Gyanm June 13
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GYANM’S GENERAL AWARENESS – JULY 2013 3
SIBAL AND JOSHI GET ADDITIONAL CHARGE Telecom minister Kapil Sibal has been given additional charge of law ministry whereas road and transport minister C.P. Joshi has been given additional charge of railways ministry, following the resignation of Ashwani Kumar and Pawan Bansal INDIA SLIPS IN CONSUMER CONFIDENCE Consumer confidence in the country fell slightly in the first quarter of 2013 when India slipped (from 121 to 120) to second position, behind Indonesia (122) in Nielsen's global Consumer Confidence Index. INDIA HIGHLIGHTS NRHM India showcased its achievements made under the National Rural Health Mission (NRHM) in improving reproductive and child health, at a three-day Women Deliver Conference held at Kuala Lumpur, Malaysia. PM AND SONIA IN TOP 500 Prime Minister Manmohan Singh and Congress President Sonia Gandhi are among 16 Indians who have found a place in the prestigious “Foreign Policy” magazine’s list of the 500 most powerful people on the planet. .
46th Annual Meet of Asian Development Bank held at Noida, U P.
‘Mahasen’- Cyclonic storm that caused widespread damage in parts of Sri Lanka and Bangla Desh.
HAMID ANSARI: Vice President of India visited Uzbekistan on his 4 day official visit.
HAMID KARZAI: President of the Islamic Republic of Afghanistan visited India.
APRIL 2013 INDIA 4TH IN CONSUMER CONFIDENCE India ranked fourth on the MasterCard Consumer Confidence Index as a market whose consumer confidence is less affected by changes in its merchandise exports, while Japan and Hong Kong topped the list. "India is a less export-oriented economy and has a large domestic market implying that there are other important domestic determinants of consumer confidence, and as such consumer confidence is not easily eroded by a decline in exports," the report said. INDIA JOINS TRADEMARK TREATY India has joined the Madrid Protocol which will enable domestic companies and entrepreneurs to obtain cost effective global trademark registration, wef July 8, 2013. Now Indian companies can register their trademarks in member countries of the Protocol through a single application. The Madrid System for the International Registration of Marks offers trademark owners an effective way of protecting and managing their trademark portfolio internationally. S C FOR SHIFTING ASIATIC LIONS The Supreme Court has ruled that some of the Asiatic lions currently found only in the famed Gir sanctuary of Gujarat,
must be shifted to Madhya Pradesh (Kuno sanctuary) within six months to ensure that there should be a second home to save them from possible catastrophes like epidemic, large forest fire etc., which could result in their extinction. PM VISITS GERMANY FOR IGC MEET The second Inter-Governmental Consultations (IGC) between India and Germany were held in Berlin on April 18, chaired by PM Manmohan Singh, to further expand and intensify bilateral cooperation in a number of fields, including trade and infrastructure. FM AND AAMIR FIGURE IN TIME TOP 100 Finance Minister P Chidambaram and actor Aamir Khan have been named by Time magazine among the 100 most influential people (no specific rank) in the world in its annual list of global achievers that also includes teenaged Pakistani activist Malala Yousafzai and US President Barack Obama. AIRLINES SEATS AGREEMENT WITH UAE India and UAE have signed a bilateral agreement to increase four times the number of weekly airline seats available between India and Abu Dhabi, from roughly 13,300 at present to 50,000 over next three years. G I FOR ‘LUCKNOW ZARDOZI’ The world famous intricate needle handicraft embroidery of Lucknow ‘zardozi’, has now become a brand as it has been accorded the Geographical Indication (GI) registration by Chennai-based Geographical Indication Registry. 9000 KMS OF NATIONAL HIGHWAYS The Road Transport and Highways Ministry has fixed an internal target of 9,000 kms of national highways and plans to award contracts for constructing at least 7,300 kilometres of national highways this financial year. COUNTRY’S FIRST RFID TOLL PLAZA The country's first interoperable Radio Frequency Identification (RFID) technology based Electronic Tolling System has been started on the Ahmedabad-Mumbai National Highway at Charoti Toll Plaza, Dahanu in Thane District, Maharashtra. The system would allow vehicles fitted with electronic tags to pass uninterrupted through six toll plazas. WB AID FOR POVERTY REDUCTION The World Bank has come out with a multi-billion (USD12-20 billion) four-year plan aimed at bringing down poverty levels in seven low-income Indian states, where majority of India's poor live, to just 5.5 per cent in 2030, against 29.8 per cent in 2010. The seven low-income states are Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Odisha, Rajasthan, and Uttar Pradesh. INDIA HAS LARGEST ‘POOR’ POPULATION According to a World Bank report on poverty, India accounts for one-third of the world poor, people living on less than USD 1.25 (about Rs 65) per day. The report said that 1.2 billion people are still living in extreme poverty in world.
GYANM’S GENERAL AWARENESS – JULY 2013 4
26 DISTRICS DECLARED NAXAL AFECTED The Government has identified 26 districts in the country as highly Naxal-affected with 80 percent violence in the last three years being reported from there. The districts are spread over seven Maoist-hit states - Chhattisgarh, Jharkhand, Odisha, Bihar, Andhra Pradesh, Maharashtra and West Bengal.
Vice President Hamid Ansari visits Tajikistan to further the country's trade and defence ties and other bilateral issues.
India and Azerbaijan have signed a treaty on Mutual Legal Assistance in Criminal Matters, to cooperate with each other in dealing with various crimes, including terrorism.
India and Tanzania have signed a deal to explore mineral wealth in Tanzania.
India and Malta have signed a new double taxation avoidance agreement (DTAA).
Ajay Devgan, Bangladeshi singer Runa Laila and Pakistani filmmaker Sharmeen Obaid-Chinoy have been named as SAARC Goodwill Ambassadors for HIV/AIDS.
6th summit of IBSA (India, Brazil and South Africa) nations to be held in New Delhi in June, 2013.
The International Conference on Travel Technology (ICTT) India will be held at Kovalam, Kerala, from 7th -9th June.
MARCH 2013 INDIA VOTES AGAINST SRI LANKA India voted in favour of UNHRC resolution against Sri Lanka for alleged violation of human rights during their three-decade-long Tamil separatist conflict that ended in May 2009 with the killing of rebel Tamil Tiger chief Velupillai Prabhakaran. The United States-sponsored resolution at the United Nations Human Rights Council in Geneva was passed with the support of 25 member countries. FSLRC SUGGESTS NEW SUPER REGULATOR The Financial Sector Legislative Reforms Commission (FSLRC), headed by Justice B. N. Srikrishna, in its final report, has suggested formation of a super regulator, The Unified Financial Regulatory Agency (UFRA), which would subsume the functions of key agencies such as the Securities and Exchange Board of India, the Insurance Regulatory and Development Authority, the Pension Fund Regulatory and Development Authority and the Forward Markets Commission. Banking operations, monetary policy and payment system would continue to be regulated by the RBI. MUMBAI SLIPS AS FINANCIAL CENTRE India’s financial capital Mumbai slipped to 66th rank in the list of world’s leading financial centres, according to the latest Global Financial Centres Index (GFCI). Mumbai is the only Indian city on the list, which was topped by London. New York was ranked second in the list followed by Hong Kong and Singapore in the third and fourth place respectively. T V FIRST CHOICE OF SLUM DWELLERS Television seems to be the hottest durable for about 68 milion slum dwellers, with 70 per cent of such households owning one. Computers and laptops, too, have made inroads
into slums, but only about 10.4 per cent households possess these. Also, 72.7 per cent slum households have telephone facility. These are some interesting findings of a report on ‘Housing Stock, Amenities and Assets in Slums’, released by the Census 2011. Percentage of slum households in urban areas has come down to 17.4% (2011) from 23.5% in 2001. PRESIDENT CONFERRED DOCTORATE President of India, Sh. Pranab Mukherjee has been conferred the prestigious degree honorary of Doctor of Civil Law by University of Mauritius at a ceremony at Port Louis, Mauritius. MORSI VISITS INDIA Mohamed Morsi, Egypt’s first democratically elected president visited India to forge closer cooperation in economic and other fields, particularly for India's contribution in the “Suez Canal corridor project” that is aimed to become a bridge connecting Africa with Asia. The said corridor project of 190 kms. aims to turn Suez Canal into a Global economic zone. According to Mr. Morsi the project once ready would make Egypt a hub for India’s exports to the West and boost Indian exports to $200 billion. TIEA SIGNED WITH LIECHTENSTEIN Amid government efforts to track black money stashed abroad, India today signed a Tax Information Exchange Agreement with Liechtenstein, a tiny country adjoining Switzerland. HIGH CHILD MORTALITY IN INDIA Globally, an estimated 2,000 children under the age of five die every day from diarrhoeal diseases and of these some 1,800 deaths are linked to water, sanitation and hygiene, according to a report by The United Nations Children’s Fund (UNICEF). Two countries – India (24 per cent) and Nigeria (11 per cent) – together account for more than a third of all under-five years deaths.
The Union Public Service Commission (UPSC) has withdrawn changes suggested by it in civil services mains examination, dropping mandatory English language paper requirement.
A stamp was released to commemorate the bicentenary celebrations of Army's 3rd Battalion, the Parachute Regiment (Special Forces)
The President, Shri Pranab Mukherjee paid a three-day goodwill visit to Bangladesh.
The 4th Clean Energy Ministerial (CEM) meeting of 23 nations to be held on 17th April in New Delhi, which would assess the steps being undertaken by various countries to pursue green initiatives.
