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Current News (April)

Boxer Vijender Singh books Olympic berth
Beijing Olympics bronze medallist Vijender Singh has laid all his demons to rest. The 26-year-old boxer asserted his class once again as he booked his berth for the London Olympic games after reaching the semifinals of the Asian qualifiers in Astana, Kazakhstan. He beat Mongolia's Chuluuntumur Tumurkhuyag 2717 to clinch the last available chance for London games.

He has become the first Indian boxer to qualify for Olympics for three times in a row. The victory becomes sweeter as this is also the third time the boxer has clinched the Olympic berth at the last possible chance.

Teenagers Shiva Thapa and Sumit Sangwan qualify for London Games
Shiva Thapa became the youngest Indian boxer to book an Olympics berth. The eighteen-year-old achieved this feat when he beat Japan's Satoshi Shimizu 31-17 in the semifinals of 56kg category of the Asian Qualifying Event in Astana (Kazakhstan.)

Another teenager, Sumit Sangwan, landed a power-packed punch later in the evening to extend celebrations in the Indian camp. The 19-year-old outclassed Jordan's Ihab Almatdault 24-12 in the 81 kg category to become the seventh Indian to qualify for the London Games. India will now field its biggest ever boxing contingent in the Olympic Games. In the 2008 Beijing Games five boxers had represented the country.

Seven Samurais
1. L Devendro Singh (49kg), 19 years old 2. Shiva Thapa (56kg) 18 years old 3. Jai Bhagwan (60kg) 26 years old 4. Manoj Kumar (64kg) 25 years old 5. Vikas Krishan (69kg) 20 years old 6. Vijender Singh (75kg) 26 years old 7. Sumit Sangwan (81kg) 19 years old

Virat Kohli is Toyota brand ambassador

Toyota Kirloskar has roped in cricketer Virat Kohli as its brand ambassador. Toyota Kirloskar Motor, which has its plant near Bangalore, sold 82 percent more cars in 2011 compared with the previous year. It sold 1.36 lakh cars in 2011. Its brands include, Etios, Liva compact, Innova, Fortuner and Corolla Altis.

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Cabinet approved Public Procurement Bill & Ad-valorem Regime for Calculating Royalty for Coal
The Union Cabinet approved Public Procurement Bill, 2012 which aims at regulating public procurement of above Rs. 50 lakh and provides fair treatment to bidders. The move is aimed at bringing transparency in state purchases. Public Procurement Bill, 2012 aims at regulating public procurement by all ministries and departments of the Union government, Central public sector enterprises (CPSEs), autonomous and statutory bodies controlled by the Centre and other procuring entities. The Bill also proposes absence of price negotiations, except in circumstances that are prescribed, and for which reasons are to be recorded.

Ad-valorem Royalty on Coal

The Cabinet Committee on Economic Affairs (CCEA) also approved an ad-valorem regime for calculating royalty for coal and lignite. Following the approval the coffers of coal-bearing states will get richer by over Rs. 1000 crore. Currently the hybrid formula is in place for charging royalty on coal and lignite at the rate of 14 percent and 6 percent respectively. The CCEA also approved the proposed joint venture between state-run Neyveli Lignite Corporation (NLC) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd for setting up a 1980 MW thermal power plant at Ghatampur in Kanpur district in Uttar Pradesh. The proposed power project, which could entail investments of over Rs. 10000 crore, by the JV company is to cater to the demand of Uttar Pradesh and northern region.

Union Cabinet approved Indias National Communication to UNFCCC on Climate Change

The Union Cabinet of India approved Indias Second National Communication to the Secretariat of the United Nations Framework Convention on Climate Change towards fulfilment of the reporting obligation under the Convention. This report shall benefit state and national level policy makers in enhancing the understanding of the issues related to climate change and its impact and create general awareness of the stakeholders relating to Government of India`s proactive commitment towards addressing the challenges due to climate change. The range of studies included in this report has been conducted broadly at the national level, with some specific case studies highlighting the enormous diversity of India and their regional imperatives. India is a Party to the United Nations Framework Convention on Climate (UNFCCC). The Convention, in accordance with its Article 4.1 and 12.1, enjoins all Parties, both developed and developing country Parties, to furnish information, in the form of a National Communication (a national report), regarding implementation of the Convention.

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E-filing of Returns compulsory for Individuals with Income above Rs 10 lakh

The Union government made it mandatory for individuals with income above Rs. 10 lakh to file their tax returns 2011-12 onwards electronically. E-filing was made compulsory for the person who is an individual, or a Hindu Undivided Family, if his or its total income or the total income in respect of which he is or it is assessable under the Act during the previous year, exceeds Rs. 10 lakh for assessment year 2012-13 onwards. E-filing for such individuals was optional till 2010-11. Currently business houses with receipts of Rs. 60 lakh and professionals with income of Rs. 15 lakh are mandatorily required to e-file their return with digital signature.

Seventh Meeting of the India-Russia Joint Working Group on Combating International Terrorism
The seventh meeting of the India-Russia Joint Working Group (JWG) on Combating International Terrorism was held in New Delhi. It was co-chaired by Mr. Asoke Kumar Mukerji, Additional Secretary of the Ministry of External Affairs of India, and Ambassador Alexander Zmeevsky, the Special Representative of the President of the Russian Federation on International Cooperation in combating terrorism and transnational organised crime. The delegations comprised the representatives from relevant Ministries and agencies of both the countries.

The discussions were held in an atmosphere of trust and mutual understanding. The parties emphasized that their cooperation in countering new challenges and threats is an integral part of the Indian-Russian special and privileged strategic partnership, expressed mutual concern about the continuous threat of cross-border terrorism, and reaffirmed their commitment to consolidate bilateral interaction in the fight against this global scourge.

The sides noted that India and Russia have a significant capacity for developing their interaction in countering the criminal proceeds laundering and financing terrorism, and establishing a partnership dialogue within the Financial Action Task Force (FATF) and modelled on it the Eurasian Group (EAG) on Combating MoneyLaundering and the Financing of Terrorism.

