11 Dec 2015

Dec 11

Beiging Emerges As a Bridge in Afgan Peace Talks

China has positioned itself as a credible bridge-builder between Kabul and Islamabad in order to advance the Afghan peace process. China’s readiness to back Afghanistan in reviving the stalled reconciliation process between the government and the Taliban

Why China interested ?

Analysts point out that two major factors are defining China’s abiding interest in the Afghan peace process aimed at reconciliation between the elected Afghan government and the Taliban.

First, the continuation of political fragility in Afghanistan — a recipe for sanctuaries of international terror groups, including militants from the East Turkestan Islamic Movement (ETIM) — can acutely destablise western China’s Xinjiang province and its peripheral areas.

Second, the strategic Gwadar to Kashgar Economic corridor, which would, for the first time, provide China an access to the Indian Ocean, could be endangered in case of poor political cohesion in Afghanistan.
For Beijing, the Pakistan-China economic corridor is of immense geopolitical value. Close to the oil fields of the Persian Gulf, it can provide an alternate energy transit route to the Malacca Straits, which is militarily dominated by the United States.

While Pakistan has been a traditional ally, China has been recently deepening its leverages in Afghanistan. Last month, China’s visiting Vice-President, Li Yuanchao, announced in Kabul Beijing’s intent to provide $237 million of aid over three years, apart from offering $78.9 million this year for the construction of residential buildings in the country.

China is also engaging Afghanistan in the Shanghai Cooperation Organisation (SCO), which is pillared on Beijing and Moscow, and is another major building block of the emerging Eurasia-centred political architecture. Already an observer at the SCO, Afghanistan is now seeking full membership of the grouping.


10 Dec 2015

Dec 10

Indian Vice President and Pakisthan Prime Minister to Meet in Turkeminsthan

Vice-President Hamid Ansari will travel to Ashgabat from December 11-13 for the inauguration of the $10-billion Turkmenistan, Afghanistan-Pakistan-India pipeline (TAPI) project, where he will meet with Pakistan Prime Minister Nawaz Sharif, and Afghanistan President Ashraf Ghani.

The inauguration will take place on December 13, with all three leaders hosted by Turkmen President Gurbanguly Berdymuhamedov.

TAPI Pipeline

  • Turkeministhan- Afganistha - Pakisthan - India  Pipeline 
  • A 10 billion Dollar Pipeline that will supply natural gas from Turkeministhan to Pakishthan, Afganisthan and India. 
  • Funded by Asian Development Bank and to be completed by 2020
  • The TAPI pipeline is expected to be completed by 2020, although operationalisation could take a few years more, and is expected to transport about 90 million standard cubic meters of gas per day
  • India’s share of 38 mmscmd would account for about 25% of its current gas requirements
  • The 1800-km pipeline project contract would provide energy to Afghanistan, Pakistan and India for 30 years, with Turkmengaz extracting the natural gas at a shared cost from the Galkynysh field, the world’s second-largest reservoir of natural gas.

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Indirect Tax Collection grow 34 % in April - November
Reflecting improvement in industrial activity, indirect tax collection jumped 34.3 per cent to Rs.4,38,291 crore during the first eight months of current financial year. The government had collected Rs.3,26,273 crore from indirect taxes during April-November period of last fiscal. So far, the collection is 67.8 per cent of budget estimates (BE) for 2015-16.

As per the Budget Estimate 2015-16, the government aims to collect Rs.6.46 lakh crore from indirect taxes — central excise, customs and service tax.

Indirect Tax

  •  A tax levied on goods and services rather than on income or profit
  • An indirect tax is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the customer). An indirect tax is one that can be shifted by the taxpayer to someone else. An indirect tax may increase the price of a good so that consumers are actually paying the tax by paying more for the products. The some important indirect taxes imposed in India are as under: 

                   Eg- coustoms , central tax, service tax


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Cabinet approves Real Estate (Regulation and Development) Bill, 2015 


         

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has approved the Real Estate (Regulation and Development) Bill, 2015, as reported by the Select Committee of Rajya Sabha. The Bill will now be taken up for consideration and passing by the Parliament.

The Real Estate (Regulation and Development) Bill is a pioneering initiative to protect the interest of consumers, promote fair play in real estate transactions and to ensure timely execution of projects.

