Current affairs Jan 2014

ISRO Launches GSLV- D5 Successfully

 Powered by an indigenous cryogenic engine,
 Launched from the Satish Dhawan Space Centre in Sriharikota.
 The rocket successfully injected GSAT- 14 communication satellite.
 The cryogenic engine is built by ISRO
 India is 6th country after US, Russia, Japan, China & France to succeed in developing cryogenic
engine,
POSCO
 South Korean industrial giant POSCO has won environmental clearance to build Rs 52,000 crore
steel plant in Odisha,
 It would involve the largest- ever foreign direct investment in India.
 The approval came after the steel plant was delinked from the port project.
 Steep plant will have an annual production capacity of 12 million tone.
Government Provides Minority Status to Jains
PM Lays Foundations of Largest Nuclear Power Plant
 2800 MW nuclear plant
 at Gorakhpur village in Fatehabad district of Haryana.
Govt. Moves to Roll out Shariah Mutual Fund
 Based on Islamic finance principles that skips charging of interest, prohibited in Islam.
 floated by the State Bank of India.
 The fund will also be utilized to finance Haj.
Polio
 India on January 13, 2014 declared itself a polio- free country for the third consecutive year without
a single new case of the disease
 India is ready for the March- end- review by WHO to declare the entire south- east Asia region
polio- free.
Bangladesh Polls:
 Sheikh Hasina Wins
Bangladesh president is Abdul Hamid
Jind and Karnal Included in the National Capital Region (NCR)
 The total number of cities in the NCR zone has gone up to 21.
Madhya Pradesh Gets ‘State of the Year’ Award
 For achieving the ‘fastest’ growth among all states of India.
Aberviations
 NCAER- National Council of Applied Economic Research
 NGT- National Green Tribunal
“Times” ranking of the most admired person
 Microsoft founder Bill Gates has been named the most admired person on the planet
 Sachin Tendulkar is ranked fifth.
Bengali Celluloid Queen Suchitra Sen Passes Away
 Acted in seven Hindi films e.g. ‘Devdas’ ‘Bombai Ka Babu’ and ‘Aandhi’
 She turned down Dada Saheb Phalke Award.
Justice A.K. Ganguly
 Resigned as Chairman of West Bengal Human Rights Commission.
 He faces charges of sexually harassing a law intern.
FIFA Awards 2013:
 Cristiano Ronaldo wins FIFA Ballon d’Or Award
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59 Idea Filmfare Awards 2013
 Filmfare Lifetime Achievement Award went to renowned actress Tanuja.
 Best Film Bhaag Milkha Bhaag
  Best Actor (Male) Farhan Akhtar Bhaag Milkha Bhaag
 Best Actor (Female) Deepika Padukone Goliyon Ki Raasleela, Ramleela
 Best Director Rakeysh Omprakash Mehra Bhaag Milkh Bhaag
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71 Golden Awards
Best Drama Film 12 years a Slave
Best Comedy or Musical Film American Hustle
Best Actor (Drama Film) Matthew McConaughey (Dallas Buyers Club)
Best Actress (Drama Film) Cate Blanchett (Blue Jasmine)
Best Foreign Language Film the Great Beauty (Italy)
th
56 annual Grammy Awards
 Album of the Year- Random Access Memories, Daft Punk.
Padma Awards 2014
 127 people from different fields have been selected for the award including two Padma Vibhushan.
Padma Vibhushan
1. Dr. Raghunath A. Mashelkar, Science and Engineering, Maharashtra
2. Shri B.K.S. Iyengar,Yoga Maharashtra
Padma Bhushan
1. Shri Ruskin Bond
2. Shri Kamal Hassan
3. Shri Leander Paes
4. Dr. (Smt.) Neelam Kler, Medicine- Neonatology
Padma shri
1. Shri Paresh Rawal
2. Ms. Vidya Balan
3. Prof. Amod Gupta – Opthalmology
The Hundred Names of Darkness
 A book written by Nilanjana Roy Aleph
Corey Anderson Hits the Fastest ODI Century
 Belongs to New Zealand
Churchill Brothers Wins Federation Football Cup
France Wins Hopman Cup for Tennis
Australian Open 2014
 The first Grand Slam of the year was organized in January 2014 in Melbourne.
