NATIONAL NEWS

PM VISITS MYANMAR AFTER 25 YEARS Embarking on a "new journey" of bilateral cooperation,Indian Prime Minister visited Myanmar after a gap of 25 years, to meet MyanmarPresident Thein Sein. India extended a USD 500 million line of credit as part of 12 agreements on sectors like trade and energy signed withMyanmar, which vowed that its territory will not be allowed to be used by terrorists to targetIndia. India and Myanmar have announced to launch a trans-border bus service from Imphal to Mandalay. India would repair and upgrade the Tamu- Kalewa Friendship Road between Manipur and Myanmar.INDIA RANKS 46TH IN GLOBAL TRADEAs per a World Bank survey, India now ranks 46th in global trade logistics performance, whose top five slot are occupied by Singapore, Hong Kong, Finland, Germany and Netherlands in the list of 155 countries. The United States is ranked ninth, while Japan occupies the eight spot. Countries like India, China and the US, which pursued aggressive reforms, have improved their global trade logistics performance despite the slowdown in progress in the sector over the last two years amid the global recession, the World Bank has said. AP HIGH COURT QUASHES MINORITY QUOTA Andhra Pradesh High Court quashed the 4.5 percent sub-quota granted by the central government for the minorities, carved out of the 27 percent reservation for other backward classes in jobs. The court said that the quota violated Articles 15(1) and 16(2) of the constitution that prohibit discrimination based on religion.INDIA TOPS IN CONSUMER CONFIDENCEIndia has once again emerged as themost optimistic marketin terms of consumer confidence, but there is still some amount of cautiousness when it comes to spending spare cash, says aNielsensurvey. This is the ninth consecutive quarter wherein India has retained the tag of the world's most optimistic market with an increase of one point inconsumer confidenceto 123. India is followed by Saudi Arabia at 119. Indonesia and the Philippines shared the third most optimistic nation tag with an index point of 118.INTERLOCUTERS REPORT ON J A& K Centre's interlocutors on Jammu and Kashmir have favoured setting up a Constitutional Committee to review all Central Acts and Articles of the Constitution of India to the state extended after 1952.The report of the interlocutors Dileep Padgaonkar (Head), Radha Kumar and M M Ansari, which was made public today, ruled out a return to the pre-1953 position. It also said the state assembly will submit three names to the President to the post of Governor who will be appointed by the President.It also suggested that there should be no change in Article 356 and if the state government is dismissed, elections should be held within three months.DTAA SIGNED WITH MALAYSIAIndia and Malaysia today signed a double taxation avoidance agreement(DTAA) with a view to boosting bilateral trade and facilitating exchange of tax information. The main objective of the agreement is to avoid the incidence of double taxation on income by determining the taxing rights between the countries.

INDIA RANKS 5TH IN CYBER CRIMEIndia is ranked fifth in the worldwide ranking of countries affected by cyber crime, claims a report by the Security and Defence Agenda (SDA) and McAfee. According to the report titled Cyber Security: The Vexed Question of Global Rules, the premium on internet privacy in the country is quite low.PER CAPITA DEBT CROSSES Rs 33,000According to finance ministry data, the per capita debt in India was estimated at nearly Rs 33,000 at the end of March 2012, compared to a little over Rs 26,600 a year ago, led primarily by internal as well as external loans. This is in addition to the home and auto loans that individuals have taken. While companies as well as governments avail of external loans, internal debt is mainly on account of government borrowings, either from the market or even from individuals in the form of small savings schemes such as theNational Savings CertificateorPublic Provident Fund.INDIA TOPS IN PRE TERM BIRTH DEATHSAccording to a report published recently, India has the highest number of deaths due to premature births, and ranks 36th in the list of pre-term births globally. The ranking included 199 countries. Of the 27 million babies born in India annually (2010 figure), 3.6 million are born prematurely, of which 303,600 don't survive due to complications.INDIA 75TH IN MOTHERs INDEXIndia has performed poorly on the mother and child front with its rank on the Mother's Index dropping to 76 in