GK Power Capsule – June 2014 (The Hindu Review)

1. Reserve Bank of India, in its second bimonthly monetary policy statement reduced the Statutory Liquidity Ratio (SLR) by 50 basis points to 22.5 per cent. This measure is likely to infuse around Rs.40,000 crore into the banking system.
New Rates are:
(A) Repo Rate – 8 % (Unchanged)
(B) Reverse Repo Rate – 7 % (Unchanged)
(C) Cash Reserve Ratio – 4 % (Unchanged)
(D) Statutory Liquidity Ratio – 22.5 % (Decreased 0.5%)
(E) Bank Rate – 9 % (Unchanged)
(F) Marginal Standing Rate – 9 % (Unchanged)

2. Additional secretary A.K. Dubey was appointed as Chairman of Coal India Limited with immediate effect.

3. Rajeev Topno was appointed as Private Secretary to Prime Minister Narendra Modi.

4. United Nations General Assembly approved the name of Zeid Ra’ad Zeid alHussein to head the Office of High Commissioner for Human Rights (OHCHR) of the UN.

5. Shaktikanta Das was appointed as the new Revenue Secretary.

6. Lt Gen Amit Sharma was appointed as the CommanderinChief of Strategic Forces Command.

7. Indian scientist Rasik Ravindra was elected as a member of the UN Commission on the Limits of Continental Shelf (UNCLCS).

8. Vishal Sikka was appointed as Chief Executive Officer (CEO) of Infosys.

9. Senior advocate Ranjit Kumar was appointed as the Solicitor General of India.

10. PK Mishra was appointed as the additional Principal Secretary to Prime Minister, Narendra Modi.

11. State government of Madhya Pradesh appointed Madhuri Dixit as the brand ambassador of maternal and child health campaign, Mamta Abhiyan.

12. Sanchez Ceren was swornin as the President of El Salvador.

13. Japanese national, Hiroshi Naka was appointed as the Vice President and Auditor General of World Bank.

14. Mukul Rohatgi was appointed as the 14th AttorneyGeneral of India. He will succeed Gulam Vahanvati.

15. Shekhar Dutt, the Governor of Chhattisgarh, BL Joshi, the Governor of Uttar Pradesh tendered his resignation to Shri Pranab Mukherjee, the President of India.

16. Indianorigin judge V K Rajah was appointed as 8th AttorneyGeneral of Singapore.

17. Former TATA Group Chairman Ratan Tata received an honorary doctor of laws degree from York University in Toronto, Canada.

18. Chung Hung Won was retained as Prime Minster of South Korea.

19. Indiaborn Pratishtha Khanna was honoured with Champions of Change by the White House. She is one of 10 local Champions of Change honoured for their exemplary leadership in their communities.

20. Indiaborn Mexican plant scientist, Sanjaya Rajaram will be honoured with the World Food Prize for 2014.

21. Kathleen Stephens took charge as US interim Ambassador to India.

22. Union Transport Minister Nitin Jairam Gadkari was given additional charge of the Ministries of Rural Development, Panchayati Raj and Drinking Water and Sanitation. After death of Gopinath Munde of BJP, who died in a road accident in Delhi.

23. Lieutenant General (retired) Abhijit Guha of Indian Army was appointed as member of a UN Expert Panel on Technology and Innovation in UN peacekeeping.

24. Prime Minister of India Narendra Modi made his first foreign tour to Bhutan.

25. Wang Yi, the Foreign Minister of China was on a twoday long visit to India from 8 June to 9 June 2014.

26. Okavango Delta in Botswana became the 1000th site to be included in the UNESCO World Heritage Site List.

27. Ancient Pyu Cities became the first site from Myanmar to be inscribed on the UNESCO’s World Heritage Site List. The Ancient Pyu Cities include three cities Halin, Beikthano and Sri Ksetra.

28. Tikrit in Iraq was in news because it was captured by the Militants belonging to Islamic State of Iraq and Greater Syria (ISIS) group. Tikrit is the home town of former dictator Saddam Hussein.

29. Jinnah International Airport, Karchi was in news when Terrorist belonging to TehreekeTaliban attacked it.

30. 24 engineering students of Vigyan Jyothi Institute of Engineering and Technology of Hyderabad were drowned in Beas River in Kullu district of Himachal Pradesh.

