Current Affairs - November 30 2013

Current Affairs

November 30 2013

1. Punching PIN must for debit card transactions from tomorrow

          i. Debit card holders will from tomorrow be required to punch in their PIN numbers every time they use the card, a move aimed at minimising frauds.

          ii. In June, the Reserve Bank had extended the deadline for implementation of mandatory PIN punching at Point-of-Sales (PoS) and merchant outletstill November 30 following representation of banks.

          iii. Our back-end system is in place and we have made changes in all our PoS and merchant outlets to accept PIN (basically ATM PIN) from tomorrow,” said Parag Rao, HDFC Bank’s head card payment products and merchant acquiring service.

          iv. To deal with this the Reserve Bank asked banks to comply with all security featuressuch as EMV (Europay, MasterCard and Visa) chip on cards, real time fraud monitoring system, use of PIN, limit on transactions and the like by November 30.

Note:

          i. First, merchants will swipe the cards at a PIN enabled PoS terminal and punch in the transaction amount. That will be followed by customers entering their PINs to complete the transaction.

          ii. As for credit cards, this requirement has been made mandatory for international transactions, including on the Internet. In such cases, users will have to replace their existing credit cards with the EMV Chip card and get a PIN.

2. Satyananda Mishra appointed as Chairman of Multi Commodity Exchange (MCX)

          i. Multi Commodity Exchange of India Ltd on 27 November 2013 appointed Satyananda Mishra as the chairman of MCX’s board.

          ii. Market Regulatory authority, the Forward Markets Commission (FMC) also approved the appointment of Satyananda Mishra as the independent Director of MCX’s board for a period up to 31 March 2016.

          iii. Earlier, the exchange had appointed R M Premkumar, a former bureaucrat as its interim chairman. Mr Premkumar will continue to remain independent director on the board.

          iv. On October 31, Jignesh Shah had resigned as non-executive vice-chairman of MCX after sector regulator FMC issued a notice to him and FTIL questioning the ‘fit and proper’ status.

          v. Earlier, MCX MD Shreekant Javalgekar had also resigned from company.

          vi. This appointment will also be subject to FMC approval and the term will be of three years, which can be extended.

3. Michelle Yeoh to be chief guest at IFFI closing ceremony

          i. Hollywood actress Michelle Yeoh will attend the closing ceremony of the 44th edition of the International Film Festival of India (IFFI) to be held on November 30.

          ii.The 50-year-old Malaysian actress’s documentary film ‘Pad Yatra: A Green Odyssey’ on which she served as an executive producer, will also be screened at the on-going festival.

          iii. Michelle Yeoh will be the chief guest at the closing ceremony. She would be here with her film called ‘Pad Yatra’. She will be here with his holiness, who has conducted the whole pad yatra. The film would be screened on 29,” IFFI director Shankar Mohan told.

          iv. Yeoh, known for her roles in ‘Crouching Tiger, Hidden Dragon’, Bond film ‘Tomorrow Never Dies’, ‘Memoirs of a Geisha’ has previously attended the festival in 2011, when her film ‘The Lady’, based on the life of Burmese Nobel laureate Aung San Suu Kyi, was the concluding movie.

4. Belgium opened Consulate General in Chennai

          i. Princess Astrid of Belgium on 28 November 2013 inaugurated the Consulate General of Belgium in Chennai for expansion of the bilateral ties with India. 

          ii. This is the second Consulate General and the third diplomatic mission in India.

          iii. Princess Astrid is the representative of the King of Belgium, who is on a visit to India from 23-30 November, 2013.

          iv. At present is leading a high power trade delegation to India. As per the Belgian Ambassador to India, Pierre Vaessen the initiative was part of his country’s efforts to strengthen presence in India, mainly in South India.

          v. At present about 160 Belgian companies are operational in India, which of maximum are in South India. India and Belgium generally do trade of 15 billion, which mainly includes diamond business.

5. India emerges most attractive investment destination: EY

          i. With relaxation in FDI norms to boost investor sentiments, India has emerged as the most attractive investment destination surpassing neighbouring China and the US, says a report.

          ii. The global survey of leading consultancy firm EY has ranked India as the most attractive investment destination followed by Brazil and China at second and third positions, respectively.

          iii. While Canada has cornered fourth spot, the US is placed at fifth position. Other nations in the top ten are South Africa (6), Vietnam (7), Myanmar (8), Mexico (9) and Indonesia (10).

          iv. According to the global consultancy firm, due to the present macro-economic pressures and heavy debt pile, several Indian companies are looking to divest non-core businesses.

          v. When it comes to investments, the US, France and Japan have emerged as “top three investors likely to invest in India”.

          vi. On the other hand, the report said that Indian corporate entities have started looking at developed markets for making acquisitions.

