GK UPDATES SEPTEMBER 2011

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GK UPDATES SEPTEMBER
NATIONAL

ECONOMIC SCENARIO

India and Bangladesh signed joint border maps, finalizing the 4156 km-long frontier between the neighbours. Bangladesh High Commissioner in New Delhi Tariq Ahmad Karim and Indian High Commissioner in Dhaka Rajeet Mitter signed some of the 1149 maps for five sectors of the 4156 km border. The 19th National Childrens Science Congress will be organized from December 27-31, 2011 in Jaipur, Rajasthan. The theme for the years congress is Land Resources: Save for the Future. Asian Development bank (ADB) has decided to provide two loans worth $ 251.55 million, including a grant for improving rural power supply in Madhya Pradesh. Sahitya Akademis Bal Sahitya Purskar for Lifetime contribution to childrens literatureto be conferred on- Sailen Ghosh (Bengali), Shyam Dutt Parag (Dogri), Ramesh Parekh (Gujarati), Harikrishna Devsare (Hindi) and Maheshwar Mohanty (Oriya). India has been made chairman of the United Nations South Asian regional commission for tourism. This was announced at the ongoing United Nations World Tourism Organisation (UNWTO) Conference at Gyeongju, South Korea. The Asian Development Bank will extend a loan of $750 mn for the national power mission improvement project of power Grid Corporation of India in Chhatisgarh. Tendulkar committee was set up to estimate the poverty level in the rural area. An agreement for supply and installation of $ 86.5 million worth signalling and telecommunication system for railway network in Northern Province of Sri Lanka, was signed between IRCON ( Indian Railway Construction Company ) and Sri Lankan Railways.

The worlds biggest coal producer, Coal India Ltd. (CIL), toppled Mukesh Ambani-Led Reliance Industries Ltd. (RIL) to become Indias biggest company in terms of market capitalization. Thirty-five Indian companies are ranked among the top 200 Asia-Pacific corporations in Forbes Asias Best under a Billion list for the year 2011. Government has decided to withdraw the Duty Entitlement Passbook (DEPB) scheme from October 1, 2011. Tax incentives for the 1100 export items under the scheme will now be available under Duty Drawback Scheme (DDS). With the decision, tax benefit enjoyed by exporters will be reduced by 1-3%. The Reserve bank of India doubled the amount a resident in India can transfer to a person resident outside India as a gift to $50,000 but with approval of RBI. The Reserve Bank of India Committee chaired by Mr. M. Damodaran, former Chairman of the Securities and Exchange Board of India, in its report on Customer Service in Banks, recommended an increased deposit insurance cover of Rs 5 lakh so as to encourage individuals to keep all their deposits in banks. Sri Lankas state run electricity board and Indias biggest power producer, NTPC signed a deal to set up a coal fired power plant joint venture worth up to $700 mn. Both will invest $250mn each. The Cabinet approved a finance ministrys proposal to withdraw the interest rate of 9% on National Small Saving Fund (NSSF) loans in case a state fails to comply with the Fiscal Responsibility and Budget Management (FRBM) targets. The registration of benchmark mutual fund was cancelled by SEBI following the transfer of schemes to Goldman Sachs Mutual Fund. Bench mark was acquired by Goldman Sachs earlier this year in March for around Rs. 125 crore. The United Nations Conference on Trade and Development (UNCTAD) has projected an economic growth of 8.1% for India in 2011-the fastest rate of expansion in the world after China in its Trade and Development Report 2011. Banks agreed to waive prepayment charges on floating rate loans, levied on home or car loans taken by individual borrowers. The first meeting of South Asia Forum was organized by the ministry of external affairs and the FICCI. Anand Sharma, the union minister for commerce, industry and textile, has announced that India will meet its commitment of reducing tariff lines under sensitive list by 20% for all SAARC countries by October 2011.

INTERNATIONAL

A conference focusing on the conditions of famine in East Africa was held in Rome. Sri Lanka announced the lifting of the state of emergency imposed 28 years ago to confront the threat from the Tamil Tigers. Parliamentarians from six Asia Pacific countries committed themselves to fostering dialogue and mobilizing fellow legislators to accelerate allocation of Official Development Assistance (ODA) for sexual and reproductive health rightsrelated programmes and ensuring concrete action through high level advocacy and regular monitoring and review of policy and legislation in Chiang Mai, Thailand. Angela Merkel, Chancellor Germany, has been ranked the most powerful woman in the world by Forbes magazine. Hillary Clinton stood at 2nd, Indira Nooyi at 4th and Indira Gandhi at 7th rank. The Asian Super Model 2011 pageant will be held at Nanning (China) this year. It will be Asias biggest pageant.