Commodity exchanges' FII rules relaxed

Foreign Institutional Investors (FIIs) can now invest up to 23 percent in commodity exchanges without seeking prior approval of the government as per the new foreign investment norms announced by the Industry Ministry. However, foreign direct investment (FDI) will continue to need the approval of the FIPB. It has now been decided to liberalise the policy and to mandate the requirement of government approval only for FDI component of the investment. The policy has clarified that subject to the sectoral foreign holding cap, companies will now need prior permission from RBI for an overall FII holding of beyond 24 percent. After RBI permission, the companies can allow FIIs to hold more than 24 percent after the approval for the same by their boards and shareholders. It has been clarified that the activity of leasing and finance, which is one among the eighteen NBFC activities, where induction of FDI is permitted, covers only financial leases and not operating leases. _________________________________________________________________________________________________

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_________________________________________________________________________________________________ In order to discourage import of sub-standard machinery, the government has decided to withdraw the facility of giving equity in lieu of import of second hand equipments Industry has raised concerns with the government that the Indian capital goods sector, including the machine tools industry, construction and textile machinery, has been suffering because of import of cheaper second hand machinery which is often sub-standard. Further, the government has also permitted foreign venture capital investors (FVCIs) to invest in the eligible securities like equity and debt by way of private arrangement and purchase from a third party also, subject to stipulated terms and conditions.

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TTK Prestige signed Pact with Vestergaard Frandsen of Switzerland

TTK Prestige signed a business collaboration arrangement with Vestergaard Frandsen of Switzerland. As per the agreement, household water purification devices in India will be introduced with support of Lifestraw technology. The technology will be provided by Vestergaard Frandsen. Lifestraw is a portable water filter. It provides up to 1000 litres of water and protects users against diseases like diarrhea. Vestergaard Frandsen has a core business of creating life-saving products for the most vulnerable.

India, Qatar sign oil pact, discuss Indians' welfare

India and energy-rich Qatar, home to half a million Indians, sealed six agreements in diverse areas, including an overarching pact on cooperation in oil and gas exploration. Prime Minister Manmohan Singh held talks with Qatar's Emir Sheikh Hamad bin Khalifa al-Thani, on a range of issues, including boosting trade and investment as well as energy ties between the two countries. After the talks, India's Petroleum Minister S. Jaipal Reddy and Qatar's Energy Minister Mohammed Bin Saleh al-Sada signed a pact on establishing a cooperative framework to enhance bilateral cooperation in oil and gas. Three agreements were signed in the fields of educational exchanges, cultural contacts and promoting tourism. A memorandum of agreement was signed between the Reserve Bank of India and Qatar Central Bank. The pact will establish an arrangement for sharing of supervisory information and enhancing cooperation in the area of banking supervision. Another pact on exchange of experiences, information and expertise in the field of legal affairs was also signed.

Suu Kyi to take Parliament seat on April 23

Myanmars Opposition leader Aung San Suu Kyi will take her seat in Parliament for the first time in April, following her historic election victory earlier this month. Ms. Suu Kyis National League for Democracy party won 43 seats in the by-election and will become the main opposition presence in Myanmars Parliament, which is dominated by allies of the former military regime.
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Ms. Suu Kyi received her official invitation to take her Lower House seat when the next parliamentary session starts later in April. The polls were viewed as a milestone for Myanmar, as it emerges from a half-century of military rule and an astonishing reversal of fortune for the former political prisoner.

Amarendra Khatua Appointed Special Envoy to South Sudan and Sudan

India appointed Amarendra Khatua as its special envoy to South Sudan and Sudan to broker peace between the two countries. This was done with the objective of strengthening Indias pursuit of oil and other hydrocarbon resources in Africa. Amarendra Khatua is the MEA additional secretary. He handles the passport division. India and China are competing with each other to tap energy resources in Africa. China sent its own special envoy to protect Chinas oil interests in Africa.

US, Afghanistan Compromise on Night Raid Operations

Afghanistan and the United States have reached a compromise on the controversial issue of night raids on Afghan homes by international forces. The agreement gives Afghan authorities veto power over planned operations and more say in the treatment of detainees. The memorandum of understanding authorizing Afghan-led night raid special operations was signed in front of reporters by Afghan Defense Minister General Abdul Rahim Wardak and the commander of U.S. forces in Afghanistan, General John Allen. The Afghan defense minister says the agreement will take effect immediately. Special operations become Afghan-owned and will be conducted by the special contingent of the ministry of defense, ministry of interior and national security directorate in accord with Afghan judicial bodies. Night raids had been a constant source of tension between the Afghan government and U.S. military. Afghan President Hamid Karzai called previously for an end to all international night raids.

In this memorandum of understanding, the United States has not only formalised the Afghan special forces lead in special operations missions but has also agreed to ensure that those missions are conducted in a manner fully consistent with the Afghan Constitution and Afghan laws.

ONGC signed MoU with US Oil Major ConocoPhillips

Making its first concrete move to tap Indias shale gas resources, ONGC, Indias biggest oil and gas explorer signed a memorandum of understanding (MoU) with US-based ConocoPhillips, a major player in this nonconventional resource. The scope of the MoU involves technical evaluation of the shale gas and deep water assets by both the companies together in India and also to look at co-operating with each other in regions where the US company holds assets, primarily North America and Europe. While the current agreement with ConocoPhillips is a preliminary step towards tapping huge shale gas reserves of the country and does not include any financial consideration, going forward, both the companies can look at a much broader arrangement, including joint bidding of oil and gas blocks. _________________________________________________________________________________________________

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_________________________________________________________________________________________________ The hunt for a technology partner for shale is over for shale gas. Going forward, this partnership will soon go to the next level. Besides shale, the co-operation is also for deep water blocks and for this the company has zeroed in on 19 deep water blocks where ConocoPhillips will work in tandem with ONGC.

