In today's Current Affairs, we have news on:
Railway Budget 2015-16
Insurance/Banking/Finance
India
World
Awards
Obituaries
Railway Budget 2015-16 –
Railway Budget 2015 - Highlights
The key themes of the Budget were in line with Prime Minister Narendra Modi's initiatives - Swachch Bharat Mission, Make in India and Digital India.
Key Highlights:
The most-expected part about this year's railway Budget - there is no increase in rail fares.
Rs.8.5 lakh crore will be invested in Railways in next 5 years.
'Operation 5 mins', wherein passengers travellling unreserved can purchase a ticket in 5 minutes.
Bio toilets and airplane-type vaccum toilets in trains.
Surveillance cameras in select coaches and ladies compartments for women's safety without compromising on privacy.
Rail tickets can now be booked 120 days in advance.
Speed on nine railway corridors to go up to 200 km per hour.
Wi-Fi in more stations, mobile phone charging facilities in all train compartments.
Facility of online booking of wheelchair for senior citizens.
Satellite railway terminals in major cities.
Centrally managed Rail Display Network is expected to be introduced in over 2K stations over the next 2 years.
All india 24/7 helpline - 138 from March 2015 ; Toll free No.182 for security.
917 road under-bridges and over-bridges to be constructed to replace 3,438 railway crossings; at a cost of Rs. 6,581 crore.
Four Railway Research Centres to start in four universities.
No new trains announced in 2015 Railway Budget.
Kisan Yatra — a special travel scheme for farmers finds mention in Rail Minister Suresh Prabhu's speech
Mumbai University signed MoU with Indian Railways to set up Rail Innovation and Technology Centre
Mumbai University on 23 February 2015 signed a memorandum of understanding (MoU) with the Indian Railways to set up a Rail Innovation and Technology Centre to train students for expertise in Railway Engineering.
Highlights of the MoU
Indian Railways will allocate 142.89 crore rupees budget for the centre over the next five academic years.
Mumbai University will provide education, distribution of facilities for higher education, effective administration and financial control.
The university will impart practical training to candidates at university’s Kalina, Ratnagiri and Kalyan sub campus.
The university will also start specialized courses at the Post Graduate level related to rail technology.
This institute will help the Indian Railways in developing cutting-edge indigenous technologies and turn as a net exporter of such technologies.
Insurance/Banking/Finance –
IRDA releases India Insurance Vision 2025
Additional tax incentives and simple products are key to insurance industry, according to a survey of the Confederation of Indian Industry (CII).
The study, India Insurance Vision 2025, done by McKinsey for CII, was formally released by TS Vijayan, Chairman of Insurance Regulatory and Development Authority of India (IRDA), here on Thursday.
The industry has a potential to reach $250 billion mark by 2025, it said.
Insurance Regulatory and Development Authority of India (IRDA) today said insurance companies can appoint individual agents on their own without license from the regulator from April 1.
IRDA chairman T S Vijayan said the regulator also plans to make health insurance, so far considered as part of non-life sector, a standalone entity.
Forbes released Asia’s 50 Power Businesswomen 2015 list
Forbes on 26 February 2015 released Asia’s 50 Power Businesswomen 2015 list. The list features six Indian women CEO and Managing Director (MD).
The Asia's 50 Power Businesswomen list showcases a year of accomplishments by the region's female entrepreneurs and executives.
The list includes following Women from India
Arundhati Bhattacharya, CMD, State Bank of India
Chanda Kochchar, CEO, ICICI Bank,
Akhila Srinivasan, MD/Non-Executive Director, Shriram Life Insurance/Shriram Capital
Kiran Mazumdar Shaw, Founder, Chairman and MD, Biocon
Shikha Sharma, CEO and MD, Axis Bank
Usha Sangwan, MD, Life Insurance Corp. of India
The first time entrants to the list include Maggie Wu and Lucy Peng, Alibaba's top female decision-makers.
For the first time, two women Garamjav Tseden and Win Win Tint are included from developing nations Mongolia and Myanmar.
Union Cabinet approved creation of two additional benches of the Authority for Advance Rulings
Union Cabinet on 25 February 2015 approved the creation of two additional benches of the Authority for Advance Rulings (AAR). Two additional benches of the AAR will be established in New Delhi and Mumbai.
For these two benches, there will be a creation of two posts of Vice-Chairmen in the Apex scale and four posts of Members (two posts of Revenue Members and two posts of Law Members) in the Higher Administrative Grade (HAG+).
Moreover, two posts of Secretary at the level of Commissioner of Income Tax or Joint Secretary will also be created.
Significance of two additional benches of the AAR
The creation of two additional benches of the Authority will dispose of increased number of cases and pendency of cases will be reduced benefitting the tax payer and the Government.
