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Prime Minister inaugurates Golden Jubilee Year Celebrations of the Institute of Company Secretaries of India (ICSI) in New Delhi
On 4th October 2017, Prime Minister Mr.Narendra Modi inaugurated the Golden Jubilee Year Celebrations of the Institute of Company Secretaries of India (ICSI), at Vigyan Bhawan, New Delhi. Golden Jubilee Celebrations of ICSI:
i. The Institute of Company Secretaries of India celebrated Golden Jubilee, to mark the completion of 50 years.
ii. Prime Minister Mr.Narendra Modi inaugurated the Golden Jubilee and also launched the motto song of the institute.
iii. The institute was initially set up as not-for-profit organisation on October 4, 1968. Later in 1980, it was converted into a statutory professional body under the Company Secretaries Act 1980.
iv. ICSI is the only recognized professional body in India to develop and regulate the profession of Company Secretaries.
Institute of Company Secretaries of India (ICSI):
♦ Headquarters – New Delhi
♦ President- CS Dr.Shyam Agrawal
Tourism for all,Ministry launched ‘Paryatan Parv’ initiative
On 5th to 25th October 2017, the Ministry of Tourism conducts ‘Paryatan Parv’, a tourist festival to promote India to Indians, all over India.
Promote India to Indians;
i. ‘Paryatan Parv’ is a tourism festival in which state governments and 18 central ministries take part. This festival will be conducted for 20 days.
ii. Main focus of this festival is to epxlain the benefits of tourism, showcase the cultural diversity of India and highlight the principle of ‘Tourism for All’.
iii. This festival was inaugurated at the Humayun’s Tomb, New Delhi by Dr.Mahesh Sharma, Minister of State for Culture.
iv. This festival has three parts namely:
1.Dekho Apna Desh – to encourage Indians to visit their own country
2.Tourism for All – tourism events will be held at sites in all states
3.Tourism and Governance – interactive sessions and workshops on various themes
Recent schemes of Ministry of Tourism:
♦ Swadesh Darshan – thirteen thematic circuits identified for development
♦ PRASAD – thirteen sites identified for development
L-G Anil Baijal approves Delhi government education loan scheme
On 5th October 2017, Lieutenant Governor Anil Baijal approved the Delhi government’s students higher education loan scheme, in New Delhi.
Approval for Delhi government’s higher education loan scheme:
i. The Delhi government’s students higher education loan scheme would help thousands of students and parents.
ii. The Delhi government had started this scheme 2 years back, to provide loans to students for higher education, even if they didn’t have any property or land as security.
iii. In 2017, the scheme was extended to Delhi students pursuing courses outside Delhi in government recognised institutions.
iv. In September 2017,Deputy Chief Minister Manish Sisodia and Lieutenant Governor Baijal had blocked the scheme. Now, Baijal has cleared the scheme saying that, his opinion on the scheme was misinterpreted as disapproval.
Recent Schemes introduced by Delhi Government:
♦ YUVA Skill Development Program
♦ Merit Cum Means Scholarship Scheme
♦ Free Surgery Scheme in Delhi
HP Cabinet approves Heritage Tourism policy & ‘Mukhya Mantri Rural Road Repair Scheme’
On October 4, 2017, Himachal Pradesh Cabinet under Chief Minister Virbhadra Singh approved ‘Heritage Tourism Policy 2017’ & ‘Mukhya Mantri Rural Road Repair Scheme’ along with other developmental and welfare initiatives.
‘Himachal Pradesh Heritage Tourism Policy’ 2017:
i. This policy has been approved with an aim to offer an experience of the culture and heritage of Himachal Pradesh.
ii. Under this policy, heritage buildings, forts, palaces, lodges and mansions etc. having historic lineage will be preserved.
iii .Himachal Pradesh Cabinet believes that this initiative would open new areas in the state for tourism activities.
‘Mukhya Mantri Rural Road Repair Scheme’:
This scheme has been approved under Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) for rural roads.
♦ The roads to be renovated would be selected by the concerned panchayats after approval in gram Sabha.
♦ As a follow up measure, the roads repaired under the scheme would also be inspected.
♦ Besides improving the conditions of the roads, this scheme would also provide employment to the villagers.
