Top Careers & You™ Economy/Business
Wipro Tied up with Kana Software to Service Global Insurers
General Knowledge
GK Notes - September
1
Wipro Ltd. signed agreement with the US-based Kana Software to provide customer service solutions to its global insurers through a joint development centre. The agreement provides Kana with systems integration scalability, as Wipro has presence across 57 countries worldwide. Kana Software has its headquarters in California. It provides customer service solutions using cloud computing network to about 900 enterprises and mid-market organisations, which includes 250 government agencies all over the world.
RBI Issued Norms for Currency Swap Window The Reserve Bank of India issued norms for currency swap window from Mumbai. The Reserve Bank also cleared that the facility of currency swap would be made available to scheduled commercial banks (excluding regional rural banks) for fresh Foreign Currency Non-Resident Bank (FCNRB) deposits, which would be mobilised for a minimum tenure of three years.
The Reserve Bank also mentioned that the deposits can be made in any permitted currency, but the swaps would be made available only in dollars. The Swap Window would remain functional and under operations on all working days at Mumbai on daily basis but a particular bank can access the facility of currency swap only once in a week. The Swap Window would remain operation from 10 September to 30 November 2013. th th
Currency Swap A foreign exchange agreement between the two institutions for exchange aspects of a loan in one current for equivalent aspects of an equal in net present value loan in another currency is Currency Swap.
SEBI Barred 34 Entities of Capital Market for Fraudulent Dealings SEBI barred 34 entities from the capital market for fraudulent dealings in the shares of 12 companies. It also restrained, Sunil Mehta, the main conspirator of the alleged manipulative trades from accessing the securities market for a period of seven years.
The 13 entities were barred for a period of five years as they were the active players of manipulation activities and were directly connected to Mehta. The remaining 21 entities were restricted from accessing the securities market for a period of three years.
The irregularities were figured out by SEBI after it probed into the stock trading activities of 12 firms, since March 2009 to 15 December 2009. It its probe, SEBI identified huge changes in the prices of the shares. The 12 firms include Mavens Biotech, KSL & Industries, KBS Capital Management, Lotus Eye Care Hospitals, Panoramic Universal, Asian Star Company, MVL Limited, Rasi Electrodes, Allcargo Global Logistics, Sat Industries, Ushdev International and Anil Products.
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General Knowledge
GK Notes - September
2
Currency Swap Arrangement with Japan Enhanced to 50 Billion US Dollars India and Japan decided to expand their bilateral currency swap arrangement from 15 billion US dollars to 50 billion US dollar till December 2015. It is expected that this will contribute to the stability of financial markets. The government of India and the Reserve Bank of India would discuss and finalise the terms of this enhancement with their Japanese counterparts. Following the provisions of the agreement Japan will also get the facility of exchanging Yen for Dollar.
In December 2012 a bilateral swap agreement was signed between the Bank of Japan and the Reserve Bank of India for 15 billion US dollars. This arrangement aimed at addressing possible short-term liquidity mismatches and supplementing existing international financial arrangements, as part of the effort to strengthening the mutual cooperation between Japan and India.
The currency swap deal would help the Governments of both the nations to work during emergency situation to tackle the Balance of Payments (BoP) problems.
Rajya Sabha Passed the Pension Fund Regulatory and Development Authority Bill, 2011 The Rajya Sabha passed the Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011. The Bill aims for creation of a regulator for the sector and allows at least 26 percent FDI. The Bill was passed in the Rajya Sabha with 115 votes in favour of the Bill and 25 against it.
Primary features of the Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011 • Every subscriber under the National Pension Scheme would have a pension account and this would be portable across all the job changes. The subscribers will have the advantage of choosing fund managers as well as schemes for managing the pension wealth. • The Pension Fund Regulatory and Development Authority Bill, 2011 will provide the statutory powers to the Pension Fund Regulatory and Development Authority (PFRDA). • The Bill allows for 26 percent FDI in the pension funds. • The Bill also enables the subscribers for withdrawals from the individual pension funds, but under a few conditions like the limits and the frequency. • The Bill will help in channelising the funds in building long term assets for India.
Forward Markets Commission’s Administrative Control Shifted to Finance Ministry The administrative control of Forward Markets Commission (FMC), the chief regulator of Forwards and Futures Commodity Markets in India was transferred to Ministry of Finance following the orders of Government of India. Earlier, the FMC was under the control of the Department of Consumer Affairs under the Ministry of Food.
With this decision, the regulators of financial sector like SEBI, RBI, IRDA and PFRDA, all have been brought under one roof and that is Ministry of Finance.
