Monday, June 23, 2014

Current Affairs March (25th- 31st) compilation

March 25,2014
1)HINDI Writer  Mr. Govind Mishra selected for SARASWATI SANMAN 2013
·        The renowned Hindi author Govind Mishra will receive Sarawasti Samman for the year 2013.
·        He will receive this Samman for his book Dhool Paudho Par which was published in 2008. 
·        First novel of Govind Mishra was Wo Apna Chehra published in 1969.
Important to note : 
·        Harivansh Rai Bachchan is the only Hindi author who have received this title in 1991.
·        Saraswati Samman is an annual award which was established in 1991 by K. K. Birla Foundation and carries a prize amount of 10 lakh rupees along with a certificate and is given in recognition of outstanding prose or poetry literary works in Indian languages.
·        Saraswati Samman is given for the literary works of last 10 years.

2)TCPSL Rolls out first White Label ATMs
·        TCPSL (Tata Communications Payment Solutions Ltd.) roll out first white label ATMs on 20th March 2014 under the brand name of Indicash.
·        Very first White Label ATM was inaugurated at Chandrapada in district Thane.
·        For this project TCPSL has tied up with Federal Bank.
·        Federal Bank is sponsor bank of care of cash operations, dispute resolutions and regulatory reporting.
·        TCPSL has a target to deploy 15000 Indicash ATMs by 2016. 
Important to note : 
What are White Label ATMs :  
·        White Label ATM's are also like normal ATM's but they are owned and operated by Non Bank entities.
·        From such White Label ATM customer from any bank will be able to withdraw money by giving service fee for that.

3)Instant Money Transfer Scheme Launched by Bank Of India
·        Bank of India (BOI) launched a new scheme on 24th March 2014 in Mumbai.
·        Name of the scheme is Instant Money Transfer (IMT) scheme.
·        Unique feature of this scheme is that it will enable customers to withdraw cash without using credit or debit card at Bank of India's IMT enabled ATM's.
·        It is first of its kind innovation by any public sector bank. 
Features of IMT Scheme: 
·        IMT Scheme allows the customer to send money to a receiver only by using the receiver's mobile number using Bank ATM and Retail banking facility.
·        One can withdraw money from a Bank of India ATM without using any card.
·        The monthly withdrawal limit is 25000 rupees for receiver, and per transaction limit of 10000 rupees.
·        IMT will be valid for 14 days from the date of issuing.
·        You may remember that RBI Governor Raghuram Rajan announced earlier in February 2014 that RBI is currently working on a new system that will allow users to withdraw cash from ATMs even if the recipient doesn't have a bank account. 

March 26,2014
1) India’s First Revolver Nirbheek, designed for Women launched
·        A light weight revolver named Nirbheek was launched by Indian Ordinance factory on 25th March 2014 which is especially designed for women to defend themselves from assault.
·        Nirbheek that weighs is very less around 500 gm and it is a .32 bore revolver which can be easily carried by women in their purses or handbags. 
·        Nirbheek revolver is made of titanium alloy and is priced Rs. 122360.
·        The revolver is capable of firing six rounds loaded in a revolving chamber.
Important to note : 
·        Nirbheek is India's first Firearm designed for women. 
·        Neerbheek name is derived from of the paramedical student Nirbhaya, who was a victim gang rape in Delhi on 16 December 2012.

2) “Lal Bahadur Shashtri: Lessons in Leadership “ book by Anil Shastry and Pawan  Choudhary released
·        Book titled "Lal Bahadur Shastri: Lessons in Leadership" was released on 23rd March 2014 in New Delhi by spiritual leader His Holiness the Dalai Lama
·        Book is authored by Anil Shashtri and Pawan Choudhary.
·        This book covers all stages of his life and book also highlights his virtues of simplicity, integrity, tenacity, wisdom and leadership.
·        Former prime minister Lal Bahadur Shastri has left behind a legacy that is hard to match.
·        This book also touches the points of 1965 war. 
*Anil Shashtri is Son of Shri Lal Bahadur Shashtri. 

!! Important Points about Lal Bahadur Shastri Ji :
·        He was born on 2nd October, 1904.
·        He passed away on 10th January, 1966.
·        He was second Prime Misiter of India.
·        Outstanding Slogan "Jai Jawan Jai Kisan" is given to India by Lal Bahadur Shashtri.
·        He was Prime minister from 9 June 1964 to 11 January 1966.