Quick Facts about Himachal Pradesh:
♦ Capital: Shimla
♦ Current Chief Minister: Virbhadra Singh
♦ Current Governor: Achrya Dev Vrat
Global Entrepreneurship Summit 2017 to be Held in Hyderabad
On October 3, 2017, a high-level delegation from Government of India and the United States met at NITI Aayog to plan the 2017 Global Entrepreneurship Summit, which is scheduled to be held from 28th – 30th November 2017 in Hyderabad.
About Global Entrepreneurship Summit (GES) 2017:
i. GES is an annual gathering of emerging entrepreneurs, investors, and business leaders from around the world, wherein entrepreneurs pitch their ideas, build partnerships and secure funding for their businesses.
ii. GES 2017 will be inaugurated by Indian Prime Minister Narendra Modi and Ivanka Trump (Advisor to the US President Donald Trump). Ivanka Trump will lead the U.S. delegation to this Summit.
iii. Theme of GES 2017 is “Women First, Prosperity for All”.
iv. Over 1600 delegates, including entrepreneurs, investors and CEOs of major knowledge-based industries will attend GES 2017.
v. On behalf of Government of India, NITI Aayog is playing the lead role in organising this Summit.
Three day global medical conference held in Chandigarh
On 4th October 2017, a three day international medical conference, ‘IMTechCon 2017’, began at CSIR-Institute of Microbial Technology (IMTECH), in Chandigarh.
i. The aim ‘IMTechCon 2017’ is to engage industry and academic leaders to discuss current unmet medical needs at global level.
ii. Haryana Governor Kaptan Singh Solanki presided over the conference.He said that, this conference would provide new R&D partnerships between industry and research institutions and lead to more product development.
iii. Earlier, IMTECH had patented clot buster Streptokinase, as an important life-saving drug. This has been made available for the public at affordable cost. More such developments would be encouraged through these type of conferences.
iii. CSIR-IMTECH is a premier microbial institute under the Union Ministry of Science and Technology.
About Institute of Microbial Technology (IMTECH):
♦ Director – Dr. Anil Koul
♦ Research focus – biological sciences and microbe-related biotechnology
India ranks highest in online harassment in APAC region: Norton
On 4th October 2017, a report by Norton by Symantec, stated that India ranks first in online harassment, in the Asia Pacific region.India tops online harassment in Asia Pacific Region:
i. Norton by Symantec released a report on online harassment. This report surveyed 1,035 adults in India.
ii. India has faced highest levels of online harassment in the Asia Pacific Region. 8 out of 10 surveyed Indians said that, they had encountered some form of online harassment.
iii. The most common forms of online harassment were abuse and insults (63 %) and malicious gossip and rumours (59 %).
iv. 45 % of the surveyed Indians said that, they had experienced threats of physical violence. 44 % of the surveyed Indians said that, they have been victims of cyberbullying.
About Norton by Symantec:
♦ Industry – Security software
♦ Headquarters – California, United States
♦ Vice President – Fran Rosch
BANKING & FINANCE
RBI forms High-level Task Force on Public Credit Registry under Yeshwant M. Deosthalee
Reserve Bank of India (RBI) has formed a High-level Task Force on Public Credit Registry (PCR) for India. The task force has been constituted under the chairmanship of Yeshwant M. Deosthalee.
i. The High-level Task Force on Public Credit Registry (PCR) for India consists of representatives from various stakeholders including the Reserve Bank, banks, non-banking financial companies (NBFCs), industry bodies, and experts in information technology.
ii. It will review the current availability of information on credit, the adequacy of existing information system and identify gaps that could be filled by a PCR………..Click here to view more detail
NABARD sanctions Rs. 273 crore to Andhra Pradesh for development projects
National Bank for Agriculture and Rural Development (NABARD) has sanctioned an amount Rs. 273 crore to the Andhra Pradesh Government for Rural Water supply, Road and Bridge projects. These funds have been sanctioned under Rural Infrastructure Development Fund (RIDF).Utilisation of Funds for Rural Water Supply and Development of Roads and Bridges:
i. Out of Rs. 273 crore, Rs. 167 has been sanctioned as loan assistance for development of 114 roads and three bridge projects in 12 districts of Andhra Pradesh.
ii. The funds will be used to construct new roads as well as widen and strengthen existing roads for improving rural connectivity.
iii. Remaining 106 crore will be used for 422 Rural Water Supply projects. These projects will supply potable water to around 500 habitations in 13 districts of the Andhra Pradesh.
