, ST-21, (PWD-19)) (Accounts - 100, Actuaries-2, Legal - 44, Marketing-50, Generalist-50), Age : 21-28 years. 

Date of Online Examination: Tentatively in May, 2015

Last Date to Apply: 20/03/2015

Application Fee: Rs. 600(Rs. 50 for SC/ST/PWD)

Detailed Notification: http://www.orientalinsurance.org.in/alfresco/download/direct?path=/Company%20Home/Guest%20Home/OICLWebsite/Pers_RectAO2015_18022015.pdf

Apply Online: http://ibps.sifyitest.com/oiclsfeb15/

Rail Budget 2015: Highlights

1. No increase in rail fares

2. Investment of Rs 8.50 lakh crore envisaged over the next five years

3. 17,000 toilets to be replaced by bio-toilets; stress on 'clean Railways'

4. Railways allots 67% more funds for passenger amenities

5. Nationwide 24*7 helpline announced (24*7 helpline 138 will be effective from 1/3/2015; Toll free No. 182 for security complaints)

6. Railways to raise finances via SPVs, partnerships

7. Private agencies to be  asked to set up waste-to-energy conversion plants

8. Railways can play prime role in poverty elimination

9. Chronic underinvestment has led to poor development of Railways

10. Railways to go through transformation in five years; to increase track capacity by 10 per cent to 1.38 lakh km

11. Rs 2000 crore for Coastal Connectivity Program; to commission 1,200 km fresh lines this year

12. ISRO, RDSO, IIT Kanpur to help provide facilities for safety at unmanned level crossings

13. 9 hi-speed corridors announced; work on Mumbai-Ahmedabad fast train feasibility study expedited

14. SMS alert for arrival-departure services; reserved ticket booking window raised to 120 days

15. Four-point goal: Improved customer experience, safer travel, better infra, financially self-sustainable

News and Updates - February 26, 2015

Govt accepts 14th Finance Commission recommendations

14th Finance Commission, which was headed by former RBI Governor Y.V. Reddy, recommended that the share of states in the centre's tax revenue be increased from 32 percent to 42 percent. The recommendations of the commission has accepted by the centre. The recommendation is for the five-year period 2015-16 to 2019-20. As per the increased devolution suggested in the report, the states will get Rs 3.48 lakh crore in 2014-15 and Rs 5.26 lakh crore in 2015-16.

Ram Niwas Goel elected as Speaker of Delhi Legislative Assembly

Ram Niwas Goel, MLA of Aam Aadmi Party (AAP) today unanimously elected as the Speaker of the Delhi Legislative Assembly. While AAP legislator Bandana Kumari was elected as the Deputy Speaker of the House. Ram Niwas Goel won the seat of Shahdara constituency in Delhi Assembly election. He defeated Bhartiya Janta Party's Jitender Singh Shunty.

Yes Bank raises Rs. 1,000 crore via green bonds, double the target

Yes Bank raised Rs.1,000 crore against a targeted Rs.500 crore by issuing green infrastructure bonds. The bonds are of 10-year tenor and the money raised will be used for funding renewable energy projects in solar, wind, biomass and small hydel plants, the lender said in a statement. The bank, which had set out with a target to raise Rs.500 crore, saw demand from insurance companies, pension and provident funds, foreign portfolio investors and mutual funds, which resulted in the greenshoe option being utilized. Yes Bank managing director and chief executive Rana Kapoor said this is the first green infrastructure bond issue in India and expressed satisfaction at the response. The statement, however, did not offer any details on the pricing of the issue.

IndusInd Bank to raise Rs. 2,000 crore via infra bonds, NCDs

Private sector lender IndusInd Bank will issue long-term infrastructure bonds or non-convertible debentures on private placement basis to raise about Rs.2,000 crore. “The board of directors ... approved the proposal of borrowings/raising funds in Indian currency by issue of long-term infrastructure bonds/subordinated non-convertible debentures in domestic market, on private placement basis, in one or more tranches, for an amount not exceeding Rs.2,000 crore,” the bank said in a filing to the BSE. The proceeds will be used to finance bank’s incremental lending for infrastructure and affordable housing, it said. The debt raised, to be added both as tier-I and tier-II capital, by the bank has a maturity period of seven years. These bonds may carry a coupon at a fixed rate or at a floating rate, it added.

