Capsule Sep Oct

Indias Premier Banking / SSC Institute
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Economy
Aviation
Indias no-frill airline IndiGo has placed orders for 250

latest Airbus A-320 NEO planes worth USD 25.5 bn (Rs.
1.55 lakh cr).
Banking
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In the fourth bi-monthly monetary policy review on 30

Sep, the RBI kept key interest rates unchanged. The RBI
Governor Raghuram Rajan maintained that he would not
cut rates unless inflation moderates to anticipated levels.
The short-term lending rate (repo) rate will remain at 8
per cent.
The cash reserve ratio (CRR) requirement of banks
will remain at 4 per cent.
The statutory liquidity ratio (SLR) has also been
retained at 22 per cent.
The RBI governor said second-and third-quarter
growth will be lower than the first quarter, but the
fourth quarter looks more promising.
The RBI projects GDP to grow by 6.3 per cent in 201516 fiscal.
The RBI is in the process of modifying the definition
of wilful defaulters so as to bring the directors of
defaulting companies under its ambit and announced
setting up of a Central Fraud Registry to check
frauds.
The RBI has reduced the liquidity provided under the
export credit refinance (ECR) facility from 32 per cent
of eligible export credit outstanding to 15 per cent
with effect from Oct 10.
While the unchanged policy will not result in any relief
to borrowers in the festive season, RBI relaxed the
know your customer norms by allowing selfcertification of documents needed for opening bank
accounts.
Reserve Bank Governor Raghuram Rajan hopes that
inflation will moderate to acceptable level of 6 per cent
by Jan 2016 and maintained that the GDP growth in
the current fiscal will be 5.5 per cent, same as projected
earlier.
The Reserve Bank of India (RBI) on 30 Sep relaxed Know
Your Customer (KYC) norms.
The RBI has asked banks to allow self-certified copy
of the document by mail or post for opening an
account.
Banks have also been asked not to seek fresh
documents, if a KYC-compliant customer desires to
open another account in the bank.
If the customers are unable to comply within a
reasonable period of time, partial freezing may be
introduced for KYC non-compliant customers.
This means that only credits would be allowed in such
accounts, but debits would not be allowed. The
account holder would have the option to close the
account and take back the money in the account.
For periodic updating of KYC, the RBI told the banks
not to insist on physical presence of the customer
and also not seek fresh proof of identity and address
in case of no change in status for low risk customers.
The Reserve Bank further said there was a need for
banks to complete KYC for all customers, including
long-standing low risk customers.
The finance ministry has relented on a key
recommendation of the Financial Sector Legislative
Reforms Commission (FSLRC) as it looks to get Reserve
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1 lakh, the bank will provide unlimited access to all

ATMs across the country.
However, those customers whose balances are less
than Rs. 25,000 will face the limit of five transactions
on their home bank ATMs and three transactions on
other banks machines. Those who exceed the limit
will pay Rs. 5 per transaction at SBIs ATMs and Rs.
20 at machines belonging to other banks.
India is expected to join Asian Infrastructure Investment
Bank (AIIB) as the second-largest shareholder in what is
being seen as a move by the govt to ensure that it has a
say in running the new multilateral lending institution
being created at Chinas behest.
India may get around 19 per cent voting rights based
on the size of its economy, compared to Chinas 42
per cent. The bank is expected to start with an
authorised capital of $50 bn and will boost
infrastructure financing in the region. It will rival the
Asian Development Bank (ADB), where Japan and
the US have larger shareholding than China, which
has emerged as a major global force in recent years
The central board of the countrys largest lender State
Bank of India (SBI) at its meeting has approved to reduce
the face value of equity shares of the bank from Rs. 10 per
share to Rs. 1 per share and to increase the number of
issued shares in proportion thereof with an aim to increase
liquidity of the scrip.
The decision would be reflected in the reduction in
face value of equity shares in existing global depository
receipt (GDR) programme.
The World Bank President Jim Yong Kim launched the
Global Infrastructure Facility (GIF) aimed at mobilising
the private sector to help tackle the massive infrastructure
deficit now facing developing countries and emerging
markets such as India.
The five associates of State Bank of India (SBI) would
raise about Rs. 33,000 cr capital to meet global risk norms,
Basel III, in the next five years. Part of the fund would be
raised by the market while remaining would be provided
by the parent SBI.
Among these, State Bank of Bikaner and Jaipur, State
Bank of Mysore and State Bank of Travancore are
listed entities. The unlisted subsidiaries like State
Bank of Patiala and State Bank of Hyderabad would
get funds from the parent entity. Besides, additional
capital would be required for merger of associate
banks. The SBI first merged its associate State Bank
of Saurashtra with itself in 2008. Two years later in
2010, State Bank of Indore was merged with SBI.
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Bank of India (RBI) governor Raghuram Rajans backing

for big-ticket financial reforms. The central banks
decisions will not face judicial review by the proposed
Financial Sector Appellate Tribunal (FSAT) that is meant
to hear all appeals pertaining to the financial sector. The
BN Srikrishna-headed FSLRC had recommended that
FSAT hear appeals against RBI. This would have meant
another layer of scrutiny in addition to that of
constitutional courts. Rajan has been explicit about his
views on the suggestions, particularly in relation to
regulatory functions, calling them schizophrenic and
arguing that implementing them could turn RBI into a
paper tiger. The governors support is critical as the
finance ministry has begun implementing the FSLRCs
recommendations, setting up four task forces, indicating
that it was ready to press ahead with a broader reforms
programme as suggested by the panel.
The Reserve Bank of India (RBI) permitted remittances to
Prime Ministers National Relief Fund (PMNRF) through
Exchange Houses on the condition such that the fund
should be directly credited to the banks and the banks
maintain full details of the remitters.
The Reserve Bank of India (RBI) will soon invite
applications for issuance of licences in three categories
small banks, payment banks and universal banks to
achieve financial inclusion target, Financial Services
Secretary GS Sandhu announced.
School-going children as young as 10 years will have to
start working on their signatures with SBI and ICICI Bank
now allowing them to open and operate bank accounts,
sign cheques and hold ATM cards on their own.
Countrys largest lender State Bank of India (SBI) has
reviewed its ATM usage charges, allowing more free
transactions to those who avoid visiting its branches,
and unlimited transactions for those with large balances.
In its latest directive on ATM charges applicable from
Nov 1, SBI said that it would limit the number of branch
withdrawals to four a month for those maintaining
balances of up to Rs. 25,000.
For customers maintaining an average monthly
balance of Rs. 25,000 and above, the bank will provide
unlimited usage of its own ATM network, but will
limit access to third-party ATMs to three transactions
a month.
The bank will also increase the number of free
transactions on its home network from five to nine if
the customer does not visit a branch during the
month.
For those who maintain average balances of over Rs.
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The National Pharmaceutical Pricing Authority (NPPA)

has imposed a fine of around Rs. 300 cr on Swiss
multinational drug company Novartis for overcharging
consumers on sale of Voveran, its best-selling painkiller
medicine.
Ranbaxy Laboratories, which has been facing regulatory
hurdles in the US, on 16 Oct said it would pay $39.75 mn
(around Rs. 244 cr) in tranches to the state of Texas in the
US to settle the litigation concerning its participation in
the Texas Medicaid Program.
Five Indian companies Wipro, Essar Oil, Tech Mahindra,
Larsen & Toubro and Tata Consultancy Services (TCS)
are among the top global companies that did business in
the most sustainable manner in 2013, the Carbon
Disclosure Report (CDR) 2014 disclosed on 15 Oct.
Hewlett-Packard Co has announced that it would split
into two listed companies, separating its computer and
printer businesses from its faster-growing corporate
hardware and services operations, and eliminate another
5,000 jobs as part of its turnaround plan.
Tata groups Land Rover has forayed into an elite club of
worlds 100 most valuable brands as the only Indianowned entity. Land Rover, an iconic British car brand
owned by Indian conglomerate Tatas, has been ranked
91st with a brand value of USD 4.47 bn and is one of the
five new entrants on this annual list compiled by leading
brand consultancy Interbrand.
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The Finance Ministry has asked public sector banks to

tighten norms, including know your customer (KYC)
monitoring for high-value fixed deposits, to check the
kind of frauds suspected to have been committed at Dena
Bank and OBC.
The United States biggest bank, JP Morgan, has revealed
that it suffered a massive cyber attack on 76 mn private
and seven mn business customers in the country.
In a major breakthrough in Indias fight against black
money allegedly stashed abroad, Switzerland has said it
will examine Indian requests for banking information on a
priority basis and provide requested details in a timebound manner.As per Swiss National Banks latest data,
the total money held by Indians in Swiss banks stood at
over Rs. 14,000 cr as on Dec 2013, up by nearly 42 per
cent from a year ago. A Special Investigation Team (SIT),
chaired by former Supreme Court judge Justice MB Shah,
is looking into the menace of black money.
In a major gain for Indian authorities trying to recover
black money stashed abroad, G20 members have agreed
to a deal that will mandate automatic sharing of all bank
information with tax authorities on an annual basis,
starting 2017.
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The govt is considering a proposal to merge the Forward

Markets Commission (FMC) with the capital market
regulator Securities and Exchange Board of India (Sebi)
to ensure better monitoring of the commodity futures
market.
Indian companies are dusting off plans to raise money
through foreign currency convertible bonds (FCCBs) as
an appreciating rupee and a bullish stock market again
make these bonds attractive. The FCCBs had dried up in
the past two years. The FCCBs are a product of a bull
market and an appreciating currency. When the equity
market is high, FCCBs are the best option to get the
maximum conversion premium, best yield-to-maturity and
the lowest coupon rate. FCCBs are very attractive as they
mix equity with debt and make the debt cheap. The FCCBs
are a good option for those companies that have
significant foreign currency earnings.
The market regulator Sebi has barred realty major DLF
and also its six top executives, including Chairman KP
Singh, from securities markets for three years, after finding
the company guilty of active and deliberate suppression
of material information at the time of its public offer.
Insurance
The Insurance Regulatory and Development Authority

(Irda) has constituted a working group to harmonise its
corporate governance guidelines and disclosures with
the Companies Act, 2013. RK Nair, member (finance and
investment), Irda, is chairman of the group.
With increased penetration of govt health insurance
schemes like Rashtriya Swasthya Bima Yojana (RSBY)
coupled with private hospitals building capacity across
the country, health insurers are also looking at smaller
markets. Private health insurer Star Health is at present
piloting a Rs. 1 lakh sum insured cover with an annual
premium of Rs. 1,000 across a few districts in Tamil Nadu
and Kerala.
Manufacturing
Prime Minister Narendra Modi launched his pet Make in
India campaign on 25 Sep to put India prominently on
the global manufacturing map and, in turn, facilitate the
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Amazon founder Jeff Bezos recent visit to India is finally

yielding some results for the American e-commerce giant
as Kishore Biyani-led Future Group, one of Indias largest
brick-and-mortar retailers has announced that it has
entered into a strategic alliance with Amazon India to sell
its private labels.
India is the fastest growing e-commerce market in the
Asia-Pacific region and is expected to touch USD 6 bn
(about Rs. 3.7 lakh cr) by next year. Digital commerce is
at a nascent stage in India. B2C (business to consumer)
e-commerce leads the market in India, while B2B (business
to business) is limited to organisations that drive online
channels to integrate with their partners and distributors.
Mobile commerce is finding increasing traction in
shopping. However, as of now less than 5 per cent of
total digital commerce happens through mobile. mcommerce will help organisations skip the desktop wave
with increasing penetration of affordable smart devices
with connectivity and a rapidly growing ecosystem to
engage customers on mobile.
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The govt has said it has begun the process of reviving

five ailing PSUs and is working on one-time settlement
involving voluntary retirement scheme entailing a cost of
Rs. 1,000 cr for employees of six state-run units not
capable of revival.
The state-run units which have been identified by the
govt for revival include HMT Machine Tools, Heavy
Engineering Corporation, NEPA, Nagaland Paper &
Pulp Co and Triveni Structurals. Out of 11 sick PSUs,
process for reviving five has started and these shall
be revived.
However, for the remaining six units, which cannot be
revived, the govt has decided on making a one-time
settlement proposal of VRS for the employees of these
units. The six companies which cannot be revived are
Hindustan Photo Films, HMT Bearings, HMT
Watches, HMT Chinar Watches Ltd, Tungabhadra
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Anil Ambani-owned Reliance Powers agreement to buy

three hydel power assets of Jaiprakash Power Ventures
Limited (JPVL) with an aggregate capacity of 1,791 mega
watts (MWs) for Rs. 12,000 cr ($2 bn) has fallen.
After Jaypee Groups arrangement with Anil Ambanis
Reliance Group for the sale of its power units collapsed,
the Manoj Gaur-led conglomerate has struck a deal with
the Sajjan Jindal-owned JSW Group. Mumbai-based JSW
Groups energy arm has agreed to buy three operational
power units with aggregate capacity of 1,891 MW from
Jaypee Group for an undisclosed amount as the diversified
enterprise looks to boost its energy business.
PSUs
Steel Products, and Hindustan Cables. The Heavy