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India and Britain held the Fifth Ministerial level India-UK Economic Financial Dialogue
India and Britain held the fifth ministerial level India-UK economic financial dialogue in New Delhi. Both the nations discussed ways to strengthen their mutual cooperation and further boost trade and investment between them. Highlights of the dialogue are as following: Both nations agreed that while the global economy has stabilized in recent months, growth will remain subdued and at risk from a series of threats. India and Britain welcomed the exchange of ideas in financing infrastructure as part of the Dialogue, noting that both countries share a common aim of increasing the role of institutional investors in infrastructure financing. India and Britain also discussed the importance of developing deep and efficient capital markets to support infrastructure financing in India. Foreign capital can play an important part in this process. Both nations supported the progress on the Reserve Bank of Indias (RBI) roadmap for foreign banks in India. Both sides agreed that there was a clear benefit to sharing experiences on this and welcomed the ongoing technical collaboration to assist the FSLRC (Financial Sector Legislative Reforms Commission) in carrying out its mandate. Both sides welcomed the Cannes Action Plan for growth and jobs agreed at the November 2011 Cannes Summit. Both nations are committed to ensuring that the IMF is adequately resourced to play its systemic role in the international financial system in support of its entire membership and that the quota and governance reforms of the IMF are implemented within the agreed timelines. Both sides agreed to remain committed to pursuing the financial regulatory reform agenda according to the time table agreed in G-20 in an internationally consistent and non-discriminatory manner. This will be monitored by the Financial Stability Board through its Coordination Framework for Implementation Monitoring. Both sides discussed the joint approaches to meeting these commitments and will continue to work together to strengthen the global financial system. Both sides recognised the need for countries to sign the Multilateral Convention on Mutual Administrative Assistance in tax matters and engage in automatic exchange of information where legally required improving tax compliance and decreasing tax evasion. Recognising the importance of open trade for the global economy, India and UK reaffirmed their commitment to refrain from protectionism. India and the UK welcomed the 40% year on year increase in the export of goods from the UK to India and the increase by 35.05% of exports from India to UK in 2011.

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James Murdoch stepped down as the Chairman of British Sky Broadcasting

James Murdoch resigned as the Chairman of satellite broadcaster British Sky Broadcasting, BSkyB. Murdoch was forced to step down given. James Murdoch, the younger son of Rupert Murdoch, the founder of News Corporation will however continue as a non-executive director and be succeeded as Chairman by a current director of the group Nicholas Ferguson. Murdochs role in the alleged phone hacking by The News of the World newspaper has been under scrutiny ever since the scandal broke out last year. Murdoch had stepped down as Chairman of News International.

Justice Dalveer Bhandari elected to the International Court of Justice

India's nominee Justice Dalveer Bhandari of the Supreme Court was elected to the post of Judge of the International Court of Justice (ICJ) in the elections held in New York, United States. Justice Dalveer Bhandari defeated the 84-year-old Justice Florentino Feliciano of the Philippines in the elections held to fill the casual vacancy following the resignation of Awn Shawkat Al-Khasawneh from Jordan in October 2011. He will have six-year tenure. He is eligible for re-election for a second term of nine years at the end of the present term. He is the third Asian representative in the 15-member ICJ. As per Article 8 of the ICJ statute the General Assembly and the Security Council elect a judge for the ICJ.

S. Narsing Rao took over as The Chairman of Coal India Limited

S Narsing Rao, former chairman of Singareni Collieries Company Limited (SCCL), assumed charge as the Chairman and Managing Director of Coal India Limited (CIL). Rao is a 1986-batch Indian Administrative Service Officer. He is the first non-CIL nominee to assume the top post of the company since July 1983. Rao was slated to assume the top-notch position after the Union Cabinet had approved his appointment for a five-year term.

Vodafone acquired Cable & Wireless Worldwide in a 1 Billion Pound Deal

Vodafone acquired communication service provider Cable & Wireless Worldwide (CWW) in a deal just over 1billion pounds. The deal is aimed at strengthening Vodafone's enterprise and international services, and will let the mobile operator offload increasing mobile traffic onto the Cable & Wireless Worldwide (CWW) fibre network in the UK. CWW, with its fibre network spread across 20500km in the UK, and 425000km long internationally, will help Vodafone to overcome its rivals O2 and Everything Everywhere to become the second-largest telco in the UK after BT . The company has 127 points of presence in 35 countries. It also owns a number of submarine cables around the world, along with many datacentres.

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Serco launches new Global BPO division

Serco, the international service company, announced the launch of a new global BPO division that will improve the services Serco provides to its customers and enable it to target global opportunities both in the public and private sector. Also referred as the Global Services division within Serco, it heralds the emergence of a formidable top-tier BPO player, both within the international and Indian markets, with revenues in excess of $ 1 billion by the end of this year. Sercos new BPO division reflects scale, depth of capabilities and the creation of a larger global delivery platform. Incorporated as one of four business divisions within Serco, it brings together a number of BPO related operations and capabilities currently reported and managed in different Serco divisions. Thus it is an amalgamation of the contracts and companies that deliver business process services globally within Serco including Intelenet Global Services in India- a leading provider of business process outsourcing (BPO) services to the private sector around the world and a predominant player in the domestic Indian market; The Listening Company in UK; and Excelior in Australia - all leading providers of outsourced contact centre services in their respective domestic BPO markets. The Global Services division has a workforce of around 50,000, over 150 clients, and a diversified footprint with a presence in 10 countries, 98 locations. The business will focus on five vertical markets namely Banking, Financial Services & Insurance; Travel, Hospitality & Transportation; Healthcare, Utility, Retail & Manufacturing; Telecom, Technology & Online Services; and Media, Education & Government.

Mastercard CEO Ajay Banga elected New Chairman of the US-India Business Council (USIBC)
Mastercard CEO Ajay Banga was elected next chairman of the US-India Business Council (USIBC). USIBC is a trade association made of 350 top American and Indian companies. Banga succeeded Terry McGraw III, president, chairman, and CEO of The McGraw-Hill Companies.

Banga had become the president and CEO of global payments and technology company, Mastercard in July. Banga currently serves on the board of Kraft Foods and is a member of such prestigious groups as the Council on Foreign Relations, the Business Roundtable, and the Foreign Policy Association.