RBI issues clarification on ARCs

The Reserve Bank of India (RBI) has clarified that asset reconstruction companies (ARCs) will henceforth require its prior approval only if there is a transfer of 10% of more stake by such companies or alternatively if the transfer of such stake changes the sponsor of the firm. Earlier any change in the shareholding of ARCs had to be approved by the RBI. The change in the norms is to ensure “smooth” functioning of ARCs, RBI said.

Ranchi Rays lifted Hero Hockey India League trophy 2015

Ranchi Rays emerged the Champions of Hero Hockey India League 2015. Ranchi Rays defeated Jaypee Punjab Warriors by 3-2 in the final at Major Dhyan Chand National Stadium, New Delhi. Ranchi Rays, which was earlier called Ranchi Rhinos was also lifted the inaugural title in 2013.

SBI inked an agreement with Indian Army on Defence Salary Package

The Indian Army and State Bank of India (SBI) signed a Memorandum of Understanding (MoU) on the Defence Salary Package. The MoU is tailor-made to suit the requirements of serving soldiers, pensioners and families. Under the MoU number of free/concessional services like free drafts, free cheque books, free funds transfers to any bank in India through RTGS / NEFT, free ATM cards and others have been included. Personal Accident Insurance (PAI) was enhanced and was linked to the Savings account instead of the debit card, etc.

Six Indians among Forbes' 50 'Power Businesswomen'

Six Indian women CEOs and Managing Directors, including State Bank of India head Arundhati Bhattacharya and ICICI CEO Chanda Kochchar, have been named by Forbes magazine in its 50 'Power Businesswomen' from Asia who are "knocking down" walls in the traditional male bastions. The Asia's 50 Power Businesswomen list showcases a year of accomplishments by the region's female entrepreneurs and executives, punctuated by the midas touch of China's Alibaba and newcomers from two rapidly growing economies where women are starting to find a toehold in business, the magazine said. Included in the list are women CEOs and founders who are active in the upper echelons of the business world in Asia, wield significant power and have access to robust financial resources. Apart from Bhattacharya and Kochchar, the Indian executives on the list are Akhila Srinivasan, MD/Non-Executive Director of Shriram Life Insurance/Shriram Capital, Biocon Founder, Chairman and MD Kiran Mazumdar Shaw, Axis Bank CEO and MD Shikha Sharma and Life Insurance Corp. of India MD Usha Sangwan 56 (India).

Delhi Open: Somdev Devvarman retains title

Somdev Devvarman didn’t play as well as he can, but he did what he knows best. Devvarman dug deep and outfought Yuki Bhambri 3-6, 6-4, 6-0 to defend the $100,000 ATP Challenger Delhi Open title on Sunday.

The results: Final: Somdev Devvarman (Ind) bt Yuki Bhambri (Ind) 3-6, 6-4, 6-0. Doubles: Alexander Kudryavtsev (Rus) and Egor Gerasimov (Blr) bt Riccardo Ghedin (Ita) and Toshihide Matsui (Jpn) 6-7(5), 6-4, 10-6. — Priyansh

David Ferrer beats Fabio Fognini in straight sets to win Rio Open

No. 9 David Ferrer continued his strong start to the season by defeating Fabio Fognini 6-2, 6-3 Sunday to win the Rio Open. The win marks Ferrer's 23rd ATP title and his second title in three tournaments this year. He kicked off his season with a title at the Qatar Open and made the fourth round of the Australian Open. Seeded second in Rio, Ferrer lost just one set all week. A day after snapping Rafael Nadal's 52-match win-streak in ATP semifinals on clay, Fognini struggled to find his best form from the baseline, spraying 17 unforced errors to seven winners in the first set. Ferrer kept things much cleaner by hitting six unforced errors to four winners. With a set in pocket, Ferrer quickly built a 5-1 lead in the second before closing it out in one hour and 24 minutes to extend his record against the Italian to 8-0.

News and Updates - February 23, 2015

Nitish Kumar sworn in as CM of Bihar for 4th time

Nitish Kumar has sworn in as the Chief Minister (CM) of Bihar for the 4th time. Governor of Bihar Keshri Nath Tripathi administered the oath of office and secrecy to him at the oath taking ceremony held at Raj Bhawan in Patna. Along with Nitish Kumar, 22 Janta Dal United (JDU) Party legislators, including three women were also sworn in as Cabinet Ministers. Earlier on 20 February 2015, Jitan Ram Manjhi had resigned as CM ending a month long political turmoil in Bihar.