This will operationalise the facility of advance ruling for resident tax payers. The benches will facilitate the cause of the resident tax payers in obtaining tax clarity in certain situations.
About Authority for Advance Rulings (AAR)
In order to provide the facility of ascertaining the Income-tax liability of a non-resident, a scheme of Advance Rulings was introduced in the Chapter XIX-B of the Income-Tax Act, 1961 and the Authority for Advance Rulings (AAR) was constituted in 1996.
Zoomcar tied-up with Tata Motors Limited to expand its fleet
Self-drive car rental service Zoomcar on 25 February 2015 tied-up with automaker Tata Motors Limited to add 50 more new Nano cars to its fleet. These new cars will be split between Pune and Bengaluru.
Zoomcar currently offers cars like the Ford Ecosport, Tata Safari, Mercedes GLA and Honda City among others which lets customers rent them across Bangalore, Pune and the Delhi-NCR region.
About Zoomcar
Founded by Greg Morgan and David Back in 2013, Zoomcar is a Self-Drive car rental service which allows you to rent cars by the hour, day, week or month.
Andhra Pradesh signed MoU with Wipro for building and implementing APSEA
Andhra Pradesh (AP) Government on 23 February 2015 signed Memorandum of Understanding (MoU) with Wipro for building and implementing the AP State Enterprise Architecture (APSEA).
The APSEA is aimed at bringing transformational change in the way government services are conceived, designed, delivered and consumed.
Characteristics features of APSEA
It intends to make the state government future-ready by changing from departmental stovepipes to a citizen-centred approach to government services achieved through transformation of the front, middle and back office operation.
It would prove to be an essential tool for the development of Andhra Pradesh. The vision of the state of Andhra Pradesh is to use e-governance as a tool to provide integrated services to its citizens through a free flow of information.
India –
Union Ministry of Chemicals & Fertilizers declared 2015 as Year of Active Pharmaceutical Ingredients
Union Ministry of Chemicals & Fertilizers on 25 February 2015 declared the year 2015 as the Year of Active Pharmaceutical Ingredients (API). It was declared by the Union Minister of Chemicals & Fertilizers Ananth Kumar.
The aim is to bring about self-sufficiency in the field of Active Pharmaceutical Ingredients (API) which is also consistent with the avowed objective of the Union Government Make in India initiative.
In this regard, the Department of Pharmaceuticals will
take measures to facilitate the growth of the sector;
interact with the industry on a more regular basis to improve G2B interactions;
promote better and more coordinated efforts to achieve the objective of Make in India for the API sector
India bans ISIS under Unlawful Activities (Prevention) Act
Dreaded terror group ISIS and all its affiliate organisations, responsible for series of savage attacks and killings in Iraq and Syria, have been banned in India under the Unlawful Activities (Prevention) Act.
Recruitment of youths to the outfit from India and their radicalisation is a matter of serious concern for the country especially with regard to its likely impact on national security when such youth return to India, the Home Ministry said while banning the terrorist group.
The Islamic State/Islamic State of Iraq and Levant/ Islamic State of Iraq and Syria/Daish and all its manifestations have been declared as outlawed in India under UAPA, a notification issued by the Ministry said.
Home Minister Rajnath Singh had said in Parliament on December 16, 2014 that the West Asian group had already been declared banned in India under a United Nations Schedule.
In its 20th year, The Hindu website wins major award
The Hindu’s website has won the Website of the Year (WOTY) India award for 2014 in the News and Information category.
The selection of the Website of the Year India is done in an online public process that seeks to identify the best and most popular websites in 21 categories. It is organised by MetrixLab, a global provider of consumer insights and marketing analytics.
The WOTY awards have been organised for a decade in the United Kingdom, the Netherlands, Germany, France, Spain, Brazil and China.
The Hindu has won this award out of 252 websites that were nominated in 21 categories. More than 344,000 votes were cast between October 27 and December 5, 2014. A maximum of 12 nominations were made for each category.
As the winner, The Hindu has been given a trophy and gets to display the WOTY winner logo on the website throughout 2015.
Government to give digital boost to MGNREGA scheme
Government will roll out a pilot project to give a digital boost to the flagship rural job scheme MNREGA in gram panchayats to ensure its better implementation through mobile monitoring system.
Under the scheme expected to be functional from April this year, a total of 35,000 gram panchayats will be covered which would be given a mobile/tablet, Minister of State for Rural Development Sudarshan Bhagat said in a written reply in Lok Sabha.
An amount of Rs 35 crore have been sanctioned as each mobile/tablet would be costing Rs 10,000.
Union Cabinet approved the implementation of 15000 MW Grid-connected SPV Projects under NSM
The Union Cabinet on 25 February 2015 approved the implementation of the scheme for setting up of 15000 Mega Watt (MW) Grid-connected Solar Photo Voltaic (SPV) Power projects under the National Solar Mission (NSM).
