Competition Booster Eng July

www.mahendraguru.
com
Eco/Banking/RBI
ECONOMY
JULY 5 : Snapdeal announced its entry into online
services segment like flight and bus ticket
bookings, hotel reservations and food
ordering, becoming the first e-commerce
marketplace to introduce services.
Snapdeal has launched the services through
partnership with Zomato, Cleartrip,
UrbanClap and redBus.
JULY 11 : India has the most transparent companies
while Chinese firms are the most opaque,
according to a global watchdog's survey
released that assesses the efforts of
companies in emerging markets to fight
corruption.
The report covered 100 companies in
15 emerging-market countries that also
included Brazil, Mexico and Russia.
JULY 12 : Indian economy is likely to grow at 7.9
per cent in the current fiscal provided the
country receives normal monsoon as it
will boost agriculture growth and lift rural
demand.
As per the rating agency Crisils latest
report, GDP is expected to grow by 7.9 per
cent in 2016-17 as against 7.6 per cent in the
previous fiscal if monsoon is normal and
global situation does not deteriorate from
here.
JULY 13 : The Centre cleared a proposal to sell
its stake in state-owned construction
company NBCC India Ltd with an aim
to meet the ambitious Rs.56,500-crore
PSU disinvestment target in 2016-17.The
Union Cabinet has approved the proposal
of follow-on public offer (FPO) by NBCC
India to divest the central governments
stake in the company.
JULY 13 : The Income Tax department has widened
the ATM-based validation system for filing
e-ITRs by taxpayers with the inclusion of
Axis Bank, after SBI, as part of its measure
to enhance the paperless regime of filing the
annual I-T returns.
Now, Electronic Verification Code (EVC)
can also be generated by pre-validating
Automated Teller Machine (ATM) provided
by Axis Bank.
JULY 14 : Tata Advanced Systems and US-based Bell

Helicopter announced an agreement for
working together to manufacture helicopters
under Make in India initiative to meet civil
and military requirements.
JULY 14 : Online travel agent Yatra has entered into
a merger agreement with NASDAQ listed
Terrapin 3 Acquisition Corporation (TRTL)
that values Yatra at an enterprise value of
$218 million. TRTL is a special purpose
acquisition company formed for the
purpose of effecting a merger, acquisition,
or similar business combination and had
raised $212.75 million in its IPO in July
2014.
JULY 18 : Leading Ayurvedic Fast-moving Consumer
Goods firm,Dabur India Ltd, has tied up with
the Defence Research and Development
Organisation (DRDO) to promote sustainable
cultivation of high-altitude medicinal plants
in Ladakh.
Dabur India has signed a pact with DRDO's
unit Defense Institute of High Altitude
Research (DIHAR), Leh, under which both
the organisations will educate farmers and
help enhance livelihood opportunities in the
cold desert area.
JULY 18 : The Commerce Ministry has launched an
e-marketplace for online purchase of goods
and services by various central government
ministries and departments.
The move is aimed at bringing in more
transparency
and
streamlining
the
government procurement of goods and
services.
The Directorate General of Supplies and
Disposals (DGS&D) has developed the
portal for the purpose. The department,
which is under the Commerce Ministry,
carries out the procurement.
JULY 18 : ADB marginally cut economic growth
projection for Asia and Pacific region for
2016, though India is likely to meet 7.4%
and 7.8% growth forecast for this and the
following year.Asian Development Bank
(ADB) said it has cut its 2016 growth
projection for developing economies in Asia
and the Pacific to 5.6% from earlier forecast
of 5.7%.
JULY 19 : India's economic growth rate is expected
to accelerate to 7.7 per cent in the current
fiscal, Fitch said while affirming India's
www.mahendraguru.com
[2]
sovereign ratings at 'BBB-' with stable
outlook.
council, signed a memorandum of

understanding (MoU) with the Tehran
Garment Union (TGU), to promote bilateral
trade and industrial cooperation in the
textile and fashion sectors between the two
countries.
The global rating agency also raised various

concerns, including weak private investment
and monetary policy transmission.
JULY 19 : Morgan Stanley revised its India growth
estimate for this year to 7.7 per cent from
7.5 per cent earlier, because of positive
surprises in the macro data.
JULY 21 : State-owned NHPC said it has entered

into a pact with Bharat Heavy Electricals
Ltd (BHEL) for undertaking hydro power
projects in overseas markets.
According to the global financial services

major, the growth recovery is becoming
more broad-based, driven by public capex,
FDI and consumption.
"NHPC has signed a Memorandum of

Understanding (MOU) on JULY 21, 2016
with Bharat Heavy Electricals Limited
(BHEL)," NHPC said in a filing to BSE.
JULY 19 : Aditya Birla Health Insurance has become

the sixth company in India to be registered
in the segment, regulator Irda said.
JULY 25 : A week after admitting its accounts appear

to have been "falsified", Ricoh India said its
Chairman and Director Tetsuya Takano has
resigned from the company.
The newest health insurance is promoted

as joint venture of Aditya Birla Financial
Services Limited (ABFSL) of India and
MMI Strategic Investments (Pty) Limited
(MMI) of South Africa.
The company has appointed Ian Peter

Winham as its Director/Chairman with
immediate effect.
JULY 26 : Leading bourse BSE has entered into an
agreement with Stock Exchange of Mauritius
(SEM) for collaboration in areas including
investments, products and cyber security.
The strategic partnership aims at enhancing
exchange of knowledge, information,
technology and expertise.
JULY 19 : Engineering Procurement & Construction

company Essar Projects has announced
that it has won a Rs. 300-crore contract
from IFFCO (Indian Farmers Fertilizer Cooperative). This is its fourth major contract
from the Indian fertiliser industry giant.
The latest project entails the construction
of a new phospho gypsum stack at IFFCOs
Paradip unit in Odisha, which is Indias
largest phosphatic fertiliser complex.
JULY 20 : Global telecom industry body GSMA
announced the launch of Mobile Connect,
a mobile-based authentication solution that
allows users to create and manage their
digital identity across apps and services,
using their mobile numbers.
The Mobile Connect services will be offered
by six telecom operators - Bharti Airtel,
Idea, Vodafone, Aircel, Tata Teleservices and
Telenor - to over 80 crore subscribers across
India.
JULY 26 : Verizon Communications Inc said it would

buy Yahoo Inc's core internet properties for
$4.83 billion in cash, marking the end of the
line for a storied Web pioneer and setting
the stage for a big new internet push by the
telecom giant.
JULY 26 : E-classified player Quikr has acquired Hiree,
an online hiring platform, as part of its focus
to tap the white collar job market.
Hiree, which counts IT companies and
start-ups among its customers, will be
merged with Quikrs job vertical QuikrJobs
and will operate out of the latters
headquarters.
JULY 26 : Flipkart-owned Myntra said it has acquired
Jabong from Global Fashion Group for an
undisclosed amount, a move that will mark
further consolidation in Indias booming
e-commerce industry.
JULY 20 : The IMF slightly trimmed India's growth

projections to 7.4 per cent for 2016 and
2017, a drop of 0.1 per cent from its previous
forecast, attributing it to a more sluggish
investment recovery while declaring Brexit
as a "spanner" in the global economic
recovery.
Myntra, which itself was acquired by Flipkart

in 2014 in an estimated Rs 2,000 crore deal,
will have access to a combined base of 15
million monthly active users.
JULY 21 : The Apparel Export Promotion Council

(AEPC), Indias largest export promotion
[3]
JULY 27 : In the presence of Minister of
Railways Suresh Prabhakar Prabhu, a
Memorandum of Understanding (MoU)
between Ministry of Railways and
Confederation of Indian Industry (CII)
to evaluate the Green Initiatives and rate
the performance of Industrial Units of
Indian Railways .
JULY 27 : Hero groups electronics venture Hero
Electronix has acquired Germanybased TES DST Holding Europes
India business, marking its entry into
the designing and manufacturing of
innovative products in domains like
automotive and avionics.
JULY 28 : Chinese handset maker LeEco acquired
US-based consumer electronics firm
VIZIO for USD 2 billion.As part of the
definitive agreement, LeEco will acquire
all of the VIZIO hardware and software
operations, technology and intellectual
property and the transaction is expected
to close during the fourth quarter of
2016.
BANK
JULY 2 : Leveraging on the popularity of Facebook
and Twitter, State Bank of India (SBI)
launched 'SBI Mingle', allowing its
customers access various banking services
via these social platforms.
The new initiative was launched by SBI
Chairperson Arundhati Bhattacharya on the
occasion of 61st State Bank Day.
JULY 2 : Energy-to-telecom conglomerate Reliance
Industries and India's largest lender SBI
have signed shareholders agreements to set
up small deposit-taking institutions, called
payments bank.
RIL-SBI combine was among the 11 entities
that were in August last year given licence
by the Reserve Bank ofIndia (RBI) to start a
payments bank.
JULY 5 : The Cabinet Committee on Economic
Affairs allowed Axis Bank to raise foreign
shareholding to 74 per cent from the current
62 per cent, which will bring in investment
of around Rs 13,000 crore.
At present, private banks have a total foreign
limit of 74 per cent, of which FII limit is 49
per cent.
JULY 6 : SBI Cards and Payment Services (SBI
Card), the third-largest card issuer by
number, launched a premium credit card

ELITE.
Enabled with Near Field Communication
technology, ELITE allows customers a
contact-less payment experience.
JULY 8 : Export-Import Bank of India (Exim) said it
has extended USD 200 million (around Rs
1,350 crore) worth buyer's credit (BC) to
Senegal for construction of a 225 kV power
transmission line.
The government-run principal financial
institution extended the credit under National
Export Insurance Account (NEIA).
JULY 13 : Shares of IDFC Bank soared over 8 per
cent after the company announced the
acquisition of Tamil Nadu-based Grama
Vidiyal Microfinance that will help it widen
the reach.
The stock climbed 8.42 per cent to settle at
Rs 52.15 on BSE. During the day, it jumped
12 per cent to Rs 53.90.
JULY 13 : Country's largest lender State Bank
of India has tied-up with Society for
Innovation and Entrepreneurship (SINE)
at IIT Bombay to promote innovation by
fintech startups.
They will identify fintech startups offering
products or applications for the financial
sector, a press release issued by the IIT
Bombay said.
JULY 14 : Exim Bank has extended a loan of USD
44.95 million to Kenya for a textile factory
and development of small and medium
enterprises.
The loan, known as line of credit, has
been granted on behalf of the Indian
government.
The loan agreements were signed in Nairobi,
Kenya .
JULY 21 : Indian Railway Catering and Tourism
Corporation (IRCTC) has joined hands
with the State Bank of India to chalk out a
detailed plan for promotion of rail ticketing
activities, including internet ticketing and
unreserved ticketing system.
JULY 21 : Canada's Brookfield Asset Management
Inc aims to pump in about $1 billion into a
proposed joint venture (JV) with India's top
lender State Bank of India (SBI) that will
investin distressed assets in the South Asian
nation, the companies said.
[4]
JULY 30 : Taking the lead among State-owned banks,
State Bank of India, the countrys largest
commercial bank, formally entered the
wealth management space with the launch
of SBI Exclusif in the capital.
Brookfield will commit about Rs 70 billion