3) The HAUGE hosted the 3rd Nuclear Security Summit 2014
·        The Third Nuclear Security Summit was held in The Hague, Netherlands, from 24th to 25th March 2014. 
·        This summit was attended by the 58 World leaders.
·        At this summit all the leaders reached to an agreement to prevent terrorists getting access to nuclear material that could be used to make a nuclear weapon which will be very dangerous to mankind.
·        So this will further reduce the threat of a nuclear attack. 

!! Important to note : 
·        Under this initiative 35 countries has agreed to incorporate the guidelines of IAEA in their national legislation.
·        These guidelines will be binding and also engage IAEA teams to assess the security of nuclear materials. 

## These 35 countries are : 
Algeria, Armenia, Australia, Belgium, Canada, Chile, Czech Republic, Denmark, Finland, France, Georgia, Germany, Hungary, Israel, Italy, Japan, Kazakhstan, Lithuania, Mexico, Morocco, the Netherlands, New Zealand, Norway, Philippines, Poland, the Republic of Korea, Romania, Spain, Sweden, Turkey, Ukraine, United Arab Emirates, the United Kingdom, the United States of America and Vietnam.

4) Japanese architect Shigeru Ban won the Pritzker Architecture Prize 2014
·        World's most prestigious architecture award "Pritzker Architecture Prize" won by a Japanese architect Shigeru Ban on 25th March 2014.
·        Shigeru Ban has bagged this prize for his creative and inexpensive designs for disaster relief shelters.

@@ Pritzker Architecture Prize:
·        Pritzker Architecture Prize is an international prize which is awarded annually to living architects who have contributed to humanity by their excellence in built work.
·        This prestigious prize was instituted by Hyatt Foundation in 1979.
·        It carries $ 100000 grant, a citation and a bronze medallion.

!! Shigeru Ban :
·        Shigeru Ban is 56 years old and as told earlier he is a Japanese architect.
·        He started his involvement in disaster relief structures in 1994.
·        He have worked for many countries like Sri Lanka, India, Haiti, Italy and New Zealand.
·        He also participated in Bhuj earthquake relief work in 2001.
·        His objective is to build inexpensive, easy-to-construct structures. 

5) RBI panel headed by Aditya Puri submitted its report
·        A RBI panel which was headed by Aditya Puri, submitted its report.
·        The report was submitted on 22nd March 2014.
·        The Report is titled as "Data Format for Furnishing of Credit Information to Credit Information Companies (CICs)". 
·        This committee has made many recommendations relating to credit information, best practices to be followed by credit institutions etc.

@@ Highlights of recommendations :
·        The Committee has suggested to provide customers with a free copy of their Credit Information Report (CIRs).
·        It would help create awareness about the need to have credit discipline and help detect identity theft at an early stage. 
·        The committee also recommended a common Data Quality Index that could assist credit institutions in determining the gaps in their data and also help move towards improving their performance over a period of time.
·        It was also recommended to use a common data format that includes additional information in the formats, such as, dispute codes, consumer comments on dispute, details of collateral and a continuing mechanism for making changes to data formats that could help improve data quality. 
·        The committee has showed its concern that low usage of credit information by member institutions and other specified users needs to be addressed.
·        It can be addressed by increasing the coverage of credit information in terms of membership (all credit institutions should be members of all CICs) and products and by creating awareness about Credit Information Reports (CIRs).
·        CICs should have a common classification of Credit Scores so that it would be easier to understand and interpret them.
·        CICs may provide a single CIR for a borrower even if there are multiple addresses, using a unique identification number (PAN/Aadhaar No.).
·        CICs may have link with the database of Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) which has data on mortgages so that CIRs can also provide information on property mortgages.

March 27,2014
1) SEBI to issue guidelines for FATCA compliance fiscal year 2014-15
·        On 25th March 2014 SEBI announced to release FATCA compliance norms in the next fiscal year 2014-15.
·        It will help combat possible tax evasion by Americans through Indian entities.
·        FATCA is a law with deals with withholding tax on illicit activities by some individuals who use offshore accounts to evade millions of dollars in taxes.
·        For the complete implementation of FATCA US government is required to sign Inter Government Agreement (IGA) with countries including India.
·        With 22 countries US has already signed IGA's, while to sign IGA with India negotiations has been going on.
·        Once this new Act come into effect, all financial institutions in India would need to carry out a detailed due diligence on all their clients and report details of their US clients to the US tax department.
·        Any non-compliance of the FATCA provisions would result in penal withholding of 30% of the total US-source income of such financial institutions.
·        FATCA became a law in 2010.
·        It has now emerged as a global standard for detecting offshore tax evasion by people. 