The Bill provides uniform regulatory environment to ensure speedy adjudication of disputes and orderly growth of the real estate sector. It will boost domestic and foreign investment in the Real Estate sector and help achieve the objective of Government of India to provide ‘Housing for All’ by enhanced private participation.

The Bill ensures mandatory disclosure by promoters to the customers through registration of real estate projects as well as real estate agents with the Real Estate Regulatory Authority. The Bill aims at restoring confidence of consumers in the real estate sector; by institutionalizing transparency and accountability in real estate and housing transactions which will further enable the sector to access capital and financial markets. The Bill will promote orderly growth through consequent efficient project execution, professionalism and standardization.

Salient Features of Bill
  • Applicable both for commercial and residential real estate projects. 
  • Establishment of ‘Real Estate Regulatory Authority’ in States/UTs to regulate real estate transactions. 
  • Registration of real estate projects and real estate agents with the Authority. 
  • Mandatory disclosure of all registered projects, including details of the promoter, project, layout plan, land status, approvals, agreements along with details of real estate agents, contractors, architect, structural engineer etc.
  • Deposit of specified amount in a separate bank account to cover the construction cost of the project for timely completion of the project. 
  • Establishment of fast track dispute resolution mechanisms for settlement of disputes through adjudicating officers and Appellate Tribunal. 
  • Civil courts jurisdiction prohibited from taking up matters defined in Bill, however, consumer court allowed to hear real estate matters. 
  • Promoters barred from changing plans and design without consent of consumers. 
  • Provision of Appropriate Government to make rules for the matters specified in the Bill, and the Regulatory Authority to make necessary regulations. 




5 Dec 2015

Dec 5

Annual Hornbill festival from Dec 1 to 10 in Nagaland


Organized by the State Tourism and Art & Culture Departments, Hornbill Festival showcases a mélange of cultural displays under one roof. This festival usually takes place between the 1st and the 10th of December every year in Kohima.

Hornbill Festival is held at Naga Heritage Village, Kisama which is about 12 km from Kohima. All the tribes of Nagaland take part in this festival. The aim of the festival is to revive and protect the rich culture of Nagaland and display its extravaganza and traditions. 
The Festival is named after the hornbill, the globally respected bird and which is displayed in folklore in most of the state’s tribes. 

The week long festival unites one and all in Nagaland and people enjoy the colourful performances, crafts, sports, food fairs, games and ceremonies. Traditional arts which include paintings, wood carvings, and sculptures are also on display. Festival highlights include Traditional Naga Morungs Exhibition and sale of Arts and Crafts, Food Stalls, Herbal Medicine Stalls, Flower shows and sales, Cultural Medley - songs and dances, Fashion shows, Beauty Contest, Traditional Archery, Naga wrestling, Indigenous Games, and Musical concert.

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   World Soil Day - 5th December


The International Union of Soil Sciences (IUSS), in 2002, made a resolution proposing the 5th of December as World Soil Day to celebrate the importance of soil as a critical component of the natural system and as a vital contributor to human wellbeing.

Under the leadership of the Kingdom of Thailand and within the framework of the "Global Soil Partnership", FAO has supported the formal establishment of the World Soil Day as a global awareness raising platform. The FAO Conference, in June 2013, unanimously endorsed World Soil Day and requested official adoption at the 68th UN General Assembly. In December 2013, the 68th UN General Assembly declared 5th of December as the World Soil Day.
Since 2012, the FAO-GSP has been organizing celebration events of this important day.

Why world soil day ?
  • The World Soil Day campaign aims to connect people with soils and raise awareness on their critical importance in our lives
  • Soil is the basis for food, feed, fuel and fibre production and for services to ecosystems and human well-being. It is the reservoir for at least a quarter of global biodiversity, and therefore requires the same attention as above-ground biodiversity 
  • Soils play a key role in the supply of clean water and resilience to floods and droughts. The largest store of terrestrial carbon is in the soil so that its preservation may contribute to climate change adaptation and mitigation                      
  •  The maintenance or enhancement of global soil resources is essential if humanity’s need for food, water, and energy security is to be met
                                       
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4 Dec 2015

Dec 04

Bureau of Indian Standards Bill, 2015 passed by Lok Sabha


A Bill to extend the ambit of the Bureau of Indian Standards (BIS) to include services, processes and products while ensuring production of world class goods in line with the best global practices was passed by the Lok Sabha on Thursday.

