Current Affairs 18/01/2014 to 07/02/2014 Part 2

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62.India successfully test fired a nuclear-capable Agni-IV strategic missile from the Wheeler Island off the Odisha coast near Dhamra in Bhadrak district, about 200 km from state capital Bhubaneswar.
About nuke-capable Agni-IV missile
Type: Intermediate Range Ballistic Missile (surface-to-surface missile)
Operational range: 4000 km

63.The Union Health Minister Ghulam Nabi Azad launched the National Urban Health Mission (NUHM) in Bangalore, Karnataka. It will cover Bangalore, Mangalore, Mysore, Ullal and Bagalkot in Karnataka in the first phase.
Centre will bear 80% of the cost of implement the programme.
Objective: To provide adequate and efficient urban public health delivery system for the urban poor. Also aims at giving more thrust to sanitation, clean drinking water, vector control and other related issues.
Primary health centres, sub-centres, referral units will be strengthened in urban areas and manned by Auxiliary Nurse Midwifes (ANMs).
Mobile health check-up vans will visit these centres with two doctors, two nurses and a pharmacist.
The mission predicts to set up health check-up infrastructure and create manpower for the welfare of the poor dwelling in cities and towns on the lines of the National Rural Health Mission (NRHM)
Will cover 779 urban areas with over 50,000 population by March 2015
Will cover a population of over 220 million people, of which an estimated 77.5 million are poor and vulnerable.
With the launch of this programme, around 20 crore people in urban areas will have access to free health care.

64.Mr. Hery Rajaonarimampianina (55) has been declared as the President of Madagascar to restore democracy on the island nation in the following elections. He was officially declared as the president of the country by the president of the special electoral court, Mr. Francois Rakotozafy. Mr. Hery got 53.49 % votes during the run-off presidential election while Jean Louis Robinson had 46.51 %.

65.Net Neutrality (or Internet neutrality) is the idea that broadband Internet Service Providers (ISPs), Comcast, Time Warner Cable, Verizon and others, should treat everything that flows across the Internet equally. If the principle of net neutrality is adhered to, then:
Whether we are reading the news or browsing photographs on the web, we get the same internet speed.
All ISPs open all (legal) websites whether they like it or not. They do not slow down access to Facebook or speed up access to YouTube. They can’t’ charge extra money from Twitter or Flickr for speeding up connection to these websites.

66.The US Congress has not approved International Monetary Fund (IMF) reforms because it has refused to ratify a capital increase for the fund which was agreed to four years ago.
(In 2010, the United States of America agreed to double the IMF’s quotas to a total of US$720 billion). The reform seeks to increase the quota of developing countries in the IMF by six percentage points and also move two of the 24 directorships from European to developing countries.
With the US refusal to sign off on a higher quota for developing countries viz. India, etc in the International Monetary Fund (IMF) has given the Indian government an opportunity to save Rs 14,000 crore that it had budgeted for this reform and could use it to support its fiscal deficit.
With the delay of the reform, the Indian government has got some space at a time when the finance ministry has ruthlessly cut expenditure to stay within its fiscal deficit target of 4.8% of GDP for 2013-14.
The government had budgeted Rs 56,574 crore for investment in international financial institutions this fiscal.
About International Monetary Fund (IMF)
The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Headquarters:Washington, D.C.
About IMF quota system
The IMF’s quota system was created to raise funds for loans. Each IMF member country is assigned a quota, or contribution, that reflects the country’s relative size in the global economy. Each member’s quota also determines its relative voting power. Thus, financial contributions from member governments are linked to voting power in the organization.
Quota formula is a weighted average of GDP (weight of 50 %), openness (30 %), economic variability (15 %), and international reserves (5 %). For this purpose, GDP is measured through a blend of GDP—based on market exchange rates (weight of 60 %)—and on PPP exchange rates (40 %). The formula also includes a “compression factor” that reduces the dispersion in calculated quota shares across members.
Quotas are denominated in Special Drawing Rights (SDRs), the IMF’s unit of account. The largest member of the IMF is the United States, with a current quota of SDR 42.1 billion (about $64 billion), and the smallest member is Tuvalu, with a current quota of SDR 1.8 million (about $2.7 million).