Three-day SAARC journalists' convention was held at Indore, Madhya Pradesh.
JIM YONG KIM: President of World Bank visits India. YUKIYA AMANO: Director General of the International
Atomic Energy Agency visited India to visit Tarapur Atomic Power Station in Maharashtra.
STEPHEN HARPER: Canadian Prime Minister visited India
GYANM’S GENERAL AWARENESS – JULY 2013 5
NEWS FROM STATES
MAY 2013 ODISHA TO GIVE FARM LOANS @2% The Odisha government has decided to sanction agriculture loans at the rate of only two per cent interest to the farmers, to the tune of Rs 6,000 crore for the kharif and rabi crops this year. BEATING RETREAT AT HUSSAINIWALA Government has decided to start the popular beating retreat ceremony, the formal flag lowering ceremony at the Hussainiwala border with Pakistan in Ferozepur, Punjab. At present such ceremony is performed only at Wagah border in Amritsar, Punjab. K SIDDARAMAIAH elected as new Chief Minister of Karnataka.
APRIL 2013 GUJARAT TOPS IN ATTRACTING INVESTMENT According to a report by Assocham, Gujarat has ranked on top for attracting investment across the country -- cornering about 14 per cent of total outstanding private sector investment worth over Rs 75 lakh crore as of December 2012. Of the total investments from private sources worth over Rs 75 lakh crore, the domestic private sector accounts for a majority share of about 58 per cent, it said. ‘DILDAAR DILLI’ The national Capital can now boast of its own tagline — Dildaar Dilli (Magnanimous Delhi). Coined by Delhiite Amit Anand, the tagline was selected after a committee went through over 12,000 entries in a competition organised by the Delhi Government and Delhi Tourism. WHEAT @ Rs 1/KG IN M P Madhya Pradesh govt has announced to provide wheat and salt at Rs 1 a kg and rice at Rs 2 a kg under the Mukhyamantri Annapurna Scheme, to below poverty line (BPL) and ‘Antyodaya’ families. At present, Antyodaya families get 35 kg of food grains and BPL families get 20 kg of food grains a month at subsidised rates. M P TOPS IN GDP GROWTH The provisional data released by the Central Statistical Organisation for 2012-13 for states shows that Madhya Pradesh has achieved highest growth of gross state domestic product at 10%, against 9.48% recorded by Bihar.
Goa tourism has won the Pacific Travel Writers Association-PATWA- award for Best Beach Destination at the famous Travel and Trade show - ITB Berlin-2013.
Tripura has ranked first in implementing the MNREGA Scheme in 2012-13 by providing average 86.27 days of work per rural household.
Goa govt has launched the ‘Krishi Card’, a digital card which would be a gateway for farmers to avail benefits like subsidies and loans given by the state government.
MARCH 2013 MP TOPS IN FOREST COVER Madhya Pradesh has largest area under forest - 77,700 kms. The total forest cover in the country is now at 6,92,027 sq km. This accounts for 21.05 per cent of the total geographical area of India as per India State of Forest Report, 2011. Tripura, Manipur and Meghalaya have got their own High Courts functioning, thereby bringing the total number of High Courts in country to 24. Arunachal Pradesh has become the first state to introduce e-GPF facilitating online access to 34,000 GPF accounts Karnataka Assembly election will be held in a single phase on 5th May
THREE CHIEF MINISTERS RE-ELECTED
MANIK SARKAR: Chief Minister of Tripura NEIPHU RIO: Chief Minister of Nagaland MUKUL SANGMA: Chief Minister of Meghalaya
GOVERNMENT
INITIATIVES
MAY 2013 170 CSS MERGED IN TO 70 A Group of Ministers, headed by Agriculture Minister Sharad Pawar, has approved merging of 147 Centrally Sponsored Schemes (CSS) into 70, across various sectors for efficient implementation and monitoring in the 12th Five Year Plan. PORTAL FOR E-FILING OF RTI QUERIES In a step towards enhancing transparency, the Centre has extended facility of e-filing of RTI applications to ministries of Home Affairs and Agriculture. The Department of Personnel and Training (DoPT), which acts as nodal ministry for implementation of Right to Information Act, has launched-- www.rtionline.gov.in --to facilitate e-filing of applications and payment of fees. COMMITTEE FOR STATE BACKWARDNESS The Centre has set up an expert committee headed by Raghuram G Rajan, Chief Economic Adviser to evolve a composite index to measure backwardness of the states in terms of factors like per capita income and other human development indicators and for evolving a Composite Development Index of States. GoM FORMED FOR CBI AUTONOMY In the wake of the Supreme Court's observations questioning the autonomy of CBI, the government has formed a Group of Ministers (GoM) headed by Finance Minister P Chidambaram, to draft a law to insulate the investigating agency from external influence. The GoM will deliberate on ways to further strengthen CBI's autonomy and safeguard it from any kind of outside interferences.
GYANM’S GENERAL AWARENESS – JULY 2013 6
NATIONAL CYBER SECURITY POLICY FORMED The government has approved the National Cyber Security Policy that aims to create a secure computing environment in the country and build capacities to strengthen the current set up with focus on manpower training. It will initiate specific actions and programmes to enhance the security posture of country’s cyber space. Cyber security intelligence forms an integral component to be able to anticipate cyber attacks and quickly adopt counter measures.
‘PURA’ FOR 4,000 SMALL TOWNS Govt plans to bring 4,000 towns from different parts of the country under the ambitious 'PURA' (Provision of Urban Amenities in Rural Areas) project for providing basic amenities like roads, drinking water, sewerage treatment, street lighting etc.
NATIONAL URBAN HEALTH MISSION The Union Cabinet has approved the Rs. 22,507-crore National Urban Health Mission (NUHM), a sub-mission under the National Health Mission (NHM). It seeks to address healthcare challenges in towns and cities with focus on urban poor. The scheme will be implemented in 779 cities and towns, each with a population of more than 50,000, and cover over 7.75 crore people.
DBT FOR LPG SUBSIDY BY JUNE 1 Starting June 1 this year, cooking gas (LPG) consumers in 18 districts will get Rs 435 in their bank accounts when they book an LPG cylinder as the government rolls out its ambitious direct benefit transfer programme to cut its fuel subsidy.
The govt has decided to declare 2013 as “Water Conservation Year” to promote awareness for conservation of water.
Income ceiling for the creamy layer of socially advanced persons under OBC quota has been increased from Rs. 4.5 lakh a year to Rs. 6 lakh.
APRIL 2013 DCT TO COVER LPG BY JULY 1 The government is likely to bring a huge number of nearly 14 crore LPG consumers under the Direct Cash Transfer (DCT) scheme by July 1. The scheme aims at directly putting the subsidy component of the domestic cylinder into the bank account of the consumers to eliminate the leakages in the system and address the problem of diversion of domestic cylinders for commercial market.
GOVT DECONTROLS SUGAR In a major decision, the Centre has unshackled the Rs. 80,000 crore sugar industry by abolishing the monthly release mechanism and abolishing the obligation on mills to supply levy sugar for subsidised distribution under the Public Distribution System, allowing market forces to come into play. The decision is in line with the suggestions of a panel headed by Dr. C. Rangarajan, Chairman of Prime Minister’s Economic Advisory Council.
GPF INTEREST RATE DOWN TO 8.7% From April 1, Government employees and defence personnel will earn less from the General Provident Fund (GPF), as the
interest rate on GPF has been brought down to 8.7 per cent for the year 2013-14, from 8.8 per cent last year. NATIONAL POLICY FOR CHILDREN, 2012 The Union Cabinet has approved the National Policy for Children, 2012. It recognizes every person below the age of eighteen years as a child and a long term, sustainable, multi-sectoral, integrated and inclusive approach is necessary for the harmonious development and protection of children.
Free internet facility using Wi-Fi has been provided in Delhi-Howrah Rajdhani Express train.
MARCH 2013 NATIONAL FOOD SECURITY BILL APPROVED The Union Cabinet has cleared the National Food Security Bill that gives legal entitlement to 67 per cent population (including 75 per cent rural and 50 per cent urban) for subsidised foodgrains under the Targeted Public Distribution System (TPDS). A beneficiary will be entitled to 5 kg of rice, wheat or coarse cereals at Rs. 3, 2 and 1 a kg, respectively, per month. The beneficiaries will be identified by the States based on parameters prescribed by the Union government. VOLUNTARY SCHEME FOR SERVICE TAX Aiming to "entice" a large number of assesses to return to the tax fold, the government has proposed a one-time scheme called 'Voluntary Compliance Encouragement Scheme' for service tax defaulters. A defaulter may avail of the scheme on the condition that he files a truthful declaration of service tax dues since October 1, 2007 and makes the payment in one or two installments before the prescribed dates. ANTI RAPE BILL PASSED BY LOKSABHA The Lok Sabha has passed The Criminal Law (Amendment) Bill-2013, which provides for natural life term or even death for repeat offenders of rape and other stringent punishment for various offences like stalking, voyeurism and acid attacks. The Bill seeks to replace an Ordinance promulgated on February 3. ‘ANUBHUTI’ COACHES INTRODUCED Chandigarh Shatabdi will be the first train to have “Anubhuti” coaches, the special AC luxury class coaches proposed in this year’s rail budget, providing higher travel comfort to passengers. CHANGES IN CIVIL SERVICES PATTERN Ushering a major change in the country's premier civil services examination, the Union Public Service Commission (UPSC) has decided to give more weight to general studies and aptitude skills. Now there will be four papers of 250 marks each in general studies as against two papers of 300 marks each earlier. There will be, for the first time, a paper to test aspirants on "ethics, integrity and aptitude". INDIA POST LAUNCHES ‘eIPO’ The Postal Department has launched Indian postal order in electronic format (eIPO). This will enable Indians living abroad to seek information from the Indian Government and other state governments under the Right to Information Act as now they can pay the fee for RTI in Indian currency.
