Current Affairs 18/01/2014 to 07/02/2014

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1. The senior congress leader, Mr. Harish Rawat sworn-in as the new Chief Minister of Uttarakhand. He was administered the oath by the Governor Aziz Qureshi at Raj Bhawan. He succeeded Vijay Bahuguna.
Mr. Bahuguna resigned from the post of CM due to the criticism for the way he had handled the flood situation and relief and rescue work.

2.The Chinese warships conducted rare exercises in the Indian Ocean, and then a three- ship flotilla of Chinese warships entered the West Pacific Ocean to start a drill there. The warships from the Nanhai Fleet are destroyers Wuhan and Haikou and China’s largest amphibious landing craft Changbaishan.

3.The Insurance Regulatory and Development Authority (IRDA) set up a 9-member panle to review the 14 non-legislative recommendations made by the Financial Sector Legislative Reforms Commission (FSLRC).
The role of panel is to:
Examine the extant legislative and regulatory framework in compliance 14 Non-Legislative Recommendations (NLRs).
Identify the gaps and possible improvements in the extant framework vis-a-vis the 14 NLR.
Suggest changes or modifications to the extant framework in compliance with the 14 NLR.
About Financial Sector Legislative Reforms Commission (FSLRC) report:
Headed by former Justice B.N.Srikrishna
Contains 12 key proposals and these do not require legislative changes.
The financial sector regulators will take serious action with high penalties on violators and time bound investigations that would act as deterrents and improve consumer protection.
The proposals that called for penalties discourage the future violations as a multiple of the illegitimate gain of violations.
Regulators should also put in place internal manuals on conducting investigations. The investigating officer would be kept different from the officer who would decide the penalty for the crime.

4.Maharashtra government appointed a committee to bring a legislation that will improve the recovery of loans given as part of government schemes. The proposed legislation will create a mechanism for forceful recoveries of loans given under government schemes. It will not be applicable to agricultural and other loans.

What are Non performing Assets (NPA)?
Any asset, including a leased asset, becomes a non performing when it ceases to generate income for the bank are called Non Performing Assets or Bad loans. As per RBI guidelines, NPA is defined as under:
Non ­performing asset (NPA) is a loan or an advance where:
Interest and/ or installment of principal remain overdue for a period of more than 90 days in respect of a term loan.
The account remains ‘out of order’ in respect of an Overdraft/Cash Credit (OD/CC).
The bill remains overdue for a period of more than 90 days in the case of bills purchased and discounted.
The installment of principal or interest there on remains overdue for two crop seasons for short duration crops.
The installment of principal or interest there on remains overdue for one crop season for long duration crops.
The amount of liquidity facility remains outstanding for more than 90 days, in respect of a securitization transaction undertaken in terms of guidelines on securitization dated February 1, 2006.
In respect of derivative transactions, the overdue receivables representing positive mark-to-market value of a derivative contract, if these remain unpaid for a period of 90 days from the specified due date for payment.
Net NPA = Gross NPA – (Balance in Interest Suspense account + DICGC/ECGC claims received and held pending adjustment + Part payment received and kept in suspense account + Total provisions held).

5.The Saving Asia’s Vultures from Extinction (SAVE) programme declared that it has plans to release up to 25 birds into a 30,000-sq-km drug-free “safe zone”. A project hopes to start releasing captive-bred birds into the wild by 2016, after experiencing the devastation wrought by a drug on Asian vulture populations.
In order to ensure that the species affected do not disappear completely from the wild, SAVE identified a number of priorities viz.
To establish a number of vast “safe zones” for the captive-bred birds to be released within. The areas have a radius of 100km and the consortium has identified six such areas – some of which cross national borders into Nepal, Pakistan and Bangladesh.
Establishment of a captive-breeding programme that would provide the birds to be released back into the wider environment, once it was safe to do so.

6.The United States of America (USA) warned China against any move to declare a new Air Defense Identification Zone (ADIZ) over the South China Sea including disputed islands. The comments were made after the reports of Japanese media that stated that China is preparing to announce another defense zone in the area, which are driven by territorial disputes with the neighboring countries.
China claims the South China Sea in its entirety, while other countries surrounding the sea also have claims to the area and are in dispute with China.
At present, China’s new air defense zone over the East China Sea is creating tensions in the world’s most geo-politically sensitive areas that includes the disputed Diaoyu or Senkaku islands in the East China Sea, which are controlled by Japan and but claimed by China, and the submerged Leodo reef, which is under South Korea’s control.

7.Rajasthan scrapped the approval given by the previous Congress government for Foreign Direct Investment (FDI) in multi-brand retailing. After Delhi, Rajasthan became the second state, to withdraw approval for FDI in multi-brand retail following a change of government after the assembly elections held in November-December.
Recently, the Aam Admi Party Government in Delhi had repealed the decision to allow FDI in retail and told the Centre that it would not allow foreign supermarkets in the Capital as they would destroy the local markets and close down neighbourhood shops and kirana stores.
Note: The states that allow global retailers to open supermarket chains (mostly Congress-led) viz. Himachal Pradesh, Andhra Pradesh, Maharashtra, Haryana, Rajasthan, Manipur, Karnataka, etc.

8.India’s first monorail service started in Mumbai. The monorail service that would link the city to major stations began its first phase of 8.93 km between Wadala and Chembur in the eastern fringes of the Commercial Capital.
The first phase of the monorail covered seven stations: Wadala depot, Mysore Colony, BhaktiPark, Bharat Petroleum, V.N. Purav Marg, Fertiliser Colony, and Chembur.
Will be able to carry about 2,500 passengers (each car will accommodate 568 commuters). The fares will be between Rs. 5 and Rs. 11.
Average speed: 65 km/hr; Maximum speed: 80 km/hr.
Expected to reduce the travel time between Wadala and Chembur by almost half. It takes 40 minutes at present but the monorail will take only about 21 minutes.
The overall monorail project covers a 19.17 km stretch in the Chembur-Wadala-Jacob Circle corridor, which will be the second longest corridor with 17 stations. (The longest one is Japan’s Osaka Monorail).
What is Monorail?
A monorail is a rail-based transportation system based on a single rail, which acts as its sole support and its guideway. The term is also used variously to describe the beam of the system, or the vehicles travelling on such a beam or track. The beam in a monorail system is narrower than the vehicle.
Note: After the launch of Mumbai monorail, India joined the elite group of countries viz. the U.S., Germany, China, Japan, Australia and Malaysia that run monorails.

9.India and Fiji signed a Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income.
The DTAA signed in New Delhi by the Finance Minister P. Chidambaram and Fiji’s Minister of Justice, Public Enterprises, and Industry and Trade Aiyaz Sayed-Khaiyum. Mr. Sayed-Khaiyum also holds charges of Communications, Civil Aviation and Tourism.
It will provide tax stability to the residents of India and Fiji and facilitate mutual economic cooperation. The move will also stimulate the flow of investment, technology and services between both countries.