Purnendu Dasgupta wins American Chemical Society award 2015

Purnendu Dasgupta, an Indian-American has won 2015 American Chemical Society (ACSs) Division of Analytical Chemistry J. Calvin Giddings Award. He was awarded this award for his special contribution in the field of analytical chemistry. He will receive this award in August 2015 at ACS national conference in Boston.

Environmental loss in Sundarbans worth Rs. 1290 Crore: World Bank Report

As per World Bank’s recently released report Building Resilience for Sustainable Development of the Sundarbans, environmental damage in the climate change-hit islands of Sundarbans is costing India Rs. 1,290 crore each year. This report was jointly prepared by World Bank in collaboration with the West Bengal government. Sundarbans is an archipelago of 54 islands and is home to about 44 lakh people. It is a UNESCO World Heritage site. In recent times it is hit hard by an increase in floods, storms, salinity and erosion caused by rising sea-levels and global warming.

RBI eases some restrictions on shadow bank lending

The Reserve Bank of India (RBI) has eased lending regulations governing the country’s shadow banking industry, removing investor limits and the need for collateral guarantees on standard debt transactions. The RBI said shadow banks would henceforth be able to conduct non-convertible transactions valued at Rs. 1 crore ($160,000) or more unsecured, and such issuance would no longer be limited to 200 investors. Restrictions would remain on debt of less than that value that is not convertible into equity, and on all convertible debt, the RBI said. India’s shadow banks, known as non-banking financial firms (NBFCs), are widespread and include housing finance companies and consumer finance firms that lend small sums to individuals. The central bank also said NBFCs would not be permitted to transfer the proceeds of non-convertible debt issues to affiliates.

Takahiro Hachigo appointed as new President and CEO of Honda

Japanese automaker Honda Motor Co has appointed Takahiro Hachigo as its new President and Chief Executive Officer (CEO). He will assume charge in June 2015 and replace Takanobu Ito, who had stepped down from the top most post in an unexpected move on 23 February 2015. Prior to this appointment, Hachigo was Managing Officer of Honda Motor Co. and was appointed to this post in April 2014.

Government Launches Portal 'Madad' to Redress Consular Grievances

Indian citizens living abroad will now be able to file consular grievances online as the government has launched an e-portal to address such complaints promptly with a high degree of "accountability". The portal 'Madad'(Help) was launched at the Ministry of External Affairs or MEA headquarters in Delhi by External Affairs Minister Sushma Swaraj, who said the grievance monitoring facility would enhance "accessibility" for people and fix greater "accountability and responsibility" on officials. "The portal seeks to significantly reform the linear process adopted to post grievances from the originator of the grievance to the concerned Embassy or Consulate of India abroad and cut down the time required for grievances to be sent from Delhi to our Missions abroad and to get them to take necessary action," Ms Swaraj said. The speedy handling of complaints, improve tracking and redressal and escalation of unresolved cases are among the chief characteristics of 'Madad'. "After registering, the complainant can log in and file his or her complaints, and the entire history of that grievance would be maintained online. The authorities would be assigned the responsibility through a colour-coded dashboard that would change the colour if the response in not given in a stipulated time," a senior official of the MEA said.

India Signs Loan Agreement with ADB for $50 Million Loan To Boost Power Generation Capacity in Assam

The Asian Development Bank (ADB) and the Government of India signed a $50 million loan agreement for the second Assam Power Sector Investment Program which aims to build up the capacity of power generation and distribution systems to meet the growing energy demand in the state of Assam. The first tranche loan of the $300 million multi-tranche financing facility will fund generation capacity enhancement and distribution efficiency improvement subprojects in the state. Shri Tarun Bajaj, Joint Secretary (Multilateral Institutions), Department of Economic Affairs, Ministry of Finance, who signed the agreement on behalf of Government of India said that more than a third of households in the State face daily electricity cuts of 5 to 6 hours, many important businesses, such as the tea gardens, still aren't connected to the grid, and in peak periods Assam has to buy up to 15% of its power from independent producers at very high cost, said He added that the project will finance investments to augment and improve generation capacity through the replacement of an inefficient generating plant and construction of new hydropower plant.