 Women’s Singles won by Li Na (china)
 Men’s Singles won by Stanislas Wawrinka (Switzerland)
Shashi Tharoor
 named the ‘Person of the Year’ by the People for the Ethical Treatment of Animals (PETA)
Journalist Cyrus Mistry
 He has been awarded the prestigious DSC prize for South Asian Literature for 2014 for his book
‘Chronicle of a Corpse Bearer’.
Dubai Sets New World Record in Fireworks Display on the New Year’s Eve.
Liquefied Natural Gas (LNG) terminal
 opened at Kochi
Gorakhpur
 Gorakhpur Railway Station has been certified as world’s longest railway platform by Limca Book of
Records.
Latvia
 Latvia officially joined the Eurizone on January 1, 2014 making the 18 th member of the Eurozone.
Nachiket Mor Committee’s Report
Committee was on “Comprehensive Financial Services for Small Businesses and low Income Households”
Major highlights are:
 SLR should be gradually abolished
  A Separate category of banks should be created to cater to small business and low-income
households with a minimum entry capital requirement of Rs. 50 crore — 1/10th of the currently
mandatory Rs. 500 crore.
 Banks should provide facilities for withdrawal, payment and deposit within 15 minutes walking
distance anywhere in the country.
 Every resident Indian over the age of 18 years should have a Universal Electronic Account by
January 1, 2016 i.e. Universal Electronic Bank Account (UEBA).
 The priority sector lending cap should be increased from the current 40% to 50%.
 Interest subsidies and loan waivers should be abolished
 60% of the population does not have a functional bank account.
 2 types of banks: national banks and other banks
 Other banks will be
1. Wholesale consumer banks
2. wholesale investment banks
3. payment banks.
 Existing banks should be permitted to create a payments bank as a subsidiary.
 Postal bank will work as a payments bank.
Chhatrapati Shivaji International Airport
 PM Manmohan singh inaugurated Terminal 2 or T2 of the Chhatrapati Shivaji International Airport.
 This giant Terminal can welcome the A380, the world’s biggest commercial aircraft.
 This Terminal has been constructed by GVK Group under PPP model.
Sodhi Committee submits Report on Insider Trading Regulations
Corruption Perception Index 2013
 Published by the global organization Transparency International (TI).
 Somalia is the most corrupt nation.
 Denmark and New Zealand are the least corrupt
 India is placed at 94th position
World economic Situation and Prospects 2014 (WESP) report
 Global economy is expected to grow at a pace of 3.0 per cent in 2014 and 3.3 per cent in 2015,
compared with an estimated growth of 2.1 per cent for 2013.
 The euro area has finally ended a protracted recession.
 Growth in the United States strengthened.
 A few large emerging economies, including India and China, managed to backstop the deceleration
they experienced in the past two years.
 Employment situation will continue to be challenging.
 International capital flows to emerging economies are expected to become more volatile.
Employees Provident Fund Organisation (EPFO)
 It has announced a rise in interest rate on provident fund (PF) deposits to 8.75 per cent for 2013-14.
 The interest rate on PF deposits in the previous financial year was 8.5 per cent.
RBI- Inflation Indexed National Savings Securities (IINSS)
 Duration is 10 years
Govt. Notifies New Gas Price Mechanism
 The new gas pricing mechanism has been suggested by a panel headed by C. Rangarajan.
Milk ATM
 Amul has launched the country’s first milk ATM.
 The vending machine has been installed at the Amul Dairy gate at Anand in Gujarat.
 The ATM named Any Time Milk.
 The milk costs Rs 10 per poch.
 move is aimed to help daily workers, street vendors or construction workers who return from their
work late evening.
 Each machine is managed by a differently abled person.
Government Launches New Health Programme for Adolescents
 Named Rashtriya Kishore Swasthya Karyakram (RKSK)
 The programme will comprehensively address all health needs of adolescents.
 The scheme is for boys and girls, both.
 Lifestyle and behaviour- related diseases are also included.
 Strategy: RMNCH+A stands for (Reproductive, Maternal, New born, Child Health + Adolescent).
 Emphasis on 6 ‘Cs”:
 Coverage
 Content
 Communication
 Counseling
 Clinics
 Convergence
 As per RKSK programme, a person within 10-19 years of age is an adolescent.
UN Conference on Trade and Development (UNCTAD) report for 2013.
 India ranking among top 20 attractive global destinations slipped one notch to 16 in 2013.
Indian rupee to be legal tender in Zimbabwe.