GYANM’S GENERAL AWARENESS – JULY 2013 7
SUBSIDY EXPENDITURE TO BE CUT DOWN The government has decided that it will reduce outgo on subsides from 2.6 per cent of GDP in 2011-12 to 1.5 per cent by the end of 12th Plan (2012-17) to contain the expenditure within a "pre-determined level of affordability". The provision in 2012-13 was Rs.1,90,015 crore which was later revised to Rs 2,57,654 crore. Government has made a provision of Rs 2,31,084 crore on account of subsidy outgo in the Budget for 2013-14.
WAGES FOR MNREGA WORKERS HIKED Wages for MNREGA workers have been revised wef April 1. States like Haryana may get highest wage at Rs 214 per day followed by Rs 210 and Rs 209 in Andaman Nicobar and Chandigarh respectively. Workers in states like Bihar, Sikkim, Tripura, Nagaland and Arunachal Pradesh will get the minimum of Rs 135.
IMPRISONMENT FOR TAX EVASION Failure to pay excise duty and service tax could lead to arrest of defaulters, as per the provisions proposed in the Finance Bill 2013. Offences relating to excise and customs duty evasion of over Rs 50 lakh would be made cognisable and non-bailable. Similarly in case of service tax, the failure to deposit the tax amount exceeding Rs 50 lakh with the government would result in imprisonment up to seven years.
ECONOMIC INDICATORS
MAY 2013 INDIA TO GROW AT 6.5%: MOODY’s Latest reports from the global rating agency- Moody’s say that the Indian economy is expected to pick up and grow in the range of 5.5-6.5 per cent in 2013 even though government steps for new investments have been "relatively small in scope". Citing cautious private sector and relatively high inflation, the agency also said that the country is struggling to boost investment and economic growth.
W B SCALES DOWN GROWTH TO 6.1% The World Bank has scaled down its projection on India’s GDP (gross domestic product) growth to 6.1 per cent for 2013-14 from 7 per cent estimated six months ago. According to the latest ‘India Development Update’ of the World Bank, the lowering in growth forecast has been largely on account of a decline in the agriculture sector, which is estimated to grow at 2 per cent during the current fiscal as compared to the earlier estimate of 2.7 per cent despite projection of a normal monsoon.
ADB PUTS INDIA’S GROWTH AT 6% Asian Development Bank (ADB) has projected India’s growth at six per cent this fiscal. The Indian economy could even return to 8-9 per cent growth levels if the country were to get its investment story right, feels the ADB. Forecast of six per cent is better than the Reserve Bank of India’s latest growth projection of 5.7 per cent for the current fiscal.
INDIA TO GROW BY 6% - S&P Latest reports from global rating agency Standard & Poor's said that India is projected to grow by 6 per cent in the current fiscal. It, however, cautioned that a weaker global risk appetite and a poor monsoon would pull down growth to around 5 per cent in 2013-14 fiscal.
RBI PUTS GDP GROWTH AT 5.7% Projecting a modest pick-up in economic activity in the coming months, Reserve Bank has pegged the Gross Domestic Product (GDP) growth rate for the 2013-14 fiscal at 5.7 per cent, significantly lower than the Finance Ministry's forecast of 6.1 to 6.7 per cent. India's economy grew by 5 per cent in the last fiscal ( 2012-13), lowest in a decade, on account of poor performance of manufacturing, agriculture and services sector. FM DIFFERS FROM RBI ON GROWTH RATE According to finance ministry, India would grow at least 6% in the current financial year, primarily due to a pickup in investment and rising investor confidence. On the other hand, RBI has projected the Indian economy to grow at 5.7%, which is lower than even some private forecasts. TRADE DEFICIT WIDENS TO $ 17.79 BN India’s exports grew for the fourth consecutive month, reaching $24.16 billion, recording a growth of 1.6 per cent in April, but the surge in gold imports pushed up the trade deficit to $17.79 billion. Gold and silver imports during the month under review have increased by 138 per cent to $7.5 billion from $3.1 billion in April 2012, pushing total imports in April to $41.95 billion. CAD TARGETED AT 2.5% FOR 12TH PLAN The government aims to bring down current account deficit (CAD) to about 2.5 per cent of the GDP by March 2017, by the end of 12th Plan (2012-17), from 4 per cent of GDP at present. CAD represents the difference between inflows and outflows of foreign currency. It had touched a record high of 6.7 per cent in the December quarter of last fiscal year. The CAD in 2012-13 fiscal is likely to be around 5 per cent of the GDP. IIP MOVES UP BY 2.5% According to data from the Central Statistical Office (CSO), India's industrial output as measured by the index of industrial production (IIP) grew by 2.5 percent in March, as against a contraction of 2.8 percent in the corresponding month of 2012. The monthly growth in IIP came on the back of healthy performance of manufacturing and electricity sectors. But the mining sector decelerated. CORE INDUSTRIES GROW BY 2.9% As per recent data, The Index of Eight Core Industries rose 2.9% in March, reversing the 2.4% contraction (negative growth) registered in February. The eight core sector industries -- coal, natural gas, crude oil, fertilizers, cement, petroleum products, steel and electricity --- have a combined weight of 37.9% in the Index of Industrial Production (IIP), making the core index a lead indicator of industrial production. FX RESERVES SLIP TO $292 BN According to data released by the RBI, India's foreign exchange reserves fell to $291.97 billion as of May 17, from $293.69 billion in the previous week. Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or depreciation of other currencies held in reserves by the RBI.
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MENT TARGEnt has hiked r the fiscal end0,000 crore tha
targets to raismpanies and bat owns in some
ULY 2013
APWTH AT 6.4%
for 2012-13 Advisory C
ance of apected to pus2013-14 from
RATE TO 5.7Outlook repo
ndar year 2013The report sa
proved and soented yet strucoutput over thd.
ns' Economic an13, India is exp5 per cent gro3. that India’s fobillion during tion in the previ
MAR4.5%
s of this fiscal (an 6.6 per centwn by 5.5 per he second quar
OWN TO 4.8%tment to fiontain deficit a
bring it down toThe governmel prudence aftody’s and Stae Indian econng trade defic
ET HIKED its disinvestme
ding March 31, at was the tarse Rs 40,000 cralance Rs 14,0 other compan
PRIL 201%
released by tCouncil (PMEACgriculture anh the econom5 per cent in t
7% ort, the IMF h3 at 5.7%, dowaid that althougome pro growctural challenghe medium ter
nd Social Survpected to recovowth in 2012
foreign exchangthe week endeious week.
RCH 201
(April-Decembet in the year-agcent and 5.3 prter, respective
% scal prudenc
at 5.3 per cent o 4.8 per cent(ent was virtuater global credandard & Pooomy beset wicit and a fallin
ent target to 2014 — a sha
rget for the yerore by selling 00 by selling t
nies.
3
he C), nd
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as wn gh
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nge ded
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per ly,
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OVT TO SET e Union Cabineblic Sector EnTF) which is ogramme, checcourage retail raise Rs 40,000cal and has line, Engineers Indivesting mino
DIA INCLUSvt plans to seost scientific inmmon man. novation Fund 0 crore to this l come from rporates and hd multilateral inm the National
OAN @7% TOvt has decided ven per cent tHGs) in order trt of the Nationeradicate pove
O WEALTH Tvt has clarifiericultural land enters within mban lands, excch in state reco
MG TO TACKLmid rising instahemes, the gooup (IMG) to oling activitiespresentatives nistries, RBI an
onzi schemesom a large numge returns, wken from new in
CS ON CASH vt has decidedbit of tax collerrently, sale in icle weighing 1
wellery in excelected at sourc
UP ETF FORet has approventerprises (CPS
expected tock volatility inparticipation. 0 crore throughed up a host odia, Coal Indiaority stake.
SIVE INNOVet up a dedicannovations tha
The fund wiand governmefund. The rescheduled b
igh networth institutions. Th Innovation Co
O WOMEN Sto provide ban
to over 25 lakto financially snal Rural Livelihrty in villages b
TAX ON FARMed that wealteven if it is lounicipal limits.
cluding the agords and used f
LE PONZI SCances of peoplovernment hassuggest ways
s and protectfrom the Find SEBI will be are activities
mber of publicwhich are typicinvestors.
SALE OF GOd to include sected at sourcecash of bullion
10 grams or lesess of Rs 500ce.
MR CPSEs ed the setting SEs) Exchangeo speed up share price The governm
h disinvestmenof companies, ia and Hindusta
VATION FUNated Rs 5,000t can improve ill be called ent will initiallyemaining amouanks, insuranndividuals as w
he proposal for ouncil headed b
SHGs nk loans at an kh women Sestrengthen thehoods Mission (by empowering
MLANDS th tax won’t cated in the v It will be imricultural landsfor agricultural
CHEMES le being defras set up an
to tackle frat the interestance and Comembers of thinvolving colle
c investors withcally paid from
OLD COINSsale of gold coe, at the rate on (excluding coss) in excess of0,000 only is
8
MAY 2013
up of a Centrae Traded Fund
disinvestmenmovement andent is planning
nt in the currenncluding Indianan Aeronautic
ND 0-crore fund to
the life of theIndia Inclusivey contribute Runt to the fundce companieswell as bilaterathis fund came
by Sam Pitroda
interest rate olf Help Groupm. This will be(NRLM), aimingg women.
be levied onvicinity of urbanmposed only ons registered apurposes.
auded by ponzinter-ministeriaudulent moneyt of investorsorporate Affairhe IMG. ection of moneyth a promise om the deposit
oins under theof one per centoin or any othef Rs 200,000 osubject to tax
3
al d
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inangoth RThinatsoth4t
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YANM’S GENERAL
NATIONAL SK
the Ministry ond harmoniseovernment andhe 12th Plan an
RBI TO ISSUhe Reserve Badexed bonds ttract householo as to discourahe IIBs 2013-1th June. The mears. The total 013-14.