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General Knowledge
GK Notes - September
3
The proposal to this effect was moved in August 2013 in the wake of the alleged scam in the National Spot Exchange Limited (NSEL) of 5600 crore rupees. NSEL stopped its functioning in the month of August 2013 following the government orders which were issued in the wake of violation of certain rules.
About Forward Markets Commission (FMC) Forward Markets Commission (FMC) headquartered at Mumbai, is a statutory body set up in 1953 under the Forward Contracts (Regulation) Act, 1952. It is a regulatory authority which was overseen by the Ministry of Consumer Affairs, Food and Public Distribution, Govt. of India
Russia Lifted Ban on Import of Non-Basmati Rice and Oilseeds from India Russia lifted the ban on import of non-basmati rice from India, which will eventually lead to an increase in the export of non-basmati rise from India. Russia also lifted the ban on the oilseeds apart from non-basmati rice.
It is important to note that the Russian Federation had imposed ban on these commodities in December 2012 because of the presence of khapra beetles pest in rice and aflatoxin contamination of peanuts. Thereafter, from 23 June 2013 to 30 June 2013, the Federal Service for Veterinary and Phytosanitary Surveillance (FSVPS) delegation from Russia inspected the processing units in India, which eventually led to a lift on the ban and resumption of the trade on these commodities between India and Russia. The Ministry of Foreign Affairs of the Russian Federation submitted its report on the inspection.
India, at present, is the second largest producer of rice in the world with the output of 104.40 million tonnes in the 2012-13 crop year (July-June). India exports a considerable quantity of basmati as well as non-basmati rice in foreign markets. The International Grain Council (IGC) in the recent past however estimated that the rice export of India in 2013-14 would be 8.5 million tonnes, which is around 10 percent lower than the 9.4 million tonnes exported in 2012-13. The overall export of basmati rice to Russia was 789.19 tonnes during 2012-13 fiscal year before the imports were suspended.
RBI Constituted Expert Committee to Revise and Strengthen Monetary Policy Framework The Reserve Bank of India constituted an expert committee for examining its current Monetary Policy Framework. The committee would be responsible to recommend the measures to revise and strengthen the Monetary Policy Framework, by making it transparent and predictable. Dr. Urjit Patel, Deputy Governor of Reserve Bank of India has been appointed as the Chairman of the Committee.
The terms of reference of the Committee are • To review the objectives and conduct of monetary policy in a globalised and highly inter-connected environment • To recommend an appropriate nominal anchor for the conduct of monetary policy
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General Knowledge
GK Notes - September
4
• To review the organisational structure, operating framework and instruments of monetary policy, particularly the multiple indicator approach and the liquidity management framework, with a view to ensuring compatibility with macroeconomic and financial stability, as well as market development • To identify regulatory, fiscal and other impediments to monetary policy transmission, and recommend measures and institutional pre-conditions to improve transmission across financial market segments and to the broader economy • To carefully consider the recommendations of previous Committees/Groups in respect of all of the above The Committee is expected to submit its report within three months.
SEBI relaxed KYC Norms for Foreign Investors Securities and Exchange Board of India (SEBI) issued the new guideline to make Know Your Client requirements (KYC) easy for foreign investors. These guidelines are related to registration and disclosure norms for low risk foreign investors. SEBI classified foreign investors into three categories depending on their risk profile like category I, category II and category III. Category I • Government and government related foreign investors such as Foreign Central Banks, Governmental Agencies, Sovereign Wealth Funds, International, Multilateral Organisations and Agencies. Category II • Regulated broad based funds such as Mutual Funds, Investment Trusts, Insurance/Reinsurance Companies. • Appropriately regulated entities such as Banks, Asset Management Companies, Investment Managers/ Advisors, Portfolio Managers. • University Funds and Pension Funds • University related Endowments already registered with SEBI as FII/Sub Account. Category III All other eligible foreign investors investing in India under PIS route not eligible under Categories I and II such as Endowments, Charitable Societies/Trust, Foundations, Corporate Bodies, Trusts, Individuals, Family Offices. Category I investors have been exempted from submission of documents like financial statements and board resolution papers. Their top management, partners, directors, trustees and authorised signatories would not be required to submit proof of identity, proof of address and photographs, submission of the list, identity proof, address proof and photographs for their ultimate beneficial owners. SEBI decision to reclassify foreign investors as per their risk profiles was recommended by a committee headed by former Cabinet secretary K M Chandrasekhar.