Grass stained with Gandhis blood auctioned for 10,000 pounds

Grass stained with Gandhis blood has been auctioned in London. A pinch of soil and blood-stained blades of grass from the place where Mahatma Gandhi was assassinated in 1948 was sold for 10,000 pounds. The auction also saw many other Gandhi memorabilia going under the hammer including his iconic roundrimmed glasses that fetched far more than the estimated price. In all, the Gandhi-related items fetched over 100,000 pounds in the auction. The memorabilia included a pair of Gandhis round-rimmed glasses, charkha, a 10 inch 78 rpm Columbia disc of Gandhi giving his spiritual message signed by him, and original photographs of Gandhi visiting London in 1931. Also in the collection sold were letters in English by Gandhi to Raghavan, Sgt N E R Poduwal in Rangoon, letters by Gandhi in Gujarati and a prayer book in Gujarati. _________________________________________________________________________________________________

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_________________________________________________________________________________________________ The pair of Gandhis glasses had a guide price of 10,000 pounds but sold for 34,000 pounds. Kevin Bland, financial controller at Mullocks, said the unnamed telephone bidder who bought the spectacles also spent 26,500 pounds on a wooden charka. The same bidder bought his prayer book for 10,500 pounds.

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IMF pegs India's growth in 2012 at 6.9%

The International Monetary Fund (IMF) has pegged growth in Indias gross domestic product (GDP) for 2012 at 6.9 per cent, scaling down the forecast by 0.1 percentage points, compared to its projection in January. It attributed the moderating growth outlook to policy uncertainty, supply bottlenecks, high interest rates and low external demand. Escalation of the euro zone crisis and tensions in West Asia were listed as external risk factors to the growth outlook in the IMFs World Economic Outlook 2012 report. For 2013, it predicted India would grow at 7.3 per cent, suggesting a recovery. It, however, cautioned the room for further monetary easing was constrained in India, as underlying inflation pressures remained, adding there was less fiscal room now, compared to 2007.

G20 pledges more than $430b for IMF

The Group of 20 nations has pledged $430 billion in new funding to the International Monetary Fund, more than doubling its lending power in a bid to protect the global economy from the euro-zone debt crisis. The promised funds from advanced and emerging economies will provide the global lender with a huge war chest should the sovereign debt problems that have engulfed three euro zone countries, spread and threaten a fragile recovery. IMF managing director Christine Lagarde said the decision shows the determination of the international community to provide the IMF with the tools needed to resist and defend against crisis.

World Trade Organisation (WTO) pegged World Trade Growth at 3.7 per cent for 2012
The World Trade Organisation (WTO) pegged world trade growth at 3.7 perent for 2012 thereby projecting a further slowdown in world trade. World trade expanded by a mere 5 percent in 2011 a sharp deceleration from the 2010 rebound of 13.8 percent. The WTO expects trade to recover by 2013 and result in additional growth of 5.6 percent. According to the WTO, the slowdown of the global economy due to a number of shocks including the European sovereign debt crisis resulted in the dip in the trade figures. Multiple economic setbacks during 2011 further dampened growth and led to a stronger than anticipated easing in the fourth quarter. Asia recorded the strongest growth in exports (6.6 percent), on account of a leap of 16.1 percent in India and 9.3 percent in China. India recorded exports growth of 16 per cent in 2011, the fastest in the world in volume terms in 2011. China had the second-fastest export growth of many major economies at 9.3 per cent. India also emerged as the second-fastest importer after China growing at 6 per cent in 2011.

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D.Shankar Appointed Chairman & Managing Director of Union Bank of India

Union Bank of India has informed BSE that the Central Government, in exercise of the powers conferred by clause (a) of Sub-section (3) of section 9 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970/1980, read with sub-clause (1) of clause 3, clause 5, clause 6, clause 7 and subclause (1) of clause 8 of the Nationalised Banks (Management and Miscellaneous Provisions) Scheme, 1970/1980, and after consultation with the Reserve Bank of India, has appointed Shri D. Sarkar, Executive Director, Allahabad Bank, as Chairman and Managing Director of Union Bank of India, with effect from the date of his taking over charge of the post on or after April 01, 2012 till November 30, 2013 i.e. the date of his superannuation or until further orders, whichever is earlier.

South Korean Lender Woori Bank opened its Maiden Indian Branch in Chennai
South Korean lender Woori Bank opened its maiden Indian branch in Chennai. The Seoul based bank slated Chennai as the first city to launch their operation in India given the fact that the southern metro city is home to more than 170 Korean companies, including big names such as Hyundai Motors, Lotte and Samsung. The bank as per its strategy will first provide banking assistance to Korean companies located in Chennai and subsequently it will start focusing on local business, keeping in mind the needs of the India companies and customers. Woori Bank, the South African government owned bank with the opening of its first branch in India aims at tapping the growing economic opportunities in India.

Government clears 22 FDI proposals worth $112.5 million

The government approved 22 foreign direct investment (FDI) proposals amounting to Rs.586.137 crore ($112.5 million). The proposals were cleared following recommendations of the Foreign Investment Promotion Board (FIPB) at its meeting. FDI is considered stable in comparison to foreign institutional investor (FII) funds, which are called "hot money". The government cleared Shantha Biotechnics' proposal of Rs. 514 crore to increase its foreign equity in brownfield pharmaceutical sector to carry out the activities of research, development, manufacturing and marketing of bio-tech products and other bio-generics. It also cleared Mahindra and Mahindra's Rs. 25.99 crore proposal for setting up a joint venture (JV) company to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems.

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_________________________________________________________________________________________________ The government also allowed Springer Editorial Services' Rs. 12.87 crore proposal to increase foreign equity up to 100 per cent for publishing services, content, development, content management and content outsourcing among others. The ministry, however, deferred 18 proposals, including those of Tara Aerospace Systems, Al Shukur Company for Engineering and Construction and Ordain Health Care Global. It rejected five proposals, including those of Verga Attachments, Quest Global Manufacturing and YourNest Angel Fund Trust.

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China launches 2 Beidou navigation satellites

China has moved a step closer to completing its own navigation and positioning satellite network with the launch of two more navigation satellites. It brings the Beidou system, which became operational with coverage of China last December, to 13 satellites, BBC News reported. To have global coverage, the country eventually aims to have 35 satellites in orbit by 2020. China hopes that Beidou will wean it off the U.S. Global Positioning System. Just like GPS, the Chinese system is designed to let users determine their positions to within a few meters. Beidou, also known as Compass, has been developed for both military and civilian uses. The two satellites went up from the Xichang Satellite Launch Centre in southwest Sichuan province. They were carried on a Long March-3B rocket. Now partially operational, Beidou makes China only the third country in the world, after the U.S. and Russia, to have its own navigation system. Europe has also been building a navigation system, called Galileo, which has two satellites in orbit, launched in October last year. The next two are scheduled to follow later this year. The space project of the European Commission, the EU's executive arm, plans to have all 26 Galileo satellites in orbit by the end of 2015.