IBs ELIGIBLBI has clarifiedBs will be treaso be elig
atio or SLR by ccordance withour month gapcheduled to be
WPI.
OODGRAIN ountry's foodgrver 5 million toear. Despite upow, foodgrainrevious year's f drought in Man account of po
MANDATORYhe Central Boaf income tax ralaried taxpayecome during rior to this dividuals havin
UBSIDIES Tovt has decideotash-based feo rein in its fisconstitutes a mhe government
Heads ofFood SubsOil Subsid
Fertilisers
L AWARENESS – JU
KILL DEVELIn afocusinitiapropDevesubsin th
of Finance. Thee the skill dd the private send beyond.
E INFLATIOank has anno(IIBs) every
ld savings of uage investmen4 for Rs 1,000
maturity periodissue size will
LE FOR SLR d that the propated like any otgible for m
banks. The h the wholesa. Thus, the ine launched on
TARGET SErain productiononne to 255.36pward revision production wrecord 259.32 aharashtra, Karoor monsoon la
Y E-FILING Oard of Direct Tareturns mandaers, earning mthe financial ynotification,
ng a taxable inc
TO BE CUT Ded to cut thertilisers in the cal deficit. It major portion of.
f Subsidy 201sidy y
Subsidy
*These figure
ULY 2013
OPMENT AGn effort to givs to skill ative, governmosal to set up elopment Agsuming other his initiative. Ie new skill boddevelopment ector to achiev
ON BONDS ounced it will month, startinp to Rs 15,000ts in gold. The
0-2,000 crore wd of these bol be Rs 12,000
posed inflation ther governme
maintaining statbonds will e
le price index ndex for the fir
June 04 will
T AT 255.36n has been rev6 million tonne
in the third ewill still be million tonne.
rnataka, Gujaraast year.
OF IT RETURaxes (CBDT) htory for indivmore than Rs year ended Me-filing was come of more t
DOWN e subsidies on fiscal year 201
may be mentionf the Non Plan
12-13 Rs. in
es are tentative
GENCY ve a single poi
developmement cleared a National Skgency (NSDbodies engage
It will be locatedy will coordina
efforts of tve the targets
launch inflationg 4th June, 0 crore this fisce first tranche will be issued oonds will be 0-15,000 crore
indexed bond ent bond and wtutory liquidearn interest
or WPI, with rst issue which be the Februa
6MT vised upwards
in 2012-13 croestimate releaselower than t. This is becauat and Rajastha
RNS has made e-filiniduals, includin5 lakh taxab
March 31, 2013mandatory f
than Rs 10 lakh
phosphate an13-14 in an effoned that subsin expenditure
n crores*100,000 71,000
100,000
e
int ent
a kill
DA) ed ed ate he of
on to
cal of on 10 in
or will ity in a is
ary
by op ed he se an
ng ng ble 3. for h.
nd ort dy of
NOIn SupGlivfirmin Novtheinve
MSTheFunentMicthepooemincl
GUWoa cS expcon NETheenashocorcarcorove
RAIndbilliselethawas ADA agrwitBanimpundinveAssBen
The governbillion for 2Asian Develothe 417-km lin Myanmar wAn Inter-mincent equity sover 17,000 c
OVARTIS LOa major blow
preme Court revec, a verdict tms to provide athe country. vartis' claim th
e cancer drug, ention.
SME TO LAUe proposed Rnd” aimed at gterprises, is excro, Small and e fund, which ior, combine ployment genelusive innovatio
UJRAL COMMorried over widecommittee unde
Gujral to ports. Micro, Smntribute about
EW SUB LIMe Finance Minable foreign insort-term paperrporate bonds. rved out of totarporate bonds erall limit of $5
AILWAYS CRdian Railways ion tonne) in 2ect group of cat load a billions helped by co
DB SUPPORT$252-millio
reement has bh the Asian Dnk (ADB) forprovement of der the ‘rural estment prosam, Chhattisgngal.
nment has set2013-14. opment Bank tolong Indo-Myawith Sutarkandnisterial Group,sale in Coal Indcrore rupees to
OSES PATENTw to Swiss ejected its pleathat is expecteaffordable drug The court r
hat 'Imatinib Mis a new pro
UNCH INNOVRs 5,500-crore generating emxpected to staMedium Enters guided by fosocial and
eration and helon funding.
MITTEE FORening trade gaer the chairmasuggest me
mall and M40 per cent in
MITS FIXED Fnistry has crestitutional invesrs of Governm For G-secs,
al limit of $25 has been fixe
51 billion.
ROSS BILLIOcarried close
2012-13. With countries such n tonne of cargal, cement, foo
T FOR ROADon loan been signed Development r continued rural roads connectivity ogramme’ in garh, Madhya
t an export ta
to finance the anmar Road condi in Karimganj,p, IMG, has apdia which is exo the governme
APRT BATTLE pharma giant a for a patent ed to pave the gs to lakhs of refused to giv
Mesylate', a subduct and the
VATION FUN“India Inclus
mployment throart by June. Trprises (MSME)our objectives
commercial lp establish a m
R MSME EXPp, the governm
anship of Finaneasures to Medium Enten the country's
FOR FIIs ated two newstors (FIIs) parment securitiesa sub-limit of billion, while
ed at $3.5 bill
ON TON CARto 1,009.6 mthis, the Railwas the US, Ch
go in a year. Todgrains and st
D CONSTRUC
Pradesh, Odi
9
arget of $ 325
construction oonnecting Moorej, Assam. pproved 10 pexpected to fetchent
RIL 2013
Novartis, theon cancer drugway for Indiancancer patient
ve credence tobstance used inoutcome of an
ND sive Innovationough innovativeThe Ministry o) is working on-- focus on thereturns, drive
model for wide
PORTS ment has set upnce Secretary R
boost MSMEerprises (MSMEs total exports
w sub-limits tork their funds ins (G-secs) and$5.5 has beenthe sub limit inlion out of the
RGO MARKmillion tonne (ways enteres thehina and RussiaThe extra cargoteel.
CTIONS
isha and Wes
25
of re
er ch
3
e g n ts o n n
on e
of n e e
er
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GY
HExpaTrIn S Thsuasco
SSmdeFafintoreliq SThPrthsckera
Thgothre OCoRa50re KEcprandeits
YANM’S GENERAL
HANDICRAFTxport Promotioact with Chinarade (CCPIT) tondian handicraf
C FINES SThe Supreme ubsidiary of UKs compensatioopper smelting
Germany ha(USD 1.3 bprojects in I
Etihad Airwinvest $379cent stake i
The Asian Dmillion to Uand transmi
IDBI TO SETmall Industriesecided to seactoring(CGFF)nancial instituto the MSME eceivables and quidity problem
MALL SAVINhe interest rarovident Fund, he 1st April, 20chemes and onept unchangedates are as und
MonthThe NationaThe National
Senior CitThe revision in overnment lasthe market rate,ecommendation
OIL PRODUCommercial proajasthan has b0 thousand lakeleased per day
KELKAR TO Hconomist Vijay repare a roadmnd gas so as ependency by s oil needs and
L AWARENESS – JU
T EXPORT PAon Council for Ha Council for to explore possfts to China.
TERLITE INDCourt has a
K-based Vedanon for pollutiplant in Tamil
as offered softbillion) for builIndia.
ways, national a9 million (Rs 2,in Jet Airways oDevelopment BUttarakhand for
mission projects.
T UP FACTOs Developmenet up “The C)”, to provideions and similasector. Facto
d bills for manams.
NGS INTEREtes on Small PPF, will com
13. Howevern fixed depositd at 4 per cender:
PPF hly Income Schal Savings Certil Savings Certiftizens Savings S
n interest ratesst year to link te, in line with Sns.
CTION STARToduction at Aisegun. About 25kh cubic feet y from these oi
HEAD OIL ANKelkar to hea
map for enhancto substantial2030. India cu
d about half of
ULY 2013
ACT WITH CHandicrafts (EPthe Promotion ibilities of enha
DUSTRIES asked Sterliteta Group, to ping environmeNadu.
t loans of up tilding up of re
airlines of UAE,050 crore) to aof India. Bank sanctionedor developing p.
MARORING FUNDnt Bank of IndCredit Guaran
e credit guaraar companies a
oring is the paging cash flow
EST RATES SSavings Sche
me down by 0.r, the rates ont of up to one t and 8.2 per
eme ficate 5 yr ficate 10 yr Scheme s follows a dethe small savinShyamala Gop
TS AT BARMshwarya oil fie5 thousand barnatural gas is l fields.