Industries and Public Enterprises Minister Anant
Geete announced that a joint venture of maharatnas
will be formed to help revive sick Public Sector
Undertakings (PSUs).
The govt also plans to review the functioning of the
Board for Reconstruction of Public Sector
Enterprises (BRPSE).
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inflow of new technology and capital, while creating

millions of jobs.
The ambitious scheme, which also puts in place the
logistics and systems to address in a timely manner
queries of potential investors, was unveiled along
with a logo (a lion), a portal and brochures on 25
identified growth sectors of the India economy.
The prime minister said for him the term FDI did not
expand to foreign direct investment but first
develop India. We have to create opportunities of
employment. If the poor get jobs the purchasing
power of families will increase.
The processes of applying for licences has been made
online which will be available 24/7.
The validity of such licences has also been extended to
three years.
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Prime Minister Narendra Modi plans to roll out the Goods

& Services Tax (GST) by Apr 2016. But it may hit another
hurdle as the finance ministry wants to compensate states
for only three years while the states have been
demanding to be compensated for five years.
The Centre is also not agreed to make provision for
compensation in the Constitution amendment Bill; it
may be provided for in the GST law. The compensation
will be given to states on the lines of a formula to be
suggested by the 14th Finance Commission. The
Centre is also amenable to states demand for changes
in the GST council and dropping the disputeresolution council. Many deadlines for GST
implementation, originally scheduled for 1 Apr 2010,
have already been missed. To allay states fears and
to protect their revenues, the Centre is planning to
keep alcohol out of the GST ambit constitutionally.
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& Industry Minister Nirmala Sitharaman has said. India

had made it clear at Geneva that it would not ratify the
Trade Facilitation Agreement (TFA) until a permanent
solution was found on the food security issue. New Delhi
had asked WTO to amend the norms for calculating
agriculture subsidies so that the country could continue
to procure food grains from farmers at minimum support
price and sell them to poor at cheaper rates without
violating the norms.
The current WTO norms limit the value of food
subsidies at 10 per cent of the total value of foodgrain
production. India is asking for a change in the base
year (1986-88) for calculating food subsidies. India
wants a change taking into account the inflation and
currency fluctuation.
The Centre has accorded in-principle approval for setting
up six more Software Technology Parks of India (STPIs)
in Odisha. With this, the number of such parks in the
state has risen to 10. The new STPIs would be set up at
Jaypore in Koraput district, Sambalpur, Jajpur, Angul,
Rayagada and Bhawanipatna in Kalahandi. The four
existing STPIs are at Bhubaneswar, Rourkela, Brahmapur
and Balasore. The STPI, an autonomous society under
Union ministry of Communication and Information
Technology, was set up to promote software exports from
the country.
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According to a revised draft of the Constitution

amendment Bill, petroleum, though zero-rated, will be
under GST because it is an input product. GST, a
value-added tax, gives credit for taxes paid on inputs.
The Bombay High Court has ruled that Vodafone is not
liable to pay an income tax demand of Rs. 3,200 cr in a
case relating to transfer pricing. The verdict has come as
a big relief for the UK-based mobile service provider
already locked in a big tax dispute with the govt.
The Central Board of Direct Taxes (CBDT) has extended
the due date for filing of income tax (I-T) returns by nonsalaried taxpayers to Nov 30 from Sep 30 for the
assessment year 2014-15 (fiscal ended Mar 31, 2014).
However, the CBDT has not exempted such taxpayers
from penal interest which will be levied if the tax return is
filed after Sep 30. The extension is available to all
taxpayers who are covered by the tax audit requirements
of section 44AB of the I-T Act and are required to file
their returns by Sep 30. In addition, CBDTs release clarifies
that the extension will also apply to a working partner in
a firm, whose accounts are subject to tax audit provisions.
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The International Cricket Council (ICC) has jointly

awarded its audio-visual rights for ICC Events from 2015
to 2023 to Star India and Star Middle East.
The telecom sector regulator Telecom Regulatory
Authority of India (TRAI) has suggested a 10 per cent
higher base price for the next round of spectrum auction
in the 1800 Mhz band (2G spectrum) in view of the
increasing data usage by consumers. It recommended a
price of Rs. 2,138 cr per Mhz for the 1800 Mhz band for
conducting the auction scheduled for Feb 2015.
Mobile users will be able to retain their numbers even if
they relocate from one telecom circle to another and will
not be required to pay hefty roaming charges while
travelling out of their home city from end-March next
year. The Telecom Commission, which is the highest
decision-making authority within the Department of
Telecommunications (DoT), accepted the
recommendations of the Telecom Regulatory Authority
of India (Trai) on full-fledged mobile number portability
(MNP). Full MNP will now be implemented by Mar 31,
2015.
Trade
India will stick to its position on the food security issue

at the WTO trade negotiations as it is the sovereign duty
of the govt to protect the interest of its poor, Commerce
Others
Continuing decline in food prices, including vegetables,

pulled down the Sep wholesale price inflation to a fiveyear low of 2.38 per cent. The Wholesale Price Index
(WPI)-based inflation was at 3.74 per cent in Aug and
7.05 per cent in Sep 2013.
The remittances to developing countries are expected to
reach USD 435 bn, an increase of five per cent over 2013,
the World Bank has said. In its latest issue of the
Migration and Development Brief, the World Bank has
said that India, with the worlds largest emigrant stock
of 14 mn people, will remain in the top spot this year,
attracting about USD 71 bn in remittances.
China may stand just behind India with USD 64 bn in
remittances. Other large recipients are the Philippines
(USD 28 bn), Mexico (USD 24 bn), Nigeria (USD 21
bn), Egypt (USD 18 bn), Pakistan (USD 17 bn),
Bangladesh (USD 15 bn), Vietnam (USD 11 bn) and
Ukraine (USD 9 bn).
The growth rate this year is substantially faster than
the 3.4 per cent growth recorded in 2013, driven
largely by remittances to Asia and Latin America.
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Automobile
accounts in the latest sign of how technology is seeping

into the world of banking.
The Competition Commission of India (CCI) has imposed

a combined penalty of more than Rs. 2,500 cr on 14 car
companies for unfair business practices in the spare-parts
market.
The highest penalty of around Rs. 1,346 cr has been
imposed on Tata Motors. Other major companies
include Maruti Suzuki, Mahindra and Mahindra,
Toyota, General Motors and Honda.
After having successfully sold houses on its site, leading
online marketplace Snapdeal.com will now sell fourwheelers. This is the first time that any e-commerce
company in India will be selling four-wheelers.
The revenues of the Indian auto industry can rise 5-fold
to hit the $300-bn mark, and volumes can log in over 3fold increase to around 76 mn units by 2026, according to
Vision 2026, prepared by ICRA Management Consulting
Services (IMaCS) as an input for the Automotive Mission
Plan (AMP) 2026.
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In its twice-a-year South Asia Economic Focus report,

the World Bank said that Indian economy would grow by
6.4 per cent in 2015-16.
The United Nations Economic and Social Commission
for Asia and the Pacific (ESCAP) has estimated that the
Indian economy will grow at 5.5 per cent in the current
fiscal.
The Survey estimated that overall inflation in the
current financial year would be hovering around 8 per
cent.
In purchasing power parity (PPP) terms, China will this
year become the worlds largest economy and India, the
third largest, behind the US. According to the
International Monetary Fund (IMF), the combined
purchasing power of Chinas citizens now outstrips that
of Americas. And by the end of the year will China should
make up 16.48 per cent of the worlds purchasing-power
adjusted GDP for a total of $17.632 tn. The US will make
up $17.416 tn.
The PPP bases economic output on what a countrys
citizens can purchase, as opposed to an unadjusted
GDP figure using market exchange rate, which is more
often quoted. When it comes to raw GDP data base
on exchange rates, China will eventually also overtake
the US if it carries on growing as it has, but that is still
likely to take many years.
India and United Kingdom have launched the UK-India
Financial Partnership to strengthen links between the
financial services industries of the two nations. The
Partnership will strengthen links between the financial
Services industries of both countries and deepen
cooperation between London and Mumbai, two of the
Worlds leading financial centres.
The Union Govt will come up with a new public
procurement policy for micro, small and medium
enterprises (MSME) by Apr next year. The MSME
Minister Kalraj Mishra said that it would be mandatory
for all public sector units to procure at least 20 per cent of
products and services from micro and small enterprises
(MSEs) under the new procurement policy.
The French bank Groupe BPCE has come with the solution
to introduce a service that allows individuals to send
money with just a few clicks on the social network. The
product, which will be available only to people with French
bank accounts and cellphone numbers, will link
individuals Twitter accounts to BPCEs existing money
transfer service. As part of the service called S-Money,
people will be able to transfer through their Twitter
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Aviation
IndiGo has signed a $2.6-bn deal with Industrial and

Commercial Bank of China Ltd (ICBC) for the lender to
finance more than 30 new aircraft.
Banking
The Reserve Bank of India (RBI) said its surplus (profit)

for the FY14 fiscal declined 14.75 per cent to Rs. 52,679
cr as its interest income from investments in foreign
sovereign bonds declined during the year even as its
investments increased. The central bank follows a JulJun fiscal calendar. However, the central bank transferred
the entire surplus to the govt, making it the largest ever
transfer by it.
The Reserve Bank of India (RBI) moved to close a
loophole, saying that the rules need to be followed with
respect to e-commerce credit card transactions
essentially taking place between two residents in India.
This means that companies such as taxi services provider
Uber will need to follow the two-step authentication
process that it was able to circumvent by virtue of having
an overseas payment gateway. The central bank told
banks to ensure that payments should be in rupees in
instances when the credit card is not presented physically
The Reserve Bank of India (RBI) eased norms to refinance
external commercial borrowings (ECB).
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multiple persons who conspired to perpetrate widespread

fraud at Dena Bank and Oriental Bank of Commerce as
well as some other banks.
The RBI said in the light of the provisions of the
Companies Act, 2013, the upper age limit for Managing
Director & Chief Executive Officer (MD & CEO) and other
Whole Time Directors (WTDs) of banks in the private
sector should be 70 years. Within the overall limit of 70
years, individual banks boards are free to prescribe a
lower retirement age for WTDs, including MD & CEO, as
an internal policy. The Companies Act, 2013 prescribes
that no company shall appoint or continue the
employment of any person as Managing Director, Whole
Time Director or Manager who is below the age of 21
years or has attained the age of 70 years.
To expedite credit decision, the Reserve Bank of India
asked banks to set a timeline for disposal of loan
proposals, but did not ascribe a particular time frame for
the same.
The Reserve Bank of India (RBI) issued revised and final
guidelines for raising non-equity regulatory capital
instruments by banks under the stringent Basel III
framework recently.
Under the new guidelines, lenders can issue tier-II
capital with a minimum original maturity of 5 years
as against 10 years now.
Banks can issue tier-II debt capital instruments to
retail investors, subject to the board approval.
The terms and conditions of all non-equity capital
instruments (both additional tier-I & II) issued by
banks must have a provision that requires such
instruments to either be permanently written off or
converted into common shares upon the occurrence
of the point of non-viability (PONV) trigger event.
The banks shall ensure the non-common equity capital
instruments issued by them meet all the eligibility
criteria such as legal, accounting and operational, to
qualify for recognition as regulatory capital
instruments.
The call option on additional tier-I instruments
perpetual non-cumulative preference shares ( PNCPS)
and perpetual debt instruments (PDIs) will be
permissible at the initiative of the issuer after the
instrument has run for at least five years.
The govts forcing banks to open new deposit accounts
and give overdrafts to millions of new depositors has
come in for criticism. However, as a new International
Monetary Fund (IMF) survey reiterates, India is still one
of the most under-banked countries among emerging
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The apex bank allowed banks to approve even those

cases where the average maturity period (AMP) of
fresh borrowings exceeded the residual maturity of
existing loan.
Borrowers would be required to follow certain
conditions to avail themselves of a fresh ECB.
Refinancing is to be undertaken before the maturity
of the existing ECB and the borrower should not be in
the default or caution list of the RBI and should not
be under the investigation of the Directorate of
Enforcement.
The overseas branches or subsidiaries of Indian banks
will not be permitted to extend ECB for refinancing an
existing ECB.
All other aspects of the ECB policy such as eligible
borrower, recognised lender, permitted end-use,
amount of ECB, all-in-cost, average maturity period,
reporting arrangements would remain unchanged.
The new norms would come into force with immediate
effect.
The Pradhan Mantri Jan Dhan Yojana (PMJDY), an
ambitious financial inclusion scheme under which the
govt intends to provide every household with a bank
account and insurance cover, has been launched by Prime
Minister Narendra Modi on 28 Aug.
As a first step, under the scheme, every account holder
will get a RuPay debit card with Rs. 30,000 life
insurance besides accidental insurance of up to Rs.
1 lakh.
This is the largest such exercise in the financial
services sector in the country.
At least 7.5 cr households will get basic bank
accounts by Jan 25, 2015, a day before Republic
Day.
Upon satisfactory operation of the account for six
months, the account holder will get a Rs. 5000
overdraft facility.
In the second phase, all households that open such
bank accounts under the Jan Dhan Yojana will get Rs.
1 lakh accident insurance for 1.5 cr people.
All those who open accounts by Jan will get Rs. 30,000
life insurance over and above the Rs. 100,000 accident
insurance.
This scheme will ease financial pressure on lowerincome sections, who are often left with no source of
income when the primary earning member passes
away.
The Mumbai Economic Offences Wing (EOW) said it
had uncovered a large-scale banking racket involving
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funds they transfer to individual beneficiaries under the

govts direct benefit transfer (DBT) scheme. The present
rate of commission is 1 per cent.
The govt transfers money to the bank account of
consumers of kerosene, LPG, among others, through
its DBT scheme to plug loopholes and ensure
corruption-free delivery. This money will not be
deducted from the consumers account but the govt
will spend additional 2 per cent. For instance, if a
bank transfers Rs. 100 cr a year as DBT payments,
govt will transfer Rs. 102 cr to that bank.
The govt has setup a committee to examine the unclaimed
amount in PPF, Post Office and Savings Schemes. The
committee will examine and recommend how this amount
can be used to protect and further financial interest of the
senior citizens. The seven-member committee is being
headed by the Deputy Governor HR Khan of Reserve
Bank of India (RBI) and will submit its reports by 31 Dec
this year.
The committee will also suggest whether the
unclaimed deposits should come to the govt or be
kept in a separate account.
A Public Provident Fund (PPF) is a 15-year
investment scheme which offers tax exemption. The
minimum annual investment in PPF is Rs. 500.
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nations, especially when it comes to access to credit.