31. Threeday Uttarakhand Assembly session held at Gairsain in Chamoli from 9 June to 11 June 2014. The assembly session of Uttarakhand was held for the first time outside the capital city, Dehradun.

32. Union Water Resources Minister, Uma Bharti launched a nationwide tree plantation drive and public awareness programme to save rivers.

33. Institute for Economics and Peace released Global Peace Index (GPI) 2014 in London. The GPI 2014 measured peace for 162 countries on the basis of 22 indicators. Among these countries, India’s rank is 143.

34. Stockholm International Peace Research Institute (SIPRI) released its annual nuclear forces data. There are nine states namely the United States, Russia, the United Kingdom, France, China, India, Pakistan, Israel and North Korea around the globe which possessed nuclear arsenals.

35. German Chancellor, Angela Merkel topped the Forbes annual list of Most Powerful Women 2014 in the world. Five Indian women have also featured in Forbes 100 most powerful women List. Chief of Pepsi co, Indra Nooyi (13), Chief Technology & Strategy Officer of Cisco Padmasree Warrior (71), State Bank of India Chairperson Arundhati Bhattacharya (36) ICICI Bank MD Chanda Kochhar (43) and Biocon founder Kiran Mazumdar Shaw (92).

36. SAARC Monsoon Initiative Programme National Working Group meet was organised in Bhopal, MP.

37. Global Summit to End Sexual Violence in Conflict was launched at ExCel London. The fourday Summit was launched by Hollywood actress and UN Special Envoy Angelina Jolie and UK Foreign Secretary William Hague.

38. 6th International Nuclear Energy Forum ATOMEXPO2014 was held from 9 to 11 June 2014 in Moscow.

39. 40th G7 summit 2014 was held in Brussels, Belgium.

40. UK firm East India Company issued an exclusive legal tender gold coins in honour of Sachin Tendulkar.

41. Indian sand artist Sudarsan Pattnaik won the People's Choice prize at the World Cup of Sand Sculpting2014 held in the Atlantic City of the US. He won prize for his work Save Tree, Save the Future.

42. France announced to honour Shahrukh Khan with Officer of the Legion of Honour for contribution in Cinema.

43. Noted Hindi poet Kedarnath Singh was chosen for the 49th Jnanpith award for 2013. He is known for his work Abhi bilkul abhi and Yahan se dekho.

44. Salman Rushdie, Indiaborn Booker Prize winning author was named as the winner of 2014 Pen Pinter Prize.

45. Indian origin physicist Tejinder Virdee was honoured knighthood Bachelor by Queen Elizabeth II. He was awarded for his work on the Higgs Boson theory.

46. Lord Swraj Paull was honoured with the Lifetime Achievement Award by a UKbased business association.

47. C Radhakrishnan, the eminent Malayalam scientistturnedwriter was selected for the prestigious Moortidevi Award for 2013. He has been selected for his novel Theekkadal Katanhu Thirumadhuram.

48. Kolkata Airport won the Airport Service Quality Award by Airport Council International in the category of the best improved airport in Asia Pacific Region.

49. Somasundaram of Airports Authority of India was conferred with the prestigious Bharat Ratna JRD Tata Award for 2013.

50. Mahindra Gp Chairman Anand G Mahindra became the first Indian to receive the prestigious Harvard Medal.

51. Indian Army testfired surfacetoair Akash missile from an Integrated Test Range (ITR) in Balasore, Odisha.

52. India successfully test fired the supersonic cruise missile BrahMos from indigenous INS Kolkata off the coast of Karwar in Karnataka. It has a range of 290km.

53. The Indian Navy Submarine, INS Sindhurakshak that sank in the Mumbai Harbour due to an accident killing 18 sailors was raised from the waters by a salvage firm.

54. The Indian Air Force and French Air Force commenced the bilateral exercise Garuda V at Jodhpur Air Base.

55. Supersonic Akash air defence missiles successfully intercepted the target Lakshya (pilotless target aircraft). The three Akash missiles were launched from the Integrated Test Range (ITR), Balasore, off the coast of Odisha.

56. The two main Palestinian factions, Fatah and Hamas, formed unity government.

57. External Affairs Minister Sushma Swaraj held discussions with United States Secretary of State John Kerry on the two countries’ shared commitment to boost trade and economic ties to $500 billion.

