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Current News (Jan-Mar- Part 1)

India and Macau to sign DTAA

India's latest DTAA (Double Taxation Avoidance Agreement) will be with Macau. The DTAA would facilitate the exchange of tax-related and banking information between the two and prevent tax evasion. Macau is one of the most well-known offshore financial centres and tax havens worldwide. The agreement will also help create a better investment climate for Indian businesses in Macau and vice-versa.

Obama signs defence bill despite 'reservations'

President Barack Obama signed the 2012 Defence Authorisation into law. But he added a signing statement objecting to some of its provisions. The President expressed reservations about having to use military custody for foreign terror suspects. And he objects to indefinite pre-trial incarceration for U.S. citizens accused of terror threats. The administration was able to convince Congress to strike a provision that would have eliminated executive branch authority to use civilian courts for trying terrorism cases against foreign nationals. (Federal News Radio)

Supreme Court set aside the Delhi High Court Order on sanction of prosecution in 2G Case
In January, the Supreme Court set aside the Delhi High Court order refusing to pass any direction to the Prime Minister for taking a decision on sanction of prosecution in the 2G case. The Supreme Court held that filing of a complaint under the Prevention of Corruption Act is a constitutional right of a citizen. The competent authority should take a decision on giving the sanction within a time frame. In a case filed by Janata Party Chief Subramanian Swamy, seeking a direction to the Prime Minister for sanction to prosecute the then Telecom Minister A Raja, the two judge bench of the Apex Court held that if the sanction is not given within four months it would deem to have been granted. The bench comprising justices G S Singhvi and A K Ganguly held that Swamy had the locus stand to seek sanction for Raja's prosecution.

Committee headed by Justice Dharmadhikari submitted report on Air India Merger

A four-member committee on integration of thousands of employees after the merger of two State-owned carriers Air India and Indian Airlines submitted its report to the Civil Aviation Minister, Ajit Singh in January. The committee was headed by former Supreme Court judge Justice D. M. Dharmadhikari. The Committee also included Prof. Ravindra H. Dholakia of IIM Ahmedabad, Rajeshwar Dayal, expert on public sector employees service matters and senior Civil Aviation Ministry official Syed Nasir Ali, as its members.

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_________________________________________________________________________________________________ The panel prepared the report after interacting with all stakeholders, including various unions and associations of both former companies and their management.

India and Mali signed three agreements and issued a joint statement
The President of Mali, Amadou Toumani Toure visited India in January. India and Mali signed three agreements during this visit. The agreements are:

1.MoU on cooperation in the field of Geology and Mineral Resources between the Ministry of Mines of the Government of India and Ministry of Mines of the Government of the Republic of Mali. 2. Joint statement by India and Mali on the occasion of the visit of the President of Mali. 3. India also extended Line of Credit of 100 million US dollars for a power transmission project. Highlights of the Joint statement issued by India and Mali are: Both sides called for an early convening of the first meeting of the Joint Ministerial Commission following the signing of the Agreement on Political, Economic, Scientific, Technical and Cultural Cooperation between India and Mali in October 2009. The Indian side thanked Mali for its support to Indias candidature for permanent membership in an expanded United Nations Security Council.

January 2012 emerged as the best month in terms of foreign fund flows since November 2010
As per data published by the market regulator SEBI in January, the net FII buying crossed the $2-billion mark in January, making January the best month in terms of foreign fund flows since November 2010. FIIs had recorded a net outflow of $358 million in 2011. Inflows in January 2012 are in sharp contrast to over $1 billion outflow in January 2011. The surge in inflows also helped strengthen the Indian rupee which closed above the 49-level after nearly 10 weeks.

India signed five agreements with Trinidad and Tobago

India inked key deals with Trinidad and Tobago in the realms of Information Technology and trade in an effort to boost diplomatic and economic ties. Diplomats and senior officials from both nations signed five agreements at the culmination of delegation level discussions held between Prime Minister Dr. Manmohan Singh and his counterpart from Trinidad and Tobago, Kamla Persad-Bissessar. The pacts broadly envisage greater bilateral cooperation in the fields of culture, business and economic engagements, medicine and education. Officials from Trinidad and Tobago and India signed the agreements, even as the two Prime Ministers looked on. Though India and Trinidad and Tobago have strong historical and cultural links, the volume of bilateral trade remains significantly low as compared to India''s economic engagements with other nations. _________________________________________________________________________________________________ Page : 2 www.TCYonline.com

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Indias NTPC signed an agreement with BPDP to set up thermal power plant in Bangladesh
India's National Thermal Power Corporation (NTPC), signed an agreement with Bangladesh Power Development Board (BPDP) for setting up a joint venture 1320 MW thermal power plant. The joint venture coal-based power plant will comprise of two units of 660 MW each and will be set up at Rampal in Khulna Division of Bangladesh. The project is the first joint venture power plant in Bangladesh. The project will be completed by 2016.

Novak Djokovic defeated Rafael Nadal to win the 100th edition of the Australian Open at Melbourne
The 2012 Australian Open tennis tournament was played in Melbourne Park in Melbourne, Australia from 16 January to 29 January 2012. 2012 marked the 100th edition of the Australian Open which is the first Grand Slam event of the year. The tournament consisted of events for professional players in singles, doubles and mixed doubles play. Novak Djokovic emerged victorious in the mens single category while Victoria Azarenka lifted the trophy in the women category .In the mens doubles Leander Paes and Radek tpnek won the title by defeating Bob Bryan and Mike Bryan. Paes completed a career Grand Slam with the title while Stepanek won his first ever Grand Slam.