Dutch Prime Minister Mark Rutte and Cabinet resigned Following the Failure of Austerity Talks
Netherlands Prime Minister Mark Rutte and his Cabinet resigned after failing to reach agreement on reducing the country's budget to meet European guidelines. Rutte tendered his resignation to Queen Beatrix, the head of state, at her palace in The Hague, which was accepted by her subsequently. The queen asked Ruttes conservative VVD Party and the Christian Democrats to continue in the interest of the nation. The new elections are expected to take place before the end of June 2012. In the 150-seat Parliament Ruttes VVD Party has 31 seats, while the coalition partners, the Christian Democrats and Wilderss Freedom Party have 21 and 23 seats respectively. The opposition Labor Party has 30, while the Socialists have 15.

European Union suspended Its Sanctions Against Myanmar

The European Union suspended its sanctions against Myanmar for a year. The EU move came in the back drop of a string of political reforms in the south-eastern Asian nation. The group however, maintained that it will hold on to restrictions on arms sales. _________________________________________________________________________________________________

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_________________________________________________________________________________________________ The tough economic sanctions imposed on Myanmar by the European Union and US did not affect the country much as it maintained a flourishing relation with other economic power houses like China, Japan and India. Japan, in a significant move to help Myanmar in continuing its reform process, announced to forgive about 300 billion yen (3.7 billion dollar) of Myanmars debt and resume development aid to the country. European and U.S. officials have long been talking about the political reforms in Myanmar, which deprived its citizens of political rights and liberties. The detention of pro-democracy leader Aung San Suu Kyi prompted the EU to impose tougher sanction on the coutry. But in the past one year Myanmar has achieved substantial feats on the front of civil rights, the relese of Suu Kyi was considered to be the testimony to the Myanmarese governments commitment to the Political reforms.

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USAfghanistan

inked

Strategic Pact

setting

Guidelines

for US

Involvement in Afghanistan
US and Afghanistan inked a long-awaited strategic pact. The pact aims at setting forth guidelines for U.S. involvement in Afghanistan as forces are withdrawn from the trouble-torn nation. The pact provides a strong foundation for the security of Afghanistan, the region and the world. Both the countries took almost one year to reach on the mutual agreement. The agreement was expected to be inked before the NATO summit to be held in May 2012. US army along with NATO troops has been present in Afghanistan from 2001, as the army is combating the radical Taliban militants in the country. The US forces in May 2011 had gunned down Osama Bin Laden in Abottabad in Pakistan but it proved to be of little help for the Afghanistan government as the country still suffers a great deal of terror everyday. Thousands of people have been killed so far in the US war against terrorism in Afghanistan. The US President Barak Obama in 2010 had made an announcement that the US army will hand over the internal security of Afghanistan to the Afghan security forces by 2014.

Maruti unveils Ertiga

Maruti Suzuki India Ltd. (MSIL), introduced Ertiga, a multi-purpose vehicle (MPV), primarily targeted at big Indian families living in urban areas. And to further intensify the price war in the fast-growing Indian car market, Ertiga comes with price tags between Rs.5.89 lakh and Rs.7.30 lakh for the petrol versions and Rs.7.30 lakh and Rs.8.45 lakh for the diesel versions. The petrol variant of Ertiga is equipped with the new version of K-series 1.4 litre engine that delivers 95 PS of power and 16.02 km a litre of mileage, while the diesel variants comes with 1.3 litre power train that gives 90 PS of power and delivers fuel economy of 20.77 km a litre. Ertiga is a global product and definitely we (MSIL) will export it to international markets, mainly in Southeast Asia and to begin with Indonesiawe have already started export of Ertiga's completely knocked down units to Indonesia, where it will be assembled at parent Suzuki's plant.

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Trafigura picked up 24 Percent Equity in Nagarjuna Oil Corporation Ltd.

Trafigura Pvt. Ltd. picked up 24 percent equity in Nagarjuna Oil Corporation Ltd (NOCL) by investing around 650 crore rupees. Trafigura is a commodity trader in the global sphere. NOCL is carrying out a six million tone oil refinery project at Cuddalore in Tamil Nadu. The total estimate of the project is 7610 crore rupees. Trafigura has also planned to invest 600 crore rupees into the construction of storage facilities. This will be done through another joint venture between Trafigura and NOCL called Portoil Ltd.

ECB norms eased for power, road sectors

The government sought to liberalise the external commercial borrowing (ECB) norms for the power sector, marking implementation of the announcement to this effect by Finance Minister Pranab Mukherjee while presenting the budget for 2012-13. In a significant easing of utilisation guidelines, power sector companies will, henceforth be able to use up to 40 percent of ECB loans to refinance their rupee debt, provided the balance is utilised for investments in new projects. Till now, power companies were permitted to use only 25 percent of the ECB to refinance their domestic rupee-debt loan. Alongside, the government also opened the ECB route for capital expenditure on maintenance and operations of toll systems in the roadways and highways sector, only if these constitute a part of the original project.

RBI NOTIFICATION
The relevant notifications are to be issued by the Reserve Bank of India (RBI) within a week. Announcing the implementation of these budget initiatives at a press briefing here, Joint Secretary (Capital Markets Division) Thomas Mathew said: The RBI is expected to issue relevant notifications within seven days giving effect to these budget announcements. The liberalised norms would now enable power companies to raise ECBs for refinancing their rupee debt up to a maximum limit of 40 percent. But this would be on the condition that the remaining 60 percent of the ECB raised is utilised for investment in a new project. The ECB route of raising funds is considered to be attractive as the cost is generally lower than that of mopping up funds in the domestic market. Alongside, it also provides borrowers with an additional avenue to access large amounts from the global financial market.