10.Agriculture Ministry issued detailed guidelines and strategy to be adopted for implementation of the National Mission on Oilseeds and Oil Palm (NMOOP). The Centre and States will bear costs in the ratio of 75:25.
Objective: To enhance production of traditional oilseed and tree-borne oilseed and also significant area is sought to be brought under oil palm.
Sanctioned: Rs. 3507 crore under 12th plan.
Strategy to implement the proposed NMOOP Mission:
Increase Seed Replacement Ratio (SRR) with focus on Varietal Replacement.
Increase irrigation coverage under oilseeds from 26% to 36%.
Diversification of area from low yielding cereals crops to oilseeds crops.
Inter-cropping of oilseeds with cereals/ pulses/ sugarcane.
Use the fallow land after paddy /potato cultivation.
Expand the cultivation of Oil Palm and tree borne oilseeds in watersheds and wastelands.
Increase availability of quality planting material enhancing procurement of oilseeds and collection.
Process tree borne oilseeds.
Inter-cropping during gestation period of oil palm and tree borne oilseeds would provide economic return to the farmers when there is no production.

11.With 3.86 million barrels per day of crude oil imports, India has overtaken Japan as the world’s third-biggest crude oil importer in 2013.
World’s Top Five Oil-Importing Countries:
China:China imports 6.30 million barrels per day
U.S.A:USA imports 6.24 million barrels per day
India:India imports 3.86 million barrels per day
Japan:Japan imports 3.64 million barrels per day
Germany:Germany imports 2.67 million barrels per day
India’s imports were nearly 6% higher than Japan’s customs-cleared imports of 3.64 million bpd (211,716,710 kilolitres).

12.The Cabinet Committee on Economic Affairs (CCEA) increased the quota of subsidized domestic LPG cylinders to 12 from 9 annually per household.
The Union Government also suspended the direct transfer of LPG subsidy into the consumers’ bank accounts linked to Aadhaar unique identity numbers. Thus, consumers will continue to pay only the subsidized price to their LPG distributors and in turn the public sector oil marketing company will get the subsidy from the Government.
The increased subsidy cap will be effective from February 1. Though, for the current fiscal (2013-14) the total number of subsidized cylinders available for each household will be restricted to 11, as there are only two more months left.
The increase in cap of cylinders will mean that LPG (Liquified Petroleum Gas) will be available at a subsidized rate for 97 % of its total consumer base of 140 million.
The increases quoto will add another Rs 5,000 crore to the burgeoning subsidy burden on petroleum products, expected to be Rs 141,000 crore this financial year.
Note: In September 2013, the Supreme Court ruled that that Aadhaar cards or Unique Identification number (UID) could not be made mandatory for people to get services or benefits under Government schemes viz. LPG subsidy, transfer benefits, food security, vehicle registration, scholarships, marriage registration, salaries and provident fund, etc, and nobody should be deprived of any such facilities for want of the card. It also rejected the review petition filed by the government on this issue.

13.Leading mathematician and founder of Super30 classes Mr. Anand Kumar bestowed with the prestigious 2014 Ramanujan Mathematics Award at the 8th National Mathematics Convention organized by a Rajkot-based school. Renowned atomic scientist Pitamber Patel and famous scientist J J Rawal presented the cash award of Rs 20,000 to Kumar.
Mr. Kumar, who is a native of Bihar, is founder of Super30, which imparts free residential mentoring to 30 selected students from underprivileged families for IIT entrance exam and has achieved international recognition for social awakening.
His papers published in a number of international journals viz. Mathematical Spectrum and Mathematical Gazette of the UK, etc and was thrice invited jointly by the Mathematical Association of America and the American Mathematical Society to present his papers.

14.The two-wheeler maker, Hero MotoCorp unveiled a diesel-electric hybrid scooter concept, ‘RNT’, which is probably the world’s first and smallest diesel engine for two-wheelers.
The concept unveiled along with four more products – Leap (hybrid scooter) and 250 cc bike HXR250R are completely new products, while Dash (110cc scooter) and Xtreme Sports (150cc bike) models are based on existing platforms.
Hero Dash is a Maestro-sized scooter has an 111cc 4-stroke 8.4PS/9.4Nm engine. It has 12-inch tyres and a 6-litre fuel tank. Comes with Hero’s Integrated Braking. Drum brakes on both the ends.
Hero Leap is a petrol-hybrid has a 3-litre fuel tank. It weighs in at 140kg and will be launched by the next fiscal year.

15.New Zealand’s Kathy Cross (56) became the first woman to be inducted in the International Cricket Council‘s (ICC’s) umpires’ panel. Previously, she was officiated in the Women’s World Cup in Australia in 2009 and in India in 2013.
Ms. Cross and Nigel Morrison have joined Sameer Bandekar, Mark Hawthorne, Wynand Louw, David Odhiambo, Buddhi Pradhan, Sarika Siva Prasad, Richard Smith, Ian Ramage and Courtney Young in the panel for 2014. The panel was named by the Associate and Affiliate Selection Committee.

16.The Reserve Bank of Zimbabwe approved domestic trading in the Chinese Yuan (CYN), Indian Rupee (INR), Japanese Yen (JPY) and Australian Dollar (AUD) and soon these currencies will become legal tender.

17.As per the Internet and Mobile Association of India (IAMAI), the Internet user base in the country stood at 190 million at the end of June, 2013. For the whole year 2013, the internet user base grew 42% to 213 million, from 150 million in 2012. Of the total user base, mobile internet users accounted for 130 million in 2013, a growth of about 92% from 68 million in 2012.
IAMAI expects the number of mobile internet users to touch 185 million by June 2014, accounting for about 76% of the internet user base in the country. The growth of Internet users has also led to a substantial growth of other digital industries such as e-commerce and digital advertising. The study projects the online advertising market in India to touch Rs. 2,938 crore by March 2014.
Internet and Mobile Association of India (IAMAI)
Not-for-profit industry body registered under the Societies Act, 1986.
Founded: 2004.
Headquarters: Mumbai, Maharashtra.
President: Dr. Subho Ray.
Put forward the problems and requirements of the businesses to the consumers, shareholders, investors and the Government of India.
Purpose: To improve and expand the value added services pertaining to mobiles and several online services.

18.In a bid to check political interference, officers of the three premier services – IAS, IPS and IFS – will now spend a minimum of two years at each posting. Under the new rules circulated by Department of Personnel and Training (DoPT), transfers and postings before two years can be done by a Civil Services Board to be constituted by states.

19.Indian cricket team slumped to its worst ODI series defeat in New Zealand. New Zealand won the series by 4-0 in Wellington by thrashing India by 87 runs in the fifth and final ODI.
It’s 5th time that India have not won a match in a five-match (or more) bilateral series. Last time they failed to win even a single match in a bilateral series involving five or more matches, was in England in 2011, when they lost three matches, tied one and one game was abandoned.