 Zimbabwe abandoned its local currency, the Zimbabwean dollar, in 2009 after hyperinflation,
 It introduced a basket of foreign currencies dominated by dollar.
Pravasi Bharatiya Divas
 It is celebrated in India on 9 January each year to mark the contribution of the overseas Indian
community to the development of India.
 The day commemorates the return of Mahatma Gandhi from South Africa in Bombay on January 9,
1915.
 It is sponsored by the Ministry of Overseas Indian Affairs
 The Theme for this year is Engaging Diaspora: Connecting Across Generations.
 Malaysia's Minister of Natural Resources and Environment D. S. Palanivel will be the chief guest.

 Janet Yellen is the first woman to lead the US Federal Reserve.

 R. Chandrashekhar was appointed as President of National Association of Software and service
companies (NASSCOM). Chandershekhar succeeded Som Mittal.
 Ela Gandhi was honoured with Amadelkufa in South Africa for her lifetime contribution to the
freedom struggle of south Africa.
 Expert committee constituted by information and broadcasting ministry to review the institutional
framework of prasar bharti has submitted its report. The committee was headed by Sam pitroda.
 WHO reported that Pakistan is the only polio endemic country in the world.
 Japanese prime minister Shinzo abe will be the chief guest of 65th republic day parade
 U.K. based tesco plc became the first global retailer to get approval from the foreign investment
promotion board (FIPB) to enter the domestic multi- brand retail sector. Tesco’s plans for the
acquisition of 50 per cent stake in tata group firm “trent hypermarket ltd”.
 The reserve bank of india extended the time for issuance of inflation- indexed bonds to march 31.
2014, from the earlier date of December 31, 2013.
 An committee chaired by sudhir kumar has recommended that the central government may share
with the states 50 per cent of the cost of distribution of the foodgrains meant for the targeted
public distribution system (TPDS) under the recently passed national food security act (NFSA).
 MCX- SX got the approval of the market regulator SEBI to start trading in interest rate futures.
 SEBI made it compulsory for all investments into collective investment scheme(CIS) funds to be
made through banking channels, and not in cash.
 The service tax amnesty scheme has yielded around Rs. 7,700 crore. The voluntary compliance
encouragement scheme (VCES), to enable service tax defaulters to pay dues without penalty or late
payment charges closed on December 31, 2013.
  Centre allowed the establishment of rail tariff authority.
 Odisha has been selected as the best state for providing self employment to the urban poor under
swarna jayanti sahari rojgar yojana (SJGRY). Official sources said.
 Uttrakhand became the first state to adopt the provision of the lokpal act with the vidhan sabha
passing the uttrakhand lokayukta bill- 2014.
 South Koreans flooded banks and call centres to cancel credit cards following the unprecedented
theft of the personal data.
 The reserve bank of india (RBI) will establish a fund to be called, depositor education and
awareness fund, which would comprise unclaimed funds of depositors . The fund will be created by
taking over inoperative deposit accounts which have not been claimed or operated for ten years.
 portability of LPG connection scheme launched
 A university in the U.K. Cumbria University has become the first public varsity in the world to allow
students to play their tuition fees with the digital currency Bitcoin.
 Asia’s biggest botanical garden will come up in Naya Raipur with the Chhattisgarh government
initiating work on the ecotourism project .
 State Bank of India launched of its channel on popular video sharing website Youtube .
 Actor Aamir Khan’s show Satyamev Jayate is back.
 Country’s first Monorail finally made its debut in Mumbai
 Government raised the LPG cylinders quota to 12 cylinders per household in a year from nine at
present .
 The term of the 14th Finance Commission led by former RBI Governer YV Reddy is likely to be
extended by at least three months to enable it to submit its report by the end of this year.
 India has been ranked 155 out of 178 countries on the 2014 Environmental Performance Index
(EPI) released by the Yale University .
 sale of 5-kg cooking gas (LPG) cylinder at petrol pumps planned.
 India has slipped to eighth rank from the top spot in terms of business optimism. UAE topped this
list.
 Oriental bank of commerce became first bank which introduced the e-KYC (electronic know your
customer) facility, which instantly verifies a customer’s identity and address proof after the aadhaar
number is keyed in to the system.