the list of 80 less developed countries'' category as against 75th position in 2011. Compiled by Save the Children's global flagship report, State of the World's Mothers, The Mother's Index is based on a number of criteria such as lifetime risk of maternal death, per cent of births attended by skilled health personnel and other risk factors related to maternity. Norway tops the Index.31% INDIANS SAY THEY ARE SUFFERINGAlmost 31 per cent or about 240 million Indian adults rate their lives poorly, enough to be considered suffering, according to a new study by Gallup Research. Gallup classifies respondents as thriving, struggling or suffering according to how they rate their current and future lives on a scale of 0 to 10. Gallup considers people to be suffering if they rate their current lives and their lives in five years at 4 or lower.FOREIGN HELP FOR BLACK TIGER SHRIMPThe government is planning to rope in global companies for the revival ofBlack Tiger shrimp farmingin the country.This variety, also known as giant tiger prawns, is the most popular item in the Asian, European, and American markets.JCC MEET WITH BANGLADESHA host of strategic bilateral issues, including extradition treaty, Teesta water treaty and boundary implementation agreement were discussed in the first Indo-Bangla Joint Consultative Commission meeting held at New Delhi.INDIA TO HOST E-9 MINISTERIAL MEETING India will host the ninth E-9 Ministerial Review Meeting in New Delhi later in 2012 and assume the chair of the E-9 Secretariat from 2012-2014. Bangladesh, Brazil, China, Egypt, India, Indonesia, Mexico, Nigeria and Pakistan are the nine most highly-populated countries of the South (E-9). Between them they represent more than 60 per cent of the world's population, over two-thirds of the world's illiterate adults and over half of the world's out-of-school children. Finance Minister Pranab Mukherjee has been elected as Chairman of the ADB's Board of Governors. India Post celebrates 25 years of its premium service Speed Post. India will host the Annual Meeting of the Board of Governors of the Asian Development Bank (ADB) in May next year. India has become the largest importer of arms during 2007-11 accounting for 10 per cent of global arms import as compared to Chinese share of 5 per cent. The Supreme Court has struck down the government's policy of giving subsidies to Haj pilgrims and directed that it be progressively eliminated within a period of 10 years. The Indian President made a nine-day state visit to Seychelles and South Africa to boost economic ties with the African nations K. SHANMUGAM, Singapore's Foreign Minister, visits India on a four-day trip to strengthen bilateral relations and identify new areas of cooperation between the two nations.

NEWS FROM STATES

KARNATAKA TOPS IN FISH PRODUCTIONKarnataka has emerged as the leading coastal state with highest growth offish production. With about five lakh tonnes of annual fish production, Karnataka accounts for almost six per cent of overall fish production in India which is currently estimated at about 91 lakh tonnesKERALA BANS GUTKA/ TOBACCO PRODUCTSThe Congress-led UDF Government in Kerala today announced a ban on the manufacture and sale of gutka and pan masala containing tobacco in the state with immediate effect. Kerala is the second state to ban the use of gutka and pan masala after Madhya Pradesh.MAHA TO WAIVE WEAVER LOANSMaharashtra Governmenthas announced waiving off loans to the tune of Rs 50,000 borrowed by the weavers and handloom workers till March 31, 2010.The decision will provide relief to as many as 6000-7000 weavers. TheCentral Governmenthad announced a package of Rs 3884 crore for this purpose for financial year 2011-12 and 2012-13 for the weavers across the country.NEW HEALTH SCHEME IN MPIn Madhya Pradesh, a consolidated scheme has been introduced to provide health services in all 52 thousand villages of the state. Sampoorna Swasthya Sabke Liye scheme contains all the health scheme of the central and state government. Under this Scheme, the smallest unit Gram Arogya Kendra will be work at village level.MAHA. TO GO BRAZIL WAY FOR COTTONThe Maharashtra Government is planning to adopt the Brazil pattern for boosting cotton yield from 475 kg per hectare to 600 kg per hectare in the State. Brazil produces about 1,495 kg of cotton per hectare against the global average of 745 kg per hectare. The model is based on high density cultivation practices where, at times, about one lakh shrubs are planted in a one acre area.

