President of India Pranab Mukherjee will undertake a one day visit to Uttar Pradesh (Lucknow) on January 8, 2013 to inaugurate the 125th year celebrations of Uttar Pradesh Legislature. He will also release a Postage Stamp on Vidhan Bhawan on the occasion.
Saturday, January 12, 2013
Sunday, January 6, 2013
India’s foreign reserves up by near $40 million
India’s foreign exchange (forex) reserves increased by $39.6 million to $296.57 billion for the week ended December 28, 2012, data released by the Reserve Bank of India (RBI) showed.
The reserves had gone down by $92.8 million to $296.53 billion for the week ended December 21, 2012.
The foreign currency assets (FCA) — the biggest component of the forex reserves — went up by $63.9 million at $262.01 billion, according to the weekly statistical supplement released by the RBI. The FCA decreased by $169.9 million at $261.94 billion in the previous week.
The central bank said FCA in US dollar terms included the effect of appreciation or depreciation of non-U.S. currencies held in reserve, such as the pound sterling, euro and yen.
Gold reserves value remained the same at $27.80 billion. The value had dipped by $386.2 million in the week ended November 30. The value had remained unchanged at $28.18 billion since the week ended November 2, when the value of gold reserves rose by $56.4 million.
However, the special drawing rights (SDRs) decreased by $15.9 million to $4.43 billion during the week under review, while reserves with the International Monetary Fund (IMF) went down by $8.4 million to $2.32 billion.
The SDRs had increased by $15.8 million to $4.45 billion during the week ended December 21 while reserves with the IMF had gone up $61.3 million to $2.33 billion.
Internet emits 830 million tonnes of carbon dioxide
Internet and other components of information communication and technology (ICT) industry annually produces more than 830 million tonnes of carbon dioxide (CO2), the main greenhouse gas, and is expected to double by 2020, a new study has found.
Researchers from the Centre for Energy-Efficient Telecommunications (CEET) and Bell Labs explain that the information communications and technology (ICT) industry, which delivers Internet, video, voice and other cloud services, produces about 2 per cent of global CO2 emissions — the same proportion as the aviation industry produces.
In the report published in journal Environmental Science & Technology, researchers said their projections suggest that ICT sector’s share in greenhouse gas emission is expected to double by 2020.
They have also found new models of emissions and energy consumption that could help reduce their carbon footprint.
The study said that controlling those emissions requires more accurate but still feasible models, which take into account the data traffic, energy use and CO2 production in networks and other elements of the ICT industry.
Existing assessment models are inaccurate, so they set out to develop new approaches that better account for variations in equipment and other factors in the ICT industry.
They describe development and testing of two new models that better estimate the energy consumption and CO2 emissions of Internet and telecommunications services.
The researchers suggest, based on their models, that more efficient power usage of facilities, more efficient use of energy-efficient equipment and renewable energy sources are three keys to reducing ICT emissions of CO2.
Former South Africa bowler Adcock dies
Former South Africa fast bowler Neil Adcock has died after a long battle with cancer. He was 81.
Cricket South Africa said that Adcock died on Sunday after contracting pneumonia.
He played 26 tests for South Africa between 1953 and 1962 and was chosen by the respected Wisden Cricket Almanack as one of its five cricketers of the year in 1961 following his 26 wickets at 22.52 during South Africa’s series in England in 1960.
CSA acting chief executive Jacques Faul paid tribute to Adcock as “one of the great fast bowlers during what was truly a golden era of fast bowling” and said he formed “South Africa’s first great new ball attack” with the late Peter Heine.
Adcock took 104 career wickets at an average of 21.10.
National Aluminium Co Ltd (Nalco) Commissioned its First Wind Power Project
National Aluminium Co Ltd (Nalco) in the Month of January 2013 commissioned its first wind power project at Gandikota in Kadapa district of Andhra Pradesh.
Nalco which is the Government-owned manufacturer and distributor of aluminum products had invested around 275 crore rupees for the 50-MW Suzlon-erected project.
Nalco signed a power purchase agreement with the State’s power transmission utility Transco and has begun inoculation of power to the State grid. The windmill project had received clearance from the Ministry of Forests and Environment.
Also, setting up of the second wind power is on the line which is supposed to be of 50 MW, and will be situated in Jaisalmer district of Rajasthan. The cost of this project is estimated to be around 190 crore rupees.
Nalco, a large thermal power consumer for its aluminium smelting in Odisha, is appreciative to generate renewable energy under electricity regulations.
As per the Ministry of New and Renewable Energy, the Indian Wind Turbine Manufactures Association (WTMA) had reported that public sector units have so far established around 1135 MW of wind power projects in the country, besides solar power projects of 27 MW.
Nalco which is the Government-owned manufacturer and distributor of aluminum products had invested around 275 crore rupees for the 50-MW Suzlon-erected project.