India has fewer loan accounts about 147 per 1,000
adults compared to a Brazil or South Africa. Commercial
bank loans are about half of economic output, much lower
than for China or South Africa. While outstanding credit
as a proportion of gross domestic product (GDP) has
increased in 2013, the number of loan accounts has
decreased. In other words, access to credit for those who
didnt have it in the first place might not have improved.
Indian Highways Management Company Limited
(IHMCL), a NHAI-promoted company, and Axis Bank have
signed an agreement for provision of Central Clearing
House (CCH) services and sale of FASTag, for Electronic
Toll Collection (ETC) at the Toll Plazas on the National
Highways.
The State Bank of India and ICICI Bank signed framework
agreements with the Export Import Bank of China (China
Exim Bank) for Lines of Credit (LOC) amounting to $1.8
bn and $1 bn respectively. The LOC will be utilised for
projects involving import of Chinese raw materials, energy,
equipment, mechanical and electronic products, complete
sets of equipment, new and high-tech products, energy
projects, infrastructure and construction projects and any
other projects mutually agreed on by the two banks, the
banks said in their respective statements. Axis Bank,
Indias third largest private bank, also signed an MoU
with China Development Bank for an undisclosed amount
to support its corporate clients by funding them at
competitive rates.
Aiming to enhance efficiency of cheque clearing system,
the Reserve Bank of India (RBI) has decided to do away
with the requirement of returning back paid govt cheques
to the concerned departments.
In a notification issued from Mumbai, the RBI said
that govt cheques would be cleared through Cheque
Truncation System (CTS) based on their electronic
images. The notification added that if any drawee bank
wants to verify govt cheque in physical form before
passing it for payment, the image would be returned
unpaid under the reason present with documents.
The RBI has further said that both the presenting and
draweee banks need to preserve the cheques for a
period of 10 years. It added that in some cases if the
cheques are required for the purpose of any
investigation or enquiry, they may be preserved
beyond 10 years. The revised guidelines would be
effective from Oct 1, 2014.
The Finance Ministry is in the process of finalising the
commission to banks at 2 per cent of the quantum of
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Capital Market
In its biggest-ever crackdown on a large-scale illicit money

pooling scheme estimated at nearly Rs. 50,000 cr, market
regulator Sebi ordered immediate closure of unauthorised
collective investment schemes run by PACL Ltd and
refund of investors money within three months.
To safeguard markets from systemic risks, Securities and
Exchange Board of India (SEBI) has put in place a new
layer of safety net in the form of core settlement
guarantee fund to mitigate risks from possible default in
institutional trades.
The new system will enhance the robustness of the
present risk management system of the clearing
corporations to enable them to deal with defaults of
the clearing members much more effectively.
This new core fund will be created within the existing
Settlement Guarantee Fund (SGF), against which no
exposure is given and which is readily and
unconditionally available to meet settlement
obligations of clearing corporation in case of clearing
members failing to honour settlement obligation
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Corporate
Insurance
The Insurance Regulatory and Development Authority

(IRDA) recently sent a circular to all life insurers, allowing
a one month-extension to meet the criteria for conversion
of a minimum number of policies into dematerialised
(demat) form as part of a pilot scheme.
The regulator had launched a two-month pilot project
in Jul, making it mandatory for all life insurers to
convert a minimum of 1,000 or five per cent of the
total individual policies issued into demat format.
Some life insurance companies were not ready with
the testing and technicalities of system integration
due to which there was need for the deadline to be
extended.
The Finance Minister in consultation with LIC has
finalised arrangement for payment of premium towards
life insurance cover under the newly launched Jan Dhan
scheme. It has been decided to set aside Rs. 50 cr from
Social Security Fund (SSF) worth about Rs. 1,800 cr
managed by LIC. This would be a revolving fund and LIC
would manage it.
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The real-estate major DLF has been directed by the

Supreme Court to deposit Rs. 630 cr fine slapped on it by
the Competition Commission of India (CCI) for allegedly
resorting to unfair business practices.
Disinvestment
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The finance ministry has put out draft rules, Forward

Contracts (Regulation) (Intermediaries) Rules, 2014,
to give the Forward Markets Commission (FMC), the
commodity market regulator, more powers over
intermediaries in the commodity derivatives market.
The rules propose giving wider powers to the regulator
to check violations by market intermediaries. They
empower the regulator to inspect the books of
accounts and electronic records of the intermediary
for effective regulation.
The proposed changes come in the wake of the Rs.
5,574.35-cr fraud at the National Spot Exchange Ltd
(NSEL) that surfaced in Jul 2013, exposing loopholes
in the system. NSEL flouted rules by allowing sales of
goods that were not stocked in the warehouses by
traders.
defence sector. The move is aimed at boosting domestic

industry of the country which imports up to 70 per cent
of its military hardware.
The govt notified the liberalised FDI norms for the
Railways, permitting 100 per cent foreign direct
investment (FDI) through automatic route in several areas,
including high-speed trains, suburban corridor projects
through Public Private Partnership (PPP), dedicated
freight lines, rolling stock, including train sets,
locomotives/coaches manufacturing and maintenance
facilities, railway electrification, signalling systems,
freight terminals, passenger terminals and
infrastructure in industrial parks like railway line/
sidings.
FDI will not be allowed in train operations and safety.
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The govt approved the sale of shares in Coal India, ONGC

and NHPC, kicking off the mega disinvestment drive. At
current market prices, the sale of shares in state-owned
CIL, ONGC and NHPC could garner over Rs. 23,000 cr,
Rs. 18,000 cr and Rs. 2,800 cr respectively, helping the
govt meet its disinvestment target of Rs. 43,425 cr for
this fiscal.
CCEA has cleared 10 per cent stake dilution in CIL, 5
per cent in ONGC and 11.36 per cent in NHPC through
the Offer For Sale (OFS) route.
Energy
The Supreme Court cancelled all coal blocks allocated

since 1993, observing that the allocation done by
screening committee was not fair and transparent.
The fruits of phased diesel price decontrol are being
reaped by the three govt-controlled oil marketing
companies (OMCs), with the fuel giving them a small
profit of 35P a litre, first time in 12 years.
FDI/FDI
The govt notified increase in foreign direct investment

(FDI) limit to 49 per cent through approval route in the
Power
Piyush Goyal, the Union Minister of Power and Coal,
announced setting up of worlds largest solar park in
Andhra Pradesh which will generate 2,500 MW. He was
speaking at the signing of a joint document between the
Govt of India and the Andhra Pradesh govt to implement
Power For All (PFA) from Oct 2, a programme to supply
quality power round the clock for domestic and industrial
consumers in the state.
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The Commission for Agricultural Costs and Prices

(CACP) has recommended a marginal increase in the fair
and remunerative price (FRP) for sugarcane to Rs. 230
per quintal for the 2015-16 season (Oct-Sep).
The retirement fund body Employees Provident Fund
Organization (EPFO) has decided to retain interest
payment on provident fund deposits for 2014-15 at 8.75
per cent.
The Indian Patent Office (IPO) has become the first patent
office in the world to introduce Real Time Transparency
system.
The retirement fund body Employees Provident Fund
Organisation (EPFO) made it mandatory for firms to
provide their employees bank account numbers with IFSC
code of bank branch to facilitate allotment of universal
PF account number and payment to its subscribers.
To facilitate projects, the Ministry of Environment and
Forests has further relaxed the process of granting forest
clearances under the Forest Conservation Act, 1980. Now,
project developers will be able to secure clearances in
areas around tiger reserves, national parks and
sanctuaries, without awaiting the nod of the National
Wildlife Board, as the process of securing a forest
clearance has been de-linked from the assessment of the
impact on wildlife by the board. Earlier, the Supreme Court
had mandated projects within a 10-km radius of wildlife
parks and sanctuaries be cleared by the wildlife board, as
these could have a deleterious impact on biodiversity.
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The govt will initially spend Rs. 69,524 cr on various IT

and telecom projects under the Digital India programme.
The govt has identified broadband and mobile networks
as key growth pillars under Digital India. The govt has
enhanced expenditure on broadband network to connect
all 2.5 lakh village panchayats to Rs. 32,000 cr.
Simultaneously, it has also advanced deadline to finish
rollout of national optical fibre network (NOFN) by a
quarter to Dec 2016 from the earlier announced date of
Mar 2017. To provide mobile connectivity to
approximately 42,300 villages that still dont have any
network coverage, the govt has earmarked Rs. 16,000 cr.
Under the National Rural Internet Mission, govt has
earmarked fund of Rs. 4,750 cr to make roll out
Common Service Centres (CSCs) across 2.5 lakh
villages. Through CSCs people in rural area get access
to govt services like birth certificate, train tickets, pay
various fees etc without actually having to visit
concerned office.
30 years as revealed by the US govt recently, reflecting a

dramatic shift in global supplies amid uncertainty over
Beijings farm policy.
The govt has formally signed free trade agreement (FTA)
in services and investment with the ten members of
Association of Southeast Asian Nations (ASEAN) in New
Delhi. The agreement is aimed at allowing free movement
of both manpower and investments from either side
between India and ASEAN. Except Philippines, nine
ASEAN countries have signed the agreement.
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The Textiles Ministry signed an MoU with the leading

home-grown e-commerce company Flipkart. Through this
agreement, Flipkart will help weavers create an online
presence on its marketing platform and provide
infrastructural support in data analytics and customer
acquisition by levying a 3-4 per cent service charge.
India is likely to be the worlds fastest-growing exporter
from 2014 to 2030, and has the potential to move from
the 14th largest exporter of goods by value to be the
worlds fifth largest exporter as per the HSBC Trade
Forecast Report.
The report also says India will continue to be the
largest trading partner of United Arab Emirates
(UAE) in the years to come. The report says UAE is
likely to remain top export destination for India till
2030, and China is forecast to emerge as the second
largest export market, displacing the US by 2030. India
has been the largest trading partner of UAE over the
past several years. Bilateral trade between the two
countries was worth $75 bn in 2012-13.
India will be the worlds No.1 cotton grower this year,
ousting China from the top spot for the first time in over
10
The United Bank of India (UBI) declared Kingfisher