 The world’s first bitcoin storage service elliptic vault that insures deposits of the digital currency
against hackers and accidental loss has opened in London

 India Inclusive Innovation Fund (IIIF)

o The National Innovation Council (NIC), in partnership with the Ministry of Micro, Small and
Medium Enterprises (MSME), launched the India Inclusive Innovation Fund (IIIF).
o IIIF is an impact investment fund that will invest in ventures catering to the country’s poor
o Will be registered under SEBI’s Alternative Investment Fund Category I guidelines
 Permanent Account Numbers (PAN)
o The procedure for PAN allotment process will undergo a change with effect from 2014.
o Applicants for Permanent Account Numbers (PAN) will have to produce original documents of
proof of identity, address and date of birth for verification at the time of applying.
 loans restructured by Non-Banking Finance
o The Reserve Bank of India (RBI) issued norms for loans restructured by Non-Banking Finance
Companies (NBFCs), to create a level-playing field between NBFCs and other commercial banks.
o The new norms are based on the recommendations of the Mahapatra committee.
o Presently, a majority of the NBFCs are not allowed to accept public deposits and most of their
funding needs are met by borrowing from commercial banks.
 Professor Dr. Tej Vir Singh won the 2013 UNWTO Ulysses Prize for Excellence in the Creation and
Dissemination of Knowledge in Tourism
 offshore IT and business process outsourcing services
 o India is the most preferred destinations
o The six Indian cities are among 8 top global destinations for outsourcing of services.
o In the list of world’s top 100 outsourcing destinations, top 8 outsourcing cities are located in
India and the Philippines.
 Mr. Arogyaswami Joseph Paulraj
o won the prestigious Marconi Society Prize 2014 for developing the theory and applications of
Multiple Input Multiple Output (MIMO) antennas.
o His idea for using multiple antennas at both the transmitting and receiving stations, which is at
the heart of the current high speed Wi-Fi and 4G mobile systems, has revolutionized high speed
wireless delivery of multimedia services
o Marconi Society Prize 2014 is also known as “Tech Nobel”
 Rail Tariff Authority (RTA)
o will advise the Railway Ministry on fares.
o The RTA is crucial for railways as it will recommend fare revision from time to time taking into
account input cost and volatile market condition.
o As per existing law, The RTA’s recommendations will not be mandatory for railways as only the
Railway Board can fix the tariff.
o RTA will be given mandatory powers only after the amendment of the Railway Act, 1989, in
Parliament
 National Food Security Act (NFSA) 2013
o Grains like wheat, rice and coarse grain will be distributed at the price of 3 Rs. 3, Rs. 2 and Rs. 1.
o Identified beneficiary will get 5 kg of grains.
o Pregnant women and lactating mothers and children are entitled to get meals under the
prescribed nutrition by MDM and ICDS. The age group would be 6 months to 14 years.
o NFSA 2013 will provide high nutrition food to the age group of 6 years.
o Pregnant women and lactating mothers will be entitled to get maternity benefit of not less than
Rs. 6,000.
o Working to empowering for women
o If an identified beneficiary is poor of the poorest , he will get 35 kg under Annapurna scheme
 Urjit R Patel Committee
o Expert Committee to Revise and Strengthen the Monetary Policy Framework,
o headed by RBI Deputy Governor Urjit R Patel
o Recommendations of the Urjit R Patel committee are:
1. RBI should adopt the new Consumer Price Index (CPI) for anchoring the monetary policy.
2. Set the inflation target at 4% with a band of +/- 2% around it.
3. Monetary policy decision making should be vested in a Monetary Policy Committee (MPC)
that should be headed by the Governor.
4. The two schemes- Dependence on Market Stabilisation Scheme (MSS) and Cash
Management Bills (CMBs) may be discontinued and the government debt and cash
management must be taken over by the government’s Debt Management Office.
5. All fixed income financial products should be treated on par with the bank deposits for the
purposes of taxation and TDS.
6. Detachment of Open Market Operations (OMOs) from the fiscal operations and instead
linked solely to the liquidity management.
7. OMOs should not be used for managing yields on government securities.
 Thailand: Protesters accused PM Yingluck Shinawatra, of being a puppet of her elder brother, former
PM Thaksin Shinawatra. The protesters want to overthrow Yingluck’s democratically-elected
government and replace it with an unelected “people’s council”.
