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current affairs February 2013
India current affairs February 2013
India raised the import duty on gold and platinum from 4% to 6% to
contain the widening current account deficit(CAD)
In 2011-12, gold imports accounted for $5!5 "illion in foreign e#change $
the second!ig!est item after crude oil in the import "ill
India decided to lin% &old '() with the &old *eposit +cheme and there"y
relying more on domestic supplies of the yellow metal will ena"le mutual
funds to unloc% their physical gold assets and in,est in gold-lin%ed schemes
offered "y "an%s!
-urrently, there are two gold related schemes $ the &old '() and the &old
*eposit +cheme $ that are intended to channelise gold holdings into
institutional channels! (he &old '() is pro,ided "y mutual funds! .nits are
sold to su"scri"ers through /authorised participants0 and are traded on the
e#change! (he units are "ac%ed "y physical gold held "y the mutual fund!
1oney collected under any &old '() shall "e in,ested "y the mutual fund
primarily (a minimum of 20 per cent) in gold or gold-related instruments
notified "y +'3I!
3an%s offering &old *eposit +cheme accept gold deposited "y clients! (he
gold is on-lent "y the "an%s to the gems and 4ewellery trade! 5t the end of
the deposit period, the depositor is entitled to a return of physical gold or its
e6ui,alent in cash at the current mar%et price of gold!
5s an added measure of fle#i"ility, the minimum 6uantity of gold that can "e
deposited into the &old *eposit +cheme will stand reduced and the minimum
tenure will also "e "rought down to si" mont!s from the period of three
years at present!

#conomics current affairs February 2013
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India has postponed implementation of $AA% pro,isions "y two years!
India has decided that pro,isions of -hapter 105 of the Income (a# 5ct
(dealing with &557) will come into force from April 1& 2016
(he &eneral 5nti-5,oidance 7ules (&557) pro,isions, introduced "y the then
finance minister 8rana" 1u%her4ee in the 3udget 2012-19, were aimed at
chec%ing ta# a,oidance "y o,erseas in,estors!
(he decision to postpone the implementation follows the recommendations of
the '!ome Committee which was set up "y 8rime 1inister 1anmohan +ingh
to loo% into in,estor concerns!
(he &557 pro,isions would o(erride t!e double ta"ation a(oidance
agreement )D*AA+ "enefits if the arrangements were intended solely to
e,ade ta#es!
In,estments made "y ,on%esident Indians ),%Is+ -ill not be
co(ered "y the pro,isions of &557!
(he minister clarified that there would "e a threshold limit of %s 3 crore of
ta# "enefit for in,ocation of &557, as suggested "y the +home panel!
In,estments made "efore August 30& 2010, would not attract the pro,isions
of &557!

International current affairs February 2013
Indian-origin politician, .alima! /acob, "ecame the first -oman
'pea0er of 'ingapore1s 2arliament

India current affairs February 2013
1illions of people ha,e ta%en a dip at the confluence of the 7i,er &anges,
7i,er :amuna and the mythical +araswati 7i,er near 5llaha"ad, at the start
of 3a!a 4umb! 3ela, a ;indu cele"ration held e,ery 12 years! *uring the
ne#t 55 days, nearly 100 million people are e#pected to attend the festi,al,
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which has "een "illed as the "iggest gathering in the world!
5ccording to ;indu mythology, when gods and demons fought o,er a pitcher
of nectar that gi,es immortality, some drops fell on four towns - 5llaha"ad,
<asi%, .44ain and ;aridwar! (hese towns host the festi,al in rotation! (he
one at 5llaha"ad is "elie,ed to "e the holiest and surpasses the others in its
sheer scale and si=e! <asi% will host the ne#t >um"ha 1ela in 2015!