Airlines and its chairman Vijay Mallya (pictured) wilful
defaulters for non-payment of Rs. 400 cr of dues.
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The first ever National Mental Health Policy was launched

on the eve of the World Mental Health Day on 10 Oct in
an attempt to provide universal psychiatry care to the
population, 20 per cent of which are likely to suffer some
form of mental illness by 2020.
The policy, unveiled by Health Minister Harsh
Vardhan, seeks to include mental treatment at primary
health care at a time when India is estimated to have
only about 3,500 psychiatrists and over 50 per cent of
the mentally ill have no access to health care.
As part of the Ministrys efforts to boost mental health
care, many hospitals dedicated to curing mental illness
would be upgraded to Bangalore-based National
Institute of Mental Health and Neurosciences, the
countrys foremost such institute. Vardhan also called
for de-criminalising attempt to suicide, which is
presently a crime, saying people often having mental
trouble attempt to take the extreme step and need
human care not prosecution.
A recent WHO report had said that India sees largest
numbers of suicides globally and in the 15-29 years
age group, it has the highest suicide rate.
The Govt launched Deen Dayal Antyodaya Yojana on 25
Sep for upliftment of urban and rural poor by providing
opportunities through skill development.
The Urban Development Minister Venkiah Naidu has
said that his ministry has allocated Rs. 1,000 cr for
the scheme and 50 per cent of the fund will be spent
on skill development. Naidu said earlier only 798 cities
were brought under the scheme for providing skill
education to the youth but Govt has decided to extend
the scheme to over four thousand cities in the country
as for realising the Make in India objective, skill
development is essential. The govt has also decided
to observe 25 Sep as Antyodaya Diwas every year to
mark the birth anniversary of Pandit Deendayal
Upadhyaya.
The govt has reduced the age for imparting skill
education to youth from 18 to 15 years and will also
focus on providing skill to disabled and blind youth.
The govt launched an ambitious village development
project named Sansad Adarsh Gram Yojana (SAGY).
Under the scheme, each MP will take the

responsibility of developing physical and institutional
infrastructure in three villages and turn them into model
villages by 2019.
Prime Minister Narendra Modi unveiled the blueprint
of the scheme on 11 Oct, the birth anniversary of
social activist Jaiprakash Narayan.
Through the scheme, if each MP adopts three villages,
it will be able to develop 2,379 gram panchayats over
the next five years. The Lok Sabha has 543 MPs and
the Rajya Sabha 250, 12 of whom are nominated.
A gram panchayat would be the basic unit. It will
have a population of 3,000-5,000 in plain areas and
1,000-3,000 in hilly, tribal and difficult areas.
The MP would be free to identify a suitable gram
panchayat for being developed as Adarsh Gram,
other than his/her own village or that of his/her
spouse.
There are 2,65,000 gram panchayats in India. Primarily,
the goal is to develop three Adarsh Grams by Mar
2019, of which one would be achieved by 2016.
Thereafter, five such Adarsh Grams (one per year) will
be selected and developed by 2024.
The scheme, based on Mahatma Gandhis concept of
rural development, revolves around creating model
villages for transforming swaraj (self rule) into su-raj
(good governance).
The development work carried out includes personal
development, human development, social
development economic development and
environmental development, in line with Gandhis
vision of a model village.
This will be done using the programmes of the Centre
and states, aided by constituency development funds
(MPLADS) of the MPs.
The scheme will be implemented through a village
development plan that would be prepared for every
identified gram panchayat with special focus on
enabling every poor household to come out of poverty.
The govt will set up two national-level committees for
monitoring the implementation of the scheme.
One committee will be headed by the rural develoment
minister and have ministers incharge of planning,
programme implementation and other key ministries
as may be decided.
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SINCE 1993
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11
be implemented over 5 years starting from 2 Oct 2014

in all 4,041 statutory towns.
The Urban Development Ministry will allocate Rs.
62,000 cr for cleaning towns across the country; the
Ministry of Drinking Water and Sanitation will spend
Rs. 1 lakh 34 thousand cr for the programme.
The Cabinet had in Sep decided to merge the Nirmal
Bharat Abhiyan, a campaign for rural sanitation,
with Swachh Bharat Mission.
Anant from Maharashtra and Bhagyashree from
Gujarat have designed the logo of the campaign
(Gandhis spectacles) and the slogan Ek Kadam
Swachhata Ki Or respectively.
The PM said that, as per a WHO estimate, a person in
India loses about Rs. 6,500 per annum due to illness
and poor health as he is unable to perform day-to-day
duties.
Prime Minister Narendra Modi has ordered a fourfold
increase in the users of secure RAX telephone sets, asking
senior bureaucrats up to the director level to be given
these secure lines for communication so that all govt
business is safe from interception by intelligence agencies
of foreign countries.
Addressing a function on World Habitat Day (6 Oct) in
New Delhi, Urban Development and Housing Minister M
Venkiah Naidu announced that the Sardar Patel National
Housing Mission scheme to provide houses to all by
2020 will be affordable for the common man and will be
developed through public-private partnership mode.
This Mission is in pursuit of Prime Minister Narendra
Modis call of Har Parivar ko Ghar.
Three crore houses would be built by 2022 and mostly
for the economically weaker sections and low income
groups. An investment of about Rs. 50 lakh cr would
be required over the next few years for urban
development and housing initiatives.
The govt is trying to make India a slum-free country
through appropriate urban planning and policies so
that those who migrate to urban areas need not live in
slums.
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The second committee will be headed by the rural

development secretary with representatives from at
least a dozen ministries.
The Prime Minster Narendra Modi on 16 Oct launched
Pandit Deendayal Upadhyay Shramev Jayate Karyakram.
Looking to create an environment conducive to industrial
development the Prime Minister launched a host of
schemes which envisage, among others, portable PF
accounts and a unified portal for labour inspection at
firms.
A Unified Labour Portal or Shram Suvidha
A transparent and accountable Labour Inspection
Scheme
Portability through Universal Account Number (UAN)
for Employees Provident Fund members
An Apprentice Protsahan Yojana flagged off under
which 50 per cent support for training in MSMEs will
be provided by the labour ministry.
The revamped Rashtriya Swasthya Bima Yojana
(RSBY) for workers in the unorganised sector
launched
A unified Labour Identification Number (LIN) for
simplifying business regulations and securing
transparency and accountability in labour inspections
by various agencies and bodies under the
administrative control of labour ministry will also be
launched.
In a bid to promote Industrial Training Institutes
(ITIs), the ministry will felicitate some individuals who
have passed out from these institutions and are
holding top posts in various companies.
The Prime Minister unveiled an initiative of appointing
National Brand Ambassadors of vocational training
to instil pride and confidence in ITI students.
The PM claimed to have replaced 16 forms (which
factory owners had to fill) with one form, which is
available online.
Now computer draw will decide which inspector
(labour) will go for inspection to which factory and
he will have to upload his report online in 72 hours.
Wielding the broom, PM Narendra Modi on 2 Oct
launched the countrys biggest-ever cleanliness drive.
The Swachh Bharat mission is expected to cost
nearly Rs. 2 lakh cr.
The PM administered a pledge to people to make India
clean and said that this task was not the responsibility
only of safai karamcharis or the govt but of all the 125
cr Indians.
The urban component of the Mission is proposed to
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The Centre has given six more months to state govts to

implement the landmark Food Security Act that gives legal
entitlement to highly subsidised food grains to two-thirds
of the countrys population. The food law, which came
into force in Jul 2013, was to be implemented by the state
govts within a year by Jul 4, 2014. But the deadline was
extended by three months till Oct 4 as many states could
not put in place the necessary infrastructure for rolling
out the welfare scheme.
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States
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Prime Minister Narendra Modi has announced an interim

assistance of Rs. 1,000 cr for Andhra Pradesh to take up
immediate relief work in the aftermath of the devastation
caused by Cyclone Hudhud
Gujarat govt has set up a Special Purpose Vehicle (SPV)
to promote Vadodara as the states cultural capital and
encourage tourism in the city. The SPV, known as Vadodara
International Art and Culture Festival Authority, is
headed by state Tourism and Finance Minister Saurabh
Patel.
Kerala is poised to achieve total primary education by
Apr 18, 2015. The State Literacy Mission is implementing
the Athulyam project to achieve this feat by involving
the local bodies across the State.
As many as 140 civic bodies across the State had
achieved total primary education in the first phase of
the project, with Kannur and Kasaragod becoming
the first districts in the State to attain this distinction.
The state govt will launch a survey to identify those
lacking in primary education. The project is to ensure
primary education to all people between 15 and 50
years of age across the State.
The next Pravasi Bharatiya Divas (PBD), the worlds
largest annual gathering of the Indian diaspora, will be
held in Gujarats capital Gandhinagar in Jan to mark 100
years of Mahatma Gandhis return to India from South
Africa. The 13th edition of the PBD will be held for the
first time in Gujarat, at the Mahatma Mandir Convention
Centre in Gandhinagar Jan 7-9. The theme of the PBD has
been decided to be 100 years of Mahatma Gandhis return
to India from South Africa. Mahatma Gandhi returned to
his homeland from South Africa on Jan 9, 1915 and hence
all the celebrations at PBD 2015 will be focused on the
centenary year of Gandhis homecoming. The mega event
is expected to be attended by over 4,000-5,000 NRIs.
After Rajasthan, Madhya Pradesh has become the second
state to propose amendments in various labour laws that
also include amendment in Industrial Dispute Act 1947
and Factory Act 1948. The state cabinet okayed this

amendment to offer an option to employer to retrench
unproductive, inefficient workers but they will get the
better compensation packages. The employer can
retrench employees by giving them three-month notice
and wages of three months in lieu of job.
The Uttar Pradesh govt has launched State Road Safety
Policy-2014. UP Chief Minister Akhilesh Yadav has
announced that Uttar Pradesh is the first state in country
to kickstart this effective policy model.Expertise and
cooperation from New Zealand police department and
World Bank transport cell are also incorporated in this
new Policy.
With an intention to boost tourism in Uttar Pradesh, the
state govt will develop a heritage arc involving Agra,
Lucknow and Varanasi on the lines of Agra-Jaipur-Delhi
triangle.
In the first phase, three square km around the Taj Mahal
will be developed. In Lucknow, proper lighting of Rumi
Darwaza, Ghantaghar and other monuments will be done.
In Varanasi, restoration of ghats, by-lanes and historical
sites will be undertaken.
The Tamil Nadu govt has announced a populist Amma
Cement Scheme under which it will procure cement from
private manufacturers and sell them at Rs. 190 per bag in
the wake of possible increase in rates of key construction
components. The scheme follows similar efforts like the
Amma Canteen and Amma Mineral water, all low-cost
initiatives.
Rajasthan has started the countrys first olive refinery
and expressed hope that it would be able to fulfil the
countrys demand of olive oil in coming years.
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The deadline for state govts to implement the food

law expired on Oct 4 and the govt has given six
months more time till Apr 4, 2015 for implementing
the law. So far, 11 states have implemented the law. Of
there, only five states have implemented the scheme
fully. Around 25 states and UTs are yet to implement
it. Under the scheme, each eligible person would get 5
kg of rice and wheat at Rs. 3 and Rs. 2 per kg
respectively.
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The Punjab and Haryana High Court has disqualified
five Haryana Janhit Congress (HJC) MLAs who had
factioned out and supported Congress to form govt in
2009. The orders have come in the wake of a petition filed
by Haryana Janhit Congress President, Kuldeep Bishnoi.
In 2009 assembly polls, Haryana Janhit Congress had
won six seats and out of these, five MLAs shifted their
loyalties to Congress and helped Bhupinder Singh Hooda
form the Govt.
Expressing concern that no guidelines are in place in
encounter killings in the country, the apex court said a
certain procedure needs to be followed in such cases to
bring to justice the perpetrators of the crime who take law
in their own hands.
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13
around the moon. The mission is expected to be

launched in 2014.
Aditya-1 will be dedicated to solar coronal studies
and will contain Visible Emission Line Space Solar
Coronagraph, the main payload to study the coronal
dynamics.
Astrosat-1 is Indias first satellite dedicated to
astronomy, which will scan the universe in x-ray,
ultraviolet and visible light bands.
The development of the next-generation satellite
launcher, the GSLV Mk-III, which will help ISRO put
heavier satellites into orbit, is also part of the 12th
Plan.
ISRO plans to put a satellite in a 500 km x 80,000 km
orbit around Mars which will carry nearly 25 kg of
scientific payloads on board.
The space agency will also pursue mission POLIX to
study the X-ray polarisation from bright x-ray emitting
objects during the 12th Plan period.
Seeking to reach out to more people, Prime Minister
Narendra Modi addressed the countrymen on 3 Oct over
radio for the first time, giving a pep talk about how to
shed despondency and use their skills for betterment and
prosperity of the country.
The National Pharmaceutical Pricing Authority (NPPA)
has withdrawn its order to fix prices of drugs, which are
not under the list of essential medicines, a move that has
been welcomed by the pharmaceutical industry. Under
the Drug Price Control Order (DPCO) 2013, the govt
already controls the prices of 348 drugs listed in the
NLEM.
The navigation satellite IRNSS 1C was successfully
launched on 16 Oct from the Satish Dhawan Space Centre
SHAR, Sriharikota.
It is the third of seven satellites in the series to put in
place Indias own navigation system at par with US
Global Positioning System (GPS).
The Polar Satellite Launch Vehicle (PSLV-C26)
carried the 1,425-kg Indian Regional Navigation
Satellite System-1C (IRNSS-1C) and precisely put the
satellite into its perfect, pre-designated orbit.
This was the 28th successful launch of the Indian
Space Research Organisation.
The first two satellites in the series, IRNSS 1A and
IRNSS 1B, were launched from Sriharikota on Jul 1,
2013 and Apr 4 this year respectively.
The IRNSS applications include terrestrial and marine
navigation, disaster management, vehicle tracking and
fleet management.
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After being rapped by the Supreme Court for its approach

to clean Ganga, the Narendra Modi govt has placed before
it a blueprint of short-medium-and long-term measures
that spread over 18 years and involved thousands of
crores of investment to restore the glory of the holy river.
The NDA govt has identified 118 towns as a first target to
achieve total sanitation, including water waste treatment
and solid waste management.
The Supreme Court has declared the National Tax Tribunal
Act as unconstitutional under which a tribunal was set
up to decide tax-related cases by taking away jurisdiction
of high courts in such matters.
The Supreme Court has quashed allocation of 214 out of
218 coal blocks which were allotted to various companies
since 1993. A bench, headed by then Chief Justice RM
Lodha, saved only four blocks, one belonging to NTPC
and SAIL each and two allocated to Ultra Mega Power
Projects, from being cancelled.
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According to the 12th Five Year Plan, approved by the