In the womens doubles Svetlana Kuznetsova and Vera Zvonareva, both from Russia defeated Sara Errani and Roberta Vinci to win the title.

India and Pakistan agreed to transit fee formula for Tapi Gas Pipeline Project
India and Pakistan agreed in New Delhi to transit fee formula for Tapi (Tajikistan, Pakistan and India) gas pipeline project. On the Transit Fee, India and Pakistan agreed that the negotiations would be conducted in a transparent manner keeping in mind the overall economics of the Project, keeping in mind the landed cost of gas and in accordance with the relevant international practices. Since there is a need to expedite the signing of the Gas Sale Purchase Agreement (GSPA), both sides agreed to settle the Transit Fee issue at the earliest. Pakistan agreed in-principle that whatever fee formula is eventually settled between India and Afghanistan would also be acceptable to Pakistan subject to approval of their competent authority. The two Ministers also discussed other issues of bilateral interest such as trade in petroleum products. Jaipal Reddy offered export of Petrol, Diesel, Aviation Turbine Fuel and Fuel Oil besides Sulphur, Polyethylene and Polypropylene since Pakistan is importing these products currently. It was pointed out that the main advantage for Pakistan will be the savings in freight cost since several refineries in India are located close to the India-Pak border. _________________________________________________________________________________________________ Page : 3 www.TCYonline.com

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_________________________________________________________________________________________________ The Indian side offered to export refined petroleum and petrochemical products by road, rail and by sea. It was also mentioned that Indian refineries would be willing to look at the feasibility of constructing product pipelines to Pakistan provided long-term guarantees for product offtake can be given by Pakistan.

Padma Awards for the year 2012 announced on the eve of Indias 63rd Republic Day
The Padma awards for the year 2012 were announced on the eve of Indias 63rd Republic Day. The President approved 109 awards including one duo case (counted as one) and 14 in the category of Foreigners/ NRIs/ PIOs/ Posthumous. The Padma Awards 2012 comprise 5 Padma Vibhushan, 27 Padma Bhushan and 77 Padma Shri Awards. There are 19 ladies among the awardees. The late cartoonist Mario Miranda and the late musician Bhupen Hazarika were amongst the five people awarded the Padma Vibhushan. Dharmendra and Shabana Azmi were confirmed for Padma Bhushan along with 25 more awardees.

Private Life Insurance Company HDFC Life from India launched its First International Operations
HDFC Life, a private life insurance company from India launched its first international operations with the opening of its representative office in Dubai. HDFC Life is a joint venture between Housing Development Finance Corporation (HDFC) and Standard Life, the leading provider of financial services in the United Kingdom. It plans to target 1.75 million non-resident Indians (NRIs) in the UAE. The vast NRI population in Dubai would be able to closely understand the benefits of HDFC Life's wideranging product portfolio catering to their protection, investment and savings and retirement needs.

HDFC Life continues to have one of the widest reaches among new insurance companies with about 500 branches servicing customer needs in over 700 cities and towns. The company also has a strong presence in its existing markets with a strong base of financial consultants.

The Military Rulers declared Partial Lifting of Emergency in Egypt

In Egypt, the military rulers declared partial lifting of emergency in the country. The move comes into effect from January 2012. January 25 saw the overthrowing of the decades long Mubarak regime in the country a year ago. The emergency laws gave sweeping powers to the police to arrest and prosecute anyone on charges of thuggery. The opposition and the activists who led 25th January uprisings in 2011 in Egypt have been campaigning for the total removal of emergency laws and release of all civilians in military jails.

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_________________________________________________________________________________________________ The ruling military council announced a series of measures on the first anniversary celebrations of the revolution. January 25 is now a national holiday.

RBI cut the Cash Reserve Ratio (CRR) by 50 basis points from 6 per cent to 5.5 per cent
The Reserve Bank of India (RBI) cut the cash reserve ratio (CRR) by 50 basis points from 6 per cent to 5.5 percent with effect from January 2012. The RBI thus released Rs. 32000 crore to banks through a half percentage point cut in the cash reserve ratio. Home loans and other loans to individuals and businesses will become cheaper with the cut in CRR. The RBI kept the repo rate unchanged at 8.50 percent for the second consecutive time after raising it 13 times between March 2010 and October 2011. It lowered its growth forecast to 7% from 7.6% earlier. The cut marked RBIs first reduction in CRR since January 2009 when it had released funds to stimulate demand in the wake of the Lehman Brothers crisis. As a consequence, for the first time in over two months, the rupee touched the 49-mark against the dollar in intra-day trade.

CCEA gave Final Approval to Vedanta's Acquisition of Majority Stake in Cairn India
The Cabinet gave the final approval to Vedanta Resources's acquisition of a majority stake in Cairn India Ltd. for $8.48 billion. The Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh cleared the deal. Fresh approval was necessitated in view of the home ministry pointing to alleged global and domestic "transgressions" by Vedanta Group. While giving security clearance to Vedanta's purchase of a majority stake in Cairn India, the home ministry had on November 25 pointed to eight instances of the mining group or its affiliates being involved in cases of default of payment, human rights violations or environmental damage.