International current affairs February 2013
+ri ?an%an 8resident 1ahinda 7a4apa%sa remo,ed +ri ?an%a0s chief
4ustice, '!irani 5andaranaya0e, from office! *r! +hirani 3andaranaya%e is
+ri ?an%a@s first woman chief 4ustice! 1r! 7a4apa%sa0s decision came two days
after +ri ?an%a@s 8arliament, pac%ed with 7a4apa%sa cronies and relati,es,
,oted to impeach the chief 4ustice! 'arlier, the +upreme -ourt had ruled that
the impeachment process was illegal! 1any "elie,e the dismissal is the
repercussion of 1s 3andaranaya%e@s ruling that a "ill su"mitted "y the
president 7a4apa%sa@s younger "rother, 3asil 7a4apa%sa, proposing a $00
million de,elopment "udget, must "e appro,ed "y nine pro,incial councils!
Apposition parties and independent analysts call the impeachment motion a
politically moti,ated attempt to stifle 4udicial independence, and say it is
part of a go,ernment effort to concentrate power in the hands of 8resident
1ahinda 7a4apa%sa!

International current affairs February 2013
Argo won the "est dramatic motion picture pri=e at the B0th
annual $olden $lobe A-ards! 5rgo won the "est dramatic motion picture
pri=e and 5fflec% pic%ed up the "est director pri=e for the film a"out the
12C0 4oint -I5--anadian secret operation to e#tract si# fugiti,e 5merican
diplomatic personnel out of re,olutionary Iran! 6es 3iserables - the film
adaptation of Dictor ;ugo@s 12th century no,el - was the winner of the
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&lo"es "est comedy or musical category, and its stars ;ugh Eac%man and
5nne ;athaway won acting honors! Eessica -hastain won the &lo"e for
dramatic actress for her role in Fero *ar% (hirty as a -I5 agent o"sessi,ely
pursuing Asama 3in ?aden! 3ritish actor *aniel *ay ?ewis won the award for
the "est dramatic performance for his role in ?incoln, the +piel"erg film
a"out the president who steered the .!+! through its ci,il war! (he film
focused on the legislati,e "attle to pass the 19th 5mendment to the .!+!
-onstitution, which a"olished sla,ery 4ust months "efore 5"raham ?incoln
was assassinated!
6I'* 7F A8A%D' F7% 2013 $76D#, $675#'
1otion 8icture, *ramaG Argo
5ctor, 1otion 8icture *ramaG Daniel Day6e-is& 6incoln
5ctress, 1otion 8icture *ramaG 9essica C!astain& :ero Dar0 *!irty
1otion 8icture, 1usical or -omedyG 6es 3iserables
5ctor, 1otion 8icture 1usical or -omedyG .ug! 9ac0man& 6es 3iserables
*irector, 1otion 8ictureG 5en Afflec0& Argo
-ecil 3! *e1ille 5ward for ?ifetime 5chie,ementG 9odie Foster
5nimated )ilmG 5ra(e
)oreign ?anguage )ilmG Amour )Austria+
5ctress, 1otion 8icture 1usical or -omedyG 9ennifer 6a-rence& 'il(er
6inings 2layboo0

'ports current affairs February 2013
9ustice D;4; 9ain has "een appointed -hairman of the 6a-
Commission of India, which gi,es ad,ice to the go,ernment on comple#
legal issues! (he .nion -a"inet has appro,ed the constitution of the 20th
?aw -ommission with a three-year term (1 +eptem"er 2012 to 5ugust 91,
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2015) 3esides the -hairman, the commission will ha,e four full-time
mem"ers! (he ?aw +ecretary and the +ecretary, ?egislati,e *epartment, are
the e#-officio mem"ers!

'ports current affairs February 2013
6ionel 3essi won the )I)5 5allon d17r award for his astonishing 21-goal
year for 3arcelona and 5rgentina in 2012! 1essi has "een ,oted the world0s
"est player for an unprecedented fourth straight year! 1essi0s fourth award
lifted him a"o,e three$time )I)5 winners Finedine Fidane of )rance and
3ra=il0s 7onaldo!