First coal block e-auction earns Rs. 1 lakh crore for states

The first round of coal block e-auction saw some of the key names in the industry bagging 18 mines with a combined extractable reserve of 90 million tonnes, along with attached end-use infrastructure. According to the auction amount and royalty payable, six mineral-rich states are likely to earn a little more than Rs 1 lakh crore over the next 30 years. That's not all. Non-mineral-rich states will benefit from tariff concessions, or reduction in power rates arising out of stiff bidding for coal. By the coal ministry's rough estimates, for every decline of Rs 100 a tonne in a bid, the power rate gets reduced by 6 paise a unit. The auction saw companies making even Rs 0 bids; that implies the bidding company concerned is ready to take the fuel cost on its account books and pass on the rate reduction to power consumers.

PM launches soil health card scheme to spruce up farm productivity

In an attempt to check deteriorating soil quality and spruce up farm productivity, Prime Minister Narendra Modi launched the soil health card scheme in Suratgarh, Rajasthan. The scheme will provide all 145 million farm owners in the country with a soil health card in the next three years. The ambitious scheme was announced in the first budget presented by finance minister Arun Jaitley in July last year. The budget allotted Rs.100 crore for issuing cards and an additional Rs.56 crore to set up 100 mobile soil testing laboratories across the country. The soil health card details existing nutrient status of the soil and crop-wise recommendations of nutrients and fertilizers required, making it easier for farmers to improve productivity by using appropriate inputs.

Scientist Tapan Misra appointed as Director of ISRO’s Space Application Centre

Eminent scientist Tapan Misra has been appointed the Chief of ISRO’s Space Applications Centre (SAC), Ahmedabad Gujarat. He will succeed A S Kiran Kumar, who was appointed as the Chairman of the Indian Space Research Organization (ISRO) in January 2015.He was awarded Hari Om Ashram Prerit Vikram Sarabhai research Award (2004), ISRO Merit award (2008), Sir JC Bose National Talent Search (JBNSTS) Scholarship (1981). He has been 2 granted patents, 6 pending patents, 5 copyrights and many research papers to his credit.

Rs. 50000 crore naval project gets Cabinet nod

The Cabinet Committee on Security sanctioned the country's biggest naval project, the construction of seven stealth frigates for Rs 45,381 crore. Mazagon Dock Ltd (MDL), Mumbai , will build four of these, while Garden Reach Shipbuilders and Engineers, Kolkata (GRSE), simultaneously builds the other three. This project, dubbed Project 17A, follows on from the earlier Project 17, in which MDL built three 5,600-tonne frigates: INS Shivalik, Satpura and Sahyadri. The first of these, the Shivalik, entered service in 2009. The timeline for Project 17A allows each shipyard a preparatory period of two years, in which they will prepare for construction and place orders for long-lead items like engines and transmission. Then they will actually build the warship over five years. The first two frigates would be delivered by MDL and GRSE in 2022, with the rest coming in pairs at one-year intervals. The Project 17A frigates, while superficially similar to those build under Project 17, will pack significantly more punch with more advanced weaponry. The new vessels will be fitted with BrahMos cruise missile for land attack, and the new Indo-Israeli Long Range Surface-to-Air Missile (LR-SAM) that can shoot down incoming anti-ship missiles.

Simona Halep lifted WTA championship title

Simona Halep lifted WTA championship title after defeating Karolina Pliskova in the final in Dubai. She defeated Pliskova in a straight sets 6-4, 7-6 to win the 10th trophy of her career.

AAP govt ropes in Sushil Kumar to promote sports in Delhi

The Arvind Kejriwal-led Aam Aadmi Party (AAP) Government has roped in two-time Olympic medal winning wrestler Sushil Kumar to promote sports in Delhi. As part of the plan, Sushil would also promote special sports degree programmes. "The Delhi Government has come up with good ideas for development of sports in Delhi. I have also given some proposals," he said.

Apollo Hospitals inks pact with Republic of Macedonia

Apollo Hospitals Group ties up with the Republic of Macedonia, to expand healthcare services in the Southeastern European nation. It also establishes efforts to provide telemedicine, educational opportunities and training over the next five years for Macedonia, it added.