67.The Bimal Jalan panel which is scrutinizing applications for new bank licences will hold a meeting on February 10, 2014.
Which are the entities in the race for bank licences?
Initially, 26 entities expressed interest in entering the banking field. But, Tata Sons, the holding company of the Tata group, withdrew its application in November 2013 leaving 25 players.
Public sector units: India Post and IFCI, Private sector: Anil Ambani group, Aditya Birla, Bajaj Finance, Muthoot Finance, Religare Enterprises, etc have applied for the licences.
The last two entities to get banking licences from RBI in 2003-04 : Kotak Mahindra Bank and Yes Bank.
At present, India has 27 public sector banks, 22 private sector banks and 56 regional rural banks

68.The World Health Organization (WHO) has declared Pakistan’s troubled north-western city of Peshawar as the world’s “largest reservoir” of endemic polio and has called for urgent action to boost vaccination.

69.Sunanda Pushkar, wife of Union Minister Shashi Tharoor, passed away

70.Soon, the Insurance Regulatory and Development Authority (IRDA) may make the broking model for banks compulsory if significant traction is not achieved in Insurance penetration. Data from the IRDA shows that at present, India stands much below the global average of 6.5 % (of GDP) in insurance spread at 3.96 %.

As per IRDA, the decision with regard to making ‘broker’ model for banks rather than agent model will be taken if agent model does not see considerable traction in the next two to three months.
The banks are selling insurance products to their customers only. Thus, they must act as brokers to represent multiple insurance and give the best option to the customer rather than seek to sell a particular company’s product(s).
As an insurance broker, a bank is liable to consumers, with respect to an insurance policy, unlike a corporate agent. The liability could be high as a bank will sell the products of multiple insurers.
Note: On the subject of broking model for banks, in November 2013, the RBI had decided to permit banks to undertake insurance broking business departmentally through draft guidelines. And then in December 2013, the Finance Ministry in a circular asked public sector banks to take up insurance broking by January-end in view of the meager insurance penetration levels in the country, especially in rural areas.

71.In order to boost bilateral trade, Commerce Ministers of India and Pakistan have agreed on a Non-Discriminatory Market Access (NDMA) on reciprocal basis to each other, in place of the Most-Favoured-Nation (MFN). India’s Commerce and Industry Minister Anand Sharma accepted Pakistan Trade Minister Khurram Dastgir Khan’s invitation to visit Pakistan in February 2014.

72.The Reserve Bank of India (RBI) has given its permission to foreign investors to buy shares in South Indian Bank. The restrictions placed on the purchase of shares of the South India Bank are withdrawn with immediate effect. At this point, equity shares of South Indian Bank can be purchased through primary market and stock exchanges.
Why RBI permitted foreign investors to buy shares in South Indian Bank?
Under the existing FDI policy, the foreign share holding through Foreign Institutional Investors (FIIs), Non-Resident Indians ( NRIs), Persons of Indian Origin (PIOs), Foreign Direct Investment (FDI), American Depository Receipt(ADR), Global Depository Receipts (GDR) in the South Indian Bank have gone below the prescribed threshold caution limit. For this reason, RBI has allowed foreign buyers to invest in South Indian Bank.
Under the Portfolio Investment Scheme (PIS) - FIIs, NRIs and PIOs are allowed to invest in the primary and secondary capital markets in India. They can acquire shares/debentures of Indian companies through the stock exchanges.

73.At the Western Kentucky University, an Indian-American scientist Chandrakanth Emani along with his team is genetically engineering tulsi or basil to raise its pharmaceutical value.
They have genetically engineered tulsi to produce eugenol, a compound in tulsi that has a great pharmaceutical value that can control breast cancer. Tulsi is a medicinal plant and has anti-cancerous metabolites.
About Tulsi or Basil
Common name: Holy Basil, Sacred Basil
Scientific name: Ocimum tenuiflorum or Ocimum sanctum.

