Thursday, 3 August 2017

BRICS nations vow to fight protectionism…



Trade ministers from India and other BRICS countries pledged to rise against protectionism and safeguard the multilateral trade system after concluding their annual meeting in Shanghai 

The member countries -- Brazil, Russia, India, China and South Africa -- are also members of the World Trade Organisation (WTO), playing a major part in global economic governance. Safeguarding the multilateral trade system and the rise against protectionism serves the common interests of emerging and developing economies. 

What is BRICS??? 

BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. 

Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010. The BRICS members are all leading developing or newly industrialized countries, but they are distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs; all five are G-20 members. Since 2009, the BRICS nations have met annually at formal summits. 

The BRIC grouping's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009. ............

Government clears proxy vote move for NRIs….


Overseas electors will have to appoint a nominee afresh for each election — one person can act as proxy for only one overseas voter.


The Government approved changes in electoral laws to permit Non-Resident Indians to cast their vote in assembly and Lok Sabha elections from overseas. If the proposal passes political muster in Parliament, NRIs will be able to exercise their voting rights through “proxy”. Currently, only service personnel are permitted to vote through proxy.

However, the facility for NRIs will not be the same as that enjoyed by service personnel. For instance, voters in the armed forces can nominate their relatives as permanent proxy to vote on their behalf. But the Union Cabinet’s approval for proxy voting by NRIs carries a caveat: they cannot nominate one proxy for all polls.

Overseas electors will have to appoint a nominee afresh for each election — one person can act as proxy for only one overseas voter. With the Cabinet’s approval, sources said, suitable rules and guidelines will be framed to make this move effective soon. Currently, voters residing abroad can only cast their votes in their respective constituencies. This regulation is seen as restrictive as only a few thousand Indians living overseas have registered as voters, the maximum being from Kerala. Of these, barely anyone has travelled to the country to exercise his or her franchise.

According to rough estimates, there are about 1 crore Indians settled abroad, of which 60 lakh could be of eligible voting age. They could hold considerable sway in election results, especially in states such as Punjab, Gujarat and Kerala, where a number of expats hail from.


Lok Sabha passes bills to extend GST to Jammu and Kashmir…




The first bill provides for the extension of the Central Goods and Services Tax Act,2017 to Jammu and Kashmir and the other provides for the extension of the Integrated Goods and Services Tax IGST Act,2017 to the State.

The two bills replace an order promulgated by the President.

The first bill provides for the extension of the Central Goods and Services Tax Act,2017 to Jammu and Kashmir and the other provides for the extension of the Integrated Goods and Services Tax IGST Act,2017 to the State. 

What is CGST, SGST or IGST ?
Central GST:
Central GST is the component of GST that will be levied by the central government on all items, both goods and services. It only applies to intra-state trade. A dealer can use input tax credit of CGST against CGST or IGST.

State GST:
State GST is the component of GST that will be levied by the state government on all items, both goods and services. It only applies to intra-state trade. A dealer can use input tax credit of SGST against SGST or IGST.

Integrated GST:
Integrated GST is the component of GST that will be levied by the central government in case of inter-state trade. It is applicable on all items, both goods and services. A dealer can use input tax credit of IGST against SGST, CGST or IGST.


Cabinet approves India-BRICS MoU for Agriculture Research Platform…

MoU between India and BRICS countries to set up a BRICS-Agriculture Research Platform. The centre will promote sustainable agricultural development and poverty alleviation through strategic cooperation in agriculture to provide food security in the BRICS member countries.


It further intensify cooperation among BRICS countries in agricultural research policy, science and technology, innovation and capacity building, including technologies for smallholder farming in the BRICS countries, an MoU on establishment of the Agricultural Research Platform was signed by the Foreign Ministers of BRICS countries in the 8th BRICS Summit held on October 16, 2016 in Goa.

BRICS-ARP will be the natural global platform for science-led agriculture-based sustainable development for addressing the issues of world hunger, under-nutrition, poverty and inequality and enhancing agricultural trade, bio-security and climate resilient agriculture 

The establishment of BRICS-ARP was proposed by Prime Minister Narendra Modi during the 7th BRICS Summit held in July 2015 at Ufa, Russia.

What is BRICS??? 