Nalco signed a power purchase agreement with the State’s power transmission utility Transco and has begun inoculation of power to the State grid. The windmill project had received clearance from the Ministry of Forests and Environment.
Also, setting up of the second wind power is on the line which is supposed to be of 50 MW, and will be situated in Jaisalmer district of Rajasthan. The cost of this project is estimated to be around 190 crore rupees.
Nalco, a large thermal power consumer for its aluminium smelting in Odisha, is appreciative to generate renewable energy under electricity regulations.
As per the Ministry of New and Renewable Energy, the Indian Wind Turbine Manufactures Association (WTMA) had reported that public sector units have so far established around 1135 MW of wind power projects in the country, besides solar power projects of 27 MW.
India likely to miss UN goals for poverty, hunger, infant mortality: Report
Minister of State (Independent charge), Ministry of Statistics & Programme Implementation Srikant Kumar Jena, released the Statistical Year Book, 2013 and the Annual Review Report of Twenty Point Programme (TPP).
The coverage includes subjects like National Product, Five Year Plans, Public Finance, Taxes, Balance of Payments, Banks, Insurance; various sectors of economy viz Agriculture, Industry, Mining; chapters on trade, transportation, tourism & infrastructure like Roads, Civil Aviation, Indian Railways, Shipping; social sectors like Housing, Education, Labor & Employment, Health & Family Welfare, Rural & Urban Development; chapters on Environment & Forest, Rainfall and a variety of other subjects ranging from Crime & Accidents to Electoral Statistics, India G20 & World .
According to the report India is expected to miss the crucial UN Millennium Development Goals (MDG), including those related to reduction in poverty, hunger and infant mortality. The poverty ratio is likely to be 26.7% by 2015 as against the target of 23.9%, while infant mortality rate (IMR) would be 43 per 1,000 live births against the milestone of bringing it down to 27.
India was supposed to halve the percentage of population below the national poverty line by 2015 over the 1990 level. In 1990, poverty ratio was 47.8% that came down to 37.2% in 2004-05. India was also required to reduce the mortality rate for children underfive years to 42 per 1,000 live births by 2015. However, the current estimates suggest that it would be around 52 when the MDG deadline lapses.
The latest data suggests that maternal mortality rate (MMR) would come down to 139 per 1 lakh births by 2015 from 437 in 1990, while the nation is expected to reduce MMR by three quarters between 1990 and 2015 to 109 per 1 lakh births.
Malnutrition continues to be a major hurdle. The trend of the proportion of underweight (severe & moderate) children below three years shows that India is going slow in eliminating the effect of malnourishment. From estimated 52% in 1990, the proportion of underweight children below three years is required to be reduced to 26% by 2015.
According to official estimates, the proportion of underweight children has declined from 43% during 1998-99 to 40% in 2005-06. At the historical rate of decline, the proportion is expected to come down to only about 33% by 2015 vis-àvis the target of 26%.
While India is expected to lag behind on health indicators, the performance is upto the mark on education front.
The coverage includes subjects like National Product, Five Year Plans, Public Finance, Taxes, Balance of Payments, Banks, Insurance; various sectors of economy viz Agriculture, Industry, Mining; chapters on trade, transportation, tourism & infrastructure like Roads, Civil Aviation, Indian Railways, Shipping; social sectors like Housing, Education, Labor & Employment, Health & Family Welfare, Rural & Urban Development; chapters on Environment & Forest, Rainfall and a variety of other subjects ranging from Crime & Accidents to Electoral Statistics, India G20 & World .
According to the report India is expected to miss the crucial UN Millennium Development Goals (MDG), including those related to reduction in poverty, hunger and infant mortality. The poverty ratio is likely to be 26.7% by 2015 as against the target of 23.9%, while infant mortality rate (IMR) would be 43 per 1,000 live births against the milestone of bringing it down to 27.
India was supposed to halve the percentage of population below the national poverty line by 2015 over the 1990 level. In 1990, poverty ratio was 47.8% that came down to 37.2% in 2004-05. India was also required to reduce the mortality rate for children underfive years to 42 per 1,000 live births by 2015. However, the current estimates suggest that it would be around 52 when the MDG deadline lapses.
The latest data suggests that maternal mortality rate (MMR) would come down to 139 per 1 lakh births by 2015 from 437 in 1990, while the nation is expected to reduce MMR by three quarters between 1990 and 2015 to 109 per 1 lakh births.
Malnutrition continues to be a major hurdle. The trend of the proportion of underweight (severe & moderate) children below three years shows that India is going slow in eliminating the effect of malnourishment. From estimated 52% in 1990, the proportion of underweight children below three years is required to be reduced to 26% by 2015.
According to official estimates, the proportion of underweight children has declined from 43% during 1998-99 to 40% in 2005-06. At the historical rate of decline, the proportion is expected to come down to only about 33% by 2015 vis-àvis the target of 26%.
While India is expected to lag behind on health indicators, the performance is upto the mark on education front.
