Weekly Current Affairs update
For the Week March 20 to 26, 2011
Major news of the week
Section A: INDIA
 Budget session of Parliament concludes
 Society of Film and Television Institute of India reconstituted
 Union Cabinet clears Academic Depository Bill
 Pollution trade and cap scheme launched
 National Noise Monitoring Network launched
 Bureau of Indian Standards (Amendment) Bill, 2011 approved
 Bill to provide IIT status to 8 institutes, BHU passed
 Parliament approves 'Odisha' for Orissa
 Committee on concept note on innovation varsity constituted
 PFRDA Bill introduced in Lok Sabha after a division of votes
 PM rejects Wikileaks charge of bribing MPs
 Shunglu indicts Delhi Lt Governor for CWG violations
 DGCA grounds 14 pilots for fraudulent licenses
 ‘Make chapter 8 of Srikrishna report public’ – High Court
 Parliament’s Committee to examine Devas deal
 Gates Foundation to fund vaccine research in India
 Gates Foundation to stop funding HIV programmes in India
 World Tuberculosis Day observed
 71% pass first All India Bar Examination
 Earth Hour observed
 Museum of Statistics to come up at Hyderabad
 India’s NDMA team in Japan for quake-relief work
 World Meteorological Day observed
 Singapore, India conduct maritime exercise SIMBEX
 Postage stamp on Subhadra Joshi unveiled
 Ambedkar's birthday declared holiday
Section B: WORLD
 ‘India 16th most risky place to invest’ – Global Risks Atlas
 China accounts for 9.5% of world GDP in 2010
 Egypt referendum votes for constitutional changes
 Madhesi party joins ruling coalition in Nepal
 Japan govt. estimates quake loss at $309 billion
 NASA’s Stardust Mission ends
 Quake rocks Myanmar
 NATO takes over military operations in Libya
 Canadian government fails no-confidence vote
 Bolivia's to take Chile sea dispute to court
 Israel to return czarist-era landmark to Russia
 UNESCO meet shifted from Bahrain to Paris
 Portugal PM resigns after parliament rejects austerity plan
 Protests spread against Assad rule in Syria
 Guatemala first lady divorces husband to contest polls
 Screen legend Elizabeth Taylor passes away
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Section C: AWARDS
 Young Scientist Award conferred on 11 scientists
 World Water Day awards given
 Nirmal Gram Puraskars 2010 awarded
 John Willard Milnor wins Abel Prize 2011
 Google executive wins JFK Courage Award
 Pak to confer highest civilian award on Holbrooke
 Business Standard awards given
Section D: ECONOMY & CORPORATE
 Finance Minister rolls back service tax on AC hospitals
 Annual Report of the Agriculture Ministry unveiled
 Financial Sector Legislative Reforms Commission constituted
 Traditional Knowledge Digital Library goes online
 Govt moves Constitution Amendment Bill for GST
 Banking Laws (amendment) Bill 2011 tabled in Parliament
 India inks tax information pact with Cayman Islands
 DoT expresses inability to monitor Google, Skype
 Forex reserves at $303.506 bn on March 18
 ‘Broadband base at 11.7 mn’ – Broadband Forum
 Bharat Dynamics to make Akash missiles for Army
 ‘Defence shipyard efficiency has not improved’ – CAG
 Buffett calls for raising FDI ceiling on Insurance
 India card Rupay to replace Visa, MasterCard
 'Basel World 2011' organised
 Ban on export of pulses extended by one year
 Think tanks to help govt follow black money trail
 ‘ONVL lost Rs 1,182 crore in Russian oil deal’ – CAG
 Govt. to raise stake in United Bank of India to 84%
 Govt. to raise stake in Allahabad Bank of India to 58%
 Govt. to raise stake in UCO Bank to 68%
Section E: SPORTS
 Pakistan beats WI to enter World Cup semi-final
 India beat Australia to enter World Cup semi-final
 NZ stuns South Africa to enter semi-final
 Sri Lanka beat England to enter semifinal
 Messi is the highest paid footballer
 Yuki Bhambri wins Futures tennis
 Djokovic wins ATP Indian Wells
 Saina Nehwal wins Swiss Open
 Kiradech Aphibarnrat wins SAIL Open
 Aronian wins Amber chess
 Indian Volley League launched
 Section A: INDIA
Budget session of Parliament concludes
The Budget Session, 2011 of Parliament which commenced
on February, 2011 was adjourned sine die on March 25,
2011. The Railway Budget for 2011-12 was presented to
Parliament on February 25, the Economic Survey on
February 25, and the General Budget for 2011-12 on
February 28. During the Session, 14 Bills (11 in Lok Sabha
and 3 in Rajya Sabha) were introduced and a total of eight
Bills were passed by both Houses of Parliament. The list of
Bills introduced/ passed is as follows:
LEGISLATIVE BUSINESS TRANSACTED IN
PARLIAMENT DURING THE BUDGET SESSION, 2011
I – BILLS INTRODUCED IN LOK SABHA
1. The Finance Bill, 2011
2. The Appropriation (Railways) Bill, 2011
3. The Appropriation (Railways) No.2 Bill, 2011
4. The Appropriation Bill, 2011
5. The Appropriation (No.2), Bill, 2011
6. The National Capital Territory of Delhi Laws (Special
Provisions) Bill, 2011.
7. The Banking Laws (Amendment) Bill, 2011.
8. The Constitution (One Hundred and Fifteenth
Amendment) Bill, 2011
9. The Pension Fund Regulatory and Development
Authority Bill, 2011
10. The Regulation of Factor (Assignment of Receivables)
Bill, 2011
11. The Prevention of Bribery of Foreign Public Officials and
Officials of Public International Organisations Bill, 2011.
II – BILLS PASSED BY LOK SABHA
1. The Repatriation of Prisoners (Amendment) Bill, 2010.
2. The State Bank of India (Subsidiary Banks) Amendment
Bill, 2010
3. The Appropriation (Railways) Bill, 2011
4. The Appropriation (Railways) No.2 Bill, 2011
5. The Appropriation Bill, 2011
6. The Appropriation (No. 2), Bill, 2011
7. The National Capital Territory of Delhi Laws (Special
Provisions) Bill, 2011.
8. The Finance Bill, 2011.
9. The Institutes of Technology (Amendment) Bill, 2010.
10. The Coinage Bill, 2009
III – BILLS INTRODUCED IN RAJYA SABHA
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1. The Labour Laws (Exemption from Furnishing Returns
and Maintaining Registers by Certain Establishments)
Amendment Bill, 2011.
2. The Mines (Amendment) Bill, 2011
3. The Protection of Children from Sexual Offences Bill,
2011.
IV – BILLS PASSED/RETURNED BY RAJYA SABHA
1. The Appropriation (Railways) Bill, 2011
2. The Appropriation (Railways) No.2 Bill, 2011
3. The Appropriation Bill, 2011.
4. The National Capital Territory of Delhi Laws (Special
Provisions) Bill, 2011.
5. The Repatriation of Prisoners (Amendment) Bill, 2011
6. The State Bank of India (Subsidiary Banks) Amendment
Bill, 2011
7. The Orissa (Alteration of Name) Bill, 2011
8. The Constitution (One Hundred Thirteenth Amendment)
Bill, 2011
9. The Appropriation (No. 2) Bill, 2011
10. The Finance Bill, 2011
V – BILLS PASSED/RETURNED BY BOTH HOUSES OF
PARLIAMENT
1. The Appropriation (Railways) Bill, 2011
2. The Appropriation (Railways) No.2 Bill, 2011
3. The Appropriation Bill, 2011.
4. The National Capital Territory of Delhi Laws (Special
Provisions) Bill, 2011.
5. The Repatriation of Prisoners (Amendment) Bill, 2011
6. The State Bank of India (Subsidiary Banks) Amendment
Bill, 2011
7. The Appropriation (No2) Bill, 2011
8. The Finance Bill, 2011.
VI – BILL WITHDRAWAN
The Labour Laws (Exemption from Furnishing Returns and
Maintaining Registers by Certain Establishments)
Amendment Bill, 2005.
Society of Film and Television Institute of
India reconstituted
The Government has reconstituted Society of Film and
Television Institute of India (FTII), Pune for a period of three
years with effect from March 4, 2011 or until further orders

whichever is earlier. According to an order issued by the
Ministry of Information & Broadcasting, Saeed Mirza has
been nominated as the President of the FTII Society and
Chairman of its Governing Council.
