CURRENT AFFAIRS NOTES-1

Union Cabinet Nod for 26 % FDI in pension sector: The Union cabinet on November 16,2011 agreed to partially open the gates for Foreign Direct Investment in the pension sector to the extent of 26 % and decided not to mention any sectoral cap in the proposed pension Fund Regulatory and Development Authority Bill 2011.

India Maldives Security Deal: India on November 12,2011 signed a framework agreement of cooperation and development and MOU in Male which will serve as the bedrock for joint cooperation in safeguarding each others security interest

India Test Fired Agni-IV: India on November 15,2011 test fired highly advanced nuclear missile capable Agni-IV long range ballistic missile with a strike range of 3,000 km from the wheeler`s Island off the coast of Africa.This was the longest range mission flown by the Defence Research and Development Organization (DRDO).

Two Indian`s Figured in Forbes Magazine: Congress President Sonia Gandhi and PM Dr. Man Mohan singh have figured among the top 20 most powerful people on the earth in the latest Forbes List.The List is topped by US President Mr. Barack Obama followed by Russian PM Vladimir Putin and Chinese President Hu Jinato.

First WEF recently held in Mumbai: Mumbai-the financial capital of Delhi -hosted the world economic forum`s India economic summit for the first time in 26 years of the summit`s history.The WEF in partnership with the Confederation of Indian Industry (CII) held the event in November 2011.

Vivek Express-India`s Longest Train Service: Vivek Express India's longest train service and 8th longest in the workld covering 4,286 Km in 82.30 hours began on Nov 19,2011 from Assam to Kanyakumari.Before this Himsagar Express running between Jammu Tawi and Kanyakumari (3715 Km) was the Longest in the country

Sukh ram sentenced to 5 years in Jail: Sukhram Union Minister of State for Communications in the P.V Narsimha Rao government was sentenced to 5 years imprisonment by a Special CBI Court in New Delhi on November 19,2011.He has been convicted on the charges of taking bribe,criminal misconduct,abuse of official position in which the FIR had been lodged in 1996.

Rs 6234 crore packabe for weavers: The Central Government on Nov 19,2011 has announced a Rs 62,34 crore package for 13 lakh weavers including two lakh in Uttar Pradesh.To be implemented from Jan 2012,the package includes a Rs 38,84 crore debt waiver and Rs 23,50 crore for a six field strategy to uplift weavers during the 12th 5th year plan.

Ela Bhatt was awarded Indira Gandhi Peace Prize: Social activist Ela Bhatt was on Nov 19,2011 declared the winner of the prestigious Indira Gandhi prize for Peace,Disarmament and development 2011 for her sustained effort towards empowering women.

Sushil Kumar appointed brand ambassador of MGNREGA:Sushil Kumar winner 5 crore rupees in the popular TV show Kaun Banega Crorepati has been appointed as Brand Ambassador of Mahatma Gandhi National Rural Employment Guarantee Programme on November 14,2011 by the Ministry of Rural Development.

Division of Uttar Pradesh: The UP cabinet on 15 Nov,2011 has approved the proposal to split the state into 4 smaller states namely -Purvanchal ,Bundhelkhand,Avadh Pradesh and Pashchim Pradesh.The resolution was passed on state assembly on November 21,2011

NOTS –2

Miss World 2011: Miss Venezuela Ivian Sarcos was crowned Miss World 2011 in London on November 6,2011.

G-20 Summit 2011: The 6th G-20 summit concluded its two day deliberations Cannes (France) on Nov 4,2011.The summit ended with signing of the anti-tax evasion agreement by the member states.

Chinese Space craft docked: In a crucial landmark success in the first week of Nov 2011,China's spacecraft Shenzhou-8 docked with the Tiangong-1 laboratory module which was launched in September 2011.It was China's first ever docking exercise in outer space conducted by unmanned space craft and a major technological break through by the Chinese space programme.

IAEA's suspicion of IRAN over nuclear tests: For the first time International Atomic Energy Agency (IAEA) in its report distributed on November 2011has revealed that Iran is suspected of conducting of secret experiments solely for developing nuclear arms.The report is based on 1000 pages of intelligence and a decade of research.

Paris Doubles Masters: Rohan Bopanna and Aisam-ul-Haq Qureshi won their first ever ATP masters tournament after beating Julien Benneteau and Nicolas Mahut 6-2,6-4 in the final on November 13,2011 in Paris

Abu Dhabi Grand Pix: Lewis Hamilton won a sizzling Abu-Dhabi Grand Pix on November 13,2011 in Abu Dhabi.He finished the race in 1 hour,35 minutes and 11.886 Fernando Alonso finished second in the race.