Science, Technology and Innovation Policy 2013 unveiled
The Prime Minister Dr. Manmohan Singh, unveiled the Science, Technology and Innovation Policy (STI) 2013 that aspires to position India among the top five global scientific powers by 2020.
The STI Policy seeks to send a signal to the Indian scientific community, both in the private and public domain, that science, technology and innovation should focus on faster, sustainable and inclusive development of the people. The policy seeks to focus on both STI for people and people for STI. It aims to bring all the benefits of Science, Technology & Innovation to the national development and sustainable and more inclusive growth. It seeks the right sizing of the gross expenditure on research and development by encouraging and incentivizing private sector participation in R & D, technology and innovation activities.
The policy also seeks to trigger an ecosystem for innovative abilities to flourish by leveraging partnerships among diverse stakeholders and by encouraging and facilitating enterprises to invest in innovations. It also seeks to bring in mechanisms for achieving gender parity in STI activities and gaining global competitiveness in select technological areas through international cooperation and alliances. The policy goal is to accelerate the pace of discovery, diffusion and delivery of science led solutions for serving the aspirational goals of India for faster, sustainable and inclusive growth. A Strong and viable Science, Research and Innovation system for High Technology led path for India (SRISHTI) are the goal for the STI policy.
The Key features of the STI policy 2013 are
a) Promoting the spread of scientific temper amongst all sections of society.
b) Enhancing skills for applications of science among the young from all social sectors.
c) Establishing world class infrastructure for R&D for gaining global leadership in some select frontier areas of science.
d) Positioning India among the top five global scientific powers by 2020(by increasing the share of global scientific publications from 3.5% to over 7% and quadrupling the number of papers in top 1% journals from the current levels).
e) Linking contributions of Science Research and innovation system with the inclusive economic growth agenda and combining priorities of excellence and relevance.
f) Creating an environment for enhanced private sector participation in R &D.
g) Enabling conversion of R & D output with societal and commercial applications by replicating hitherto successful models, as well as establishing of new PPP structures.
h) Seeking S&T based high risk innovation through new mechanisms.
i) Fostering resource optimized cost-effective innovation across size and technology domains.
j) Triggering in the mindset & value systems to recognize respect and reward performances which create wealth from S&T derived knowledge.
k) Raising Gross Expenditure in Research and Development (GERD) to 2% from the present 1% of the GDP in this decade by encouraging enhanced private sector contribution.
l) Increasing the number of Full Time Equivalent (FTE) of R&D personnel in India by at least 66% of the present strength in 5 years.
m) Increasing accessibility, availability and affordability of innovations, especially for women, differently-abled and disadvantaged sections of society.
n) Aligning Venture Capital and Inclusion Innovation Fund systems.
o) Modifying IPR policy to provide for marching rights for social good when supported by public funds and for co-sharing IPRs generated under PPP
p) Triggering ecosystem changes in attitudes, mindset, values and governance systems of publicly funded institutions engaged in STI activities to recognize, respect and reward performances which create wealth from S&T derived knowledge.
The STI Policy seeks to send a signal to the Indian scientific community, both in the private and public domain, that science, technology and innovation should focus on faster, sustainable and inclusive development of the people. The policy seeks to focus on both STI for people and people for STI. It aims to bring all the benefits of Science, Technology & Innovation to the national development and sustainable and more inclusive growth. It seeks the right sizing of the gross expenditure on research and development by encouraging and incentivizing private sector participation in R & D, technology and innovation activities.
The policy also seeks to trigger an ecosystem for innovative abilities to flourish by leveraging partnerships among diverse stakeholders and by encouraging and facilitating enterprises to invest in innovations. It also seeks to bring in mechanisms for achieving gender parity in STI activities and gaining global competitiveness in select technological areas through international cooperation and alliances. The policy goal is to accelerate the pace of discovery, diffusion and delivery of science led solutions for serving the aspirational goals of India for faster, sustainable and inclusive growth. A Strong and viable Science, Research and Innovation system for High Technology led path for India (SRISHTI) are the goal for the STI policy.
The Key features of the STI policy 2013 are
a) Promoting the spread of scientific temper amongst all sections of society.
b) Enhancing skills for applications of science among the young from all social sectors.
c) Establishing world class infrastructure for R&D for gaining global leadership in some select frontier areas of science.
d) Positioning India among the top five global scientific powers by 2020(by increasing the share of global scientific publications from 3.5% to over 7% and quadrupling the number of papers in top 1% journals from the current levels).
e) Linking contributions of Science Research and innovation system with the inclusive economic growth agenda and combining priorities of excellence and relevance.
f) Creating an environment for enhanced private sector participation in R &D.
g) Enabling conversion of R & D output with societal and commercial applications by replicating hitherto successful models, as well as establishing of new PPP structures.
h) Seeking S&T based high risk innovation through new mechanisms.
i) Fostering resource optimized cost-effective innovation across size and technology domains.