($1 billion) to the venture.
JULY 21 : Federal Bank said it has signed an agreement
with Reliance Jio Money for One-Click
payment service.
RBI
Reliance Jio money is a wallet

application that will be launched soon
for mobile devices where Federal bank
will enable a direct payment option for
its customers.
JULY 2 : Equitas Holdings Ltd said it has received

final licence from the Reserve Bank of
India (RBI) to launch a small finance bank
(SFB) and will commence operations in
a few months with a network of around
400 branches.The SFB, to be named
Equitas Small Finance Bank Ltd (Equitas
Bank), will start banking operations after
receiving few other approvals from various
departments of RBI and other agencies.
JULY 22 : HDFC ERGO General Insurance Company

and Shamrao Vithal Co-operative (SVC)
Bank announced their bancassurance agency
partnership to provide range of non-life
insurance offerings to the customers of the
bank.
JULY 2 : Foreign lender JP Morgan Chase has got

the approval from Reserve Bank of India
to open three additional branches in the
country. These new branches will be
located at - New Delhi, Bangalore and
Chennai.
JULY 25 : SBI has engaged Indian Oil Corporation's

Kisan
Seva
Kendras
as
banking
correspondents to extend banking facilities
to farmers across the country.
Indian Oil Corporation (IOC) has set up
6,500 KSKs in rural and remote areas which
provide access to various agricultural inputs
like diesel, seeds, fertilisers, pesticides to
farmers.
JULY 14 : Mindful of the growing importance of

financial technology innovations, the
Reserve Bank has set up a working group
to work out a regulatory framework to
bolster financial technology and digital
banking.
JULY 25 : Global payments leader SWIFT taken a

initiative which aims to enhance crossborder payments by leveraging Swifts
messaging platform and global reach and
in the first phase, the initiative will focus on
business-to-business payments.
The sub-committee of the Financial Stability

and Development Council at its meeting
held on April 26 had decided to set up such
a group to look into the issue and report the
finer aspects.
JULY 27 : State Bank launched a payment system at its

ATMs which will allow the account holders
transfer money using mobile phone number
as identifier.
JULY 20 : Aluminium maker Hindalco said it will

accept the Australian miner Metal X's
improved takeover offer for its subsidiary
Aditya Birla Minerals Ltd.
The facility will enable a payment of

up to Rs 10,000 from any SBI bank
account .
The above offer is conditional upon

Hindalco's acceptance and confirmation
that it has obtained the requisite approval
of Reserve Bank of India in this regard.
JULY 29 : India's largest insurer Life Insurance

Corporation of India (LIC) has signed an
agreement with private sector lender Axis
Bank as its bancassurance partner wherein
the bank will distribute LIC's products to its
customers.
JULY 28 : In a major crackdown for FEMA violations

and KYC lapses, the RBI has imposed Rs
27-crore penalty on 13 public and private
sector banks, including PNB and HDFC
Bank, while asking eight others including
SBI and ICICI Bank to ensure strict
compliance with guidelines.
In the preliminary phase, the bank will

distribute LICs life insurance products
across its branches in West Bengal,
Bangalore and Haryana Panchkula.
[5]
[6]
National & State News of

the Month
Besides Mr. Javadekar, 19 new Ministers

(17 new faces and two old hands) took
oath as Ministers of State. The Council of
Ministers now has 77 members.
JULY 1 : Minister of Railways Suresh Prabhakar

Prabhu launched NIVARAN portal, an
online system for redressal of service related
grievance of serving and former railway
employees in a programme which is held at
Rail Bhawan.
JULY 8 : In its bid to fast-track execution of the

ambitious Namami Gange programme,
the government launched 231 projects,
including installation of sewage treatment
plants and ghat constructions, at over 100
locations in seven states with an estimated
cost of Rs 1,500 crore.
JULY 1 : HAL Tejas, also known as the Light Combat

Aircraft (LCA) project, has been inducted
into the Indian Air Force. Two of the singleengine multi-role fighter jets, pegged to be
the world's smallest and lightest supersonic
fighter, were handed over to the Air Force.
They will be stationed in Bengaluru, as part
of the first Tejas squadron called 'Flying
Daggers'.
JULY 1 : Punjab Deputy Chief Minister Sukhbir Singh
Badal launched nations first Rapid Rural
Police Response System across the state to
ensure prompt and effective police response
in villages to counter any crime or law and
order situation in 20 minutes.
JULY 4 : Government has now allowed all the four
public sector general insurers to participate
in its ambitious farm insurance schemes
-- the Pradhan Mantri Fasal Bima Yojana
(PMFBY) and Unified Package Insurance
Scheme -- with potential of over USD 2.5
billion in premium collection.
JULY 5 : Jawaharlal Nehru Port becomes the first
port in the country to implement logistics
data tagging of containers. An RFID (Radio
Frequency Identification Tag) tag would be
attached to each container which would be
tracked through RFID readers installed at
different locations.
JULY 6 : BJP president Amit Shah unveiled the
worlds largest wooden charkha, at Terminal
3 of Delhis Indira Gandhi International
Airport (IGIA).The order to make the
spinning wheel was given to Paryog Samiti,
a Khadi and Village Industries Commission
(KVIC) unit, near Sabarmati Ashram.
JULY 6 : Prime Minister Narendra Modi effected an
expansion of his Council of Ministers and
promoted Minister of State (Independent
charge) for Environment and Forests Prakash
Javdekar to Cabinet rank in a ceremony held
at the Durbar Hall of the Rashtrapati Bhavan.
JULY 8 : The Union Minister of Agriculture and

Farmers Welfare, Radha Mohan Singh
formally launched Krishi Vigyan Kendra
(KVK) portal (http://kvk.icar.gov.in) in
New Delhi. Speaking on the occasion the
Union Minister of Agriculture & Farmers
Welfare stated that there are 645 Krishi
VigyanKendras (KVKs) in the country.
JULY 8 : The Union Cabinet approved a change
in the names of the Madras, Bombay
and Calcutta High Courts to reflect the
alterations in the official nomenclature
of these cities to Chennai, Mumbai and
Kolkata, respectively.The names of these
cities have been changed for a few years
now.
JULY 12 : Alappuzha in Kerala, Panaji and Mysuru
are cleanest cities in India, a survey based
on solid waste management practises in
towns across the country stated even as it
placed Delhi at the "bottom of the heap".
JULY 12 : Admiral Sunil Lanba, the Chief of
Naval Staff, commissioned the Marine
Commandos (MARCOS-East) unit as INS
Karna at a function at INS Kalinga in the
district.
As per a Defence release, MARCOS
East was raised on October 26, 1992 and
since then it has been the primary special
operations unit in ENC.
JULY 12 : As part of programmes to implement the
Roadmap for Disaster Risk Reduction in
Bihar (2015-30), the state government
signed an MoU with Bangkok-based Asian
Disaster Preparedness Centre (ADPC).As
per provisions of the MoU, the ADPC will
provide technical assistance to the state
government to implement the Roadmap for
Disaster Risk Reduction in Bihar (201530), which was approved by the Cabinet in
March.
[7]
JULY 13 : Bharat Sanchar Nigam Limited (BSNL)
and Madhya Pradesh Urja Vikas Nigam
(MPUVN) entered into agreement for
establishing solar power plants in 148 offices
of BSNL in Madhya Pradesh.
JULY 18 : The Delhi airport rolled out portable,

common use check-in device for the first
time in the country, which is expected to
reduce flight check-in time significantly at
India's busiest aerodrome.
JULY 14 : Asian Development Bank (ADB) will

provide $100 million loan (about Rs 670
crore) to India for irrigation projects,
drainage system and water management at
the Cauvery delta in Tamil Nadu.
The hand-held vMUSE portable checkin facility offers a cost effective way to
accommodate rapid passenger growth at the
airport, Delhi International Airport Limited
(DIAL).
JULY 15 : J P Nadda, Union Minister of Health and

Family Welfare received the official citation
from WHO and UNICEF for Elimination
of Maternal and Neonatal Tetanus and for
being YAWS-free. India is the first country
to be officially acknowledged as being
Yaws-free.
JULY 18 : Atal Pension Yojana is being implemented

through the APY Service Providers
comprising of Public Sector Banks, Private
Sector Banks, Regional Rural Banks,
Cooperative Banks and Department of Post
both in urban and rural areas across the
country. The total number of subscribers
registered under APY as on 30th June 2016
has crossed 30 lakh and every day nearly
5000 new subscribers are added.
JULY 16 : President Pranab Mukherjee inaugurated

the first edition of "India Skills
Competition" on the occasion of World
Youth Skills Day.
The occasion also marks the first anniversary
of Prime Minister's Skill India mission which
aims to train over 40 crore youth in India in
different skills by 2022.
Around 4,820 candidates have registered to
compete at the competition.
JULY 16 : The railways formed a joint venture company
(JVC) with the Haryana government for
undertaking rail infrastructure projects in the
state.
Haryana becomes the second state, after
Odisha, to form a joint venture company
with railways. Earlier, both states had signed
MoUs for this purpose.
JULY 16 : The country's first of its kind industrial
park, exclusively for women entrepreneurs,
was launched by Uttarakhand Chief
Minister Harish Rawat at the Federation
House.The event was organised by FICCI
Ladies Organisation (FLO).The park will
be located in Uttarakhand's Sitarganj
district.
JULY 16 : The Madhya Pradesh Government cleared
the proposal to set up 'Anand' Vibhag
(Happiness Department).
It is reported that the Madhya Pradesh
Cabinet has initially allocated a sum of
Rs. 3.80 crore for setting up Anand Vibhag
that will carry out regular research and
experiments.
JULY 18 : The Centre has released more than Rs