Israel test fired Advanced missile: Israel has successfully test fired an advanced missile from a base outside Tel Aviv.The test is reported to have involved a Long range Jericho missile capable of carrying a nuclear warhead.

Africa's first and only woman president (Of Liberia) to won a re-election: Ellen Johnson Sirleaf become Africa's first and only woman president of Liberia who has won re-election with 90.2 percent of the votes in November 2011 but in these elections the entire opposition boycotted the poll which renders her victory hollow as she has to prove her legitimacy as Liberia's re-elected President

Greece gets New Prime Minister: Sr. Banker of Greece Lucas Papademos was named on November 10,2011 as the new Prime Minster of Greece's Interim Government charged with the responsibility to take debt strapped country out of bankruptcy and firmly put the country in 17 nation euro zone firmly.

US-Australia Security Agreement: In Canberra (Australia) U.S President Barack Obama and Australia PM Julia Gillard on November 16,2011 announced a security deal under which America is to base U.S Marines in Australia, boosting the two nation's 60 year military alliance in a sign of heightened concern about China.

Italy Gets New Prime Minster: Economist and former European Commissioner Mario Monti emerged on Nov 9,2011 as favorite choice to replace outgoing Prime Minister Silvio Burscloni and assume the charge as Prime Minister of Italy .Monti who also holds the economy portfolio heads the emergency government which won the definitive final vote of confidence in Upper House of Parliament on November 17,2011.

IA AF Athletes of the year: Jamacian Sprint Usain Bolt -Olympics 100 meter champion and Australia's Sally Pearson-The world 100 meters hurdles champion were named athletes of the year by IA AF .Bolt has won the award third time after being honoured in 2008 and 2009.

WORLD CURRENT AFFAIRS……

Hillary Clinton's Historic Visit to Myanmar:

US Secretary of state Ms Hillary Cinton wrapped her much publicized Myanmar visit on December 1,2011.This is the first visit to the nation by a US Secretary of State in more than 50 years.During the high profile visit,Ms Clinton urged the leaders of Myanmar to continue and expand upon recent reforms,ailing for the release of all political prisoners and end to violent campaigns against the ethnic minorities and breaking off military ties with North Korea

Highlights

During her meeting with the Myanmar President Thein Sein Ms Clinton offered a package of rewards for the progressive steps the nation had already taken.
Ms Clinton hand delivered to Mr Sein a letter from the US President Mr Barack Obama in which Mr Obama hoped that bilateral relations between the US and Myanmar would improve
During her visit,Ms Clinton also had a meeting with celebrated democracy campaigner Ms Aung San Suu Kyi,who hailed the formers visit to the isolated nation as "Historic Moment"

UN Blocks New Cluster Munition Protocol

The United Nations had thwarted a move by a group of Nations spearheaded by the US to put in place a contentious new protocol on Cluster Munitions.The US led group which included China,Russia,Israel and India sought to promote an improvement to the existing treaty on cluster munitions,one of the most dangerous conventional weapon systems in the world.

Highlights:

The proposed improvement backed by the group sought to ban the use of cluster munitions produced before 1980.
This would have resulted in a dilution of the existing, and far more comprehensive agreement-the 2008 Convention on Cluster Munitions.
The UN said that the munitions sought to be banned had either already reached or are nearing the end of their shelf life and would have to be destroyed anyway

Arab States impose sanctions on Syria

In a significant development,the Arab States voted on Nov 27,2011 to impose economic sanctions on Syria with immediate effect following Syrian President Mr Bashar-al-Assad's failure to halt a crackdown on an eighth month uprising against his rule

Highlights

The sanctions include measures like travel ban,asset freeze,stopping investment etc.
The Arab League had already suspended Syria for failing to end violence in the country.
19 of the Arab League's 22 members have voted in favor of sanctions.

China Secures Access To More of Turkmenistan Gas

According to reports released on 24th November 2011,China has taken a major step towards securing access to the vast gas reserves of the Central Asian Nation Turkmenistan.Mr Gurbanguly,the president of Turkmenistan said in this regard that his government has agreed to increase its planned supply of natural gas to China by 25 billion cubic meters

Highlights

China has secured access to vast gas reserves of Central Asian nation Turkmenistan
The two sides have also agreed to properly implement the development plans for natural gas blocks along the Amu Darya river
Turkmenistan which was world's 4th largest gas reserves, already supplies with china with 40 billion cubic meters of gas every year.

China's Rural Poverty Falls

As per a white paper released by the Chinese Government on November 20,2011,the number of rural poor in China has fallen by a whooping 70 million over the last decade.The Paper-the first released on poverty since 2001_ attributed the steep decline to the effectiveness of a series of subsidies for China's farmers.