j) Triggering in the mindset & value systems to recognize respect and reward performances which create wealth from S&T derived knowledge.
k) Raising Gross Expenditure in Research and Development (GERD) to 2% from the present 1% of the GDP in this decade by encouraging enhanced private sector contribution.
l) Increasing the number of Full Time Equivalent (FTE) of R&D personnel in India by at least 66% of the present strength in 5 years.
m) Increasing accessibility, availability and affordability of innovations, especially for women, differently-abled and disadvantaged sections of society.
n) Aligning Venture Capital and Inclusion Innovation Fund systems.
o) Modifying IPR policy to provide for marching rights for social good when supported by public funds and for co-sharing IPRs generated under PPP
p) Triggering ecosystem changes in attitudes, mindset, values and governance systems of publicly funded institutions engaged in STI activities to recognize, respect and reward performances which create wealth from S&T derived knowledge.
Government launches CCTNS pilot project
Union Home Minister Sushil Kumar Shinde has launched the pilot phase of Crime and Criminal Tracking Network and System in New Delhi.
The Crime and Criminal Tracking Network and Systems (CCTNS) aims at creation of a nation-wide networking infrastructure for evolution of IT-enabled sophisticated tracking system around 'investigation of crime and detection of criminals'. It will help in effective policing and sharing data of crimes and criminals among 14,000 police stations across the country
The Rs 2,000 crore project, approved in 2009, spans across all the 35 states and Union Territories.
It will bring more transparency in police administration as a person can lodge complaint on-line and get a status report of the complaint on-line too.
The broad objectives of the CCTNS project are streamlining investigation and prosecution processes, strengthening of intelligence gathering machinery, improved public delivery system and citizen-friendly interface, nationwide sharing of information across on crime and criminals and improving efficiency and effectiveness of police functioning. It will also:
a) Facilitate collection, storage, retrieval, analysis, transfer and sharing of data and Information among Police Stations, District, State headquarters and other organization/agencies, including those at Government of India level.
b) Help in enabling and assisting the senior Police Officers in better management of Police Force
c) Keeping track of the progress of the crime and criminal investigation and prosecution Cases, including progress of cases in the court
d) Help in reducing the manual and redundant record keeping.
The Crime and Criminal Tracking Network and Systems (CCTNS) aims at creation of a nation-wide networking infrastructure for evolution of IT-enabled sophisticated tracking system around 'investigation of crime and detection of criminals'. It will help in effective policing and sharing data of crimes and criminals among 14,000 police stations across the country
The Rs 2,000 crore project, approved in 2009, spans across all the 35 states and Union Territories.
It will bring more transparency in police administration as a person can lodge complaint on-line and get a status report of the complaint on-line too.
The broad objectives of the CCTNS project are streamlining investigation and prosecution processes, strengthening of intelligence gathering machinery, improved public delivery system and citizen-friendly interface, nationwide sharing of information across on crime and criminals and improving efficiency and effectiveness of police functioning. It will also:
a) Facilitate collection, storage, retrieval, analysis, transfer and sharing of data and Information among Police Stations, District, State headquarters and other organization/agencies, including those at Government of India level.
b) Help in enabling and assisting the senior Police Officers in better management of Police Force
c) Keeping track of the progress of the crime and criminal investigation and prosecution Cases, including progress of cases in the court
d) Help in reducing the manual and redundant record keeping.
SEBI moots tougher norms for corporate governance
The Securities and Exchange Board of India (SEBI), to further tighten corporate governance norms, has proposed tougher guidelines for listed companies to make their functioning transparent and to enhance investor's trust in the capital market.
The consultative paper on "Review of Corporate Governance norms" has suggested following guidelines:
a) The splitting of the post of chairman-cum-managing director thus giving greater responsibilities and powers to independent directors and to avoid concentration of power with one person. This may lead to changes in the structure of a large number of Indian companies, mainly PSU and family-owned firms, where one person holds the position of chairman-cum-managing director (CMD).
b) The appointment of independent directors should be done only by minority shareholders, such directors should be formally trained to be on company boards and they should also be regularly evaluated for their performance by an exam, under National Institute of Securities Markets (NISM), a training body under SEBI
c) SEBI is also aiming to change Clause 49 of the listing agreement between companies and stock exchanges to align it with the proposed Companies Bill. Listing agreement deals with the rules that all listed companies should adhere to remain listed on the bourses. These rules, although aimed at making the Indian market a safer place in terms of corporate governance, could lead to shortage of good independent directors since remunerations for these people may not commensurate with the duties and responsibilities.
d) SEBI also proposed that while resigning, an independent director should disclose the reasons for his/her decision.
e) The board should eliminate policies that promote excessive risk-taking for the sake of short-term increases in stock price performance and ensure that a risk/crisis management plan is in place.
f) It has proposed mandatory disclosure of ratio of remuneration paid to directors and their median staff salary.