20.The BPO unit of Tata Consultancy Services (TCS) is set to take the No. 1 slot in the business category in India, replacing long-time leader Genpact. The change in BPO market ranking could happen either in the just-concluded December quarter or the ongoing January-March quarter.
Tata Consultancy Services (TCS)
An Indian multinational information technology (IT) services, business solutions and consulting company.
Founded: 1968 by J.R.D Tata.
Headquarters: Mumbai, Maharashtra.
Operates in 46 countries and has 199 branches across the world.
Offers: BPO services for the banking, financial and insurance sector, retail and consumer packaged goods, drug development, telecom, media and manufacturing. It has invested in building domain expertise and made acquisitions to fill gaps in their portfolio. TCS bought the captive BPO arm of Citigroup for $505 million in October 2008, one of the largest acquisitions in the IT-BPO space till then.

21.The Union Ministry of Rural Development signed a Memorandum of Understanding (MoU) with Digital Green (Microsoft Research Project) to document best agricultural practices and disseminates this to all rural agricultural households headed by women.
This initiative will be kick-started through self-help groups working with women farmers engaged in traditional agriculture, non-timber forest produce and livestock projects.
Purpose: To exchange the relevant livelihood practices among rural communities under the National Rural Livelihood Mission (NRLM).

22.The Union Government stated that Foreign Portfolio Investors (FPIs) will attract uniform tax rate in all categories. The Central Board of Direct Taxes notified that the new class of investors, FPIs, would be treated as FIIs under the Income Tax Act, 1961. As per their risk profiles, FPIs are divided into three categories.
These are as follows:-
Category I - the lowest risk entities comprises foreign government and government-related foreign investors.
Category II – regulated entities such as university funds, university-related endowments and pension funds, etc.
Category III – other entities viz. Qualified Foreign Investors (QFIs), etc.
FPIs brought together all the three investment categories — Foreign Institutional Investors (FIIs), their sub-accounts and Qualified Foreign Investors (QFIs). The tax rate for FPIs would be the same as that extended to FIIs. The new system would be especially beneficial for QFIs, who were subjected to higher tax rate earlier.

23.For the second consecutive year, Global Intellectual Property Centre (GIPC) International IP Index ranked India lowest amongst the countries assessed for protection and enforcement of Intellectual Property Practices.
In the second edition of the chamber’s GIPC index, India continued to score lowest, most notably in categories relating to patents, copyrights and international treaties. India scored 6.95 points out of a maximum 30 while US topped with 28.5 amongst 25 countries surveyed.

24.Prime Minister Dr. Manmohan Singh inaugurated National Waqf Development Corporation Limited (NAWADCO), a new Central Public Sector Enterprise under the Ministry of Minority Affairs.
The NAWADCO is termed as an important institution for the development of Waqf properties and for the community welfare, particularly of Muslims in India. The establishment of NAWADCO is a follow up of ‘Sachar Committee’ recommendations.
National Waqf Development Corporation Limited (NAWADCO):
Established with Authorized Share Capital of Rs.500 Crore with a paid up capital of Rs.100 crore.
National Minority Development and Finance Corporation (NMDFC) have 49% shares in NAWADCO.
Objective: To facilitate and mobilize financial resources for the development of Waqf properties for community development purposes in a joint venture with the State/ Union Territory Waqf Boards and the Mutawallis.
What is “Waqf” ?
A waqf/ wakf, is basically donating (a building/ plot of land/ cash) for Muslim religious/ charitable purposes.These donated assets / grants ( known as “Mushrut-ul-Khidmat”) are held by a charitable trust. The person who makes the grant/ Mushrut-ul-Khidmat is known as “Waqif/ Wakif”.
#Note: India has the largest number of Waqf properties in the world. There are more than 4.9 lakh registered Auqaf (Waqf properties) and the current annual income from these properties is about Rs.163 crores.

25.Scientists of the Jilin University, China have invented a printer that uses water to print, instead of ink. After about 22 hours, the paper fades back to a plain sheet of white paper, allowing it to be re-used.
The “water-jet” technology is capable of reprinting numerous times, spares people their money and saves trees. As per the statistics, many papers (40% of office Prints) are throwing into the dustbin after the single reading.
What technology applies in the water-jet printer?
In the water-jet printer, the technology work is the paper, which is treated with an invisible dye that colours upon exposure to water and later disappears. It uses a dye compound called oxazolidine that gives a clear, blue print in less than one second upon application of water.
Within a day, the used paper fades back to white which makes it reusable.
At temperature lesser than 35 degree Celsius, the print would fade away in 22 hours, while at higher temperature, it would fade faster. The technology is ideal for documents that are printed to be read once and then discarded.
At 70 degree Celsius , the colour disappears within about 30 seconds.
At present, there are four water-printed colours - blue, magenta, gold and purple. Though, they can only print in one hue at a time.
The technology does not require changing a printer but only replacing the ink in the cartridge with H20, using a syringe.
A chemistry professor, Mr. Sean Xiao-An Zhang, supervised the work.

26.GRAMMY AWARDS 2014 :Album of the Year:
Daft Punk, Random Access Memories (Julian Casablancas, DJ Falcon, Todd Edwards, Chilly Gonzales, Giorgio Moroder, Panda Bear, Nile Rodgers, Paul Williams & Pharrell Williams, featured artists; Thomas Bangalter, Julian Casablancas, Guy-Manuel De Homem-Christo, DJ Falcon & Todd Edwards, producers; Peter Franco, Mick Guzauski, Florian Lagatta, Guillaume Le Braz & Daniel Lerner, engineers/mixers; Antoine "Chab" Chabert & Bob Ludwig, mastering engineers)
Record of the Year:
Daft Punk, "Get Lucky" (Thomas Bangalter & Guy-Manuel De Homem-Christo, producers; Peter Franco, Mick Guzauski, Florian Lagatta & Daniel Lerner, engineers/mixers; Antoine "Chab" Chabert & Bob Ludwig, mastering engineers)
Song of the Year:
Lorde, "Royals" (Joel Little & Ella Yelich O'Connor, songwriters)
Best Country Album:
Kacey Musgraves, Same Trailer Different Park
Best Pop Vocal Album:
Bruno Mars, Unorthodox Jukebox
Best Rap/Sung Collaboration:
Jay Z Featuring Justin Timberlake, "Holy Grail"
Best Pop Solo Performance:
Lorde, "Royals"

27.Chinese people marked the arrival of the “New Lunar Year” generally considered an auspicious time, across China, Hong Kong and Taiwan. This year is the Year of the Horse, which is said to bring prosperity and wealth. The horse signifies kindness, strength, and gregariousness.

28.Mahatma Gandhi’s grand daughter, Ms. Ela Gandhi honored with the Prestigious South African Award, ‘Amadelakupha’ by the South African Government. This award was also given to Sunny Singh and Mac Maharaj of Indian Decent. The South African Government stated that Ms. Gandhi selected for the award in recognition for her lifetime contribution to the freedom struggle in South Africa.The award title, ‘Amadelakufa’ means ‘those who are prepared to make sacrifices’ in Zulu language and was hosted by the South African military.