58. Reliance Industries Limited (RIL) will take control of television channels CNNIBN, IBN7, CNBCTV18, Lokmat, and an entire clutch of ETV channels with infusion of Rs 4000 crore into Network 18 Media and TV18 Broadcast.

59. Prime Minister Narendra Modi resigned from the Vadodara Lok Sabha constituency in Gujarat after choosing to retain the Varanasi seat in Uttar Pradesh. Similarly, the Samajwadi Party leader, Mulayam Singh Yadav, decided to retain Azamgarh and quit from his traditional stronghold of Mainpuri.

60. Nigerian President Goodluck Jonathan vowed total war against terrorism following last month’s mass abduction of schoolgirls by Boko Haram Islamists.

61. Russia, Belarus and Kazakhstan have agreed to set up a fullfledged economic bloc that should act as a bridge between Europe and Asia and a counterweight to Western integration unions. When the Eurasian Economic Union comes into force on January 1, 2015, it will create a market of 170 million people, with a combined annual GDP of $2.7 trillion and a quarter of the world energy resources.

62. In a step to help public sector banks to recover bad loans, the Finance Ministry has asked the Income Tax Dept to share details of defaulters’ wealth tax returns with public sector banks if they ask for such information. The top 30 nonperforming assets (NPAs) of stateowned banks account for 40.2 per cent of their gross bad loans.

63. United Bank of India (UBI) has served ‘wilful defaulter’ notices to Vijay Mallya and other directors of the Kingfisher Airlines (KFA).

64. Union Agriculture Minister Radha Mohan Singh said that Pradhan Mantri Gram Sinchai Yojana would be introduced so that more agricultural land is irrigated.

65. After pushing vultures to the verge of extinction in the country, the veterinary painkiller and anti-inflammatory drug, Diclofenac, is turning out to be a serious threat to eagles as well.

66. Low cost carrier AirAsia has chosen to launch its maiden flight under Indian operations on BangaloreGoa route on June 12 with an introductory allinclusive fare of Rs.990 per ticket.

67. Signaling a break from the past, the Narendra Modi government announced the “abolition” of all Groups of Ministers (GoMs) and Empowered Groups of Ministers (EGoMs) “for greater accountability and empowerment.”

68. Water Resources Minister Uma Bharti will chair an apex council to supervise the water projects on the Krishna and the Godavari. The panel will have the Chief Ministers of Andhra Pradesh and Telangana as its members.

69. South Korean pop phenomenon Psy galloped into the record books as his “Gangnam Style” mega hit smashed through the twobillion mark on YouTube.

70. Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, are donating $120 million to public schools in the San Francisco Bay Area.

71. The Supreme Court stayed the execution of the death sentence of Yakub Abdul Razak Memon, “mastermind” of the 1993 Mumbai serial blasts.

72. The Special Investigating Team on black money held its first meeting under the chairmanship of Justice M.B. Shah, a former judge of the Supreme Court.

73. Minister for Women and Child Development Maneka Gandhi said that rape crisis centers would soon be set up to offer protection and care for victims.

74. The aviation industry is marking 100 years since the first scheduled commercial flight took off, making a 23minute journey across Florida’s Tampa Bay.

75. Russia has lifted its embargo on arms supplies to Pakistan and is holding talks on supplying Islamabad with combat helicopters.

76. The United States proposed ordering cuts of up to 30 per cent in carbon emissions from power plants in President Barack Obama’s most ambitious action yet on climate change.

77. Finance Minister Arun Jaitley has been appointed on the Board of Governors of the Philippinesbased Asian Development Bank.

78. R. K. Malhotra has been given additional charge as Chairman of Indian Oil Corporation.

79. Startup carrier TataSIA Airlines, which is yet to get a flying permit, will acquire at least 20 Airbus aircraft on lease from a Singaporebased firm to launch its operations in India by this winter.

80. Chief Justice of India R.M. Lodha has suggested to the Chief Justices of the High Courts that courts function all 365 days a year.

81. Under13s will now be able to join Facebook, but with their parents’ nod.

82. German prosecutors have opened an investigation into the alleged monitoring of Chancellor Angela Merkel’s cell phone by the U.S. National Security Agency (NSA). Documents provided by NSA whistle blower Edward Snowden indicated in October that the U.S. was monitoring Ms. Merkel’s cell phone conversations, as well as those of 35 other foreign leaders.