Highlights

The number of rural poor had declined from 94.22 million in 2000 to 26.88 million in 2010 or 2.8 percent of rural population
The paper attributed the steep decline to the effectiveness of a series of subsides for China's farmers.
Another Kay reason for the decline was setting up of a nationwide rural social assistance system in 2007.It now covers 35 million rural Chinese.

Russia, Belarus, Kazakhstan Form Eurasian Union

Russia, Belarus, Kazakhstan agreed on Nov 18, 2011 to create a Eurasian Union, and economic body designed to re-integrate the former-Soviet economies.The decision was reached at a Moscow meeting among Russian President Mr Dimitry Medvedev, Kazakh President Mr Nursultan and Belarus President Mr Alexander Lukashenko

Highlights

The Eurasian Union is an economic body designed to re-integrate the three former Soviet economies.
The Eurasian Unions will have its own executive body, and it will mark a further step in economic integration on the lines of the European Union.
Russian Prime Minister Mr. Vladimir Putin who first mooted the idea, said that other countries are free to join the Union.

US tests new Hyper sonic Weapon

The US army on November 17,2011 conducted its first flight test of a new hypersonic weapon .It launched the advanced weapon from the pacific Missile range facility on Kauai, USA.The weapon's "Glide Vehicle" reached Kwajalein Atoll some3,700 Km away in less than half an hour

Highlights:

The advanced Hypersonic weapon is part of the US military programme to develop"prompt global strike" weapons.
It will allow US to strike targets anywhere in the world with conventional weapons in as little as an hour.
The weapon is designed to fly long range with in the Earth's atmosphere at speeds that are at least five times the speed of the sound.

Australia Enacts Landmark Carbon Tax Legislation

In a significant development Australia's Parliament on November 8, 2011 passed a landmark carbon tax legislation named the "Clean Energy Act".Australian Prime Minister Ms. Julia Gillard said that the targeted emission reduction would be met "by putting a price on pollution, fostering renewable energy technologies, encouraging energy efficiency and creating opportunities to reduce the pollution of the land.

Highlights:

The new law will force the the top 500 polluting companies to pay Australian $ 24 per tonne for carbon emissions from July 1, 2012.
The law will result in the continent country cutting its carbon emissions by 160 million tonnes by 2020-equivalent to taking 45 million cards off the road.
By 2015,the tax would be flexibly priced under a market based emission trading scheme

Pakistan,Afghanistan to get Power from Russian Plant

Russia on 7th November,2011 offered to invest at least $ 500 million in a central Asian Electricity Project that will provide energy to Pakistan and Afghanistan.Russian Prime Minister Mr. Vladimir Putin made this offer at a one day meeting of the Prime Ministers of the Shanghai Cooperation Organization (SCO) held in St. Petersburg, Russia.

Highlights:

Russia will invest $ 500 million in a central Asian Power project that will provide power to energy starved Pakistan and Afghanistan.
Under the Project, CASA 1000, hydro power rich Kyrgyzstan and Tajikistan will export 1000 MW of Electricity to the two countries.
CASA 1000 is one of the projects that may be undertaken by a proposed energy club of the SCO

Way Cleared for Russia to Join WTO

According to report released on November 3, 2011, in a significant development , Russia had cleared the last barrier on its way to joining the World Trade Organization (WTO).The final obstacle in the Russia's a8 year long road to the WTO was removed after it signed a bilateral trade deal with Georgia.

Highlights

Russia with a GDP of $ 1.9 trillion, is currently by far the largest economy outside the WTO.
Its entry will mark the biggest step in World trade Liberalization since China joined the organization 10 years ago.
WTO membership could add 3 % to Russia's economy in the medium term and up to 11 percent in the long term.

Landmark 520 day "Mars Mission" comes to an end

The landmark much publicized "Mars Mission" which had been underway in Moscow,Russia for the last one year and a half (520 days), ended successfully on November 4,2011 when the six volunteers stepped out of the module into the real world.

Highlights:

The duration of the landmark mission was 520 days.
The experiment was conducted to stimulate the specifics of a Mars return trip
The experiment saw six scientists locked up in the isolation module for the entire duration
The team comprised three Russians,One Chinese,One Italian and One Frenchman.
The experiment even included 'walks' on a replica of the Martian surface and 20 minute time gaps in the communication with the outside world.

A crucial Landmark for China's space programme

China achieved a rare feat on November 3,2011 when it successfully conducted its first ever docking exercise in outer space.The Docking, performed by an unmanned space craft with a space laboratory module, was hailed as a crucial landmark along China's road to launching its own space station in the next decade.

Highlights

China's first ever docking exercise in outer space.
China has become only the third country in the world to accomplish a docking exercise in space, after US and Russia.
It hopes to be third nation to put into orbit its own space station by 2020.