ND GAS COMad the commcing domestic lly reduce theurrently importits natural gas
CHINA PCH) has inked
of Internationancing exports
e Industries, pay Rs 100 croent through
to 1 billion eurenewable energ
E, has decided acquire a 24 p
ed a loan of $30power generatio
RCH 201D dia (SIDBI) hntee Fund fantee to bankagainst factorinpayment againws and deal wi
SLASHED emes and Pub10 percent fro
n savings depoyear have beecent. The ne
8.7 8.4 8.5 8.8 9.2
ecision taken ings returns wipinath Committ
MER eld at Barmer rrel crude oil anexpected to
MMITTEE ittee formed production of nation's impots 80 per cent requirement.
d a nal of
a ore its
ros rgy
to per
300 ion
3
as for ks, ng nst
with
blic om osit en ew
by with tee
in nd be
to oil ort of
MATheheagivam SEThestricom25 NOTo hasMaincl Undhasmacreintehecthe CUIndfor betwittranThethro JA
Indstrasecaid
AGAccshato 201sec
AYARAM COe Government aded by Econoing clear definibiguity over th
EBI CAUTIONe Securities anct action woul
mpanies that arper cent of the
ORMS ISSUEpromote man
s issued normsnufacturing Zluding exempti
nder the Nations proposed toanufacturing in eating 100 miltegrated industctares) with late total land area
URRENCY SWdia and Bhutan
up to $100 tween the twohdrawals of Unches up to a me govt has soough the offer
APAN TO AID
dia and Japanategic and glocurity areas, w
for infrastruct
GRICULTUREcording to an are of agricultudecline to 13.711-12, on accctors.
Taxpayers hawill be requifrom the yeaInfosys has pdelivery platfrural post off
OMMITTEE Ohas constitute
omic Affairs Seitions to FDI an
he two types of
NS PUBLIC Lnd Exchange Bd be taken agre not complyineir shares must
ED FOR NIMufacturing in ts for setting upones (NIMZs)ion from capita
onal Manufactuo set up NIMZn GDP to 25 pillion jobs. Ntrial townships test infrastruct
ea would be dev
WAP SIGNEDn have signed
million to fuo countries. ItUS dollar, euromaximum of $1old its 5.82%for sale route,
D INFRASTR
n have agreedbal partnership
wherein Japan wure building in
E DOWN TO official statem
ure and allied s7 percent in 2count of high
having an annuired to file the
ar 2013-14. partnered Indiatform that willffices to offer on
ON FDI / FIIed a four-memecretary, Arvinnd FII, with anf foreign invest
LTD COMPABoard of Indiaainst some 20ng with the not be held by the
MZs the country, thp of National I) with a hosal gains tax.
uring Policy, thZs to enhance
per cent withinNIMZs are con
of at least 50ture. At least voted to manuf
D WITH BHUa currency sw
rther economit will enable Bo or Indian rup100 million or i
% stake in ste raising about
RUCTURE IN
d to promote p especially inwould provide India.
13.7% OF Gment in the psectors in India2012-13 from 1her growth in
ual income of eir returns in
a Post for devel allow more tnline services.
10
mber committeed Mayaram fo
n aim to removements.
ANIES a has said tha0 public limitedrm that at lease public.
he GovernmenInvestment andst of benefits
he Governmene the share on a decade andnceptualised a0 sq km (5,000t 30 per cent oufacturing units.
UTAN wap agreemenic co-operation
Bhutan to makepee in multipleits equivalent.eel-maker SAIRs 1,500 crore
INDIA
their bilateran economic and
a $2.32 billion
GDP parliament, thea's GDP is likely14.1 percent in
the non-farm
over Rs 5 lakhelectronic form
eloping a servicethan 1.30 lakh
e or e
at d st
nt d s,
nt of nd as 00 of s.
nt n e e
L e.
al d n
e y n m
kh m
ce kh
GYANM’S GENERAL AWARENESS – JULY 2013 11
BANKING & FINANCE
MAY 2013 ANNUAL POLICY STATEMENT 2013-14
RBI announced its Monetary and Credit Policy for the year 2013-14 on May 3, 2013. The highlights of the policy are as under:
Benchmark Repo rate reduced by 25 basis points (bps) to 7.25%; Reverse Repo and Marginal Standing Facility (MSF) rates stand adjusted to 6.25% and 8.25%, respectively. Bank Rate also re-adjusts at 8.25%.
Cash Reserve Ratio (CRR) maintained at 4.0% of net demand and time liabilities (NDTL) as liquidity conditions are expected to ease in Q1FY14.
SLR maintained at 23% of NDTL. Baseline projection of GDP growth for 2013-14 pegged
at 5.7% as compared to the Advance Estimate of 5.0% growth in 2012-13 by the Central Statistics Office.
Baseline projection for headline inflation related to the wholesale price index (WPI) estimated at 5.5% for FY2014 compared to 7.3% in 2012-13.
Indicative projections for growth of M3, deposits, and non-food credit for 2013-14 assessed at 13%, 14% and 15%, respectively.
REPO RATE CUT DOWN TO 7.25 Reserve Bank of India (RBI) in its Annual Policy Statement issued on May 03, 2013, cut the repo rate by 25 basis points, for the third time since January as growth slows and inflation ebbs, but said there is little room to ease monetary policy further. The RBI trimmed the repo rate -- the rate at which the central bank lends short-term money to banks -- to 7.25 percent, its lowest since May 2011.
REVISED POLICY RATES Repo rate 7.25% Reverse repo rate 6.25% Marginal standing facility 8.25%
Bank rate 8.25%
PRIORITY SECTOR LENDING NORMS REVISED RBI has raised some benchmarks in priority sector lending to enhance the coverage. Rs. in lacs
Purpose of Loan Present Limit
New Limit
Micro and small enterprises (MSEs) in the services sector
200 500
indirect finance to agriculture
500 1000
Loan against pledge of agricultural produce
250 500
‘EVE ACCOUNT’ FROM DEUTSCHE BANK Deutsche Bank India has launched a special account named 'Eve Account' targeted at urban women. It will offer benefits such as discounts on lockers, demat account and investment fees, preferential interest rates on home and personal loans and free international platinum and gold debit cards.
FM FAVOURS BANK MERGERS Finance Minister has advocated mergers in the banking industry so that India can have two-three global sized banks. According to him, India is in need for two or three world sized banks in an economy that is poised to become one among the five largest in the world. The bank mergers would lead to ‘too-big-to-fail entities’ which would be beneficial for the country. RBI’s NO TO CHEQUE RETURN CHARGES In order to ensure fair practices in banking services, the Reserve Bank has asked banks to levy cheque return charges only in such cases where the customer is at fault. In all other cases, cheques should be re-presented in the immediate next presentation clearing, not later than 24 hours, with due notification to the customers through SMS alert, email etc. RBI SUGGESTS ‘GIRO’ FOR PAYMENTS An RBI panel headed by its Executive Director G Padmanabhan, has suggested ‘India Bill Payment System’ (IBPS), a GIRO-based electronic bill payment system for payment of dues of essential services, insurance premia, utility payments, taxes, university fees, examination fees and school fees. Giro payment is a credit push transaction initiated by the payer and may involve the presence of three banks (collecting bank, payer bank and the payee bank). Bill paying customers can access any payment channel through banks or non-bank entity under the proposed Giro system. RBI TIGHTENS GOLD LOANS Amid a steep fall in gold prices recently and the resultant risks to the system, the Reserve Bank of India (RBI) further tightened screws on gold loans by banks, restricting them to finance import of the precious metal only for gold jewellery exporters. The RBI also restricted lending against gold coins up to 50 grams only. It has been decided to restrict gold import on consignment basis by banks only to meet the genuine needs of exporters of gold jewellery. This step has been taken to reduce demand for gold for domestic use. LBS TO COVER METRO AREAS Reserve Bank has asked banks to bring all districts in metropolitan areas under the lead bank scheme (LBS) fold. The move is aimed at increasing the scope of financial inclusion in urban areas on one hand and helping the government realise its efforts to plug the loopholes in subsidy deliveries by transferring all the benefits directly to the bank accounts of the target people. The LBS, launched way back in 1969, is an integrated mechanism to extend banking services to the doorsteps of consumers, especially the poor. EXPORT REALISATION PERIOD CUT DOWN In a bid to attract more dollars into the country to reduce current account deficit (CAD), the Reserve Bank has cut down the realisation period of sale proceeds for exports, to nine months, from 12 months at present.
State Bank of India has entered into a tie up with Spanish bank Banco Bilbao Vizcaya Argentaria, SA (BBVA) to develop business operations in Spain.
GY
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YANM’S GENERAL
G. Padmantechnical coaccess finan
The Reservcirculation RSilver Jubile
INANCIAL IBI has askednancial Inclusioan includes s
mortar branchepening basic aegments.
MONEY SUPPs per latest nnualised 12.4ompared with illion rupees (3.59 trillion ruhowed.
IBs SEEK AChe Credit Infoith the telecompanies to los an alternativ
move towards fuFull-file reportinepayment recor
The repaymentsnd telecom serv
AUNDERINGhe country's thank and Axis Bor indulging inonducted by thffered to lau insurance schgainst these ba
- AUCTIONSWith the Ministommercial banuction mode fribunal (DRT), lso, the MinisARFAESI Act nancial Assetshould gradually
made it mandato
NDIA TOPS ccording to aecipient of inwllion in 2012,hilippines ($24
L AWARENESS – JU
nabhan commommittee to sunce from banks
ve Bank of InRs 5 denominee of Shri Mata
INCLUSION d banks to fon Plan for theelf-set targetss, employing
accounts to ca
PLY CROSSERBI data, M
4 per cent in14.0 per cent $1.57 trillion)
upees on Marc
CCESS TO Mormation Bureaom regulator dge customer
ve source of cull-file reportingng is any inf
ord with any ents could be relatrvice.