Veteran CPI leader Govind Pansare passed away

Veteran leader of Communist Party of India (CPI), Govind Pansare was shot along with his wife Uma by unidentified persons near his house in Kolhapur. He passed away at Breach Candy hospital in Mumbai. He was 82. He was leading a campaign against the collection of toll in Maharashtra.

State Bank of India to finance small tea growers in NE

State Bank of India(SBI) will provide finance Rs 100 crore benefiting 3,000 small tea growers in the North East soon, a senior official of the public sector bank said today. ii. Finance will be provided to tea growers who have proper basic documents of their existing garden as per Tea Board of India norms. "The benefit is not only for Assam, but also for new tea garden growing states such as Arunachal Pradesh, Nagaland and Meghalaya which will also be covered under a similar scheme.

Academy Awards 2015: The complete list of winners

Best supporting actor
JK Simmons for Whiplash

Achievement in costume design
The Grand Budapest Hotel – Milena Canonero

Achievement in makeup and hairstyling
The Grand Budapest Hotel – Frances Hannon, Mark Coulier

Best foreign-language film
Ida – Paweł Pawlikowski (Poland)

Best live-action short film
The Phone Call – Mat Kirkby, James Lucas

Best documentary short subject
Crisis Hotline: Veterans Press 1 – Ellen Goosenberg Kent, Dana Perry

Achievement in sound mixing
Whiplash – Craig Mann, Ben Wilkins, Thomas Curley

Achievement in sound editing
American Sniper – Alan Robert Murray, Bub Asman

Best supporting actress
Patricia Arquette for Boyhood

Achievement in visual effects
Interstellar – Paul J Franklin, Andrew Lockley, Ian Hunter, Scott R Fisher

Best animated short film
Feast – Patrick Osborne, Kristina Reed

Best animated feature film
Big Hero 6

Best production design
The Grand Budapest Hotel: Adam Stockhausen, Anna Pinnock

Achievement in cinematography
Birdman: Emmanuel Lubezki

Achievement in film editing
Whiplash – Tom Cross

Best documentary feature
Citizenfour – Laura Poitras, Mathilde Bonnefoy, Dirk Wilutzky

Best original song
Glory from Selma – Lonnie Lynn (Common), John Stephens (John Legend)

Best original score
Alexandre Desplat – The Grand Budapest Hotel

Original screenplay
Alejandro González Iñárritu, Nicolás Giacobone, Alexander Dinelaris, Armando Bo – Birdman

Adapted screenplay
Graham Moore – The Imitation Game

Best director
Alejandro González Iñárritu for Birdman

Best actor
Eddie Redmayne for The Theory of Everything

Best actress
Julianne Moore for Still Alice

Best picture
Birdman

Word of the Day

Deflagrate::
to burn rapidly with intense heat and sparks being given off

Word usage: The city has banned fireworks and similar devices that deflagrate when lit. 

Synonyms: burn, aggravate, enrage etc.

Meaning in Hindi: चमक

RRB Vacancies: Rajasthan Marudhara Gramin Bank

Rajasthan Marudhara Gramin Bank, a Rajasthan based RRB invites applications from Indian citizens, for the post of Officers in Scale III, II and I and Office Assistant (Multipurpose) from Indian citizens who have appeared at the Common Written Examination for RRBs conducted by IBPS in September / October 2014 and declared qualified.

Last date to apply: 26/02/2015.

Detailed Notification:
http://www.mgbbank.com/IBPSAPPFinal.pdf

Apply online:
http://ibpsregistration.nic.in/ibps_rmgbnk0215/

News and Updates - February 17, 2015

RBI to Soon Put One Rupee Notes in Circulation Again

After a gap of about two decades, the RBI will again put in circulation rupee one notes soon. Printing of one rupee note was discontinued about 20 years ago. "These currency notes are legal tender as provided in the Coinage Act 2011. The existing currency notes in this denomination in circulation will also continue to be a legal tender," the Reserve Bank of India said in release. At present, one rupee coins are minted. "The new currency note will be predominantly pink green on obverse and reverse in combination with other colours", the RBI said. "The RBI will soon put in circulation currency notes in one rupee denomination. The notes will be printed by the Government of India," the Reserve Bank said. Unlike other currency notes which the bear signature of RBI Governor, the one rupee note will have signature of the Finance Secretary.