The Bureau of Indian Standards Bill, 2015, adopted by a voice vote, proposes to make BIS a national standards body, introduce mandatory hallmarking of precious metal, prevent misuse of Standard marks and provide for recall of ISI marked products not conforming to relevant standards.

Once the Bill is approved by Parliament, the BIS would get the legislative backing to formally represent India abroad. At present, the BIS is not formally recognised as a national standards body of the country, though it has been representing India in various international bodies.

After becoming law, the bill will allow multiple types of conformity assessment schemes in tune with global best practices, said the statement of objects. The Bill will also empower the Centre to authorise any other agency having necessary accreditation for the purpose of conformity assessment against Indian standards.

Objectives: 

  • To establish the Bureau of Indian standards (BIS) as the National Standards Body of India; 
  • The Bureau to perform its functions through a Governing Council, which will consist of its President and other members; 
  • To include goods, services and systems, besides articles and processes under the standardization regime; 
  • To enable the Government to bring under the mandatory certification regime such article, process or service which it considers necessary from the point of view of health, safety, environment, prevention of deceptive practices, security etc. This will help consumers receive ISI certified products and will also help in prevention of import of sub-standard products; 
  • To allow multiple types of simplified conformity assessment schemes including Self Declaration Of Conformity (SDOC) against any standard which will give multiple simplified options to manufacturers to adhere to standards and get a certificate of conformity, thus improving the "ease of doing business";
  • To enable the Central Government to appoint any authority, in addition to the Bureau of Indian Standards, to verify the conformity of products and services to a standard and issue certificate of conformity; 
  • To enable the Government to implement mandatory hallmarking of precious metal articles; 
  • To strengthen penal provisions for better and effective compliance and enable compounding of offences for violations; 
  • To provide recall, including product liability of products bearing the Standard Mark, but not conforming to relevant Indian Standards; and
  • Repeal of the BIS Act, 1986. 


Bureau of Indian Standards (BIS) :



Bureau of Indian Standards (BIS), the National Standards Body has been successfully promoting and nurturing standards movement within the country since 1947. BIS came into existence on 01 April 1987 through an Act of Parliament dated 26 November 1986. It took over the staff, assets, liabilities and functions of the erstwhile Indian Standards Institution (ISI) with an enlarged scope and enhanced powers for harmonious development of activities of standardization, marking and quality certification of goods and for matters connected therewith or incidental thereto.

BIS is involved in various activities as given below :

  • Standards Formulation
  • Certification : Product, Hallmarking and Systems
  • Foreign Manufacturers Scheme
  • Registration Scheme
  • Testing & Calibration Services
  • Sale of Indian Standards and other publications
  • International Activities
  • I-Care Activities (for consumer and industry)
  • Promotional Activities
  • Training Services
  • Information services
  • Financial: Resources - Mobilization and utilization
  • Trade Facilitation Cell
  • Library Services

           
BIS has its Headquarters at New Delhi and its 05 Regional Offices (ROs) are at Kolkata (Eastern), Chennai (Southern), Mumbai (Western), Chandigarh (Northern) and Delhi (Central).

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ZSI Centenary commemorative stamp released


A Commemorative Postage Stamp to mark the Centenary year of Zoological Survey of India (ZSI) was released by Union Cabinet Minister of Communication and Information Technology, Shri Ravi Shankar Prasad, on 03 Dec 2015 in New Delhi.

The Zoological Survey of India (ZSI)


The Zoological Survey of India (ZSI) was established on 1st July, 1916 to promote survey, exploration and research leading to the advancement in our knowledge of various aspects of exceptionally rich life of the erstwhile 'British Indian Empire.'


In last 100 years, the national organisation has emerged as a repository of knowledge with 4.5 million specimen of animals and 97,000 species of which 5,000 are new to science.

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Justice Thakur sworn in as Chief Justice of India


Justice Tirath Singh Thakur was sworn in as 43rd Chief Justice of India by President Pranab Mukherjee in Rashtrapati Bhavan on Thursday.

The senior-most judge of the apex court, 63-year old Justice Thakur took over from incumbent Justice H L Dattu who retired on Wednesday.

Just. Thakur would have the tenure as CJI for a little over one year and would retire on January 4, 2017.