29.The National Innovation Council (NIC), in partnership with the Ministry of Micro, Small and Medium Enterprises (MSME), launched the India Inclusive Innovation Fund (IIIF). IIIF is an impact investment fund that will invest in ventures catering to the country’s poor. It is an autonomous Rs. 500-crore fund, with the Union Government contributing 20 %. The balance will come from public sector banks, financial institutions, insurance companies, multilateral/bilateral development agencies, Indian & global corporates.
About India Inclusive Innovation Fund (I.I.I.F.)
Objective: To expand the corpus to Rs 5,000 crores over the next 24 months and to provide modest financial returns, while ensuring significant social impact to the community.
Focus on: healthcare, food and nutrition, agriculture, education, energy, financial inclusion, environment, technology as an enable.
Will be registered under SEBI’s Alternative Investment Fund Category I guidelines with an initial corpus of Rs 500 crore, with the Ministry of MSME committing to 20% (Rs 100 crore) and the balance being given by banks, insurance companies, overseas financial and development institutions.
Help to create a new class of capital or venture capital to set up and scale entrepreneurial skills and innovation in the firms delivering goods and service to the poorest of the country.
Combined innovation and the dynamism of enterprise to solve the problems of citizens at the base of the economic pyramid in India.
The Fund will invest in innovative ventures that are scalable, sustainable and profitable.
It will address social needs of less privileged citizens in areas viz. healthcare, food, nutrition, agriculture, education / skill development, energy, financial inclusion, water, sanitation, employment generation, etc.

30.The second of the five supermoons of 2014 would be visible on Friday around 3.30 p.m. January 1, 2014 was the year’s first supermoon and January 31, 2014 will be the second.
January is the only month with two supermoons until January 2018. What is a supermoon?
A supermoon is the coincidence of a full moon or a new moon with the closest approach the Moon makes to the Earth on its elliptical orbit, resulting in the largest apparent size of the lunar disk as seen from Earth. The technical name is the perigee-syzygy of the Earth-Moon-Sun system. It appears as much as 14 % bigger and 30 % brighter.
The term “Super Moon” was coined by astrologer “Richard Nolle” in 1979. Before supermoons were called supermoons, they were referred to “Perigee Full Moon”, or “Perigee New Moon”.

31.Mr. Raymond Weil (87), watch marketing pioneer and founder of the famed eponymous Swiss timepiece brand passed away.
About Mr. Raymond Weil
Born: 1926
Founded: Raymond Weil Watch Company in 1976 in Geneva, Switzerland.

32.Tata Motors Managing Director Mr. Karl Slym (51) passed away after apparently falling from a high floor of a five-star hotel in Bangkok where he had gone to attend a board meeting of the company’s Thailand arm.
Mr. Slym was an English businessman and the managing director of Tata Motors from October 2012.
He joined Tata Motors as part of a major management service and was responsible for charting the company’s strategy to regain momentum in the Indian market.
Previously, he was the executive vice-president, SGMW Motors, China (a General Motors Joint Venture).

33.The grand Annual 59th Idea Filmfare Awards event was organized in Mumbai. The following are the winners under various categories:

POPULAR AWARDS:

Best Film: Bhaag Milkha Bhaag
Best Director: Rakeysh Omprakash Mehra (Bhaag Milkha Bhaag)
Best Actor (Male): Farhan Akhtar (Bhaag Milkha Bhaag)
Best Actor (Female): Deepika Padukone – Goliyon Ki Raasleela Ram-leela
Best Supporting Actor (Female): Supriya Pathak Kapur (Goliyon Ki Raasleela Ram-leela)
Best Supporting Actor (Male): Nawazuddin Siddiqui (The Lunchbox)
Best Music – Mithhoon, Ankit Tiwari, Jeet Ganguly (Aashiqui 2)
Best Playback Singer (Male) – Arjit Singh – “Tum hi ho” – (Aashiqui 2)
Best Playback Singer (Female) – Monali Thakur – “Sawaar Loon”(Lootera)
Best Lyrics – Prasoon Joshi – “Zinda” (Bhaag Milkha Bhaag)
Best Debut (Male) – Dhanush (Raanjhanaa)
Best Debut (Female) – Vaani Kapoor (Shuddh Desi Romance)
Best Debut Director – Ritesh Batra (The Lunchbox)
Best Screenplay: Chetan Bhagat, Abhishe Kapoor, Supratik Sen and Pubali Chaudhari (Kai Po Che)
Best Story: Subhash Kapoor (Jolly LLB)
Best Dialogue: Subhash Kapoor (Jolly LLB)
RD Burman Award For Upcoming Talent In Music: Sidharth Mahadevan
Lifetime Achievement Award: Tanuja
Sony Trendsetter of The Year: Chennai Express
CRITICS AWARDS:

Best Actor (Male): Rajkumar Rao (Shahid)
Best Actor (Female): Shilpa Shukla (BA Pass)
Best Movie (Best Director): The Lunchbox (Ritesh Batra)
TECHNICAL AWARDS:

Best Action: Thomas Struthers and Guru Bachchan (D Day)
Best Cinematography: Kamaljit Negi (Madras Cafe)
Best Editing: Aarif Sheikh (D-Day)
Best Production Design: Acropolis Design (Bhaag Milkha Bhaag)
Best Sound Design: Bishwadeep Chatterjee and Nohar Rajan Samal (Madras Café)
Best Costume Design: Dolly Ahluwalia (Bhaag Milkha Bhaag)
Best Choreography: Samir and Arsh Tanna – Lahu muh lag gaya (Goliyon Ki Raasleel Ram-leela)
Best Background Score: Hitesh Sonik (Kai Po Che!)
Best Special Effects: Tata Elxis (Dhoom 3)
Rakeysh Omprakash Mehra’s sports biopic ‘Bhaag Milkha Bhaag’ won six awards including best film, best director and best actor for Farhan Akhtar.

34.President Pranab Mukherjee announced the names of Recipients of this year’s Padma awards. He approved conferment of 127 Padma Awards including one duo case (counted as one). Padma Awards, the country’s highest civilian awards, are conferred in three Categories viz. Padma Vibhushan, Padma Bhushan and Padma Shri. The list comprises two Padma Vibhushan, 24 Padma Bhushan and 101 Padma Shri Awardees.