28,000 crore so far this year to states under
MGNREGA to clear the last years liabilities
and for running the programme in the
ongoing year, Parliament was informed.
Under the Mahatma Gandhi National Rural
Employment Guarantee Act (MNREGA),
funds are released to the states on the basis
of agreed to labour budget and performance
of the states.
JULY 20 : Niti Aayog tied up with Intel India to set up
10 laboratories under the Atal Innovation
Mission (AIM) to cultivate adaptive learning
and innovation skills among young minds.
The government think tank, which as a part
of AIM has introduced the Atal Tinkering
Laboratories (ATL) initiative in the country,
signed a Statement of Intent (SoI) with Intel
India.
JULY 21 : A new Ministry of Electronics and
Information Technology has been created
by the Centre after bifurcating Ministry
of Communications and Information
Technology (MoC&IT) to exclusively deal
with Aadhaar, promotion of internet and
other related services.
According to the decision, there will be two
ministries-- Ministry of Communications
and Ministry of Electronics and Information
Technology.
JULY 21 : Nabard has sanctioned a loan of Rs 176.68
crore for construction of 843.75 km main
[8]
branches of watercourses and installation of
reverse osmosis (RO) plants.
in Tamil Nadu which ensures zero toilet

discharge on rail tracks, was inaugurated by
Railways Minister Suresh Prabhu.
Almost 46,420 hectare of farm area will be

benefited.
He said till March 2016, a total of 35,104

bio-toilets had been provided and since then
till last week 7,000 more new bio -toilets
have been made operational.
JULY 22 : Prime Minister Narendra Modi reviving

a fertilizer plant and the All India Institute
of Medical Sciences (AIIMS), laid the
foundation stone in Gorakhpur for the
establishment. The revival of the fertilizer
plant will employ 4,000 people and farmers
in Uttar Pradesh would ensure adequate
supply of fertilizers.
JULY 27 : A life-size statue of former president

Dr APJ Abdul Kalam was unveiled at
Peikarumbu on the occasion of his first
death anniversary.
Inaugurating the bronze statue, Union Minister
M Venkaiah Naidu said that Dr. Kalam will live
forever in our minds and hearts. His thoughts
continue to be with us all the time.
JULY 23 : Himachal Pradesh and Japan International

Cooperation Agency (JICA) signed a pact
for the second phase of crop diversification.
JULY 28 : The Cabinet cleared changes in the GST

Constitutional Amendment Bill, dropping
1 per cent manufacturing tax and providing
guarantee to compensate states for any
revenue loss in the first five years of rollout
of the proposed indirect tax regime.
An MOU was signed between state

Agriculture Secretary Anuradha Thakur and
funding agency JICA's Chief Representative
Takema Sakamoto.
JULY 23 : Reliance Defence and Engineering has
signed an agreement granting it the right
and authority to build, operate and manage
defence and commercial shipyard activities
at Pipavav in Gujarat.
JULY 29 : Chief Minister N Chandrababu Naidu

launched Mission Harita Andhra Pradesh,
with the theme green cover for a happy
living, by planting saplings at Sunkollu
village under Nuzividu mandal in Krishna
district.
The pact, referred to as sub-concession

agreement, has been inked with the Gujarat
Maritime Board and the Gujarat Pipavav
Port at Gandhinagar, Gujarat.
The objective of the mission is to increase

the green cover in the state to 50 per cent by
the year 2029.
JULY 25 : The nation's first Green Rail Corridor, a 114km long Rameswaram-Manamadurai stretch
[9]
International News of
the Month
JULY 2 : India and Cyprus have agreed to revise their
tax treaty under which capital gains tax will
be levied on sale of shares on investments
made after April 1, 2017, thus bringing the
island nation at par with Mauritius in terms
of tax treatment on investments.
JULY 6 : Department of Posts and Portugal Post will
issue joint postage stamps on the theme of
folk dances, the Cabinet was informed .
The collaboration has been fruitful and
beneficial for both countries and the ties of
both countries will continue to grow from
strength to strength over the years.
JULY 8 : Coinciding with Prime Minister Narendra
Modi's visit here,India handed over 30 SUVs
to Mozambique, completing the delivery of
USD 4.5 million grant assistance as part of
supporting the institutions of this African
country.
JULY 11 : Indian Prime Minister Narendra Modi,
after his talks with Kenyan President
Uhuru Kenyatta in Nairobi, also announced
extension of the concessional Line of
Credit(LOC) of $44.95 million to the African
nation to help it in development of small and
medium enterprises and textiles, as they
signed seven pacts, including in the field
of defence and security and avoidance of
double taxation.
JULY 13 : Bangladesh and India signed a landmark
deal for the construction of a 1,320 megawatt
coal fired power plant, the biggest project
under bilateral cooperation that would mark
the transition from electricity export to
generation level.
India's Exim Bank will provide USD 1.49
billion for the project, scheduled to start
generating power in 2019.
JULY 14 : Theresa May (59), accepted an invitation
from Queen Elizabeth II to form a new
government just minutes after David
Cameron, the outgoing prime minister,
tendered his resignation.
May is the second female prime minister
after Margaret Thatcher, also a Conservative
politician, and who led the country from
1979 until 1990.She becomes 13th prime
minister of Britain.
JULY 14 : Senior diplomat Mohamed Asim became

foreign minister in the Maldives after
his predecessor resigned to protest the
resumption of the death penalty.
The country's justice system is often
criticized for a lack of competence and of
acting under political influence.
JULY 14 : Former Mayor of London Boris Johnson
was appointed Foreign Secretary by
Britain's new Prime Minister Theresa May.
He has taken over the job from Philip
Hammond who has replaced George
Osborne as Chancellor of the Exchequer.
JULY 16 : Vice President Hamid Ansari unveiled a
stone statue of Mahatma Gandhi at Pethub
Monastery in the Mongolian capital which
is seen as symbol of India-Mongolia
cultural and spiritual ties.
Pethub Monastery, seen as symbol of IndiaMongolia cultural and spiritual ties, was
inaugurated in August, 1999 by Indian Vice
President Krishan Kant.
JULY 20 : The Ministry of AYUSH has signed an
agreement with World Health Organisation
for promotion of traditional Indian systems
of medicine, including Yoga andAyurveda,
globally.
The four categories include benchmarks for
training in Yoga, Ayurveda, Unani medicine
and Panchkarma.
JULY 20 : The United States and India have agreed
to take several key steps in petroleum and
energy sector, aimed towards achieving the
ambitious goal of energy independence.
The key prospects include development
of petroleum storage, which is considered
crucial for national security and strategic
needs, increase technical co-operation
in new technologies in development of
bio fuel (2nd generation ethanol and biodiesel) and assessment and reassessment
of conventional and unconventional
hydrocarbon reserves in India, both onshore
and offshore.
JULY 21 : The Union Cabinet approved signing of an
Air Services Agreement (ASA) between
India and Mozambique, a move that will
promote air connectivity between the two
countries.
Presently there is no such agreement
between India and Mozambique.
[10]
JULY 21 : India and African country Tunisia have
signed agreement for strengthening bilateral
cooperation in the field of IT, telecom and
digital economy.
The agreement intends to foster active
cooperation and exchange between private
entities, governments, institutions involved
in enhancing capacity building and other
public and private organisations of the two
countries in the field of ICT and Digital
Economy, it added.
JULY 21 : BRICS' New Development Bank headed by
eminent Indian banker K V Kamath held
its first annual general body and board of
governors meetings, landmark events for the
exclusive bank of five emerging countries to
finance development projects.
The opening ceremony of the bank held
in Shanghai where the institution is
headquartered .
JULY 22 : Prime Minister Modi said that the check post
would not only boost bilateral trade, but also
enhance connectivity, people to people ties
and become a gateway of economic progress
for both the countries.
The commissioning of the Petrapole ICP
will serve to foster greater economic
integration and connectivity between India
and Bangladesh.
JULY 23 : India, one of the largest troop-contributing
countries in UN peacekeeping operations,
has contributed USD 100,000 to a trust fund
set up for victims of sexual exploitation and
abuse by peacekeepers, becoming the first
country to make a contribution to the fund.
This is the first contribution to the Trust Fund
the Secretariat has received, UN Secretary
General Ban Ki-moons deputy spokesman
Farhan Haq told.
JULY 25 : China rolled out the world's largest

amphibious aircraft AG600 to fight forest
fires and perform marine rescue missions.
The AG600 is by far the worlds largest
amphibian aircraft, about the size of a Boeing
737, AVIC deputy general manager Geng
Ruguang said. An amphibious aircraft can
take off and land on both land and water.
JULY 25 : Nepal's Prime Minister, Khadga Prasad Oli,
resigned from his office. He resigned ahead
of a no-confidence vote.
Olis resignation, who was heading Nepals
eighth government in past 10 years, threw
the nation into a fresh political turmoil.
JULY 27 : Hillary Clinton made history by clinching
the Democratic White House nomination,
becoming the first woman to lead a major
party in the US Presidential race.
JULY 28 : India signed a deal worth over $1 billion
with American defence and aerospace
major Boeing for procuring four additional
Poseidon-8I long-range maritime surveillance
and anti-submarine warfare aircraft.
JULY 28 : Aiming to deepen its cultural ties with
India, Australia has announced a grant of
250,000 Australian dollars for supporting
the 'Confluence Festival of India', the first of
its kind and the biggest such event ever to be
held in the country.
The 10-week-long festival will be held
across seven cities - Melbourne, Sydney,
Perth, Canberra, Alice Springs, Adelaide
and Brisbane from August this year.
JULY 29 : An 18-year-old Indian-American girl, Sruthi
Palaniappan has become the youngest
delegate at the Democratic National
Convention which has nominated Hillary
Clinton as the party's presidential candidate.
[11]
of understanding with its Australian
counterpart and its international parent
body, the WADA.
Sports News of the