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General Knowledge
GK Notes - September
5
OMCs Seek Compensation In Case Of Loss through RBI’s Currency Swap Window Oil Marketing Companies (OMCs) are not content with RBI’s currency swap facility through which it sells and buys dollars from OMCs as part of its measures to control the rupee decline. Though the rupee has gained some stability but the OMCs are unhappy with the hedging mechanisms as they feel that with RBI’s swap window, there is uncertainty of being compensated if they incur loss in the swap transactions. RBI has started a currency swap window to sell dollars to oil companies in exchange for rupees on condition that they reverse the transaction at a future date. The swap window is for fresh Foreign Currency NonResident (banks) (FCNRB) dollar funds, mobilised for a minimum tenor of three years and over. This is similar to RBI lending dollars to oil companies. Since OMCs are the biggest buyers of foreign currency which they use to buy petroleum/oil, RBI selling dollars directly to them will keep them away from FOREX market thereby helping the rupee to recuperate. Under the swap arrangement, the RBI will sell dollars to OMCs on condition that OMCs will repay the same amount of dollars.
North, South Korea to Reopen Kaesong Joint Industrial Park Following long negotiation, North and South Korea decided to reopen their Kaesong joint industrial park. The industrial complex has been shut for the last five months during heightened military tensions between the two nations. The North accepted the South’s demand of allowing foreign investments in Kaesong, which Seoul views as a guarantee against the North shutting the complex down again in the future. Kaesong Industrial Park is a special economic unit in the Kaesong Industrial Region which lies 10 kilometres over the border in North Korea. The park was being operated in collaboration with South Korea. The idea of the park came into being through the “sunshine” reconciliation policy initiated in the late 1990s by then South Korean President Kim Dae-Jung as a symbol of cooperation. The Kaesong Industrial Park will revive trade between the two adversaries and may work towards easing tensions. On the economic front, the reopening of the park will specially benefit North Korea as it will provide important hard currency source for the impoverished country through taxes and other revenues.
General Awareness
Poonam Khetrapal Singh Elected Regional Director for WHO South-East Asia Region
Ghulam Nabi Azad, Union Health & Family Welfare Minister announced that the South East Asian Regional Organisation (SEARO) Countries elected India’s candidate, Dr. Poonam Khetrapal Singh as the Regional Director for WHO South-East Asia Region. The present Regional Director for WHO South-East Asia Region is Samlee Plianbangchang from Thailand and has served at the post for 10 years.
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General Knowledge
GK Notes - September
6
It is important to note that an Indian delegate has regained the post of the Regional Director of SEARO countries after a long gap of 44 years. Earlier, India occupied this post from 1948 – 1968. However since the year 1968, India has not occupied the post of the Regional Director of SEARO. The SEARO countries took the decision during the ongoing 31st meeting of Ministers of Health of countries of the WHO South-East Asia Region and 66th session of the WHO Regional Committee for South-East Asia.
About the South East Asian Regional Organisation (SEARO) • The South East Asian Regional Organisation (SEARO) is one of the six regions of WHO with its HQ in New Delhi, India. • SEARO has 11 countries which include India, Nepal, Bhutan, Bangladesh, Myanmar, Thailand, Indonesia, Sri Lanka, Maldives, Timor Leste and DPR Korea. • The Regional Director (RD) is the head of the SEARO and is elected by the members of the SEARO countries. The term of RD is five years and though elections are held, customarily, the RD gets a second term. • People in the past who have held the post of Regional Director include Dr. C. Mani (1948-1968; India), Dr. V.T.H. Gunaratne (1968-1981; Sri Lanka), Dr. U KoKo (1981-1994; Myanmar) and Dr. Uton Muchtar Rafei (1994-2004; Indonesia).
Jhumpa Lahiri’s Book ‘The Lowland’ Shortlisted for Man Booker 2013 Jhumpa Lahiri’s book ‘The Lowland’ was shortlisted among the six books for the Man Booker Prize 2013. Lowland was published by Bloomsbury. The other five novels shortlisted for the award include: • We Need New Names by NoViolet Bulawayo published by Chatto & Windus • The Luminaries by Eleanor Catton published by Granta • The Harvest by Jim Crace published by Picador • A Tale for the Time Being by Ruth Ozeki published by Canongate • The Testament of Mary by Colm Tóibín published by Penguin
The final winner of the Man Booker Prize 2013 would be announced on 15 October 2013. Book entitled, Bring up The Bodies by Hillary Mantel was the winner of the 2012 Booker Prize.
The Man Booker Prize The Man Booker Prize promotes the finest in fiction by rewarding the very best book of the year. The prize, was launched in 1969, aims to promote the finest in fiction by rewarding the best novel of the year written by a citizen of the United Kingdom, the Commonwealth or the Republic of Ireland. To maintain the consistent excellence of the Man Booker Prize, judges are chosen from a wide range of disciplines, including critics, writers and academics, but also poets, politicians and actors, all with a passion for quality fiction.