2014 Padma Vibhushan Awards :
These are awarded for exceptional and distinguished service. This year both the awardees were from Maharashtra:

Dr. Raghunath A. Mashelkar for Science and Engineering
Shri B.K.S. Iyengar for Yoga
2014 Padma Bhushan Awards:
These are awarded for distinguished service of high order:

Prof. Gulam Mohammed Sheikh, Art – Painting, Gujarat
Begum Parveen Sultana, Art – Classical Singing, Maharashtra
Shri T.H. Vinayakram, Art – Ghatam Artist, Tamil Nadu
Shri Kamala Haasan, Art-Cinema, Tamil Nadu
Justice Dalveer Bhandari, Public Affairs, Delhi
Prof. Padmanabhan Balaram, Science and Engineering, Karnataka
Prof. Jyeshtharaj Joshi, Science and Engineering, Maharashtra
Dr. Madappa Mahadevappa, Science and Engineering, Karnataka
Dr. Thirumalachari Ramasami, Science and Engineering, Delhi
Dr. Vinod Prakash Sharma, Science and Engineering, Delhi
Dr. Radhakrishnan Koppillil, Science and Engineering, Karnataka
Dr. Mrityunjay Athreya, Literature and Education, Delhi
Ms. Anita Desai, Literature and Education, Delhi
Dr. Dhirubhai Thaker, Literature and Education, Gujarat
Shri Vairamuthu Ramasamy Thevar, Literature and Education, Tamil Nadu
Shri Ruskin Bond, Literature and Education, Uttarakhand
Shri Pullela Gopichand, Sports – Badminton, Andhra Pradesh
Shri Leander Paes, Sports – Tennis, Maharashtra
Shri Vijayendra Nath Kaul, Civil Service, Delhi
Late Justice Jagdish Sharan Verma, Public Affairs, Uttar Pradesh #
Late Dr. Anumolu Ramakrishna, Science and Engineering, Andhra Pradesh #
Prof. Anisuzzaman, Literature and Education, Bangladesh*
Prof. Lloyd I. Rudolph and Prof. Susanne H. Rudolph, Literature and Education, USA*$
Dr. (Smt.) Neelam Kler, Medicine – Neonatology, Delhi


2014 Padma Shri Awards:
These are awarded for distinguished service in any field:

Shri Mohammad Ali Baig, Art – Theatre, Andhra Pradesh
Ms. Nayana Apte Joshi, Art, Maharashtra
Shri Musafir Ram Bhardwaj, Art – Instrumental Music – Pauna Manjha, Himachal Pradesh
Ms. Sabitri Chatterjee, Art – Film, West Bengal
Prof. Biman Bihari Das, Art – Sculptor, Delhi
Shri Sunil Das, Art – Painting, West Bengal
Smt. Elam Endira Devi, Art – Manipuri Dance, Manipur
Shri Vijay Ghate, Art – Instrumental Music – Tabla, Maharashtra
Smt Rani Karnaa, Art – Kathak, West Bengal
Shri Bansi Kaul, Art – Theatre, Jammu & Kashmir
Ustad Moinuddin Khan, Art – Instrumental Music – Sarangi Player, Rajasthan
Ms. Geeta Mahalik, Art – Odishi Dance, Delhi
Shri Paresh Maity, Art – Painting, Delhi
Shri Ram Mohan, Art – Film Animation, Maharashtra
Shri Sudarsan Pattnaik, Art – Sand Artist, Orissa
Shri Paresh Rawal, Art – Cinema and Theatre, Maharashtra
Shri Wendell Augustine Rodricks, Art – Fashion Designing, Goa
Prof. Kalamandalam Sathyabhama, Art – Mohini Attam, Kerala
Shri Anuj (Ramanuj) Sharma, Art – Performing Art, Chhattisgarh
Shri Santosh Sivan, Art – Film, Tamil Nadu
Ms. Supriya Devi, Art-Bengali Cinema, West Bengal
Ms. Sooni Taraporevala, Art- Script Writing, Maharashtra
Ms. Vidya Balan, Art-Cinema, Maharashtra
Smt. Durga Jain, Social Work, Maharashtra
Dr. Rama Rao Anumolu, Social Work, Andhra Pradesh
Dr. Brahm Dutt, Social Work, Haryana
Shri Mukul Chandra Goswami, Social Work, Assam
Shri J.L. Kaul, Social Work, Delhi
Shri Mathurbhai Madhabhai Savani, Social Work, Gujarat
Shri Tashi Tondup, Public Affairs, Jammu and Kashmir
Dr. Hasmukh Chamanlal Shah, Public Affairs, Gujarat
Shri Sekhar Basu, Science and Engineering, Maharashtra
Shri Madhavan Chandradathan, Science and Engineering, Kerala
Prof. Sushanta Kumar Dattagupta, Science and Engineering, West Bengal
Dr. Ravi Bhushan Grover, Science and Engineering, Maharashtra
Prof. Eluvathingal Devassy Jemmis, Science and Engineering, Karnataka
Shri Ramkrishna V. Hosur, Science and Engineering, Maharashtra
Dr. Ajay Kumar Parida, Science and Engineering, Tamil Nadu
Dr. Malapaka Yajneswara and Satyanarayana Prasad, Science and Engineering, Andhra Pradesh
Shri Kiran Kumar Alur Seelin, Science and Engineering, Gujarat
Dr. Brahma Singh, Science and Engineering, Delhi
Prof. Vinod Kumar Singh, Science and Engineering, Madhya Pradesh
Dr. Govindan Sundararajan, Science and Engineering, Andhra Pradesh
Ramaswamy R. Iyer, Science and Engineering, Delhi
Dr. Jayanta Kumar Ghosh, Science and Engineering, West Bengal
Shri Ravi Kumar Narra, Trade and Industry, Andhra Pradesh
Shri Rajesh Saraiya, Trade and Industry, Maharashtra
Ms. Mallika Srinivasan, Trade and Industry, Tamil Nadu
Shri Pratap Govindrao Pawar, Trade and Industry, Maharashtra
Dr. Kiritkumar Mansukhlal Acharya, Medicine – Dermatology, Gujarat
Dr. Balram Bhargava, Medicine – Cardiology, Uttar Pradesh
Prof. (Dr.) Indra Chakravarty, Medicine – Health & Hygiene, West Bengal
Dr. Ramakant Krishnaji Deshpande, Medicine – Oncology, Maharashtra
Prof. (Dr.) Pawan Raj Goyal, Medicine – Chest Disease, Haryana
Prof. Amod Gupta, Medicine – Opthalmology, Haryana
Prof. (Dr.) Daya Kishore Hazra, Medicine, Uttar Pradesh
Prof. (Dr.) Thenumgal Poulose Jacob, Medicine – Vascular Surgery, Tamil Nadu
Prof. (Dr.) Shashank R. Joshi, Medicine – Endocrinology, Maharashtra
Prof. Hakim Syed Khaleefathullah, Medicine – Unani Medicine, Tamil Nadu
Dr. Milind Vasant Kirtane, Medicine – ENT Surgeory, Maharashtra
Dr. Lalit Kumar, Medicine – oncology, Delhi
Dr. Mohan Mishra, Medicine, Bihar
Dr. M. Subhadra Nair, Medicine – Gynecology, Kerala
Dr. Ashok Panagariya, Medicine – Neurology, Rajasthan
Dr. Narendra Kumar Pandey, Medicine – Surgery, Haryana
Dr. Sunil Pradhan, Medicine – Neurology, Uttar Pradesh
Dr. Ashok Rajgopal, Medicine – Orthopaedics, Delhi
Dr. Kamini A. Rao, Medicine – Reproductive Medicine, Karnataka
Dr. Sarbeswar Sahariah, Medicine – Surgery, Andhra Pradesh
Prof. Om Prakash Upadhyaya, Medicine, Punjab
Prof. (Dr.) Mahesh Verma, Medicine – Dental Science, Delhi
Dr. J.S. Titiyal, Medicine- Opthalmology, Delhi
Dr. Nitish Naik, Medicine- Cardiology, Delhi
Dr. Surbrat Kumar Acharya, Medicine- Gastroenterology, Delhi
Dr. Rajesh Kumar Grover, Medicine-Oncology, Delhi
Dr. Naheed Abidi, Literature and Education, Uttar Pradesh
Prof. Ashok Chakradhar, Literature and Education, Delhi
Shri Chhakchhuak Chhuanvawra, Literature and Education, Mizoram
Shri Keki N. Daruwalla, Literature and Education, Delhi
Prof. Ganesh Narayandas Devi, Literature and Education, Gujarat
Prof. Kolakaluri Enoch, Literature and Education, Andhra Pradesh
Prof. (Dr.) Ved Kumari Ghai, Literature and Education, Jammu and Kashmir
Smt. Manorama Jafa, Literature and Education, Delhi
Prof. Rehana Khatoon, Literature and Education, Delhi
Dr. Waikhom Gojen Meeitei, Literature and Education, Manipur
Shri Vishnu Narayanan Namboothiri, Literature and Education, Kerala
Prof. Dinesh Singh, Literature and Education, Delhi
Dr. (Mrs.) P. Kilemsungla, Literature and Education, Nagaland
Ms. Anjum Chopra, Sports – Cricket, Delhi
Ms. Sunil Dabas, Sports – Kabbadi, Haryana
Shri Love Raj Singh Dharmshaktu, Sports – Mountaineering, Delhi
Ms. Dipika Rebecca Pallikal, Sports – Squash, Tamil Nadu
Shri H. Boniface Prabhu, Sports – Wheelchair Tennis, Karnataka
Shri Yuvraj Singh, Sports – Cricket, Haryana
Smt. Mamta Sodha, Sports – Mountaineering, Haryana
Ms Parveen Talha, Civil Service, Uttar Pradesh
Late Dr. Narendra Achyut Dabholkar, Social Work, Maharashtra#
Shri Ashok Kumar Mago, Trade and Industry, USA*
Dr. Siddharth Mukherjee, Medicine-Oncology, USA*
Dr. Vamsi Mootha, Medicine – Biomedical Research, USA*
Dr. Sengaku Mayeda, Literature and Education, Japan*