Israel to set up consulate office in Bangalore

Two decades after Israel and India established full diplomatic relations, the former is set to expand its diplomatic and consular presence in the country with a full-fledged consulate in Bangalore. The new consulate, which will serve Karnataka, Tamil Nadu and Kerala, will become operational in July this year. Israel has a consulate in Mumbai, apart from the full diplomatic and consular establishment in New Delhi We are convinced that improving and expanding our ties will not be possible without focusing our attention on Bangalore. The volume of bilateral trade, which stood at US$ 5 billion now, could grow three-fold over the next five years if the two sides turn the thrust of their cooperation and collaboration on high-tech fields. _________________________________________________________________________________________________

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Planning Commission approved 48935 Crore Rupees for Andhra Pradesh for the Year 2012-13
The Planning Commission approved a total plan outlay of 48935 crore rupees for Andhra Pradesh for the year 2012-13. The total outlay for the state for the current year witnessed an increase of 13.8 per cent against the previous figure of 43000 crore rupees in the fiscal year 2011-12. The plan size was finalised in a meeting between Commission's deputy chairman Montek Singh Ahluwalia and Andhra Pradesh chief minister Nallari Kiran Kumar Reddy. In percentage terms the agriculture and allied sector in the state had declined from 25.07 per cent in 2004-05 to 19.22 per cent in 2011-12. The share of secondary sector remains around 24- 26 per cent from 2004-05 to 2011-12.

Commemorative Postage Stamp released to Mark the Birth Centenary of President R. Venkataraman
President Pratibha Patil released a commemorative postage stamp to mark the birth centenary of President R. Venkataraman at Rashtrapati Bhavan in New Delhi. The release of the stamp marked the end of year-long centenary celebrations organised from December 2010 onward to celebrate the life of India's eighth President, R. Venkataraman. R. Venkataraman had played a significant role in the industrialisation of Tamil Nadu. An outstanding administrator, he was also known as the father of industrialisation. The former President had the unique distinction of having worked with four Prime Ministers namely- V. P Singh, Chandrashekhar, P. V Narasimha Rao and Rajiv Gandhi. He was known to have had excellent partnership and working relation with all the Prime Ministers and always remained true to the Constitution. Elevated from vice presidency, Venkataraman succeeded Zail Singh and as Indias eighth President held office from 25 July 1987 to 25 July 1992.

India, Japan to hold first economic dialogue

India and Japan will hold their first economic dialogue and sixth strategic talks to impart a renewed momentum to burgeoning multi-faceted ties and to resolve issues for starting civil nuclear cooperation between them. External Affairs Minister S.M. Krishna will co-chair the two dialogues with his Japanese counterpart Koichiro Gemba

AERB, first new member of MEDP

India's Atomic Energy Regulatory Board (AERB) was admitted as the first new member in the Multinational Design Evaluation Programme (MDEP). The MDEP was launched by the Nuclear Regulatory Commission (NRC) of the United States and the French Nuclear Safety Authority (Autorite de Surete Nucleaire, ASN) with the objective of evolving innovative

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_________________________________________________________________________________________________ approaches to leverage the resources and knowledge of national regulatory authorities in reviewing new reactor designs. India will be the 11th member of this body whose other members are Canada, China, Finland, France, Japan, the Republic of Korea, the Russian Federation, South Africa, the United Kingdom and the United States.

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India and UAE signed an agreement to ease the entry of Indian Contract Workers in the Emirates
India and UAE signed an agreement to ease the entry of Indian contract workers in the Emirates. The agreement was signed in Abu Dhabi, UAE. It provides for an electronic contract registration and validation system to safeguard and protect the interests of migrant Indian workers.The electronic contract registration and validation system for this purpose was launched in Abu Dhabi. The move would ensure a transparent, legal and less cumbersome migration of Indian workers to the Emirates. India is the first country with which the United Arab Emirates has entered into the landmark agreement to safeguard the interests of the migrant Indian workers to the Emirates.

Rafael Nadal defeated Novak Djokovic to clinch His Eighth Consecutive Monte Carlo Masters
Ace tennis player Rafael Nadal clinched his eighth consecutive Monte Carlo Masters. The second seeded Nadal defeated Serbian Novak Djokovic in the final. The Monte Carlo Title is Nadals first since the French Open Title in 2011 and the 47th of his ATP career. Prior to this the top seeded Djokovic had defeated Nadal in seven title face-offs. Rafael Nadal and Novak Djokovic had defeated Gilles Simon and Tomas Berdych respectively in the semi finals of the tournament.

Supreme Court upholds RTE Act

The Supreme Court by a majority of 2:1 upheld the constitutional validity of the Right of Children to Free and Compulsory Education Act, 2009, which provides for free and compulsory education to children between the age of 6 and 14 years and mandates government/aided/and non-minority unaided schools to reserve 25 percent of the seats for these children. A Bench of Chief Justice S.H. Kapadia and Justice Swatanter Kumar while upholding the law, however, held that it would not be applicable to unaided minority schools. Justice K.S. Radhakrishnan, gave a dissenting judgment. By judicial decisions, right to education has been read into right to life in Article 21. A child who is denied right to access education is not only deprived of his right to live with dignity, he is also deprived of his right to freedom of speech and expression enshrined in Article 19 (1) (a). The 2009 Act seeks to remove all those barriers including financial and psychological barriers which a child belonging to the weaker section and disadvantaged group has to face while seeking admission.

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India and Germany ink Joint Declaration on Sustainable Urban Development

Mr. Kamal Nath, Minister of Urban Development and Dr. Peter Ramsauer, German Minister for Transport, Building and Urban Development signed a Joint Declaration in the field of Sustainable Urban Development in New Delhi. Dr. Peter Ramsauer is leading a high level German business delegation to India. Speaking on the occasion, Mr. Kamal Nath stressed upon the immense challenges and opportunities in the urban sector in India. He informed that the Government of India is likely to launch the next phase of the Urban Renewal Mission shortly with an allocation of around USD 40 billion over the 12th Five Year Plan period. The Government of India is keen on encouraging PPP in the urban sector especially in the larger cities. Mr. Nath also informed the German delegation of the major thrust of the Government towards the development of metros in the major cities across the country and invited the German companies to participate. Minister Kamal Nath stated that both India and Germany would benefit from the Joint Declaration, as it would provide an enabling platform for the officials, professionals and business leaders to meet and share knowledge and best practices in the urban sector. The Joint Declaration envisages - Promoting discussion and strategies on integrated policies and principles for urban development and revitalisation in the two countries

Jagran Prakashan Limited acquired Hindi National Daily Nai Dunia in a 150 Crore Rupees D
Jagran Prakashan Limited (JPL), the publisher of the Indias largest read daily Dainik Jagran, bought Suvi Info Management (Indore) Private Limited, the company that under its subsidiary Nai Dunia Media Limited publishes Hindi daily Nai Dunia in Madhya Pradesh and Chhattisgarh. Nai Dunia, which has a daily circulation of around 500000 copies, publishes several editions from Indore, Gwalior, Jabalpur and Bhopal in Madhya Pradesh and Raipur and Bilaspur in Chhattisgarh. Jagran Prakashan Limited had acquired English daily Mid Day in 2010 in a 175 crore rupees deal. The new acquisition will enable the company to grow inorganically through mergers and acquisitions.