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General Knowledge
GK Notes - September
7
The winner of the Man Booker Prize receives £50,000 and, like all the shortlisted authors, a cheque for £2,500 and a designer bound copy of their book. Fulfilling one of the objectives of the prize - to encourage the widest possible readership for the best in literary fiction - the winner and the shortlisted authors now enjoy a dramatic increase in book sales worldwide.
The Constitution (Scheduled Tribes) Order (Second Amendment) Bill, 2013 Passed By Rajya Sabha The Constitution (Scheduled Tribes) Order (Second Amendment) Bill, 2013 was passed by the Rajya Sabha. The Constitution (Scheduled Tribes) Order (Second Amendment) Bill was introduced in the Lok Sabha on 14 December 2012 by the Minister of Tribal Affairs, V. Kishore Chandra Deo. The Bill was passed by the Lok Sabha in August 2013.
Objective of the Bill The Bill seeks to amend the Constitution (Scheduled Tribes) Order, 1950 to modify the list of Scheduled Tribes in the states of Kerala and Chhattisgarh.
Major highlights of the Bill • Article 342 of the Constitution of India states that the President may notify the Scheduled Tribes in a state after consultation with the Governor of the state. The President issued the 1950 Order, in accordance with this Article. • According to the Article 342 of the Constitution of India, Scheduled Tribes means such tribes or tribal communities or parts of or groups within such tribes or tribal communities as are deemed under Article 342 to be Scheduled Tribes for the purposes of India Constitution. • The Bill amended the Schedule of the 1950 Order to include certain groups as Scheduled Tribes. The Marati community is being re-included in the list of Scheduled Tribes in Kerala. • Scheduled Tribe status is being granted to the Particularly Vulnerable Tribal Groups namely Abujh Maria and Hill Korwa in the list of Scheduled Tribes in Chhattisgarh.
The National Food Security Bill, 2013 Received the Assent of the President of India The National Food Security Bill, 2013 received the assent of the President of India, Pranab Mukherjee. With this assent, the National Food Security Bill 2013 became the Act. It is important to note that the Union Cabinet, headed by Prime Minister Manmohan Singh had approved the National Food Security Bill. IN August 2013, the Lok Sabha had passed the National Food Security Bill 2013. The Upper House of the Parliament, Rajya Sabha passed this Bill in September 2013.
The primary objective of the National Food Security Bill 2013 is to provide food and nutritional security in human life cycle approach. This will be done by ensuring access to adequate quantity of quality food at affordable prices to the people.
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General Knowledge
GK Notes - September
8
Thomas Bach Elected as the President of International Olympic Committee Thomas Bach of Germany was elected as the ninth President of the International Olympic Committee (IOC). He is the successor of Jacques Rogge of Belgium, who headed the IOC, from 2001 to September 2013. He was the eighth President of IOC.
Positions held by him in IOC • Member (1996-2000) of the IOC Executive Board • Vice President (2000-2004) and was re-elected as Vice President (2006-2013) He has been the Chairman of the following Commissions: • Evaluation for the XIX Olympic Winter Games (1994-1995) • Evaluation for the Games of XXVIII Olympiad (1994-1997)
First Sree Narayana Guru Global Secular & Peace Award 2013 Presented to Shashi Tharoor The Vice President of India M. Hamid Ansari presented the First Sree Narayaan Guru Global Secular & Peace Award 2013 to Dr. Shashi Tharoor, Minister of State for Human Resources Development, Government of India at a function in Thiruvananthpuram, Kerala.
About the Sree Narayan Guru Global Secular & Peace Award The Sree Narayana Guru Global Secular & Peace Award is named after Sree Narayana Guru. Sree Narayana Guru during his lifetime in the late 19th and early 20th century taught and propagated the message of social justice and equality, secularism, freedom from oppression and empowerment of the poor and marginalised through socio-economic upliftment and education. Sree Narayan Guru transformed the social fabric of Kerala by teaching unity and equality of all human beings, irrespective of caste, creed or religion. The Securities and Exchange Board of India (Amendment) Bill, 2013 Passed by Rajya Sabha The Securities and Exchange Board of India (Amendment) Bill, 2013 was passed by the Rajya Sabha. The Bill will widen the area for eligible candidates for the post of presiding officer at the Securities Appellate Tribunal. The Bill was already approved by the Lok Sabha in August 2013.