!! Important to note  :
FATCA : Foreign Account Tax Compliance Act

2) EPFO to provide Universal Account Number
·        EPFO (Employees Provident Fund Organisation) on 24th March 2014 said to provide Universal Account Number (UAN) to its five crore subscribers from 1st October 2014.
·        Permanent or Universal Account Number (UAN) will be beneficial for its users to avoid filing Provident Fund (PF) account transfer claims on changing jobs.
·        After getting UAN, a user will only have one account number for PF and will not have to change it after changing the employer.
·        Thus it can also be used for various other schemes.
·        It will also reduce the workload of the EPFO.
·        During 2012-13, EPFO received over 12 lakh claims for transfer of PF account on changing of jobs by its subscribers.

3) Ancient caves discovered in Andhra Pradesh
·        Ancient caves discovered in Andhra Pradesh by Researcher K Ramakrishna Reddy.
·        These caves are depicting 7000-year-old civilisation.
·        These were inhibited by ancient humans in Akkampalli of Andhra Pradesh.
·        This site is considered to be contemporary to the rock sites that exist at Ketavaram and Chintakunta of the state.
·        This is important discovery as it represent the civilisation and culture of 7000 year ago. 
·        Total fives caves and found, out of which 3 are natural and 2 are rock cut.
·        Their artworks provide an insight of variuos prospects.
·        As per the artwork, Musalla Gunda (boulder of crocodile) name is given to caves, because there artworks which depict the presence of crocodiles, but at present there is no water, may be at that time there would be water and crocodiles.

March 28,2014
1) Super Hercules aircraft of IAF C-130 J crashed in Rajasthan
·        In a major set back to IAF, the most modern military transport aircraft C-130J Super Hercules crashed on friday around Madhya Pradesh-Rajasthan border.
·        By this accident five IAF personnel on board also killed.
·        The aircraft took off from Agra at 10 a.m. for a routine flying training mission when this accident happened on the way.
·        Court of inquiry has been ordered to investigate the cause of accident. 

@ Important to note : 
·        India has inducted six C-130J Super Hercules Aircrafts, which were brought from the US at a cost of around 6000 crore rupees.
·        Now India is left with 5 such aircrafts.
·        This aircraft can carry a weigh up to 20 tonnes and has the capability to land and take-off from short runways.

2) All States and UTs directed to implement Manual Scavengers Act by Supreme Court
·        All the States and Union Territories were directed by Supreme Court of India on 27th March 2014 to implement Prohibition of Employment as Manual Scavengers and their Rehabilitation Act, 2013.
·        Bench comprised of Chief Justice P Sathasivam, Justice Ranjan Gogoi and Justice N V Ramana ordered a series of directions to abolish the practice of manual scavenging.
·        The Apex court also deprecated the practice of manually removing night soil with bare hands, brooms or metal scrappers.

Guidelines by Supreme Court : 
·        At least one member of their family shall be given, subject to eligibility and willingness, training in livelihood skill and shall be paid a monthly stipend during rehabilitation period. Besides, one adult member of the family is given subsidy or concessional loan for taking up an alternative occupation.
·        To address sewer deaths, it suggested that entering sewer lines without safety gears should be made a crime even in emergency situations. And for such death, a compensation of 10 lakh rupees should be given to the family of the died.
·        The people who were employed as scavengers should be allotted residential plots or constructed houses or money for such construction according to their eligibility and willingness.
·        Persons released from manual scavenging should not have to cross hurdles to receive what is their legitimate due under the law. 
·        Safai karamchari women should be provided support for dignified livelihood in accordance with their choice of livelihood schemes.
·        The Railways should take time-bound strategy to end manual scavenging on the tracks and persons released from manual scavenging should not have to cross hurdles to receive what is their legitimate due under the law.

Important to note : 
In the year 2002-03, there were 676009 identified manual scavengers in the country.