The Government of India has nominated the following ex-
officio members of the FTII Society. They shall remain
members of the Society as long as they retain the office or
status by virtue of which they became members of the
Society:-
(1) Joint Secretary (Films) Ministry of I&B or his/her
Nominee not below the rank of Deputy Secretary
(2) Chief Executive Officer, Prasar Bharati or his/her
nominee Not below the rank of Deputy Director General
(3) Additional Secretary & Financial Adviser, Ministry of I&B
or his/her nominee not below the rank of Deputy Secretary
(4) Chairman, Central Board of Film Certification
(5) Managing Director, National Film Development
Corporation
(6) Chief Producer, Films Division, Mumbai
(7) Director, National School of Drama
(8) Director, Indian Institute of Mass Communications
(9) Director, National Film Archive of India (NFAI), Pune
(10) Director, Film & Television Institute of India (FTII), Pune
(11) Director, Satyajit Ray Film & Television Institute
(SRFTI), Kolkata
In the category of ―experts representing the activities of
the Central Government‖ following persons have been
nominated as Members of the FTII Society:
(1) Joint Secretary, Ministry of Culture
(2) Chairperson, Sangeet Natak Academy (Leela Samson)
(3) Director General, Doordarshan
In the category of ―persons of eminence connected with
Films and Television Education, Journalism, Literature,
Fine Arts, Dramatics, Performing Arts, Etc.‖ the following
persons have been nominated as members of the FTII
Society:
(1) Shiv Kumar Sharma
(2) Ratan Thiyyam
(3) Shazi Zaman
(4) Rajiv Mehrotra
(5) RamaVij
(6) Benoy K. Behl
(7) Dr. Kiran Seth
In the category of ―alumni of FTII‖, the following persons
have been nominated as members of FTII Society:
(1) Zareena Wahab
(2) Rajkumar Hirani
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(3) Raza Murad
(4) Subhash Chandra Sahoo
Union Cabinet clears Academic Depository
Bill
The Union Cabinet on March 22, 2011 cleared a Bill that
seeks to create a national database of academic
qualifications in DMAT format, which will authenticate and
reissue certificates. The National Academic Depository Bill
2011 will now be tabled in Parliament.
The database will be established in an electronic format by
an identified registered depository, with all institutes,
including school boards, the Indian Institutes of Technology,
the National Institutes of Technology and polytechnics from
different States having linkages to the depository. The
database will help the administration effectively deal with
forged certificates and fake degree rackets, and enable
online verification and easy retrieval of particulars of
academic qualifications.
The Cabinet also approved amendments to the National
Institutes of Technology Act to include the Indian Institutes
of Science Education and Research (IISERs) under its
purview. The NIT Act (Amendment) is aimed at including the
five IISERs and 10 new NITs within the ambit of the Act so
as to empower them to award degrees.
Pollution trade and cap scheme launched: India
launched its first pollution cap and trade scheme on March
24, 2011. The pilot scheme will cover air pollution caused by
1,000 industries in Tamil Nadu, Maharashtra and Gujarat,
and could have a significant impact on public health. The
scheme involves capping the total pollution by these
industries, issuing permits to each industry on how much
pollution it can individually emit in the air, and then allowing
them to buy and sell those permits. This means cleaner
units will make a profit by selling permits, while polluting
ones will have to shell out money to meet the standard.
National Noise Monitoring Network launched:
Jairam Ramesh, Minister of State for Environment and
Forests launched the Real time Ambient Noise Monitoring
Network on March 23, 2011. A standard prescribed level of
65 decibels should be maintained. The Network will cover
seven metros in Phase-I viz. Delhi, Hyderabad, Kolkata,
Mumbai, Bangalore and Chennai. In each Metro five
Remote Monitoring Terminals have been installed in
different noise zones for continuous monitoring. In Phase-II,
another 35 Noise Monitoring Stations will be installed in the
same seven cities and in Phase III, Real Time Noise
Network will be expanded by 90 stations to cover 18 other
major cities by 2012. Noise Pollution has adverse effects on
humans. When we identify, recognise and assess the noise
level, a red flag can be shown to stakeholders and public at
large. The Minister also released a brochure on National
Ambient Noise Monitoring Network and Newsletter
Parivesh.
Bureau of Indian Standards (Amendment) Bill,
2011 approved: The government on March 22, 2011
cleared the Bureau of Indian Standards (Amendment) Bill,
2011 paving the way for introduction of mandatory
hallmarking of more products including gold. At present,
about 77 items including cement, mineral water and milk
products are certified with mandatory hallmarking under the
BIS Act to conform to the quality level of goods and services
to consumers.
Bill to provide IIT status to 8 institutes, BHU
passed: The Lok Sabha on March 24, 2011 passed a bill to
provide status of IIT to eight new institutes and upgrade
BHU's institute of technology into IIT. The Bill seeks to add
eight new institutes at Bhubaneshwar, Gandhinagar,
Hyderabad, Indore, Jodhour, Mandi, Patna and Ropar as
IITs and integrate the Institute of Technology, BHU within
the ambit of the Act. All the entities will also be declared as
institutions of national importance.
Parliament approves 'Odisha' for Orissa: Orissa will
hereafter be called 'Odisha' and the Oriya language will be
known as 'Odia' with Parliament on March 24, 2011 giving
approval to amendment of the Constitution and also passing
the related bill. The Rajya Sabha passed the Orissa (the
th
Alteration of Name) Bill and adopted the Constitution (113 )
Amendment Bill by all 169 members present and voting.
Such a bill requires support of at least two-third of members
present and voting. Besides, the majority of the strength of
the House should be present for voting. The Upper House
has a strength of 245 members. Lok Sabha has already
adopted these measures after the Centre received the
resolution passed by the state Assembly.
Committee to make concept note on innovation
varsity constituted: The Government on March 24, 2011
constituted a committee to prepare a concept note on an
'innovation university in liberal arts' with noted personalities
Sunil Khilnani, Ramachandra Guha, Madhav Gadgil and
Girish Karnad as its members among others. The university
would be among the many innovation universities the
Government proposed to set up in the coming years, with
each focusing on an area or problem unique to India, and
build a climate of research and teaching around different
related disciplines and relevant fields of study.
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PFRDA Bill introduced in Lok Sabha after a
division of votes: The government on March 24, 2011
introduced the PFRDA Bill in the Lok Sabha to give
statutory status to interim pension regulator and promoting
old age income security. The Bill provides for establishing a
statutory regulatory body to be called the Pension Fund
Regulatory and Development Authority (PFRDA), which will
undertake promotional, developmental and regulatory
functions in respect to pension funds. The principal
Opposition BJP, however, came to the government's
support as the Left parties pressed for a division on a bill to
regulate pension funds at the introduction stage itself. The
Bill was introduced after a division of votes, which showed
as many as 115 members backing the proposed legislation,
43 opposing it and one member abstaining from voting. As
many as 159 members were present in the 543-member
House.
PM rejects Wikileaks charge of bribing MPs: Prime
Minister Manmohan Singh on March 23, 2011 reiterated that
no one from the Congress or the government had indulged
in any unlawful act as alleged in a U.S. Embassy cable
published in the media recently. The PM refused to accept
the cable's charge of a Congress politician showing two
chests of bribe money to a U.S. Embassy staffer prior to the
th
confidence motion. In July 2008, in the 14 Lok Sabha,
Government moved a Motion of Confidence. In an open
vote that was taken on the floor of the House, Government
won the confidence of the Lok Sabha by 275 votes for and
256 votes against. The allegations of bribery were
th
investigated by a committee constituted by the 14 Lok
Sabha. The Committee had concluded that there was
insufficient evidence to draw any conclusion of bribery.
Shunglu indicts Delhi Lt Governor for CWG
violations: The V K Shunglu committee on March 24,
2011 reported procedural violations in the construction of
over 1,000 flats inside the Commonwealth Games Village
by real estate developer Emmar MGF and indicted Delhi Lt
Governor Tejinder Khanna for alleged inadequacies. The
Committee, appointed by Prime Minister Manmohan Singh
to probe into charges of corruption in various projects
related to the 2010 CWG, blamed a host of officials led by
the Lt Governor for alleged acts of omission and
commission which brought undue gains to the project
developer and estimates that DDA suffered a loss of Rs
134-220 crore due to purchase of 333 flats at a higher rate.
DGCA grounds 14 pilots for fraud: The Directorate-
General of Civil Aviation (DGCA) on March 24, 2011
revoked a total of 14 commercial pilot licences (CPL),
ending the career of those pilots who submitted fake flying
training records from Rajasthan State Flying School to
procure their licences. This is the first time such a stringent
action against pilots who indulge in fraudulent practices.
―Following inputs from the anti-corruption bureau which is
investigating the case, we had cancelled the licences of
eight pilots. Today we cancelled another six CPLs,‖ said
director-general of civil aviation Bharat Bhushan. Once a
CPL licence is cancelled, the person is no longer a pilot.
The pilot can approach the court and challenge the DGCA‘s
decision to revoke their licence.