January WPI inflation dips to -0.39% versus 0.11% in December

Wholesale price index fell for the second time in three months in January as oil prices slumped, bolstering prospects for further interest rate cuts by the Reserve Bank of India (RBI). The wholesale price index (WPI) unexpectedly fell 0.39 per cent last month from the same period a year earlier, its biggest decline since June 2009, government data showed on Monday. The fuel price index tumbled 10.69 per cent on-year.

Hindujas power up Modi’s renewable push with $1 billion investment in solar

Prime Minister Narendra Modi’s thrust on putting India on the renewable energy map is luring big corporates to invest in this segment. In the latest such investment in the sector, the Hinduja Group on Monday said it is looking to pump in about a billion dollars to set up solar-based power units in the country to generate 1,000 MW. “We have identified locations in three States, including Rajasthan and Gujarat,” Gopichand P Hinduja, Co-Chairman of the $25-billion Group said at a media interaction. The company has acquired land and is in talks with three potential partners, of which one will be selected after due diligence. Shom Hinduja, the 23-year-old son of Group Chairman Ashok Hinduja, is leading the entry into the solar power business.

IPL auction: Delhi Daredevils bags Yuvraj for a record Rs.16 crore

He may not have made it to the World Cup squad, but all-rounder Yuvraj Singh proved that he is still in the game after Delhi Daredevils snared him for a record Rs.16 crore in the IPL auctions. Last year, Royal Challengers Bangalore bought Yuvraj for Rs.14 crore, the highest-ever bid then in the IPL auctions. In the latest round of auctions, a total of 67 players went under the hammer, including 23 foreign ones. Yuvraj was the hot favourite when the bidding opened in the morning at a five-star hotel in the city. In a four-way bidding war, Rajasthan Royals, Kings XI Punjab, Delhi Daredevils and Royal Challengers tried to outbid each other to bag Yuvraj. But once the bidding crossed Rs.7 crore, Rajasthan and Punjab teams withdrew, leaving Bangalore and Delhi in the field. Royal Challengers bought Tamil Nadu wicketkeeper-batsman Dinesh Karthik for Rs.10.5 crore, the second-highest bid for a player in the eighth edition of the auctions conducted by Richard Madley. While bidding for some of the key players went on expected lines, star South African batsman Hashim Amla went unsold though he carried a base price of Rs. 2 crore. So did Kumara Sangakkara, the former Sri Lankan captain, who carried a base price of Rs. 1 crore. Among the uncapped players, Mumbai batsman, Shreyas Iyer was bagged by Delhi Daredevils for a whopping Rs. 2.6 crore while Karnataka’s little known leg break bowler KC Cariappa went to Kolkata Knight Riders for Rs. 2.40 crore.

SBI starts tech learning centres to help customers use alternate banking channels

To get customers to use alternate banking channels such as ATMs, Internet and mobile banking, State Bank of India has started technology learning centres at 385 regional business offices across the country. India’s largest bank is conducting free interactive learning sessions for customers on the third Friday of every month at these offices. “We found that many of our customers needed handholding to use technology oriented offerings from the bank. So, we have started an initiative called technology learning centre. “Therefore, at 385 RBOs (regional business offices), on the third Friday of every month, we have customer gatherings in two sessions in the evening,” said Chairman Arundhati Bhattacharya.

SBI commits Rs. 75,000 crore for clean energy generation

State Bank of India has committed Rs. 75,000 crore for generation of 15,000 MW of renewable energy in the next 5 years. “SBI has committed to provide Rs. 75,000 crore over a period of five years for the renewal energy sector,” SBI Chairperson Arundhati Bhattacharya said at the first Renewable Energy Global Investors Meet. “The funding would be for 15,000 MW of renewal power. Of course, the proposals will have to be viable and they also have to be viable as per the norms of the banks,” she said. SBI has a loan exposure of Rs. 1.78 lakh crore in the power sector including conventional energy and discoms. Of this, she said, the bank’s outstanding loan towards clean energy is to the tune of Rs. 7,500 crore.