83. Iranian authorities refused to fuel the aircraft of Pakistan Prime Minister Nawaz Sharif during his visit to Tehran last month to make the staterun PIA clear its dues amounting to just over $5000.

84. The Finance Ministry is considering a proposal to set up a National Asset Management Company, which may act as a nodal agency, for taking over bad loans of banks and help revive sick units.

85. Coal India Ltd has decided to alter its memorandum of association to get into the business of producing fertilizers and chemicals using coal gas.

86. The European health regulator lifted the suspension imposed on export of drugs produced at the Ranbaxy’s Toansa plant to the EU, stating medicines produced at the site posed no risk to public health despite having a number of manufacturing deficiencies.

87. Every recognised school, including private ones, is bound to the Right to Information (RTI) Act, CIC has said.

88. Pakistan suspended Geo News, the country’s most popular television channel over a row with the Inter Services Intelligence (ISI) spy agency.

89. The first unit at the Kudankulam Nuclear Power Project (KKNPP) reached its full power generation capacity of 1,000 MWe. With this, the 21st nuclear power reactor in the country has become the singlelargest power generating unit in the country.

90. India and China have set a target of $100 billion in bilateral trade a year by 2015.

91. The Election Commission has ordered summary revision of electoral rolls in Haryana, Jharkhand and Maharashtra, where Assembly elections are due in the next few months.

92. Association of Mutual Funds in India has stated that the mutual fund industry's assets under management have crossed Rs. 10 lakh croremark in May.

93. The Indian government will build a cultural centre in Jaffna.

94. Customers need to submit only one documentary proof of address — either current or permanent — while opening a bank account or while undergoing periodic updation, the Reserve Bank of India said. “In case the address mentioned as per ‘proof of address’ undergoes a change, fresh proof of address may be submitted to the branch within six months,” the RBI said in a notification to banks.

95. Amitabh Bachchan and Aamir Khan launched legendary actor Dilip Kumar’s biography in Mumbai. The book, titled ‘The Substance and The Shadow’, is authored by Uday Tara Nayar.

96. Information technology and communication devices maker Pantel Technologies Pvt. Ltd. Has tied up with India Post to take its lowcost feature phone to rural areas at Rs.1,099.

97. The Indian Space Research Organisation (ISRO) received another shot in the arm in its ambitious Mars Orbiter Mission when its ground controllers successfully corrected the spacecraft’s trajectory. ISRO’s Polar Satellite Launch Vehicle (PSLV25) put the Mars Orbiter in its initial orbit on November 5, 2013.

98. The Centre asserted that the appointment of Lt.Gen. Dalbir Singh Suhag as the next Army Chief was “final.”

99. Prime Minister Sheikh Hasina has underlined her willingness to deepen her country’s strategic and economic engagement with China, signing major agreements for the construction of roads, railway lines and power plants on a threeday visit to the Chinese capital.

100. The Reserve Bank of India has kicked off a pilot project that will allow a few mobile payment providers to test cash withdrawal facilities for a small portion of their semiclosed mobile wallet users. In it sender and beneficiary’s wallet will be seeded with Aadhaar number. When the money transfer happens, the receiver, who does not have a bank account, can walk to a mRUPEE outlet and receive the cash after authenticating his identity with the biometric [fingerprint scanning]. Tata Teleservices’ mobile wallet paymentbased service mRUPEE is one of the eight participants in the RBI pilot.

101. Narmada Control Authority gave its nod to Gujarat for raising the height of the Narmada dam to the full reservoir level of 138.72 metres from the present 121.92 metres.

102. Kerala Monorail Corporation Ltd. (KMCL), the Special Purpose Vehicle set up to execute the Rs.5,581crore monorail project in Thiruvananthapuram and Kozhikode.

103. The European Union (EU) will allow member countries to make their own decisions on growing genetically modified (GM) food in a compromise deal that followed years of fraught discussions.

104. The Maharashtra Legislature passed a Bill banning dance bars. The ban will be extended from beer bars to three and five star hotels, which were spared earlier.

105. Suresh Reddy, the man India has chosen to send to Baghdad as its crisis manager.

106. The Telangana Assembly passed a unanimous resolution urging Speaker S. Madhusudhana Chary to take stringent action against TV9 news channel for running a programme using abusive and derogatory language against the members of the Assembly.