74.Ms Jamila Bayaz (50) appointed as the first female police chief in Afghanistan. Ms Bayaz will lead the District One of Kabul province in Afghanistan.

75.Legendary Bengali actress Suchitra Sen (82) passed way in Kolkata due to massive heart attack. She was the first Bengali actress to be honored at an international film festival (She received the Best Actress award for ‘Saat Paake Bandha’ at the 1963 Moscow film festival).
About Legendary Bengali actress Suchitra Sen
Known for power-packed performances in highly acclaimed Bengali films viz. Deep Jwele Jaai, Uttar Falguni, etc and in Hindi movies viz. Devdas, Bombai Ka Babu, Mamta, Aandhi, Saat Paake Bandha, etc. She has been nicknamed as the Greta Garbo of Bengali cinema.
Received the Best Actress Award for the film Devdas (1955), which was her first Hindi movie.
Her role in Hindi film Aandhi opposite Sanjeev Kumar is memorable as well as controversial. She portrayed the character of Indira Gandhi in the film.
Ms. Sen was the only celebrity to refuse the Dadasaheb Phalke Award just to avoid travelling to New Delhi.
She devoted her retirement years working for the Ramakrishna Mission.

76.The World and European champion Spain remains No. 1 for the 29th consecutive month in the FIFA men’s soccer rankings. Spain holds a big lead over Germany. Argentina was third, followed by Colombia, Portugal, Uruguay, Italy, Switzerland, the Netherlands and Brazil. World Cup host Brazil is 10th, with the United States in 14th.

77.The National Commodity Derivatives Exchange (NCDEX) launched an “innovative” gold contract “GOLDHEDGE” that will give a transparent and straightforward price benchmark of the yellow metal to the consumer.

The contract, GOLDHEDGE, is available for trading from Jan 16, 2014.
The unit of trading for GOLDHEDGE is one kg, with a ticket size of Re 1. The duration of the contract is for 1-4 months.
It is a new way to discover the price of gold in India. It is innovative and it is the right benchmark for the Indian market where gold touches every household and every pocket.
It will mimic the international prices without considering other charges such as customs duty, local taxes and premiums.
The one-kg gold hedge contract provides a transparent platform for investors with exposure to the international markets. The final settlement prices is arrived at after taking into account the gold price in dollar terms, rupee value against dollar and the conversion ratio.
While the contract is cash settled, a participant can still take the benefit of intention matching where both buyer and seller agree on physical delivery of gold bars. With no compulsion to give or take delivery of gold bars, an investor can ignore the landed cost of the precious metal, local taxes and the premium being charged by sellers due to short supply in the domestic market.
This contract is the perfect solution to the distortion in prices created by fluctuating demand-supply conditions, and takes forward the RBI’s mission of finalization of gold to reduce the burden of imports on the current account deficit.

78.To boost bilateral ties, India and South Korea signed nine agreements to deepen economic cooperation and strengthen defense engagements. The agreements were signed after delegation level talks between Prime Minister Dr. Manmohan Singh and visiting South Korean President Park Geun-hye in New Delhi.

79.India’s first climate change theatre opened at Pushpa Gujral Science City in Kapurthala, Punjab. The 18-metre diameter theatre set up in a dome-shaped building with seating capacity of 125 persons. It is inaugurated by Rajya Sabha member Naresh Gujral.
Objective: To provide information on climate changes and global warming to school and college students and sensitize the audience about the currently debated subject of Climate Change and Global Warming. Visitors will be made aware of and have a better understanding and appreciation for the latest climate science and the issues surrounding the human role in climate change.
The multi-screen theatre is synchronized with the objects kept inside the theatre and as film starts those objects showcases the same happenings which are being depicted in the film.
A 25 minute special movie on climate change and global warming and its affect gives a message that how we together can make a difference in preserving the atmosphere.
It explores what a worst-case future might look like if humans do not take action on current or impending problems which could threaten civilization.