Study found the Impact of Climate Change on Rainfall Cycle and Food Security
An Australian study published in the journal Science revealed that climate change has accelerated the rainfall cycle. The study conducted by Australian and US scientists looked at ocean data from 1950 to 2000 and found that salinity levels had changed in oceans around the world over that time. The researchers found that the changing pattern in rainfall cycle is likely to impact the food security globally. The researchers revealed that change in rainfall and evaporation meant the rich are getting richer with wet areas experiencing higher rainfall and drier areas even less.

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Nadal clinches his seventh Barcelona Open title

Rafael Nadal defeated Spanish compatriot David Ferrer 7-6(1), 7-5 to win his seventh Barcelona Open men's tennis title. It was Nadal's 34th successive match victory on the clay court of Barcelona and his triumph came a week after he secured an eighth Monte Carlo Masters crown. It is the fourth time that Nadal has beaten Ferrer in the final of this ATP World Tour clay-court tennis tournament. He lifted the trophies from 2005-2009 and 2011-2012.

Indian Squash Player Saurav Ghosal won the $120000 El Gouna International Open
Top Indian squash player Saurav Ghosal won a 3-2 victory over Robbie Temple of England at the $120,000 El Gouna International Open in El Gouna, Egypt. Ghoshal defeated Robbie 8-11, 9-11, 11-9, 11-7, 11-4 in a match that lasted 85 minutes. Ghosal had earlier lost to Willstrop at the Canary Wharf Classic tournament in March 2012. The left-handed qualifier Englishman, Robbie had made headway in the opening games and sailed through the first two games easily. Ghosal however lifted his game and made a strong comeback in the third and the fourth game. He made an aggressive start to the fifth game and eventually took the final set with great ease.

Consolidated FDI Policy of India 2012 By DIPP: Objectives

The Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India (GOI) has issued the Consolidated FDI Policy of India 2012. The same would be effective from April 2012. The consolidated FDI policy of India 2012 reflects the intent and objective of the GOI to attract and promote foreign direct investment (FDI) in order to supplement domestic capital, technology and skills, for accelerated economic growth. FDI, as distinguished from portfolio investment, has the connotation of establishing a lasting interest in an enterprise that is resident in an economy other than that of the investor. To achieve this objective, the Indian Government has put in place a policy framework on FDI, which is transparent, predictable and easily comprehensible. This policy framework has been incorporated in the Consolidated FDI Policy of India 2012, which may be updated every year, to capture and keep pace with the regulatory changes, effected in the interregnum.

Cabinet okays Public Procurement Bill to bring transparency and efficiency in mechanism
The United Progressive Alliance government has given its go-ahead to a law that seeks to regulate all state purchases above 50 lakh to bring transparency and efficiency in graft-laden procurement mechanism. The union cabinet chaired by Prime Minister Manmohan Singh approved the Public Procurement Bill, 2012, that will be tabled in Parliament in current budget session and includes a provision to debar bidders found engaged in corrupt practices. _________________________________________________________________________________________________

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_________________________________________________________________________________________________ The bill, after becoming a law, will route through an e-portal purchases of over 11 lakh crore goods and services by all central government departments and ministries and public sector entities. Union human resource development minister Kapil Sibal said the law proposed by the government will help check graft.

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CPI(M) leader Varadarajan passes away

N. Varadarajan, former State secretary of the CPI (M) and three-time MLA, died in April. He was 87. Known as NV in party circles, Mr. Varadarajan was one of the 32 members of the united Communist Party of India (CPI) who quit the party in 1964 and formed the Communist Party of India (Marxist) in Tamil Nadu. Mr. Varadarajan joined the Communist Party in 1943. He was doing party work from underground for a year when the party was banned in 1949. Starting his career as a mill worker, he was dismissed by the management for organising a union.

Agnieszka Radwanska defeated Maria Sharapova to clinch Miami Masters Title

Fourth seeded Agnieszka Radwanska, defeated Russian tennis star Maria Sharapovato to clinch the Miami Masters Womens singles Title. Sharapova, a three-time Grand Slam Champion had been deprived of victory in four Miami Opens finals. She was also the runner-up in 2005, 2006 and 2011. While, Poland's Radwanska had defeated seventh seeded Marion Bartoli in the semi-finals, Sharapova had beaten Caroline Wozniacki in the semi-finals.

RS passes Bill to include disabled in RTE

The Rajya Sabha passed the Bill to include children with disabilities in the ambit of the Right to Education (RTE) Act. Moving the Right of Children to Free and Compulsory Education (Amendment) Bill, 2010, Human Resource Development Minister Kapil Sibal said that it provides children with severe disabilities the right to receive home-based education. He said the parents would have an option to assure home-based education for these children. The Bill, should not become an instrument for schools not wanting to take these children in classrooms.

Directorate

General

of

Hydrocarbons

(DGH)

drafted

Policy

on

Exploitation of Shale Gas

The Directorate General of Hydrocarbons (DGH) drafted a safe as well as encouraging policy on exploitation of shale gas that is seen as the new hope for fuelling Indias burgeoning appetite for hydrocarbons. DGF drafted the policy in the wake of the CAGs strictures against the DGH and the Petroleum Ministry on violations in the KG-D6 contract. The draft policy does not permit cost recovery and hence profit sharing the two features that came under criticism by the CAG in its audit report. However it banks on production-linked payment (PLP) as the Centres share from the discovery.

