Thursday, 2 April 2015

Today's Top Headlines 02-04-2015

Top Headlines 02-04-2015

1. Punjab Government launches Padho Punjab- Khedo Punjab Mission

i. Punjab Government has launched ‘Padho Punjab- Khedo Punjab Mission’ i.e. Learn Punjab- Play Punjab Mission.

ii. It is a special mission launched to provide school students a separate period in the curriculum for playing along with studies.

iii. The purpose of the mission is to encourage more youngsters towards sports to produce quality players for the country. This will also inculcate the sportsmanship spirit and competitiveness amongst them.

2. Isro IRNSS-1D Launch Puts India a Step Closer to Own GPS-Like System

i. India is set to operationalise its own navigational system with the succesful launch of IRNSS-1D, the fourth in the series of seven navigational satellites, onboard PSLV-C27 from Sriharikota.

ii. The expendable rocket had a single but important luggage, the 1,425 kg IRNSS-1D.

iii. The rocket blasted off from the second launch pad at the Satish Dhawan Space Centre, around 80 km from Chennai.

iv. The IRNSS will provide two types of services - standard positioning service and restricted service. The former is provided to all users and the latter is an encrypted service for authorised users.

3. Gulshan Rai takes charge as India’s first cyber security chief

i. Gulshan Rai, the Director General of Indian Computer Emergency Response Team (Cert-In), will take over as India's first Cyber Security chief.

ii. Rai, who also heads the eSecurity and Cyber Law division in the Ministry of Communications and Information Technology, has been involved in various capacities regarding cyber security for over two decades. He is part of the Department of Electronics and IT.

iii. Rai's appointment comes at a time when cyber security assumes importance in the backdrop of growing network intrusions and hacking attempts on not just businesses but also on the government.

4. Andhra Pradesh Cabinet approved Amaravathi as capital of the State

i. Andhra Pradesh Cabinet chaired by Chief Minister N Chandrababu Naidu approved that Amaravathi will be the new capital city of the state. The capital will come up at Tullur in Vijayawada-Guntur region of the state.

ii. The name of Amaravathi as state capital was finalised in view of its historical, spiritual and mythological significance.

5. Muhammadu Buhari claims victory in Nigeria's presidential elections

i. Former military dictator Muhammadu Buhari has become Nigeria’s president elect after defeating Goodluck Jonathan in the first democratic change of power ever in Africa's most populous nation.

ii. Mr Jonathan on Tuesday publicly conceded defeat, expressing his gratitude for the opportunity to lead the nation.

iii. Mr Jonathan's defeat is the first time in Nigeria’s brief democracy that a sitting president has not won a second term or handed power to a nominated successor.

6. Odisha Government launches Aahar scheme

i. Odisha Chief Minister Naveen Patnaik launched his government’s much-hyped subsidised Aahar scheme on the occasion of the State’s Foundation Day.

ii. The scheme was launched in Bhubaneswar, Cuttack, Berhampur, Sambalpur and Rourkela in the first phase.

iii. The Chief Minister launched the scheme in two towns — first at the Capital Hospital premises in Bhubaneswar followed by Government Hospital in Rourkela.

iv. Four Aahar outlets each have been opened in five towns where meal consisting of rice and Dalma is being provided at a subsidised rate with financial assistance from three State run corporations and Tata Steel.

7. Union Government launches FAME-India scheme to boost electric, hybrid vehicle sales

i. Union Government on 1 April 2015 launched Faster Adoption and Manufacturing of Hybrid and Electric vehicles (FAME) – India Scheme.

ii. The scheme was launched as part of the National Mission for Electric Mobility to boost eco-friendly vehicles sales in the country.

iii. It's main objective is to support the hybrid or electric vehicles market development and its manufacturing eco-system in the country in order to achieve self-sustenance in stipulated period.

iv. The overall scheme is proposed to be implemented over a period next 6 years i.e. till 2020.