The scheme will be implemented through National Thermal Power Corporation (NTPC) and NTPC Vidyut Vyapar Nigam Limited (VVNL) in three tranches.
The three tranches are:
Tranche 1: 3000 MW of SPV plants will be completed under mechanism of Bundling of solar power (3000 MW) with Unallocated Coal based Thermal Power (1500 MW) in the ration of 2:1.
Tranche 2: 5000 MW will be completed with some support from Government to be decided after getting some experience while implementing Tranche-l.
Tranche 3: remaining 7000 MW will be completed without any financial support from the Government.
TRAI issued 6th Amendment to Telecommunication Mobile Number Portability Regulation, 2009
The Telecom Regulatory Authority of India (TRAI) on 25 February 2015 issued 6th Amendment to the Telecommunication Mobile Number Portability Regulation, 2009. This amendment will facilitate full MNP (Pan-India Portability) across India with effect from 3 May 2015.
With this, subscribers will be able to retain the same mobile number on relocating to anywhere in India although they can change their service provider.
At present, number portability within a telecom circle is only possible and the subscriber has to pay roaming charges plus applicable STD call rates when he carries the number outside the home circle.
World –
Russia and Cyprus signed an agreement to allow Russian navy ships to use Cypriot ports
Russia and on 25 February 2015 signed an agreement to give Russian navy ships access to Cypriot ports in the Mediterranean Sea. Russian ships that will dock at Cypriot ports would mostly be used in counter-terrorism and anti-piracy efforts.
The agreement was signed in Moscow after talks between Russian President Vladimir Putin and Cypriot President Nicos Anastasiades.
The military deal also included the possibility of Russia using an air base on Cyprus for humanitarian relief missions.
Scientists discovered quasar SDSS J0 100+2802 with central black hole mass of 12 billion solar mass
The international team of scientists led by astronomers from Peking University in China and from the University of Arizona discovered the brightest quasar SDSS J0 100+2802 with the most massive black hole of 12 billion solar-mass.
The findings were published in the journal Nature on 26 February 2015 and Prof. Xue-Bing Wu at Peking University is the lead author of the study.
The world's first 3D-printed jet engine unveiled
Australian researchers unveiled the world's first 3D-printed jet engine on Thursday, a manufacturing breakthrough that could lead to cheaper, lighter and more fuel-efficient jets.
Engineers at Monash University and its commercial arm are making top-secret prototypes for Boeing Co, Airbus Group NV, Raytheon Co and Safran SA in a development that could be the saviour of Australia's struggling manufacturing sector.
3D printing makes products by layering material until a three-dimensional object is created. Automotive and aerospace companies use it for producing prototypes as well as creating specialized tools, moldings and some end-use parts.
Indian Consulate at Houston to Partner with HISD for Hindi Language School
One of the largest public school system in the US is planning to introduce Texas's first Hindi dual language school, a move that could benefit the country's significant Indian-American population.
With over 200,000 students and 276 schools, Houston Independent School District (HISD) will partner with the Consulate General of India (CGI) here for the Hindi Dual Language Immersion Programme.
Consul General Harish Parvathaneni expressed his readiness to assist HISD with teaching and curricular materials and with an ongoing partnership to provide appropriate cultural milieu to the students of the proposed programme.
Awards –
Clemson University honoured Ratan Tata with Doctorate of Automotive Engineering
Ratan Tata was honoured on 26 February 2015 with an honorary Doctorate of Automotive Engineering by the Clemson University at the South Carolina Automotive Summit.
He was awarded for his contributions to the global automotive industry.
Ratan Tata is the ex-chairman of the Tata Group. He was named Chairman of Tata Industries In 1981, where he was responsible for transforming it into a group strategy think tank and a promoter of new ventures in high technology businesses.
Irom Sharmila gets Sthree Shakti award
Activist Irom Sharmila, who has been on an indefinite fast since November 4, 2000, demanding the repeal of the Armed Forces (Special Powers) Act, has been conferred with the Sthree Shakti award.
The award is in recognition of her extraordinary courage and determination, M.L. George, managing trustee of Smaraks Sthree Trust, Kochi, told reporters here on Tuesday.
She is also known as Iron Lady of Manipur.
Obituary –
Former Haryana CM Hukam Singh Dead
Former Haryana Chief Minister Hukam Singh today passed away after a brief illness at a private hospital in Gurgaon. He was 89.
Haryana Chief Minister Manohar Lal Khattar has expressed grief over the death of the leader. The state government has declared a holiday tomorrow to condole the death.
Singh was chief minister of the state in 1990-91. He had been elected MLA thrice from Charkhi Dadri before 1990.
The state government has declared three-day mourning starting today.
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