Cabinet, the Indian Space Research Organisation (ISRO)
plans to launch 58 space missions, including sending
spacecraft to moon and Mars, an exclusive satellite to
keep a round-the-clock watch on the country and
deploying 500 transponders in the next five years.
The space agency also aims to deploy its own version
of the Global Positioning System by putting into orbit
a constellation of seven satellites which would form
the Indian Regional Navigational Satellite System
(IRNSS).
ISRO plans to add 400 transponders to the existing
187 to meet the growing demand from DTH operators,
satellite mobile communications and new-generation
broadband VSAT systems.
An indicative plan outlay of Rs. 39,750 cr for the
12th Plan has been made for the Department of Space.
The space agency is designing a special eye-in-thesky in the form of a Geo-Imaging Satellite (GISAT)
to be stationed 36,000 km above to maintain roundthe-clock vigil and assist state authorities to tackle
natural disasters, floods and forest fires and keep a
watch over the countrys sensitive borders.
Missions initiated in the 11th Plan like ChandrayaanII, Astrosat-1 and Aditya-1 are also expected to set
forth on their respective destinations into space over
the next five years.
As part of Chandrayaan-II, ISRO plans to land a rover
on the lunar surface and put a satellite in an orbit
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lenders usurious lending. In order to achieve the targeted

growth of agriculture and allied sector at 4 per cent, from
the year 2014-15, various schemes of Ministry of
Agriculture have been restructured into specific
Missions/Programmes.
The Govt has come out with draft guidelines for erickshaws.
The new guideline proposes to make driving licence
and periodic fitness certificates mandatory for erickshaw drivers.
e-rickshaws will have top speed of 25 kilometres an
hour and carry a maximum of four passengers
excluding the driver, and not more than forty
kilograms of luggage.
The amendments to the Central Motor Vehicle Rules
1989 will add e-rickshaw as a separate vehicle
category.
The power of its motor should not be more than
2000W.
The Prime Minister Narendra Modis next big push to
free up service delivery from the hold of the lower
bureaucracy will be in the form of a digital cloud for
every Indian. Certificates issued by the govt education,
residential, medical records, birth certificates etc are to
be stored in individual digital lockers and a
communication protocol established for govt departments
to access them without physically having to see the hard
copy. This will happen under the MyGov.in programme.
The govt approved continuation of production of urea
from three plants using naphtha as feedstock for a duration
of three months ending on Sep 30.
Centre
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From vehicle tracking to fleet management and from

disaster management to mapping, the satellite extends
services to its clients.
The IRNSS-C1 carried two types of payloads, one for
transmitting navigation service signals to the users
and another consisting of a C-band transponder to
facilitate Cube Retro Reflectors for laser ranging.
The semi-high speed train that proposes to reduce
travelling time between Delhi and Agra to 105 minutes
will be named Gatimaan Express and will start running
before 30 Nov.
The train will have a top speed of 160 km per hour, the
maximum till date in Indian Railways.
There will be eight-inch LCD TV screens installed
behind each seat which will run pre-recorded
programmes only as the live feed will be provided
later on.
The train will have automatic fire alarm with
emergency braking system and passenger information
system.
The train engine is equipped with a 5,400HP electric
locomotive.
There are 14 new LHB AC coaches manufactured at
Rail Coach Factory at Kapurthala. While 12 coaches
will be used for daily running, two will be kept as
spare ones.
The train will have Executive Class and Chair Car
category of seats and also catering facility.
Railways also plans to launch similar trains in eight
more routes including Delhi to Kanpur and Delhi to
Chandigarh.
States
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The has Govt approved launching of the National Ayush

Mission (NAM) to address gaps in health services in
vulnerable and far-flung areas of the country. Through
the Ayurveda, Yoga and Naturopathy, Unani, Siddha and
Homoeopathy (Ayush) mission, the Centre seeks to
address gaps in health services by supporting the efforts
of state govts for providing Ayush health services and
education in the country, particularly in vulnerable and
remote areas.
The Govt has proposed to provide finance to 5 lakh joint
farming groups of landless farmers through NABARD in
the current financial year. Radha Mohan Singh, the Union
Agriculture Minister, made announcement in this regard.
A very large number of landless farmers are unable to
provide land title as guarantee, institutional finance is
denied to them and they become vulnerable to money
Indias youngest state, Telangana, conducted a

household survey in just a day to map the socioeconomic profiles of households in the state
Delhi Govt will impose one-rupee cess on purchase of
every packet of cigarette and bottle of liquor. The revenue
collected from this will be used to establish an Urban
Transport Fund to promote public transport and its use
in the city.
In an attempt to conserve several coral species at one
place and to boost tourism in the state, the countrys first
coral garden will be set up at Mithapur coastal region of
Devbhoomi Dwarka district in Gujarat.
The State Govt of Bihar formally placed transgender
people (the third gender category) in annexure II the
backward class. Bihar joins states like Karnataka, which
has a draft State Policy for Transgenders and Kerala,
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which touts the intersex option in the registration of

births and deaths.
The flood situation in Jammu and Kashmir was declared a
national-level disaster by Prime Minister Narendra
Modi.
Arunachal Pradesh has the highest proportion of hired
workers among all states, including in sectors like
education and health, according to the data of the 6th
Economic Census Report 2013. The percentage of female
hired workers is 30.3 per cent.
Committee
Moving ahead with his resolve to weed out archaic rules

and procedures as part of reforms process, Prime Minister
Narendra Modi set up a committee to identify obsolete
laws which he believes hamper governance by creating
avoidable confusion.
The Committee will be chaired by R Ramanujam,
Secretary in the PMO. VK Bhasin, former Secretary,
Legislative Department, will be its other member.
Defence
Bills
The joint military exercise involving the armies of India

and Nepal named Surya Kiran VII was conducted at the
Pithoragarh military station.
India and Russia held their maiden aerial exercise in
Russia involving aircraft like Su-30MKI and Mi-17
helicopters to boost cooperation between their air forces.
Exercise Avia Indra-2014 was conducted at Astrakhan
region near the Caspian Sea in Russia.
The Chief of Naval Staff Admiral RK Dhowan
commissioned INS Sumitra, one of the biggest
surveillance ships of the Indian Naval Force at Chennai.
It is an indigenously built naval offshore patrol vessel
(NOPV) and the fourth in the series of indigenous
NOPV developed for the Indian Navy.
The 2200-tonne vessel is the biggest NOPV to be
developed at Goa Shipyard.
It spans more than hundred metres in length and has
one of the largest of engines of its type to be inducted
in the Naval forces.
It can travel at a maximum speed of 25 knots and has
an endurance of six thousand nautical miles.
It also has medium-and short-range weapons installed
in it. They include 76mm guns, Close-In Weapon
System (CIWS), electronic support and a
communication intelligence system. It has a helipad
to operate one lightweight Dhruv helicopter.
There is an advanced weapon sensor platform, making
INS Sumitra effective for surveillance and ensuring
security of offshore installations, including oil-filling
stations.
The ship will monitor the eastern coastline of
Tamilnadu and Puducherry.
Indo-US combined military training exercise Yudh Abhyas
2014, part of an ongoing bilateral defence cooperation,
was held in Chaubattia in Uttarakhand.
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Becoming the first in the country, Rajasthan Legislative

Assembly ratified National Judicial Appointments
Commission (NJAC) Bill. The new Bill would bring more
transparency in judicial system, including judges
appointments, and filling up the vacant posts in the
Supreme Court and would be a milestone in the history of
judiciary.
The Govt has proposed stiff penalties for traffic offences
under the new Road Safety and Transport Bill 2014
released for comments from the public recently.
It proposes to be specially harsh on drunk schoolbus drivers and youngsters in the 18 to 25 age bracket.
Inebriated school bus drivers will be fined Rs. 50,000
with imprisonment for three years for the first offence
while youngsters will also have their licences
immediately cancelled along with a fine of Rs. 25,000.
A subsequent offence will attract a fine of Rs. 50,000
or imprisonment up to a year or both besides a oneyear licence suspension.
Red-light jumping will be fined with Rs. 15,000 for the
third offence along with cancellation of the driving
licence.
Offenders will also be asked to go for a months
compulsory refresher training.
India has been grappling to reduce the fatality rate on
its roads, which is 1.4 lakh deaths every year.
The new golden hour policy will provide immediate
relief to accident victims and help save lakhs of lives.
The Bill might be introduced in the winter session of
Parliament.
The Bill suggests a single-window automated driving
licence system and unified biometric system, a unified
vehicle registration system and a single National Road
Transport & Multinational Coordination Authority
and Goods Transport and National Freight Policy.
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The Govt launched an action plan aimed at reducing
Giving a level-playing field to more than four crore people

with disabilities in India, the apex court held that the
Centre, States and Union Territories were obligated to
implement the rules of reservation for this class in the
matters of appointment, selection, direct recruitment,
deputation and also for promotions. The Supreme Court
ruled in favour of three per cent reservation for
differently-abled candidates in all govt jobs, including
civil services.
newborn deaths from 29 per thousand live births to single

digit by 2030, ahead of global deadline of 2035. India
witnesses 13.3 lakh under-5 children dying every year,
over half of them in their first month. The Union Health
Minister Harsh Vardhan unveiled the India Newborn
Action Plan (INAP), which also hopes to bring down
stillborn deaths from the current 22 per thousand live
births. While India has 17.5 per cent of the world
population, its share in newborn mortality is a whopping
27 per cent.
Chief Minister of Uttarakhand Harish Rawat officially
declared Sep 9 as Himalaya Diwas, a day which would
be celebrated across the state to spread the message of
conservation of the Himalayan ecosystems.
em
Judiciary
World
Finland, known for its knowledge-based economy and

clean technology as the President Pranab Mukherjee
visited this key Nordic nation on 14 Oct, which was the
first by an Indian president in 26 years. India and Finland
signed 19 pacts to step up cooperation in energy, fishing
and education, besides exploring tie-ups in science and
technology. The country also supported Indias
membership in elite nuclear clubs like Nuclear Suppliers
Group (NSG) and Missile Technology Control Regime
(MTCR). The two countries have USD 1.5 bn of trade.
Finland was a largely agrarian society up until World War
II, when it transformed itself into a post-industrial society
with a strong focus on education and research.With the
new govt keen on making the country a global
manufacturing hub, India is seeking to engage with
Finland, known for its knowledge-based economy and
clean technology as the President Pranab Mukherjee
visited this key Nordic nation on 14 Oct, which was the
first by an Indian president in 26 years. India and Finland
signed 19 pacts to step up cooperation in energy, fishing
and education, besides exploring tie-ups in science and
technology. The country also supported Indias
membership in elite nuclear clubs like Nuclear Suppliers
Group (NSG) and Missile Technology Control Regime
(MTCR). The two countries have USD 1.5 bn of trade.
Finland was a largely agrarian society up until World War
II, when it transformed itself into a post-industrial society
with a strong focus on education and research.
Underscoring its commitment to the United Nations body
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President Pranab Mukherjee had a rare interaction

through video-conference with Indian scientists working
at the Himadri station, Indias first Arctic research facility,
located 1,200 km from the North Pole.
Himadri station is at Ny-Alesund in Norway, which is the
northernmost permanent human settlement. India is the
11th country to have established a full-fledged research
station here.
As many as 13 agreements were signed between Indian
and Norwegian entities during the visit of President
Pranab Mukherjee to this Scandinavian nation that started
from 12 Oct. The agreements, which range from a statement
of intent between the Defence Research & Development
Organisation (DRDO) and the Norwegian Defence
Research Establishment to setting up a state-of-the-art
fish farming unit outside Delhi, also had IIT, Kanpur,
Hyderabad University and several other educational
institutions reaching accord with their Norwegian
counterparts.
India and Norway have signed agreement on
exemption of visa requirement for holders of
diplomatic and official passports in Oslo. This
agreement was signed in the presence of President
Pranab Mukherjee and Prime Minister of Norway
Erna Solberg. President Pranab Mukherjee was on a
six-day visit to Norway and Finland. He is first ever
Indian head of the state to visit Norway.
With the new govt keen on making the country a global
manufacturing hub, India is seeking to engage with
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various Central and State organisations and the World

metropolis Association.
Afghanistan and the United States signed a deal on 30
Sep to allow some US troops to stay in the country next
year, signalling that new President Ashraf Ghani intends
to mend frayed ties with Washington. Hamid Karzai had
refused to sign the deal in a disagreement that symbolised
the breakdown of Afghan-US relations after the optimism
of 2001 when the Taliban were ousted from power. A
parallel deal between Afghanistan and NATO was also
signed. Troops from Germany, Italy and other NATO
members will join a force of 9,800 US soldiers, bringing
numbers up to about 12,500. The new mission named
Resolute Support will focus on training and supporting
the Afghan army and police as they take on the Taliban
insurgents.
President Pranab Mukherjee extended his greetings to
the govt and people of China on the occasion of the 65th
anniversary of the founding of the Peoples Republic of
China, which was celebrated on 1 Oct.
US President Barack Obama led the UN Security Council
in unanimously approving a binding resolution on
stemming the flow of foreign jihadists to Iraq and Syria.
The resolution requires all countries to adopt laws that
would make it a serious crime for their nationals to join
jihadist groups such as Islamic State and Al-Nusra Front.
Year 2016-17 has been declared as the SAARC Year of
Cultural Heritage. The decision was taken at the 3rd
Meeting of the South Asian Association Regional
Cooperation (SAARC) Culture Ministers in New Delhi.
According to the Delhi Resolution passed in the
meeting, Bamiyan in Afghanistan will be the SAARC
cultural capital for 2015-16 summit.
The govt has cleared the agreement on power grid
connectivity with Nepal which will facilitate and
strengthen cross-border electricity transmission, grid
connectivity and power trade between the two countries.
During Prime Minister Narendra Modis visit to Nepal in
Aug 2014, it was decided that negotiations on the power
trade agreement would be concluded within 45 days. Nepal
is currently importing about 200 MW electricity from India
annually.
Dubai Govt has launched a new initiative called
Happiness Meter to monitor on a daily basis the
happiness and satisfaction of its population, tourists and
visitors to improve services.
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UN Women, India has contributed $1 mn to the