CJI Appointment:

The name of the senior most judge of the supreme court is nominated to the President. After consulting, the President appoints him as a Chief Justice of India.

Qualifications:

1. He should be an Indian citizen.
2. He should have served as judge for five years in supreme court.
3. He should have served as judge for five years in high court.
4. He should have served as an advocate for ten years in high court.
5. He should be senior most judge in supreme court

Once appointed, the Chief Justice remains in office for a period of 5 years or until his retirement or whichever is earlier, or unless removed by impeachment

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3 Dec 2015

Dec 03

Child friendly TB drug launched


For the first time, child-friendly TB drugs for first-line medication in a fixed-dose combination was launched by TB Alliance, UNITAID and WHO at the 46th Union World Conference on Lung Health in Cape Town, South Africa, on Wednesday. These drugs, which meet the WHO’s revised dosage guidelines of 2010, are meant for children weighing less than 25 kg.

The Mumbai-based Macleods Pharmaceuticals is the only company manufacturing the child-friendly drugs. The medicines will cost $15.54 for the six-month course of treatment. The availability of child-friendly TB drugs of correct dosages will increase drug adherence and thereby reduce acquired drug resistance. According to the WHO, each year, at least 1 million children become ill with TB.

Since the fixed-dose combinations come in a dissolvable form, tablets no longer need to be crushed. Instead, the required number of paediatric tablets can be dissolved in water. The tablets are flavoured, thus making it easier for children.

In the absence of fixed-dose combination drugs of correct dosages, children were typically treated with multiple pills intended for adults. The adult drugs had to be crushed or split to achieve an appropriate dose for a child. Crushing medicines often led to imprecise dosing. Crushing also makes the drugs bitter to taste, making it all the more difficult to administer to young children.

Tuberculosis: 

Tuberculosis (TB) is caused by a bacterium called Mycobacterium tuberculosis. The bacteria usually attack the lungs, but TB bacteria can attack any part of the body such as the kidney, spine, and brain. If not treated properly, TB disease can be fatal.

How TB Spreads?

TB is spread through the air from one person to another. The TB bacteria are put into the air when a person with TB disease of the lungs or throat coughs, sneezes, speaks, or sings. People nearby may breathe in these bacteria and become infected.

TB is NOT spread by

  • shaking someone's hand
  • sharing food or drink
  • touching bed linens or toilet seats
  • sharing toothbrushes
  • kissing


Treatment for TB Disease

TB disease can be treated by taking several drugs for 6 to 9 months. It is very important that people who have TB disease finish the medicine, taking the drugs exactly as prescribed. If they stop taking the drugs too soon, they can become sick again; if they do not take the drugs correctly, the bacteria that are still alive may become resistant to those drugs. TB that is resistant to drugs is harder and more expensive to treat.

WHO recommends Directly Observed Treatment Short course (DOTS) strategy that emphasizes the use of the most effective standardized, short-course regimen, and of fixed-dose drug combinations (FDCs) under observation to facilitate adherence to treatment and to reduce the risk of the development of drug resistance

What is DOT?


DOT means that a trained health care worker or other designated individual (excluding a family member) provides the prescribed TB drugs and watches the patient swallow every dose.

Recommended Regimens

There are 10 drugs currently approved by the U.S. Food and Drug Administration (FDA) for treating TB. Of the approved drugs, the first-line anti-TB agents that form the core of treatment regimens include:
  • Isoniazid 
  • Rifampin 
  • Ethambutol 
  • Pyrazinamide 
  • Streptomycin 
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WTO talks to begin on Dec 15 at Nairobi




The WTO meeting will be held at the Kenyan capital during December 15-18.

At the coming Nairobi ministerial meeting of the World Trade Organisation (WTO), India is likely to oppose efforts by rich countries to dilute the ‘development’ dimension of the Doha Round negotiations, which are aimed at reaching an agreement to liberalise global trade.

The WTO does not define ‘developing’ or ‘developed’ countries. Members can apply the principle of ‘self-election’ and themselves decide if they are to be labelled as ‘developing’ countries.

Other members can question any member about its decision to label itself as ‘developing’ with an aim to take advantage of provisions available to developing countries. However, the WTO recognises the least developed countries as designated by the United Nations.

WTO :


The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.