Five companies that were accorded the Maharatna status were: 1. ONGC 2. IOC 3. NTPC 4. SALE 5. CIL To be eligible for Maharatna status a company should have:

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GK UPDATES SEPTEMBER 2011

An average turnover of over Rs. 25000 crore, Average annual net worth off more than Rs. 15000 crore and Average annual net profit of over Rs. 5000 crore during the last
three years.

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Country Switzerland Singapore Sweden Finland United States Germany Netherlands Denmark Japan United Kingdom China India

GCI rank (2011-2012) 1 2 3 4 5 6 7 8 9 10 26 56

GCI rank (2010-2011) 1 3 2 7 4 5 8 9 6 12 27 51

Reserve Bank of India has opened the door for Corporate India to enter banking sector but stiff conditions have been applied to shut door on real estate companies and brokerage firms. RBIs Key Guidelines for Corporate India to Enter Banking Sector are:

Successful track record of at least 10. Minimum capital requirement Rs. 500 crore, against the existing Rs.300 crore. Aggregate foreign shareholding in new bank not to exceed 49% for first 5 years

At least 25% branches must be in unbanked rural areas. New bank must list on stock exchanges within 2 years of licensing

UNCTADs report entitled World Investment Report 2011 indicates that Indias rank in attracting Foreign Direct Investment (FDI) has declined from 8th in 2009 to 14th in 2010. According to the report, the total inflow of FDI into India during 2009 was $36 billion which declined to $25 billion in 2010. The Government of India signed an Agreement and Protocol for Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital (DTAA) with Government of Lithuania in New Delhi. Lithuania is the first Baltic country with which DTAA has been signed by India. Taking the success note of Technology Upgradation Fund Scheme (TUFS) in its previous regime, the government is going to extend the restricted TUFS in coming 12 th plan period (2012-2017). Moser Baer India Ltd has planned to invest Rs. 30,000 crore to develop 6000 MW thermal power plants in Gujarat and Orissa. Repo Rate increased to 8.25% and Reverse Repo Rate increased to 7.25%, 12th time in last 18 months. RBI committee decided to give priority to well managed co-operative credit societies while granting licences for urban co-operative banks (UCBs). For the first time, the Finance Ministry has decided to allow Chinas Reminbi as an acceptable currency under external commercial borrowings (ECB) with in overall ceiling of $ 1 billion. India currently allows ECBs in US Dollar, Euro, British Pound and Japanese Yen. A high level committee on external commercial borrowings decided to increase the overall limit for the borrowings up to $750 million from the current $500 million. NTPC has announced to invest RS 41000 crore in four thermal power projects in M.P. and Chhatisgarh.

APPOINTED/ ELECTED

Former Army General and BJP leader BC Khanduri (76): New Chief Minister of Uttarakhand Helle Thorning Schmidt: Denmarks First Woman Prime Minister. Garry Conille: Prime minister of Haiti by President Michel Martelly. Dr. Inderjeet Singh: First turbaned Sikh in British Parliament. Vice Admiral D.K. Dewan: Vice Chief of Naval Staff. M.A. Sikandar: Director of National Book Trust (India) Rohit Nandan: ChairmancumManaging Director (CMD), Air India. Justice Chandra Mohan Prasad, a retired judge of the Patna High Court, as Bihars seventh Lokayukta. M.P. Veerendra Kumar: Chairman of Press Trust of India. Comptroller and Auditor General, India (CAG), as external auditor of International Atomic Energy Agency (IAEA) and the Geneva-based World Intellectual Property Organisation (WIPO). Anil Kakodkar: Head of Safety Review Committee. Mr. Dinesh K. Sarraf: CEO and Managing Director of ONGC Videsh Ltd. (OVL), the overseas investment arm of ONGC. T.C.A. Ranganath: New Chairman EXIM.

SPORTS
Lionel Messi, Argentinas footballer, has been voted the winner of the inaugural UEFA Best Player in Europe Award in Menaco. Hashim Amla named as South Africas Sports Star of the Year. Sachin Tendulkar and Zaheer Khan got a place in International Cricket Council (ICC) Test Team of the year. Brazils brilliant football player, Pele has been named as the honorary ambassador for the 2014 World Cup Football to be held in Brazil.

Global Competitiveness Report 2011-12

According to the World Economic Forums Global Competitiveness Report 2011-12.