6. Dot doubles penalty for radiation rule violation to Rs 10 lakh

          i. The Department of Telecom has doubled penalty provision to Rs 10 lakh on companies whose mobile towers will be found violating radiation emission levels.

          ii. “In case of non-compliance of actual EMF (electromagnetic field) radiation norms, a penalty of Rs 10 lakh per base transceiver stations (BTS) per incidence shall be imposed,” a DoT circular issued on 20th November said.

          iii. Earlier the maximum penalty for any violation related to radiation rules was Rs 5 lakh.

          iv. Under the new penalty slabs, a maximum of Rs 50,000 fine will be imposed for delays in submission of the ‘self-certified’ documents on norms, especially those pertaining to radiation emission.

          v. Even in paper related issues, DoT had earlier imposed a maximum penalty of Rs 5 lakh even for minor issues.

          vi. In case a company fails to abide by the deadline, it will have to pay Rs 5,000, Rs 20,000 for 15-30 days and Rs 50,000 for delay up to 60 days.

Note:

          i. In case of failure to adhere to deadline, a penalty of Rs 5,000 may be imposed on telecom companies if the delay is up to 30 days, Rs 20,000 for delay between 30 to 60 days and Rs 50,000 for delay up to 90 days.

          ii. The companies will have to shut down their mobile tower if they fail to submit self-certificate of compliance within 90 days.

7. Malala topped Power List 101 at GG2 Leadership awards

i. Malala Yousafzai, Kainat Riaz and Shazia Ramzan on 27 November 2013 were chosen for the GG2 Hammer Award, for their bravery at the GG2 (Garavi Gujarat 2) Leadership Awards 2013 a London.

ii. The activist Malala Yousafzai won the number one spot in the GG2 Power List 101 for her work in raising awareness for female empowerment.

iii. The GG2 Power 101 has been compiled by The Asian Media and Marketing Group (AMG) and features the top 101 most influential Asians in the UK, ranging from all walks of life. Now in its third year, the list honours some notable British Asians who hold power and influence not just in Britain, but also globally.

8. India’s 1st Synthetic Rubber Plant inaugurated in Panipat, Haryana

          i. Union Petroleum Minister Veerappa Moily on 29 November 2013 inaugurated the first “Synthetic Rubber Plant” of the country at Panipat in Haryana.

          ii. The country’s first e-SBR (styrene butadiene rubber) unit was set up by Indian Synthetic Rubber Ltd (ISRL), a joint venture promoted by Indian Oil, TSRC Corporation, Taiwan, and Marubeni Corporation, Japan.

          iii. The plant will produce 120 kilo tonnes synthetic rubber annually, which would be used in industrial units for manufacturing automobile and daily need products. It is planned to increase the capacity of the plant to 220 KT in next two years.

          iv. The project, which is estimated to cost 958 crore rupees, has been funded through debt raised from Japan Bank for International Cooperation and Mizuho Corporation Bank. Technology for the manufacturing unit is being provided by TSRC Corporation.

9. Sports Ministry signs MOU with Department of AIDS Control

          i. The Sports Ministry on Friday signed a Memorandum of Understanding (MoU) with Department of AIDS Control with the objective to “reach a large number of youth engaged in sports activities” at village, district and state level with information on STI/HIV/AIDS prevention and related services.

          ii. The MoU was signed between Secretary, Department of Sports Ajit M Saran, and Secretary, Department of AIDS Control, Lov Verma, in New Delhi on Friday.

          iii. The Department of AIDS Control provide technical support in capacity building on HIV/AIDS for sportspersons, trainees and staff of sports organisations and federations, by sharing of IEC materials for awareness generation activities.

10. Zol to captain India U-19s in ACC Asia Cup

          i. Maharashtra batsman Vijay Zol has been named captain of the India Under-19 squadfor the ACC Asia Cup in the UAE, which will begin on December 28.

          ii. Kerala wicketkeeper Sanju Vishwanadh, who was part of the Under-19 team for the Asia Cup in 2012, has been appointed Zol’s deputy.

          iii, “The All-India Junior Selection Committee met in Delhi on 27th November to pick the Indian team for the ACC U-19 Asia Cup to be played in the UAE in December 2013January 2014,” said a statement from Anurag Thakur, Joint Secreatry, BCCI.

          iv. Zol shot into limelight when he scored an unbeaten 451 during a domestic U-19 match in 2011.

          v. During the U-19 World Cup last year, he scored 151 runs in six matches at an average of 25.16.

          vi. The tournament will also feature teams from India, Pakistan, UAE, Nepal (Group A) and Bangladesh, Sri Lanka, Afghanistan, Malaysia (Group B).