Latest UN Development Index of Nations

The United Nations released its latest inequality adjusted Human Development Index of Nations on November 2, 2011.The UN published this specific index for the second time in 2011 after first introducing it in 2010, and aims to make it a significant component of its Annual Human Development report alongside its main, unadjusted index.

Highlights

The inequality-adjusted index is a gauge of well-being that combines economic prosperity with education levels and life expectancy.
The top three nations in the inequality-adjusted index are Norway, Australia and Sweden, in that order.
The nations at the bottom included the Democratic Republic of Congo, Niger, Burundi, Chad, etc.

Nepal Witnesses Historic Peace Deal

Bringing the curtains down on an over three year dead-lock, the political parties of Nepal on November 3, 2011 arrived at a historic agreement on the peace process, Constitution writing and Power Sharing

Highlights

Under the deal, a maximum of 6,500 fighters will be integrated into the Nepal Army,and rehabilitation and cash packages will be provided to the rest.
Those Combatants who opt for voluntary retirement will get between $ 6,300 and $ 10,000 approximately, depending on their rank.
There will be packages of between $ 7,600 and $ 11,400 for those who prefer rehabilitation
Maoist weapons will come under the government.

CURRENT REPO RATE AND REVERSE REPO RATE

REPO--8%
REVERS REPO--7%
Reading the first quarter review of the Credit Policy 2011-12 and its curtain raiser, the macro-economic survey of the economy, one could be forgiven for an initial confusion about the rationale for its current upward adjustments in the repo rate of 50 basis points that now stands at 8 per cent.

RBI hikes repo rates by 50 bps

New Delhi, July 26 : To combat inflation, the Reserve Bank of India (RBI) raised interest rates by 50 basis points on Tuesday, a hike which is higher than expected.

The hike was announced by RBI governor Dr. D. Subbarao, who said based on an assessment of the current macroeconomic situation, "we have decided to increase the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points."

"The repo rate will accordingly move up from 7.5 per cent to 8.0 per cent," he said.

Consequently, the reverse repo rate under the LAF, determined with a spread of 100 basis point below the repo rate, automatically adjusts to 7.0 per cent.

Similarly, the Marginal Standing Facility (MSF) rate, determined with a spread of 100 bps above the repo rate, stands recalibrated at 9.0 per cent.

These changes have come into effect immediately after the announcement, Subbarao said.

The hike is RBI's 11th since March 2010.

The RBI said owing to the hike the cumulative impact of past actions on demand will be reinforced while the credibility of the commitment of monetary policy to controlling inflation, and thereby to keeping medium-term expectations anchored, will be maintained.

The policy actions will reinforce the point that in the absence of complementary policy responses on both demand and supply sides, stronger monetary policy actions are required, the RBI said.

Australia	Julia Gillard
Bangladesh		Sheikh Hasina

Egypt

Greece

Kazakhstan				Karim Massimov
Kenya				Raila Odinga
North Korea				Choe Yong-rim
South Korea				Kim Hwang-sik

Malaysia

Najib Tun Razak

Nepal				Madhav Kumar Nepal
Netherlands (List)				Mark Rutte
New Zealand (List)				John Key

Israel (List)				Benjamin Netanyahu
Italy (List)				Silvio Berlusconi

Pakistan (List)

Yousaf Raza Gillani

Russia (List)

Vladimir Putin

Spain (List)				José Luis Rodríguez Zapatero
Sri Lanka (List)				D. M. Jayaratne

United Kingdom (List)

David Cameron

Major countries with their President

MP constituency fund hiked by over two-fold to Rs 5 cr

In a bonanza for lawmakers, Finance Minister Pranab Mukherjee announced that the constituency fund of Members of Parliament will be more than doubled to Rs 5 crore per year from April 1. As many as 797 Lok Sabha and Rajya Sabha MPs will get Rs 5 crore under the Member of Parliament Local Area Development scheme against the current allocation of Rs 2 crore.

SOME IMPORANT MINISTER OF INDIA TO KNOW

Prime Minister and also In-Charge of the Ministries/Departments
Ministry of Personnel, Public Grievances & Pensions
Ministry of Railways
Ministry of Planning
Ministry of Culture
Department of Atomic Energy &
Department of Space

Dr. Manmohan Singh

Minister of External Affairs	Shri S.M. Krishna
Minister of Finance	Shri PranabMukherjee
Minister of Agriculture & Food Processing Industries	Shri Sharad Pawar
Minister of Defence	Shri A.K. Antony
Minister of Home Affairs	Shri P. Chidambaram

Supreme Court bans endosulfan across the country for 8 weeks

Observing that Right to life is a paramount consideration, the Supreme Court on Friday banned the manufacture, sale and use of pesticide endosulfan in the country for eight weeks.