India current affairs February 2013
5s per the new Disa 5greement "etween India and 2a0istan, places of
,isit allowa"le for persons on ,isitors ,isa was increased from three to fi(e
places! Disa can "e issued upto two years in the cases ofG 1) 8ersons a"o,e
5 years of age 2) <ational of one country married to national of the other
country and their children "elow 12 years accompanying parents! &roup
(ourist Disa for 90 days may "e issued for tra,el in groups, with not less
than 10 mem"ers and not more than 50 mem"ers in each group, organi=ed
"y appro,ed tour operatorsHtra,el agents

'cience current affairs February 2013
5stronomers from the .ni,ersity of -entral ?ancashire disco,ered the
largest structure e,er seen in the entire uni,erse called 6arge <uasar
$roup (?I&) (ra,elling at the speed of light, it would ta%e J "illion light
years to cross the disco,ered structure! Aur gala#y, the 1il%y Kay, is
separated from its nearest neigh"our, the 5ndromeda gala#y, "y two and a
half million light years! Iuasars are the nuclei of ancient gala#ies that
undergo periods (10-100 million years) of e#tremely high "rightness that
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ma%e them ,isi"le across huge distances! Iuasars tend to group together in
structures of surprisingly large si=es, forming ?I&s

India current affairs February 2013
(he .nion -a"inet appro,ed the 1inistry of 7ural *e,elopment0s proposal
to raise the unit cost under Indira A-aas /o=ana (I5:) In plain areas, unit
assistance under the scheme has "een raised from 7s J5,000 to
7s >0&000 and from 7s JC,500 to 7s >?&000 in hilly and difficult areas! (he
enhancement of unit assistance for homestead site to rural "elow po,erty
line (38?) households who ha,e neither agricultural land nor a house site has
"een hi%ed from 7s 10,000 to 7s 20,000! (he I5: is a flagship scheme of the
1inistry of 7ural *e,elopment and aims at addressing rural housing needs "y
pro,iding grant for constructionHupgradation of dwelling units of 38?
families! (he priority is especially gi,en to +cheduled -astesH+cheduled
(ri"es, freed "onded la"ourers and physically challenged persons with
financial assistance!

India current affairs February 2013
(he 7eser,e 3an% of India has set up a wor%ing group to e,aluate and
ma%e impro,ements in the grie,ance redressal mechanism for "an%
customers! (he wor%ing group constituted in the 7eser,e 3an% of India is
going to re,iew, update, and re,ise the 3an%ing Am"udsman +cheme, 200!
(he 7eser,e 3an% is launching the om"udsman scheme in 200 to redress
pu"lic grie,ances in "an%ing transactions! (he om"udsmen are recei,ing the
complaints and grie,ances from the customers! (hese would "e recorded and
each complaint would "e gi,en a uni6ue identification num"er after which
they would "e sent to the "an%s concerned! An receipt of the "an%s@
response they would "e forwarded to the complainants! (he om"udsman
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would ha,e powers of courts! 8resently, India has 15 3an%ing Am"udsmen
with unam"iguous 4urisdiction co,ering all +tates and .nion (erritories in
India!

'cience current affairs February 2013
5 2-"illion-year-old dar% lump of roc% that landed in +ahara desert is
actually a new type of 1artian meteorite, containing 10 times more water
than usual! (his new class of meteorite was found in 2011 in the +ahara
*esert! *esignated <orthwest 5frica (<K5) B09J, and nic%named L 5lac0
5eauty,M it weighs appro#imately 920 grams! 5fter more than a year of
intensi,e study, a team of .+ scientists determined the meteorite formed 2!1
"illion years ago during the "eginning of the most recent geologic period on
1ars, %nown as the 5ma=onian! <K5 B09J is made of cemented fragments of
"asalt, roc% that forms from rapidly cooled la,a! (he fragments are primarily
feldspar and pyro#ene, most li%ely from ,olcanic acti,ity! 7esearchers
theorise the large amount of water contained in <K5 B09J may ha,e
originated from interaction of the roc%s with water present in 1ars0 crust!
(he meteorite also has a different mi#ture of o#ygen isotopes than has "een
found in other 1artian meteorites, which could ha,e resulted from
interaction with the 1artian atmosphere! 3lac% 3eauty was donated to
.ni,ersity of <ew 1e#ico "y a .+ citi=en who had purchased it from the
1oroccan meteorite dealer in 2011