Month
JULY 1 : Veteran sprinter Sameer Mon, representing
Manipur, emerged as the fastest male athlete
as he won the gold in 100m dash in 10.60secs
on the third day of 56th National Inter-state
Senior Championships. .
JULY 1 : Indian goalkeeper Gurpreet Singh Sandhu
was named in Norwegian club Stabaek FC's
squad for their Europa League qualifying
match against Welsh Premier League side
Connah's Quay Nomads FC, making him
the first from the country to play in the
continental competition.
JULY 2 : Nirmala Sheoran qualified for Rio 2016
Olympics in the womens 400 metres
category with a timing of 51.48 seconds at
the 56th National Inter State Senior Athletics
Championship in Hyderabad.
JULY 4 : Lewis Hamilton collided with Mercedes
team-mate Nico Rosberg on the last lap and
won the Austrian Grand Prix.
World champion Hamilton was on the
outside and alongside heading into Turn
Two but his German team-mate held him out
wide, delaying his turn-in, and they collided
as Hamilton tried to turn in.
JULY 4 : United States tennis icon Serena Williams
registered her 300th Grand Slam victory as
the defending champion defeated Germany's
Annika Beck 6-3, 6-0 in the third round of
Wimbledon.
JULY 4 : It was double bonanza for India at the Canada
Open as B Sai Praneeth and Rio-bound mens
doubles pair of Manu Attri and B Sumeeth
Reddy clinched twin crowns after winning
their respective title clash at the $55,000
Grand Prix badminton tournament.
JULY 5 : The Indian 4x100m women's relay team
created a new national record at the Kazakhstan
National Athletics Championships, clocking
43.42sec in Almaty.
The 4x100m relay quartet, comprising of
Dutee Chand, Srabani Nanda, H M Jyothi and
Merlin Joseph bettered their earlier national
record of 44.03sec, which was created in the
IAAF World Challenge in Beijing in May.
JULY 6 : In a bid to bolster its anti-doping programme,
the National Anti-Doping Agency (NADA)
has signed a twoyear memorandum
JULY 8 : Dipa Karmakar, who recently became the

first Indian female gymnast to qualify for the
Olympics, has been awarded the honour for
her performances in the Gymnastics World
Championships held in Glasgow in OctoberNovember 2015. She was named 'Gymnaste
de classe mondaile' or 'world class Gymnaste'
by International Gymnastics Federation.
JULY 11 : Substitute Eders thunderous finish deep into
extra time secured Portugals first European
Championship title after they overcame the
early loss of Cristiano Ronaldo to snatch
a 1-0 smash-and-grab victory over hosts
France.
JULY 11 : Andy Murray won his second Wimbledon
title beating Canadian Milos Raonic
6-4, 7-6(3), 7-6(2) in two hours and 48
minutes at the All England Lawn Tennis.
JULY 11 : Serena Williams followed up her seventh
Wimbledon singles title and recordequalling 22nd Grand Slam crown with
victory in the women's doubles alongside
sister Venus here.
It was also their 14th doubles triumph as a
team at the majors and their 22nd in 23 finals
overall.
JULY 11 : Lewis Hamilton took a dominant victory in
a hectic British Grand Prix to cut team-mate
Nico Rosberg's championship lead to one
point.
But Rosberg was demoted to third after an
illegal radio transmission.
JULY 12 : Portugal midfielder Renato Sanches has
been named as Euro 2016's Young Player of
the Tournament.
Sanches beat international team-mate
Raphael Guerreiro and his Bayern Munich
colleague, France winger Kingsley Coman, .
JULY 12 : Anirban Lahiri, Shiv Shankar Prasad
Chawrasia, and Aditi Ashok will be going to
the Summer Olympic Games based on their
rankings.The cut off for the Rio Olympics is
60 in the world ranking.
While Lahiri and Chowrasia almost sealed a
berth before, Aditi, the 18-year-old teenager
from Bangalore moved to 57 and secured a
berth after the US Women's Open results
[12]
JULY 15 : India's Grand Master Harika Dronavalli
captured the coveted Fide Women's Grand
Prix chess title.
Harika, playing with white against Russia's
Olga Girya, had to dig deep to pull off the
much needed draw to win the title, her
maiden career GP title.
JULY 15 : The one thing constant in the turmoil that
is known as Pakistan cricket is Misbah-ulHaq. Once again he proved how important
he is to this fragile Pakistan batting lineup by compiling a masterful century in his
first Test innings in England, at the age of
42 & he became the oldest cricketer who
made this record.
JULY 18 : The Rio bound Indian Olympic contingent
will be sponsored by Reliance Jio, the
digital services arm of Reliance Industries
Limited, which has won the rights to be
the Principal Partner at the quadrennial
extravaganza.
Olympic Games is the single largest
global sports event and Reliance Jios
partnership with IOA is an expression
of our nations unwavering faith for our
sporting heroes.
JULY 18 : Dipika Pallikal Karthik dethroned defending
champion Joshna Chinappa to regain the
women's title in the 73rd Senior National
Squash Championship.
The men's crown was captured by title
holder and top seed Saurav Ghosal, who
created history by winning it for the 11th
time, defeating fourth seed Harinderpal
Singh Sandhu in five hard-fought games at
the Otters Club.
JULY 21 : Broadcaster Sony Pictures Networks India
(SPN) has acquired the exclusive rights
to telecast the 2016 edition of the football
tournament International Champions Cup in
India. The matches will be telecast live on
Sony Espn and Sony Espn HD channels. The
tournament will also be streamed live on the
SonyLIV app.
JULY 22 : India's Test captain Virat Kohli crossed the
3000-run mark while batting on day one of
the first Test against the West Indies. Kohli,
playing his 42nd Test, took 73 innings to
reach the milestone .
JULY 22 : India's ODI and T20 skipper Mahendra
Singh Dhoni has been named as the
face and brand ambassador of the Craig

McDermott International Cricket Academy
(CMICA), a leading, state of the art private
cricket and educational sports academy in
Australia.
It proposes to offer a four-year bachelor's
degree in sports science and management
with special emphasis on cricket.
JULY 23 : Virat Kohli added another record against his
name as he hit his maiden double hundred,
in any format and at any level. Before this
knock, Kohli was yet to score a 200, even
at the first class level. Prior to this, Kohlis
top score first class had been 197 against
Pakistan based Sui Northern Gas Pipeline
Limited (SNGPL) in the Nissar Trophy
a tournament played for three seasons
between India and Pakistan domestic
winners.
JULY 23 : Usain Bolt posted a convincing victory in
the men's 200 metres at London Diamond
League. Bolt had a decent start at the old
Olympic Stadium before pulling away from
his seven opponents and stopping the clock
in 19.89 seconds before a crowd of more
than 35,000.
JULY 25 : The Mercedes driver led from lights to flag
to finish ahead of teammate Nico Rosberg
while Australias Daniel Ricciardo scored
the final podium spot.
Hamiltons win gives him a six point
buffer over Rosberg going into next weeks
German Grand Prix, after a mid-race scare
where he lost pace to his teammate was
overcome.
JULY 25 : India's supremacy remained unrivalled as
they rode on Ravichandran Ashwins 7/83 to
outplay the West Indies by an innings and
92 runs, their biggest win outside Asia, in a
lopsided first cricket Test to take a 1-0 lead in
the four-match series.
Ashwin produced an off-spin bowling
masterclass and triggered a secondinnings slide that saw the hosts collapse
from 88/2 to 132/8 on the fourth and
penultimate day.
JULY 25 : Top-seeded Feliciano Lopez of Spain
defeated Robin Haase of the Netherlands
6-4, 7-5 to win the 2016 Swiss Open Gstaad.
It is Lopezs first title on clay and his fifth
overall.
[13]
Feliciano Lopez is a professional tennis
player on the ATP Tour.
JULY 26 : India's off-spinner Ravichandran Ashwin
jumped three places to his career-best
second spot among Test bowlers after he
took 12 wickets in India's 124-run win
over South Africa in Nagpur, while his
teammates Amit Mishra and Ravindra
Jadeja also gained places in the latest
International Cricket Council (ICC)
rankings released.
JULY 27 : The International Cricket Council announced

that Muttiah Muralidaran, Karen Rolton, Arthur
Morris and George Lohmann will be inducted
into the ICC Cricket Hall of Fame later this year.
JULY 30 : Germany captain Bastian Schweinsteiger has
announced his retirement from international
football. Manchester United midfielder
Schweinsteiger, who was part of the 2014
World Cup-winning side, stated after Euro
2016 that he would decide on his future with
the national side.
[14]
Poonawallas son; Bain India CEO Amit
Chandra and his wife Archana Chandra,
CEO of Jai Vakeel Foundation.
Science & Miscellaneous

News of the Month
SCIENCE
JULY 13 : Since its discovery in the 1960s, astronomers
believed that in a relatively quiet suburb of
our universe 250 million light-years away,
there lived a boring little galaxy named UGC
1382 that was otherwise unremarkable -apart from being a system of millions of stars,
gas and dust being held together by gravity. It
is one of 12,921 listed in the Uppsala General
Catalogue of Galaxies, or UGC.
JULY 21 : Using NASAs Hubble Space Telescope,
astronomers have conducted the first search
for atmospheres around Earth-sized planets
beyond our solar system and found two
potentially habitable exoplanets located
about 40 light-years away.
MISCELLANEOUS
JULY 4 : India has slipped to 75th place in terms of
money held by its citizens with banks in
Switzerland, while the UK remains on top.
India was placed at 61st place last year.
JULY 4 : A series of large-scale joint anti-terror
exercises kicked off with the participation
of the Chinese People's Armed Police Force
(CAPF) and Russia's newly-formed National
Guard.
The special drills are being held from July
3 to JULY 14 in Russia's Moscow and
Smolensk regions.
JULY 12 : Bollywood superstars Shah Rukh Khan
and Akshay Kumar are among the worlds
highest-paid celebrities of 2016, according
to an annual list by Forbes.
The list has been topped by American singer
Taylor Swift with an earning of USD 170
million.
JULY 12 : Five Indians have made it to the Forbes
Asia's annual Heroes of Philanthropy list that
highlights some of the region's noteworthy
givers.
The list, which included 40 philanthropists
from 13 countries in the Asia-Pacific region,
includes Vineet and Anupama Nayar,
founders of the Sampark Foundation; Adar
Poonawalla, CEO of Serum Institute of
India and Pune-based billionaire Cyrus
JULY 14 : Bollywoods Badshah Shah Rukh Khan