Quick Facts about NABARD:
♦ Established in – 1982
♦ Headquarters – Mumbai
Lenders, borrowers cannot have exposure of over Rs 10 lakh on P2P platforms: RBI
On October 4, 2017, Reserve Bank of India (RBI) came out with master directions for peer-to-peer (P2P) lending.
What is peer-to-peer (P2P) lending?
i. Peer-to-peer lending is an online mechanism which raises loans for people who need to borrow, from people who want to invest.
ii. It is to be noted that in September 2017, Reserve Bank of India notified that peer-to-peer (P2P) lending platforms would be treated as non-banking financial companies (NBFCs).
RBI Guidelines for P2P Lending:
i. Aggregate exposure of a lender to all borrowers at any point of time, across all P2P platforms shall not exceed Rs. 10 lakh.
ii. The aggregate loans taken by a borrower at any point of time, across all P2P platforms shall not exceed Rs. 10 lakh.
iii. Exposure of a single lender to the same borrower is capped at Rs. 50,000.
iv. Tenure of the loan should not exceed 36 months.
AIIB, ADB approves $100 million loan for India’s power sector
Asian Infrastructure Investment Bank (AIIB) and Asian Development Bank (ADB) will co-finance a USD 100-million loan for boosting the power sector in India.
i. The loan will be used to improve power transmission network and expand the use of solar and wind energy.
ii. This is the fourth co-financing made by the AIIB and the ADB. Earlier both the entities have co-financed infrastructure projects in Pakistan and Bangladesh.
iii. It is to be noted that India is the second largest shareholder in the AIIB.
Quick Facts about AIIB:
♦ Formation Year – 2016
♦ Headquarters – Beijing, China
♦ Current President – Jin Liqun
MobiKwik renames its payment gateway
On 5th October 2017, Mobile wallet provider, MobiKwik renamed its payment gateway as ‘MobiKwik Payment Gateway’MobiKwik Payment Gateway:
i. The new payment gateway has been introduced with new features for secure transactions. It supports all major instruments like credit and debit cards, netbanking, UPI and wallets.
ii. MobiKwik Payment Gateway has 24/7 physically monitored data centre with restricted and logged access, system level firewalls and hardware level encryption.
iii. It has been launched with a vision to simplify payment systems in India and support new businesses with customised digital payment requirements
♦ Headquarters – Gurgaon
♦ Founder – Bipin Preet Singh, Upasana Taku
Andhra Pradesh Signs MoU With Mastercard to Set Up Centre of Excellence in Vizag
On October 5, 2017, Andhra Pradesh State Government signed a MoU with American payments solution company Mastercard for setting up centre of excellence in Vizag.
Details about MoU between Andhra Pradesh State Government and Mastercard:
i. The MoU was signed between Andhra Pradesh Chief Minister N. Chandrababu Naidu and Mastercard CEO, Ajaypal Singh Banga in New Delhi.
ii. Delivering solutions for cybersecurity, farmer marketplace solutions, smart city/transit and skilling are the focus areas of this MoU
iii. This collaboration will not only drive financial inclusion across Andhra Pradesh, but will also digitally transform the technology sector in the state.
iv. As agreed under the MoU, MasterCard will organise business summit in Vizag every year.
Quick Facts about Mastercard:
Founded in: 1966
Headquarters: New York, US
Current CEO: Ajaypal Singh Banga
ESMA recognises NSE and BSE’s clearing arms as qualified CCP
European Securities & Markets Authority (ESMA) has certified the clearing arms of National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) as qualified central counterparty (CCP).
i. A central counterparty (CCP) is a corporate entity which guarantees the terms of a trade even if a buyer or seller defaults on the agreement.
ii. Under the Basel III framework introduced by the Basel Committee on Banking Supervision, entities are subjected to lower capital requirement/charges while participating in capital markets through qualified central counterparty (CCP).
iii. NSE’s arm National Securities Clearing Corporation Ltd (NSCCL) and BSE’s subsidiary Indian Clearing Corporation Limited (ICCL) have been granted certification by ESMA.
iv. On account of this certification, European entities viz. banks and clearing members will require lower capital requirements to participate in Indian Capital Markets.