G CHARGE Ahree largest privBank, were namn money launhe portal allegeunder unaccoemes. RBI ha
anks.
S TO RISE FOtry of Financenks to move for all NPA caa spurt is expestry of Finan(The Securitiz
s and Enforcemy move to theory.
IN INWARD World Bank
ward remittance, followed by billion).
ULY 2013
mittee: The Ruggest ways tos on easier term
ndia has decidnation coins tVaishno Devi S
APPLAN FOR B
finalise their e 2013-16 perios for opening Business Corrter to the fina
ES 85 TRILLIMoney supply
n the two wea year earlieras of April 5,
ch 22, the ce
MOBILE BILLaus (CIBs) hav
TRAI for abill payment h
credit history og. formation that
ntity and is giveted to utility bi
AGAINST BAvate banks - IC
med by online dering. The
ed that some bounted moneyas decided to
OR NPA CASe making it mfrom physical ses under theected in e-auctnce wants thzation and Rement of Secure e-auction mo
D REMITTANreport, India
es in the worldChina ($60
RBI had set upo help exportems.
ded to put into commemoraShrine Board.
PRIL 201BANKS next three-yeod. Broadly, trural brick an
respondents anancially exclude
ION y (M3) rose aeeks to April . It was 85.0, compared wientral bank da
LS ve initiated talllowing teleco
history with theof consumers
t captures yoen to the bureaills, lease renta
ANKS CICI bank, HDFportal Cobraposting operatio
bank officials hay by investino initiate actio
SES mandatory for
auctions to e Debt Recovetions in 2013-1at NPAs undeconstruction rities Act, 200ode, but has n
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p a ers
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PAs TO BE Cncerned over te Finance Minisn-performing arch 31, 2013. advances by
22% a year aducting the moss amount, inc
R PAYMENTorder to furthe
oney changing ae Reserve owed authorisangers (AMCsdian rupees urists against ibit cards. Ternational credal in foreign excess of foreign
State Bank market to rafive-year dollNational Paylaunch the icard by July t
YC NORMS Rensure that m
pt out of the aIndia has said
e SHG even mpleted for onls not necessar
e SHG.
OVT BOOSTSate Bank of Invernment by pares at the issue recapitalisatiusion, the sharreased from 61
EW NORMS Fe Reserve Bantingent liabilitssified as part eady classified h retrospective
TS DEADLINI has asked bS-2010 chequadline was up nks will have t10 standards.
UT DOWN Tthe rising bad try is working assets (NPAs) State-run banthe end of Dgo. Net NPAs
monies set asidcreased to 2.12
T AGAINST Ier rationalise activities, Bank has
sed money s) to sell to foreign
international This facility wdit cards. AMCsxchange for speexchange facil
of India enteaise about $1 lar-bond sale pyments Corpointernational vethis year.
RELAXED FOmembers of Self
mbit of bankind that banks c
if ‘know youly the office bery to obtain KY
S CAPITAL Ondia has receivpreferential allue price of Rs 2on plan of t
reholding of the1.58 to 62.31 p
FOR PRIORInk has adviseties or off-balof their prioriin this manne
e effect.
E EXTENDEDbanks to accepes till 31st Jto 31st March
to conform to
TO 1% loans of the stout a plan to rto 1% of ne
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I’NATIONAL
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rmediate Rangest-fired with aWheeler Island
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ted robot thae the layers o
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S ICE CAP ts frozen cloakate of 13 per cing, a new stualler than one sand have expsince the 196080 meters, revdden deep unde
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perienced 43 p0s. The snow-livealing rocks aner the ice.
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millions of timesupercomputers
y the laws oplex calculationsunts of data ay. They promise
search largey far those thaof. A quantum
taneously, whilea time.
S s created a shthout needing
wool because itstant and crinklvely that it evegorous exerci
ESTED m Convention ova has approveutes to pesticids many as 10
bject to certaernatives includcabaryl, fipronsed in India.
M BACTERIAExeter, UK, hon demand e the technolon challenges, t
coli bacteria, and so does nucts as is ofte.
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rough space, aof dark matter. entists think, ismake up 84.5 pt yet been direc
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g exposed to t
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cal tests fail
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xies (GRGs). Garge physical srful or very oldm Earth.
14
RIL 2013GRAMME he human brainues for treatingr’s. The Braincing Innovative$100 million oit could created technologica
MATTER’ ic SpectrometeShip (ISS) foiginating fromppears to have
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kthrough in theof the Humaniciency Viru
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YSTEM DISC-kind discoverfound the third6.5 light-yearsred Survey Exp.57-531906” aoo small in masgen fusion. Thauri, found to light-years awavered in 1917 at
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ES RECESSI's second largits economy
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a generic mede regarded in tore serious one
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AR POWER Psolar power plArab Emirates on project wh
COVERED ry in nearly a-closest star sys away. Discovplorer (WISE), re “brown dwss to ever bec
he closest star be a neighbou
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duce the unehe Saudi govern of jobs in Sa
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N FINE eading guilt
harges" manufacture anertain adulterat two India ubsidiary of Raay $500 milliicine maker tillthe US and mae than an ordin
PLANT ant was opene(UAE). Name
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a century, NASystem to the Suvered by NASAthe stars name
warfs”, which aome hot enoug
r system consisur of the Sun fainter Proxim
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he desert town escope with for the Atacam
MAY 201TES ounced that te new Nitaqkingdom, will go were stayind without facinl 6, 2013.
employment rarnment issued
audi Arabia undakes it mandatoonal for every
, entered in 2% in the firshowed reco
confidence.
y to "felorelating d distribution ted drugs madunits, the U
anbaxy agreed on, the large date.
any other judicnary offence.
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N PASSES ARe UNO has pasTT) to better radoption impl
0-billion flow tricting its mov
spected of violt cast its vote in
LOBAL TRADe World Trade bal trade growe to rising protew only 2 per ce since recordsure on record a
MF RECOGNIe Internationalwill recognise Seak in relations,
1991, local ctator Siad Barrtal breakdown ohe present goohamud, took orces ousted Al-S
HINA’s GROWport giant Chinthe last quarte
evious quarter,orms by new le
NCIENT PORchaeologists harld's oldest haars. The harbadi Al-Jarf areaong to the daurth Dynasty.
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ers from 15 mdia met in ParDoha Round o
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is the highest r strong WTO (Wce Ministers s
RMS TRADE ssed the unpreregulate the inies a major st
of arms avement to and ation of human the matter.
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wth in 2013 to 3tectionism amocent in 2012. Ts began in 19after 2009, whe
IZES SOMALl Monetary FunSomalia's new , towards enco
warlords had re and then turof the law andovernment ofoffice in last SeShabab, a milit
WTH SLIPS a’s economic ger of 2012-13, belying hopeeadership and e
RT DISCOVEave discoveredarbour in Egypbour, discoverea, 180 km soays of the Pha
WSPAPERS INalmost fifty y
Myanmar’s streeblication censot year.
main WTO memris on May 30tof talks for rea
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decision-makin(World Trade Osummit held a
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RED IN EGYd what is beliept which dates ed on the Reduth of Sueze, araoh Khufu (C
N MYANMARyears, privatelets for the firstorship was wit
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mber countriesth to push theaching a globa
cheduled to takeIndonesia. Theing body of theOrganisation). at London, May
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ms Trade Treatyale in weapons
controlling thers, particularlyhere groups are
wever, India did
its forecast foom 4.5 per cenries. The tradesmallest annuasecond weakesk.
announced thaafter a 22-yeailitation there
the long timenother, creating
m in the countryHassan Sheikh
en African Unionm the country.
to 7.7 per cenper cent in thegrowth due to
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AILOUT PAChe Cyprus Parlinvisaged a tax20,000 and €10o raise aroundnances. To ossible exit frond Internationaailout package
GENERAL ELEakistan's next gansfer of powe
he country's ch1th May. This ssembly has co
NDIAN GIRLeha Ramu, daucore of 162 on or her age. Thysicist Hawkinnstein, who ar
ARLOS SLIMs per the Forbycoon Carlos Setworth of $ 73he richest India
The 24th
L AWARENESS – JU
E HITS IRANe earthquake ds, killed at leadead in Iran ates.
erial meet of held at Kathmannial Internaala Lumpur, Malp Foreign Minid Chambers ofal gathering of ha, Qatar. us: WHO has
with the spret spreads easily
OPMENT BANchievement fointernational cided to estab
e infrastructureils such as capyet to be work
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CKAGE FOR iament has reje
x of 6.75 per c00,000 and 9.9d $ 8 billion t
stave off a bom the Euro cal Monetary Fufor Cyprus.
ECTIONS INgeneral electioer from an elechequered demo
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L RECORDS ughter of an Ina Mensa IQ te
This means thang, Microsoft fe all thought to
M IS RICHESbes list of richeSlim is the we3 billion, followan, Mukesh Am
h Arab League
ULY 2013
N escribed as the
ast 34 people and tremors w
f SAARC countandu, Nepal. ational Telugalaysia (12-14 Aisters meet he
of Congress, thf chamber and b
advised that tead of bird fly from birds to
MARNK FOR BRIor India in its
financial archlish a new BRIe, somewhat italization, locaked out. 100 billion do
st like IMF) countries.