‘Make chapter 8 of Srikrishna report public’ – High
Court: Justice L. Narasimha Reddy of the A.P. High Court
on March 23, 2011 directed the Union government to make
public the chapter eight of the Justice Srikrishna Committee
report pertaining to law and order and internal security
dimensions. The court found the privilege claimed by the
Union of India as untenable and withholding the chapter as
unreasonable and unconstitutional. A writ petition filed by a
former MP, M. Narayan Reddy, had contended that the
government could not withhold the chapter as it was vital for
forming an opinion on the issue. At the initial stages of
adjudication, the government produced a copy of the
withheld portions in a sealed envelope and requested the
judge to read it after which he delivered the judgement.
Parliament’s Committee to examine Devas deal:
Parliament‘s Committee on Estimates will examine the
controversial deal between Indian Space Research
Organisation's commercial arm Antrix Corporation and
Devas Multimedia, which the Union government cancelled
in February 2011. The deal was annulled after a media
exposé revealed that the precious S-band spectrum was
given to the Bangalore-based private company at a fraction
of the actual cost. The Cabinet Committee on Security
(CCS), headed by Prime Minister Manmohan Singh,
decided not to give Antrix the S-band spectrum for
commercial purposes in view of the strategic requirements.
Under the 2005 deal, Antrix was to provide 70 MHz of the S-
band spectrum, valued at Rs. 2 lakh crore, to Devas for its
digital multimedia services. This was to be done by leasing
out 90 per cent of the transponders on board satellites
GSAT-6 and GSAT-6A, proposed to be launched by ISRO.
In turn, Devas was to pay Antrix $300 million over 12 years.
Gates Foundation to fund vaccine research in
India: Bill and Melinda Gates Foundation will fund two
Indian firms— Serum Institute of India and Bharat Biotech—
to develop and sell vaccines for pneumonia and diarrhea
that kills thousands of children every year, at less than half
the current market price. Both Serum Institute and Bharat
Biotech are privately held local firms and will separately
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develop their vaccines. Bill Gates, co-chair of the Bill and
Melinda Gates Foundation and co-founder of IT giant
Microsoft, said on March 24, 2011, ―We are giving grants to
Bharat Biotech for a new rotavirus vaccine.‖ According to
estimates, nearly six lakh children die of rotavirus that
causes diarrhea among infants each year globally. While
both the local firms will work on developing cost rotavirus
vaccines, Serum will also be involved in the vaccine for
pneumonia.
Gates Foundation to stop funding HIV
programmes: Bill Gates on March 24, 2011 made it clear
that he will not make ―large substantial donations‖ to India‘s
HIV/ AIDS fight after 2012. In MoUs signed between Bill and
Melinda Gates Foundation‘s India AIDS Initiative, Avahan,
and National Aids Control Programme (NACP) in 2006 and
2009, it was decided that Avahan would hand over all its
projects to National Aids Control Organisation (NACO) by
2012. Avahan-supported programmes focussed on HIV
education, prevention and treatment for sexually transmitted
diseases. In July 2009, the foundation increased its total
commitment to Avahan from $258 million to $338 million.
World Tuberculosis Day observed: World
Tuberculosis Day was observed on March 24, 2011. On this
day in 1882, Dr Robert Koch had detected the cause of
tuberculosis, the TB bacillus. This finding was instrumental
in diagnosing and curing tuberculosis. The World Health
Organization (WHO) declared March 24 as World TB Day.
The aim of World TB Day is to raise awareness about the
global epidemic of tuberculosis (TB) and efforts to eliminate
the disease. The disease remains the largest killer of
Indians between the ages of 15 and 45. Directly observed
treatment, short course (DOTS) remains the best process
for treatment of TB in Asia. In order to find new drugs for
TB, CSIR had initiated the Open Source Drug Discovery
(OSDD) project in September, 2008. A new low-cost TB
Drug, Risorine, was launched by CSIR and Cadila on March
24. The National Tuberculosis Control Programme (RNTCP)
is being revised with its new objective of Universal Access
to Quality TB care for all. The intermediate target is to
detect 90% of all TB cases and successfully treat 90% of
them by 2015. The new objective of Universal Access was
marked by the launch of a new DOTS logo on World TB
Day 2011.
71% pass first All India Bar Examination: Around 71
per cent of about 22,000 candidates who took the All India
Bar Examination (AIBE) held on March 6, have come out
successful, Bar Council of India Chairman Gopal
Subramaniam said on March 19, 2011S. This was the first
time such an entry-level examination was held, to assess a
candidate's capabilities as lawyer at the basic level and to
set a minimum standard for admission to the practice of law.
Only a pass in this examination will enable the advocate to
practise the legal profession.
Earth Hour observed: Earth Hour is a global event
organized by WWF (World Wide Fund for Nature) and is
held on the last Saturday of March annually, asking
households and businesses to turn off their non-essential
lights and other electrical appliances for one hour to raise
awareness towards the need to take action on climate
change. Earth Hour was conceived by WWF and The
Sydney Morning Herald in 2007, when 2.2 million residents
of Sydney participated by turning off all non-essential lights.
Following Sydney‘s lead, many other cities around the world
adopted the event in 2008. Earth Hour 2011 took place on
March 26, 2011 from 8:30 p.m. to 9:30 p.m. in India and
countries around the world at their local time.
Museum of Statistics to come up at Hyderabad:
The foundation stone for Sankhya, The National Museum of
Statistics at the University of Hyderabad (UoH) campus was
laid by former President, A.P.J. Abdul Kalam in Hyderabad
on March 30. Eminent statistician and the man behind the
project, C.R. Rao said statistics was poised to play a crucial
role in the coming days.
India’s NDMA team in Japan for quake-relief work:
A team of trained rescue workers from India's National
Disaster Management Authority (NDMA) arrived in Japan on
March 26, 2011 to help with the earthquake recovery effort.
The NDMA team will travel from Tokyo to Sendai in
Northern Japan, near the epicentre of the magnitude 9.0
earthquake that hit the country on March 11. The team will
clear rubble and debris in the devastated areas around
Sendai and assist the Japanese with re-construction work
and set up basic infrastructure in areas wiped away by the
tsunami. The team — known as the National Disaster
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Rescue Force — has assisted in the aftermath of major
natural disasters in India and abroad.
World Meteorological Day observed: March 23, 2011
was observed as World Meteorological Day. The mankind
faces problems today such as declining ocean‘s vitality,
rising sea levels, loss of glaciers, the intensity of weather
condition, the rise of humidity and its impact on drought,
floods and seasons, the loss of agricultural productivity, and
the rise of tropical diseases which need to review. World
Meteorological Organization (WMO) has decided to focus
on ‗Climate for You‘ as its theme for 2011.
Singapore, India conduct maritime exercise: The
Republic of Singapore Navy (RSN) and the Indian Navy (IN)
conducted the annual Singapore Indian Maritime Bilateral
Exercise (SIMBEX) from 18 to 25 Mar 2011. Hosted by
th
Singapore, this year's exercise was the 18 in the series of
bilateral exercise held since 1994. The exercise comprised
a shore phase held at the Changi Naval Base and a sea
phase carried out in the South China Sea.
Postage stamp on Subhadra Joshi unveiled: A
commemorative postage stamp on freedom fighter
Subhadra Joshi was released on March 23, 2011. Born in
1919 in Sialkot (now in Pakistan), she was one of the
veterans of freedom struggle who dedicated her life to
preserving and promoting national integration, communal
harmony, social justice for the minorities, weaker sections
and the handicapped.
Ambedkar's birthday declared holiday: The Union
Government has decided to declare April 14, 2011, as a
holiday on account of the birthday of Dr. B. R. Ambedkar for
all its offices, including industrial establishments. The
holiday is also being notified in exercise of powers conferred
by Section 25 of Negotiable Instruments Act 1881.
 Section B: WORLD
News round up
‘India 16th most risky place to invest’ – Global
Risks Atlas 2011
The United Kingdom-based Global Risks Atlas 2011 March
th
25, 2011 described India as the 16 riskiest country to
invest in for the security hazards it poses and rather
embarrassingly clubs it with Niger, Bangladesh and Mali.
The Atlas is published by Maplecroft, a consultancy founded
by Alyson Warhurst, chair of strategy and international
development at Warwick Business School.
The evaluation is structured on seven key global risks
including macroeconomic risk and threats around security,
governance, resource security, climate change, social
resilience and illicit economies.
Maplecroft assessed India faces simultaneous threats of
terrorist attacks from Islamists and Maoists. It also points at
India's lack of social resilience despite a robust economic
growth and cites its poor human rights record. It says large
sections of the population lack access to basic services
such as education, healthcare and sanitation, and highlights
its less productive workforce, greater susceptibility to
pandemics and susceptible to social unrest.