praised Indian womens grit, determination
and hard work as he launched tennis star
Sania Mirzas the autobiography, Ace
Against Odds, in Hyderabad.
JULY 16 : The archaeological site of Nalanda
Mahavihara (Nalanda University) in Bihar
has been included in the UNESCO's World
Heritage List, which also featured three
new sites from China, Iran and Micronesia.
JULY 16 : Bollywood icon Amitabh Bachchan will
be the face of "city compost" campaign of
'Swachh Bharat Mission', months after the
government had "put on hold" his name
for brand ambassador of Incredible India
campaign following the Panama papers
controversy.
JULY 16 : The Lifeline Express, the world's first
hospital on a train, also known as the Magic
Train of India, celebrates 25 years of service
to the poor and underprivileged masses of
rural India.
The train covered 173 projects in 18 state
and also covered two lakh kilometres
distance.
The new Lifeline Express, given by the
Indian Railways in 2007, has five coaches.
JULY 18 : Khangchendzonga National Park (KNP) in
Sikkim has been named a world heritage
site by the World Heritage Committee
(WHC) of UNESCO.
The listing was announced at the 40th
session of the WHC, currently under way
at Istanbul in Turkey. The KNP is the
first mixed heritage site from India to
make it to the list. A mixed site exhibits
qualities of both natural and cultural
significance.
JULY 20 : Twenty-six-year-old Rohit Khandelwal
from Hyderabad has officially become the
first Indian and Asian to have clinched the
coveted Mr World title.
The model and actor emerged victorious
after battling it out with 46 contestants at
the Grand Finale held in Southport, UK on
JULY 19, 2016.
[15]
JULY 21 : The latest Fortune 500 list, which counts
world's biggest corporations in terms of
revenue, has got the name of seven Indian
companies in it.
The list is topped by retail giant Walmart, with
state-run Indian Oil Corp being ranked the
highest-rated Indian firm (161 st ). JULY 22
JULY 21 : India has ranked a low 110 out of 149 nations
assessed on where they stand with regard
to achieving the Sustainable Development
Goals, according to a new index which is
topped by Sweden and shows all countries
face major challenges in achieving these
ambitious goals.
The index collected available data for 149
countries to assess where each country
stands in 2016 with regard to achieving the
SDGs.
JULY 23 : Amazon CEO Jeff Bezos briefly became the
third-richest person in the world, surpassing
billionaire investor Warren Buffett for the
first time.Bezos net worth had reached $65
billion, which put him $300 million ahead of
Buffett, Forbes reports.
JULY 26 : Indian Institute of Technology (IIT) Bombay
has moved up to rank 13 in the prestigious
Quacquarelli Symonds (QS) University
Rankings BRICS.
Two other IITs which rank in the top 20

are IIT Delhi at 15th and IIT Madras at
19th.
BRICS QS University Rankings: BRICS
2016 is a ranking of the 250 top universities
in the five BRICS countries (Brazil, Russia,
India, China and South Africa).
JULY 27 : Software majors TCS and Infosys, pharma
giants Sun Pharma and Lupin and private
sector lenders HDFC Bank and Axis Bank
feature in Forbes India's Super 50 List this
year, while biggies like Tata Motors and
HUL have been dropped.
The list, in its second year, also features
14 newcomers, including Infosys, Maruti
Suzuki, Bharat Forge, Alembic Pharma,
Gillette India, HDFC Bank, Bajaj Finance,
Kansai Nerolac and LIC Housing Finance,
among others.
JULY 30 : India will host a crucial global summit in
November to eliminate the illicit trade of
tobacco products in which delegates from
180 countries will take part.
About 1,000-1,500 delegates from 180
countries along with observers in official
relations with the WHO FCTC are expected
to participate in the summit.
[16]
D K Hota
Appointments of the
Month
M V Dhekane
: D K Hota assumed charge as Chairman

and Managing Director of BEML
(formerly Bharat Earth Movers
Limited).
: Noted scientist M V Dhekane has
assumed the office of Director,
ISRO
Inertial
Systems
Unit
(IISU), Department of Space, at
Vattiyoorkavu.
Dhekane, who is the seventh director

of IISU, took charge on July 1.
Sudarshan Sen : RBI has appointed Sudarshan Sen
as an Executive Director in place of
N S Vishwanathan, who has been
elevated as Deputy Governor at the
central bank.
Sen will look after Department of
Banking Regulation, Department
of Co-operative Bank Regulation
and Department of Non-Banking
Regulation.
Vishal Kapoor : IDFC stated that it has appointed
Vishal Kapoor as chief executive
of IDFC Asset Management
Company.
Dr Irina Glushkova :
Maharashtra Chief Minister Devendra
Fadnavis had nominated Dr Irina
Glushkova as the Honorary Ambassador
for Maharashtra Tourism and Culture in
Russia.
D Rajkumar
: Technocrats D Rajkumar and Utpal

Bora were appointed as Chairman and
Managing Director (CMD) of Bharat
Petroleum Corporation Ltd (BPCL)
and Oil India Ltd, respectively.
They have been appointed to

the posts for five-year term,
according to an order issued by
the Department of Personnel and
Training (DoPT).
Dr. Kinshuk
: An Indian-American professor
with a diverse set of academic
experience in the field of science
and technology has been named the
dean of a leading U.S. university,
University of North Texas College
of Information.
Since 2010, he served as an Associate

Dean at Athabasca University in
Alberta, Canada, where he helped
lead the Faculty of Science and
Technology.
Abhay Gandhi : Drug major Sun Pharma announced
a leadership recast in its Indian and
North American operations, naming
Abhay Gandhi as CEO of its North
American business.
These appointments are subject to
regulatory approvals.
Ashok Patnaik : Senior Indian Police Service (IPS)
officer Ashok Patnaik, who is also the
son-in-law of former prime minister
Manmohan Singh, was appointed as
the CEO of National Intelligence Grid
(NATGRID), a robust intelligence
gathering mechanism being set up to
track terror suspects and incidents.
Rakesh Kumar Chaturvedi :
Rakesh Kumar Chaturvedi appointed
as a chairman of the Central Board of
Secondary Education (CBSE), close
on the heels of the prime ministerheaded appointment committee
of the cabinet rejecting the human
resource
development
(HRD)
ministrys choice for the post.
Pema Khandu : Pema Khandu sworn in as the ninth
Chief Minister of Arunachal Pradesh
marking the culmination of fastpaced political developments in this
north eastern State.
Chowna Mein was sworn in as the
Deputy Chief Minister.
Malcolm Turnbull : Malcolm Turnbull was sworn in as
Australias new Prime Minister,
becoming the countrys fifth premier
in eight years after an internal revolt
in the ruling Liberal Party forced
Tony Abbott to quit.
Sarvita Sethi
: Beverages
major
Coca-Cola
announced appointment of Sarvita
Sethi as Vice President - Finance for
India and South West Asia.
The India and South West Asia

Business Unit of The Coca-Cola
Company includes Nepal, Bhutan,
Bangladesh,Sri Lanka and Maldives,
besides India.
[17]
Steve Elworthy : Steve Elworthy, the former South
Africa fast bowler, has been
appointed as Managing Director of
the ICC Cricket World Cup 2019, the
International Cricket Council (ICC)
and the England and Wales Cricket
Board (ECB) confirmed in a joint
release .
Manas Kumar Thakur has been

elected as the President of the
Institute of Cost Accountants of
India (ICAI) while Sanjay Gupta
will be the Vice President. They have
been elected for the 2016-17 period.
KJ Ramesh
Ajay Bhushan Pandey :

The government appointed Ajay
Bhushan Pandey as the chief
executive officer of Unique
Identification Authority of India
(UIDAI), the organization behind the
Aadhaar.
Meenakshi Lekhi :
BJP leader and New Delhi MP
Meenakshi Lekhi has been appointed
as the chairperson of the Committee
of Privileges of the Lok Sabha.
She replaces SS Ahluwalia, who
resigned on JULY 18 on his
appointment as a minister
Dinanath Dubhashi :
L&T Finance Holdings has promoted
Dinanath Dubhashi as managing
director with effect from JULY 22
while CMD Y M Deosthalee will
continue to serve as its chairman.
He joined L&T Financial Services
in 2007 and has been instrumental in
scaling up retail platform operations
of the company.
Sanjiv Puri
: Sanjiv Puri was appointed as the

Chief Operating Officer of Kolkatabased ITC Ltd. with immediate
effect. He will be responsible for
running day-to-day operations of the
company as COO, a position created
for the first time at ITC.
Manas Kumar Thakur :
: KJ Ramesh will be the new Director

General of the India Meteorological
Department (IMD). He will replace
Laxman Singh Rathore.
Mulyani Indrawati :
Indonesian President Joko Widodo
pleased market reform advocates
by bringing home the World
Banks managing director Mulyani
Indrawati to be finance minister
and upset human rights activists by
naming a controversial ex-general as
security chief.
M Sathiyavathy : The first woman chief of aviation
regulator DGCA M Sathiyavathy
was named as new Union Labour
Secretary. Sathiyavathi, a 1982-batch
IAS officer of the union territories
cadre, was in September last year
appointed as the Director General of
Civil Aviation (DGCA).
Iqbal Ahmed Ansari :
Justice Iqbal Ahmed Ansari was
sworn in as the Chief Justice of
Patna High Court by Bihar Governor
Ramnath Kovind at a function herein
Raj Bhawan..
Anurag Thakur : BCCI President and BJP lawmaker
Anurag
Singh
Thakur
was
commissioned into the Territorial
Army (TA) in the rank of
Lieutenant.
Lieutenant Thakur cleared Services
Selection Board (SSB) and was
found fit for joining the Territorial
Army.
Mahendra Publication Pvt. Ltd.

[18]
at a function held at Parliament Library
Building, New Delhi.
Awards of the Month
'BT-CSR Excellence Award'
Best Feature Film Award at Durban Film Festival :

Bauddhayan Mukherji's second feature film
"The Violin Player" has won the best feature
film award at the 37th Durban International
Film Festival.
Team Spirit Award :
A group of 13 Indian engineering students,
including four girls, has won the team
spirit award in NASAs prestigious global
competition to build and design remotely
operated vehicles from scratch.
Shan-E-Mohammedan Honour :
Historic city football club Mohammedan
Sporting bestowed the honour of 'ShanE-Mohammedan' to former defensive
midfielder Prasun Banerjee.
The prolific player once graced the maidan
with his stupendous footballing skills and
was a household name in the 1970 and 80s.
He is also the brother of legendary footballer
P.K Banerjee.
Honour of Best Banking CEO in Asia :
Aditya Puri, the chief executive and
managing director of HDFC Bank, has been
ranked as the best banking CEO in Asia by
the investor community.
Sashi Jagdishan, chief financial officer
of India's second largest private sector
lender HDFC Bank, has been ranked as
the best CFO, thereby making it the most
honoured one in the Institutional Investor
magazine.
Golden Peacock Eco-Innovation Award :
Essel Infraprojects Limited has been
bestowed with the prestigious Golden
Peacock Eco-Innovative award 2016 for
disposing of Municipal Solid Waste &
generating 11.5 MW through its waste to
energy plant at Jabalpur city.
51st Jnanpith Award :
The President of India, Pranab Mukherjee
conferred the 51st Jnanpith Award on
renowned writer, Dr. Raghuveer Chaudhari
Oil and gas exploration and production major