11. Indian lifters finish with 117 medals at Commonwealth C’ships

          i. Indian weightlifters ended their Commonwealth Youth, Junior & Senior Championships in style, bagging six medals on Saturday to take their overall tally to a staggering 117, including 57 gold, on the final day of the event in Penang, Malaysia.

          ii. The biggest contributors to the tally were the youth boys, who notched up 24 medals, including 16 gold and eight silver.

          iii. The youth girls were not too far behind with 21 medals, inclusive of a dozen gold. 
          iv. The junior men and women’s teams also bagged 21 medals each, while senior men won 12 and senior women accounted for a total of 18 medals. 
          v. Youth boys and girls, Junior men and women, and senior men — all pocketed the Winners Team Trophy — while the Senior women had to be satisfied with the runners-up team title.

12. China to launch its first moon rover mission next week

          i. China will launch its first ever mission to land an unmanned spacecraft on the lunar surface next week, as it moves forward in its ambitious plan to become the world’s pre-eminent space power.

          ii. The Chang’e-3 moon rover will be launched at 1:30 a.m. on Monday from Xichang Satellite Launch Center, the mission’s launching headquarters said today.

          iii. This will be the first time for China to send an unmanned spacecraft to soft land on the surface of an extraterrestrial body and conduct surveys on the moon.

          iv. China has already sent two moon missions which hovered around the lunar orbit.

          v. The Chang’e-3 mission is the second phase of China’s lunar programme, which includes orbiting, landing and returning to Earth. China had launched its Chang’e-1 orbiter in 2007 and Chang’e-2 in 2010.

13. Indian-origin doctor gets professional excellence award in UK

          i. Indian-origin doctor Jaswinder S. Bamrah, consultantpsychiatrist in Manchester, has bagged Asian Lite Professional Excellence Award for his contribution to the medical field in the UK.

          ii. Peter W. Mount, Chairman of the Central Manchester Foundation Trust, presented the award to Dr Bamrah at a ceremony in Manchester last night.

          iii. Bamrah took his medical degree from Government Medical College, Patiala, Punjab University, in 1978. He was enrolled at Royal College of Psychiatrists, London in 1985.

14. Choreographer Raghuram passes away

          i. Veteran choreographer for several Tamil and South Indian films R. Raghuram died at his residence in Chennai on Saturday afternoon. He was 64.

          ii. One of the most respected choreographers in Tamil film industry, Raghuram ‘Master’ had celebrated his golden jubilee (50 years) in film industry last year.

          iii. He had not been keeping well for some time now and was also hospitalised recently, his family members said. He died just past noon on Saturday.

          iv. Raghuram ‘Master’ has worked with several generations of actors and is also known for his close friendship with actor Kamal Haasan, who had in several interviews noted him as one of his earliest friends in the industry.

15. Maharashtra batsman Vijay Zol has been named captain of the India Under-19 squad for the ACC Asia Cup in the UAE, which will begin on December 28. Kerala wicketkeeper Sanju Vishwanadh, who was part of the Under-19 team for the Asia Cup in 2012, has been appointed Zol’s deputy. Zol shot into limelight when he scored an unbeaten 451 during a domestic U-19 match in 2011. 

16. Indian-origin doctor Jaswinder S. Bamrah, consultant psychiatrist inManchester, has bagged Asian Lite Professional Excellence Award for his contribution to the medical field in the UK. Peter W. Mount, Chairman of the Central Manchester Foundation Trust, presented the award to Dr Bamrah at a ceremony in Manchester last night. 

17. Veteran choreographer for several Tamil and South Indian films R. Raghuram died at his residence in Chennai on Saturday afternoon. He was 64. One of the most respected choreographers in Tamil film industry, Raghuram ‘Master’ had celebrated his golden jubilee (50 years) in film industry last year.Raghuram ‘Master’ has worked with several generations of actors and is also known for his close friendship with actor Kamal Haasan, who had in several interviews noted him as one of his earliest friends in the industry.

18. Cyber Coalition 2013: NATO’s largest-ever cyber-security exercise

NATO held Cyber Coalition 2013: Largest-ever cyber-exercises to practise averting large-scale, simultaneous cyber attacks on member states and their allies. The drill was hosted by National Defence College training center in Tartu, Estonia.