AWARDS & RECOGNITIONS
2017 Nobel Prize in Literature Awarded to Kazuo Ishiguro
British author Kazuo Ishiguro has won 2017 Nobel Prize in Literature
i. Kazuo Ishiguro is best known for his novel ‘The Remains of the Day’.
ii. He was born in Nagasaki, Japan. When he was five years old, he moved to Britain with his family.
iii. Praising Kazuo Ishiguro, Nobel Academy stated “who, in novels of great emotional force, has uncovered the abyss beneath our illusory sense of connection with the world”.
iv. Kazuo Ishiguro has written eight books, which have been translated into over 40 languages.
v. For winning the 2017 Nobel Prize in Literature, he will receive 9 million Swedish Krona ($1.1 million) prize money.
Mukesh Ambani tops Forbes India Rich List for 10th year in a row
With a net worth of $38 billion, Reliance Industries Ltd (RIL) chairman Mukesh Ambani has topped Forbes’s India Rich List 2017. He has topped Forbes rich list for 10th consecutive year.
Highlights of Forbes Rich List 2017:
i. Combined net worth of India’s 100 richest stood at $479 billion, marking a 26 percent rise from $374 billion in 2016.
ii. The rise in wealth of 100 richest Indians despite of slowdown in Indian economy has been attributed to positively trending stock market.
iii. Mukesh Ambani’s wealth grew by whopping 67 per cent as compared to 2016 on account of Reliance’s improved refining margins and phenomenal success of Reliance Jio.
iv. Dilip Sanghavi of Sun Pharmaceuticals suffered maximum erosion in net worth in 2017 as the Indian pharmaceutical sector has faced lot of challenges from the beginning of the year.
v. This year, the entry threshold has been $1.46 billion, which is the highest mark so far.
Forbes Rich List 2017 – Top 5
|Mukesh Ambani||USD 38 billion|
|Azim Premji||USD 19 billion|
|Hinduja Brothers||USD 18.4 billion|
|Lakshmi Mittal||USD 16.5 billion|
|Pallonji Mistry||USD 16 billion|
TAKE Solutions to receive Golden Peacock Award
TAKE Solutions would receive the Golden Peacock Award for Excellence in Corporate Governance, from the Institute of Directors, in London, on 25th October 2017.
Golden Peacock Award for Excellence in Corporate Governance:
i. The Golden Peacock Award is given by the Institute of Directors, in London. It honours extra-ordianry organisational performances through a three-tier process.
ii. TAKE Solutions is to be awarded the Golden Peacock Award for Excellence in Corporate Governance. It is a service provider in life sciences and supply chain management.
iii. TAKE Solutions Chief Financial Officer Subhasri Sriram would receive the award at the Institute of Directors’ International Convention, to be held on 25th October 2017, in London.
iv. TAKE Solutions had recorded a 29 % growth in terms of revenue, in financial year 2016 – 2017. It has its presence in North and South America, Europe and Asia.
About TAKE Solutions:
♦ Chairman – N Kumar
♦ CEO & President – Ram Yeleswarapu
APPOINTMENTS & RESIGNS
Actress Jacqueline Fernandez announced as brand ambassador of Delhi Dynamos
On 4th October 2017, Delhi Dynamos FC announced that Bollywood actress Jacqueline Fernandez will be the club’s brand ambassador for the upcoming Indian Super League season. Jacqueline Fernandez – Brand Ambassador of Delhi Dynamos:
i. Through the fourth edition of the tournament, Jacqueline will help the club in embracing and engaging with fans across India.
ii. Jacqueline will help to spread the message that anyone can learn and play the football. This will also help to attract more female audience to football.
iii. Delhi Dynamos will become the first Indian Football Club to have a female brand ambassador.
About Delhi Dynamos FC (Football Club):
♦ League – Indian Super League
♦ Manager – Miguel Angel Portugal
ICC names Corey Anderson as event ambassador for U-19 World Cup 2018
On 5th October 2017, International Cricket Council (ICC) announced New Zealand all-rounder, Corey Anderson as the event ambassador for the ICC U-19 Cricket World Cup 2018.