Cairn India has bagged the Bureaucracy
Today-CSR Excellence Award in the Skill
Development category.
The award was given by the Chief Guest,
Anant Geete, Union Minister of Heavy
Industries and Public Enterprises to
Mr. Manoj Agarwal, Head - Business
Development & Public Affairs, Cairn
India.
Emmy nomination :
Aziz Ansari has made history as he has
become the first Indian-American actor
to land a lead comedy-acting Emmy
nomination for his series "Master of
None".
Ansari is also just the fifth person of South
Asian descent to be nominated in an acting
category.
National Leadership Award :
Finance Minister Arun Jaitley honoured
Super 30 founder Anand Kumar with
the prestigious Lakshmipat Singhania
- IIM Lucknow National Leadership
Award.
Super 30 hunts for 30 meritorious students
from among the economically backward
sections of the society and shapes them for
IIT.
South Asian Diaspora award :
Indian-origin former Singapore President
S R Nathan has been conferred with the
Outstanding Member of the South Asian
Diaspora award for his dedicated and
notable work in forging closer ties with
India.
Google Community Impact Award for Asia :
Advay Ramesh, a 14-year-old student from
Chennai, has won the prestigious Google
Community Impact Award from Asia for
creating a device that enhances fishermen's
safety and productivity, Google India
announced.
[19]
Ramesh, a Class 10 student from
Chennai's National Public School, is
also among 20 finalists shortlisted to
compete for a $50,000 scholarship from
Google.
Lifetime Achievement award :
Former Bengal captain Gopal Bose was
felicitated with the Lifetime Achievement
award by the Cricket Association of
Bengal.
Sangita Kalanidhi award :
A. Kanyakumari, an outstanding and
versatile violinist, will get the Sangita
Kalanidhi award of the Music Academy this
year.
Ms. Kanyakumari was the first woman
violinist to get the award in the history of the
Music Academy and she will preside over
the 90th annual conference of the Academy
to be held between December 15, 2016 and
January 1, 2017.
Mahanayak Samman of West Bengal :
a cheque of 2 lakh rupees will also be

presented to him.
Bharatiya Jnanpith's 11th Navlekhan Award :
Four writers, three of them from Rajasthan,
were given the Bharatiya Jnanpith's 11th
Navlekhan award for the year 2015 in a
ceremony.
Amlendu Tiwari and Balram Kawant
were awarded for their respective
novels 'Parityakt', and 'Sara Morila,'
while Om Naagar and Tasneem Khan
were awarded for their non-fictions 'Nib
Ke Chire Se' and 'Yeh Mere Rahnuma'
respectively.
14th International Linguistics Olympiad (ILO) :
Aalok Sathe, a student from Pune, won
a Bronze medal at the 14th International
Linguistics Olympiad (ILO).
The top three individual scorers included
Jaeyeong Yang from Republic of Korea,
James Wedgwood from USA and Liam
Robert McKnight from UK.
Bappi Lahiri, the renowned music director

and singer, was conferred with West
Bengals Mahanayak Samman awards by
Chief Minister Mamata Banerjee at Nazrul
Mancha.
Asian genre film award :
Bappi Lahiri was awarded for his outstanding

performances over the years.
Deepak Sampat won the best actor award

for Rohit Mittal's "Auto Head" at the
festival.
Ramon Magsaysay Award for 2016 :

Two Indians, human rights activist
Bezwada Wilson and south Indian
classical musician TM Krishna, have been
conferred the Ramon Magsaysay Award
for 2016.
Bharat Gaurav Award :
Kolkatas football club East Bengal
announced that the 2016 Bharat Gaurav
Award, also known as Pride of India Award,
will be conferred on legendary athlete
Milkha Singh.
Singh will be honoured with the prestigious
award on the East Bengal Foundation Day
(1 August 2016). Along with the award,
Anurag Kashyap's serial killing drama

"Psycho Raman" won the best Asian
genre film award at Bucheon International
Fantastic Film Festival, Korea.
Kashyap, 43, took to Twitter to share the

news with his fans.
'Wall of Honour' :
A wall of honour dedicated to the army men
from the Defence Colony, who sacrificed
their lives for the nation, was inaugurated by
former Chief of Army Staff Gen (retd) V P
Malik.
National Tourism Award :
Yes Bank, Indias fifth largest private sector
bank, has won the Most Responsible
Tourism Project/Initiative at the National
Tourism Awards 2014-15 instituted by the
Ministry of Tourism.
[20]
Antic, the centre half of the Rome
Olympics squad in 1960 that won the
silver medal.
Eulogies of the Month

R C Dhere :
Praful Doshi :
Eminent Marathi writer R C Dhere,

known for his exhaustive research in
folk literature and bhakti tradition of
Maharashtra, passed away, following
prolonged illness. He was 86.
Senior RSS leader Prafulbhai Doshi passed

away after suffering a massive heart attack
at a hotel in New Delhi. He was 77.
Veena Sahasrabuddhe :
Acclaimed Hindustani classical singer
and exponent of the 'Gwalior gharana'
Veena Sahasrabuddhe passed away at
the age of 67 year. She had also received
the 'Sangeet Natak Akademi' award in
2013.
Stuart Nisbet : Actor Stuart Nisbet, best known for his
role in the 1995 film 'Casino' has died
aged 82. The actor died in Glendale,
California.
The character actor was best known for
his role in the Martin Scorsese's directed
crime drama 'Casino' and had also
appeared in the 1967 film 'In The Heat
of the Night' and 'The Fabulous Baker
Boys' (1989).
Robin Hardy : Director Robin Hardy, best known for
"The Wicker Man," has died. He was 86.
The RSS veteran and his family members

had gone to New Delhi to meet the Prime
Minister.
Mubarak Begum :
Legendary Singer Mubarak Begum
passed away at her residence in suburban
Jogeshwari, after a prolonged illness.
She was 80.
Mubarak Begum is remembered for
singing scores of songs, duets and
ghazals for Bollywood, mainly during
the 1950s-1970s.
Garry Marshall :
Writer-director Garry Marshall, whose
deft touch with comedy and romance led
to a string of TV hits that included "Happy
Days" and "Laverne & Shirley" and the
box-office successes "Pretty Woman" and
"Runaway Bride," has died. He was 81.
Mohammed Shahid :
"The Wicker Man" was Hardy's feature

film directorial debut, and one of only
three that he would direct during his
lifetime.
Hockey wizard and Olympic Gold

medallist Mohammed Shahid, died, aged
56, at a Gurgaon hospital due to severe
liver problems and kidney failure.
Omi Prakash Sonic :
Shahid, who was the captain of the

Indian Hockey team in 1985-86 .
Veteran music director Om Prakash

Sonik, or Omi, of the well-known duo
Sonik-Omi passed away in a private
hospital following a brief illness.
Amal Dutta : Former India footballer and the country's
first full time 'diamond' coach Amal
Dutta died at the age of 86 years.
He played as a midfielder, who
represented India at the 1954 Asian
Games.
Joe Antic
: Hockey Olympian Joe Antic, died in

Mumbai, at the age of 90 years.
T P Subramanian :
Former international basketball referee,
T P Subramanian, died, aged 76.
Subramanian,
a
retired
Deputy
Commissioner of Central Excise, had
even officiated in the Asian Games,
according to people who were close to
him in the basketball fraternity.
S.H. Raza : Modern Indian internationally acclaimed
painter S.H. Raza died in New Delhi. He
was 94.
[21]
Artist Saiyed Haider Raza was honoured
with the highest french award- The
Legion of Honour in 2015. He was also
received Padma Vibhushan in 2013 and
Padma Bhushan in 2007.
Eminent author and social activist

Mahasweta Devi, whose writings focused
on the marginalised communities in the
country and served as the voice of the
oppressed, died. She was 91.
Marto Gracias :
Nandu Pol :
Former India football player Marto

Gracias died. He was 75.
Veteran Marathi theatre actor and

founder member of 'Theatre Academy',
Nandu Pol died. He was 68.
Gracias had represented the country in a

couple of international tournaments .
Neelamraju Ganga Prasada Rao:
Distinguished agricultural scientist
Neelamraju Ganga Prasada (NGP) Rao,
fondly referred to as the Father of Hybrid
Sorghum, passed away. He was 89.
NGP Rao is well-known for basic
and applied research in breeding and
agronomy of several dryland crops.
Mahasweta Devi :
Ghanshiram Kotwal, Tin Paishacha

Tamasha and Mahanirvan were
among the popular plays that he
acted in.
Pandit Lacchu Maharaj :
Famous Tabla maestro Pandit Lacchu
Maharaj died. He was 72.
Other than his professional performances
all over the world, he played the tabla in
many Bollywood films.
[22]
IMPORTANT DAYS
NAS - National Account Statistics

PGS - Payment Gateway System
JULY 1
Doctor's Day
JULY 2
World UFO Day
JULY 4
American Independence Day
JULY 7
International Day of Cooperatives
JULY 11
World Population Day
JULY 17
World Day for International Justice
JULY 18
Mandela Day
JULY 26
Kargil Victory Day
JULY 27
Central Reserve Police Force Foundation

Day
JULY 28
World Hepatitis Day
WBCIS - Weather Based Crop Insurance Scheme

ABCP - Asset Backed Commercial Paper
CFSA - Committee on Financial Sector Assessment
DMIS - Document Management Information System
HSUI - Housing Start Up Index
MPLS - Multi Protocol Label Switching
NDS - Negotiated Dealing Systems
NSM - Note Sorting Machine
PCPS - Perpetual Cumulative Preference Shares
PIT - Personal Income Tax
ABBREVIATIONS
MTCR - Missile Technology Control Regime
QIP - Qualified Institutional Placement

STRIPS - Separate Trading for Registered Interest
and Principal of Securities
DOWNLOAD OUR
ANDROID APP
[24]
SPECIAL FEATURES
For frequent fliers, ELITE offers lounge access through

priority pass programme at over 850 airports across the
globe.
SBI Card launches premium credit card 'Elite'
Vikas Varma, Executive Director, MasterCard, South

Asia, said an Indian affluent citizen is now a global
citizen and behaves from the spend standpoint like
any other affluent citizen the world over.
Survey: Indian
transparency
firms
best,
China
worst
on
SBI Cards and Payment Services (SBI Card), the thirdlargest card issuer by number, launched a premium credit
card - ELITE.
Launched on the MasterCard World platform, ELITE has
bundled several privileges and benefits for high networth
individuals (HNIs).
Enabled with Near Field Communication technology,
ELITE allows customers a contact-less payment
experience.
India has the most transparent companies while Chinese

firms are the most opaque, according to a global
watchdog's survey released that assesses the efforts of
companies in emerging markets to fight corruption.
Speaking at the launch event, Vijay Jasuja, Chief