107. The Food Processing Ministry will prepare a National Food Map that will showcase agriculture and livestock produce for suitable interventions in vulnerable areas. A ‘Brand India’ will be launched for exports in the food processing sector and Statespecific brands will be developed for the domestic market.

108. Alexander Stubb is set to become Finland’s new Prime Minister after winning a vote to head the ruling conservative party.

109. In compliance with a Delhi High Court order on prima facie violation of the Foreign Contribution (Regulation) Act by the Bharatiya Janata Party and the Congress, the government has initiated steps to “relook and reappraise the receipts of the political parties and identify the contributions received from foreign sources.”

110. Union Minister Ramvilas Paswan said only five States Chhattisgarh, Haryana, Maharashtra, Rajasthan and Punjab had fully implemented the National Food Security Act, 2013 and seven others had done so partially so far. He said as per the Act, all States are required to identify the number of beneficiaries by July 4, but only 12 States have done so thus far.

111. Former Formula One champion Michael Schumacher has emerged from a coma that was medically induced following his devastating accident in December.

112. Tax Administration Reform Commission, headed by Parthasarathi Shome, has suggested abolition of the post of Revenue Secretary, merger of the Central Board of Direct Taxes (CBDT) and the Central Board of Excise and Customs (CBEC) and broaden the use of Permanent Account Number (PAN).

113. The crisis at the World Trade Organisation (WTO) talks in Geneva has deepened with the United States demanding that India and China be categorised as ‘emerging’ rather than as ‘developing economies’. India is resisting the move which, if it materialises, will halve WTO caps applicable to India’s food subsidies. It will also require India to grant market access to the U.S.

114. Reliance Industries Ltd (RIL) has announced plans to invest Rs. 1.80 lakh crore ($30 billion) in three years in petrochemicals, refining, retail and broadband businesses with an aim to be among the Fortune 50 companies by the time it completes 40 years of corporate journey in 2017.

115. Online marketplace Flipkart has signed amemorandum of understanding with Federation of Indian Micro and Small and Medium Enterprises (FISME) and National Centre for Design and Product Development (NCDPD).

116. PM Narendra Modi has reconstituted six important Cabinet committees, including the Cabinet Committee on Security (CCS), Appointments Committee of the Cabinet (ACC) and Cabinet Committee on Political Affairs.

117. Reserve Bank of India permitted residents and nonresidents, except Pakistanis and Bangladeshis, to carry up to Rs.25,000 in Indian currency notes while leaving the country. Earlier, Indians travelling abroad were permitted to carry only up to Rs.10,000, while foreigners were not allowed to carry Indian currency while leaving the country.

118. Glaciers on the Tibetan Plateau — the source of rivers such as the Brahmaputra — have shrunk by as much as 15 per cent, retreating by 8,000 square kilometres since 1980, according to a new Chinese govt backed study.

119. India has decided to enhance transparency of its nuclear infrastructure by ratifying an Additional Protocol with the International Atomic Energy Agency (IAEA).

120. Russia has signaled that its proposed giant gas pipeline to China could be extended to India.

121. Committee headed by Finance Secretary Arvind Mayaram said that foreign investment of 10 per cent or more in a listed company will now be treated as foreign direct investment. FDI subject to the condition that the FDI stake is raised to 10 per cent or beyond within one year from the date of the first purchase. If the stake is not raised to 10 per cent or above, then the investment can be treated as portfolio investment. Panel has suggested that foreign investment in an unlisted company may be treated as FDI.

122. RanikiVav, a 11th century stepwell in the Patan area of Gujarat, was approved for inscription on the World Heritage list by UNESCO at the meeting of its World Heritage Committee in Doha.

123. Hong Kong citizens cast their ballots in an unofficial referendum on democratic reform. Hong Kong’s leader is currently appointed by a 1,200strong proBeijing committee. China has promised direct elections for the next chief executive in 2017, but has ruled out allowing voters to choose which candidates can stand.

123. The first Budget of the Narendra Modi government will be presented on July 10. Parliament will be convened on July 7 for a session that will last till August 14. The Railway Budget will be presented on July 8, while the Economic Survey will be released on July 9.