Corey Anderson – ambassador for U-19 World Cup 2018:
i. The under-19 World Cup starts on 13thJanuary 2018. The 16-team tournament will be held in New Zealand for the third time in history. It will be played in four cities.
ii. Corey Anderson would be the event ambassador for this world cup event. He is a 26 year old all-rounder of the New Zealand cricket team.
iii. He has scored 683 runs and 16 wickets in Tests, 1109 runs and 60 wickets in ODIs, and 432 runs and 14 wickets in T20Is so far.
About U-19 World Cup 2018:
♦ Administrator – International Cricket Council
♦ Cricket format – 50 overs
♦ Host – New Zealand
Pooja Kapur concurrently appointed as next Ambassador of India to the Republic of Macedonia
On 4th October 2017, Ms.Pooja Kapur, presently the Ambassador of India to the Republic of Bulgaria, has been appointed as the next Ambassador of India to the Republic of Macedonia, concurrently (at the same time).
Pooja Kapur as Ambassador of India to the Republic of Macedonia:
i. Ms.Pooja Kapour is an Indian Foreign Service (IFS) Officer of batch 1996.She is currently the Ambassador of India to the Republic of Bulgaria.Her residence is in Sofia, Republic of Bulgaria.
ii. She would to take charge as Ambassador of India to the Republic of Macedonia shortly.
iii. Ms.Pooja Kapour was appointed as the Ambassador of India to the Republic of Bulgaria on 10th July 2017. She has earlier served at Indian Missions in Paris, London, Kuala Lumpur and Brussels.
About Republic of Macedonia:
♦ Capital – Skopje
♦ Currency – Macedonian denar
♦ President – Gjorge Ivanov
♦ Prime Minister – Zoran Zaev
ACQUISITIONS & MERGERS
ONGC Videsh completes stake buy in Namibia oil block
On 4th October 2017, ONGC Videsh Ltd (OVL), the overseas arm of Oil and Natural Gas Corporation (ONGC), announced that, it has acquired 30 % interest in the Namibian Petroleum Exploration License (PEL) 37, from UK’s Tullow Oil.ONGC Videsh acquired 30 % interest in PEL 37:
i. OVL has acquired 30 % interest in the Namibian Petroleum Exploration License (PEL) 37. The value of the deal has not been disclosed.
ii. PEL 37 covers three blocks of 17,000 square km in the central Walvis Basin offshore Namibia.
iii. Tullow Oil held 65 % interest in the oil block. Now, with remaining 35 % interest, Tullow Oil will continue as the operator of the licence.
iv. OVL is India’s largest international oil and gas exploration and production company. It has 38 projects in 17 countries.
♦ Headquarters – Dehradun, Uttarakhand
♦ Chairman & MD – Shashi Shanker
itelligence acquires Hyderabad-based vCentric Technologies
itelligence India Software Solutions Private Limited has acquired the Hyderabad-based reseller of SAP software and SAP services provider named vCentric Technologies. The acquisition deal value has not been disclosed so far.
More Details about intelligence acquisition of vCentric technologies:
i.The acquisition of vCentric Technologies is a part of itelligence’s strategic expansion into the growing local Indian IT market.
ii. This acquisition will allow itelligence to offer services across different geographies in India and different segments.
iii. It is to be noted that intelligence employs over 6,600 people in 24 countries. In 2016, it generated total sales of Euro 778 million.
SCIENCE & TECHNOLOGY
New rapid test developed to detect Zika and Dengue
A team of researchers, including those from Massachusetts Institute of Technology (MIT) in the US has developed a low-cost rapid test that can quickly and accurately detect Zika and dengue viruses from blood. More Details about New Rapid Test to detect Zika and Dengue:
i. The test is conducted through a strip which resembles pregnancy test strip which contains gold nano particles and antibodies that react to the presence of Zika or dengue virus.
ii. To conduct the test, the medical professional needs to dip the strip into a tube of either blood serum or whole blood.
iii. The test can differentiate between Zika and Dengue. It can even differentiate among different strains of dengue.
iv. Accuracy of the test has been checked by applying blood serum samples taken from people in regions affected by Zika such as Brazil, Colombia, Guatemala, India, Mexico and Panama.
v. Cost effectiveness (about $5 per strip) and high accuracy are the salient features of this new rapid test
Adidas unveils new campaign ‘#HereToCreate’ for FIFA U-17 World Cup in India
On 4th September 2017, Adidas launched its new campaign named #HereToCreate, to inspire young football talent in India and to kick start a football revolution.
i. #HereToCreate is Adidas’ new campaign for football. It is a film that showcases how football has caught the imagination of India both on and off the pitch.
ii. It was conceptualised by Cheil W W India. The film captures the landscapes of the country, from the streets of old Delhi and Mumbai, the beaches of Goa, to the grounds of Kolkata.
iii. The film captures the challenges and constraints of a young footballer in India who fights against it.