Executive Officer, SBI Card, said the card will give
customers an experience of premium privileges that are
unique and match their lifestyle.
Transparency International said the report's findings

were "pathetic" and highlighted the urgent need for big
multinational companies to do more to fight corruption.
This is our first card on the premium MasterCard world

platform and we are excited about bringing a world
of exclusive privileges to our customers through this
partnership, Jasuja said.
The card will come with a joining fee of `4,999. All ELITE
customers will receive a welcome gift of `5,000 in the
form of vouchers from popular travel and lifestyle brands.
Jasuja made it clear that SBI Cards move to launch a
premium credit card does not mean that the company was
moving away from the mass and mass affluent segments,
they account for our major customer base. Side-by-side,
we also want to ramp up the contribution of the premium
segment to 20-25 per cent in terms of number of cards,
from the current 15 per cent.
The report covered 100 companies in 15 emerging-market

countries that also included Brazil, Mexico and Russia.
The overall score slipped since the last Transparency in
Corporate Reporting survey in 2013, falling a fraction to
3.4 out of 10, with three quarters of companies scoring
less than half.
The Berlin-based watchdog warned that the failure
of a vast majority of companies surveyed to operate
transparently risks creating an environment for corruption
to thrive both in their businesses and the countries where
they operate.
AIIB approves first loans for projects in four countries
As on date, SBI Card, which started its journey in 1998,

has a customer base of 3.75 million.
ELITE offers privileges such as 24x7 concierge services,
golf course reservations, spa, and limousine or movie
ticket bookings all of these can be availed with just
one phone call.
[25]
Pakistan, Bangladesh, Indonesia and Tajikistan will get
the first set of loans totalling $509 million from China
sponsored Asian Infrastructure Investment Bank (AIIB)
in which India is a founding member.
The Beijing based AIIB will disburse $509 million
to finance four projects in the four countries. The four
projects were approved in Board of Directors meeting
held in Beijing.
India is the second largest shareholder in the bank after
China.
AIIB was officially established in late 2015 with
authorised capital of $100 billion. China is the largest
shareholder with 26.6% voting shares. India is the second
largest shareholder with 7.5% followed by Russia with
5.93% and Germany with 4.5%.
Projects approved by the bank included a $165
million loan for a Power Distribution System
Upgrade and Expansion Project in Bangladesh,
$216.5 million loan for a National Slum Upgrading
Project in Indonesia, expected to be co-financed
with the World Bank.
It includes a $100 million loan to finance the ShorkotKhanewal Section of National Motorway M-4 in Pakistan,
co-financed with the Asian Development Bank (ADB)
and the United Kingdom's Department for International
Development (DFID).
India joins Missile Technology Control Regime
regime through the Embassy of France in New Delhi

as well as the Embassies of The Netherlands and
Luxembourg."
Since its civil nuclear deal with the U.S., India has been
trying to get into export control regimes like NSG, MTCR,
the Australia Group and the Wassenaar Arrangement
that regulate the conventional, nuclear, biological and
chemicals weapons and technologies.
"Indias entry into the regime as its thirty-fifth member
would be mutually beneficial in the furtherance of
international non-proliferation objectives," it added.
MTCR:
MTCR membership will enable India to buy highend missile technology and also enhance its joint
ventures with Russia.
MTCR aims at restricting the proliferation of
missiles, complete rocket systems, unmanned air
vehicles and related technology for those systems
capable of carrying a 500 kilogramme payload for
at least 300 kilometres, as well as systems intended
for the delivery of weapons of mass destruction
(WMD).
Indias efforts to get into the MTCR also got a boost
after it agreed to join the Hague Code of Conduct,
dealing with the ballistic missile non-proliferation
arrangement, earlier this month.
Indias membership had been blocked in 2015 by
Italy, which seemed to link it to the standoff over
the detention of the Italian marines. With the return
of the second marine, Salvatore Girone, to Rome on
May 29, the sources said, Italy is no longer blocking
the consensus.
China, which stonewalled Indias entry into the
48-nation Nuclear Suppliers Group (NSG) at the
just-concluded Seoul plenary, is not a member of
34-nation MTCR.
IRCTC, Just Dial, UTI MF in Fortune India Next 500
list
India joined the Missile Technology Control Regime

(MTCR) as a full member, after it failed to get NSG
membership due to stiff opposition from China and a few
other countries.
"The MTCR Point of Contact in Paris has conveyed
the decision regarding Indias accession to the
[26]
Just Dial, UTI Asset Management Company and IRCTC
are among the firms that have made it to the Fortune Next
500 list of Indian companies, which has been topped by
Dynamatic Technologies.
Companies featuring in the Next 500 list are mostly
mid-sized and termed as the 'small wonders' by the
magazine.
Dynamatic Technologies tops the list with an annual
revenue of over Rs 1,693 crore followed by Nectar
Life science (Rs 1,692 crore), Oswal Wollen Mills
(Rs 1,689 crore),VRL Logistics (Rs 1,682.5 crore)
and Hitachi Home & Life Solutions (Rs 1,682.18
crore).
Nectar Life science is a new entry in the list, while
other four companies have shown improvements in their
respective rankings from last year.
According to the magazine, together Next 500 companies
have generated a revenue of Rs 5,14,788 crore, while on
an average these firms have a revenue of over Rs 1,000
crore.
These firms are from various sectors including basic
materials; financial services; food and agri products;
pharma and information technology; capital goods and
iron and steel.
Others in the top 10 are Gujarat Mineral Development
Corp, Lucas-TVS, Gati,Adecco India and Jindal
Aluminium.
Indian Railway's tourism and catering arm IRCTC
improved its ranking to 199 from 328 in 2015.
UTI Asset Management Company and Just Dial, which
are new entrants, have bagged the 442 and 449 positions
respectively.
Interestingly, Narayan Hrudayalaya, Ujjivan financial
services, Dr Lal Pathlabs and Parag Milk Foods, which
have recently hit IPO markets, have also found a place
in the list.
The magazine, last year, had said that companies
featuring in the Next 500 list are capable of breaking into
the Fortune India 500.
Others in the list include PVR, ranked 62; MOIL
(142), Bajaj Corp (319), Franklin Templeton Asset
Management (351), Motilal Ostwal Financial Services
(355), Repco Home Finance (415), Monsanto India
(447).
Cabinet clears 7th Pay Commission, seen boosting
urban demand
Recommendations of the 7th Pay Commission got

the Cabinet nod, which will benefit over one crore
government employees and pensioners.
The decision to this effect was taken in a meeting which
was chaired by Prime Minister Narendra Modi.
The pay panel, in November last year, had
recommended a 14.27 per cent hike in basic pay at
junior levels ,the lowest in 70 years. The previous 6th
Pay Commission had recommended a 20 percent hike,
which the government doubled while implementing it
in 2008.
The government in January had set up a highpowered panel under the Cabinet Secretary to process
the recommendations of the 7th Pay Commission
that will have a bearing on remuneration of nearly
50 lakh central government employees and 58 lakh
pensioners.
The Commission had recommended a 23.55 percent
overall hike in salaries, allowances and pension involving
an additional burden of Rs 1.02 lakh crore, or nearly 0.7
percent of GDP.
The entry-level pay has been recommended to be raised
to Rs 18,000 per month, from the current Rs 7,000, while
the maximum pay, drawn by the Cabinet Secretary, has
been fixed at Rs 2.5 lakh per month from the current Rs
90,000.
While the Budget for 2016-17 did not provide an explicit
provision for implementation of the 7th Pay Commission,
the government had said the once-in-a-decade pay hike
for government employees has been built in as interim
allocation for different ministries.
India felicitated for Maternal and Neonatal Tetanus
Elimination (MNTE) and yaws-free status
Proud moment for India to have achieved these two
momentous public health milestones, this was stated
by J P Nadda, Union Minister of Health and Family
Welfare as he received the official citation from WHO
[27]
vaccine, IPV, Adult JE and soon-to-be introduced
Measles-Rubella in the public health programme of the
country, the Minister added.
Anupriya Patel, Minister of State for Health and
Family Welfare said that this is a huge public health
feat. She further added that this has been possible
through continued efforts of political leadership
and hard work of health workers. Anupriya Patel
congratulated all stakeholders and said that this
achievement is particularly significant as both MNTE
and YAWS have been achieved much before their
target dates.
and UNICEF, in the presence of Anupriya Patel, Minister
of State, Health & Family Welfare, for Elimination
of Maternal and Neonatal Tetanus and for being
YAWS-free. India is the first country to be officially
acknowledged as being Yaws-free. India was validated
for Maternal and Neonatal Tetanus Elimination (MNTE)
in April 2015, much ahead of the global target date of
December 2015.
Speaking at the occasion, Nadda stated that following
the success of polio eradication programme, these
achievements reflect the dedication of the country
towards achievement of health equity and universal health
coverage. This has been possible due to the commitment
and dedication of the lakhs of health workers, various
stakeholders and concerted efforts of planners and
policymakers, he added. He congratulated them all for
this singular honour the country has achieved in a short
span of time. He further added this accomplishment is
significant as India has achieved this important milestone
of being Yaws-free much before the WHO global target
year of 2020.
The Union Health Minister stated that India has shown
the world that there is no such thing as impossible.
These are likely the greatest lessons, and the greatest
inspirations for the rest of the world, the Health
Minister added. The Health Minister appealed to sustain
this achievement of Maternal & Neonatal Tetanus
Elimination (MNTE) by health system strengthening;
high routine immunization coverage and promotion of
institutional/Clean Delivery/clean cord practices and
effective surveillance system. The gains in keeping
India free from preventable deaths continues with
introduction of newer vaccines such as Rotavirus
Dr. Poonam Khetrapal Singh, Regional Director