35.The Prasar Bharati Expert Committee, headed by technocrat Sam Pitroda, submitted its report to the Ministry of Information and Broadcasting.

Recommendations of the Sam Pitroda committee
Amend the Prasar Bharati Act 1990 to give effective freedom to the Prasar Bharti with administrative and financial powers.
To give power to Prasar Bharati to frame rules and regulations and hire manpower without going to the government for approval. In other words, Prasar Bharati’s vision must be to become a “genuine public broadcaster” as against a “government broadcaster”.
The public broadcaster should monetize all available assets (archival and other) as soon as possible to enhance funding.
To make Direct-To-Home (DTH) signals the primary mode of transmitting content for Doordarshan and to discontinue terrestrial analog transmission.
To scale up allocation of funds for content generation to 50 % of the total expenditure within a period of 5–7 years.
Called for a review of all existing channels and content of Doordarshan and All India Radio and based on their relevance, output and viability, sub-optimal utilization of resources should be phased out.
On the technology front, the report suggested to expand the satellite and digital cable TV operations to meet the obligation of public service broadcasting. It added that the present AM radio system should be digitized after due evaluation subject to cost and availability of DRM receivers.
For social media, it asked the ministry to define and execute a social media strategy of Prasar Bahrain.
Terrestrial TV operations should be selectively digitalized based on commercial viability.
To set up Prasar Bahrain Connect (PBC) as the third arm of the public service broadcaster, independent of Doordarshan and All India Radio.
Stressed to create a world-class broadcasting service benchmarked with the best in the world using next-generation opportunities, technologies, business models and strategies. The platform should be designed for new media first and then extended to conventional TV.
There should be a creation of dedicated, multi-platform channels for dissemination of Prasad Bharati’s archival products.

36.The Reserve Bank of India (RBI) issued norms for loans restructured by Non-Banking Finance Companies (NBFCs), to create a level-playing field between NBFCs and other commercial banks. The new norms are based on the recommendations of the Mahapatra committee. Till now, there were no specific guidelines laying down the rules of restructuring for NBFCs.

Guidelines of new norms

Provide more flexibility to NBFCs to deal with their stressed loans but make it mandatory for them to set aside a substantial amount of provisions to cover restructured loans.
NBFCs, like banks, will have to set aside a 5% provision against restructured loans. For existing stock, the provisions will go up to 5% in a phased manner by March 2017.
Presently, a majority of the NBFCs are not allowed to accept public deposits and most of their funding needs are met by borrowing from commercial banks.
An infrastructure loan given by an NBFC will become a Non-Performing Asset (NPA), if the project fails to take off commercially within two years from the original date of commencement of commercial operations (DCCO), unless it is restructured and becomes eligible for classification as a ‘standard asset’.
If the loan is given to a non-infra project, it will become an NPA if the borrower fails to commence commercial operations within one year from the original DCCO, even if it is regular as per record of recovery, unless the loan is restructured.
NBFCs will have to make a provisioning of 0.25% of the loan amount for such loans.
For commercial real estate loans, an extension of DCCO will not be considered as restructuring if the revised DCCO falls within a period of one year from the original date of commercial commencement. Such loans will be treated as standard assets without attracting higher provisioning.

37.National Legal Services Authority (NALSA) launched the 2648 village legal service clinics across the country. The Chief Justice of India, P.Sathasivam inaugurated the free legal clinics in New Delhi.As per the regulation, NALSA will set up village legal services clinics in one village in each Taluk of the country. These village legal services clinics will dole out legal advices to people with the help of para-legal volunteers and empanelled lawyers, besides assisting them in getting BPL card, Election ID, Aadhaar Card, gas connection and other government welfare schemes.
Motto: No person in the country should starve from hunger of justice.
Benefit: These centres will help villagers overcome the problems they face due to ignorance of the law and illiteracy and function as single- window facilities to give all types of services to the common man.

38.Professor Dr. Tej Vir Singh won the 2013 UNWTO Ulysses Prize for Excellence in the Creation and Dissemination of Knowledge in Madrid, Spain.

39.The Central Government launched the project for the development of the stretch of 37 km of the National Waterway-four (NW-4) between Sholinganallur to Kalpakkam in South Buckingham Canal in Tamil Nadu.Other stretches of the NW-4 would cover the states of Andhra Pradesh, Tamil Nadu and Puducherry.
NW-4 covers a total length of 1,078 Km consisting of Kakinada-Puducherry canal systems integrated with Godavari and KrishnaRivers.

40.Indian cricket team captain MS Dhoni became the first captain to be involved in four One-Day Internationals (ODIs) ties. This feat was achieved by him as India tied the third ODI against New Zealand in Auckland on January 25, 2014.