Objective: Cyber Coalition an exercise with technical components to give its participants a good learning about NATO’s Cyber Defence capabilities, identify areas for improvement within the NATO-wide Cyber Defence community. It also aims to better the capability, cooperation and information sharing between NATO and NATO nations and partners in cyber defence via mode of education, research and development, lessons learnt.

Who all participated in Cyber Coalition 2013?

Representatives of 27 nations and NATO partners from Switzerland, Austria, Sweden, Ireland and Finland participated in the drill. New Zealand and the European Union took part as observers. A total of 400 people participated, including government, legal and IT experts. Participants put their skills to the test to show how they would respond to a cyber attack.

About Cyber Defence Exercises

1. Objective: Cyber defence exercises allows its participants to learn and test the skills needed to fend off a real attack.
2. First exercise: 2008, a joint between Swedish and Estonian universities.
3. Second Exercise: Baltic Cyber Shield (2010), organised by Swedish National Defence College (SNDC), various Swedish institutions and the Estonian Cyber Defence League.
4. Since 2012, the exercise series is called Locked Shields.

Locked Shields 2013

1. Took place in the end on April 2013
2. Blue Teams were part of an international coalition forces in unstable country called Boolea.
3. Locked Shields (CDx) is a real-time network defence exercise
4. CDx has a game-based approach which means that no organisation will play their real-life role and the scenario is fictional.
5. Exercise organised by NATO Cooperative Cyber Defence Centre of Excellence together with its partners.
6. Technical support by Cisco, Clarified Networks, Clarified Security and Bytelife.

19. Medium enterprises to be included under priority sector: RBI

As per the Reserve Bank of India, the incremental bank loans to medium service enterprises (as defined in the Micro, Small and Medium Enterprises Development Act, 2006) provided after November 13, 2013, up to the credit limit of Rs 10 crore, would qualify as priority sector advances. This dispensation would remain in force up to March 31, 2013.

How would RBI’s step to treat medium enterprises under priority sector help?

The medium-sized units across various sectors are feeling the heat of ongoing slowdown, as payments from large companies are not being made timely. These enterprises have limited bargaining power and can’t endure dues for long. With lending to medium-sized units set to be treated as priority sector lending, banks would look to give loans to viable units which will in turn help banks in meeting priority sector lending targets.

Status of Priority Sector Credit

As per a recent report by RBI, priority sector credit had increased in 2012-13, against a decline in overall growth. However, growth in priority sector credit was lower than the growth in overall credit. In 2012-13, credit to priority sectors by public and private sector banks was at 36.3% and 37.5% respectively, against the overall target of 40%.

For micro and small industries, dues were at Rs 2.84 lakh crore, as of March 2013, growth of 20.3% compared to 2012.

20. No capital gains tax or stamp duty on foreign banks converting to WoS

As per a notification by the Reserve Bank of India (RBI), the conversion of existing foreign bank branches into Wholly-owned Subsidiaries (WoS) in India will not be liable to capital gains tax or stamp duty.

The central bank clarified that Government of India has inserted, by the Finance Act, 2012, a new Chapter XII-BB titled ‘Special Provisions relating to Conversion of Indian Branch of a foreign bank into a subsidiary company’ in Income Tax Act, 1961, inter alia, exempting capital gains arising from such conversion from capital gains tax, with effect from April 1, 2013.

It further added that a new section ‘8E’ had been inserted in Indian Stamp Act, 1899 vide Banking Laws (Amendment) Act, 2012, exempting from stamp duty on any conversion of a branch of a foreign bank into wholly-owned subsidiary or transfer of shareholding of a bank to a holding company in terms of the scheme or guidelines of RBI.

As per RBI, foreign banks with complex structures and which did not provide adequate disclosures would have to operate in India only through WoS in order to regulate and avoid 2008-type crisis.

Although RBI has allowed foreign banks to list their subsidiaries in the local stock exchanges, it has also prescribed that the minimum paid-up equity capital or net worth for a WoS would be Rs. 500 crore. However, foreign banks functioning in India before August 2010 have been given the option to continue their operations in branch model.

Some Facts:

State-run banks in the country control about 2/3rd of the aggregate assets of the Indian banking system, whereas, foreign banks manage around 4.3% of total deposits.

Citibank is the largest foreign bank operating in India in terms of asset base. Other key foreign banks are StanChart, which has 100 branches, HSBC 50, Deutsche Bank 17 and DBS 12 branches.

As of March 2013, there were 43 foreign banks in India with 333 branches.