8. Indirect tax collection exceeds target by Rs 4,000 crore in FY15

i. The collection of indirect taxes has surpassed the revised estimates by Rs 4,000 crore to reach Rs 5.46 lakh crore for the fiscal ended March 2015.

ii. The total collection as on March 31 is Rs 5,46,479 crore, based on the provisional report as against revised estimates of Rs 5,42,325 crore for 2014-15The total collection as on March 31 is Rs 5,46,479 crore, based on the provisional report as against revised estimates of Rs 5,42,325 crore for 2014-15.

Wednesday, 1 April 2015

Today's Top Headlines 01-04-2015

Top Headlines 01-04-2015

1. RBI penalises 16 Central Co-operative Banks (CCBs)

i. The Reserve Bank of India penalised 16 central cooperative banks with a fine of Rs 5 lakh each for non-adherence of the Know Your Customer and Anti-Money Laundering guidelines.

ii. The lenders were issued show-cause notices and the action was taken after going through the responses.

iii. The penalties were imposed on these co-operative banks in exercise of powers vested in RBI under the provisions of Section 47(A) read with Section 46 of the Banking Regulation Act, 1949

2. New Zealand cricketer Mills follows Vettori into retirement

i. New Zealand pace bowler Kyle Mills announced his retirement from all cricket Wednesday, following Daniel Vettori in calling it quits after the World Cup final.

ii. Mills was consistently ranked among the world's top 10 one-day bowlers throughout his illustrious 14-year career, and for a long time was ranked number one.

iii. Mills represented New Zealand in 170 ODIs and took 240 wickets to be the Black Caps' second highest wicket-taker in the shortened game behind Vettori, who took 297.

3. Snapdeal acquires majority stake in RupeePower

i. E-commerce marketplace Snapdeal has acquired a majority stake in digital financial distribution platform RupeePower for an undisclosed amount.

ii. Snapdeal’s entry into online financial services is a first for an e-commerce company in India. Following the deal, the SoftBank-backed Snapdeal will offer consumer loans through the RupeePower network. The online financial services market in India is estimated at Rs 4,500 crore.

iii. The latest development is part of Snapdeal’s $1-billion acquisition spree. Founded in 2011, RupeePower has partnered 12 banks, including the State Bank of India, and non-banking financial companies.

4. Kotak Mahindra-ING Vysya merger gets RBI approval

i. The merger deal between Kotak Mahindra Bank and ING Vysya Bank has received the Reserve Bank's approval, which would create the country's fourth largest private sector lender.

ii. The scheme of amalgamation (of Kotak Mahindra Bank and ING Vysya Bank) shall come into effect from April 1, 2015. Following the merger, all the tangible and intangible assets have been transferred to Kotak Mahindra Bank.

iii. The Rs 15,000 crore merger deal between Kotak Mahindra and ING Vysya got the Competition Commission's approval in February.

5. Commerce Ministry releases Foreign Trade Policy

i. The commerce ministry announced its new Foreign Trade Policy for the period 2015-2020.

ii. To address the infrastructural bottlenecks, complex procedures and manufacturing hurdles, the new trade policy announced two new schemes -- Merchandise Exports From India Scheme (MEIS) and Services Exports From India Scheme (SIES).

iii. The new trade policy will boost exports, create jobs while supporting 'Make In India' and 'Digital India'… Will focus on defence, pharma, environment-friendly products and value-added exports.

6. Mustafa Kamal resigned from the post of President of International Cricket Council

i. Mustafa Kamal on 1 April 2015 stepped down as the President of the International Cricket Council (ICC). He sent out the resignation letter to the ICC.

ii. The Bangladeshi cricket administrator had succeeded Alan Isaac as the 11th President of the ICC in June 2014 for a period of two years.

iii. He has been associated with cricket for 30 years and served cricket in different capacities. In 2012, he was named as the Vice-President of the ICC for the term 2012-2014.

Rail Budget 2015-16

Union Rail Minister Suresh Prabhu presented the Rail Budget for 2015-16 on 26 February 2015. Following are the 10 important questions that we assume could become part of numerous upcoming competitive exams.