WHO-SEARO congratulated India and said that these
are achievements for entire humanity and not just
India. She further added that this has been possible
because of education and early treatment of vulnerable
population. She said that lessons learned from these
two huge public health milestones should guide other
programmes as well. The achievements will not only
improve the health of marginalized communities, but
will also enhance their socio-economic status and
contribute to Indias wider development, Dr Singh
noted.
India completed validation of maternal and neonatal
tetanus elimination in all of its 36 states and union
territories in April 2015, much earlier than the target
date of December 2015. While progress continues to be
made, by June 2016, 19 countries have still not reached
the maternal and neonatal elimination status. The
elimination of Maternal and Neonatal Tetanus as a public
health problem means that in our country the annual rate
of Maternal and Neonatal Tetanus is now less than 1 per
1000 live births.
The Health Ministers also released Immunization
Handbook
for
Medical
Officers;
Routine
Immunization Monitoring Guidelines & SOPs;
INCHIS survey report of Mission Indradhanush;
Guidelines for establishing sentinel stillbirth
surveillance; Maternal & Child Health Guidelines
on Birth Defects Surveillance and Still Birth; Yaws
Disease - End of Scourge in India booklet along
with the new Communication Plan for Routine
Immunization featuring Amitabh Bachchan.
[28]
[29]
Exchange Earners' Foreign Currency Account (EEFC)
## Exchange Earners' Foreign Currency Account (EEFC) is an account maintained in foreign currency with an
Authorized Dealer Category - I bank i.e. a bank authorized to deal in foreign exchange.
## Who can open an EEFC account?
## All categories of foreign exchange earners, such as individuals, companies, etc., who are resident in India, may
open EEFC accounts.
## Important Points:
## An EEFC account can be held only in the form of a current account. No interest is payable on EEFC accounts.
## SEZ Units cannot open EEFC Accounts. However, a unit located in a Special Economic Zone can open a Foreign
Currency Account with an Authorized Dealer in India
## Cheque facility is available for operation of the EEFC account.
## Foreign exchange earnings received through an international credit card for which reimbursement has been made
in foreign exchange may be regarded as remittance
## There is no restriction on withdrawal in Rupees of funds held in an EEFC account.
## However, the amount withdrawn in Rupees shall not be eligible for conversion into foreign currency and for recredit to the account.
## The EEFC account balances can be hedged.
## The balances in the account sold forward by the account holders have to remain earmarked for delivery.
## However, the contracts can be rolled over.
## Resident individuals are permitted to include resident relative(s) [as defined in section 2(77) of the Companies
Act, 2013] as joint holder(s) in their EEFC account on former or survivor basis.
[30]
Indo-Nepal Remittance Facility Scheme
## Indo-Nepal Remittance Facility is a cross-border remittance scheme to transfer funds from India to Nepal, enabled under the NEFT Scheme.
## At the end of the day, the remittance information is

conveyed electronically by SBI in a secured mode to
Nepal SBI Bank Ltd. (NSBL).
## The scheme was launched to provide a safe and

cost-efficient avenue to migrant Nepalese workers
in India to remit money back to their families in
Nepal.
## NSBL then makes arrangements for credit to the

bank account of the beneficiary if the beneficiary
is an account holder of NSBL.
## Under the Scheme, even a walk-in customer can

transfer funds upto Rs 50,000 by depositing the cash
at the remitting bank branch.
## Conditions for the beneficiary:
## The beneficiary need not to maintain an account
with a bank branch in Nepal.
## It would, however, be ideal if the beneficiary maintains an account with a bank branch in Nepal to
which the credit could be afforded.
## In Nepal, the Indo-Nepal Remittance Facility
Scheme is handled by Nepal SBI Ltd. (NSBL).
## If the beneficiary does not have a bank account
with NSBL or resides in a locality/ area in Nepal not serviced by a NSBL bank branch, an arrangement has been entered into by NSBL with a
money transfer company in Nepal (called Prabhu
Money Transfer) who would make arrangements
for delivery of cash (in Nepalese Rupees) to the
beneficiary.
## Process:
## Remittances under the scheme for transfer of funds
from India to Nepal can be originated from any of
the NEFT-enabled branches in India
# # The bank branches originating the Indo-Nepal
remittance transactions under the NEFT will
process it like any other NEFT transaction, the
only difference being that these transactions
will subsequently be pooled / collected at the
designated branch of State Bank of India (SBI)
in India.
## Else, NSBL disburses funds in cash to the beneficiary through the authorised money transfer
company (Prabhu Money Transfer).
## The beneficiary has to approach the local branch of
the money transfer company, furnish the UTR number (also called as the Unique Transaction Reference
number that uniquely identifies a transaction in the
NEFT system that can be obtained from the remitter), and produce a photo identity document (generally Nepal Citizenship Certificate) to prove his
identity.
## If the beneficiary does not approach the money
transfer company within a week from the date of
the transaction, the money transfer company would
make arrangements for return of the remittance to
the originator.
## Remittance return process:
## The amount of remittance will flow back to the
originating bank branch in India through the
NEFT system and the bank branch would then
communicate to the remitter about return of the
remittance.
## If the remittance was originated by debit to an account, the returned amount will be credited to that
account.
# # If the remittance was made by a walk-in customer through a cash deposit, the remitter has to
produce evidence of proof of remittance (counterfoil of the remittance application form) for
getting refund.
[31]
RBI: Financial Inclusion and Development
## OBJECTIVE:
ment information system through collection of reliable data, statutory and otherwise.
## Credit flow to priority sectors:

## Macro policy formulation to strengthen credit flow
to the priority sectors.
## Ensuring priority sector lending becomes a tool for
banks for capturing untapped business opportunities
among the financially excluded sections of society.
## Financial inclusion and financial literacy:
## Help expand Prime Ministers Jan Dhan Yojana
(PMJDY) to become a sustainable and scalable financial inclusion initiative.
## Credit flow to MSME:
## Stepping up credit flow to micro, small and medium
enterprises (MSME) sector, rehabilitation of sick
units through timely credit support.
## Institutions:
## Strengthening institutional arrangements, such as,
State Level Bankers Committees (SLBCs), Lead
bank scheme, etc., to facilitate achievement of above
objectives.
## Approach :
## Policy formulation by taking inputs from interaction
with stakeholders and robust and timely manage-
## Looking Ahead :
## More powerful communication of the Reserve
Banks priority sector definition to stakeholders.
## More frequent and close monitoring of priority sector target achievement of banks.
## Effective monitoring through State Level Bankers
Committees (SLBCs).
## Putting in place simple and clear guidelines on evaluation of extent of crop loss where calamity is on
account of production effectiveness.
## Assess the regional/sectoral (industry wise) disparities in credit flow to MSEs.
## Sharing success stories of various players (Private/
PSBs/RRBs/ Co-ops) on stepping up flow of credit
to MSMEs.
## Engage with the curriculum setting bodies like the
National Council of Educational Research and Training (NCERT), Education Boards like the Central
Board for Secondary Education (CBSE), Central and
State Governments to try and embed financial concepts in school curriculum.
[32]
Sovereign Gold Bond Scheme 2016 -17
## The Reserve Bank of India, in consultation with the Government of India, has decided to issue fourth tranche of
Sovereign Gold Bonds.
## The Bonds will be issued on August 5, 2016.
## The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post
offices and recognized stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock
Exchange.
Sr. No. Item Details
1.
Product name
Sovereign Gold Bond 2016-17 Series I
2.
Issuance To be issued by Reserve Bank India on behalf of the Government of India.
3.
Eligibility
The Bonds will be restricted for sale to resident Indian entities including
individuals, HUFs, Trusts, Universities and Charitable Institutions.
4.
Denomination
The Bonds will be denominated in multiples of gram(s) of gold with a basic unit of
1 gram.
5.
Minimum size
Minimum permissible investment will be 1 grams of gold.
6.
Maximum limit
The maximum amount subscribed by an entity will not be more than 500 grams per
person per fiscal year (April-March).
7.
Redemption price The redemption price will be in Indian Rupees based on previous weeks (MondayFriday) simple average of closing price of gold of 999 purity published by IBJA.
8.
Sales channel
Bonds will be sold through banks, Stock Holding Corporation of India Limited
(SHCIL), designated post offices as may be notified and recognized stock
exchanges viz., National Stock Exchange of India Limited and Bombay Stock
Exchange, either directly or through agents.
9.
Interest rate
The investors will be compensated at a fixed rate of 2.75 per cent per annum
payable semi-annually on the initial value of investment.
10.
Collateral
Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set
equal to ordinary gold loan mandated by the Reserve Bank from time to time.
11.
Tax treatment
The interest on Gold Bonds shall be taxable as per the provision of Income Tax
Act, 1961 (43 of 1961). The capital gains tax arising on redemption of SGB to an
individual has been exempted. The indexation benefits will be provided to long
term capital gains arising to any person on transfer of bond
[33]

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Competition Booster Eng July

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www.mahendraguru.

JULY 14 : Tata Advanced Systems and US-based Bell

council, signed a memorandum of

The global rating agency also raised various

JULY 21 : State-owned NHPC said it has entered

According to the global financial services

"NHPC has signed a Memorandum of

JULY 19 : Aditya Birla Health Insurance has become

JULY 25 : A week after admitting its accounts appear

The newest health insurance is promoted

The company has appointed Ian Peter

JULY 19 : Engineering Procurement & Construction

JULY 26 : Verizon Communications Inc said it would

JULY 20 : The IMF slightly trimmed India's growth

Myntra, which itself was acquired by Flipkart

JULY 21 : The Apparel Export Promotion Council

number, launched a premium credit card

Brookfield will commit about Rs 70 billion

Reliance Jio money is a wallet

JULY 2 : Equitas Holdings Ltd said it has received

JULY 22 : HDFC ERGO General Insurance Company

JULY 2 : Foreign lender JP Morgan Chase has got

JULY 25 : SBI has engaged Indian Oil Corporation's

JULY 14 : Mindful of the growing importance of

JULY 25 : Global payments leader SWIFT taken a

The sub-committee of the Financial Stability

JULY 27 : State Bank launched a payment system at its

JULY 20 : Aluminium maker Hindalco said it will

The facility will enable a payment of

The above offer is conditional upon

JULY 29 : India's largest insurer Life Insurance

JULY 28 : In a major crackdown for FEMA violations

In the preliminary phase, the bank will

National & State News of

Besides Mr. Javadekar, 19 new Ministers

JULY 1 : Minister of Railways Suresh Prabhakar

JULY 8 : In its bid to fast-track execution of the

JULY 1 : HAL Tejas, also known as the Light Combat

JULY 8 : The Union Minister of Agriculture and

JULY 18 : The Delhi airport rolled out portable,

JULY 14 : Asian Development Bank (ADB) will

JULY 15 : J P Nadda, Union Minister of Health and

JULY 18 : Atal Pension Yojana is being implemented

JULY 16 : President Pranab Mukherjee inaugurated

JULY 18 : The Centre has released more than Rs

in Tamil Nadu which ensures zero toilet

Almost 46,420 hectare of farm area will be

He said till March 2016, a total of 35,104

JULY 22 : Prime Minister Narendra Modi reviving

JULY 27 : A life-size statue of former president

JULY 23 : Himachal Pradesh and Japan International

JULY 28 : The Cabinet cleared changes in the GST

An MOU was signed between state

JULY 29 : Chief Minister N Chandrababu Naidu

The pact, referred to as sub-concession

The objective of the mission is to increase

JULY 14 : Senior diplomat Mohamed Asim became

JULY 25 : China rolled out the world's largest

Sports News of the

JULY 8 : Dipa Karmakar, who recently became the

face and brand ambassador of the Craig

JULY 27 : The International Cricket Council announced

Science & Miscellaneous

JULY 14 : Bollywoods Badshah Shah Rukh Khan