The market regulator has also suggested hefty penalties for non-compliance of the revised corporate governance norms. Stating that delisting would affect investors and prosecution was a costly and time-consuming process, SEBI, to strengthen the monitoring of the compliance, has suggested carrying out of corporate governance rating by credit rating agencies, inspection by stock exchanges/ SEBI for verifying the compliance made by the companies.
The consultative paper on "Review of Corporate Governance norms" has suggested following guidelines:
a) The splitting of the post of chairman-cum-managing director thus giving greater responsibilities and powers to independent directors and to avoid concentration of power with one person. This may lead to changes in the structure of a large number of Indian companies, mainly PSU and family-owned firms, where one person holds the position of chairman-cum-managing director (CMD).
b) The appointment of independent directors should be done only by minority shareholders, such directors should be formally trained to be on company boards and they should also be regularly evaluated for their performance by an exam, under National Institute of Securities Markets (NISM), a training body under SEBI
c) SEBI is also aiming to change Clause 49 of the listing agreement between companies and stock exchanges to align it with the proposed Companies Bill. Listing agreement deals with the rules that all listed companies should adhere to remain listed on the bourses. These rules, although aimed at making the Indian market a safer place in terms of corporate governance, could lead to shortage of good independent directors since remunerations for these people may not commensurate with the duties and responsibilities.
d) SEBI also proposed that while resigning, an independent director should disclose the reasons for his/her decision.
e) The board should eliminate policies that promote excessive risk-taking for the sake of short-term increases in stock price performance and ensure that a risk/crisis management plan is in place.
f) It has proposed mandatory disclosure of ratio of remuneration paid to directors and their median staff salary.
The market regulator has also suggested hefty penalties for non-compliance of the revised corporate governance norms. Stating that delisting would affect investors and prosecution was a costly and time-consuming process, SEBI, to strengthen the monitoring of the compliance, has suggested carrying out of corporate governance rating by credit rating agencies, inspection by stock exchanges/ SEBI for verifying the compliance made by the companies.
Virat Kohli named CEAT International Cricketer of the Year
Vice-captain of Indian Cricket team Virat Kohli on 4 January 2013 was named the International Cricketer of the Year while Pakistan cricket team bagged the top honours for the best team at the CEAT Cricket Awards 2011-12 in New Delhi.
Virat Kohli had deafeated Hashim Amla, Kumar Sangakkara and Michael Clarke to bag the prestigious award.
Kohli was the top run-getter for India in both Tests and ODIs in 2012 with his career-best 183 which came against Pakistan in the Asia Cup in March 2012 only.
The Former Pakistan cricket captain Zaheer Abbas was honoured with the lifetime award while Saeed Anwar got the best audience choice awards.
In the special category-India-Pakistan awards, former Pakistan skipper Inzamam-ul-Haq was awarded with the best ODI bastman honour, India's Sunil Gavaskar-Best Test batsman, Kapil Dev- Best Test bowler and Wasim Akram was adjudged as the best ODI bowler.
Unmukt Chand, the man who led the Indian side to win the U-19 World Cup 2012 was declared the Indian Youngster of the Year award.
Virat Kohli had deafeated Hashim Amla, Kumar Sangakkara and Michael Clarke to bag the prestigious award.
Kohli was the top run-getter for India in both Tests and ODIs in 2012 with his career-best 183 which came against Pakistan in the Asia Cup in March 2012 only.
The Former Pakistan cricket captain Zaheer Abbas was honoured with the lifetime award while Saeed Anwar got the best audience choice awards.
In the special category-India-Pakistan awards, former Pakistan skipper Inzamam-ul-Haq was awarded with the best ODI bastman honour, India's Sunil Gavaskar-Best Test batsman, Kapil Dev- Best Test bowler and Wasim Akram was adjudged as the best ODI bowler.
Unmukt Chand, the man who led the Indian side to win the U-19 World Cup 2012 was declared the Indian Youngster of the Year award.
India’s First Successful Intestinal Transplant Performed on a Software Engineer
The first successful and healthy intestinal transplant surgery in India was given to a software engineer on 24 November 2012 at Medanta Medicity, Gurgaon. Because around 60 percent intestinal transplants are not successful due to jettison and higher degree of infection of transplanted organ, therefore the hospital authorities waited for announcing the results till patient recovered completely. The earlier attempts of intestinal transplant in India have always failed.
The chairman managing director of Medanta, Dr Naresh Trehan announced that this was the first successful intestinal transplant in India and it provided new hopes to the country. In context with the intestinal transplant for the Delhi gangrape victim, Dr Trehan declared that the victim was not medically fit for the surgery.
In the patient who received the first successful intestinal transplant in India, merely 28 cm of small intestine was left out of 600 cm. Rest of it was removed completely. Small intestine performs the function of food absorption as well as digestion. But after finding the cadaver donour, the transplant was successfully completed on 24 November 2012. The cost of surgery was 30 lakh Rupees.