Syria rejected New Arab league Plan to end Crisis

Syria rejected the Arab League plan for President Bashar al-Assad to hand over the power to the VicePresident. The Arab League in its meeting in Cairo came out with a plan under which President Assad hands over the power to the Vice-President and a national unity government is formed within two months.

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_________________________________________________________________________________________________ It called upon the Syrian Government to start a dialogue with the opposition in two weeks. The Unity Government should elect a council in three months to write a constitution. It should also prepare for parliamentary and Presidential elections. The Arab League Foreign Ministers also asked the U.N. Security Council to support the plan to resolve the crisis in Syria. The proposal was on the lines of the GCC mediated power transfer deal in Yemen. Lebanon opposed the move while Algeria objected to taking the plan to the Security Council.

Laura Dekker became the Youngest Sailor to Complete a Solo Circumnavigation of the World
Laura Dekker, a 16-year-old Dutch sailor who has become the youngest person ever to circumnavigate the globe single-handed, has threatened never to return to the Netherlands because of the government's resistance to her adventures. Dekker arrived on the Caribbean island of St Maarten aboard her 38ft boat, Guppy, and admitted she sometimes wondered what she was doing during her voyage. She also described her battles with the Dutch authorities, who wanted to prevent her setting sail, as a frightening and traumatic experience. She was discussing with her parents the possibility of moving abroad, most likely to New Zealand. When Dekker sailed into the harbour at the St Maarten yacht club, she was met by crowds of wellwishers and stepped on to the dock accompanied by her mother, Babs Muller, her father, Dick Dekker, and her sister and grandparents.

The Fifth Edition of the World Future Energy Summit held in Abu Dhabi
The fifth edition of the World Future Energy Summit was held in the UAE capital Abu Dhabi. The four-day long summit brought together more than 60 top leaders from 50 countries to discuss global issues related to energy policies and the challenges. The theme of this years World Future Energy Summit was - Sustainable Energy for All. The summit underlined the need to harness the alternative sources like solar, wind, small hydro energy, tidal energy etc.

India signed agreements with France and Germany to check Tax Evasion
India signed a multi-lateral tax treaty with economic powers like France and Germany to check both tax evasion and avoidance. It was signed under the aegis of the Organisation for Economic Cooperation and Development (OECD), a top global financial body, at its headquarters in Paris. The agreement, convention on mutual administrative assistance in tax matters, is a multilateral agreement of 31 other nations, which promotes international co-operation while respecting the rights of taxpayers. The convention not only facilitates the exchange of information, but also provides for assistance in the recovery of taxes. This will give a fillip to the efforts of the government in bringing money illegally stashed _________________________________________________________________________________________________ Page : 6 www.TCYonline.com

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_________________________________________________________________________________________________ abroad. By signing the convention, India and the other 31 signatories send a strong signal that countries are acting together to ensure that individuals and multinational enterprises pay the right amount of tax, at the right time and in the right place. Many more countries are expected to sign the convention in future. The convention allows tax officials to enter into the territory of the other country to interview individuals and examine records. The information received under the convention can also be used for other purposes besides those related to tax co-operation, including the countering of money laundering with the approval of the supplying state. Out of the 31 signatories, 12 have ratified the convention so far. The signatories to the convention include Brazil, France, Germany, Indonesia, Japan, Russia, Turkey, the UK and the US.

The Protests in Guatemala (Central American Country) against Domestic Violence

Around 12,000 Guatemalans climbed an extinct volcano in a protest against domestic violence. The protests were dubbed Walk for Life. The activists formed the world's longest human chain all the way to the peak of the 12,352 feet Volcano de Agua known as Water Volcano. The protesters are hoping to inspire a change in attitude to violence in Guatemala. The central American country has one of the highest murder rates in the world.

Telecom Regulator ordered Telecom Companies to Block Bulk International SMS

The Telecom Regulatory Authority of India asked telecom companies to block bulk international SMS. TRAIs move is aimed at giving mobile subscribers further relief from pesky messages. The new regulations on unsolicited telemarketing calls and SMS were not being properly followed, TRAI stated that there were several incidences of promotional SMS being routed through the servers located at international destinations and delivered to customers registered for not receiving telemarketing calls. TRAI observed that generally such SMSs originated from locations within Germany, Sweden, Nauru, Fiji, Cambodia, Bosnia, Albania, Grenada, the United Kingdom, Jersey, Sint Maarten, Tonga, Vanuatu, Namibia, Panama, and Antigua and Barbuda. These SMSs contain the headers which are alphanumeric or starting with +91 or numbers with international codes. The regulator thus ordered all telecom companies to ensure that no international SMS containing an alphabet header or alphanumeric header or +91 as the originating country code is delivered through their networks.

Hindustan Unilever appointed Hemant Bakshi as Executive Director-Home & Personal Care

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_________________________________________________________________________________________________ Hemant Bakshi succeeds Gopal Vittal, currently Executive Director Home & Personal Care, HUL, who is leaving HUL to pursue an external opportunity. HUL also announced that Manish Tiwary, currently Vice President-Modern Trade, HUL, has been appointed as Executive Director Sales and Customer Development, HUL. With this appointment, Manish joins the Management Committee, the top executive team of HUL, led byNitin Paranjpe, Managing Director and Chief Executive Officer of HUL. Gopal has contributed significantly to building the marketing leadership capability of HUL. I would like to thank Gopal for his invaluable contribution in his 21 years of service with HUL.