 Dexter
o Computer Emergency Response Team (CERT-India) detected a “black” private information
stealing virus in the Indian online banking transactions space.
 o The virus is especially more threatening for the users of credit cards who make payments at
the shopping counters.
o The virus named “Dexter, black POS, memory dump and grabber” can acquire false names
when infecting a system
o Recently, RBI has made it mandatory for debit card holders to punch in their PIN numbers
every time they use the card to minimize frauds. The order was passed following the spread
of Dexter virus of Trojan Family which was detected at the Point of Sale (POS).
 th
The 44 World Economic Forum (WEF) annual meeting was held at Davos, Switzerland in January
2014.
o Theme: ‘The Reshaping of the World: Consequences for Society, Politics and Business’.
 The Reserve Bank of India (RBI) set a panel to review governance of board of banks and examine ‘fit and
proper’ criteria for directors, including their tenure. The Committee will be chaired by former Axis Bank
Chairman P J Nayak.
 National Urban Health Mission (NUHM) launched in Bangalore, Karnataka.
o Centre will bear 80% of the cost of implement the programme.
o Objective: To provide adequate and efficient urban public health delivery system for the
urban poor. Also aims at giving more thrust to sanitation, clean drinking water, vector control
and other related issues.
 Mr. Hery Rajaonarimampianina has been declared as the President of Madagascar
 Amish Tripathi’s book The Immortals Of Meluha set for a Hollywood adaptation. He has written
three books collectively called the Shiva Trilogy
 Net Neutrality (or Internet neutrality) is the idea that broadband Internet Service Providers (ISPs) and
others, should treat everything that flows across the Internet equally e.g. no preference while searching
on a search engine
 With the US refusal to sign off on a higher quota for developing countries viz. India, etc in the
International Monetary Fund (IMF) has given the Indian government an opportunity to save Rs 14,000
crore that it had budgeted for this reform and could use it to support its fiscal deficit.
o The International Monetary Fund (IMF) is an organization of 188 countries.
o Quota formula is a weighted average of GDP (weight of 50 %), openness (30 %), economic variability
(15 %), and international reserves (5 %).
o Quotas are denominated in Special Drawing Rights (SDRs), the IMF’s unit of account.
o The largest member of the IMF is the United States,
 RBI’s Guidelines for New Bank Licenses:
o The business model of the applicant would be an important criterion for processing the
application and the model should provide for financial inclusion.
o Bank should have 49% caps on foreign holding in new banks.
o New banks are required to establish at least 25% of their branches in places with less than
10,000 populations.
o Existing NBFCs, if considered eligible, may be permitted to promote new banks or convert
themselves into banks.
o Private corporate and public sector entities must have 10 years experience to be eligible to
apply for new license.
o The initial paid-up capital for new banks has been set at Rs 500 crore.
o The Bimal Jalan panel is scrutinizing applications for new bank licences
 The Housing Start-Up Index (HSUI) is an index that tracks the number of houses being constructed
every year across the country.
o Union minister launched the housing start up index (HSUI) logo, web site and monitoring
system for the rajiv awas yojana.
o Joint initiative of Ministry of Housing and Urban Poverty Alleviation and the Reserve Bank of
India (RBI).
o The first phase of HSUI will cover 31 cities across the country.
 o The index will help the developers to determine the risk of building in a particular area, as it
will provide information about the construction activity happening across major cities.
o It is a good measure of consumer confidence.
o It can also help authorities to detect property bubbles in their early stage.
o The buyer/seller can compare the index price with the offer while deciding on a deal.
 In order to boost bilateral trade, India and Pakistan have agreed on a Non-Discriminatory Market
Access (NDMA) on reciprocal basis to each other, in place of the Most-Favoured-Nation (MFN).
 The Union Ministry of Defense (MoD) has, taken a decision to scrap INS Vikrant. The ministry has stated
that the ship has completed its operational life
 FIFA world ranking: Spain still FIFA’s No:1 ranked team
 The National Commodity Derivatives Exchange (NCDEX) launched an “innovative” gold contract
“GOLDHEDGE”
o It will give a transparent and straightforward price benchmark of the yellow metal to the
consumer
o The one-kg gold hedge contract provides a transparent platform for investors with exposure
to the international markets.
o This contract is the perfect solution to the distortion in prices created by fluctuating
demand-supply conditions,
 India and South Korea signed nine pacts to boost trade and investments
 Karnataka became the first state in the country to provide universal health coverage for tertiary
care to all the sections of society.
 newly launched health scheme Rajiv Arogya Bhagya, for Above Poverty Line families
o BPL families are already covered under health scheme through Vajpayee Arogya Sree
programme.