BIHAR OFFERS 50% SUBSIDY ON DHABASThe Bihar Government has approved a proposal to grant 50 per cent subsidy to those setting up dhabas (highway eateries) and related facilities in identified areas under the tourism circuit in the State. A beneficiary of the subsidy would be required to run the dhaba or related facilities for at least 10 years otherwise the subsidy would be recovered. Kerala Tourism is holding its maiden road show in Jeddah, Saudi Arabiato attract tourists from there. The Uttar Pradesh Government has decided to give Rs 1,000 per month as unemployment allowance to the youth between 30 and 40 years of age. The Uttarkhand Government has decided to give allowance to the unemployed educated youth. Karnataka has signed a memorandum of understanding (MoU) with Mizuho Corporate Bank of Japan for mutual co-operation and investment promotion. The MOU was signed at a road show organised by Karnataka at Tokyo. Zila Parishad of distict Kurukshetra, Haryana has won the National Panchayati Raj Award for successfully implementing all Central Government schemes. High Altitude Cloud PhysicsLaboratory opened at Mahabaleshwar (Maharashtra) The Odisha government and Posco-India have agreed to set up an 8 mtpa greenfield steel plant near Paradip, downsizing the earlier plan of establishing a 12 mtpa facility.

GOVT INITIATIVES

CENTENARY AWARD FOR FILMSTo celebrate the 100th year of Indian cinema, the I&B ministry has instituted a Centenary Award (of Rs 10 lakh) which will be given to a path-breaking Indian or International film every year at the International Film Festival of India (IFFI) in Goa.RESTRUCTURING OF TEXTILES LOANSThe governmentannounced restructuring a debt of Rs.35,000 crore of textile firms on a case-to-case basis in a bid to revive the debt-stressed industry. The finance ministry would examine in consultation with the Reserve Bank of India for a two-year moratorium on term loans, special provision in NPA norms to avoid asset reclassification and working capital eroded to be converted into working capital term loans repayable over a period of 3-5 years. ISEET TO REPLACE IIT-JEE/AIEEEFrom 2013, aspiring candidates for IITs and other central institutes like NITs and IIITs will have to sit under new a format of entrance test which will also take plus two board results into consideration. The new exam - ISEET(Indian Science Engineering Eligibility Test)will replace the IIT-JEE and AIEEE. For admission to all the centrally funded institutes, there would be 40 percentage weightage for performance in Class XII (after normalisation of marks), 30 per cent weightage to performance in main and 30 per cent in the advanced test.'ONE MP - ONE IDEA' SCHEME UNDER MPLADTheMinistry of Statisticsand Programme Implementation has announced a new scheme 'One MP - One Idea' under theMember of ParliamentLocal Area Development Scheme (MPLADS).An 'One MP - One Idea' Competition will be held in eachLok Sabhaconstituency annually to select the three best innovative ideas received from the local people regarding developmental projects in the constituency.COMMITTEE TO REVIEW POVERTY LINEThegovernmenthas set up a technical panel to review theTendulkar Committee methodology for deciding thepoverty linefor which it has been facing increasing criticism in recent months. The technical group panel headed by the Prime Minister's Economic Advisory Council ChairmanC. Rangarajanwill "revisit the methodology for estimation of the poverty and identification of the poor. Based on the methodologies suggested by Tendulkar Committee those who consume more than Rs.28.65 per daily in cities and Rs.22.42 in rural areas were not poor.PF INTEREST RATE REVISED TO 8.8%The government has increased interest rates on General Provident Fund, GPF, State Provident Funds and Special Deposit Scheme, SDS, for the current financial year to 8.8 per cent. The rates were currently at 8.6 per cent.CASH ASSISTANCE TO PRISONERSThe Tihar-Prisons-authorities have launched a new scheme called, Sparsh, to provide five hundred rupees per month as financial help to poor and needy prisoners in the jail. The move will boost their morale, relieve them of the stress and also stop them from being repeated offenders.THE COPYRIGHT ACT AMENDED Song writers, artistes and performers can now claim royalty for their works for life long period as the Parliament has approved The Copyright Act (Amendment) Bill, 2012. The Bill declares authors as owners of the copyright, which cannot be assigned to producers, as was the practice till now. The new law would help artists live a good life even in old age, as they would continue to get their dues