organisation for the current financial year. External Affairs
Minister Sushma Swaraj handed over the cheque as
Indias contribution to the core voluntary budget of UN
Women (United Nations Entity for Gender Equality and
the Empowerment of Women) to Under-Secretary General
and Executive Director of UN Women, Phumzile MlamboNgcuka, for the 2014-15 financial year.
India has been ranked at 55th position on 2014 Global
Hunger Index (GHI). It shows that the number of hungry
people has declined in India. The countrys score is better
than Pakistan (rank 57) and Bangladesh (57) but it still
trails behind Nepal (44) and Sri Lanka (39). India was at
63rd position on GHI last year. The GHI report has been
jointly prepared by International Food Policy Research
Institute (IFPRI) and NGOs Welthungerhilfe and
Concern Worldwide.
The United Nations owes India USD 110 mn, the second
highest outstanding payment to any country, for costs
relating to peacekeeping operations and troops. India,
one of the largest troop-contributing countries to UN
peacekeeping missions, owed the money for troops/
formed police, contingent-owned equipment and
consumables letters of assist, deaths and disability. Apart
from India, Ethiopia was owed the largest amount at USD
137 mn, Pakistan at USD 109 mn and Bangladesh at USD
108 mn.
China surpassed the European Union in levels of pollution
levels per capita for the first time last year, propelling to a
record the worldwide greenhouse gas emissions that are
blamed for climate change. Biggest polluter China passed
the US in terms of overall carbon emissions seven years
ago and remains the worlds biggest fossil fuel emissions
producer.
The famous Yal Devi express train of Sri Lanka will once
again connect Colombo to Jaffna after a gap of 24 years.
Sri Lankas President Mahinda Rajapaksa inaugurated the
rail line connecting Colombo to Jaffna. Indian Railways
has constructed the rail link on a subsidised Indian line
of credit of 800 mn dollars to Sri Lanka. This rail link has
been re-opened after 24 years. It was closed in 1990 during
civil war in Sri Lanka. In 1927, Father of the Nation
Mahatma Gandhi had once travelled by this train.
Over two thousand delegates from more than 500 cities in
about 50 countries took part in the XI World Metropolis
Congress in Hyderabad. The five-day event, Cities for
All, was organised jointly by the Telangana state govt,
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Persons in News
Elected
Voreqe Bainimarama: He has been sworn in as Fijis

new Prime Minister after the South Pacific nation held
its first general election since 2006.
Ashraf Ghani: The former finance minister won Afghan
presidential election and was sworn in as Afghanistans
next president in the first democratic transfer of power
since the ouster of Taliban. He had to sign a powersharing deal with his rival Abdullah Abdullah and give
him the post of chief executive officer (CEO) similar to
that of Prime Minister, to end a prolonged standoff over
the disputed result.
O Panneerselvam: The erstwhile Finance Minister of
Tamil Nadu has been sworn in as the new Chief Minister
of Tamil Nadu after the conviction of former CM J
Jayalalithaa. This is the second time Jayalalithaa has
handed over the administration to him in the middle of
her tenure. In 2001, Jayalalithaa had to step down as Chief
Minister following a Supreme Court verdict which held
that she cannot hold the office after being convicted in
criminal offences.
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Khaled Bahah: President Mansour Hadi has appointed

him as the new Prime Minister of Yemen.
V Radhakrishnan: The Tamil leader of plantation workers
in Sri Lanka and Peoples Front Parliamentarian has been
appointed as Deputy Minister of Botanical Gardens and
Public Relations.
Rizwan Akhtar: The Pakistan govt has named the
Lieutenant General as the new head of its intelligence
agency, Inter Services Intelligence (ISI).
Justice Handyala Lakshminarayanaswamy Dattu: He has
been sworn in as the 42nd Chief Justice of India (CJI) by
President Pranab Mukherjee on 28 Sep and will have a
tenure of 14 months.
Arvind Subramanian: The US-based economist has
become the chief economic adviser to the Indian govt.
Abdullah Abdullah: He has assumed office as
Afghanistans new CEO after a deal was reached between
him and Ashraf Ghani, now the President of Afghanistan
to form a unity govt. The post of CEO is equivalent to that
of a Prime Minister.
Rajiv Mehrishi: The IAS officer has been appointed
Secretary, Department of Economic Affairs in the
Ministry of Finance, replacing Arvind Mayaram.
Arvind Mayaram: In a surprise development the
erstwhile Finance Secretary has been shunted out of
the Finance Ministry and given a low-profile Ministry
of Tourism.
Vanita Gupta: The Indian-American, a top lawyer from
American Civil Liberties Union, has been appointed to
head the civil rights division of the US justice department,
becoming the first South Asian to hold this post. The US
President Barack Obama is expected to nominate Gupta
to serve as the permanent Assistant Attorney General of
Civil Rights in the coming months.
Hemant Contractor: The former State Bank of India (SBI)
Managing Director is set to take over as new Chairman
of Pension Fund Regulatory and Development Authority
(PFRDA).
Ajit Koujalgi: The heritage conservation campaigner

passed away recently. He was instrumental in putting
Puducherry on the conservation map of India.
em
Appointed
Died
MV Kamath: The veteran journalist died at his native

place Manipal in Karnataka. He was the former chairman
of Prasar Bharti and recipient of Padma Bhushan award.
Removed
Lalit Modi: In an apparent bid to end its standoff with the

BCCI, the Rajasthan Cricket Association (RCA) has
removed former IPL Commissioner as its President.
Resigned
Leela Samson: She has resigned as Sangeet Natak
Akademi chairperson.
Sacked
Shashi Tharoor: The Congress party has sacked him as
a party spokesperson, ostensibly because he praised
Prime Minister Narendra Modis cleanliness campaign.
Sentenced
J Jayalalithaa: The former Chief Minister of Tamil Nadu
has been convicted and sent to prison for four years by
a Special court in Karnataka in a disproportionate assets
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19
Visited
Mark Zuckerberg: The Facebook co-founder and CEO
came to India on his first visit to the country.
Jeffrey P Bezos: The Chief Executive of e-commerce major
Amazon was in India and called on Prime Minister
Narendra Modi.
Appointed
Died
Bipan Chandra: The noted historian died recently.

Goolam E Vahanvati: The former Attorney General of
India died recently.
Norman Gordon: The South African fast bowler and the
oldest surviving 103-years-old Test cricketer passed away
after a year-long illness recently.
Mohammed Fazal: The former Governor of Goa and
Maharashtra died recently.
Joan Rivers: The US-based veteran comedian and TV
host died recently.
Firoza Begum: The Nazrul Sangeet legend from
Bangladesh died recently.
Uppalapu Shrinivas: Popularly known as Mandolin
Shrinivas, the child prodigy-turned-master musician
passed away recently.
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John Allen: President Barack Obama has chosen the

retired Marine Corps General, who earlier served as the
commander of the US and NATO forces in Afghanistan,
to head the US-led global coalition against the dreaded
terror group ISIS.
Seema Malhotra: The Indian-origin MP in UK has been
appointed as a shadow minister in the parliament. She is
Labour Partys first minister tasked with tackling violence
against women and girls.
Subhash Chandra Garg: He has been appointed as the
Executive Director in World Bank.
Shah Rukh Khan: The Bollywood actor is the first Indian
actor to be roped in as an ambassador of Interpols Turn
Back Crime campaign, aimed at promoting greater
awareness on how to prevent crime.
Adil Zainulbhai: PM Narendra Modi has picked the former
McKinsey India chief to head the Quality Council of
India that promotes high standards in areas like education,
healthcare, environment, infrastructure, governance and
social sectors.
Lalitha Kumaramangalam: She has been appointed
chairperson of the National Commission for Women
(NCW).
KV Thomas: The senior Congress leader took over as
the new chairman of Parliaments public accounts
committee.
Rona Fairhead: She has been appointed as the first
chairwoman of BBC Trust, the body overseeing the
world-famous news corporation.
Justice Handyala Lakshminarayanaswamy Dattu: He has
been appointed as the next Chief Justice of India (CJI).
Donald Tusk: The Polish prime minister has been named
as the next head of the European Council.
Federica Mogherini: She was appointed as European
Union (EU)s foreign policy chief on 30 Aug 2014.
Staffan de Mistura: The United Nations Secretary-General
Ban Ki-moon announced the appointment of the veteran
diplomat and former member of the Italian govt as the

new special UN envoy on the Syria conflict.
Zeid Raad Zeid al-Hussein: He is the new United Nations
High Commissioner for Human Rights.
Kaushik Basu: The International Economic Association
(IEA) has appointed him as president-elect of the
association beginning Sep 2014.
case. She is the first sitting chief minister convicted and

sent to jail.
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20
Elected
Sandeep Jajodia: He has been elected as the new head of

the newly constituted boxing body, Boxing India.
TM Bhasin: He has been elected the new chairman of
the Indian Banks Association (IBA) for 2014-15. He is
the Chairman and Managing Director of Indian Bank.
Ahmet Davutoglu: Turkeys ruling party chose the
Foreign Minister to be the new prime minister and party
leader to replace Recep Tayyip Erdogan.
Abdullah al-Thinni: Libyas newly elected Parliament has
renamed the outgoing premier as the countrys new Prime
Minister.
John Key: New Zealands Prime Ministers governing
National Party has won an emphatic victory in general
elections and he has been mandated to lead the country
for the third term.
Others
Alok Shetty: The 28-year-old Indian architect has been
named young leader of tomorrow by Time magazine for
his pioneering work in designing affordable flood-proof
houses for slum dwellers.
P Chidambaram: The CBI will investigate the
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SINCE 1993
Susilo Bambang Yudhoyono: The Indonesian President

has been named in a corruption trial for allegedly giving
22,000 dollars to a politician as a gift for their support for
his second-term presidency.
em
circumstances of the FIPB approval given by the former

Finance Minister in the Aircel-Maxis deal in 2006.
Manoj Kumar: The boxer who was denied Arjuna award
will now receive the coveted sports award as the Sports
Ministry has accepted his nomination.
Places in News
Sanaa: The Houthi rebels have controlled Yemeni capital

after ceasefire.
Dubai: The West Asia regions largest innovative
technology show, GITEX Technology Week was held at
World Trade Center here.
Japan: Powerful typhoon Vongfong, the strongest storm
to hit Japan this year, made landfall on the countrys
southern island Kyushu with winds of up to 180 kilometres
per hour.
Uttarakhand: The first three-day International Sanskrit
Conference was held in the state starting on 26 Sep.
Patna: At least 32 people, including 20 women and 10
children, were killed and several others injured in a
stampede that broke out on 3 Oct at the sprawling Gandhi
Maidan in the city.
Cairo: The UN-sponsored International Donor s
Conference on Reconstruction of Gaza was held in the
Egyptian capital Cairo on 12 Oct.
Bahrain: The main opposition parties have decided to
boycott the upcoming Parliamentary elections in Nov.
Burdwan: Two suspected militants were killed and
another was injured in an explosion on 2 Oct in a house
inhabited by the suspect in this West Bengal district.
Hong Kong: The 2014 Hong Kong protests, also known
as the Umbrella Movement or Umbrella Revolution,
began in Sep 2014 when activists in Hong Kong
protested outside the govt headquarters and occupied
several major city intersections.
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Port Blair: The nations first-ever memorial in honour of

the recipients of the Armed Forces highest gallantry
award, Param Veer Chakra, has been inaugurated in the
capital of the Andaman & Nicobar Islands.
Kyoto: PM Narendra Modi landed in this spiritual smart
city of Japan breaking the convention during his recent
Japan visit. An MoU has been signed between the two
countries to develop Varanasi on the lines of Kyoto.
Jhajjar (Haryana): The govt has announced that a
National Cancer Institute will be established here in
Haryana in collaboration with Department of BioTechnology and the All India Institute of Medical Sciences
(AIIMS).
Vijayawada: The city will be the new capital of Andhra
Pradesh as announced by the Chief Minister N
Chandrababu Naidu.
Bastar: The Centre has agreed to set up a Central Tribal
University here in Chhattisgarh.
Chumar (Ladakh): The Chinese Peoples Liberation
Army (PLA) intruded in the region and camped here along
with local herdsmen at a hillock.
Incheon: One of the worlds biggest sports events, the
17th Asian Games kicked off in the South Korean city
which will run for 15 days with 9,500 athletes.
Ahmedabad: Breaking from protocol, Prime Minister
Narendra Modi unrolled a grand welcome for Chinese
President Xi Jinping here.
Jammu and Kashmir: The state witnessed its worst floods
in 50 years which affected lives of at least 10 lakh people
and loss to life and property.
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Sports
Football
Athletics
Badminton
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MC Mary Kom became the first Indian woman boxer to

clinch a gold medal at the Asian Games after she came
from behind to beat Kazakhstans Zhaina Shekerbekova
in the flyweight (51kg) summit clash.
Cricket
The Chennai Super Kings beat Kolkata Knight Riders

by 8 wickets to clinch the Champions League Twenty20
title at Bengaluru.
Raina is now the only player to score a century in T20
Internationals, IPL and CLT20 tournaments. He was
declared Man of the Series but Pawan Negi was Man of
the Match for his five-wicket haul.
Virat Kohli struck a rollicking 127 as India fashioned a
59-run win over the West Indies in Dharamsala, effectively
sealing the ODI series 2-1 after the visitors dramatically
pulled out from the remainder of the tour over an
acrimonious pay dispute with their board.
22
Golf
Europe retained Golfs Ryder Cup, easily defeating the