A three-Judge Bench of Chief Justice of India (CJI)S.H. Kapadia and Justices K.S. Radhakrishnan and Swatanter Kumar, in a brief order, said: “Keeping in mind various judgments of this court under Article 21 [right to life and liberty] of the Constitution and particularly keeping in mind the precautionary principle, we, hereby, direct and pass an ad interim order for immediate ban on production and use of endosulfan all over India.

International Day for Biological Diversity 22 May 2011

2011 is the International Year of Forests and forest biodiversity is the theme for this year's International Day of Biodiversity (IDB).

Designation of IDB 2011 on the theme of forests provides Parties to the Convention on Biological Diversity (CBD) and everyone interested in forests, the opportunity to raise awareness of the issue and increase practical action.

· May 17, 2011, was World Telecoms and Information Society Day (WTISD).

· SURESH TENDULKAR COMMITTEE FOR POOR PEOPLE

First Indian PM to visit Addis Ababa (Ethiopia)

The first Prime Minister from India to visit Ethiopia ever, Manmohan Singh, today won over the hearts of Ethiopian Parliamentarians, calling their country the cradle of humankind, a magnet for foreign investment, and one of the most stable and progressive states driving the engine of African growth. “Ethiopia has the credentials to shape a new vision for Africa’s prosperity and development … The people of India will stand with you every step of the way,” Singh said attracting thunderous applause from a packed house in his address to the joint session of Parliament of Ethiopia in Addis Ababa.

PM leaves for Tanzania on three-day visit

Prime Minister Manmohan Singh

http://www.business-standard.com/newsimgfiles/image/manmohan.jpg

today left on three-day visit to Tanzania to take the bilateral ties forward in a comprehensive manner.Singh's visit is the first by any Indian head of government after September 1997. It is also the first head of government visit from a non-African country after President Jakaya Kikwete assumed the second term following the general elections last year.

For India, Tanzania is an important partner in Africa.
India and Tanzania have played a significant role in the process of decolinisation and they struggled against apartheid. The two countries were active in developing the process of south-south cooperation for the benefit of the developing world.

The bilateral trade was over $1.1 billion in 2010 and the imports covered a number of agricultural commodities.

India has become the second largest investor in Tanzania with total cumulative investments of $1.3 billion till 2009.

N.C SAXENA COMMITTEE FOR POOR PEOPLE

NC SAXENA expert committee, set up by the Rural Development Ministry and headed by N.C. Saxena, says 50 per cent of Indians are Below the Poverty Line if one takes into account the criterion of calorie intake.

What is Aadhaar?

Aadhaar is a 12-digit unique number which the Unique Identification Authority of India (UIDAI) will issue for all residents in India. The number will be store basic demographics and biometric information – photograph, ten fingerprints and iris – of each individual in a central database.

Aadhaar will be Easily verifiable. Unique and robust enough to eliminate the large number of duplicate and fake identities in government and private databases. A random number generated, devoid of any classification based on caste, creed, religion and geography.

* It is a 12 digit number, not only a card
* It is for every individual, including infants. Means each individual of family will have separate Aadhaar UID number
* It enables identification and is for every resident. It doesn’t establishes citizenship and is not only for Indians.
* Getting Aadhaar is voluntary, not mandatory
* It is for every resident, irrespective of existing documentation. Means individuals without identification documents can also get Aadhaar.
* Each individual will be given a single unique Aadhaar ID number. One cannot have multiple Aadhaar numbers.
* Aadhaar UID number can be used by ration card, passport or any ID based application. It will not replace other ID’s.
* UID Authority of India will give ‘yes’ or ‘no’ response for any identification authentication queries. Other information will not be accessible to public and private agencies.

Microsoft to Acquire Skype

Microsoft Corp. (Nasdaq: “MSFT”) and Skype Global S.à r.l today announced that they have entered into a definitive agreement under which Microsoft will acquire Skype, the leading Internet communications company, for $8.5 billion in cash from the investor group led by Silver Lake. The agreement has been approved by the boards of directors of both Microsoft and Skype. The acquisition will increase the accessibility of real-time video and voice communications, bringing benefits to both consumers and enterprise users and generating significant new business and revenue opportunities. The combination will extend Skype’s world-class brand and the reach of its networked platform, while enhancing Microsoft’s existing portfolio of real-time communications products and services.