80.British Prime Minister David Cameron ordered his cabinet secretary to inquire into newly-released documents suggesting Margaret Thatcher government facilitated the Indian government in 1984 to plan Operation Blue Star against separatists hiding inside the Golden Temple in Amritsar. The investigation will examine two issues – British action in 1984 and the decision to release such sensitive government papers.
About Operation Blue Star
In 1982, armed men, led by Jarnail Singh Bhindranwale, took up residence in the Golden Temple complex in Amritsar, Punjab.
In order to remove JS Bhindranwale and his armed followers from the GoldenTemple, an Indian military operation (known as Operation Blue Star) took place on June 3–8, 1984, ordered by Prime Minister Indira Gandhi.
Lieutenant-General Kuldip Singh Brar commanded the Operation Blue Star to overpower JS Bhindranwale and Sikh revolutionaries.
The bloody and heavily criticized operation led to the assassination of then PM Indira Gandhi by her Sikh bodyguards (Satwant Singh and Beant Singh) on October 31, 1984.

81.Karnataka became the first state in the country to provide universal health coverage for tertiary care to all the sections of society.
Under the newly launched Rajiv Arogya Bhagya, for Above Poverty Line families, approx 1.12 crore people in Karnataka are covered. The Scheme implies the beneficiary to pay only 10% of the cost of treatment or procedures.
Aim: To provide subsidized healthcare to virtually every citizen in the State with Above Poverty Line (APL) card.
Under the scheme, APL family members are entitled for health check up to Rs 1.5 lakh per annum. In special cases, if the expenditure exceeds Rs1.5 lakh, the government grants another Rs. 50000. The BPL families are already covered under health scheme through Vajpayee Arogya Sree programme.

82.The Reserve Bank of India (RBI) included Hong Kong and Macau in the sensitive list of countries, along with Pakistan and China that will require its prior approval to set up business or related activities in India. This was done under the Foreign Exchange Management Act (FEMA).

83.Real Madrid forward footballer, Cristiano Ronaldo won the 2013 FIFA world’s best player awardat FIFA Awards Ceremony in Switzerland. He beat Barcelona’s Lionel Messi and Franck Ribery of Bayern Munich to win the FIFA Ballon d’Or Award 2013.
FIFA awards 2013:-
Ballon d’Or: Cristiano Ronaldo
Women’s world player: Nadine Angerer
Male coach: Jupp Heynckes
Female coach: Silvia Neid
Ballon d’Or Prix d’Honneur: Pele
Puskas goal award: Zlatan Ibrahimovic (Sweden v England)
Fifa Presidential Award: Jacques Rogge
Fair Play Award: Afghanistan Football Federation

84.The crusading Marathi poet-writer and leader of the Dalit Panthers movement, Namdeo Dhasal (64) passed away in Mumbai.

85.Mr. Rajeev Kher has been appointed as the new Secretary in Department of Commerce. Mr. Kher is a 1980-batch IAS officer of Uttar Pradesh cadre and at present serving at the post of Special Secretary, Department of Commerce under Ministry of Commerce and Industry. He will succeed Mr. S R Rao who is retiring on January 31, 2014.

86.The Cabinet Committee on Economic Affairs (CCEA) approved the extension of the special package of industrial incentive for Himachal Pradesh and Uttarakhand till March, 2017. However, there was no extension in the key tax incentives under the excise and income-tax holiday scheme.
Benefit: It will help to generate employment, especially for rural youth and will give a boost to manufacturing and the Small and Medium Enterprises in the two States.

87.Tata AIA Life Insurance launched a product ‘Money Maxima’, a long-term plan which is compliant with new IRDA guidelines.
What is Money Maxima?
Money Maxima is a long term plan that offers the dual benefits of both guaranteed and non-guaranteed returns and, therefore, is good value for money. These new offerings also provide additional benefits viz. guaranteed returns, liquidity and flexibility of plan duration.
Note: Tata AIA Life is a joint venture between Tata Sons and AIA Group, an independent publicly listed pan-Asian life insurance group.