Scientists found Cells that can help prevent Spread of Cancer

A team of scientists identified a group of cancer cells that play a main role in preventing the development of the disease. This scientific finding could lead to re-evaluation of common cancer treatment for patients. It pointed out that anti-angiogenic therapies that target those tumour cells- called pericytes- inadvertently make tumours more aggressive. The study was published in the journal Cancer Cell. It underscores the need of more research on tumour-cell composition to bring out more effective therapies.

For the study, the team of scientists created genetically modified mice to support drug-induced depletion of pericytes in growing tumours. They then deleted pericytes in their cancer tumours, decreasing pericyte numbers by 60 percent.

India and China agreed to set up a Working Mechanism on Border Affairs

India and China agreed to establish a working mechanism on consultation and coordination on border affairs between the two countries. A pact to this effect was signed at the end of a two-day meeting of the special representatives of the two countries. The working mechanism will be headed by a joint secretary in the Ministry of External Affairs and a Director General level officer of China. The decision to set up the mechanism was taken earlier at a meeting between the Prime Ministers of the two countries.

The mechanism will study ways and means to conduct and strengthen exchanges and cooperation between the military personnel and establishments of the two sides in border areas and will undertake other tasks that are mutually agreed upon. It was decided that the officials of the two sides will hold consultations once or twice a year. This was the 15th round of boundary talks between the special representatives of the two countries and the next round of talks will be held in China.

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Pakistans Supreme Court issued a Contempt of Court Notice to Prime Minister Yousuf Raza Gilani
Pakistan's Supreme Court issued a contempt of court notice to Prime Minister Yousuf Raza Gilani for failing to reopen graft cases against President Asif Ali Zardari. The apex court also asked the Pakistan Prime Minister to appear before it. The order was issued by a seven-judge bench led by Justice Nasir-ul-Mulk, who began hearing the case related to the apex court's orders against Zardari and over 8000 others. The bench directed Gilani to personally appear in court to explain why contempt proceedings should not be initiated against him for deliberately disregarding the court's orders. A Supreme Court appointed panel is probing the memo case. The Supreme Court had issued the order against the premier after the government's top law officer informed it that he had received no instructions regarding the order to reopen the corruption cases.

India extended for Five Years Anti-Dumping Duty on Import of Four Chinese Products
In the backdrop of widening trade gap with China, India extended for five years anti- dumping duty on import of four Chinese products, including silk fabrics and a sweetener. The duty is imposed to protect the domestic industry from cheap imports. Import of certain type of silk fabrics from China will attract anti-dumping duty of $1.82 to USD 7.59 per metre, as per a notification of the Revenue Department. The duty was first imposed on the fabrics in December 2006 till December 2011. India had a trade deficit of USD 16 billion against China during 2010-11. It has already crossed USD 20 billion in the first seven months of the current fiscal. The duty on import of certain type of nylon filament yarn from China, Chinese Taipei, Malaysia, Thailand and Korea will be imposed at USD 0.20 to USD 1.51 per kilogram for another five years. Notifications for extension of anti-dumping duty on imports of cellophane transparent film and saccharin from China for five years have also been issued. Saccharin is a non-nutritive sweetener and considered to be low calorie substitute for cane sugar. Meanwhile, the government has also levied provisional anti-dumping duty on import of phosphoric acid (excluding agriculture /fertiliser grade) from Israel and Taiwan. The duty at $116.25 to USD 260.26 per tonne has been imposed for six months.

India and USA signed a MoU on Labour and Employment Issues

India and the United States of America signed a Memorandum of Understanding (MoU) in Washington to cooperate on labour and employment issues during the visit of labour and employment minister Mallikarjun Khagre. _________________________________________________________________________________________________ Page : 9 www.TCYonline.com

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_________________________________________________________________________________________________ It establishes a framework for dialogue and bilateral co-operative activities, which includes skill development, youth employment, occupational and mine safety and health.

India signed Tax Information Exchange Agreement (TIEA) with Guernsey

India signed TIEA with Guernsey. This is the 13th bilateral TIEA for Guernsey with a G20 nation. The TIEA will help Indian tax authorities get information on tax evasion cases. The Island of Guernsey is located in the English Channel, 70 miles from the South coast of London. Guernsey is a British crown dependency. Its defence is the responsibility of the United Kingdom, but Guernsey is not part of the UK.

India, Japan and China enter into a Pact called SHADE

India, Japan and China entered into a pact to share data to achieve the most efficient use of Naval Forces present in the Indian Ocean Region. The initiative is known as the Shared Awareness and Deconfliction (SHADE). China, India and Japan also agreed to carry out more effective coordination by establishing a convoy coordination working group as part of the Shared Awareness and Deconfliction Mechanism.

China, India, Iran, Japan, Kenya, Malaysia, Russia, Saudi Arabia, South Africa and Yemen deployed ships and aircraft to combat piracy in the Indian Ocean region. They were working as independent forces in absence of shared information. Other issues included a lack of convoy coordination by countries outside the SHADE mechanism that led to inefficient use of ships and aircrafts deployed for the purpose. This was improved with expanded interaction through the SHADE mechanism and improved information sharing.

India and Japan agree to enhance their Cooperation in the Infrastructure Sector
India and Japan agreed to enhance their cooperation in the infrastructure sector. The decision was taken at a meeting between Road Transport and Highways Minister C.P. Joshi and his Japnese counterpart Takeshi Maeda.