  • The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994, replacing the General Agreement on Tariffs and Trade (GATT), which commenced in 1948.
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RBI to inject Rs. 10,000 Crore to ease liquidity crunch

The Reserve Bank of India on Monday, will infuse Rs 10,000 crore to ease a liquidity crunch in the money markets by buying government securities, and hold a repo auction for Rs 25,000 crore on Friday.


These operations are being conducted based on the current assessment of prevailing and evolving liquidity conditions, according to the central bank.Festival related demand for cash in addition to slower government spending has tightened liquidity in the money market during the last two months.

Open Market Operations:

The buying and selling of government securities in the open market in order to expand or contract the amount of money in the banking system. Purchases inject money into the banking system and stimulate growth while sales of securities do the opposite.

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India Israel MoU - Water Resources
                                                 
Union Cabinet has given its approval for signing of a Memorandum of Understanding (MoU) between India and Israel in the field of water resources management and development cooperation.

The bilateral cooperation will benefit both the countries in strengthening the techniques in efficient use of water, micro-irrigation, recycling/re-use of waste water, desalination, aquifer recharge and in-situ water conservation techniques. A Joint Working Group shall be formed to monitor the activities to be carried out in fulfilment of the MoU.

India has already entered into agreements with Australia, Rwanda, Cambodia, Iran, Iraq, Fiji, China and Bahrain in the field of water resources management and development cooperation.

Background:

The Ministry of Water Resources, River Development and Ganga Rejuvenation has been envisaging bilateral cooperation with other countries in water resources development and management through sharing of policy and technical expertise, conducting of training courses, workshops, scientific and technical symposia, exchange of experts and study tours.

Keeping in view the success of Israel in water use efficiency, micro-irrigation, reuse of waste water, desalination, aquifer recharge, etc., it has been decided to have an agreement with Israel to benefit from their experience and expertise.

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India Germany MoU - Solar Energy

                                          

Union Cabinet has approved a Memorandum of Understanding (MoU), which has been signed in October, 2015, between Indian and Germany, to expand bilateral development cooperation in the field of Solar Energy by increasing use of solar energy in India through technical as well as financial cooperation.

The MoU will help in strengthening bilateral cooperation between the two countries.

Under the agreement, Germany would provide concessional loans in the range of one billion Euros over the next five years through Kreditanstalt fur Wiederaufbau (KfW). The funds of KfW will also be utilized for providing soft loans to the end-users through partner banks.

Possible outcome:
  • Cooperation in the field of solar rooftops
     
  • The development of solar parks or solar zones (if possible in close proximity to the Green Energy Corridors financed by KfW under Indo-German Financial Cooperation)
  • Solar off-grid applications to improve the access to clean and sustainable energy.

                                                       #-----------------------------------------------#
Approval for 6 New IITS




The Union Cabinet, has approved setting up of six new Indian Institutes of Technology (IITs) in Andhra Pradesh, Chhatisgarh, Goa, Jammu, Kerala and Karnataka. The Cabinet further gave its approval for operationalisation of these IITs initially by forming of Societies under the Societies Registration Act, 1860 in order to give a legal status to them till the amendment for their incorporation in The Institutes of Technology Act, 1961 is enacted.

Background:

The present approval for the establishment of the six new IITs to be registered as Societies under the Societies under the Societies Registration Act, 1860 to create new legal IIT entities, as passing the Bill for amendment of the IT Act, 1961 for incorporation of the six new IITs in the Parliament will take some time.

The Institutes of Technology Act, 1961, contains no provision to enable establishment of new IITs. Every new IIT commenced since its enactment has required an amendment to the Act itself. In light of this, it would be appropriate to establish the new IITs through the formation of Societies as it has not been possible to amend the Institutes of Technology Act, 1961 to make provision for establishment of new IITs, before the admissions to academic session 2015-16 in these new IITs.

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India - Japan Tax protocol


The Union Cabinet approved signing and ratification of Protocol between India and Japan for amending the Double Taxation Avoidance Convention (DTAC) signed between the two countries in 1989 for avoidance of double taxation and for prevention of fiscal evasion, through a protocol.

The Protocol will facilitate exchange of information, as per accepted international standards, on tax matters including bank information and information without domestic tax interest. There is a further provision in the Protocol for sharing any information received from Japan, with authorization of the competent authority in Japan and vice versa, in respect of a resident of India, with other law enforcement agencies.