TAPI gas pipeline talks

The four nations involved in the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project began discussing gas sales and other details of the $7.6 billion project in New Delhi

Till New delhi

Coal India to offer India’s biggest IPO

It is the world’s largest producer of coal. it is expected to be country's biggest initial public offering till date. Like its areas of operation in the far eastern tribal belts, State-run Coal India Limited, has always been low key but with its mega R14,000 crore

Maharatna status

In 2009, the government established the Maharatna status, which raises a company's investment ceiling from Rs. 1,000 crore to Rs. 5,000 crore.^[3] The Maharatna firms would now be free to decide on investments up to 15 per cent of their net worth in a project.Earlier, the Navaratna companies could invest up to Rs 1,000 crore without government approvals.In order to qualify as a Maharatna, the process is bottoms up. This means the lowest employee should be proud of his/her company and contribute to the same according to the global standards. The 6 point criteria for eligibility as Maharatna are:

1. Having Navratna status.

2. Listed on Indian stock exchange with minimum prescribed public shareholding under SEBI regulations.

3. An average annual turnover of more than Rs. 20,000. crore during the last 3 years. Earlier it was Rs 25,000 Crore.

4. An average annual net worth of more than Rs. 10,000crore during the last 3 years. Earlier it was Rs. 15,000 crore.

5. An average annual net profit after tax of more than Rs. 2500 crore during the last 3 years. Earlier it was Rs. 5000 crore.

6. Should have significant global presence/international operations.

Navratna status

Navratna was the title given originally to nine Public Sector Enterprises (PSEs), identified by the Government of India in 1997 as its most prestigious, which allowed them greater autonomy to compete in the global market.^[15] The number of PSEs having Navratna status has been raised to 16,^[16] the most recent addition being Oil India Limited.

1. Bharat Electronics Limited

2. Bharat Heavy Electricals Limited

3. Bharat Petroleum Corporation Limited

4. GAIL (India) Limited

5. Hindustan Aeronautics Limited

6. Hindustan Petroleum Corporation Limited

7. Mahanagar Telephone Nigam Limited

8. National Aluminium Company Limited

9. National Mineral Development Corporation Limited

10. Neyveli Lignite Corporation Limited

11. Oil India Limited

12. Power Finance Corporation Limited

13. Power Grid Corporation of India Limited

14. Rashtriya Ispat Nigam Limited (Vizag Steel)

15. Rural Electrification Corporation Limited

16. Shipping Corporation of India Limited

Miniratna Status

In addition, the government created another category called Miniratna. Miniratnas can also enter into joint ventures, set subsidiary companies and overseas offices but with certain conditions. In 2002, there were 61 government enterprises that were awarded Miniratna status. However, at present, there are 63 government enterprises that were awarded Miniratna status.

This designation applies to PSEs that have made profits continuously for the last three years or earned a net profit of Rs. 30 crore or more in one of the three years. These miniratnas granted certain autonomy like incurring capital expenditure without government approval up to Rs. 500 crore or equal to their net worth, whichever is lower.

List of miniratna companies

Sutluj jaal vidut nigam

Nathpa Jhakri Hydro Power Station – NJHPS, is located in the state of Himachal Pradesh, on the downstream of wangtoo Bridge and derives its name from the names of two villages in the Project vicinity - Nathpa in district Kinnaur and Jhakri in district Shimla - in the interiors of Himachal Pradesh.The 1500 MW, Nathpa Jhakri Hydro Power Station – NJHPS (the largest underground hydro - electric power Project) was the first project undertaken by SJVN for execution and has since been commissioned during the 10th Plan.

Cabinet clears GST Bill

The Union Cabinet today approved a constitutional amendment Bill to roll out a much delayed all India Goods and Services Tax (GST). The Bill seeks to unify all Central and state levies such as sales tax and excise. The measure was approved at a Cabinet meeting presided over by the Prime Minister, Dr Manmohan Singh.
Amendment to the Constitution is warranted because the Centre cannot impose a tax beyond manufacturing and states cannot levy service tax. Under the GST, the Centre and states will impose the tax on common goods and services. Once GST is implemented, the state level VAT and the Central excise duty and service tax will be done away with. The GST will exclude some items such as petroleum fuels and liquor.

UN Women's scheme for widows

UN Women announced a new regional programme to address the needs of widows in India, Nepal and Sri Lanka.“India has an estimated 40 million widows, and their lives are often mired in poverty, neglect, and deprivation. The time has come for us to act and create space for widows in mainstream policy and social welfare schemes. Their situation has to be recognised and addressed,” said Anne F. Stenhammer, Regional Programme Director, UN Women South Asia.

Second term for Mahashweta Devi as National Research Professor

Recognising the work of writer and social activist Mahasweta Devi, the Human Resource Development Ministry has appointed her as National Research Professor for a second term of five years from February 2011.Mahasweta Devi will be entitled to an honorarium of Rs.75,000 a month in accordance with the existing terms and conditions under the National Research Professorship Scheme.