41.Switzerland’s Stanislas Wawrinka won his first Grand Slam title with victory over an injury-hit Rafael Nadal in the Australian Open final. He defeated Rafael Nadal by 6-3, 6-2, 3-6, 6-3 in Melbourne. By this victory, he became the second Swiss man to win a Grand Slam singles title after 17-time champion Roger Federer.
The other winners of the Australia Open 2014
Women’s Singles: Li Na (China) won her first Australian Open title against first-time major finalist Dominika Cibulková (Slovakia)
Mixed doubles: Kristina Mladenovic (Fra) & Daniel Nestor (Can) beat Sania Mirza (Ind) & Horia Tecau (Rou).
Men’s Doubles: Łukasz Kubot (Poland) and Robert Lindstedt (Sweden) took the men’s doubles title with a victory over Eric Butorac(USA) and Raven Klaseen (South Africa).
Women’s Doubles: Sara Errani and Roberta Vinci were the defending chanmpions and successfully defended their title, by defeating Ekaterina Makarova and Elena Vesnina in the final.

42.Indian ace shuttler Saina Nehwal clinched the Syed Modi International India Grand Prix Gold badminton title by defeating her compatriot P.V. Sindhu in the women’s singles competition. Sania beat P.V. Sindhu 21-14, 21-17 in the final held at Lucknow, Uttar Pradesh. It is Sania’s third straight win over Sindhu.

43.The Nation celebrated 65th Republic Day this year. The main function held at Rajpath, Delhi where President Pranab Mukherjee unfurled the tricolour and take salute of the Parade. The Parade showcased India’s military might and cultural diversity to the world. Prime Minister of Japan Shinzo Abe was the chief guest at this year’s Republic Day parade. He is the first ever Japanese dignitary to grace the occasion.

44.Reserve Bank of India (RBI) will probably hold interest rates steady while announcing the monetary policy on January 28, 2014.

On January 28, 2014 the Reserve Bank of India (RBI) will release the third quarter review of monetary policy for the fiscal 2013-14 and the experts seem to be in consensus with regard to the possibility of RBI holding monetary policy rates.
Dr. Raghuram Rajan will present the fourth credit policy since he took over as the Governor of the RBI in September 2013. In his first two policies, he has raised the repo rate twice each by 25 basis points. But, in the third policy, he kept policy rates unchanged.
The current repo rate stands at 7.75 %.
The Wholesale Price Index (WPI) inflation stood to its five months low at 6.16 % in December 2013.
While the inflation was 7.52 % in November 2013, it stood at 7.31 % in the corresponding month last year (December 2012). Though, still inflation is above the comfort zone of RBI (around 5 %).
Similarly, due to the lower food prices, the consumer price index (CPI) inflation declined to 9.87 % in December when compared to a figure of 11.16 % in November 2013. The food inflation fell sharply to 13.7 % from 19.9 percent in November 2013. Although the retail inflation (measured by CPI) has eased a bit yet it is still hovering near the double digit mark.

45.India’s dairy major Amul has launched India’s first milk ATM which will sell milk through “Any Time Milk” vending machines. The 24×7 ATM has been installed at the Amul Dairy gate at Anand in Gujarat.

46.India and China launched the ‘Year of Friendly Exchanges’ at a lively Republic Day reception attended by Vice President Li Yuanchao in Beijing, China. From India, new Indian Ambassador Ashok K Kantha hosted the function.
This year China will commemorate the 60th year of Panchasheel (5- Principles), along with Myanmar.
Mutual respect for each other's territorial integrity and sovereignty.
Mutual non-aggression.
Mutual non-interference in each other's internal affairs.
Equality and mutual benefit.
Peaceful co-existence.

47.Researchers have discovered that violence, infectious diseases, and changes in climate were the reasons responsible for the collapse of the ancient Indus city of Harappa almost 4,000 years ago. The study which is based on detailed analysis of skeletal remains found in burial sites near Harappa prior to Independence.

48.The Reserve Bank of India (RBI) has decided to withdraw all currency notes issued prior to 2005, including Rs 500 and Rs 1,000 denominations. As per the RBI, pre-2005 notes can be identified easily as these notes do not have the year of printing mentioned on them. The year of printing in a small font is visible at the middle of the bottom row in notes issued after 2005.
After March 31, 2014, RBI will completely withdraw all bank notes from circulation issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes. The facility will be open in all banks till further notice.

49.Reasons for withdrawing pre-2005 notes from circulation:
Security - pre-2005 notes have fewer security features as compared to 2005 and post-2005 notes. Thus, lesser will be the chances of its counterfeiting newer currency notes. Most fake currency notes being pumped in Indian economy were copies of pre-2005 notes.
Flushing out black money - The spillover effect of the RBI’s decision will be to flush out black money. Money has value only as long as it is a medium of exchange and store of value. It loses its value when it ceases to be a medium of exchange.
A disincentive for cash hoarders – With the RBI’s announcement, currency hoarders will be left with no option but to liquidate their unaccounted holdings by spending or exchanging them. Thus, this is a well thought out exercise by the RBI to capture the “money flows’’ into the system and also help flush out counterfeit notes.
International standard practice - It is an international standard practice to remove old series notes.

50.Indian-origin academician, Mr. Rakesh Khurana(46) has been appointed dean of the prestigious Harvard College. He succeeds Evelynn Hammonds, Professor of History of Science and of African and African American Studies at Harvard and will assume his new role on July 1, 2014. At present, he is the ‘Marvin Bower’Professor of Leadership Development at Harvard Business School (HBS), professor of sociology in the Faculty of Arts and Sciences (FAS), and co-master of Cabot House at Harvard.

51.The Indian-born scientist and Professor (Emeritus) at StanfordUniversity, Mr. Arogyaswami Joseph Paulraj (69), won the prestigious Marconi Society Prize 2014 for developing the theory and applications of Multiple Input Multiple Output (MIMO) antennas.
His idea for using multiple antennas at both the transmitting and receiving stations, which is at the heart of the current high speed Wi-Fi and 4G mobile systems, has revolutionized high speed wireless delivery of multimedia services for billions of people. MIMO boosts data rate by creating multiple parallel spatial data streams and is the key to the latest wireless broadband networks like 4G cellular.
Every wifi router and 4G phone uses MIMO technology that was pioneered by Mr. Paulraj.
Mr. Paulraj is the only India-born scientist to receive both the Marconi Prize and the IEEE Alexander Graham Bell Medal– the two top global IT technology awards.

52.The stake of country’s largest life insurer Life Insurance Corporation of India (LIC) in Axis Bank crossed 10% after it picked up the private lender’s shares through open market transactions.
LIC is one of the promoters in Axis Bank, bought 52.07 lakh shares or over 1 % of paid-up capital worth Rs 625.64 crore between September 2013 and January 21, 2014.