The chairman managing director of Medanta, Dr Naresh Trehan announced that this was the first successful intestinal transplant in India and it provided new hopes to the country. In context with the intestinal transplant for the Delhi gangrape victim, Dr Trehan declared that the victim was not medically fit for the surgery.
In the patient who received the first successful intestinal transplant in India, merely 28 cm of small intestine was left out of 600 cm. Rest of it was removed completely. Small intestine performs the function of food absorption as well as digestion. But after finding the cadaver donour, the transplant was successfully completed on 24 November 2012. The cost of surgery was 30 lakh Rupees.
RBI set up Working Group to review Banking Ombudsman Scheme
The Reserve Bank of India in the month of January 2013 had set up a working group to evaluate and make improvements in the grievance redressal mechanism for bank customers.
The working group constituted in the Reserve Bank of India is going to review, update, and revise the Banking Ombudsman Scheme, 2006.
As per the RBI annual report of the Banking Ombudsman Scheme 2011-12, In Financial Year 2011-12, the banking ombudsman’s office of the RBI received around 72889 complaints. It disposed off 94 per cent of the customer complaints, About one-fourth of the total customer complaints were about banks’ failure to meet commitments and non-observance of fair practices code.
Also, it was seen that the Banking Ombudsman received 14492 card-related complaints in the reporting year. Unsolicited cards and charging of annual fee in spite of being offered ‘free’ card formed the basis of some of the complaints against the banks.
Presently, we have 15 Banking Ombudsmen with unambiguous jurisdiction covering the 29 States and seven Union Territories in India.
The working group constituted in the Reserve Bank of India is going to review, update, and revise the Banking Ombudsman Scheme, 2006.
As per the RBI annual report of the Banking Ombudsman Scheme 2011-12, In Financial Year 2011-12, the banking ombudsman’s office of the RBI received around 72889 complaints. It disposed off 94 per cent of the customer complaints, About one-fourth of the total customer complaints were about banks’ failure to meet commitments and non-observance of fair practices code.
Also, it was seen that the Banking Ombudsman received 14492 card-related complaints in the reporting year. Unsolicited cards and charging of annual fee in spite of being offered ‘free’ card formed the basis of some of the complaints against the banks.
Presently, we have 15 Banking Ombudsmen with unambiguous jurisdiction covering the 29 States and seven Union Territories in India.
US President Barack Obama re nominated Indian American Srikanth Srinivasan as Federal Judge
Indian-American Srikanth Srinivasan on 4th January 2013 re-nominated by US President Barack Obama as Federal Judge for the District of Columbia Circuit.
Srikanth Srinivasan is among the 33 federal judges re-nominated by the President Barack Obama for the US Court of Appeals and the only Indian American re-nominated by Obama for the District of Columbia Circuit.
The nomination is pended over the United States Senate Committee on the Judiciary which is charged with conducting hearings prior to the Senate votes on confirmation of federal judges nominated by the president.
Srinivasan was born in Chandigarh, and grew up in Lawrence, Kansas and had received his BA with honors and distinction in 1989 from Stanford University and his JD (Juris Doctor) with distinction in 1995 from Stanford Law School, where he was elected to Order of the Coif and served as an editor of the Stanford Law Review.
Brief Insight into Srikanth Srinivasan’s Career
• Srinivasan began his legal career by serving as a law clerk for Judge J Harvie Wilkinson on the US Court of Appeals for the Fourth Circuit from 1995 to 1996.
• He then spent a year as a Bristow Fellow in the Office of the Solicitor General before clerking for Justice Sandra Day O'Connor during the Supreme Court's 1997-98 term.
• He was an associate at the law firm of O'Melveny & Myers LLP in Washington, DC, from 1998 until 2002. In 2002, he returned to the Solicitor General's Office as an Assistant to the Solicitor General, representing the US in litigation before the Supreme Court.
• For his work, he received the Attorney General's Award for Excellence in Furthering US National Security in 2003 and the Office of the Secretary of Defense Award for Excellence in 2005.
• In 2007, Srinivasan became a partner with O'Melveny & Myers LLP. In 2011, he was named the Chair of the firm's Appellate Practice Group. He was named as the Principal Deputy Solicitor General in August 2011.
• In June 2012 he was nominated by Obama to serve on the US Court of Appeals for the District of Columbia Circuit.
Srinivasan is generally known as one of the country’s leading appellate and Supreme Court advocates. He has argued before the Supreme Court twenty times, drafted briefs in several dozen additional cases, and has also served as lead counsel in numerous cases before the federal and state appellate courts. He has also served as a lecturer at Harvard Law School, where he taught a class on appellate advocacy.
Srikanth Srinivasan is among the 33 federal judges re-nominated by the President Barack Obama for the US Court of Appeals and the only Indian American re-nominated by Obama for the District of Columbia Circuit.
The nomination is pended over the United States Senate Committee on the Judiciary which is charged with conducting hearings prior to the Senate votes on confirmation of federal judges nominated by the president.