The two countries are in the concluding phase of finalising a Memorandum of Cooperation to exchange technical knowledge and expertise in the Road Transportation and Highways sector including capacity building and advanced technology for road transport management system as well as intelligent transport system.

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Scientists transformed Skin Cells directly into Brain Cells

The research group, at the Stanford University School of Medicine in California, is looking at another option converting a person's own skin cells into specialist cells, without creating "induced" stem cells. It has already transformed skin cells directly into neurons. This study created "neural precursor" cells, which can develop into three types of brain cell: neurons, astrocytes and oligodendrocytes. These precursor cells have the advantage that once created, they can be grown in a laboratory into very large numbers. This could be critical if the cells were to be used in any therapy. Brain cells and skin cells contain the same genetic information. However, the genetic code is interpreted differently in each. This is controlled by "transcription factors".

Scientists developed a Vaccine to Treat Breast Cancer

In what's being claimed a medical breakthrough, scientists say they have developed a vaccine to treat breast cancer, using a patient's own cells. An international team says that tests on women revealed "promising" results, with 85% of the patients with a ductal carcinoma in situ (DCIS), the most common non-invasive form of the disease and showing protection after four years. In fact, in their tests, the scientists, led by the University of Pennsylvania, enrolled 27 patients and isolated specialized white cells using standard techniques similar to blood donation. The cells were manipulated in the laboratory to allow the immune system to recognize the cancerous cells as foreign and attack them. Each patient received four weekly injections of their personalized vaccine and had surgery two weeks later to remove any remaining disease.

B. K. Batra as Deputy Managing Director of IDBI Bank

The Union government appointed B. K. Batra as Deputy Managing Director of IDBI Bank. Prior to being appointed as Deputy Managing Director of IDBI Bank, he worked as Executive Director looking after the corporate banking function and formulation of corporate level policies and processes. He was also discharging responsibility as chairman of the Credit Committee and systems and procedures and several other committees. Batra has served IDBI Bank in various positions since 1983.

India Signed MoU on Tourism with ASEAN

India signed MoU with ASEAN (Association of Southeast Asian Nations) at Manado, Indonesia. The main objectives of the MoU are to: _________________________________________________________________________________________________ Page : 11 www.TCYonline.com

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_________________________________________________________________________________________________ Cooperate in facilitating travel and tourist visits. Further strengthen the tourism partnership. Enhance mutual assistance and human resource development for tourism sector Take necessary steps for exploring avenues of cooperation and sharing of information. Exchange information pertaining to statistics and development strategies, investment opportunities and economic data in tourism, travel and hospitality sectors relevant to each other. Jointly organise seminars, workshops and face-to-face meetings wherever possible, with a view to explore and discuss new opportunities and avenues for the development and promotion of tourism. The Prime Minister of India had announced during the 9th ASEAN Summit held at Bali that a Memorandum of Understanding on strengthening tourism cooperation between India and ASEAN would be signed preferably at the Meeting of ASEAN-India Tourism Minister in early 2012.

IAEA:Uranium Enrichment in Iran reached to the Level of 20 Percent

The UN nuclear watchdog, IAEA confirmed that Iran started enriching uranium to 20 percent. The production is taking place at Fordo, a nuclear facility 160 km south-west of Tehran. The Uranium enrichment to the level of 20 percent means it can be upgraded more quickly for use in nuclear weapons than Irans main enriched stockpile at Natanz plant. The level is much higher than 3.5 percent at Iran's main enrichment plant in Natanz and can be turned into fissile warhead material faster.

Rajasthan CM Ashok Gehlot inaugurated a 5-MW Solar Energy Plant at Phalodi

Rajasthan Chief Minister Ashok Gehlot inaugurated a 5-MW solar energy plant by SunEdison, the leading solar energy services provider, at Phalodi in Jodhpur district. Union Minister for Renewable Energy Farooq Abdullah was also present. The plant was set up under the Jawaharlal Nehru National Solar Mission (JNNSM). Connected to the national grid, the plant is expected to supply electricity to NTPC Vidyut Vyapar Nigam (NVVN), the nodal agency for augmenting purchase and sale of power generated from solar energy under the JNNSM mission. SunEdison also has put in place a 33 KV transmission line from the project site to the station situated at Bap.

Department of Industrial Policy and Promotion notified 100% FDI in SingleBrand Retail
The Department of Industrial Policy and Promotion (DIPP) notified the rules allowing 100% Foreign Direct Investment (FDI) in single-brand retail. Currently 51% FDI is permitted in this segment of retailing which was opened to foreign players almost six years ago. _________________________________________________________________________________________________ Page : 12 www.TCYonline.com

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_________________________________________________________________________________________________ The removal of the investment cap will help global fashion brands, especially from Italy and France to venture alone in the growing Indian market.

The decision to increase FDI in single-brand retail was taken by Cabinet in November 2011 along with the decision to open the gates for overseas investment in multi-brand retail. The government was however forced to put FDI in multi-brand retail on hold in the face of opposition by several political parties, including UPA ally Trinamool Congress.

Argentinas Lionel Messi voted World's Outstanding Footballer for Third Consecutive Year
Lionel Messi was the 2011 FIFA Ballon d'Or at a star-studded ceremony in Zurich, the third consecutive year that he has won the prestigious award for the world's outstanding footballer. The 24-year-old Barcelona and Argentina forward finished ahead of his Real Madrid rival Cristiano Ronaldo and Barca teammate Xavi Hernandez. Japanese midfielder Homare Sawa claimed the women's equivalent. Marta of Brazil and United States striker Abby Wambach were also nominated.
Messi becomes only the second player, after current UEFA president Michel Platini, to win the award for three consecutive years. He joined Platini, Johan Cruyff and Marco van Basten as the only men to have won the prize thrice.