India current affairs February 2013
India constituted the 14t! Finance Commission under the chairmanship
of former 73I &o,ernor /; @; %eddy! (he fi,e-mem"er panel is to su"mit its
report "y Acto"er 91, 201J! 5part from its recommendations on the sharing
of ta# proceeds "etween the -entre and the +tates which will apply for a
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fi,e-year period "eginning 5pril 1, 2015, the -ommission has "een as%ed to
suggest steps for pricing of pu"lic utilities such as electricity and water in an
independent manner and also loo% into issues li%e disin,estment, &+(
compensation, sale of non-priority 8+.s and su"sidies! 5mong other things,
the -ommission would loo% into the Lneed for insulating the pricing of pu"lic
utility ser,ices li%e drin%ing water, irrigation, power and pu"lic transport
from policy fluctuations through statutory pro,isions! 5part from *r! 7eddy
in the chair, other mem"ers of the -ommission are former )inance +ecretary
+ushma <ath, <I8)8 *irector 1! &o,inda 7ao, 8lanning -ommission 1em"er
5"hi4it +en and )ormer 5cting -hairman of <ational +tatistical -ommission
+udipto 1undle! (he -ommission would re,iew the state of finances, deficit
and de"t le,els of the -entre and +tates, %eeping in ,iew, in particular, the
fiscal consolidation roadmap recommended "y the 19th )inance -ommission!
3esides, the 1Jth )inance -ommission would suggest measures for
maintaining a sta"le and sustaina"le fiscal en,ironment consistent with
e6uita"le growth!

India current affairs February 2013
India rolled out its am"itious scheme of transferring cash to "eneficiaries
of select schemes called Direct 5enefits *ransfer )D5*+! An Eanuary 1,
the se,en schemes in which pay out is due in the 20 selected districts, the
money will "e transfered through the direct "enefit transfer system using the
.I*5I platform! &aps in infrastructure li%e "an% accounts and "eneficiary
lists forced the go,ernment to pare its am"itious direct cash transfer of
su"sidies from the targeted 51 districts to 4ust 20 with the num"er of
schemes also whittled from 9J to 2! Af the 2 selected schemes, cash
transfers will now rollout in se,en - mostly related to student scholarships
and stipends and Indira 1atrut,a :o4na and *hanala%shmi schemes - from
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Eanuary 1, 2019!5t the moment there is no intention to transfer su"sidies on
food, fertili=er, diesel and %erosene and coo%ing gas through direct "enefit
transfer! ;ere, e#isting system will continue "ecause they are comple#
issues! 3y end of 2019 the direct cash "enefit transfer will "e rolled out in all
the districts of the country!

International current affairs February 2013
)rench constitutional court, the -onseil -onstitutionnel, ruled that
8resident FranAois .ollande1s >?% income ta" for high earners is unfair
and therefore unconstitutional! (he court re4ected the ta#, which would ha,e
affected all with an annual income a"o,e None million, "ecause )rench
income ta# is le,ied on households and not indi,iduals, so it would not apply,
for e#ample, to a couple each of whom earns N200,000 "ut would apply to
any indi,idual earning a million euros or more! Anly a"out 1,500 people
would ha,e had to pay the new rate, which was due to ta%e effect today and
was e#pected to raise N500 million in a crucial contri"ution to 1r! ;ollande0s
plans to reduce the "udget deficit to 9 per cent of &*8 "y 201J!

India current affairs February 2013
(he draft of the 12t! Fi(e /ear 2lan co,ering the period 2012-19 to
201-1B, appro,ed "y the <ational *e,elopment -ouncil! It aims to achie,e
an annual a(erage gro-t! rate of B per cent, scaled down from C!2O

International current affairs February 2013
(he .!+! -ongress and the Khite ;ouse wor%ing hard to come to a deal to
a,oid the so-called / fiscal cliff0 of austerity measures that threaten the still-
wea% .+ economy! 5nd if the limit isn0t raised on how much the go,ernment
can "orrow, the go,ernment0s reaching the C16;4 trillion ceiling in
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)e"ruary or 1arch could lead to a first-e,er default that would sha%e
worldwide confidence in the .nited +tates!

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