♦ Headquarters – Herzogenaurach, Germany
♦ CEO – Kasper Rorsted
Mahaveer Raghunathan becomes first Indian to claim European racing title
On 4th October 2017, Mahaveer Raghunathan became the first Indian to win a European racing championship, by winning the Boss GP Championship (Formula Class) title, at Imola, Italy. European Racing title:
i. Mahaveer Raghunathan is a 19 year old racer from Chennai. He has won the Boss GP Championship (Formula Class) title.
ii. He won the last two races of the Boss GP Championship (Formula Class) and won the title. He belongs to the PS Racing by Coloni Motorsport team.
iii. In a field of 20 racers from all over the world, he secured 263 points in seven rounds to win the title.
iii. In his second race his main opponent, Italy’s Salvatore de Plano of MM International Sport team, terminated from the race in the fourth lap. This also helped Mahaveer ease the victory.
About Boss GP Championship 2017:
♦ Type – Motor racing series
♦ Category – Single seaters
♦ Held – 21st April 2017 at Hockenheim, Germany to 1st October 2017 at Imola, Italy.
Pooja Kadian hands India its first gold in Wushu World Championships
On 4th October 2017, Pooja Kadian created history by winning India’s first ever gold medal at Wushu World Championships, in Russia.
Pooja Kadian wins gold at Wushu World Championship:
i. Pooja Kadian, a Central Reserve Police Force’s (CRPF) Wushu champion, finished on top in the 75 kg women’s Sanda Category by defeating Evgeniya Stepanova of Russia in the finals.
ii. Pooja Kadian has won gold medal, becoming India’s first gold medal winner in Wushu World Championships.
iii. Pooja had won gold in the 12th South Asian Games, silver medals in the World Games 2013, World Championship 2013 and World Championship 2015 respectively.
iv. She has also won gold medals in the National Games in 2014 and 2017.She is currently serving as a head constable in the CRPF.
About Wushu World Championships:
♦ Host City – Kazan, Russia
♦ Dates – 29thSeptember – 3rd October 2017
♦ Venue – Gymnastics Palace, Kazan, Russia
BOOKS & AUTHORS
The book titled ‘The Singing Tree’ launched to spread awareness on preventing child blindness
On 4th October 2017, a book titled ‘The Singing Tree’ was launched by an international NGO, Orbis India, to spread awareness on preventing child blindness.
The Singing Tree:
i. The book ‘The Singing Tree’ is about visual impairment due to refractive error in children. This is a part of Orbis India’s programme to reach over three million school children, screen and treat them for refractive error.
ii. It is published in six regional languages apart from English. It will be distributed to 75,000 children free of cost across India.Author of this book is Ken Youngstein.
iii. Globally, uncorrected refractive errors account for over 80 % of visual impairment among school children. This problem can be easily diagnosed and corrected with a simple test and a pair of spectacles.
About Orbis India:
♦ Location – New York
♦ Chairman – Ted Hartley
World Teachers Day – October 5
On 5th October 2017, World Teachers Day is observed all over the world.World Teachers Day:
i. World Teachers Day is also known as International Teachers Day. Since 1994, it is celebrated worldwide.
ii. Its aim is to mobilize support for teachers and to ensure that the needs of future generations will continue to be met by teachers.
iii. Theme of 2017 World Teachers Day is ‘Teaching in Freedom, Empowering Teachers’. It insists on teachers to enjoy professional independence, freedom and the tools needed to deliver quality education, which must take into account learners’ circumstances, needs and expectations.
iv. The empowerment of teachers is considered as a priority as per the United Nations’ 2030 Sustainable Development Goal for Education.
♦ Full form – United Nations Educational, Scientific and Cultural Organization
♦ Headquarters – Paris, France
♦ Director General – Irina Bokova