CYPRUS ected the bank
cent on bank d9 per cent tax to shore up cbankruptcy of currency, the und have offer
N PAKISTAN on, that will macted governmeocratic history,st time that Pll five years ter
HIGHEST IQndian doctor cost — the highe
at she is morefounder Bill Gao have an IQ o
ST IN WORLest persons, Mealthiest in th
wed by Bill Gatmbani was rank
summit held in
e strongest to hin Pakistan wi
were felt in Ind
ntries on Pover
gu ConferencApril). eld in London.the year’s biggebusiness leader
this deadly virflu, is far "mohumans.
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hitecture, BRICICS Developme
like the Woration and holdin
llar ‘Contingento tackle a
k levy plan whideposits betweeabove that levcountry’s sinkinits banks and European Uniored a $13 billio
ark the first event to another, , will be held oPakistan Nationrm.
Q ouple, achievedest score possibe intelligent thates and scient
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LD Mexican businehe world with tes ($ 67 billionked 22nd.
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AHENDRA KARnews recently dited with thvement, in 20wn the activitie
DARSAN PATnd artist was iestigious Coptival in Denma
HVIN SIVAKss VI student n the top spoelling Champion
DYA BALAN: e prestigious 6y, headed by H
Cdr ABHILASdian to circumnl boat over autical miles (42
ROF U R RAOcretary, Deparucted into the
ashington, USA
UKESH AMBAvisory Council.
HIR LUDHIAs released in this first birth a
ALALA YOUSAe 15 year hoolgirl who waad at point-blaiban for advucation, has lionaire by sign
ound $3 millior memoir ined ‘I am Malala
SONS
NIVASAN: wae appointed tonted as a judond highest cou
RMA: Famousas he was killehe launch of005, a local mes of naxalites.
TTNAIK: Inten news as he penhagen Inrk for his sculp
KUMAR: 12-yat a Singapor
ot at the 'RHBnship’.
Bollywood ac66th Cannes
Hollywood direc
SH TOMY: of navigate the ga 150-day voy2,781 kms)
O: The formtment of Spac
e highly covete.
NI: selected t
ANVI: A comthe honour of anniversary.
AFZAI: old Pakistani as shot in the ank range by vocating girls’
become a ning a deal for on to publish n the book a’.
IN NM
as in news aso the top Amedge to DC Curt of USA.
s as the ‘Bastared in a naxalitef ‘Salwa Judumovement aim
ernationally acwon the Gran
nternational Sapture on enviro
year-old Indianre school was B-The Straits
APRctress has beenFilm Festival's
ctor Steven Spi
Indian Navy blobe, solo andyage, covering
MARmer Chairman ce, was in need “Satellite Ha
to the Bank of
mmemorative this famous p
16
NEWSMAY 2013
s he is the firserican court. Heircuit Court o
r Tiger’, he wae attack. He ium’ or Peace
med at curbing
cclaimed Indiannd Prize at theand sculpturenment.
n-origin boy, ain news as heTimes Nationa
RIL 2013n nominated tos nine-membeelberg.
became the firs non-stop, in ag over 23,100
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GYANM’S GENERAL AWARENESS – JULY 2013 17
APPOINTMENTS
MAY 2013 NIRBHAY SHARMA: Lt Gen (retired), Governor of Arunachal Pradesh. KUSHAL SINGH (Ms): Chairperson of National Commission for Protection of Child Rights (NCPCR). SHASHI KANT SHARMA: Comptroller and Auditor General of India K SIDDARAMAIAH: New Chief Minister of Karnataka NAWAZ SHARIF: Prime Minister of Pakistan, for the third time GIORGIO NAPOLITANO: Re-elected as President of Italy ROBERTO AZEVEDO: Director General of the World Trade Organization (from Brazil) WILLEM-ALEXANDER: Installed as the Netherlands first king in more than 120 years since 1890, after abdication by his mother, Queen Beatrix. NAJIB RAZAK: Re-elected as Prime Minister of Malaysia. DR. SHIRIN SHARMIN CHAUDHURY: First woman Speaker in Jatiya Shangshad (parliament) of Bangladesh
APRIL 2013 ARCHANA BHARGAVA: Chairman and Managing Director of the United Bank of India ANIL GOSWAMI: Union Home Secretary ENRICO LETTA: Prime Minister of Italy HORACIO CARTES: President of Paraguay ABDUL HAMID: President of Bangladesh NICOLAS MADURO: President of Venezuela Justice Arjan Kumar Sikri and Justice Sharad Arvind Bobde: sworn in as judges of the Supreme Court, raising the strength to 30, against the sanctioned strength of 31 judges including the CJI.
MARCH 2013 FIVE NEW GOVERNORS APPOINTED S C Jamir Odisha Nikhil Kumar Kerala Ashwani Kumar Nagaland DY Patil Bihar Devanand Konwar Tripura TAKEHIKO NAKAO: President, Asian Development Bank. He is from Japan.
UHURU KENYATTA: President of Kenya
XI JINPING: Communist Party of China's top leader has taken over as China's new president and head of the military, succeeding Hu Jintao. LI KEQIANG: Communist Party of China's second ranking leader, has been elected as Prime Minister by the Chinese Parliament known as National People’s Congress, succeeding Wen Jiabao KHIL RAJ REGMI: Chief Justice of Nepal was sworn-in as country’s new Prime Minister to head an interim government that will hold elections in three months, ending a long political deadlock in the country. JORGE MARIO BERGOGLIO: of Argentina, elected as first Pope from Latin American Pope of the 1.2 billion catholics Christians of the world. He will be named as ‘Pope Francis I’.
AWARDS & HONOURS MAY 2013
OUTSTANDING PARLIAMENTARIAN AWARD BJP leader Arun Jaitley (2010), Congress MP Karan Singh (2011) and JD(U) MP Sharad Yadav (2012) The awards were conferred the by the President Pranab Mukherjee at a function held in the Central Hall of Parliament, in the presence of Vice President Hamid Ansari. MAN BOOKER INTERNATIONAL PRIZE: Lydia Davis, American short story writer got the £60,000 award given in recognition of a writer’s overall contribution to fiction IN English only, across all nations. This prize is given once in two years to a living author for his or her continued creativity, development and overall contribution to fiction on the world stage for a body of work published either originally in English or available in translation in English. WHITELY AWARD for Nature Conservation: (Also known as Green Oscar) Aparajita Datta for her efforts for conservation of Hornbill birds in Arunachal Pradesh. PULITZER PRIZE for fiction: Adam Johnson for his novel The Orphan Master’s Son. Palme d’Or: Prize for best picture at Cannes film festival, won by ‘Blue is the Warmest Colour’ by French-Tunisian director Abdellatif Kechiche
APRIL 2013 DADA SAHEB PHALKE AWARD-2012: Veteran Bollywood actor Pran Krishan Sikand. It is the highest official recognition from government for film personalities in India. JNANPITH AWARD 2012: Ravuri Bharadwaja, eminent Telugu novelist, short story writer and poet. TEMPLETON PRIZE: Desmond Tutu, Veteran anti-apartheid leader and former Cape Town Archbishop from South Africa, for his lifelong work to promote "love and forgiveness" around the world. The prize carries cash award of USD 1.7 million.
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J S VERMA: Former Chief Justice of India, who headed the government-appointed committee to frame a tough law to tackle crime against women in the wake of the December 16 Delhi gangrape incident. RAM PRASAD GOENKA: Renowned industrialist, Chairman emeritus of RPG Enterprises, best known for Ceat tyres. V.S. RAMADEVI: Former Governor of Karnataka and Himachal Pradesh SHAKUNTALA DEVI: Wizard of Mathematics, the ‘human computer’, ‘mental calculator’, a Guinness World Record holder for her lightening-speed calculations. LALGUDI JAYARAMAN: Legendary violinist from Tamil Nadu MARGARET THATCHER: Former British Prime Minister, a towering figure in post-war British and world politics, and the first woman to become British Prime Minister, famous as ‘Iron Lady’. ROBERT EDWARDS: British scientist, who was awarded a Nobel prize for his pioneering work in developing ‘in vitro fertilisation’ (IVF) technique, leading to the birth of the first test tube baby.
MARCH 2013 HUGO CHAVEZ: Venezuela's President died at 58, after battling cancer for nearly two years. He was known for his open defiance of US policies. JAMES HERBERT: Veteran British horror writer, known for his best-selling spine- chilling books – The Rats and The Fog. MOHD. ZILLUR RAHMAN: President of Bangladesh
PLACES IN NEWS
MAY 2013 NICOBAR ISLANDS: The UNESCO has designated India's Nicobar Islands as a world biosphere reserve under its Man and the Biosphere Programme. The island chain is home to 1,800 animal species and some of the world's most endangered tribes JEERAM GHATI, DARBHA VALLEY: A hilly area in Chhattisgarh was in news as naxalites killed around 30 persons there in a bomb blast, including several local senior congress leaders. DAULAT BEG OLDI: Place in Ladakh on Chinese border was in news as the Chinese troops pitched their army tents in that area in clear cut violations of international norms. CHUTKHA: a small village in Mandla district of Madhya Pradesh was in news as locals there are protesting against 1400 MW NPCIL (Nuclear Power Corporation India Limited)
APRIL 2013 SAVAR, DHAKA: A small town on the outskirts of Dhaka was in news as a building collapse there claimed over 1100 lives and injured over 2000 persons. KEEZHANUR: A small hamlet on the Javadi hills in Vellore district of Tamil Nadu was in news as a “centre” for sharpening polished Neolithic (stone) tools made about 5,000 years ago has been found there. BOSTON: City in USA was in news as three people were killed and more than 180 others were injured there when two bombs, inside pressure cookers, went off in quick succession amidst thousands of people near the finish line of the popular Boston Marathon.