for their work.MANDATORY RURAL POSTING FOR MBBSGovernment has decided to make one year rural posting compulsory for doctors and include it in the MBBS course curriculum. Doctors will be attached with the Health Ministrys flagship programme National Rural Health Mission during the year-long rural posting which will also help improve health care services in villages.GOVT GRANTS WOMEN SHARE IN PROPERTYThe Marriage Laws (Amendment) Bill, approved by the cabinet, will give the woman, in case of divorce, half a share in her husband's residential property, regardless of whether the property was acquired before or during the marriage. This is the first time that the woman's share in marital property has been made part of the marriage legislation.415 LAWS REPEALEDThe Govt has repealed 415 obsolete and redundant laws and 17 Acts were in various stages of being withdrawn and another nine Acts were under examination for repeal or amendment. Law Minister Salman Khurshid said 1382 laws had been identified redundant by a special commission set up by the government.RAILWAYS TO LAUNCH SIMRANAll trains, including Rajdhani, Shatabdi and Duronto, will be monitored by a satellite-based navigation system by next year as part of the Railways' effort to provide accuracy about their movement. Railways have launched Satellite Imaging for Rail Navigation (SIMRAN) as a pilot project for 18 pairs of important trains which provides precise location of the trains through interactive mode on mobile phones, laptops, thereby eliminating the need for telephone inquiry. MORE SERVICES UNDER MGNREGAThe Centre will include a number of additional activities in the work schedule of its flagship programme MGNREGS to boost the performance of the scheme. The new list has 30 different categories of work related to agriculture, rural sanitation, drinking water, watersheds, fisheries and livestock.TCS ON GOLD PURCHASES ABOVE 2LAKHAccording to the Finance Bill, it is now mandatory for the seller of jewellery to collect tax at the rate of 1% from the sale amount from the buyer for all cash transaction exceeding Rs 500,000. and deposit it with the Government. ( Earlier the limit proposed was 2 lac only) .The tax collected at source norms ask the seller to collect tax . This is different from Tax Collection at Source (TCS) where payment is made after deducting tax at specified rate.However, the threshold limit for cash purchase on bullion will be retained at Rs 200,000. Bullion will not include any coin or other article weighing 10 gram or less.MANDATORY NOTIFICATION FOR TBThe Centre has declared Tuberculosis, TB as a mandatory notifiable disease with immediate effect. Notification of TB cases by all healthcare providers will help patients better access to quality diagnosis and treatment.TAX REBATE TO PE FUNDSThe government has decided to cut the long-term capital gain tax on investments made by private equity funds (PE Funds) into shares of unlisted companies, from 20 per cent to 10 per cent, to bring them at par with FIIs, which are taxed at 10%.1000 ATMs BY INDIA POSTTheDepartment of Postplans to set up 1000ATMsatpost officesand convert them into banks for taking corebankingto unbanked population using the vast postal network. There are 154,688 post offices in the country, the largest postal network in the world. Of these 25,154 are departmental post offices and the rest Gramin Dak Sewak (GDS) managed post offices which are predominantly in the rural areas. RIGHT TO MARITAL PROPERTY ACTA panel set up by the Planning Commission has recommended enactment of a comprehensive Right to Marital Property Act, applicable to all communities, which should treat all movable and immovable assets of a married couple or a couple living together as joint property and which can be divided at the time of separation/desertion, regardless of who has bought the property, the minister said.GAAR POSTPONED TO APRIL 1, 2013Finance Minister has announced that rules aimed at deterring tax avoidance - known as the General Anti-Avoidance Rules- GAAR, (see details in Notes section) - would now be implemented from April 1, 2013, instead of April 1, 2012 as announced earlier. He also rolled back an unpopular increase in excise duty on jewellery and a withholding tax on property sales besides offering tax sops to private equity investors and reduced withholding tax on overseas borrowings to boost capital flows into the country.SEPARATE ACT FOR SIKH MARRIAGESParliamnet has passed act enabling registration of marriages of Sikhs under theAnandMarriage Act, 1909 meeting a long-standing demand of the community for a separate provision for them