Mahashweta Devi was appointed as a National Research Professor in February 2006.Thereafter, Mahashweta Devi continued her social work, and has contributed to the study of the women, Dalit and rural tribal communities of West Bengal.

BURNING TOPICS OF MAY FOR EXAMS

NEED TO KNOW

Chief Planning commissoner …………………………… Montek singh alluwalia.

Chief justice of india …………………………………… S.H.kapadia

Chief election commissoner ……………………. ……….S.Y kurashi

Additional charge of railway with MOS…………………Mukul Roy

ELECTIONS 2011

· Mamata makes history as she becomes WB CM

Trinamool Congress chief Mamata Banerjee has taken over as the first woman chief minister of West Bengal. Mamata, the first non-Marxist to hold the post in 34 years, was administered the oath of office and secrecy by Governor MK Narayanan at the Raj Bhawan in Kolkata

· Gogoi sworn in as Assam chief minister

Congress leader Tarun Gogoi was on Wednesday sworn in as the Chief Minister of Assam for the third successive term by Governor J B Patnaik at the Raj Bhawan in Guwahati.

· Oommen Chandy to be new Kerala chief minister

Senior Congress leader OOmmen Chandy was Sowrn as 21th chief Minister of Kerla .

· Rangasamy sworn in as Chief Minister of Puducherry

Sixty one-year-old N Rangasamy was today sworn in as the 18th Chief Minister of the Union Territory of Puducherry.

· J. Jayalalitha was sworn in as the Chief Minister of Tamil Nadu

J. Jayalalitha was sworn in as the Chief Minister of Tamil Nadu for the third time on 16 May 2011. She was elected unanimously as the leader of the Anna Dravida Munnetra Kazhagam (ADMK) legislature party after winning the 14th election held on 13 April 2011.

RBI credit policy: Repo rate, reverse repo rate hiked by 50 bps, savings bank deposit rates to 4%

POLICY	OLD	NEW
Repo rate	6.75%	7.25%
Reverse repo rate	5.75%	6.25%
Savings bank	3.5%	4%

Repo Rate and Bank Rate

People often get confused between these two terms. Though they appear similar there is a basic difference between them.

Repo rate or repurchase rate is the rate at which banks borrow money from the central bank (read RBI for India) for short period by selling their securities (financial assets) to the central bank with an agreement to repurchase it at a future date at predetermined price. It is similar to borrowing money from a money-lender by selling him something, and later buying it back at a pre-fixed price.

Bank rate is the rate at which banks borrow money from the central bank without any sale of securities. It is generally for a longer period of time. This is similar to borrowing money from someone and paying interest on that amount.

Both these rates are determined by the central bank of the country based on the demand and supply of money in the economy.

Reverse Repo Rate

Reverse repo rate is the rate of interest at which the central bank borrows funds from other banks for a short duration. The banks deposit their short term excess funds with the central bank and earn interest on it.

Reverse Repo Rate is used by the central bank to absorb liquidity from the economy. When it feels that there is too much money floating in the market, it increases the reverse repo rate, meaning that the central bank will pay a higher rate of interest to the banks for depositing money with it.

Cash Reserve Ratio (CRR) 6%

Banks are required to maintain a percentage of their deposits as cash, meaning that if you deposit Rs. 100/- in your bank, then bank can’t use the entire Rs. 100/- for lending or investment purpose. They have to maintain a portion of the deposit as cash and can use only the remaining amount for lending/investment. This minimum percentage which is determined by the central bank is known as Cash Reserve Ratio.

So if CRR is 6% then it means for every Rs. 100/- deposited in bank, it has to maintain a minimum of Rs. 6/- as cash. However banks do not keep this cash with them, but are required to deposit it with the central bank, so that it can help them with cash at the time of need.

Statutory Liquidity Ratio (SLR)24%

Apart from keeping a portion of deposits with the RBI as cash, banks are also required to maintain a minimum percentage of deposits with them at the end of every business day, in the form of gold, cash, government bonds or other approved securities. This minimum percentage is called Statutory Liquidity Ratio.

Example

If you deposit Rs. 100/- in bank, CRR being 6% and SLR being 8%, then bank can use 100-6-8= Rs. 84/- for giving loan or for investment purpose.

ADB Annual Meeting opens in Hanoi Vietnam

The Vietnam Business Summit, one of key programs of the 44th annual meeting of the Board of Governors of the Asian Development Bank (ADB) opened in Vietnam’s capital city of Hanoi .

During the summit, participants are expected to discuss three major issues including improving the financial institution and regulation for business and investment in Vietnam, public-private partnership and education and training of human resources in Vietnam.