Foreign Direct Investment (FDI) into India went up by 56% to $2.53 billion in November 2011
Foreign Direct Investment (FDI) into India went up by 56% to $2.53 billion in November 2011, indicating an improvement in investor sentiment. In September and October 2011, the inflows were down by 16.5% and 50% year-on-year respectively. Cumulative flow for the April-November period stood at of $22.83 billion, surpassing $19.43 billion achieved in the full financial year 2010-11.

The country had received $1.62 billion overseas investment in November 2010. In 2010-11, FDI into equity had dipped 25% to $19.43 billion, from $25.6 billion in 2009-10. In 2008-09, FDI stood at $27.3 billion.

Australia announced that it would Scale Back Sanctions against Myanmar

Australia announced that it would scale back sanctions against Myanmar. Australia took this decision in recognition of steps taken by Myanmars military regime towards democracy and greater regional engagement. Myanmars military junta held elections in 2010 and transferred power to civilians. However, Myanmar has _________________________________________________________________________________________________ Page : 13 www.TCYonline.com

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_________________________________________________________________________________________________ failed to meet expectations on the release of political prisoners. In Australia, there is a blanket arms embargo to Myanmar.

Northern Coalfields to surrender land to Reliance Power

State-run Northern Coalfields (NCL) has agreed to surrender land required to mine two blocks attached to the Sasan ultra mega power plant to Reliance Power giving the Anil Ambani Group Company the benefit of over Rs 6,000 crore over the life of the venture. Coal from the mines - Moher and Moher Amlohri - along with another Chhatrasal block will fuel Reliance Power's Sasan and Chitrangi projects of 4,000 mw each being built in Madhya Pradesh with an investment of Rs 36,000 crore. NCL's decision, subject to a final nod by the coal ministry, will give Reliance Power access to 58 million tonnes of coal worth Rs. 6,264 crore at current prices. NCL, a Coal India subsidiary, had denied transferring required land to Sasan Power, a subsidiary of Reliance Power, saying such a move would violate the Coal Bearing Areas Act, 1973.

D. Bala Venkatesh Verma received the First S. K. Singh Award for excellence in Indian Foreign Service
D. Bala Venkatesh Verma, Joint Secretary Disarmament in the Ministry of External Affairs was conferred with the first S. K. Singh Award for excellence in the Indian Foreign Service. The award was presented to him by UPA Chairperson Sonia Gandhi in recognition of his extraordinary efforts to strengthen India's position during the Indo-US nuclear deal. Senior Indian diplomat D. Bala Venkatesh Varma, a key member of the negotiating team that saw the IndoU.S. nuclear deal through from the first agreement to the additional protocol. Varma, a 1988 batch officer of the Foreign Service, is an expert in nuclear matters and is currently posted as Joint Secretary (Disarmament and International Security Affairs) at the Ministry of External Affairs in Delhi. The award for excellence in the Indian Foreign Service is named after the former foreign secretary and Governor, Shailendra Kumar Singh, a diplomat widely respected within the IFS community for his acumen, professionalism and leadership. Varma was selected as the first recipient of the prestigious award by a topdrawer jury consisting of Vice President Hamid Ansari, National Security Adviser Shivshankar Menon, Foreign Secretary Ranjan Mathai, Ms Gandhi and Congress M.P. Rahul Gandhi.

India and South Africa agree to Speed up Talks to conclude BIPA

India and South Africa agreed to speed up talks to conclude a bilateral investment promotion and protection agreement in view of the increased trade between the two countries. Both nations reviewed commercial and economic relations in Bloemfontein, South Africa. _________________________________________________________________________________________________ Page : 14 www.TCYonline.com

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_________________________________________________________________________________________________ India and South Africa expressed satisfaction on the continued growth in two-way investments and trade.

Vice Admiral M.P. Muralidharan took charge as the 19th Director-General of the Indian Coast Guard
Vice Admiral M.P. Muralidharan has taken charge as the Director-General of the Indian Coast Guard. Prior to taking over as the 19 Director-General, Vice Admiral Muralidharan was the Chief of Personnel at the Integrated Headquarters (IHQ), Ministry of Defence, and earlier served as the first Commandant of the Indian Naval Academy at Ezhimala. An alumnus of the National Defence Academy, he was commissioned into the Navy in 1975. During the last three and half decades, he held several significant operational and staff appointments. The operational appointments include command of Indian Naval Ships Chatak, Sharda and Ranvijay, Fleet Operations Officer of the Western Fleet and Principal Director of Naval Operations at IHQ.

Turkey's Former Army Chief Ilker Basbug Arrested for Attempting to Overthrow Islamist Government
Turkeys former army chief Ilker Basbug was detained over an alleged bid to topple the Islamist-rooted government in the latest confrontation likely to inflame tensions with the powerful military. The 26th chief of staff of the Turkish republic has unfortunately been placed in preventive detention for setting up and leading a terrorist group and of attempting to overthrow the government, Ilkay Sezer, a lawyer for Basbug, was quoted as saying by the Anatolia news agency. He is the first such high-ranking military commander to be arrested as a suspect since a former chief of staff in the 1960s, according to the Turkish press. However, dozens of active and retired military officers, academics, journalists and lawyers have been detained in recent years in probes into alleged plots against the government of Prime Minister Recep Tayyip Erdogan. Basbug, who retired in 2010, is the most senior officer caught up in a massive investigation into the so-called Ergenekon network, accused of plotting to topple Erdogans Islamic-rooted Justice and Development Party (AKP).