Srinivasan was born in Chandigarh, and grew up in Lawrence, Kansas and had received his BA with honors and distinction in 1989 from Stanford University and his JD (Juris Doctor) with distinction in 1995 from Stanford Law School, where he was elected to Order of the Coif and served as an editor of the Stanford Law Review.
Brief Insight into Srikanth Srinivasan’s Career
• Srinivasan began his legal career by serving as a law clerk for Judge J Harvie Wilkinson on the US Court of Appeals for the Fourth Circuit from 1995 to 1996.
• He then spent a year as a Bristow Fellow in the Office of the Solicitor General before clerking for Justice Sandra Day O'Connor during the Supreme Court's 1997-98 term.
• He was an associate at the law firm of O'Melveny & Myers LLP in Washington, DC, from 1998 until 2002. In 2002, he returned to the Solicitor General's Office as an Assistant to the Solicitor General, representing the US in litigation before the Supreme Court.
• For his work, he received the Attorney General's Award for Excellence in Furthering US National Security in 2003 and the Office of the Secretary of Defense Award for Excellence in 2005.
• In 2007, Srinivasan became a partner with O'Melveny & Myers LLP. In 2011, he was named the Chair of the firm's Appellate Practice Group. He was named as the Principal Deputy Solicitor General in August 2011.
• In June 2012 he was nominated by Obama to serve on the US Court of Appeals for the District of Columbia Circuit.
Srinivasan is generally known as one of the country’s leading appellate and Supreme Court advocates. He has argued before the Supreme Court twenty times, drafted briefs in several dozen additional cases, and has also served as lead counsel in numerous cases before the federal and state appellate courts. He has also served as a lecturer at Harvard Law School, where he taught a class on appellate advocacy.
18th National Level Meeting between Myanmar and India
The 18th National Level Meeting between Myanmar and India was held on 28th -29th December, 2012 in New Delhi. The Indian delegation was led by Mr. A.K Mangotra, Secretary, Border Management, Ministry of Home Affairs, Government of India. The Myanmar delegation was led by Brig. Gen. Kyaw Zan Myint, Deputy Minister, Ministry of Home Affairs, and Government of the Republic of the Union of Myanmar.
Recalling the shared culture and traditionally close relationship between India and Myanmar, Mr. Mangotra expressed India’s commitment to strengthen the cooperation between the two countries to eliminate the nexus between the drug trade, arms smuggling and extremism/terrorism. Mr. Mangotra sought Myanmar’s cooperation for co-ordinated patrolling along the Indo –Myanmar border and dismantling IIGs camps in Myanmar for peace and economic prosperity in the region.
Brig. Gen. Kyaw Zan Myint reiterated the assurance that Myanmar would never allow insurgents and negative elements to use its own territory for activities inimical to its neighbour India
. Both sides discussed and agreed to cooperate closely on issues like insurgent Groups along the border, arms Smuggling & drug trafficking, border management issues, Myanmar Fishermen in A&N jails, illegal smuggling of wild life parts, inspection and verification of pillars etc
. Both sides expressed satisfaction over opening of a third Border Liaison Office (BLO) between Changlang, India and Pangsau, Myanmar. Both the leaders emphasized on nurturing BLOs to promote cooperation between law enforcement agencies of both the countries for peace and tranquility along the border. It was decided to open a fourth BLO in Nagaland sector between Ukhrul, Manipur, India and Somra, Myanmar.
Recalling the shared culture and traditionally close relationship between India and Myanmar, Mr. Mangotra expressed India’s commitment to strengthen the cooperation between the two countries to eliminate the nexus between the drug trade, arms smuggling and extremism/terrorism. Mr. Mangotra sought Myanmar’s cooperation for co-ordinated patrolling along the Indo –Myanmar border and dismantling IIGs camps in Myanmar for peace and economic prosperity in the region.
Brig. Gen. Kyaw Zan Myint reiterated the assurance that Myanmar would never allow insurgents and negative elements to use its own territory for activities inimical to its neighbour India
. Both sides discussed and agreed to cooperate closely on issues like insurgent Groups along the border, arms Smuggling & drug trafficking, border management issues, Myanmar Fishermen in A&N jails, illegal smuggling of wild life parts, inspection and verification of pillars etc
. Both sides expressed satisfaction over opening of a third Border Liaison Office (BLO) between Changlang, India and Pangsau, Myanmar. Both the leaders emphasized on nurturing BLOs to promote cooperation between law enforcement agencies of both the countries for peace and tranquility along the border. It was decided to open a fourth BLO in Nagaland sector between Ukhrul, Manipur, India and Somra, Myanmar.
Fourteenth Finance Commission Constituted
As mandated by the Article 280 of the Constitution, the Government has constituted the Fourteenth Finance Commission consisting of Dr. Y.V.Reddy, former Governor Reserve Bank of India, as the Chairman and the following four other members, namely: -
1.