instead of being included under the Hindu Marriage Act. The Anand Act, enacted in 1909, had no provision for registration of marriage which continued to be registered under the Hindu Marriage Act, 1955.BUSINESS CONFIDENCE INDEXThe Corporate Affairs Ministry plans to bring out a Business Confidence Index (BCI), which would be an indicator of optimism of business managers in the country. The index would help measure the business sectors perception based on political and economic situation. This would enable to bring out the right pulse and vibrancy in the economy.RLYS TO PLANT 1CRORE SAPLINGSThe Railways has fixed a target of planting one crore saplings on its land in the current financial year. In the last three years, about two crore and sixty-one lakh saplings were planted. This drive is part of the Railways' commitment to improve the environment as also to safeguard its land from unauthorized occupation.PILF FOR INDIAN WORKERS ABROADThe government is promoting anew Pension and Life Insurance Fund(PILF) scheme in a bid toprovide financial securityto poor Indians working abroad. PILF is for Indian workers aged between 18 and 50 who have a work permit or employment contract and whose passports carry the 'Emigration Clearance Required' stamp. The worker has to pay Rs 5,000 to become a member. The government will contribute Rs 2,000. If the person is a domestic help, the amount would be Rs 3,000.100 CHANNELS FOR Rs 100Television viewers will soon get to choose a minimum of 100 Free-to-Air (FTA) channels at a maximum retail price of Rs. 100, under the new tariff rules for Cable Television announced by the Telecom Regulatory Authority of India. The Basic Service Tier will consist of 100 FTA channels, including 18 mandatory Doordarshan channels plus the Lok Sabha channel.7YR JAIL FOR HITTING CHILDRENThe government has put its foot down against corporal punishment and ragging and is proposing changes in the law that would send offenders to up to seven years in jail. To protect children in educational institutions, the government has for the first time defined corporal punishment andragging in the proposed changes to the Juvenile Justice Act, which is being renamed as the Child Justice (Care, Protection and Rehabilitation of Children) Act. The government has increased interest rates onSpecial Deposit Scheme(SDS) andState Provident Fundsfor the year 2012-13 to 8.8 per cent from 8.6 per cent at present. The new rate will be applicable from April, 1, 2012. Government has decided to set up a call centre with a portal for receiving RTI applications. Lok Sabhahas approved a bill to establish separate High Courts for Meghalaya, Manipur and Tripura. Railways has increased the distance that could be covered under the Izzat' monthly season ticket scheme from 100 kms to 150 kms. Government has decided to complete the digitalisation in the cable TV sector in a phased manner. It has been decided to completely change over from analog to digital services by December 2014.

ECONOMIC INDICATORS

CORE SECTOR SLIPS DOWNEight core industries' growth rate slowed down to 2 per cent in March as against 6.5 per cent in the same month last year on account of dismal expansion in crude oil and natural gas sectors. During fiscal 2011-12, the core industries grew by 4.3 per cent as compared to 6.6 per cent in 2010-11, according to the data released by the Commerce Ministry. 8 Core sectors are: Coal, Cement, Crude Oil, Fertilisers, Natural Gas, Petroleum Products, Elecy. & Steel. All the eight core sectors have 37.9% weightage in theIndex of Industrial Production(IIP).RUPEE SLIPS TO NEW LOWTherupeebreached the 56-level once again on May 30, 2012 at 56.23 its lowest close till date. The rupee weakened against thedollar which gained in the international market after trouble in Spain's banks pulled the euro down to a two-year low.GDP GROWTH PROJECTED AT 6.1%A poll of 31 economists produced amedian forecast of 6.1 per cent growth for Indian economy for January March quarter, unchanged from the growth of the October-December quarter. While 6.1 per cent would be the envy of most developed nations, it is the lowest growth rate for India in almost three years. GDP probably rose 6.7 per cent in the fiscal 2012, the slowest pace in three years, and well below the 8.4 per cent clocked in the previous year.ECONOMY TO GROW BY 7.6%: BASUAccording to the Chief Economic Advisor, Dr Kaushik Basu, the Indian economy is likely to grow by 7.6 per cent this fiscal year. This is in line with thegrowth estimate of 7.6+/- 0.25 per cent put out in the Economic Survey in March this year. The Indian economy is estimated to have grown 6.9 per cent in 2011-12, reflectinga significant slowdown in comparison to the preceding two years.INDIA TO GROW BY 7.5%: UN STUDYIndia is projected to see a faster growth of 7.5 per cent this fiscal on the back of higher savings and investment rates, even as most of the Asia-Pacific economies are likely to expand at a slower pace, says a UN report.The Indian government has projected the economy to expand by 7.6 per cent in the current fiscal.