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GK UPDATES SEPTEMBER 2011

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Bhaichung Bhutia announced his retirement from International Football in New Delhi. Andy Murray (Britain) won the Cincinnati Open (Men) held in Cincinnati by defeating Serbias Novak Djokovic. Maria Sharapova beats Serbias Jelena Jankovic to win the Cincinnati title (Women) Lin Dan (China) won the Yonex BWF world title of Badminton for a fourth time beating Worlds No.1 Badminton player Lee Cheng Wei of Malaysia in London. World Champion Sebastian Vettel (Germany) won the Belgian Grand Prix held at Spa- Francorchamps (Belgium). Aditya Mehta (Mumbai) defeated Alok Kumar of Punjab to clinch the title in the 78th National Snooker Championship in Chennai. Sun Yang (China) shattered Grant Hacketts 10- year mark in the mens 1500m Shanghai World Swimming Championship. Ronjan Sodhi, Indias double trap marksman was ranked No. 1 in shooting in world. Brazil beats Portugal in the final of FIFA 2011 Under-20 World Cup to clinch the FIFA Under -20 World Cup Championship at Bogota, Colombia. Peter Svidler of Russia won World Chess Championship beating Russian Alexander Grishuk at Khanty Mansiysk Russia. Asian Basketball mens Championship held at China.

RFS- Request For Selection IBSA- India Brazil and South Africa BRAI- Biotechnology Regulatory Authority of India IAEA- The International Atomic Energy Agency WIPO- World Intellect Property Organisation NSDC- National Skill Development Corporation NUTP- National Urban Transport CML-Council for Mortgage Lender ABC- Audit Bureau Circulation IDC- Interest during Construction FIPB- Foreign Investment Promotion Board SEE- Super Efficient Equipment LEIPs- Liquidity Enhancement Incentive Programmers PSICs- Public Sector Insurance Companies

ADVENTURE
Australian climber Gerlinde Kaltenbrunner became the first woman to conquer all 8000 metre summits without artificial oxygen on August 23, 2011, when she reached the top of the K2. She is the 3rd woman to climb all 14 highest summits but the first to do so without artificial oxygen. First person to scale the worlds 14 highest peaks in 1986 was Reinhold Messner of Italy. Binita Soren and Sheelarani Mahato, who hail from Jharkhand, have become the first women mountaineers to climb Mt. Saser Kangri IV in the Eastern Karakoram Range of Himalayas in Ladakh.

ABBREVIATIONS
COBIT - Control Objectives for Information and Related Technology MAT- Minimum Alternate Tax LLF- Limited Liability Firms BOOT- Build Own Operate Transfer DIAL- Delhi International Airport Limited SECC- Socio Economic Caste Census FIPB- Foreign Investment Promotion Board MIBOR- Mumbai Inter Bank Offered Rate MIFOR- Mumbai Inter Bank Forward Offered Rate AIM- Alternative Investment Market MLFS- Market Linked Focus Product Scheme SARFAESI (Act 2002)- Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest RDBF (Act1993)- Recovery of Debt Due to Banks & Financial Institutions AIK- Alternative Investment Funds SPV- Special Purpose Vehicle

AWARDS / PRIZES

Miss Universe 2011: Leila Lopes of Angola in Sao Paulo, Brazil. Nobel Prize in Economics, 2011: Prof. Thomas J. Sargent and Prof. Christopher A. Sims for their work in showing how policy decisions affect the layers of an economy. 44th Jnanpitha Award for 2008: Akhlaq Mohammad Khan Shahryar, renowned Urdu poet.

EURO ZONE CRISIS

What is the euro zone crisis? Its a debt crisis in the European Union and is taking a heavy toll day after day. Week and overleveraged economies such as Greece, Portugal and Spain, and how Italy, are finding it tough to repay their debt and many are on the verge of default. Stronger economies like Germany are being sucked in to bail out the weaker ones. In the process, financial markets across the globe are getting nightmares as these are intergrated and big banks are involved. In the EU, where sovereign debts have increased sharply due to bank bailouts, a crisis of confidence has emerged, threatening its very existence as well as its currency, the Euro.

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GK UPDATES SEPTEMBER 2011

BOOKS AND AUTHORS

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Last man In Tower- Arvind Adiga The Valley of Marks Tarun Teijpal Fourth Estate The Beautiful and the Damned: Life in New India-Siddarth Deb Pakistan A Personal History- Imran Khan Controversially Yours- Sohaib Akhtar Veteran actor Shammi Kapoor, the dancing star of the 1950s and 1960s who revolutionized the image of Hindi film heroes with his carefree and flamboyant personality. Padinjarethalakal Cherian Alexander, Principal Secretary to two Prime Ministers, Indira Gandhi and Rajiv Gandhi, Indian High Commission in the United Kingdom, Governor of Tamil Nadu and later, of Maharashtra, a United Nations civil servant and even a Rajya Sabha M.P. Shiv Kumar Verma, founder member of the Nehru Hockey Society. Jagjit Singh, Ghazal maestro.

OBITUARY

IMPORTANT DAYS
October 5 : World Teacher Day October 16 : World Food Day October 24 : United Nations (UN) Day

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