Foreign Exchange Reserves slipped below $300-billion for the Week ended 30 December 2011
According to data released by the Reserve Bank, foreign exchange reserves fell by over $4.18 billion to $296.69 billion, slipping below the long-held $300-billion mark in the week ended 30 December 2011. The drop in the reserves was attributed to the fall in the core foreign currency assets (FCAs) and gold reserves. The overall reserves slipped by $1.23 billion to $300.86 billion in the previous reporting week.

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_________________________________________________________________________________________________ FCAs, a major component of the forex kitty, fell by $2.72 billion to $262.93 billion for the week ended 30 December. Gold reserves were down by $1.42 billion to $26.62 billion. The reserves declined by $24 billion since early September 2011. The foreign exchange kitty stood at $321 billion on 2 September 2011. The dip was primarily due to revaluation in foreign currency assets and a fall in the value of gold reserves. Two strong reasons were identified for the fall in the reserves The first one is the continuous intervention by the regulator to curb extreme volatility in the rupee. The second reason is the dollar has been appreciating against all currencies

Special drawing rights (SDRs) and the reserve position in the International Monetary Fund (IMF) also fell. While SDRs came down by $19 million to $4.4 billion, the reserve position in the IMF was down by $12 million to $2.7 billion.

SIDBI enter into MoU with Indian Overseas Bank to extend assistance to MSMEs
Small Industries Development Bank of India (SIDBI) entered into a memorandum of understanding with Indian Overseas Bank (IOB) to extend assistance to micro, small and medium enterprises (MSME) customers of IOB. The MoU was signed by S. Muhnot, Chairman and Managing Director of SIDBI and M. Narendra, Chairman and Managing Director of IOB. Indian Overseas Bank (IOB) received Rs. 100 crore from Small Industries Development Bank of India (SIDBI), as part of refinancing agreement. SIDBI lined up Rs. 2000 crore equity investments in the country's micro, small and medium enterprises (MSME). SIDBI will initially provide a line of credit worth Rs. 100 crore to IOB for seven years. The amount is to be utilised to provide growth capital to deserving MSMEs for funding their growth requirements towards any bonafide business purpose, including bridging the gap in project funding, working capital margin and intangible expenses. The assistance to MSMEs could be through a variety of instruments such as subordinate debt, mezzanine/ convertible instruments such as optionally convertible debentures and redeemable preference shares. On a selective basis, IOB would also provide equity funding where business model or exit options would clearly support such investments.

Ratnakar Baral replaced Y Joykumar Singh as Manipur State Police Chief

Manipur director-general of police Yumnam Joykumar Singh was removed from his post following instructions from the Election Commission. _________________________________________________________________________________________________ Page : 16 www.TCYonline.com

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_________________________________________________________________________________________________ Chief election commissioner S.Y. Quraishi also asked Manipur and neighbours Assam, Nagaland and Mizoram to seal their borders to prevent entry of goons during the Assembly election in Manipur. Joykumar Singh was replaced with additional DGP (Intelligence) Ratnakar Baral .The former DGP was transferred as the managing director of Manipur Police Housing Corporation. Joykumar Singh was removed from the post of DGP following demands from non-Congress parties during a meeting. The Opposition parties expressed the apprehension that Joykumar Singh could be partial while maintaining security during the election.

Sarod Maestro Amjad Ali Khan presented with the Mallikarjun Mansur Award
Sarod maestro Ustad Amjad Ali Khan was presented the Mallikarjun Mansur Award in recognition of his achievements. He has enthralled audience worldwide with his unique style of playing the instrument with his finger nails.

Khan is the first north Indian artist to have performed in honour of saint composer Thyagaraja at his birth place at Thiruvaiyaru in Tamil Nadu.

He is also a recipient of many awards like Sangeet Natak Academy Award, Tansen Award, UNESCO Award, UNICEF National Ambassadorship and International Music Forum Award. The award, instituted by the Karnataka government, carries a cash prize of Rs. 1 lakh and a citation. Vocalist Kishori Amonkar, Pandit Jasraj and Dr. Balamuralikrishna were the earlier recipients of the award.

Tibetan Spiritual Leader, the Dalai Lama presented the Mahatma Gandhi International Award
Tibetan spiritual leader, the Dalai Lama was presented the Mahatma Gandhi International Award for Peace and Reconciliation on the fourth day of the ten-day Kalachakra initiations.

The grand daughter of Mahatma Gandhi, Ila Gandhi, presented the award to the Dalai Lama at the Kalachakra ground.

Ila Gandhi, who is based in South Africa, is chairman of the Gandhi Development Trust, which gives the award. It was a happy moment for him to recall Mahatama Gandhi who had experimented with non-violence to gain freedom for India. Ila Gandhi said the Dalai Lama was supposed to receive the award in Durban in 2011, but because of some visa related problems, he could not make it.

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European Union agreed in Principle to ban Import of Iranian Crude Oil

The member states of European Union (EU), agreed in principle to ban import of Iranian crude oil to put pressure on Iran for its nuclear programme. However, the time-frame to implement this was not decided. The United States, which imposed fresh sanctions on Iran has welcomed the news. Iran has dismissed the threat of new sanctions and denies Western claims that it is trying to develop a nuclear weapons programme.