BRICS is the acronym for an association of five major emerging national economies: Brazil, Russia, India, China and South Africa. Originally the first four were grouped as "BRIC" (or "the BRICs"), before the induction of South Africa in 2010. The BRICS members are all leading developing or newly industrialized countries, but they are distinguished by their large, sometimes fast-growing economies and significant influence on regional affairs; all five are G-20 members. Since 2009, the BRICS nations have met annually at formal summits. The BRIC grouping's first formal summit, also held in Yekaterinburg, commenced on 16 June 2009


Union Cabinet has approved MoU between India and Spain on India-Spain Cooperation in renewable energy…

The Union Cabinet approved Memorandum of Understanding (MoU) signed between India and Spain on India-Spain Cooperation in renewable energy.
The MoU, signed on 30th May, 2017 at Spain, will help in strengthening bilateral cooperation between the two countries with the exchange of expertise and networking of information.
It may be noted here that India and Spain had signed 7 agreements, including on cooperation in cyber security and renewable energy, following recent talks in Madrid between Prime Minister Narendra Modi and his Spanish counterpart Mariano Rajoy. It may also be noted here that it was the first visit by an Indian Prime Minister to Spain in nearly 30 years since Rajiv Gandhi paid a trip in 1988. Modi and Rajoy last met on the sidelines of the G20 Summit in Turkey in November 2015.
1             MOU on Technical Cooperation in Civil Aviation
2     MOU on Cooperation in organ transplantation between India’s Directorate General of Health Services and the National Transplant Organisation of Spain
3             MOU on Cooperation in Cyber Security
4             MOU on Cooperation in Renewable Energy
5             Agreement for Transfer of Sentenced Persons
6             MOU between Foreign Service Institute and Diplomatic Academy of Spain
7             Agreement on visa waiver for holders of diplomatic passports

Apart from RE and cyber security, three other MoUs were signed on cooperation in organ transplantation, technical cooperation in civil aviation, and between the Foreign Service Institute of India and the Diplomatic Academy of Spain.

Two agreements were also signed on transfer of sentenced persons and waiving of visas for diplomatic passport holders.






RBI cuts rate, but doesn’t ease stance: what does it really mean ….


The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) today cut repo rate, or its key lending rate, by 25 basis points to 6 per cent - the lowest since November 2010. 

Falling inflation allowed the central bank to focus on boosting the economy which grew at the slowest pace in over two years in the January-March quarter. Banks could lower lending rates further, making loans cheaper. 

RBI chief Urjit Patel, addressing the media, said banks have scope for lowering lending rates further in some segments where transmission of lower rates.

The decision of the MPC was consistent with a neutral stance of monetary policy in consonance with the objective of achieving the medium-term inflation target of 4% within a band of +/- 2%, while supporting growth. 

Policy Rates :

Repo Rate and Reverse Repo Rate

Repo rate is the rate at which RBI lends to its clients generally against government securities. Reduction in Repo rate helps the commercial banks to get money at a cheaper rate and increase in Repo rate discourages the commercial banks to get money as the rate increases and becomes expensive. It was reduced by 25 basis points to 6%. The rate cut comes after a slump in food prices in consumer inflation to a record low of 1.54%.

Reverse Repo rate is the rate at which RBI borrows money from the commercial banks. It was reduced by 25 bps to 5.75%.

Cash Reserve Ratio

Cash Reserve Ratio is a certain percentage of bank deposits which banks are required to keep with RBI in the form of reserves or balances. the CRR is 4.00 percent ,it was unchanged at 4%. The RBI uses the CRR to drain out excessive money from the system.

Statutory Liquidity Ratio

Every financial institution has to maintain a certain quantity of liquid assets with themselves at any point of time of their total time and demand liabilities. These assets have to be kept in non cash form such as G-secs precious metals, approved securities like bonds etc.

This will be reduced to 20% with effect from 24th June 2017 in line with the changes in RBI Credit Policy, means it was unhanged 20%

Monetary Policy Committee(MPC)

Monetary policy is the process by which monetary authority of a country , generally central bank controls the supply of money in the economy by its control over interest rates in order to maintain price stability and achieve high economic growth. In India, the central monetary authority is the Reserve Bank of India (RBI). It is so designed as to maintain the price stability in the economy.

The Monetary Policy Committee is entrusted with the task of fixing the benchmark policy rate (repo rate) required to contain inflation within the specified target level. As per the provisions of the RBI Act, out of the 6 Members of Monetary Policy Committee, 3 Members will be from the RBI and the other 3 Members of MPC will be appointed by the Central Government.





World Bank : India can construct Kishanganga, Ratle Hydro Power Plants... 


India is allowed to construct hydroelectric power facilities on tributaries of the Jhelum and Chenab rivers with certain restrictions under the 1960 Indus Waters Treaty (IWT), the World Bank has comment.

Pakistan opposes the construction of the Kishanganga (330 megawatts) and Ratle (850 megawatts) hydroelectric power plants being built by India in Jammu and Kashmir

"Among other uses, India is permitted to construct hydroelectric power facilities on these rivers subject to constraints specified in annexures to the treaty," the Bank said in its fact sheet

India had asked for the appointment of a neutral expert to look into the issues, contending the concerns Pakistan raised were "technical" ones.

The IWT was signed in 1960 after nine years of negotiations between India and Pakistan with the help of the World Bank, which is also a signatory.