Infosys Buys US-Based Panaya for $200 Million

IT major Infosys has announced the acquisition of US-based Panaya for $200 million or Rs 1,250 crore. This is Infosys' second largest acquisition since the September 2012 deal to acquire Zurich-based Lodestone Holding. New Jersey-based Panaya provides cloud-based quality management services for enterprise applications; its clients include companies such as Coca-Cola, Mercedes-Benz and Unilever, among others. The all-cash deal is expected to close before March 31, 2015, Infosys said in a statement on Monday. "Panaya's acquisition reflects Infosys' execution of its Renew and New strategy to enhance the competitiveness and productivity of current service lines by leveraging automation, innovation and artificial intelligence," the company said in a statement. The acquisition comes at a time when Infosys, India's second-biggest IT outsourcing company, is betting on new technology to boost growth. Under chief executive Vishal Sikka, Infosys has been making big bets on automation and other new technology like artificial intelligence and cloud-based services as the company tries to regain some lost ground from rivals like Tata Consultancy Services.

Manappuram buys microfinance company Asirvad

Kerala-based gold loan company Manappuram Finance Ltd, on Friday, said it has acquired a majority stake in Chennai based micro-finance company Asirvad Micro Finance Pvt Ltd as it seeks to diversify into different financial businesses. Manappuram acquired 71.14% stake in Asirvad for Rs.48.63 crore in an all cash transaction. It plans to invest a further Rs.63 crore in into the micro-finance company to take its stake to 84.98%, the company said. Asirvad has 115 branches spread across Tamil Nadu, Kerala and Karnataka. Manappuram Finance had 3,293 branches across 27 states and Union territories with assets under management (AUM) of Rs.88.23 billion as on 31 December 2014.

India-Born Punit Renjen to be Deloitte Global CEO

India-born Punit Renjen has been appointed the next chief executive of US-based accounting giant Deloitte's global operations, becoming the first person of Indian-origin to head a 'Big-Four' audit firm. Mr Renjen joins a growing list of persons of Indian origin like Indira Nooyi, Satya Nadela and Anshu Jain who have made to the top posts at multi-billion dollar global corporations PepsiCo, Microsoft and Deutsche Bank, respectively. Deloitte, which is present across 150 countries including India and employs over two lakh people, is one of the four largest audit firms in the world and competes with PwC, KPMG and EY. Hailing from Rohtak, Haryana, Mr Renjen will assume his new role of Deloitte Global CEO from June 1. He will succeed Barry Salzberg in this role and is currently serving as US business chairman and CEO of the group. "I am honoured to have been elected as Deloitte Global's next CEO," Mr Renjen said in a statement.

Supersonic BrahMos successfully test-fired from INS Kolkata

The Navy successfully test-fired the BrahMos supersonic cruise missile from its latest stealth destroyer INS Kokata, the largest-ever warship built in India till now, during its ongoing major Tropex exercise being conducted in the Arabian Sea. The 290km deadly conventional missile hit its target with pinpoint accuracy during this first-ever vertical launch from the 6,800-tonne INS Kolkata, which was commissioned in August last year. Two more follow-on destroyers, INS Kochi and INS Chennai, are being constructed at the Mazagon Docks under the overall Rs 11,662 crore project. "The two warships, like INS Kolkata, are also being equipped with the universal vertical-launched BrahMos missile system as their principle precision strike weapon. The warships can fire 16 missiles in a salvo mode," said an official.

All India Football Federation Awards: Sunil Chhetri and Bala Devi win Player of the Year Trophy

Sunil Chhetri from Secunderabad and Bala Devi from Manipur won the All India Football Federation (AIFF) 2014 Player of the Year - Male and Female trophy, respectively. 31-year-old Chhetri, who is Captain for the Indian National Football Team, has been chosen as the winner for the 'AIFF 2014 Player of the Year' award on the basis of voting done by the Coaches from I-League Clubs. As of now, Chhetri has been named AIFF Player of the Year four times in 2007, 2011, 2013 and 2014. While Chhetri will be presented a prize of Rs 2 lakh, Devi would be presented Rs 1 lakh, besides a Trophy, each. With this, Chhetri also broke the record of IM Vijayan, who won the award for a total of three times. Vijayan had won it in 1992, 1997 and 2000. In the year 2014, 24-year-old Devi scored 16 goals to help India retain the SAFF Women's Crown in Islamabad.