53.The Union Government of India extended the implementation of National Food Security Act (NFSA) 2013 to the States of Karnataka and Chhattisgarh. Now, the act has taken off in seven states and union territories – Haryana, Rajasthan, Himachal Pradesh, Delhi, Punjab, Karnataka and Chhattisgarh. Uttrakhand and Chandigarh are also expected to join this group soon.
The Government of India has also decided to protect existing allocation of each state in case the allocation under the proposed legislation is lower than its current allocation. It will be protected up to the level of average off take during last three years, at prices to be determined by the Central Government.
National Food Security Act (NFSA) 2013
Grains like wheat, rice and coarse grain will be distributed at the price of 3 Rs. 3, Rs. 2 and Rs. 1.
Identified beneficiary will get 5 kg of grains.
Pregnant women and lactating mothers and children are entitled to get meals under the prescribed nutrition by MDM and (ICDS. The age group would be 6 months to 14 years.
NFSA 2013 will provide high nutrition food to the age group of 6 years.
Pregnant women and lactating mothers will be entitled to get maternity benefit of not less than Rs. 6,000.
Working to empowering for women
If an identified beneficiary is poor of the poorest than he will entitle to get 35 kg of grains under Antyodaya Anna Yojana (AAY).

54.The Egyptian constitution 2014 approved in a referendum.The newly-approved constitution replaces the Egyptian Constitution of 2012 which came into effect under former President, Mohammed Morsi. The Supreme Electoral Committee (SEC) declared that the newly drafted national charter approved by 98.1% voters.Drafted by a liberal-dominated committee appointed by the government.
Chairman of the Constituent Assembly: Veteran Egyptian diplomat Mr. Amr Moussa.

55.The Expert Committee to Revise and Strengthen the Monetary Policy Framework, headed by RBI Deputy Governor Urjit R Patel submitted its report to RBI Governor Dr. Raghuram Rajan.
Recommendations of the Urjit R Patel committee:
RBI should adopt the new Consumer Price Index (CPI) for anchoring the monetary policy.
Set the inflation target at 4% with a band of +/- 2% around it.
Monetary policy decision making should be vested in a Monetary Policy Committee (MPC) that should be headed by the Governor.
The two schemes- Dependence on Market Stabilisation Scheme (MSS) and Cash Management Bills (CMBs) may be discontinue and the government debt and cash management must be taken over by the government’s Debt Management Office.

56.The Cabinet Committee on Economic Affairs (CCEA) approved Capacity Building Scheme and Rajiv Gandhi Institute for climate change. Both the schemes will work for the state and centre to analyse the climate change and their impacts which can hamper the life of citizen. The whole project is cost Rs.290 crore.

a) The Rajiv Gandhi Institute for Climate Change Studies and Action will be an autonomous body which will have four key functional areas. The areas are related to
Environmental-scientific assessments and modelling.
Economic and legal analysis.
Monitoring and policy making.
Training, capacity building and advocacy and database, documentation and inventory management.
b) The Capacity Building Scheme is designed to undertake and augment various activities including Coordination of National Action Plan on Climate Change (NAPCC) and State Action Plan on Climate Change

57.The legendary actor and doyen of Telugu cinema Akkineni Nageswara Rao(91) passed away due to cancer in Hyderabad.

58.The Thai government imposed a 60-day state of emergency in the capital, Bangkok, and the surrounding provinces to cope with unrest. The decree gives the government wide-ranging powers to deal with disorder.
It would suppress the anti-government protest that has blocked the parts of the capital and to take care of the situation and to enforce the law.
The emergency decree bans public gatherings, censor the news reports and imposition of curfew for next 60 days. The emergency measure came into effect from January 22, 2014.
To suppress the unrest of the country, the Prime Minister Yingluck Shinawatra has already called-in for elections on February 2, 2014.
Why are they protesting?
Protesters accused PM Yingluck Shinawatra (46), of being a puppet of her elder brother, former PM Thaksin Shinawatra.
Mr. Thaksin came into power in 2001 and won support among the rural poor for populist policies viz. microfinance schemes, subsidized fuel, universal health care, etc.
Though, the regard he received teased traditional elites, and he was accused of overshadowing well-regarded King Bhumibol Adulyadej.
Finally, he was expelled by a military coup in 2006 and convicted of corruption in absentia, charges he insists were politically motivated.
The recent demonstrations began early November as opposition to a now shelved amnesty bill that would have allowed the billionaire telecoms mogul to return home a free man and united with some $1.2 billion in seized cash and assets. In other words, causes of the protest are
Proposed amnesty bill pardoning wrongdoings of all sides since 2004.
Influence of Thaksin Shinawatra on Thai politics.
Proposed amendment to the 2007 constitution making the Senate fully elected.
What do the protesters want?
The protesters want to overthrow Yingluck’s democratically-elected government and replace it with an unelected “people’s council”.
They fear that the government has been buying votes with irresponsible spending pledges aimed at its support base – thereby creating a faulty democracy and harming the Thai economy.
Note: Thaksin-allied parties have won the last four elections, because of their rural support base.
What are the economic consequences?
The political unrest of the country has led the Thai government to issue an advisory for the tourists asking them to be alert and try to avoid the sites of protest.
At least 45 nations, viz. USA, Britain, France, Germany, Japan, Canada and Brazil, etc, issued travel warnings because of the protests.
At present, hotel occupancy is around 50% compared with a seasonal norm of up to 90%.
Note: Thailand is a tourist Mecca that receives over 20 million foreign visitors annually, and Bangkok became the world’s most visited city in 2013, with 15.98 million international overnight visitors.

59.The Computer Emergency Response Team (CERT-India) detected a “black” private information stealing virus in the Indian online banking transactions space.
The virus is especially more threatening for the users of credit cards who make payments at the shopping counters.
The virus named “Dexter, black POS, memory dump and grabber” can acquire 7 false names when infecting a system and once it is successful in breaking the security protocols of a Point of Sale (POS) terminal, it steals confidential data like card holder’s name, account number, expiration date, CVV code and other discretionary information which could lead to financially compromising and phishing attacks on the card at a later stage.

60.The Reserve Bank of India (RBI) set up an 8 -member panel to review governance of board of banks and examine ‘fit and proper’ criteria for directors, including their tenure. The Committee will be chaired by former Axis Bank Chairman P J Nayak.

61.The Union Cabinet decided to grant minority status to Jain community.
Objective: The status would help to give constitutional safeguards on Jains and make them eligible for welfare programmes of the minority affairs ministry.
Thus, the Jains will be the 6th community to have minority status after Muslims, Christians, Sikhs, Buddhists and Parsis.
What are the special rights enjoyed by Religious Minorities?
Under the Constitution, religious minorities enjoy special rights.
For instance, under Article 30, they can manage their own educational institutions without interference or opening them up for reservation for students from other communities.
They also become eligible for funds under the government’s minority welfare programmes.
In India, 15 % of all funds under various programmes targeted towards minorities.
Note: A national minority status allows Jains to enjoy fundamental rights under Article 25 and Articles 26 to propagate their religion and also freedom to manage their religious affairs.