The four countries flagged red as extreme risks are
Somalia, Sudan, Afghanistan and the Democratic Republic
of Congo; in other words, un-investible. Pakistan is not far
th
behind at 7 .
In an exacting analysis, even developed markets like the US
and Western Europe, including the UK, are branded
medium risk. Only 35 out of the 175 countries covered in the
groups Global Risks Atlas 2011, ranked as low risk.
Denmark, Sweden, Finland and Norway are listed as among
the least risky countries to invest; and Norway claimed the
overall crown as the safest place.
China accounts for 9.5% of world GDP in 2010:
China‘s gross domestic product accounted for 9.5 per cent
of the global total in 2010, almost twice as much as five
years earlier, the Chinese government said on March 25,
2011. The percentage was up from 5 per cent in 2005, and
China's GDP amounted to 40.2 per cent of that of the US,
compared with 17.9 per cent in 2005, China's National
Bureau of Statistics said on its web site. China's total value
of goods and services produced in an economy (GDP) was
$5.88 trillion in 2010, compared with $14.6 trillion for the
US. The bureau, however, said China's per capita GDP
was still at the level of medium-income countries. Experts
estimate that China's per capita GDP reached $3,400 by the
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end of 2010. The US per capita GDP is estimated at
$47,400, more than 10 times larger. Meanwhile, China's
overseas direct investment made up about 5.1 per cent of
the world's total, up from 1.4 per cent in 2005. The country's
overseas investment reached $59 billion last year, an
increase of 380 per cent from a year earlier.
Egypt referendum votes for constitutional changes:
Partial results from a third of Egypt's provinces on March 20,
2011 showed massive turnout and a vote overwhelmingly in
favour of constitutional changes that eliminate restrictions
on political rights and civil liberties. Results from 10 of 29
provinces showed 65 to 86 per cent of voters saying ―yes‖ to
the changes, which would allow national elections no later
than September. Millions of Egyptians on March 19 cast
their ballots on the package of constitutional changes.
Among other changes, the constitutional amendments
would open elections to independent candidates, allowing
parliamentary and presidential elections to replace the
caretaker military government by early 2012.
Madhesi party joins ruling coalition in Nepal: Prime
Minister Jhalanath Khanal of the Communist Party of
Nepal (Unified Marxist–Leninist), Pushpa Kamal Dahal
‗Prachanda', Chairman of the Unified Communist Party of
Nepal (Maoist) and Madhesi Janaadhikar Forum (MJF)
Chairman Upendra Yadav arrived at an understanding on
March 23, 2011, expanding the ruling coalition and paving
way for the MJF to join the government. The government
has expressed its commitment to implement past
agreements signed with Madhesi parties, address issues of
inclusion and citizenship for Madhesi citizens, resolve the
issue of an autonomous Madhes province through the
Constituent Assembly and complete the peace and
constitution writing process by the stipulated deadline of
May 28, 2011. Yadav, who was the Foreign Minister during
the nine-month Prachanda led government in 2008-09, is
expected to assume the post again.
Japan govt. estimates quake loss at $309 billion:
Japan's government on March 23, 2011 said that the cost of
the earthquake and tsunami that devastated the country's
northeast this month could reach $309 billion. The extensive
damage to housing, infrastructure and businesses could
total between 16 trillion Yen and 25 trillion Yen ($309
billion), according to a Cabinet Office estimate. Utilities have
imposed power rationing, many factories remain closed and
key rail-lines are impassable. Toyota Motor, the world's top
automaker, has halted auto production since March 14
because of difficulty securing components, including rubber
parts and electronics.
NASA’s Stardust Mission ends: NASA spacecraft
Stardust has ended a 12-year run that helped the world
better understand comets and plan for future deep space
missions, said the U.S. space agency on March 25, 2011.
The spacecraft, launched by NASA in February 1999,
visited asteroid 5535 Annefrank, comet Wild 2 and comet
Tempel 1. It is the first sample return mission to collect
cosmic dust and return the sample to Earth and the first to
acquire images of a previously visited comet.
Quake rocks Myanmar: A powerful earthquake toppled
homes in north-eastern Myanmar killing more than 70
people on March 24, 2011. The quake, measured at
magnitude 6.8 by the U.S. Geological Survey, was centred
just north of Tachileik town in Shan State near the Thai
border.
NATO takes over military operations in Libya:
NATO will take over command and control of military
operations in Libya, in particular the enforcement of the no-
fly zone imposed under a Security Council resolution, said
its Secretary General Anders Fogh Rasmussen on March
24, 2011.
Canadian government fails no-confidence vote:
Canadian Prime Minister Stephen Harper's Conservative
government has fallen after a no-confidence vote passed in
the country's parliament on March 25, 2011. The vote,
engineered by the opposition Liberal Party and backed by
two other opposition parties, triggers an election expected in
early May. The House of Commons adjourned on March 25
after the no-confidence motion brought by Liberal Party
leader Michael Ignatieff passed on a 156-145 vote. The vote
came after a finding by a parliamentary committee led by
the opposition parties that Harper's government had acted
in contempt by failing to disclose the full costs of spending
on anti-crime programmes, corporate tax cuts and plans to
purchase stealth fighter jets.
Bolivia's to take Chile sea dispute to court: Bolivia
on March 24, 2011 said it will take Chile to international
courts to try to recover access to the Pacific Ocean, which it
lost in a war 132 years ago. President Evo Morales said
Chile had failed to respond to a deadline he had set for
progress in negotiations. Chilean President Sebastian
Pinera has rejected the remarks, calling them a "serious
obstacle" to relations. Morales was speaking on Bolivia's
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"Day of the Sea", when it commemorates its defeat by Chile
th
in the 19 Century War of the Pacific
Israel to return czarist-era landmark to Russia:
Israel has decided to hand over ownership of a czarist-era
landmark in the heart of Jerusalem to Russia, defusing a
long-simmering dispute between the two countries ahead of
PM Benjamin Netanyahu‘s visit to Moscow. The property
known as Sergei's Courtyard was built in 1890 to
accommodate Russian pilgrims to the Holy Land.
UNESCO meet shifted from Bahrain to Paris: The United
Nations on March 21, 2011 has decided to move a key
world heritage meeting out of Bahrain due to the ongoing
political unrest in the Gulf country. UNESCO's Director-
General, Irina Bokova, decided to change the venue for the
June meeting of the World Heritage committee, which is
tasked with choosing new sites for its protected list among
other actions, from Bahrain to Paris. The announcement is
the latest prestigious event called off in Bahrain. Earlier this
month, the season-opening Formula One grand prix was
cancelled due to weeks of unrest by protesters demanding
greater political freedoms for the Shiite majority. A Saudi-led
force is now supporting Bahrain's Sunni dynasty.
Portugal PM resigns: Portuguese Prime Minister Jose
Socrates resigned on March 24, 2011 after parliament
rejected his new austerity plan. All five opposition parties
voted on March 23 against his Socialist government's fourth
cost-cutting plan in a year aimed at avoiding a multi-billion
euro financial bailout like those given to Greece and Ireland.
It also will increase borrowing costs for the Portuguese
government as it faces bond replayments amounting to nine
billion euro (USD 12.9 billion) falling due by June 15,
boosting the probability that Lisbon will seek a bailout.
Protests spread against Assad rule in Syria:
Protests spread across Syria on March 25, 2011,
challenging the rule of the Assad family after their forces
killed dozens of demonstrators in the south. Bashar al-
Assad (born 1965) is the President of the Syrian Arab
Republic and the son of former President Hafez al-Assad.
Guatemala first lady divorces husband to contest
polls: Guatemala's First Lady, Sandra Torres de Colom, on
March 25, 2011 confirmed that she is divorcing President
Alvaro Colom so she can stand for election to succeed him.
Guatemala's constitution bans close relatives of the
president from standing to succeed him. The main
opposition candidate for September's presidential election -
former Gen Otto Perez Molina - has called the first couple's
divorce electoral fraud.

Elizabeth Taylor passes away: Legendary Hollywood
actress Elizabeth Taylor, who captured hearts in National
Velvet to launch a film career that spanned five decades,
passed away on March 23, 2011 aged 79. In a career of
over 70 years and more than 50 films, she won two
Academy Awards as best actress, for her performances in
‗Butterfield 8‘ in 1960 and in ‗Who‘s Afraid of Virginia
Woolf?‘ in 1966. Born in London on February 27, 1932,
Taylor shifted to California with her American parents in
1939, where she debuted in 1942 in There's One Born
Every Minute, and by 1944 had become a child star with
National Velvet.