United States for its eighth victory in the last 10 times in
the biennial event. The 12-man European team, a collection
of the continents best professional golfers, outperformed
those from the US.
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Indian shuttler Ajay Jayaram notched up the biggest

triumph of his career by clinching USD 50,000 Yonex Dutch
Open Grand Prix badminton tournament at Almere (The
Netherlands).
The 27-year-old Bangalore-based player defeated
Indonesias Ihsan Maulana Mustofa in the mens singles
final to bag his maiden Grand Prix title.
Boxing
The Indian Super League (ISL) commenced on 12 Oct

with the intent of lifting the moribund standard of football
in the country of 1.2 bn. The eight-team league kicked off
in a spectacular fashion after a star-studded opening
ceremony in Kolkata. The ISL is using top cricketers to
help market the game. India cricket captain Mahendra
Singh Dhoni and retired maestro Sachin Tendulkar are
among those with stakes in teams. The 10-week
tournament plans to nurture a strong local fan base for
the worlds top sport while also developing young Indian
players.
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The womens 4x400m relay team of Priyanka Pawar, Tintu

Luka, Mandeep Kaur and Poovamma Raju Machettira
smashed the Asian Games record to win gold. They
clocked 3:28:68 to finish first in the event. This was Indias
4th consecutive gold in the event since 2002.
Seema Punia clinched the gold medal with a best throw of
61.03m in the womens discus throw final at the Incheon
Asiad.
em
Archery
Young archer Abhishek Verma became Indias new hero
as he combined with Rajat Chauhan and Sandeep Kumar
to clinch the gold medal in the compound team at the
Incheon Asiad.
SINCE 1993
Hockey
India defeated Pakistan 4-2 to bag the gold medal in the

17th Asian Games mens hockey after a gap of 16 years
and also sealed a direct entry into the 2016 Rio Olympic
Games.
The Indian women squad contended with a bronze.
Kabaddi
The unhindered supremacy in the Asian Games kabaddi

competition continued after both mens and womens
teams successfully defended their respective gold medals
with hard-fought final triumphs over Iran. Defending
champions India staged a late comeback to edge Iran 2725 in the mens kabaddi final to retain their gold medal at
the 17th Asian Games. The five-time world champions
India men have won the gold medal with ease on the six
previous occasions at Asian Games since kabaddi was
introduced in the 1990 Games at Beijing.
The Indian womens kabaddi team notched up its second
successive gold medal at the Asian Games, beating Iran
31-21 in the summit clash. India thus maintained their
supremacy in womens kabaddi, which made its Asiad
debut in the previous edition in Guangzhou.
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Motor Sports
Others
Shooting
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The 27-year-old showed steely grit to get the better of a

strong field, which included two-time Olympic champion
Jin Jongoh of South Korea, to snatch the gold off the
final shot in a straight duel with Vietnamese rival Nguyen
Hoang Phuong. It was Indias first gold medal at Asian
Games 2014.
Squash
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Saurav Ghosal combined with Harinder Pal Singh

Sandhu to help India beat Malaysia 2-0 and win the mens
team gold medal, the first in squash in the continental
games at Incheon, South Korea.
Tennis
The 17th Asian Games Incheon, 2014 were held in Incheon,

South Korea from 19 Sep to 4 Oct 2014, featuring 439
events in 36 sports. It is officially called XVII Asiad. It is
governed by the Olympic Council of Asia (OCA).
The theme of the 2014 Asian Games was Meet Asias
Future.
The mascot of the Asian Games Incheon 2014 was three
spotted Harbour Seal siblings named Barame, Chumuro
and Vichuon meaning wind, dance and light respectively
in Korean language.
The logo of the Asian Games Incheon, 2014 portrayed a
huge wing consisting a string of As.
The slogan of the Asian Games Incheon 2014 was
Diversity Shines Here that represents and highlights the
significance of Asias wonderful diversity in history,
cultures and religions.
World sports powerhouse China topped the medals table
for the ninth time with another staggering haul of 342
medals, which included 151 gold.
India finished eighth in the medals table with a total haul
of 57, comprising 11 gold, 10 silver and 36 bronze, which
is 8 less than the 65 medals (14 gold, 17 silver and 34
bronze). India won at the Guangzhou Games four years
ago.
Athletics and shooting bagged the most number of
medals for India at Incheon 13 and 9 respectively.
The Samsung award for the Most Valuable Player was
won by Japanese swimmer Kosuke Hagino, who won
four individual gold medals.
The torch and flag of the first Asian Games, held in New
Delhi in 1951, and the OCA flag were handed over to the
peoples representatives of the next (18th) Games in 2018
to be held in Jakarta, Indonesia.
The National Academy of Athletics, under the auspices
of the Sports Authority of India (SAI), was inaugurated
by Union Sports Minister Sarbhanand Sonowal, at the
Lakshmibhai National College of Physical Education at
Kariavattom on the outskirts of the Keralas capital
Thiruvananthapuram. The Athletics Academy is the first
of its kind in the country.
The two wushu players Yumnam Sanathoi Devi and
Narender Grewal delivered two bronzes after they lost
their respective semifinal contests.
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Lewis Hamilton won the inaugural Russian Grand Prix

Formula One championship in Sochi. He led the race from
start to finish to take his ninth victory of the season, his
fourth in a row and the 31st of his career. His teammate,
Nico Rosberg, finished the race second, and the Mercedes
team thereby won the constructors title for 2014, with
three races left to go. It was Mercedes first constructors
title as a team.
SINCE 1993
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Veteran Indian star Leander Paes lifted the ATP Malaysian

Open title with new partner Marcin Matkowski. At Kuala
Lumpur, the fourth-seeded Indo-Polish pair rallied to beat
the second-seeded Briton-Australian combo of Jamie
Murray and John Peers in the summit clash.
Roger Federer defeated Frances Gilles Simon to capture
his fourth title of the year at the Shanghai Masters tennis
tournament. The Swiss star nearly exited the tournament
in his opening match when he had to save five match
points against Leonardo Mayer and later beat No. 1 Novak
Djokovic in the semifinals.
The second-seeded Indian pair overwhelmed the topseeded Chinese Taipei pair of Hao Ching Chan and Hsien
Yin Peng 6-4, 6-3 in the summit clash in 17th Asian Games.
Wrestling
Star wrestler Yogeshwar Dutt notched up gold medal and

bettered his 2006 edition bronze in style with a couple of
splendid bouts. In the summit clash he defeated
Zalimkhan Yusupov of Tajikistan to expectedly pick the
gold.
Archery
Atul Verma won for India its first Olympic archery medal,
a bronze, at the Youth Olympic Games at Nanjing. The
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23
boy from Barabanki (Uttar Pradesh) downed Turkeys

Mete Gozoz in the play-off. The gold went to Korean Lee
Woo Seok.
Badminton
Meghalayas Edward Mawthoh bagged a bronze medal

at the World Kickboxing Championships 2014 held in
Italy. He competed in the 48kg category of the Under-16
full-contact sports.
Motorsports
The Mercedes driver Lewis Hamilton won the Singapore

Grand Prix. It is his seventh win of the season. Sebastian
Vettel and Daniel Ricciardo occupied second and third
place respectively.
Shooting
The Indian shooter Shweta Chaudhry gave India first

medal by clinching bronze in the Womens 10m Air Pistol
Finals, on the opening day of the 17th Asian Games at the
Ongnyeon International Shooting Range. She sailed
through even after her much-fancied teammates Heena
Sidhu and Malaika Goel failed to make the finals cut. The
World No.146 had a topsy-turvy ride in the finals as she
led the standings after 3 shots but soon slipped to sixth
and then improved to third.
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Young Indian shuttler HS Prannoy clinched the maiden

title of his career after winning the Indonesian Masters
Grand Prix Gold, following his straight-game victory over
local favourite Firman Abdul Kholik in the finals played
at Palembang, Indonesia.
Indias ace shuttler PV Sindhu suffered a heart break at
the World Badminton Championship as she had to settle
for a second consecutive bronze medal after succumbing
to Carolina Marin of Spain in straight games at the
semifinals, in Copenhagen. The 19-year-old thus became
the first badminton player from India to win two bronze
medals at the World Championship. Badminton legend
Prakash Padukone had won the mens singles bronze
in1983, while Jwala Gutta and Ashwini Ponnappa won
bronze in womens doubles in 2011.
Spains Carolina Marin beat Chinese world number one
Li Xuerui to win the womens singles title at the
Badminton World Championships in Copenhagen.The
21-year-old ninth seed recovered from dropping the
opening game to the top seed and Olympic champion to
complete an incredible victory and earn her country its
first-ever major title in the sport.
Kickboxing
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SINCE 1993
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Hockey
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The uncertainty over Indias participation in the Sultan

of Johor Cup mens junior hockey tournament is over.
The Sports Authority of India (SAI), after much dillydallying, has finally approved the national camp to be
held from Sep 13 to Oct 9. India are the defending
champions in the Sultan of Johor Cup to be held in Johor
Bahru, Malaysia from Oct 10 to 20.
Kabaddi
The inaugural edition of the Pro Kabaddi League (PKL),

the eight-city franchise-based league, concluded recently.
Bollywood actor-producer Abhishek Bachchans
franchise Jaipur Pink Panthers won the final match
against Ronnie Screwvala-owned franchise U Mumba in
an enthralling final. This sports event was the secondmost viewed sporting tournament in the country after the
annual Twenty20 tournament Indian Premier League. The
next instalment of the PKL is scheduled for Mar 2015.
24
Ace Indian shooter Jitu Rai clinched a historic gold in the

50m Pistol on the opening day of the 17th Asian Games
at the Ongnyeon International Shooting Range. Fresh
from his 50m Pistol silver in the World Championships,
the Lucknow-based shooter completed a grand double
as he had won a gold in the Commonwealth Games in
Glasgow earlier this year. The Uttar Pradesh Chief Minister
Akhilesh Yadav has announced a cash reward of Rs. 50
lakh for shooter Naib Subedar Jitu Rai for winning gold
medal.
Tennis
Maintaining her rich vein of form in the current season,
Indian tennis ace Sania Mirza and her Zimbabwean partner
Cara Black bagged the womens doubles title at the WTA
Pan Pacific Open with a victory over Spains Garbine
Muguruza and Carla Suarez Navarro.
2014 US Open
Mens singles: In the mens singles title clash, Marin
Cilic defeated Kei Nishikori of Japan, who stunned
world number one Novak Djokovic to become Japans
first Grand Slam singles finalist at the US Open.
Womens singles: Serena Williams defeated Caroline
Wozniacki in the womens singles final of the US Open
tennis tournament. She became the first woman since
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SINCE 1993
em
The 60th National School Games will be organised in Nov

this year in the state of Punjab. It will be held in six
sporting disciplines, in which around 4,000 sports persons
from across the country are likely to participate. The Games
will be organised in two phases. The events include
Handball Under-19 (boys and girls), Boxing Under-14 and
Under-17 (boys) and National Style Kabaddi Under-19
(boys and girls), which will be held at Sri Anandpur Sahib.
In the second phase, Dodgeball Under-19 (boys and girls)
and Circle Style Kabaddi Under-17 and Under-19 (boys)
will take place at Bhatinda.
The Second Youth Olympic Games were played Aug 1628 in Nanjing, China. The First YOG was played in
Singapore in 2010.
The Third Summer Youth Olympic Games will be held in
Buenos Aires in 2018.
The sports programme is based on the Olympic
Games, with 28 sports featured on the summer
programme and seven on the winter programme.
The Youth Olympic Games aim to bring together
talented young athletes aged 15 to 18 from around
the world.
Just like the Olympic Games, the Youth Olympic Games
are held every four years.
The first winter edition was held in Innsbruck,
Austria in 2012 and the second Winter Youth Olympic
Games will be held in Lillehammer, Norway, in Feb
2016.
The name of the Nanjing 2014 mascot was Lele,
which means happiness in Mandarin.
India had won eight medals six silver and two bronze
in the inaugural Youth Olympics in 2010 in Singapore.
China topped the medals table of this game this year
with 38 gold and a total of 65 medals, followed by
Russia, US, France and Japan for the first five spots.
The International Basketball Federation (FIBA) has said
that players will be allowed to wear religious head
coverings, such as hijabs or turbans, on a trial basis.
Earlier, two Sikh players of the Indian team were asked to
remove their turbans before the start of their Fiba Asia
Cup campaign in China in Jul. The match officials had
told the players that they were breaking the FIBA rules
and were not allowed to play with turbans.
After giving provisional recognition to Boxing India, the
sports world body permitted Indian pugilists to take part
in the Asian Games under the national tricolour.
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Chris Evert in the 1970s to win three consecutive titles at