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Prof Abhijit Sen
Member, Planning Commission
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Member
(Part Time)
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2.
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Ms. Sushma Nath
Former Union Finance Secretary
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Member
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3.
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Dr. M.Govinda Rao
Director, National Institute for Public Finance and Policy, New Delhi
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Member
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4.
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Dr. Sudipto Mundle
Former Acting Chairman,
National Statistical Commission
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Member
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Shri Ajay Narayan Jha shall be the Secretary to the Commission. The Commission shall make its report available by the 31st October, 2014, covering a period of five years commencing on the 1st April, 2015.
The Commission shall make recommendations regarding the sharing of Union taxes, principles governing Grants-in-aid to States and transfer of resources to local bodies.
Terms of Reference and the matters that shall be taken into consideration by the Fourteenth Finance Commission in making the recommendations are as under :
1. (i) the distribution between the Union and the States of the net proceeds of taxes which are to be, or may be, divided between them under Chapter I, Part XII of the Constitution and the allocation between the States of the respective shares of such proceeds;
(ii) the principles which should govern the grants-in-aid of the revenues of the States out of the Consolidated Fund of India and the sums to be paid to the States which are in need of assistance by way of grants-in-aid of their revenues under article 275 of the Constitution for purposes other than those specified in the provisos to clause (1) of that article; and
(iii) the measures needed to augment the Consolidated Fund of a State to supplement the resources of the Panchayats and Municipalities in the State on the basis of the recommendations made by the Finance Commission of the State.
2. The Commission shall review the state of the finances, deficit and debt levels of the Union and the States, keeping in view, in particular, the fiscal consolidation roadmap recommended by the Thirteenth Finance Commission, and suggest measures for maintaining a stable and sustainable fiscal environment consistent with equitable growth including suggestions to amend the Fiscal Responsibility Budget Management Acts currently in force and while doing so, the Commission may consider the effect of the receipts and expenditure in the form of grants for creation of capital assets on the deficits; and the Commission shall also consider and recommend incentives and disincentives for States for observing the obligations laid down in the Fiscal Responsibility Budget Management Acts.
3. In making its recommendations, the Commission shall have regard, among other considerations, to –
(i) the resources of the Central Government, for five years commencing on 1st April 2015, on the basis of levels of taxation and non-tax revenues likely to be reached during 2014-15;
(ii) the demands on the resources of the Central Government, in particular, on account of the expenditure on civil administration, defence, internal and border security, debt-servicing and other committed expenditure and liabilities;
(iii) the resources of the State Governments and the demands on such resources under different heads, including the impact of debt levels on resource availability in debt stressed states, for the five years commencing on 1st April 2015, on the basis of levels of taxation and non-tax revenues likely to be reached during 2014-15;
(iv) the objective of not only balancing the receipts and expenditure on revenue account of all the States and the Union, but also generating surpluses for capital investment;
(v) the taxation efforts of the Central Government and each State Government and the potential for additional resource mobilisation to improve the tax-Gross Domestic Product ratio in the case of the Union and tax-Gross State Domestic Product ratio in the case of the States;
(vi) the level of subsidies that are required, having regard to the need for sustainable and inclusive growth, and equitable sharing of subsidies between the Central Government and State Governments;
(vii) the expenditure on the non-salary component of maintenance and upkeep of capital assets and the non-wage related maintenance expenditure on plan schemes to be completed by 31st March, 2015 and the norms on the basis of which specific amounts are recommended for the maintenance of the capital assets and the manner of monitoring such expenditure;
(viii) the need for insulating the pricing of public utility services like drinking water, irrigation, power and public transport from policy fluctuations through statutory provisions;
(ix) the need for making the public sector enterprises competitive and market oriented; listing and disinvestment; and relinquishing of non-priority enterprises;
(x) the need to balance management of ecology, environment and climate change consistent with sustainable economic development; and
(xi) the impact of the proposed Goods and Services Tax on the finances of Centre and States and the mechanism for compensation in case of any revenue loss.
4. In making its recommendations on various matters, the Commission shall generally take the base of population figures as of 1971 in all cases where population is a factor for determination of devolution of taxes and duties and grants-in-aid; however, the Commission may also take into account the demographic changes that have taken place subsequent to 1971.
5. The Commission may review the present Public Expenditure Management systems in place including the budgeting and accounting standards and practices; the existing system of classification of receipts and expenditure; linking outlays to outputs and outcomes; best practices within the country and internationally, and make appropriate recommendations thereon.
6. The Commission may review the present arrangements as regards financing of Disaster Management with reference to the funds constituted under the Disaster Management Act, 2005(53 of 2005), and make appropriate recommendations thereon.
7. The Commission shall indicate the basis on which it has arrived at its findings and make available the State-wise estimates of receipts and expenditure.
8. The Commission shall make its report available by the 31st October, 2014, covering a period of five years commencing on the 1st April, 2015.
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