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 Section C: AWARDS
INDIA
Young Scientist Award conferred on 11
scientists
Eleven scientists were given the prestigious NASI-Scopus
Young Scientist Award for 2010 in March 2011. The winners
are: Debnath Pal and P.S. Anil Kumar of Indian Institute of
Science (IISc), Bangalore, Rajeev K. Varshney of the
International Crop Research Institute for Semi-Arid Tropics,
Hyderabad; S. Venkata Mohan of the Indian Institute of
Chemical Technology, Hyderabad; R. Ramachandran of
the Central Drug Research Institute, Lucknow; M. Venkat
Ratnam of the National Atmospheric Research Laboratory,
Tirupati; Souvik Maiti of the Institute of Genomics and
Integrative Biology, Delhi; Naval K. Vikram of the All-India
Institute of Medical Sciences, Delhi; Priya Mahadevan of
the S.N. Bose National Centre for Basic Sciences, Kolkata;
Parag R. Gogate of the Institute of Chemical Technology,
Mumbai; and Bikramjit Basu of the Indian Institute of
Technology, Kanpur.
The annual award was instituted five years ago by the
National Academy of Sciences, India, (NASI) and Scopus,
the abstract and citation database of the peer-reviewed
scientific literature of Elsevier, the Amsterdam-based
publisher of scientific, technical and medical information
products and services. The applicants were evaluated in
two stages based on criteria such as publication output,
citations and other metrics based on Scopus data as well as
research quality and impact by 48 panellists. Each award
carries a trophy, a citation and a cash prize of Rs. 50,000.
World Water Day awards given
The Ministry of Water Resources celebrated World Water
rd
Day-2011 on March 22, 2011. The 3 Ground Water
Congress was also organized on this occasion. The theme
for World Water Day-2011 is ‗Water for cities: responding to
the urban challenge‘. Commensurate with the theme the
Congress has special focus on the urban areas. The
Ministry of Water Resources presented awards to
organizations and individuals for their outstanding work in
conservation and augmentation of ground water.
Jagabalia Watershed Association, an NGO from Orissa,
bagged the coveted National Water Award.
Ground Water augmentation awards were presented to
four NGO‘s: one in each zone. Sarvodaya Seva Sangh,
Outreach Association of Volunteers for Rural Development,
S M Sahgal Foundation, and Rural Resource and Training
10
Center received the awards for West, South, North and
North-East zone respectively. Pudussery Gram Panchayat
from Kerala, Nawthawtieng Gram Panchayat from
Meghalaya & Chidawad Gram Panchayat from MP received
the Ground Water Augmentation Award for South, North
East and Central Zone respectively.
Farmers Participatory Action Research Programme
(FPARP) Awards went to Central Soil Salinity Research
Institute, Haryana; and Central Research Institute for Dry
land Agriculture, Hyderabad. Ambuja Cements Ltd., Gujarat
received the award for the Corporate Sector. The individual
/ institution winners were Shri Shyamji Bhai Jadhav Bhai
Antala, Rajkot; Shri Uma Kant Umarao, Bhopal; and Loyala
High Scholl, Goa.
World Forestry Day and the International Year for Forests
were observed on March 21, 2011.
Nirmal Gram Puraskars 2010 awarded: The Nirmal
Gram Puraskar 2010 of the Ministry of Panchayati Raj was
given away by President Pratibha Patil to 2,808 gram
panchayats and one block panchayat on March 23, 2011.
Instituted in 2005, the award is given to Panchayati Raj
Institutions which attain full sanitation coverage with a totally
open, defecation-free environment. The rewards range from
Rs. 50,000 to Rs. 5 lakh for gram panchayats, depending
upon their population. In the case of blocks, it varies from
Rs. 10 lakh to Rs. 20 lakh, while for the zila parishads it
ranges from Rs. 30 lakh to Rs. 50 lakh. Maharashtra is the
biggest beneficiary during the 2010 awards with 694
panchayats set to get the reward, followed by Madhya
Pradesh at 344, Haryana at 259 and Tamil Nadu at 237.
WORLD
John Willard Milnor wins Abel Prize 2011: The
Norwegian Academy of Science and Letters on March 23,
2011 selected John Willard Milnor of the Institute for
Mathematical Sciences in the University of Stony Brook,
U.S.A, for its prestigious Abel Prize for the year 2011.
Professor Milnor will receive the Prize from His Majesty King
Harald at an award ceremony in Oslo on May 24, 2011. The
award carries 6 million Norwegian Kroner (approx. €750,000
or $1 m.) The Prize is given in recognition of contributions of
extraordinary depth and influence to mathematical sciences
and has been awarded annually since 2003. The Prize is
named after the great Norwegian mathematical genius,
Niels Henrik Abel (1802-29), often compared with the Indian
wizard Srinivasa Ramanujan, who died at a very young age
of 26.
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Google executive wins JFK Courage Award: Google
executive Wael Ghonim, who became the face of the
Egyptian revolution, was on March 23, 2011 named
recipient of the annual John F Kennedy Profile in Courage
Award in recognition of his work for democratic reform that
inspired similar movements across the Middle East. Ghonim
is being given the honour along with "the people of Egypt.
The prestigious award that honours "political courage" will
be presented by the late president's daughter Caroline
Kennedy at the John F Kennedy Presidential Library and
Museum in Boston on May 23. The other recipient for the
award is North Carolina School Board member Elizabeth
Redenbaugh, who fought against racial segregation in
school redistricting plans.
Pak to confer highest civilian award on Holbrooke:
The Pakistan government on March 22, 2011 announced it
would posthumously confer the Hilal-i-Pakistan, one of the
country's highest civilian honours, on late US Special
Representative Richard Holbrooke. The announcement was
11
made on the eve of Pakistan Day. Holbrooke, the US
Special Representative for Pakistan and Afghanistan, died
in December.
ECONOMY & CORPORATE
Business Standard awards given: PM Manmohan Singh
gave away the Business Standard awards on March 25,
2011. P M Murty, the managing director & CEO of Asian
Paints, got the CEO of the Year award.
Maruti Suzuki got the award for the Company of the Year;
Engineers India Ltd. received the Star PSU of the Year
award; GlaxoSmithKline Consumer Healthcare received
the Star MNC of the Year award; TTK Prestige received the
Star SME of the Year award; Godrej & Boyce received the
Most Innovative Company of the Year award.
MD Mallya, the chairman & managing director of Bank of
Baroda, got the Banker of the Year award.
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 Section D: ECONOMY & CORPORATE
News round up
Finance Minister rolls back service tax on AC
hospitals
Finance Minister Pranab Mukherjee on March 22, 2011
rolled back the 5 per cent service tax on hospitals and
diagnostic services proposed in the Budget. He also halved
the Customs duty on completely knocked down (CKD)
automobile units. He announced these amendments to the
Union Budget (presented on February 28) during the
discussion on the Finance Bill which was also passed on
March 22. Highlights of the amendments include:
Service tax on AC hospitals
Budgetary proposal to levy 5% service tax on diagnostic
tests and treatment in air-conditioned hospitals with 25 and
more beds has been dropped.
Automobiles
The Budget had redefined completely knocked down (CKD)
units to exclude pre-assembled engine, gearbox or
transmission mechanism from the purview of concessional
import duty . It had also increased the basic customs
duty on CKD units to 60%. The Finance Minister has now
reduced the basic Customs duty hike from 60% to 30%.
Also pre-assembled engine, gear box or transmission
assembly imported for manufacturing vehicles have been
brought under the purview of CKD kits. The duty for 2010-
11 was 10%.
Basic customs duty on raw silk cut from 30% to 5% to
augment domestic availability for weavers, both in the
handloom and powerloom segment.
New items under Excise
There was also relief for 130 items which the government
plans to bring under the ambit of central excise. For the 130
items brought under excise duty of 1%, tax will be levied on
retail sale price with an abatement of 35%.
Tax on dividends received from overseas subsidiaries
of Indian companies
A larger number of Indian companies with overseas
subsidiaries will now be eligible for payment of lower tax on
dividends. In the Budget, the government had proposed to
halve the tax rate to 15% on dividends received from foreign
subsidiaries in which the Indian company holds over 50%
stake. The threshold shareholding is proposed to be
lowered to 26%. The move was aimed at getting these
overseas subsidiaries to repatriate a larger share of profits
to India instead of parking them overseas.
New pension scheme
There were also sops for the New Pension Scheme with the
minister announcing allowance for deduction to the
employer's contribution to a pension scheme on account of

Mobile phones and printers

Imported mobile phones are also set to get cheaper as the
countervailing duty that is levied in lieu of local taxes is to be
lowered from 5% to 1%. Similarly, imported printers are
likely to cost less, while duties on some computer parts
have also been lowered.