Western powers accuse Iran of trying to develop nuclear weapons under the cover of a civilian energy programme. The EU is one of Irans biggest markets for oil. This generates most of the Iranian governments revenue. China is the top buyer of Iranian oil. The EU is a political and economical union of 27 member states.

India approved Acquisition of French advanced Missile Systems

India approved Rs. 6600 crore acquisition of 490 French advanced missile systems to arm the Mirage-2000 fighter jets. The Cabinet Committee on Security cleared the contract for the fire and forget MICA with French armament company MBDA. MICA is interception and aerial combat missile.

The MICA systems will be fitted on IAFs 51 Mirage-2000s. French company Dassault Aviation will help in the upgradation of IAFs 51 Mirage-2000s. The Mirage upgrade project will cost around Rs. 20000 crore . The project will be completed in 10 years.

Pro-Vice Chancellor of IGNOU, Prof. Parvin Sinclair was appointed Director of NCERT
Noted mathematician and the Pro-Vice Chancellor, IGNOU Prof. Parvin Sinclair was appointed the Director of National Council of Educational Research & Training (NCERT). Parvin will hold the post for five years or until further orders, whichever is earlier. A Ph. D in mathematics from the University of Mumbai, Prof. Parvin Sinclair has worked in the field the Educational Research and Training since 1979. Parvin Sinclair is currently a Professor with the Indira Gandhi National Open University.

Prof. Parvin Sinclair is known for her work in the field of mathematics and designing of course material to suit learners of the subject on the distance mode

Former Textiles Secretary, Rita Menon take over as CMD of India Trade Promotion Organisation
Former Textiles Secretary, Rita Menon took over as the Chairman-cum-Managing Director of India Trade Promotion Organisation (ITPO), which organises exhibitions and trade fairs. She succeeded Rajeev Kher, additional secretary in the Commerce Ministry, who was officiating as the CMD of the organisation since August 2011. _________________________________________________________________________________________________ Page : 18 www.TCYonline.com

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_________________________________________________________________________________________________ Rita Menon is a 1975 batch IAS officer of Uttar Pradesh cadre who retired as Textiles Secretary in 31 December 2011. She took over as CMD of ITPO for a period of two years. The Appointment Committee of Cabinet (ACC) also approved appointment of Chandra Bhushan Paliwal, another UP cadre IAS officer, as MD of National Cooperative Development Corporation under the Ministry of Agriculture. Paliwal will serve in the rank and pay of additional secretary.

RIL enters Media & Entertainment Sector by investing in Raghav Bahlcontrolled Network18 Group
Reliance Industries Ltd (RIL) has entered the media and entertainment sector by making a major investment in the Raghav Bahl-controlled Network18 Group, one of Indias largest broadcast companies that owns several news channels and has significant interests in the film and general entertainment broadcast businesses. In an effort to consolidate its presence in the sector, RIL is also divesting a majority of its stake in the Hyderabad-based Eenadu Groups various broadcast channels to the Network18 Group. RIL, through a newly-created vehicle, Independent Media Trust, is infusing funds in the form of loan (or optionally convertible debentures, which is a kind of a loan that can be converted into equity depending on the conditions agreed upon by the parties concerned) into Network18 Media and Investments Ltd (NMIL), the groups holding company, and TV18 Broadcast Ltd, the flagship company.

Government approved RILs $1.529 billion Investment Plan for Satellite Fields in KG-D6 Block
The Union government approved RILs $1.529 billion investment plan for developing four satellite fields in the flagging KG-D6 block. RILs investment plan will boost falling output in the Krishna-Godavari Basin KG-D6 block. The investment proposal was signed by the three partners in the block- RIL, UK's BP Plc and Niko Resources of Canada and the representative of DGH. The KG-D6 block oversight committee, which includes officials from the Oil Ministry and its technical arm, the Directorate General of Hydrocarbons (DGH), met for the third time in three months to finally approve the proposal.

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Kiro Gligorov, the First Democratically Elected president of Macedonia died

Kiro Gligorov, the first democratically elected president of Macedonia died in Skopje. He had led his nation through a bloodless secession from the former Yugoslavia. Gligorov had become President of Macedonia in January 1991 when it was still a Yugoslav Republic. He led his countrymen through a referendum in which they voted for independence, and the territory of 2.1 million people became the only republic to succeed from Yugoslavia without a war. Gligorov served two consecutive presidential terms, leading the nation from January 1991 to November 1999.

Controversial South African Indian Politician Amichand Rajbansi passed away

Charismatic and controversial South African Indian politician Amichand Rajbansi died in Durban, South Africa. He was nicknamed The Bengal Tiger because of his fiery nature. Rajbansi courted political controversy throughout his career but remained popular with a section of the Indian community which repeatedly voted him back into positions through his Minority Front Party. A decade after the first democratic elections in 1994 that saw Nelson Mandela become President, Rajbansi who had renamed his party the Minority Front, became a kingmaker giving the ANC a majority after he threw his lot in with them. He was in turn rewarded with the post of Sports Minister in his home province, but lost the same during the last elections. Rajbansi had served as Sport and Recreation MEC in the ANC-led provincial cabinet from 2004-2009 as a result of a coalition agreement between the MF and ANC.

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