The Protocol also has a provision for India and Japan to lend assistance to each other in collection of revenue claims, as well as for exemption of interest income from taxation in the source country, with respect to debt-claims insured by the Government or Government-owned financial institutions.
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2 Dec 2015

Dec 02

More National Highway stretches to get plastic coat

The union government decided to use more plastic waste in bituminous mixture for construction of roads

Plastic Road Technology:
It is a technology which uses non biodegradable plastic waste  along with bituminous mixture for rural road construction


Gains of plastic road technology
  • Higher resistance to deformation and water-induced damages
  • Increased durability
  • Improved stability and strength
  • Cut I bitumen by  10%
  • Withstand heavy load traffic
  • Gainful disposal of plastic  
Characteristic of process
  • Easy process with out any new machinery
  • Simple process without industry involvement
  • Use of lesser % of bitumen and thus saving bitumen resource
  • No evolution of toxic gases like dioxin
Types of plastic used
  • Films ( Carry Bags, Cups) thickness up to 60micron 
  • Hard foams , any thickness
  • Soft Foams ,any thickness
  • Laminated Plastics thickness up to 60 micron (Aluminum coated also) packing materials used for biscuits, chocolates, etc.
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Gujarat's controversial Labour Law Bill gets President's Assent

President Pranab Mukherjee has given assent to the contentious Labour Laws Bill of Gujarat, which has provisions to ban strikes in public utility services for up to one year.


Why this bill is presented to the President:

Not all State laws are sent to the President for assent. It is done only when a law runs counter to the Central government laws, deviates from the national policies and its legal and constitutional validity can be challenged.
When a bill is passed by the state legislature, it is presented to the governor for his assent. Governor has four alternatives under Article 200 
  1. He may give his assent to the bill
  2. He may withhold his assent to the bill.
  3. He may return the bill for reconsideration in the state legislature (if not a money bill)
  4. He may reserve the bill for the consideration of the President
When a bill is reserved by the Governor for the consideration of the President the President has three alternatives:
  1. He may give assent to the bill
  2. He may withhold his assent to the bill
  3. He may direct the Governor to return the bill (if not a Money Bill) for the reconsideration of the state legislature. 
If the bill is passed again by the state legislature with or without amendments and presented again to the President for his assent, the President is not bound to give his assent to the bill. This means that the state legislature cannot override the veto power of the President.

Further the Constitution has not prescribed any time limit within which the President has to make decision with respect to a bill reserved by the Governor for his consideration. Hence the President can exercise Pocket Veto in respect of state legislation also.

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IMF gives China's currency prized reserve asset status



  • The International Monetary Fund (IMF), as expected, admitted China’s Yuan into its benchmark currency basket
  • The IMF executive board’s decision to add the yuan, also known as the renminbi, to the Special Drawing Rights (SDR) basket alongside the dollar, euro, pound sterling and yen, is an important milestone in China’s integration into the global financial system
  • The currency will have a 10.92 per cent share, in line with expectations, after a review of the weightings formula for the SDR, which determines which currencies countries can receive as part of IMF loans
  • The first time an additional currency has been added to the SDR basket and the biggest change in its composition in 35 years.
  • 2010, the basket is currently 41.9 per cent dollar, 37.4 per cent euro, 11.3 per cent sterling and 9.4 per cent yen
  • The yuan would not join until October 2016, allowing reserve managers time to prepare
  • Under the new formula, the euro’s share will drop to 30.93 per cent. Sterling and yen will also have lower weights while the dollar remains about the same
  • To be included in the SDR basket, the yuan had to meet the criteria to be ‘freely usable’, or widely used to make international payments and widely traded in foreign exchange market, chia missed the same last time
  • IMF said that since Chinese interest rates were higher than those of other currencies, it was likely that the SDR interest rate would rise as a result of the yuan’s inclusion

Special Drawig Rights : 
  • IMF  created SDR in 1969 to boost  global liquidity
  • SDR is not technically a currency
  • It allows members countries to draw any of the currencies  in the basket to meet their Balance of Payments
  • Holder of SDR can obtain the above currencies i exchange of their SDRs in two ways:
     
       1 Voluntary exchange between members

       2 IMF designating member with strong external position to purchase SDR from a member with weak external position
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Terror, climate among BRICS focus areas:

China on Tuesday proposed a string of thematic lines, including a focus on counter-terrorism, for the development of media, in tune with the growing clout of the Brazil-Russia-India-China-South Africa (BRICS) grouping on the international stage.