Readymade garments
The finance minister also provided partial relief to branded
readymade garments. The Budget had proposed a
mandatory 10% levy on branded ready-made garments and
made-ups of textiles with 40% abatement. The abatement
rate has now been increased to 55% of the retail sale price an employee. Contributions by employers to NPS exceeding
so that the overall tax burden comes down. Hence the 6% Rs 1 lakh will be exempted from income tax.
excise levy proposed in the budget has now been lowered
to 4.5%. Small scale industry would remain outside the Annual Report of the Agriculture Ministry
excise net. unveiled
Silk

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The Annual Report of the Department of Agriculture and
Cooperation (Ministry of Agriculture) was unveiled on March
24, 2011. The farm sector achieved growth of 3.8% in the
first half of 2010-11. The full-year growth is estimated to be
5.4%, rebounding from -0.1% and 0.4% in the preceding
two years. Substantial expansion in area and production of
major crops has been witnessed in both kharif and rabi
seasons.
The total expenditure in the first four years of the
Eleventh Plan is estimated to be Rs. 44,413 crore, up from
Rs. 14,952 crore in the entire 5 year period of the Tenth
Plan.
The Gross Capital Formation, or investment, in agriculture
sector related to GDP in this sector has shown a substantial
increasing trend from 15.8% in 2005-06 to 22.3% in 2009-
10. In absolute terms, the capital formation in agriculture
and allied activities in 2009-10 was over Rs. 1.3 lakh crore.
As per the Central Statistical Organisation‘s estimates, the
share of agriculture in the country’s Gross Domestic
Product (GDP) has fallen from 17.4% in 2006-07 to 14.2%
in 2011-11.
Focus areas: The focus of the Department of Agriculture
and Cooperation in 2010-11 was on mobilizing higher
investment in agriculture, bridging yield gaps, timely and
adequate supply of quality inputs, and providing adequate
support services to farmers.
The Rastriya Krishi Vikas Yojana has succeeded as a
catalyst for pulling in more public investments for agriculture
and allied sectors. This scheme has become exceedingly
popular with states on account of flexibility autonomy
provided in planning as well as execution. With help from
the incentives from this scheme, some States have
increased agricultural outlay spectacularly – Chhattisgarh by
892%, Orissa by 730%, Maharashtra by 605%, Tripura by
425% and Bihar by 423%.
The other major programmes including the National Food
Security Mission, National Horticulture Mission and
Extending Green Revolution to the Eastern States -
have made significant progress in terms of utilization of
funds as well as meeting physical targets. The availability
of quality seeds now stands at over 321 lakh quintals,
showing a jump of 2.5 times in five years. Over 8 lakh
hectares additional area has been covered since 2009-10
with assistance from the National Mission on Micro
Irrigation. Pulses production has seen a jump in the last two
years.
13
Minimum Support Prices (MSP) of all major crops,
especially pulses have been raised substantial in the last
few years. In 2010-11 too, MSPs for rice, wheat, coarse
cereals, pulses and oilseeds were raised on top the raise
effected in earlier years.
The Modified National Agricultural Insurance Scheme
(MNAIS) was implemented on pilot basis in rabi 2010-11.
The new scheme takes panchayat, as against district in the
earlier scheme, as a unit for insurance purposes. It has
provision also for immediate relief in the event of a loss.
The Department has drafted a National Mission on Seeds
with a proposed outlay of Rs. 3,773 crore for a period of five
years starting 2011-12 to boost quality seeds production in
the country. To meet the challenge posed by climate
change, a National Mission for Sustainable Agriculture will
be implemented in the country. A fund is also proposed for
rehabilitation of sick cooperatives.
Financial Sector Legislative Reforms
Commission constituted
The Union government on March 24, 2011 issued the
resolution notifying the constitution of the 11-member
Financial Sector Legislative Reforms Commission (FSLRC),
headed by Justice (retired) B.N. Srikrishna.
The FSLRC is in pursuance to the announcement made by
the Union Finance Minister, Pranab Mukherjee, in his 2010-
11 budget speech to simplify and rewrite financial sector
legislations, rules and regulations and bring them in
harmony with the requirements of India's fast growing
financial sector.
The Commission would remove ambiguity, regulatory gaps
and overlaps among the various legislations. This had
become necessary as the institutional framework governing
India's financial sector was built over a century. There are
over 60 Acts and multiple Rules/Regulations in the sector
and many of them date back decades when the financial
landscape was very different from what is obtaining today.
Large number of amendments made in these Acts over time
has increased the ambiguity and complexity of the system.
The Commission would simplify and rewrite financial sector
legislations, including subordinate legislations, to achieve
harmony and synergy among them.This will remove
ambiguity, regulatory gaps and overlaps among the various
legislationsmaking them more coherent and dynamic and
help cater to the requirements of a large and fast growing
© www.TestFunda.com
economy in tune with the changing financial landscape in an
inter-connected financial world.
The Terms of Reference of the Commission include the
following:
(i) Examining the architecture of the legislative and
regulatory system governing the Financial sector in India,
(ii) Examine if legislation should mandate statement of
principles of legislative intent behind every piece of
subordinate legislation in order to make the purposive intent
of the legislation clear and transparent to users of the law
and to the Courts.
(iii) Examine if public feedback for draft subordinate
legislation should be made mandatory, with exception for
emergency measures.
(iv) Examine prescription of parameters for invocation of
emergency powers where regulatory action may be taken
on ex parte basis.
(v) Examine the interplay of exchange controls under FEMA
and FDI Policy with other regulatory regimes within the
financial sector.
(vi) Examine the most appropriate means of oversight over
regulators and their autonomy from government.
(vii) Examine the need for re-statement of the law and
immediate repeal of any out-dated legislation on the basis of
judicial decisions and policy shifts in the last two decades of
the financial sector post-liberalisation.
(viii) Examination of issues of data privacy and protection of
consumer of financial services in the Indian market.
(ix) Examination of legislation relating to the role of
information technology in the delivery of financial services in
India, and their effectiveness.
(x) Examination of all recommendations already made by
various expert committees set up by the government and by
regulators and to implement measures that can be easily
accepted.
(xi) Examine the role of state governments and legislatures
in ensuring a smooth inter-state financial services
infrastructure in India.
(xii) Examination of any other related issues.
14
The members of the Commission are: Justice (retired) Debi
Prasad Pal; former PFRDA Chairman, D. Swarup; former
Chairman of Axis Bank, P.J. Nayak; the Prime Minister's
Economic Advisory Council member, Prof M. Govinda Rao;
K.J. Udeshi, Yezdi H. Malegam, Prof. Jayant Varma, C.
Achutan, C.K.G. Nair (Secretary to the Commission), and
the serving Joint Secretary (Capital Markets).
The FSLRC, to be headquartered in Delhi, will submit its
report to the Union Finance Minister within 24 months. The
first meeting of the Commission is scheduled to be held on
April 5. In the long-term, FSLRC would help usher in the
next generation of reforms, contribute to efficient financial
intermediation enhancing the growth potential of the nation.
Traditional Knowledge Digital Library goes
online
Over 2.27 lakh rare medical formulations, which were part of
the country‘s ancient texts, have now been digitized into the
pathbreaking Traditional Knowledge Digital Library (TKDL).
This was revealed at the International Conference on
Utilization of TKDL as a model for the protection of
Traditional Knowledge organised in New Delhi on March 22,
2011.
The TKDL includes 1.22 lakh Unani formulations, 90,000
ayurveda and 15,000 Siddha formulations, which have been
transcribed by the department of AYUSH and Council of
Scientific and Industrial Research (CSIR) from texts written
in Sanskrit, Arabic, Urdu, Persian and Tamil. They have
now been translated into English, Japanese, French,
German and Spanish for all intellectual property rights
organizations across the world to refer to it whenever an
application for patent comes up ―from western bio-pirates‘‘.
The access of TKDL database in five international
languages makes information understandable to the
International Patent Examiners. TKDL has been accepted
by the World Intellectual Property Organization and by the
EPO and US-PTO as well as other patent offices worldwide.
According to TKDL‘s expert group, it takes five to seven
years to oppose a granted patent at international levels
which may cost close to a million dollars. Also, 10 years
ago, about 2,000 wrong patents concerning Indian medicine
systems were granted annually at the international level.
The objective of TKDL is to ensure that wrong patents are
not granted due to lack of access to the prior art for Patent
examiners. The process of setting up TKDL began in the
year 2000, when wrong patents granted on the wound
healing properties of turmeric by US Patent Office and
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another on the antifungal property of Neem by the European
Patent Office. The Indian government contested these
patents in courts abroad and got them revoked.
Govt moves Constitution Amendment Bill for
GST
The government on March 22, 2011 inched a step closer to
the introduction of the Goods and Services Tax (GST) by
tabling a Constitution Amendment Bill in Parliament that
seeks to provide powers to the Centre and states to make
laws for levying tax on supply of goods and services. Now,
states are not allowed to tax services, while the Centre
cannot tax sale of goods.