3) All banks are required to comply with the Basel III norms by 31 March 2019
·        On 27th March 2014 RBI announced that it has extended the deadline for Indian banks to meet capital requirements under the so-called Basel III norms by a year to 31 March 2019.
·        RBI offering relief to an industry burdened by bad loans in the face of slower economic growth.
·        As per RBI, In view of the implementation of Basel III Capital Regulations, banks need to improve and strengthen their capital planning processes. 

What is Basel III ?
Basel III is a comprehensive set of reform measures, developed by the Basel Committee on Banking Supervision, to strengthen the regulation, supervision and risk management of the banking sector.

4) India certified as Polio Free country by WHO
·        The World Health Organisation (WHO) certified India as a Polio free Country officialy.
·        This news was out many days back but its official now.
·        By this India became among the 11 countries of South East Region to hold a tag of polio free country.
·        The Union Health Minister of India Mr. Ghulam Nabi Azad received official certificate in New Delhi.
·        The polio was eradicated from the country with the help of technological innovations and combined efforts. 

Important to note : 
·        India introduced the oral polio vaccine in 1985.
·        India's first national polio immunization campaign to stop polio was launched in 1995.
·        That time on an average 50000 children were getting affected by polio every year.
·        Now after 2011 there is not even a single case reported of polio.
·        Polio is a disease that can be prevented only but there is no cure for it. 

5) Former PM of Norway Jens Stoltenberg appointed as new NATO chief
·        Former PM of Norway Mr. Jens Stoltenberg appointed as new NATO chief.
·        This announcement was mande by North Atlantic Council in Brussels in Belgium on 28th March 2014.
·        Mr. Jens Stoltenberg was also appointed as Chairman of the North Atlantic Council.
·        He will be taking the charge of Secretary General of NATO from 1st October 2014.
·        He will be succeeding former Prime Minister of Denmark Mr. Anders Fogh Rasmussen who is current Secretary General of NATO.

What is NATO ?
·        Full form of NATO is North Atlantic Treaty Organisation (NATO).
·        It was established in 1949.
·        It is headquarterd in Belgium, Brussels.
·        In actual it is an inter governmental military alliance of North Atlantic Countries which has 28 members mainly from Europe and America.
·        Oh ! you must be thinking the names of 28 countries, let me list them for you :)
These are : 
·        Albania 
·        Belgium
·        Bulgaria
·        Canada
·        Croatia
·        Czech Rep
·        Denmark
·        Estonia
·        France
·        Germany
·        Greece
·        Hungary
·        Iceland
·        Italy
·        Latvia
·        Lithuania
·        Luxembourg
·        Netherlands
·        Norway
·        Poland
·        Portugal
·        Romania
·        Slovakia
·        Slovenia
·        Spain
·        Turkey
·        United Kingdom
·        United States

6) Astronomers discovered miniature planet with two rings
Astronomers from Niels Bohr Institute have discovered a miniature planet “Charkilo” with two rings of ice and pebbles between Saturn and Uranus in theKuiper Belt.

Miniature planet “Charkilo”       
·        A Giant asteroid i.e. a celestial body known as a Centaur or Minor Planet.
·        Located between Saturn and Uranus.
·        Originated in the Kuiper belt.
·        Diameter: 250 km.
·        Centers of the two rings are 14 km and the gap between them is 9 Km.
·        Have two rings of ice particles and pebbles.
The Rings of the celestial body are not more than few hundred meters thick and are only three and seven km wide. Kuiper Belt is a collection of thousands of dwarf planets and comets in orbit beyond Neptune on the edge of our solar system.
What is special about this discovery of “Charkilo”?
Till now, rings have only been observed around giant planets viz. Jupiter, Uranus, Neptune and especially Saturn. This is the first time that such a small celestial body (miniature planet “Charkilo” ) with rings has been observed.

7) International Monetary Fund agreed to provide 18 billion dollars fund to Ukraine
·        The International Monetary Fund (IMF) agreed on 27 March 2014 to provide loan to Ukraine worth 18 billion dollars for next two years.
·        Under the IMF deal Ukraine will have to cut the budget deficit, raise taxes, shift to a flexible exchange rate and increase retail energy tariffs toward their full cost.
·        The Ukrainian Parliament needs to pass a set of reforms to accept the package of IMF.  
·        Then IMF board will revive the deal in April 2014.
·        It may also provide an opportunity to receive the loans from United States and the European Union which brings in total 27 billion dollars for two years.

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