The media summit was hosted by China’s Xinhua News Agency and co-chaired by The Hindu group of publications, Empresa Brasil de Communicacao S/A-EBC of Brazil, Rossiya Segodnya of Russia and South Africa’s Independent Media.


The media summit focused on two additional themes — integration of traditional and new media, as well as establishing an institutional architecture for the development of journalism in the BRICS countries.

The summit also yielded a six-point agreement on institutional development in the BRICS countries.
This included:
  • Establishing a BRICS media foundation
  • A liaison office that would coordinate summit activities
  • Training of media personnel
  • Coordination of BRICS media covering G-20 summits
  • Holding a photo exhibition along BRICS summits
  • Setting up BRICS Media Journalism Awards
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RBI keeps the rates unchanged 

Inline with expectations of the market, RBI yesterday announced its 5th bi monthly monetary policy by keeping the rates unchanged. 
  • RBI governor Dr Raghuram Rajan said that “we are still accommodative” indicating that RBI is ready to continue with monetary easing if needed. 
  • Though WPI (Wholesale Price Index) is roaming around zero RBI is still concerned about the 5% CPI (Consumer Price Index) which is expected to touch 6% by January 2016. This is visible in the unchanged rates. If the CPI also comes under control we can expect further quantitative easing from the part of RBI in the coming February. The present rates are given below
                 REPO                        : 6.75 %
                 REVERSE REPO    : 5.75 %
                 BANK RATE           : 7.75 %

                  MSF                         : 7.75 %
                                                  #--------------------------------------------------#

1 Dec 2015

Dec 01


Climate Conference begins


The 2015 United Nations climate change conference started on 30 Nov 2015 in Paris.
  •      From 30 Nov to 11 Dec
  •      195 nations
  •      40000 delegates


COP 21

  • It is the 21st yearly session of Conference of Parties [COP] i.e COP 21 to the United Nations Framework on Climate change
  • It is also the 11th session meeting of Parties  of  1997 Kyoto protocol


Aim of COP 21

To  achieve a legally  binding  and  universal agreement to climate with an aim to keep Global warming below  2degree C

Main Focus

The overarching goal of the Convention is to reduce 
greenhouse gas emissions to limit the global temperature increase to 2 °C above pre-industrial levels

United Nations Framework Convention on Climate Change (UNFCCC)
  • The United Nations Framework Convention on Climate Change (UNFCCC) is an international environmental treaty negotiated at the Earth Summit in Rio de Janeiro from 3 to 14 June 1992, then entered into force on 21 March 1994.                                                                                                                                                                    
  • The UNFCCC was adopted on 9 May 1992, and opened for signature on 4 June 1992
  • The framework sets no binding limits on greenhouse gas emissions for individual countries and contains no enforcement mechanisms. Instead, the framework outlines how specific international treaties (called "protocols") may be negotiated to set binding limits on greenhouse gases
  • One of the first tasks set by the UNFCCC was for signatory nations to establish national greenhouse gas inventories of greenhouse gas (GHG) emissions and removals, which were used to create the 1990 benchmark levels for accession of Annex I countries to the Kyoto Protocol and for the commitment of those countries to GHG reductions. Updated inventories must be regularly submitted by Annex I countries.

Objective

To "stabilize
 greenhouse gas concentrations in the atmosphere at a level that would prevent dangerous anthropogenic interference with the climate system”


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China hosts first BRICS Media Summit

China has taken the initiative for creating an alternative media platform for the emerging economies by hosting the first media summit of countries belonging to the Brazil-Russia-India-China-South Africa (BRICS) grouping.
                                   
                                  

A total of 25 media organisations are participating in Tuesday’s summit, which hopes to create a new institutional framework that would be tailored to benefit the media of five emerging economies, which have deep linkages with the Global South.


BRICS
·        
  • BRICS is a grouping of 5 major economies of the world. Brazil – Russia – India – China – South Africa
  • The grouping was originally known as "BRIC" before the inclusion of South Africa in 2010.
  • The BRICS members are all developing or  newly industrialised countries, but they are distinguished by their large, fast-growing economies and significant influence on regional and global affairs;
  • Since 2009, the BRICS nations have met annually at formal summits
  • Russia currently holds the chair of the BRICS group, and hosted the group's seventh summit in July 2015.