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_________________________________________________________________________________________________ The maximum period of PLP exemption would be 10 years from the date of signing of the contract and will not be extended under any circumstance since it is an incentive for faster development. As per the policy, the explorer will be given the freedom to market shale gas within India on an arms length basis, with shale oil marketing following the prevailing norms of the New Exploration Licensing Policy. The other incentive proposed in the draft is customs duty exemption on the import of goods and materials for exploration and exploitation of shale gas or oil.

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Union Government decided to include Chit Funds under the Chit Fund Act of 1982 in Six States
The Union government decided to include Chit funds, an informal pooling of funds from individuals for lending under the Chit Fund Act of 1982 in six states including Gujarat and Kerala. The decision was meant to help people access the dispute settlement mechanism. Nagaland, Haryana, Tripura, and Arunachal Pradesh are the other states to come under the Act, providing a cushion for small savers who are at the mercy of local operators. Of the six states brought under the central ruling, only Kerala operated under the Kerala Chit Act of 1975. The other five states had no laws to regulate chit fund operators. Registered chit funds have to follow rules laid down by the Reserve Bank of India. Industry sources say the legislation will force several unregistered chit funds to shut shop across the country. The initiative to bring chit fund operators under registration is being considered a positive move as it will set systems and processes in the chit fund industry. If chit funds are registered and bound under a central Act, it will improve (legal) the recourse mechanism for investors.

Stephen Hendry announces retirement from snooker

Stephen Hendry, the Scottish snooker player, and the most successful player of the modern era (with seven world titles) retired from professional snooker. The retirement followed Hendry's heavy defeat at the hands of Stephen Maguire in the 2012 world professional snooker championship. Hendry was beaten 13-2 in the quarter-finals.

Sushil Kumar finally qualifies for London Olympics

Sushil Kumar qualifies for London Games Former world champion and Beijing Olympics bronze medalist wrestler, Sushil Kumar finally managed to seal his London Olympics berth after winning the 66kg freestyle title at the World Qualifying Tournament in Taiyuan, China. Sushil defeated Georgia's Otar Tushishvilli 3-0 in the final to qualify for the London Games in a thumping fashion. Sushil had already booked his ticket to London before the title clash when he defeated Andriy Kvyatkovskyy of Ukraine 3-1 in the semi-final.

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Arctic Ocean could be source of greenhouse gas: study

The Arctic Ocean could be a significant contributor of methane, a powerful greenhouse gas, scientists reported. Researchers carried out five flights in 2009 and 2010 to measure atmospheric methane in latitudes as high as 82 degrees north. They found concentrations of the gas close to the ocean surface, especially in areas where sea ice had cracked or broken up. The study, published in the journal Nature Geoscience, wonders if this is a disturbing new mechanism that could accelerate global warming

Some Himalayan glaciers defy trend and are actually growing

The Siachen Glacier, which traverses the Himalayan region dividing India and Pakistan, is part of the Karakoram Range at the western end of the Himalayas, where scientists say glaciers are actually growing rather than receding. Some glaciers in the Himalayas mountain range have gained a small amount of mass between 1999 and 2008, new research shows, bucking the global trend of glacial decline. Study published in the Nature Geoscience journal also said the Karakoram mountain range in the Himalayas has contributed less to sea level rise than previously thought. As global average temperature rise, glaciers, ice caps and ice sheets melt and shed water, which contributes to the increase of sea levels, threatening the populations of low-lying nations and islands. The research at Frances University of Grenoble estimates that the Karakoram glaciers have gained around 0.11 to 0.22 metres per year between 1999 and 2008.

Russia to build two more nuclear reactors in China

Russia and China have firmed up their nuclear cooperation, with Moscow set to build two more high-power reactors in this country's Tianwan atomic plant. Russia had earlier helped China build two reactors in the Tianwan nuclear plant in Jiangsu province, which went into operation in 2007, Sergey Sergeevich Razov, Moscow's envoy here, said. The two reactors, with combined capacity of 2,000 mw, are using Russia's VVER 1000 nuclear model.

Rajya Sabha takes up bill to include disabled in RTE

A bill to include children with disabilities in the ambit of the Right to Education (RTE) Act was passed by the Rajya Sabha. The Right of Children to Free and Compulsory Education (Amendment) Bill, 2010, adds children with disability to the definition of "disadvantaged groups" and will now be a part of the 25 percent reservation offered to these groups. The Bill also gives children suffering from autism, cerebral palsy, mental retardation and multiple disabilities the benefit of choosing to study from home.

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_________________________________________________________________________________________________ "They will also have the right to home-based education. Parents will have the option to assure home-based education for these children. But it should not become an instrument for schools not wanting to take these children in classrooms. It should just remain an option for parents," Human Resource Development Minister Kapil Sibal told the Rajya Sabha. He said the amendment also included one to keep religious institutions out of the RTE Act's ambit.

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Indian-American appointed to key Pentagon post

Indian-American Vikram Singh has been appointed to a key Pentagon position to look after entire South and Southeast Asia. Vikram J Singh has been appointed to the Senior Executive Service and is assigned as deputy assistant secretary of defence for south and Southeast Asia, Office of the Under Secretary of Defence (Policy), a Pentagon announcement said. Mr. Singh previously served as special assistant, Office of the Under Secretary of Defense (Policy). Mr. Singh was a close associate of late Richard Holbrooke, the Special US Representative for Afghanistan and Pakistan. He replaces Robert Scher, who has now been assigned as Deputy Assistant Secretary of Defence for Plans.

BV Vanchoo appointed as the New Governor of Goa

BV Vanchoo was appointed the Governor of Goa. A 1976-batch IPS officer from West Bengal cadre, Wanchoo retired as the head of the Special Protection Group in October 2011 after leading the elite unit for more than seven years. He was joint director in the Intelligence Bureau when he was picked up by Prime Minister Manmohan Singh to head the SPG in 2004. Former Madhya Pradesh Minister and ex-MP Aziz Qureshi was named as the next Governor of Uttarakhand, replacing Margaret Alva who is set to assume the charge of Rajasthan Governor for the rest of her term. The appointments were approved at the core group meeting of Congress presided over by the Congress President Sonia Gandhi.

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