SPORTS WORLD
MAY 2013 RACE TO MT EVEREST COMPLETES 60 YEARS On May 29, 1953, Edmund Hillary and Tenzing Norgay created the history when they became first person in the world to scale the highest peak on the earth, rising 8849 metres above sea level. Arunima Sinha: A former national level volleyball player who had lost one of her legs after being thrown off a moving train, created history on May 21 by becoming the first Indian amputee to conquer Mount Everest. A team of seven students, aged 15-17 years, of Lawrence School, Sanawar, near Solan (HP) set a world record on May 21, of being the youngest team to conquer the Mount Everest. YUICHIRO MIURA: the 80 year old Japanese became the oldest person in the world to scale the highest peak of the world-Mount Everest. Mumbai Indians won the 6th Pepsi IPL trophy outplaying Chennai Super Kings at the Eden Gardens, Kolkota. Sachin Tendulkar announced his retirement from the Indian Premier League (IPL) soon after Mumbai Indians won their maiden IPL title defeating Chennai Super Kings. P.V. Sindhu won the Grand Prix Gold (Badminton) women’s title at Kuala Lumpur, Malaysia, beating Juan Gu of Singapore. Indian boxers created history by winning a record haul of 10 medals, including four golds, in the International Boxing Cup held in Limassol, Cyprus. David Beckham: The iconic Football player from England announced his retirement from the game after having an illustrious career of about 20 years. Rafael Nadal of Spain won the Barcelona Cup, defeating Nicolas Almagro (Spain) at Barcelona,
GYANM’S GENERAL AWARENESS – JULY 2013 20
Rafael Nadal: of Spain won the Madrid Open Cup Men’s title, beating Swiss Stanislas Wawrinka at Madrid, Spain. Serena Williams beats Maria Sharapova to win Madrid Open Cup women’s title. Sir Alex Ferguson: renowned manager of Manchester United football club of UK was in news as he resigned from his post after serving for 26 years.
APRIL 2013 RAHI SARNOBAT shot her way into history by becoming India’s first pistol shooter to win gold in a World Cup. The 22-year-old from Kolhapur (Maharashtra) won the 25m sport’s pistol event in the ISSF World Cup in Changwon (South Korea). RUPESH SHAH: Reigning world champion won the 12th Asian Billiards championship 2013, held at Indore in Madhya Pradesh. CHRIS GAYLE scored the highest ever -175 runs and fastest ever century – off 30 balls, in twenty20 history, blasting an incredible 175 off a mere 66 balls, including record 17 sixes and 13 fours. He was playing for Royal Challengers Bangalore against Pune Warriors at Chinnaswamy Stadium, Bangalore. Manipur wins the overall team championship in the North-East Games held at Imphal, Manipur. The final rounds of the prestigious Thomas Cup (Men’s) and Uber Cup (women’s) Badminton Championship will be held in India, for the first time ever. Novak Djokovic (Serbia) beats Spain's Rafael Nadal to win Monte Carlo Masters Tennis Championship in France.
MARCH 2013 Indian cricket team recorded their biggest ever series win in the 81-year history by having 4-0 clean sweep against Australia in Border Gavaskar Trophy. SHIKHAR DHAWAN scored unbeaten 185 in the third cricket Test against Australia at Mohali, scoring the fastest hundred (in85 balls) on debut in the 136 years of Test history. Dhawan also became the first Indian opener to score a century on debut. R. MURALI KUMAR of Indian Navy won the ‘Mr. India’ title in the National senior bodybuilding championship held at Kochi, Kerala. HARMANPREET KAUR has been named captain of the Indian women's Cricket team for the limited-overs series against Bangladesh starting on 2nd April. TIGER WOODS reclaimed the world number one spot by winning the Arnold Palmer Invitational Golf championship held at Orlando, Florida (USA).
GRAEME SMITH: South Africa’s cricket team captain received the ICC Test Championship trophy with prize money of US$450,000 as the world’s number one test cricket team for the calendar year 2012-13.
SOME MAJOR SPORTS EVENTS Event Venue Winner Looser
Deodhar Trophy (cricket)
Guwahati, Assam
West Zone won
North Zone
Vijay Hazare Trophy (Cricket)
Vishakha–patnam
Delhi Assam
67th Santosh Trophy (Football)
Kochi Services Kerala
Malaysian Grand Prix
Sepang, Malaysia
Sebastian Vettel
Mark Webber
Sultan Azlan Shah Cup hockey tournament
Ipoh, Malaysia
Australia Malaysia
Mexican Open (Tennis)
Acapulco, Mexico
Rafael Nadal
David Ferrer
ATP Dubai Open Tennis title
Dubai, UAE. Novak Djokovic
Tomas Berdych
DAYS & DATES JUNE World Environment Day 05th June Father’s Day 18th June World Refugee Day 20th June World Diabetes Day 27th June
MAY International Labour Day 1st May World Press Freedom Day 3rd May World Red Cross Day 4th May Mother's Day 2nd May World Laughter Day 7th May National Technology Day 11th May* World Telecommunication Day 17th May Anti-Terrorism Day 21st May Commonwealth Day 24th May World Anti-Tobacco 31st May * On this day India conducted its first nuclear test in 1974 at
Pokhran (Rajasthan)
APRIL National Maritime Day 5th April World Health Day 7th April National Safe Motherhood Day 11th April World Heritage Day 18th April Indian Civil Service Day 21st April Panchayati Raj Diwas 24th April World Malaria Day 25th April World Intellectual Property Day 26 April
GYANM’S GENERAL AWARENESS – JULY 2013 21
ABBREVIATIONS AYUSH Ayurveda, Yoga & Naturopathy, Unani, Siddha and
Homoeopathy AICTE All-India Council for Technical Education ASEAN The Association of Southeast Asian Nations CAGR Compounded Annual Growth Rate CCTNS Crime and Criminal Tracking Network and Systems CIRP Committee for Internet-Related Policies (at UNO). CPSU Central Public Sector Units DARE Defence Avionics and Research Establishment DDS Duty Drawback Scheme for exporters (in place of
DEPB) DGCA Directorate General of Civil Aviation DRDO Defence Research and Development Org. EAS East Asia Summit EPFO Employees' Provident Fund Organisation ETC Electronic Toll Collection (at toll plaza) FIEO Federation of Indian Export Organisations FINO Financial Inclusion & Network Organisation FMCG Fast Moving Consumer Goods GSLV Geosynchronous Satellite Launch Vehicle IAEA International Atomic Energy Agency ICDS Integrated Child Development Services IDFC Infrastructure Development Finance Company IIFCL India Infrastructure Finance Company Ltd. IUCN International Union for Conservation of Nature MCOCA Maharashtra Control of Organised Crime Act NADA National Anti Doping Agency NCDEX National Commodities and Derivatives Exchange NCTC National Counter-Terrorism Centre NELP New Exploration Licensing Policy NSSF National Small Savings Fund NPCIL Nuclear Power Corporation of India Limited NSSF National Small Savings Fund NSSO National Sample Survey Organisation PSLV Polar Satellite Launch Vehicle RFID Radio Frequency Identification RISAT Radar Imaging Satellite SFIO Serious Fraud Investigation Office TDSAT Telecom Disputes Settlement & Appellate Tribunal. TRIPS (Agreement on) Trade-Related Aspects of UDRS Umpire Decision Review System UNHCR United Nations High Commissioner for Refugees USB Ultra Small Branch (of a Bank) VLSI Very Large Scale Integration (process of creating
ICs e.g. micro processor) WADA World Anti Doping Agency WANA West Asia and North Africa (the countries here are
facing civil war)
NOTES
WHY BANKS OBSERVE KYC NORMS Money laundering by banks and insurance companies is more widespread than earlier thought, another expose by an online news website has revealed. This development is bound to force banks to undertake a fresh round of verification of the identity of almost all account holders, an exercise called 'Know your Customer'. ET explains what a KYC entails: WHAT IS KYC? Banks undertake this exercise to verify the identity of their customers. The KYC exercise aims to prevent banks from being used, intentionally or unintentionally by criminal elements, for money laundering. DOES KYC APPLY TO ALL CUSTOMERS? Yes. KYC is applicable to every individual who wants to have any business relationship with the bank. This means, any individual wanting to open an account (savings or current account and recurring or fixed deposit), get a bank draft, open a locker, receive any benefits on account of financial transactions, remittance or wire transfer, and apply for a loan. DOES IT HAVE ANY LEGAL BACKING? Yes. The KYC norm has been validated under Section 35A of the Banking Regulation Act, 1949, and Rule 7 of the Prevention of Money-Laundering Rules, 2005. Any violation of these norms could attract severe penalty under the BR Act. WHAT IS NEEDED FOR A KYC CHECK? KYC has two components: identity and address. While PAN and voter card, driving licence and any other identity document that satisfies the banks requirements serve as proof of identity, a copy of passport, electricity or phone bill or bank account statement are accepted as proof of address. DO BANKS OPEN ACCOUNTS FOR THOSE WITHOUT AN ADDRESS PROOF? Yes. But such individuals have to submit an identity document along with a utility bill of the relative with whom the prospective customer is living and a declaration from the relative that the said person is a relative. CAN KYC NORMS BE RELAXED? To ensure financial inclusion, a low-income group customer without identity and address proofs can open a bank account with an introduction from another account holder who has fulfilled the bank's KYC procedure. However, the balance in all his accounts taken together is not expected to exceed 50,000 and the total credit in all the accounts taken together is not expected to exceed 1 lakh. The introducer's account
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