Vice-President Hamid Ansari Visit in Bangladesh

Vice-President Hamid Ansari to represent India in the joint celebrations to mark the 150th birth anniversary of Nobel laureate Rabindranath Tagore, an event which will be marked by a series of cultural events in Bangladesh.

· Bangladesh Prime Minister Sheikh Hasina

· Rabindranath Tagore Composer of Bangladesh National anthem

CIA PRESIDENT

Leon Panetta was appointed as new secretary of Defence and David Petraeus, who commands the international force in Afghanistan, as Panetta's successor at the CIA by President Barack Obama who formally nominated them.

58^thNational Film Awards for 2010 announced

Announcement of 58^th National Film Awards for 2010 on 19^th May 2011. Shri Ashok Vajpeyi, Chairperson (Best Writing on Cinema), Shri A.K. Bir, Chairperson (Non-Feature Films) and Shri J.P. Dutta, Chairperson (Feature Films).

S.No.	Name of Award	Name of Film/Recevier
1.	BEST FEATURE FILM	Adaminte Makan Abu (Malayalam)
2.	BEST POPULAR FILM ENTERTAINMENT	Dabangg (Hindi)
3.	BEST CHILDREN’S FILM	Hejjegalu(Kannada)
4.	BEST ACTOR	Aadukalam (Tamil), Adaminte Makan Abu (Malayalam)
5.	BEST ACTRESS	Baboo Band Baaja(Marathi),Thenmerkku Paruvakkatru (Tamil)

20^th Sultan Azlan Shah Cup

S.N.	Team	Played	Points
1.	Australia	6	16
2.	Pakistan	6	12
3.	Great Britain	6	9
4.	New Zealand	6	7
5.	India	6	7
6.	Korea	6	7
7.	Malaysia	6	3

IMF IN NEWS

IMF (international monetary fund) chief Dominnique Strauss-kahn arrested and charged on sundaywith sexual ally assauting a New york hotel maid.

International Monetary Fund

The International Monetary Fund (IMF) is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

· The IMF oversees the international monetary system and monitors the financial and economic policies of its members. It keeps track of economic developments on a national, regional, and global basis, consulting regularly with member countries and providing them with macroeconomic and financial policy advice.

· To assist mainly low- and middle-income countries in effectively managing their economies, the IMF provides practical guidance and training on how to upgrade institutions, and design appropriate macroeconomic, financial, and structural policies.

· The IMF provides loans to countries that have trouble meeting their international payments and cannot otherwise find sufficient financing on affordable terms. This financial assistance is designed to help countries restore macroeconomic stability by rebuilding their international reserves, stabilizing their currencies, and paying for imports—all necessary conditions for relaunching growth. The IMF also provides concessional loans to low-income countries to help them develop their economies and reduce poverty.

Wheat Prize

CACP (Commission for Agricultral costs and prices) chairaman Ashok Gulati agreed that Eighty percent of farmer has sold their wheat at rupee 1000/100kg ,yet govt. has decided that wheat prize woud be rupees 1200/100kg.

SOME TIPS

· Bharatiya Kisan Union leader Mahenda singh Tikait(1935-2011) Dead in Muzaffanagar at uttarpradesh.

· SBI has signed an agreement with DIEBOLD Inc. to install Nearly 1700 ATM machines.with this expansion SBI will have almost 28000 ATM machines across india.

· Inernational defence expo of asia willl be organised in changi at singapore.Three days event will hold 20 warships from various navies.the event will see participation oform more than 150 intenational companies.

· First Governer of RBI Sir Osborne Smith(01-04-1935 to 30-06-1937)

· Dr. D. Subbarao Current Governer of RBI

Pages

GK UPDATES

RBI hikes repo rates by 50 bps

TAPI gas pipeline talks

Maharatna status

Navratna status

Miniratna Status

Repo Rate and Bank Rate

Reverse Repo Rate

ADB Annual Meeting opens in Hanoi Vietnam

Vice-President Hamid Ansari Visit in Bangladesh

Vice-President Hamid Ansari to represent India in the joint celebrations to mark the 150th birth anniversary of Nobel laureate Rabindranath Tagore, an event which will be marked by a series of cultural events in Bangladesh.

· Bangladesh Prime Minister Sheikh Hasina

· Rabindranath Tagore Composer of Bangladesh National anthem

20th Sultan Azlan Shah Cup

S.N.

Team

Played

Points

1.

Australia

6

16

2.

Pakistan

6

12

3.

Great Britain

6

9

4.

New Zealand

6

7

5.

India

6

7

6.

Korea

6

7

7.

Malaysia

6

3

20^th Sultan Azlan Shah Cup