The talks between the two nations over the treaty come amid tensions between them after a number of terror attacks in India by Pakistan-based terror groups.

What is IWT ( Indus Waters Treaty ) ???


The Indus Waters Treaty or सिंधु जल - संधि  is a water-distribution treaty between India and Pakistan, brokered by the World Bank (then the International Bank for Reconstruction and Development). 
The treaty was signed in Karachi on September 19, 1960 by Prime Minister of India Jawaharlal Nehru and President of Pakistan Ayub Khan.
According to this agreement, control over the three "eastern" rivers — the Beas, the Ravi and the Sutlej — was given to India, while control over the three "western" rivers — the Indus, the Chenab and the Jhelum — to Pakistan.
More controversial, however, were the provisions on how the waters were to be shared. Since Pakistan's rivers flow through India first, the treaty allowed India to use them for irrigation, transport and power generation, while laying down precise regulations for Indian building projects along the way. The treaty was a result of Pakistani fear that, since the source rivers of the Indus basin were in India, it could potentially create droughts and famines in Pakistan, especially at times of war.


Indian army develop app for soldiers to track promotions, postings…


The Indian Army has developed a mobile application Humraz through which serving soldiers can track details like postings and promotions



The mobile app has been developed in-house by the Army and will be launched in the second week of August for prompt communication of information to junior commissioner officers and other personnels.

For security reasons, the installation of the application has been linked to verification of Aadhaar details.

The Aadhaar details will be verified with the Army database over (National Information Centre) NIC cloud and he will get a one-time-password on his registered mobile number.

Hence, to enable usage of this mobile application, the latest mobile number of individuals should be linked to his Aadhaar number, the official added.


ગુજરાતના જાણીતા ગોલ્ફર સિધ્ધાર્થ નાયકનું નિધન


૪૨ વર્ષના ખેલાડીને કેન્સરની બીમારી હતી

ત્રણ રેકોર્ડ સૂર્યોદયથી સૂર્યાસ્ત સુધી રમવાનાં ધરાવતા હતા : રાજ્યના એક માત્ર માન્ય રેફરી હતા ગોલ્ફ ઈન સ્કુલ, કેડી ગોલ્ફ લીગની સ્થાપના કરી હતી

રાજ્યના જાણીતા ગોલ્ફ ખેલાડી કે જેણે ગુજરાતમાં શાળા-કોલેજથી માંડી કોર્પોરેટ અને કલબોમાં ગોલ્ફની રમતનો અસાધારણ પ્રચાર કર્યો હતો તેવા સિધ્ધાર્થ નાયકનું કેન્સરની બીમારી બાદ ૪૨ વર્ષની વયે નિધન થયું હતું. બે વર્ષ અગાઉ કેન્સરની બીમારીનું નિદાન થયું તે પછી પણ છેક સુધી તેઓ ગોલ્ફની રમત અને તેના પ્રચાર માટે કાર્યરત રહ્યા હતા.

તેઓ ગુજરાતથી બાસ્કેટ બોલ ટીમના ખેલાડી પણ ભૂતકાળમાં રહી ચૂક્યા હતા. ૨૦૦૬થી ગોલ્ફ પ્રત્યે તેને દિલચશ્પી જાગી હતી. 'ગોલ્ફ ઈન સ્કુલ' પ્રોગ્રામ તેમણે શરૃ કરી અમદાવાદ, વડોદરા ઉપરાંત મહારાષ્ટ્રની શાળા-કોલેજોમાં તેઓ જતા હતા.

ગુજરાતની ગોલ્ફ કલબો જોડે પણ પાયાથી તેમના અનુભવનો લાભ આપતા હતા. કેડી ગોલ્ફ લીગ તેમજ અમદાવાદમાં એલીટ ગોલ્ફર્સ એસોસિએશનની પણ તેમણે સ્થાપના કરી હતી. ગુજરાતના તેઓ એક માત્ર માન્ય ગોલ્ફ રેફરી પણ હતા.


સૂર્યોદયથી સૂર્યાસ્ત સુધી તેઓએ બ્રિજેશ પટેલને પાર્ટનર બનાવી અનુક્રમે ૧૮૦ અને ૩૬૦ હોલ્સમાં સ્ટ્રોક અને ફોરમેટ રમીને ૨૦૧૪ અને ૨૦૧૬માં લિમ્કા બુક ઓફ રેકોર્ડસમાં સ્થાન મેળવ્યું હતું. આ ઉપરાંત વેસ્ટ ઝોનના મેનેજર રહી ચૂકેલો સિદ્ધાર્થ નાયકે જૂન ૨૦૧૫માં ૨ કલાકમાં અમદાવાદના ૧૦ જુદા જુદા ગોલ્ફ કોટર્નમાં રમવાની સિધ્ધિ મેળવી હતી જે પણ રેકોર્ડ છે.