McCullum becomes first cricketer to win New Zealand's Sportsman of the Year award

Brendon McCullum, became the first cricketer to win New Zealand's Sportsman of the Year award in the last 24 years. McCullum, who is the current captain in all three forms of the international game, has been awarded  for scoring over 1000 Test runs in the year 2014 and New Zealand's first Test triple-ton. WIth this, 33-year-old McCullum became the first cricketer from New Zealand to create such record since former captain Martin Crowe in 1991. New Zealand also won nine One-Day Internationals and six Twenty20 Internationals, taking their victory tally to 20 in 35 matches. McCullum was also a finalist for the supreme prize, the Halberg Award, but was beaten by Olympic and world rowing champions Hamish Bond and Eric Murray. Currently, he plays for the Otago Volts at provincial level. He played for Kolkata Knight Riders in the Indian Premier League, having also spent one year with Kochi Tuskers Kerala. McCullum was a wicket-keeper until 2013, and is an aggressive batsman who opens in One-day Internationals and is known for his fast scoring rate. He currently plays for Chennai Super Kings in the IPL. McCullum is the leading career scorer in Twenty20 International cricket and is the first and so far only player to have scored two Twenty20 International centuries and 2000 runs in T20 Internationals. He was the previous record holder for the highest individual score in a Twenty20 International (123 against Bangladesh in 2012) and highest individual score in all Twenty20 cricket (158 not out for the Kolkata Knight Riders against Bangalore Royal Challengers in 2008). On 18 February 2014, McCullum scored 302 runs against India making him the first New Zealand cricketer to score a triple hundred in Test cricket.

Former home minister of Maharashtra RR Patil passes away

Former Home Minister of Maharashtra, Raosaheb Ramrao Patil has passed away in Mumbai. He was 57 years old and was suffering from oral cancer. R. R Patil was born on 16 August 1957 in Anjani village of Sangli district in Maharashtra. He was popularly known as Aaba. His political career spanned over 25 years and belonged to the Nationalist Congress Party (NCP). He was elected to the Maharashtra legislative assembly for consecutive 6 times in 1990, 1995, 1999, 2004, 2009 and 2014 from Tasgaon constituency of Sangli district. R. R Patil was Deputy Chief Minister of Maharashtra from November 2004 to December 2008 during the NCP-Congress coalition government.

India, Sri Lanka inks agreement on civil nuclear cooperation, Cultural cooperation

India and Sri Lanka have signed an agreement on civil nuclear cooperation, Cultural cooperation during Sri Lanka’s newly elected President Maithripala Sirisen four-day visit to India.

Sri Lanka has signed first such bilateral agreement on civil nuclear cooperation.

Following agreements were signed between India and Sri Lanka

Agreement on Cooperation in the Peaceful Uses of Nuclear Energy- It will facilitate the transfer and exchange of knowledge and expertise, resources in peaceful uses of Nuclear energy between both nations. This agreement also includes capacity building and training of personnel for nuclear security, radioactive waste management and nuclear and radiological disaster mitigation and environmental protection.

Programme of Cultural cooperation between both nations for years 2015-18 –It seeks to enhance cooperation in different fields like arts, visuals arts, cultural documentation, archeology, handicrafts etc between both nations.

MoU on establishment of Nalanda University- It will enable Sri Lanka to participate in India’s Nalanda University project.

Work Plan 2014-15 under MoU on Cooperation in the field of Agriculture- It will facilitate bilateral cooperation in Agro Processing, Agricultural extension, horticulture, agricultural machinery, training in farm mechanization, livestock diseases, etc. between relevant institutes and organizations from both countries.

French actor Louis Jourdan passes away

French actor Louis Jourdan has passed away on 14 February 2015 in Los Angeles, United States. He was 93. He was best known for his role in the multi-Oscar winning musical film Gigi of 1958 and also for his roles in several Hollywood films, including The Paradine Case (1947), Letter from an Unknown Woman (1948), The Best of Everything (1959), The V.I.P.s (1963) and Octopussy (1983).

China opens largest embassy in Islamabad, Pakistan

China has opened new embassy in Islamabad, Pakistan. It is the largest overseas diplomatic mission of China. An opening ceremony of this embassy was held on 13 February 2015, during China’s Foreign Minister Wang Yi ‘s three day visit to Pakistan. During the opening ceremony Wang Yi has described its largest overseas embassy as a symbol of friendship between China and Pakistan. However, China has not disclosed the details of the new embassy. The opening of China’s largest Islamabad based embassy came after China and Pakistan deepen their all weather relations by constructing the multi-billion Economic Corridor through the Pakistan Occupied Kashmir (PoK) region.