124. The Great Himalayan National Park (GHNP) in Kullu district of Himachal Pradesh was accorded in the Unesco World Heritage Site status.

125. The Government is keen on running India’s first highspeed train (HST) between Ahmedabad and Mumbai. Prime Minister Narendra Modi wants the train to be running by the end of 2017.

126. Import duty on Sugar hiked from 15% to 40%, Ethanol (a byproduct of sugar manufacturing) blending in petrol hiked from 5% to 10% as also the extension of export incentives to September 2014.

127. Moving to a timedefined process, the Reserve Bank of India fixed schedules for various regulatory approvals. It released ‘Timelines for Regulatory Approvals’ and ’Citizens’ Charter’ for delivery of services on the RBI’s website. Deposit accounts department should issue cheque book within 20 minutes and demand draft should be issued in an hour, among others. Besides, refinance facility and disbursement of loans should take place in the same day of application while clearing should be completed by three days. An applicant for private bank licence should be given inprinciple approval within 90 days.

128. Mobile Seva, a nationwide initiative conceptualised, funded and implemented by the Department of Electronics and Information Technology (DeitY), is among the 2nd place of the 2014 UN Public Service Awards.

129. In a pioneering move, Gujarat Chief Minister Anandiben Patel announced 33 per cent reservation for women in the police force.

130. Government took two decisions — a sixmonth extension to the excise duty cuts announced by the UPA government in (Till December 31) February and approval to sign an MoU with the Chinese for setting up an industrial park here, extend them for six months till December 31.

131. Petroleum and Natural Gas Minister Dharmendra Pradhan said the current rate of $4.2 per million
British thermal units for domestic natural gas would continue till Septemberend.

132. CongressNCP government in Maharashtra cleared 16 % reservation for the powerful Maratha community and 5 % reservation for Muslims. The State currently has 52 % reservation in government jobs and educational institutions. This decision will raise the quota limit to 73 %. The Supreme Court had earlier capped quotas at 50 %.

133. India was named to an ‘International Piracy Watch List’ by a U.S. government panel that is looking to highlight countries that are doing little to address high rates of digital piracy.

134. The Centre has given the goahead for setting a minimum export price of $450 per tonne for potato to discourage exports and check the rising price of the tuber.

135. Kerala formally began a 218day countdown for the 35th National Games, which is to be held across seven districts of the State from January 31 to February 14 next year.

135. Union Minister of State for Commerce and Industry, Nirmala Sitharaman, has been elected unopposed to Rajya Sabha from Andhra Pradesh.

136. BCCI presidentinexile N. Srinivasan was formally appointed the first Chairman of the ICC.

137. The government has clarified that licences won’t be required for manufacturing items for the defence sector except those used in the battleground such as tanks and warships.

138. Delhi University relented and announced that it would replace the controversial fouryear undergraduate programme (FYUP) with the old threeyear undergraduate programme that was in place till last year.

139. The RBI has said India and the US have agreed to implement a Foreign Accounts Tax Compliance Act (FATCA) and asked banks and financial institutions to register by this yearend to report accounts and assets held by US citizens.

140. The government announced Rs 50 per quintal increase in the minimum support price of paddy to Rs 1,360 to encourage farmers to cultivate rice.

141. To boost sagging sentiments in steel and mining sectors, the government began the process of setting up singlewindow mechanism to fasttrack clearances for various projects and create special mining zones to ensure raw material security for existing and upcoming steel plants in the country.

142. Indian Railways increased passenger fares by a steep 14.2% across classes and freight charges by 6.5%.

143.  The NDA government has selected eight cities as potential electronics manufacturing hub. These would be at Ghaziabad in Uttar Pradesh, Vadodara and Gandhinagar in Gujarat and four cities in Maharashtra: Nagpur, Nasik, Aurangabad and Thane.

144. India has notified its decision to exempt Bhutan from any ban or quantitative restriction on exports of five food items milk powder, wheat, edible oil, pulses and nonbasmati rice.

145. Crisishit NSEL said investors who traded in series contracts in metals like gold and silver have so far redeemed Rs 237 crore out of the total Rs 440 crore.

146. Small airports, a Diamond Quadrilateral of highspeed trains and 'Sagar Mala' project to connect ports to the hinterland would be the focus areas of the new PM Narendra Modi's government.

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