 The Reserve Bank of India (RBI) and Bank of Japan (BOJ) signed an agreement to enhance the maximum
amount of the Bilateral Swap Arrangement (BSA) between the two countries to $50 billion.
 Suresh Mathur committee : To study whether there is a case for raising the FDI limit in insurance
entities.
o Current Status: the FDI limit for these entities is 26 %
 Since 2011, India’s exports to China have decline by 20%. The fall in exports was largely due to curbs on
the export of iron ore, which had emerged as India’s single biggest export to China. In response to
India’s concerns on widening trade deficit, China has promised to open up its market to Indian IT and
pharmaceuticals.
 Trident Group became the first corporate to use Aadhaar Payment Bridge (APB) for payment of salaries
to its employees
 The Reserve Bank of India (RBI) has eased the norms for extending loans against gold jewellery as
collateral. It has decided to raise the Loan-To-Value (LTV) cap for loans against the collateral of gold
jewellery to 75 % from the present limit of 60%
 The market regulator, Securities and Exchange Board of India (SEBI) made it compulsory for all
investments into Collective Investment Scheme (CIS) funds to be made through banking channels, and
not in cash, to prevent any money laundering activities through such schemes.
 The RBI has chosen the Clearing Corporation of India Ltd. (CCIL) to act as a Local Operating Unit (LOU)
for issuing internationally compatible Legal Entity Identifiers (LEIs) in India.
o The LEI is a 20-character unique identity code assigned to entities which are parties to a
financial transaction.
 Ministry of Overseas Indian Affairs programme named “Know India Programme (KIP)” for young
Overseas Indians, with a view to provide them an exposure to the country of their origin (i.e. India) so
that they can understand India better
 Presidential gives assent to Lokpal and Lokayuktas Bill 2013
o A Lokpal consist of a Chairperson and a maximum of 8 members, of which 50% should be of
judicial members.
 o 50% of the total members of the Lokpal should be from SC/ST/OBCs, minorities and women
o Prime Minister within the ambit of the Lokpal
 CRISIL Inclusix, the financial inclusion index:
o financial inclusion gained momentum in India with a significant rise in new savings accounts,
increase in agriculture credit accounts and expansion of bank branches in deeper
geographies.
o India’s overall CRISIL Inclusix score has risen by 2.7% in financial year 2012
 Pushpa Kapila Hingorani, a lawyer who is known by the title ‘Mother of PIL’ for being the first women
to file a Public Interest Litigation (PIL) on behalf of under-trial prisoners in Bihar has passed away.
 The state of Assam decided to follow the ‘chaibagaan’ time instead of the Indian Standard Time (IST).
IST is calculated on the basis of solar time in Allahabad. Clocks in India are 5:30 hours ahead of
Coordinated Universal Time (UTC) The chaibagaan time or bagaan time – Introduced by British people
was set one hour ahead of the Indian Standard Time (IST)
 The FSLRC report contains 12 key proposals and these do not require legislative changes.
 RBI eases gold dore import norms; allows refineries to import 15% of their annual requirements in
first two months Before the next import, not more than 80% should be allowed to be sold domestically.
In August, the RBI had imposed curbs on gold imports and linked it with exports. Consequently, 20% of
every lot of gold imported had to be exclusively made available for exports and the balance for
domestic use.
 The Eurozone is an economic and monetary union (EMU) of 18 European Union (EU) member states
that have adopted the euro (€) as their common currency and sole legal tender.
 Bitcoin is a virtual currency that is unregulated by any central bank or government, but still works for
purchasing goods and services from retailers willing to accept it. It can also be traded on an open
market that fluctuates much like a stock market. Bitcoin is also called a “cryptocurrency” since it is
decentralized and uses cryptography to prevent double-spending
 PSU (Public Sector Unit) Oil India Ltd. has inked an agreement with Institute of Rural Management,
Anand (IRMA) to conduct a feasibility study for its plan to set up dairy production facility in Assam. The
project which has been named ‘Kamdhenu’ aims to set up big milk production centre in Upper Assam.
OIL wants to set up dairy production as part of a Corporate Social Responsibility (CSR) initiative.
 CSR or Corporate Social Responsibility is the obligation of the companies to spend 2% of their three- year
average annual net profit in philanthropic activities every year. The law was meant to be applicable for
all companies with
o a net worth of Rs 500 crore or more, or
o a turnover of Rs 1,000 crore or more, or
o a net profit of Rs 5 crore or more