GST would replace a number of indirect taxes levied by the
Centre and state governments, and was intended to remove
cascading of taxes and provide a common national market
for goods and services, said the Constitution (One Hundred
and Fifteenth Amendment) Bill, 2011.
GST will subsume many taxes levied at the Centre,
including excise duty, additional excise duties, excise duty
levied under the Medicinal and Toilet Preparations (Excise
Duties) Act, 1955, service tax, additional customs duty,
special additional duty, central surcharges and cesses
(excluding those applicable to income tax).
At the state level, it will subsume state value added
tax/sales tax, entertainment tax (unless levied by local
bodies), luxury tax, taxes on lottery, betting and gambling,
tax on advertisements, state cesses and surcharges and
entry tax, not levied by local bodies.
It proposes to keep crude petroleum, diesel, petrol, aviation
turbine fuel, natural gas and alcohol for human consumption
outside the purview of GST. States will be allowed to levy
tax on inter-state movement of these goods.
Banking Laws (amendment) Bill 2011 tabled in
Parliament
The Banking Laws (amendment) Bill 2011, which will allow
promoters and shareholders of private banks to exercise
voting rights in proportion to their shareholding, was tabled
in Parliament by Finance Minister, Pranab Mukherjee on
March 22, 2011. At present, this right is restricted to 10 per
cent of the total voting rights of all the shareholders of a
banking company.
The Government has also proposed to raise the ceiling on
voting rights of shareholders of nationalised banks from one
per cent to 10 per cent.
The Bill also seeks to explicitly allow nationalised banks to
issue bonus shares and come up with rights issue to raise
15
capital required for expansion of banking business. Banking
companies will also be enabled to issue preference shares.
The Bill also proposed to keep mergers and acquisitions in
banking outside the purview of the Competition Commission
of India. The proposed amendment seeks to allow RBI to
approve mergers of banking companies in public or
depositor interests. The Bill also proposes to lift the ceiling
of Rs 3,000 crore for authorised capital of nationalised
banks.
India inks tax information pact with Cayman: India
on March 21, 2011 signed a tax information exchange
agreement (TIEA) with Cayman Islands. This is the fifth
TIEA entered into by India after the ones with Bermuda,
British Virgin Islands, Bahamas and Isle of Man. Under the
TIEA, the requesting country has to provide some minimum
details about the information requested in order to justify the
‗foreseeably relevant' criteria. The information will be treated
as secret and can be disclosed to only specified persons or
the authorities concerned with the determination of tax
appeal. The concept of TIEA is a result of the work
undertaken by the Paris-based OECD to address harmful
tax practices. An objective of the TIEA is to promote
international cooperation in tax matters through exchange of
information.
DoT expresses inability to monitor Google, Skype:
The Department of Telecom on March 23, 2011 told the
Ministry of Home Affairs that there is no law under which it
can mandate international service providers such as Google
and Skype to allow monitoring by Indian security agencies
such as Intelligence Bureau. According to rules governing
telecom services, all licensed operators are required to
ensure that law enforcement agencies intercept all traffic,
both voice and data, flowing through their network at any
given time. However, service providers such as Google and
Skype do not operate under Indian licences, hence, cannot
be mandated to follow the rule concerning security. The
DoT has suggested that the Government should raise this
issue at global forums including the World Trade
Organisation (WTO) and the International
Telecommunication Union (ITU). Before launching any
service, international service providers have to take
permission from member countries of global forums such as
the UN, WTO and ITU. Therefore, DoT has suggested that
the issue of lawful interception should be taken up at these
forums.
Forex reserves at $303.506 bn on March 18: The
country's foreign exchange reserves have gone up by
$1.668 billion to $303.506 billion for the week ended March
18, according to the Weekly Statistical Bulletin released by
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the Reserve Bank of India on March 25, 2011. Foreign
currency assets are at $273.727 billion, reserve position at
the International Monetary Fund is at $2.407 billion while
SDRs are at $5.229 billion.
‘Broadband base at 11.7 mn’ – Broadband Forum:
Broadband growth rate in India 2010 was the third fastest in
the world after China and the United States according to the
Broadband Forum. India added 2.5 million new connections
of broadband last year and now stands at number 13 in the
world with 11.7 million subscribers in December 2010. This
was disclosed by Robin Mersh, CEO Broadband Forum at
the Convergence India 2011 Expo organised at Pragati
Maidan, New Delhi, from 24-26 March 2011. 'NextGen
Applications & Services...Empowering A Billion Lives' was
theme of the conference
Bharat Dynamics to make Akash for Army: PSU
Bharat Dynamics Ltd (BDL) in March 2011 signed a Rs
14,000-crore contract with the Indian Army for the
production of the surface-to-air (SAM) missile Akash.
Developed by the DRDO as part of the Integrated Guided
Missile Development Programme (IGMDP), Akash has a
range of 25 km with a low reaction time of 15 seconds. It
can shoot down aircraft, helicopters and UAVs (Unmanned
Aerial Vehicles) travelling at speeds of up to 700 m/sec. The
weapon system is capable of engaging targets in all
weather conditions. The contract is the highest value placed
by the Indian Army to date. Under the IGMDP, the DRDO
has developed Agni, the long-range missile; Prithvi (different
versions), a medium range missile; and is close to
completing Nag, the anti-tank missile. Akash is the latest to
complete all user trials and enter the production and
induction phase.
‘Def. shipyard efficiency has not improved’ – CAG:
The Comptroller and Auditor General of India (CAG) on
March 22, 2011 commented on the slow progress of
indigenous naval warship production and observed that
changes in design and technology, cost overruns, delays in
completing projects and financial management are some
areas that require attention. Conducting a performance
audit for the period 2005-06 to 2009-10 on three ongoing
projects of Indian Navy– Project 15A Stealth Destroyers
Kolkata class, Project 17- Stealth Frigate Shivalik and
Project-28 anti-submarine warfare corvette Kamotra — the
latest report tabled in Parliament noted that till date just one
of the 10 ships was commissioned as against expected
delivery of 9 ships by August 2010. The Indian Navy spent
over Rs. 600 crore for the modernisation of the Mazagaon
Docks Limited and the Garden Reach Shipbuilders and
16
Engineers Limited, the two Defence Public Sector
Undertakings.
Buffett calls for raising FDI ceiling on Insurance:
US billionaire Warren Buffett, during his visit to India on
March 25, 2011 called on the India government raise the
FDI limit in the sector to 49 per cent. Buffett‘s Berkshire
Hathaway had recently forayed into the Indian non-life
insurance sector as a corporate agent of Bajaj Allianz
General. The Insurance Laws (Amendment) Bill, 2008 is
pending in Parliament. The Bill, when enacted, would allow
hike in the FDI ceiling to 49 per cent from the existing 26 per
cent. Buffett along with Microsoft founder Bill Gates also
met 70 business people, including Wipro Chairman Azim
Premji, and discussed a wide range of issues related to
philanthropy.
India card Rupay to replace Visa, MasterCard: The
National Payments Corporation on March 21, 2011 finalised
the proposed unique India Card which once commercially
launched would be an domestic alternative to the global
real-time payment processing firms like Visa and
MasterCard. Leading financial consultancy firm Ernst &
Young (E&Y) will develop and roll out the entire
architecture, including the design and software for the
Rupay card rollout.
'Basel World 2011' organised: India on March 24, 2011
invited leading Swiss watch brands, including Rolex,
Raymond Weil, Tissot and Tag Heur, to set up
manufacturing bases in the country. Commerce and
Industry Minister Anand Sharma inaugurated the Indian
pavilion at the world's most coveted watch and jewellery
show 'Basel World 2011' at Basel, Switzerland. The Gems
and Jewellery Export Promotion Council (GJEPC) of India
organised the 'India Show'.
Ban on export of pulses extended by one year: The
ban on export of pulses was on March 24, 2011 extended
by one more year till March 2012, even as the country is
likely to import 3.40 million tonnes of the vital foodgrain item
to match the enhanced demand. The ban was to expire on
March 31. The restriction was imposed in June 2006 to
augment domestic supply and check prices of the
commodity.
Think tanks to help govt follow black money trail:
The Central Board of Direct Taxes (CBDT) on March 21,
2011 signed up the country‘s three top economic think tanks
to assess the unaccounted wealth held by Indians and
profile activities that are the main sources of black money
and money laundering. The three institutes are National
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Institute of Public Finance and Policy, National Council of
Applied Economic Research and National Institute of
Financial Management. The institutes will also look at the
ways used to generate unaccounted money and its
conversion into white money.
‘ONGC Videsh lost Rs 1,182 crore in Russian oil
deal’ – CAG report: The Comptroller and Auditor General
of India (CAG) has found that the wholly-owned overseas
arm of Oil and Natural Gas Corporation — ONGC Videsh
Ltd (OVL) — incurred a loss of Rs 1,182.42 crore from its
joint venture operations in Russia. OVL‘s acquisition of the
producing assets of Imperial Energy Corporation in Russia
was not able to achieve even half of the projected target,
the apex auditor noted in its latest report on OVL‘s joint
venture operations unveiled on March 25, 2011.