Primary Features of the Securities and Exchange Board of India (Amendment) Bill, 2013 • The Securities and Exchange Board of India (Amendment) Bill, 2013 was introduced at first in the Lok Sabha on 14 August 2013. • The Bill seeks to amend the Securities and Exchange Board of India Act, 1992. • It is important to note that the Securities and Exchange Board of India (SEBI), established by the Act, is the regulator for the securities markets in India. The Securities Appellate Tribunal (SAT), established by the Act, adjudicates on appeals against decisions made by SEBI. SAT is headed by the Presiding Officer, who should be the sitting or retired Supreme Court Judge or a sitting or retired Chief Justice of a High Court. • The Bill extends eligibility criteria for SAT Presiding Officer’s role and includes sitting or retired Judges of a High Court with a minimum service of seven years.
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General Knowledge
GK Notes - September
9
• The Bill was initially introduced as the ordinance on 21 January 2013. It then lapsed and another ordinance
Tokyo Won the Right to Host the 2020 Summer Olympic Games Tokyo won the right to host the 2020 Summer Olympic Games. Members of the International Olympic Committee (IOC) meeting in Buenos Aires chose the Japanese capital Tokyo, over Istanbul, after Madrid was dramatically eliminated following a first-round tie with the Turkish city. Japan won the right to host Olympic Games for the second time. It had previously hosted the Games in 1964. Olympic is considered the world’s biggest sporting event. Concerns over Fukushima, seriously damaged in the devastating 2011 earthquake and tsunami that killed more than 18000 people, had dogged Japan’s bid in the final days. The final result was 60 votes for Tokyo against 36 for Istanbul. The decision means it will be the fourth time that Japan plays host to the Olympics, having also organised hosted Olympic winter Games in Nagano (1998) and Sapporo (1972). Asia will also see successive Olympics, as the South Korean resort of Pyeongchang is hosting the 2018 winter edition.
Serena Williams Defeated Victoria Azarenka to Win the US Open Title 2013 Serena Williams emerged as the winner of the US Open Tennis Tournament 2013 by defeating Victoria Azarenka of Belarus during the women's singles final at New York. Serena defeated the second seeded, Azarenka with 7-5, 6-7 (6), 6-1 win. With this win, top seeded, Serena Williams secured her 5 US Open title and 17 Grand Slam title. On the other side, in the Men’s Doubles Championship of the US Open 2013, the pair of Leander Paes of India and Radek Stepanek of the Czech Republic emerged as winners by defeating the Alexander Peya of Austria and Bruno Soares of Brazil in the final match with 6-1, 6-3 win. With this win, Leander Paes secured his 8 Men’s doubles Grand Slam title and 14 overall. Paes has earlier won the US Open title two times and both the titles came while playing with Czech partners, namely Martin Damm in 2006 and Lukas Dlouhy in 2009. th th th th
Wrestling Voted Back for 2020 and 2024 Olympics Games The International Olympic Committee (IOC) announced that wrestling to be the part of the 2020 and 2024 Olympics Games. Wrestling was approved by the IOC as an additional sport for 2020 and 2024. It was dropped by the IOC executive board in February 2013. Wrestling got the majority of 49 votes in a secret ballot among 95 member of the International committee. Wrestling easily defeated bids from baseball/softball and squash to regain its Olympic status. The joint bid of baseball/softball was second with 24 votes and squash received 22. The IOC approved the 25 core sports at Summer Games with a 77-16 majority. Rugby sevens (made up of seven players, instead of the usual 15) and golf will be added in 2016 Olympic Games (Rio de Janeiro, Brazil).
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About IOC
General Knowledge
GK Notes - September
10
The International Olympic Committee (IOC) was created by Pierre, Baron de Coubertin on 23 June 1894. It was located in Lausanne, Switzerland. It consists of 100 active members, 33 honourary members and 1 honour member. The IOC organises the modern Olympic Games and Youth Olympic Games, which are held in summer and winter after every four years, respectively.
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Manmohan Singh Released a Postage Stamp in Memory of Lala Jagat Narayan Manomohan Singh, the Prime Minister of India released a Postage Stamp in the memory of the freedom fighter and former Member of Parliament, Lala Jagat Narayan. The postage stamp was released in New Delhi.
About Lala Jagat Narayan • He was a leader of Congress Party • In the pre-independent India; he acted as the Personal Secretary of Lala Lajpat Rai • He also served as the editor of the Bhai Parmanand’s weekly Hindi newspaper, Akashvani • As per the White Paper released by the Government of India, Narayan was killed in September 1981, in an assassination for criticizing, Bhindrawale • He was born on 31 May 1899
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