1) What is the name of the new public sector undertaking that was announced in the Rail Budget 2015-16 for providing end to end logistics solutions? –Transport Logistic Corporation of India (TLCI or TRANSLOC)

2) What is the name of the scheme announced in the Rail Budget 2015-16 which allows passengers traveling unreserved to buy a ticket “within five minutes of entering the station? – “Operation 5-minutes”

3) The Rail Minister announced intention to set up an innovation council for the purpose of business re-engineering and introducing a spirit of innovation in Railways in the Rail Budget of 2015-16. What is the name given to this council? – “Kayakalp”

4) What is the newly announced Toll Free number that was announced in the Rail Budget 2015-16 for security complaints and women safety? – 182

5) What is the operating ratio for railways for 2015-16 that was announced in the Rail Budget 2015-16? – 88.5% (This is the best operating ratio in last 9 years)

6) What is the new advance booking limit that was announced in the Rail Budget 2015-16? – 120 days (earlier it was 60 days)

7) Which institutes has been chosen to design the passenger linen and bedding as announced in the Rail Budget 2015-16? – NIFT

8) Which institute was chosen to design user-friendly ladders for climbing upper berths to help senior citizens as announced in Rail Budget 2015-16? – National Institute of Design (NID)

9) Satellite railway terminals will be set in how many major cities as announced in the Rail Budget 2015-16? – 10 (These satellite railway terminals will try to decongest traffic in railway terminals which are situated in congested central places of cities)

10) Establishment of the Malaviya Chair for research in railway technology was announced in the Rail Budget 2015-16. This chair would be established in which central university? – Banaras Hindu University (BHU, Varanasi)

Union Budget 2015-16

Union Finance Minister Arun Jaitley presented the Union Budget for 2015-16 on 28 February 2015. This was the first full budget of the NDA government led by Prime Minister Narendra Modi. Following are the important questions coming out of the proposals coming out of this Budget.

1) What is the name of the proposed micro and SME development finance unit that was announced in the Budget? – MUDRA Bank

2) How much allocation has been made for the proposed MUDRA Bank, which has been proposed for giving boost to micro and SME sectors? – Rs. 20,000 crore

3) Which regulator is proposed to be merged with the SEBI as announced in this budget? – Forward Markets Commission – FMC (FMC is the regulator of the commodities market in India)

4) The service tax has been hiked from present 12.36% to – 14%

5) 100% tax deduction has been allowed for contribution to which two important central govt. schemes in this budget? – Swachh Bharat Fund and Namami Gange Fund

6) Which tax has been abolished with a cess in this budget? – Wealth Tax (It has been replaced with a 2% cess on super rich individuals. The super rich individuals are those with an annual income of over Rs. 1 crore)

7) The establishment of a new film production centre (Centre for Film Production and Animation) in which Northeastern state has been proposed in the budget? –Arunachal Pradesh

8) What is the name of the new scheme to empower and enable minority youths, announcement for which was made in the budget? – “Nayi Manzil” (This scheme was announced to enable minority youth to obtain school leaving certificate and gain better employment)

9) The corporate tax will be reduced from present 30% to 25% as announced in the Budget. This reduction, however, will be done across how many years? – 4 years

10) What is the name of the new insurance scheme announced in the Budget under which insurance coverage of Rs. 2 lakh will be provided with a daily premium of Re.1? –“Pradhan Mantri Jeevan Jyoti Bima Yojana”

11) How much additional allocation for MGNREGA was announced in the Budget, which had made this year’s MNREGA allocation the highest ever? – Rs. 5,000 crore(Total allocation stands at Rs. 34,699 crore)

12) The Budget proposed what status to the non-banking financial companies (NBFCs) registered with RBI with corpus above Rs. 5,000 crore? – Financial Institutions

13) Establishment of how many Ultra Mega Power Plants (UMPPs) with capacity of 4,000 MW each has been proposed in the Budget? – Five (Total investment of Rs. 1 lakh crore has been proposed for establishment of these 5 UMPPs)

14) How many years deferment for General Anti-Avoidance Rules (GAAR) was announced in the Budget? – 2 years (GAAR is a general set of rules enacted to limit tax avoidance. It was proposed to be effective from April 2015. But with this announcement it has now been deferred to April 2017)

15) What is level of fiscal deficit for 2015-16 as proposed in the budget? – 3.9% of GDP