Govt. to raise stake in United Bank of India to 84%:
The Union government will raise its stake in United Bank of
India (UBI) to 85.48 per cent, up from the existing 84.20 per
cent, through a capital infusion of Rs 308 crore. The fund
infusion, cleared by UBI's board of directors at an
extraordinary general meeting held in Kolkata on March 23,
2011, will be through the issue of 2.8 crore equity shares.
Govt. to raise stake in Allahabad Bank of India to
58%: The Centre has raised its holding in Allahabad Bank
to 58 per cent, up from the present 55 per cent, through a
capital infusion of Rs 670 crore. The fund infusion, cleared
by the bank's board of directors at an extraordinary general
meeting in Kolkata on March 23, 2011, was through
preferential allotment. Allahabad Bank issued 2.95 crore
equity shares.
Govt. to raise stake in UCO Bank to 68%: The Union
government has raised its stake in UCO Bank, from its
previous holding of 63.59 per cent to 68.13 per cent,
through an additional capital infusion of Rs 940 crore on
March 25, 2011. Fund infusion was through the preferential
issue of 7.81 crore equity shares. The objective is to provide
enough funds to the bank to help it attain the required
capital adequacy ratio.
What is Capital Adequacy Ratio?
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It is the measure of a bank's financial strength expressed by
the ratio of its capital (net worth and subordinated debt) to
its risk-weighted credit exposure (loans). It is also called
CRAR-Capital to Risk-weighted Assets Ratio. The Reserve
Bank of India (RBI), currently prescribes a minimum capital
of 9% of risk-weighted assets. Most banks in India have a
capital adequacy of more than 12 %. A bank with a higher
capital adequacy is considered safer because if its loans go
bad, it can make up for it from its net worth.
What does Tier-I capital mean?
It is the component of a bank's capital that essentially
serves the purpose of absorbing losses without a bank
requiring to cease trading. Tier -I capital adequacy ratio is
the ratio of a bank‘s core financial strength (equity capital
and disclosed reserves) to its total risk-weighted assets.
The existing rules mandate banks to maintain a minimum
six per cent Tier-I capital.
What does Tier-II capital mean?
Tier-II capital, secondary capital of a bank, consists of
undisclosed reserves, general loss reserves, subordinate
term debts which can absorb losses in the event of a
winding-up, and thus providing a lesser degree of protection
to depositors.
Why do banks have to maintain CAR?
CAR is the ratio that measures a bank's capacity to meet
time liabilities and risks like operational risks, credit risks
and other risks. India's bank regulator, RBI, has prescribed
a minimum ratio to be maintained by the banks to protect
the interests of the depositors and provide banks a cushion
for their potential losses.
What is risk weighting?
Every financial asset carries a risk. The extent of risk,
however, varies. For instance, government bonds carry
almost no risk while loans to government-promoted
companies carry some risk. On the other hand, loans to a
corporate carry 100% risk weighted as the entire loan is
exposed to risk of default. Degrees of credit risk expressed
as percentage weights have been assigned by RBI to each
such asset.
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 Section E: SPORTS
Pakistan beats WI to enter World Cup semi-final:
Pakistan beat West Indies by 10 wickets in the first quarter-
final of the World Cup at Sher-e-Bangla National Stadium,
Mirpur, Bangladesh on March 23, 2011. West Indies
captain Darren Sammy won the toss and elected to bat
scoring 112 runs all out in 43.3 overs. Pakistan reached the
target scoring 113 for no loss in 20.5 overs without losing
any wicket. Mohammad Hafeez, who took 2 wickets in his
spell of 10 overs (10-3-16-2) and scored 61 not out, was
declared Man of the Match. Pakistan captain Shahid Afridi,
who took four wickets, had the best bowling figures of the
match (9.3-1-30-4).
India beat Australia to enter World Cup semi-final:
India beat reigning champions Australia by five wickets in
the second quarterfinal of the ICC World Cup at Sardar
Patel Stadium, Ahmedabad on March 24, 2011 to set up a
semi-final clash with neighbours Pakistan on March 30 in
Mohali. Ricky Ponting won the toss and elected to bat first.
Australia scored 260 for six wickets in 50 overs, a score
made possible by a magnificent captain's knock from Ricky
Ponting (104). India achieved the target with 14 balls to
spare and set up a semifinal clash with Pakistan. Yuvraj
Singh who scored 57 not out and had bowling figures of 10-
0-44-2 was declared Man of the Match.
NZ stuns South Africa to enter semi-final: New
Zealand upset South Africa to make it to the semifinal of the
ICC World Cup, after a 49-run win over the pre-tournament
favourite in the third quarterfinal at the Sher-e-Bangla
National Stadium at Mirpur, Bangladesh on March 25, 2011.
New Zealand captain Daniel Vettori won the toss and
decided to bat first. New Zealand posted 221 for eight with
Jesse Ryder scoring 83 in 121 balls. In reply South African
innings folded for 172 in 43.2 overs. Jacob Oram, who
picked up four wickets for 39 for New Zealand, was
declared the man-of-the-match. New Zealand will face Sri
Lanka in the first semifinal on March 30.
Sri Lanka beat England to enter semifinal: Unbeaten
centuries from the openers, Upul Tharanga (102) and
Tillakaratne Dilshan (108), powered Sri Lanka into the
semifinals of the ICC 2011 World Cup, with a ten-wicket
decimation of England at the R. Premadasa Stadium in
Colombo on March 26, 2011. England captain Andrew J.
Straus won the toss and elected to bat first. England‘s score
of 229/6 in 50 overs was reached by Sri Lanka in 39.3 overs
without the loss of any wicket. Dilshan was declared Man of
the Match. Sri Lanka will take on New Zealand in their last-
four clash at the same venue on March 29.
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Messi is the highest paid footballer: Lionel Messi and
Jose Mourinho are the highest paid player and manager in
football, according to France Football. Barcelona's Messi's
income from his salary and publicity deals in 2011
amounted to €31 million, while Real Madrid manager
Mourinho topped the manager's rich list with an income of
€13.5m.
Yuki Bhambri wins Futures tennis: Yuki Bhambri won
the CCI-ITF men's $15,000 Futures tennis tournament,
beating Croatia's Roko Karanusic 2-6, 7-5, 6-3 at the Cricket
Club of India, Mumbai on March 19, 2011. In doubles, the
Indian pair of Divij Sharan and Purav Raja won the final 7-
6(4), 7-6(5) against the top-seeded German duo of Gero
Kretshmer and Alexander Satschko.
Djokovic wins ATP Indian Wells: Novak Djokovic of
Serbia beat World No. 1 Rafael Nadal of Spain 4-6, 6-3, 6-2
to win the Men‘s Singles title at ATP Indian Wells Tennis on
March 20, 2011. Women‘s title was won by Denmark‘s
Caroline Wozniacki who beat Marion Bartoli of France 6-1,
2-6, 6-3 in the final.
Saina Nehwal wins Swiss Open: Ace Indian shuttler
Saina Nehwal notched up her first title of the year, clinching
the Swiss Open Grand Prix Gold trophy with a 21-13 21-14
straight-game victory in the summit clash against Ji Hyun
Sung of Korea in Switzerland on March 20, 2011. Saina
Nehwal also regained the number three place in the latest
world ranking behind Shixian Wang and Yihan Wang of
China.
Kiradech Aphibarnrat wins SAIL Open: Kiradech
Aphibarnrat of Thailand pipped Mohammad Siddikur
Rahman of Bangladesh to win the $300,000 SAIL Open title
at the Delhi Golf Club course on March 25, 2011.
Aphibarnrat took the winner's share of $47,550 while
Siddikur settled for the second spot worth $32,550. India‘s
Ajeetesh Sandhu came third which fetched him $18,300.
Aronian wins Amber chess: Levon Aronian of Armenia
won the Amber Blindfold and Rapid Chess tournament in
Monaco on March 25, 2011 followed by Magnus Carslen of
Norway and Viswanathan Anand of India in second and
third positions respectively.
Indian Volley League launched: The logo and mascot
of the Indian Volley League (IVL) 2011, to be held from May
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29 to June 25, were launched in Hyderabad on March 21, Secretary-General K. Murugan said 85 per cent of IVL
2011. The six sides are Karnataka Bulls, Chennai Spikers), earnings would go to players. The matches will be held in
Maratha Warriors, Yanam Tigers, Kerala Killers and indoor stadia at Bangalore, Chennai, Yanam, Pune and
Hyderabad Chargers. Volleyball Federation of India (VFI) Hyderabad.

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