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Prime Minister of India launches International Solar Alliance

PM of India launched an International Solar Alliance (ISA) at the CoP21 Climate Conference at Paris on Monday



International Solar Alliance (ISA)


This is an alliance that brings together developed and developing countries, governments and industries, laboratories and institutions, in a common enterprise.

ISA seeks to share collective ambitions to reduce the cost of finance and technology that is needed to deploy solar power widely.

Details
  • The new body, which has invited all countries located fully or partly between the tropics of Cancer and Capricorn to join, is to function from the National Institute of Solar Energy in India, Gurgaon
  • The union government will provide land and $30 million to form a secretariat for the Alliance 
  • India will support operations for five years, and together all will raise long terms funds to achieve our prescribed goals

Tasks

 
The Alliance would pursue areas such as
  • Cooperation in training
  • Building institutions
  • Regulatory issues
  • Common standards 
  • Investment including joint ventures.


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Kerala wants six ports modernised



Kerala has submitted projects for Rs.266 crore for the development of six ports to the Union Ministry of Shipping for inclusion in the forthcoming Sagarmala project for port modernisation.

Sagarmala Project

     
The Sagarmala Project  intends to achieve the broad objectives of enhancing the capacity of major and non-major ports and modernizing them to make them efficient, thereby enabling them to become drivers of port-led economic development.

In addition to strengthening port and evacuation infrastructure, it also aims at simplifying procedures used at ports for cargo movement and promotes usage of electronic channels for information exchange leading to quick, efficient, hassle-free and seamless cargo movement.

For a comprehensive and integrated planning for
Sagarmala, a National Perspective Plan (NPP) for the entire coastline shall be prepared within six months which will identify potential geographical regions to be called Coastal Economic Zones (CEZs).


Objective


Prime objective of the
Sagarmala project is to promote port-led direct and indirect development and to provide infrastructure to transport goods to and from ports quickly, efficiently and cost-effectively



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Curtains down for IFFI 2015


                              

Internationally co-produced adventure drama Embrace of the Serpent (Al Abrazo de la Serpiente) bagged the Golden Peacock for the best film with a prize money of Rs. 40 lakhs at the 46th International Film Festival of India (IFFI) which which was held in Goa.


Curtains came down on the IFFI with a moderately-attended awards presentation ceremony at Panaji, Goa.

Goa Governor Mridula Sinha, Chief Minister Laxmikant Parsekar, Minister of State for Information & Broadcasting Rajyavardhan Singh Rathore, I&B Secretary Sunil Arora and film dignitaries were present.

The International Jury of IFFI 2015 was headed by filmmaker Shekhar kapoor

Fellini Medal
Five films have been shortlisted from the official selection of IFFI (International Film Festival of India) following the recommendations of the Film Preview Committee constituted by the Directorate of the Film Festivals.

The broad guidelines for the selection of the films are:

  • The film shall exhibit artistic excellence in screenplay, music, and filming technique
  • The film shall promote the common good, which is defined as a society in which persons and communities care for one another’s well-being 
  • The film shall exhibit sensitivity to the human situation, promoting the dignity of all
  • The film shall cultivate a realistic hope of creative transformation
  • The film shall reflect the ideals of peace, love, tolerance, harmony, and friendship


 About the UNESCO Fellini Medal

When Italian film director Federico Fellini died in 1993, UNESCO’s Member States had just adopted a General Conference resolution calling for the safeguarding of the cinematographic heritage. An appeal was launched to the international community inviting governments, industry, and the public to participate in a campaign to keep the seventh art alive. Activities were also earmarked for UNESCO’s participation in the forthcoming cinema centenary celebrations in 1995.



 
The Fellini medal, first unveiled at the Cannes Film Festival in May 1995, therefore had a double significance: to honour the director’s tremendous contribution to film as an art form and to commemorate the centenary of the birth of cinema (1895-1995). The medal’s design of fragmented, interlocking images is the work of Italian painter Valerio Adami.


The obverse side features a profile of Fellini with his signature hat, facing the inscription 8 1/2, the title of one of the most famous films in the history of cinema. The reverse is inscribed Fellini (1920-1993) UNESCO. French sculptor Robert Michel created the model and the Paris Mint strike the medal.

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