the tournament.
Mens doubles: Top-seeded Mike Bryan and Bob Bryan
beat the 11th-seeded team of Marcel Granollers and Marc
Lopez to secure their fifth mens doubles title at the United
States Open and their 16th in a Grand Slam.
Womens doubles: The Russian pair of Ekaterina
Makarova and Elena Vesnina won their second Grand
Slam womens doubles title, defeating Martina Hingis and
Flavia Pennetta.
Mixed doubles: Indian tennis ace Sania Mirza clinched
her third mixed doubles Grand Slam title as she and her
partner Bruno Soares won the mixed doubles title of the
US Open in New York. The top-seeded Indo-Brazilian pair
defeated Abigail Spears from the USA and Santiago
Gonzalez from Mexico.
Weightlifting
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Weightlifter Ragala Venkat Rahul bagged Indias first

medal in the second Youth Olympic Games by winning a
silver in the mens 77kg category in Nanjing, China. He
lifted 141 kg in snatch, followed by 175 kg in clean and
jerk to finish with a total of 316 kg. This was his personal
best performance in the total lift. This was also the first
medal for India in weightlifting in Youth Olympic Games.
Indian Armys Lt Colonel Sudhakar Jayant completed a
hat trick of titles after clinching the gold medal for the
third time at the IWF World Masters Weightlifting
Championships in Copenhagen, Denmark. Competing in
62kg weight category, the 45-year-old Indian lifted a total
of 185kg.
North Koreas Om Yun Chol has set a world record in the
clean and jerk, lifting 170 kilograms in the mens 56kilogram class at the 17th Asian Games. Om, the 2012
Olympic champion and 2013 world champion, beat his
own world record. Om also had a combined total of 298
kilograms to mark an Asian Games record after lifting 128
kilograms in the snatch.
Others
The Centre will launch a National Sports Talent Search

scheme to groom young sportspersons between 8 and 12
years. Union Minister of State for Sports and Youth
Affairs, Sarbanand Sonowal, said that the main purpose
of the scheme was to prepare sportspersons for the 2020
Olympic Games.
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25
Awards
em
identification and nurturing of budding/young talent);

Guru Hanuman akhara (establishment and management
of sports academies of excellence); Child Link Foundation
of IndiaMagic Bus (other forms of sports activities not
covered in the categories mentioned in the schemes).
British Deputy Prime Minister Nick Clegg announced an
award in memory of the legendary Indian businessman
and freedom-fighter, Dadabhai Naoroji. The award will be
given annually to individuals promoting partnership
between India and UK in domains like commerce,
education and culture.
The prestigious Rajiv Gandhi National Quality Awards
for the year 2012 were announced by the Union Minister
for Consumer Affairs, Food and Public Distribution Ram
Vilas Paswan on 26 Aug 2014. The awards are given by
the Bureau of Indian Standards (BIS).
ad
Jawaharlal Nehru University (JNU) professor Priyadarsi

Mukherji has been honoured by China this year in
recognition of his long-term contribution to the translation
and publication of Chinese works. He was among the 10
award winners of the 8th Special Book Awards of China.
Noted Odia writer Prof Jitendra Narayan Dash, popularly
known as Dash Benhur, has been selected for the
prestigious Central Sahitya Akademis Bal Puraskar for
this year. He will receive the award for his notable
contribution to childrens literature. He is the author of
more than 100 books, including 15 collections of short
stories. Poet Narendra Bhoi of Odisha will receive Central
Sahitya Akademis Yuva Puraskar for this year for his
book of poems Pida Parba.
Top sportspersons from various disciplines and eminent
coaches were honoured by President Pranab Mukherjee
at the 2014 National Sports Adventure Awards function
at the Durbar Hall, Rashtrapati Bhawan. No sportsperson
was recommended for the highest sports award in India,
Rajiv Gandhi Khel Ratna award.
SINCE 1993
The awardees
Arjuna award: Abhishek Verma (archery), Tintu Luka
(athletics), HN Girisha (para-athletics), V Diju
(badminton), Geethu Anna Jose (basketball), Jai Bhagwan
(boxing), R Ashwin (cricket), Anirban Lahiri (golf), Mamta
Pujari (kabaddi), Saji Thomas (rowing), Heena Sidhu
(shooting), Anaka Alankamony (squash), Tom Joseph
(volleyball), Renubala Chanu (weightlifting), Sunil Kumar
Rana (wrestling).
Dronacharya award: Mahabir Prasad (wrestling); Lifetime
achievement: N. Lingappa (athletics), G. Manoharan
(boxing), Gurcharan Singh Gogi (judo), Jose Jacob
(rowing).
Dhyan Chand award: Gurmail Singh (hockey), KP Thakkar
(swimming-diving), Zeeshan Ali (tennis).
Tenzing Norgay Awards: Land adventure: Subedar Jagat
Singh, Passang Tenzing Sherpa; Air adventure: MWO
Surender Singh; Lifetime achievement: Wg Cdr (retd) Amit
Chowdhury.
Maulana Abul Kalam Azad Trophy: Punjabi University,
Patiala.
Rashtriya Khel Protsahan Puraskar: Oil and Natural Gas
Corporation (employment of sportspersons and sports
welfare measures); Jindal Steel Works (community sports
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26
Winners in Different Categories

Best of All Award: Rail Wheel factory (Ministry of
Railways), Bengaluru
Large-scale service industries: Tata Business Support
Services Limited, Hyderabad
Large-scale manufacturing industries: Sakthi Masala
Pvt Ltd, Erode, Tamil Nadu
Small-scale manufacturing industries: Elin Appliances
Pvt Ltd, Solan, Himachal Pradesh
The restoration of Esplanade House, the grand private
residence of industrialist Jamsetji Tata and built in 1885,
won award at the 2014 Unesco Asia-Pacific Awards for
Cultural Heritage Conservation.
Indian scientist Kamal Bawa, a distinguished professor
of biology at the University of Massachusetts in Boston,
has won the 2014 Midori Prize in Biodiversity for his
research, including in climate change in the Himalayas.
Nobel Prize 2014

Physics: Isamu Akasaki, Hiroshi Amano and Shuji
Nakamura (All the three from Japan) for the invention
of efficient blue light-emitting diodes which enabled bright
and energy-saving white light sources.
Chemistry: Eric Betzig (US), William E Moerner (US)
and Stefan Hell (Germany) for the development of superresolved fluorescence microscopy.
Physiology or Medicine: John OKeefe (BritishAmerican), Edvard I Moser (Norway) and May-Britt
Moser (Norway) for their discoveries of cells that
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SINCE 1993
2014 Man Booker Prize
ad
The worlds most coveted literary prize, the Man Booker

2014 has been given to Australian novelist Richard
Flanagan, who won the prestigious literary prize for his
work The Narrow Road to the Deep North that tells the
story of prisoners of war on the Burma railway.
Earth, Atmosphere, Ocean and Planetary Sciences:

Sachchida nand Tripathi
Engineering Sciences: S Venkata Mohan, Soumen
Chakrabarti
Mathematical Sciences: Kaushal Kumar Verma
Medical Sciences: Anurag Agrawal
Physical Sciences: Pratap Raychaudhuri, Sadiqali Abbas
Rangwala
CSIR Award for S&T Innovations for Rural Development
2013 has been conferred upon CSIR-Centre for Cellular
& Molecular Biology (CSIR-CCMB), Hyderabad and
Directorate of Rice Research, ICAR, Hyderabad for
development and deployment of an improved Samba
Mahsuri rice variety, which is bacterial blight-resistant,
high-yielding and possesses fine-grains.
CSIR Diamond Jubilee Technology Award 2014 has been
conferred upon Avra Laboratories Pvt. Limited,
Hyderabad for development and commercialization of
Irinotecan a unique drug for colorectal cancer.
Indian-origin Singaporean poet and writer KTM Iqbal will
be awarded Cultural Medallion, the countrys highest
cultural award by the President.
Anoop Jain was named recipient of the 2014 Waislitz
Global Citizen Award for his exemplified values of a
Global Citizen through his work in founding Humanure
Power (HP) in Bihar in 2011 that builds community
sanitation facilities in rural India.
Sanjaya Rajaram, an eminent Indian scientist, has been
awarded the World Food Prize in recognition of his
significant contributions to global wheat production.
Indian-origin South African academic Leila Patel has been
named the African countrys one of the top women
researcher in the annual Women in Science Awards hosted
by the Ministry of Science and Technology there.
These annual awards recognise the work of those
women who are involved in full-time research leading to
a masters or doctoral degree in areas in which the
participation of women in traditionally low.
em
constitute a positioning system in the brain.

Literature: Patrick Modiano (France) for the art of
memory with which he has evoked the most ungraspable
human destinies and uncovered the life-world of the
occupation.
Peace: Kailash Satyarthi (India) and Malala Yousafzai
(Pakistan) for their struggle against the suppression of
children and young people and for the right of all children
to education.
Economic Sciences: Jean Tirole (France) for his analysis
of market power and regulation
Ac
Indian cop wins UN award

Inspector Shakti Devi of the Jammu and Kashmir Police
has been named recipient of a prestigious international
female peacekeeper award by the UNs police division for
her exceptional achievements in her duty with the UN
mission in Afghanistan, including her efforts towards
helping victims of sexual and gender-based violence.
Bollywood superstar Shah Rukh Khan was presented with
the Global Diversity Award 2014 for his outstanding
achievements in the field of cinema and his involvement
in philanthropic endeavours.
Renowned Hindi author Govind Mishra was conferred
the Saraswati Samman for his novel Dhool Paudhon
Par published in 2008 at a function in New Delhi.
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Shanti Swarup Bhatnagar Award 2014

Paramvir Singh Ahuja, Director General, Council for
Scientific & Industrial Research (CSIR), has announced
the prestigious Shantri Swarup Bhatnagar Awards for the
Year 2014.
The Awardees are:
Biological Sciences: Roop Mallik
Chemical Sciences: Kavirayani Ramakrishna Prasad,
Souvik Maiti
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27

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Indias Premier Banking / SSC Institute

Indias Premier Banking / SSC Institute

Indias no-frill airline IndiGo has placed orders for 250

In the fourth bi-monthly monetary policy review on 30

1 lakh, the bank will provide unlimited access to all

Bank of India (RBI) governor Raghuram Rajans backing

Indias Premier Banking / SSC Institute

The National Pharmaceutical Pricing Authority (NPPA)

The Finance Ministry has asked public sector banks to

Indias Premier Banking / SSC Institute

The govt is considering a proposal to merge the Forward

The Insurance Regulatory and Development Authority

Indias Premier Banking / SSC Institute

Amazon founder Jeff Bezos recent visit to India is finally

The govt has said it has begun the process of reviving

Anil Ambani-owned Reliance Powers agreement to buy

Steel Products, and Hindustan Cables. The Heavy

inflow of new technology and capital, while creating

Prime Minister Narendra Modi plans to roll out the Goods

& Industry Minister Nirmala Sitharaman has said. India

According to a revised draft of the Constitution

Indias Premier Banking / SSC Institute

The International Cricket Council (ICC) has jointly

India will stick to its position on the food security issue

Continuing decline in food prices, including vegetables,

Indias Premier Banking / SSC Institute

accounts in the latest sign of how technology is seeping

The Competition Commission of India (CCI) has imposed

In its twice-a-year South Asia Economic Focus report,

IndiGo has signed a $2.6-bn deal with Industrial and

The Reserve Bank of India (RBI) said its surplus (profit)

multiple persons who conspired to perpetrate widespread

The apex bank allowed banks to approve even those

Indias Premier Banking / SSC Institute

funds they transfer to individual beneficiaries under the

nations, especially when it comes to access to credit.

Indias Premier Banking / SSC Institute

In its biggest-ever crackdown on a large-scale illicit money

The Insurance Regulatory and Development Authority

The real-estate major DLF has been directed by the

The finance ministry has put out draft rules, Forward

defence sector. The move is aimed at boosting domestic

Indias Premier Banking / SSC Institute

The govt approved the sale of shares in Coal India, ONGC

The Supreme Court cancelled all coal blocks allocated

The govt notified increase in foreign direct investment

Indias Premier Banking / SSC Institute

The Commission for Agricultural Costs and Prices

The govt will initially spend Rs. 69,524 cr on various IT

30 years as revealed by the US govt recently, reflecting a

The Textiles Ministry signed an MoU with the leading

The United Bank of India (UBI) declared Kingfisher

The first ever National Mental Health Policy was launched

Under the scheme, each MP will take the

Indias Premier Banking / SSC Institute

Indias Premier Banking / SSC Institute

be implemented over 5 years starting from 2 Oct 2014

The second committee will be headed by the rural

The Centre has given six more months to state govts to

Prime Minister Narendra Modi has announced an interim

and Factory Act 1948. The state cabinet okayed this

The deadline for state govts to implement the food

Indias Premier Banking / SSC Institute

Indias Premier Banking / SSC Institute