$ 6.25 BILLION ADB LOAN TO INDIA The Asian Development Bank (ADB) will provide assistance of USD 6.25 billion to India over three years for various projects, including those in the energy and education sectors. The lending is to support inclusive and environmentally sustainable growth". The lending support will go to key areas like transport, energy, urban development, agriculture natural resource management, finance and education.IIP SINKS BY 3.5% India's industrial output unexpectedly contracted 3.5 per cent in March, from a year earlier. Manufacturing, which constitutes about 76 per cent of industrial production, shrank an annual 4.4 per cent. While mining output contracted 1.3 per cent, electricity output grew by 2.7 per cent. Mining and electricity constitute roughly 14 and 10 per cent of IIP.RECORD FDI IN 2011-12Undeterred by aslowdownin growth, India's foreign direct investment flow touched a record $50 billion in 2011-12, the highest since investments were opened up in 1996. With an eight-fold increase,India attracted foreign direct investment (FDI) of $ 8.1 billion in March, the highest ever monthly inflows. British energy major BP's investment of $8.9 billion into India in March 2012 as part of its deal with Reliance Industriesearlier this year, played a significant role in helping the country reach the record investment figure. The govt has set an export target of USD 350 billion for the 2012-13. The government has prepared a Strategy Paper for doubling India's merchandise exports to 500 Billion US dollars by 2013-14. Govt has fixed four percent growth rate for agriculture during the 12th Five Year Plan.

ECONOMY

FOREIGN INVESTMENT NORMS RELAXEDIn a conscious bid to shore up the inflow of foreign funds and, thereby, stem the steady depreciation of the rupee against the dollar, the government has threw open the stock markets to direct investment by all residents of the Gulf and EU nations. Alongside, it also opened the doors to individual overseas investors better known as QFIs (qualified foreign investors) to bring up to $1 billion in the country's debt and corporate bond market.RECORD WHEAT PROCUREMENT Helped by bumper production,wheat procurementin the country has grown to a record 32.6 million tonnes (mt) this year so far and is expected to grow further as states like Madhya Pradesh and Uttar Pradesh still seeing daily crop arrival of up to 150,000 tonnes. Punjab and Haryana, known as food bowls of the country, have contributed record 12.8 mt and 8.6 mt of the grain respectively this year.EXPORTS TO EUROPE MOVE UPAmid the gloom from Europe, there is finally some good news forIndia. For the first time, tradewith the 27-member bloc went up by 21.5% to $110 billion during 2011-12. Of this, exports are estimated to have gone up around 13% to $53 billion, which is lower than the overall export growth of around 21% for India.SWISS BANK DEPOSITS BELOW 10K CrVarious estimates ofblack moneystashed abroad have been doing the rounds in recent years. According to a white paper tabled in the LS on May 21, most of these estimates appear to be fabricated with malicious intent, with some bordering on the bizarre. The paper relies on figures provided by theSwiss National Bankto dispel the common belief that Indians hold the maximum deposits in Swiss banks.Total deposits of Indians in Swiss banksdeclined by more than Rs 14,000 crore during the 2006-10 period. The deposits stood at Rs 9,295 crore at the end of 2010 compared to Rs 23,373 crore in 2006, according to theWhite Paper. INDIA SIGNS GSPA FOR TAPI GAS Union Cabinet has signed the Gas Sale and Purchase Agreement (GSPA) for buying gas from Turkmenistan through the $7.6 billion Turkmenistan-Aghanistan-Pakistan-India (TAPI) pipeline. The contentious issue of transit fee was also resolved with India agreeing to pay both Afghanistan and Pakistan a transit fee of $0.50 per million metric British thermal unit (mmBtu) for allowing passage of gas through their respective territories. This was one of the major points that had been a bone of contention between the three neighbouring countries. The 1,735 kilometres (1,078mi) pipeline will run from the Turkmenistan gas fields (Dauletabad gas field) through Afghanistan and Pakistan to Fazilka in Punjab, India.ROUTE RESS THROGH MFs-SEBITo minimise risk associated with direct stock investment for new investors, market regulator Sebi has asked the government to route tax-saving Rajiv Gandhi Equity Savings Scheme (RESS) through mutual funds. Sebi feels that first time investors may not have adequate information about the stock market and so they should enter the market through institutional investors like mutual funds.RAJIV GANDHI EQUITY SAVINGS SCHEME This is the first-ever tax benefit scheme announced by the government to encourage retail investors participation in the equity market. By offering this scheme, the government aims at channelising household savings into stock markets. Under the scheme the government had announced 50 percent tax deduction to retail investors with annual income of less than Rs 10 lakh for investment up to Rs 50,000 in a year with a lock-in period of three years. A retail investor can avail the scheme only once in a life time. TRADE WITH JAPAN TO MOVE UPThe trade between India and Japan is likely to touch $25 billion by 2014 on the back of a trade deal that the two countries signed in 2011. During 2010-11, the two-way trade stood at about $13 billion. The two countries signed a Comprehensive Economic Partnership Agreement (CEPA) aimed at eliminating tariff on majority of products traded between the countries.$ 2 BN CURRENCY SWAP FOR SAARCReserve Bank of India will offer Swap Arrangement of two billion dollars both in foreign currency and Indian currency to SAARC nations. The swap will be offered in US dollar, Euro or Indian Rupee against the domestic currency or domestic currency denominated government securities of the requesting country. RIL FINED $ ONE BILLIONThe Petroleum & Natural Gas Ministry has slapped a hefty penalty of over US $1 billion on Reliance Industries Ltd (RIL) for failing to meet gas output targets in K G Basin gas field allotted to the company. The ministry blamed RIL for not drilling its committed quota of wells, which led to a large chunk of production facilities lying unused or under-utilised. $ 2 BILLION LOAN FOR RILReliance Industries (RIL) has signed a $ 2 billion (Rs 10800 crore) loan with nine banks covered by Euler Hermes Deutschland AG. (Euler Hermes) on May 7 at Berlin, Germany. The loan will be primarily used to finance goods and services procured from German suppliers as part of RIL's petrochemicals expansion projects at Jamnagar, Hazira, Silvassa and Dahej in India.RISE IN GHG EMISSIONS LEVELSIndias greenhouse gas (GHG) emissions rose 4.2 per cent to 1.3 billion tonnes of carbon dioxide equivalent compared with 1994 levels. The energy sector accounted for 67.4 per cent of total GHG emissions, followed by agriculture at 23.3 per cent, industrial processes at 6 per cent and waste sector 3.4 per cent.INDO RUSSIAN TRADE HOUSEThe first Russian-Indian trade house has been opened in Mumbai. This will be followed by the opening of the similar center in Moscow also. The project aims at promoting trade and investment between two countries. 4 G SERVICES LAUNCHED AT KOLKATATelecom majorBharti Airtelbecame the first player India to launch the 4G services, at Kolkata. A successor to the 3G and 2G families, 4G is expected to be five times quicker than 3G services. It would offer services such as high-definition mobile TV and video conference on mobile. GOVT PLANS TO CUT SUBSIDIES The Indian government is committed to bringing downsubsidiesto below two percent of the country'sgross domestic product(GDP) in the current fiscal and cut it further to 1.75 percent in the next three years. This was stated by the Finance MinisterPranab Mukherjee at Manila after being elected as Chairman of ADB.INDIA NEEDS $ 1 TRLN FOR INFRASTRUCTUREAddressing the first business session of the annual meeting of theAsian Development Bank(ADB) at Manila, Finance Minister of India said that India has made provisions for creating infrastructure debt fund to attract investment in this sector. India needs about USD one trillion in the next five years for infrastructure development, out of which at least 50 per cent has to come from private sector. Therefore, there is huge scope for investments in India," he said.POOR LIVING AT Rs 15 A DAYAccording to the 66th round of National Sample Survey (NSS) carried out between July 2009 and June 2010, about 60 per cent of India'srural populationlives on less than Rs 35 a day and nearly as many in cities live on Rs 66 a day, reveals a government survey on income and expenditure.The survey also pointed out that 10 per cent of the population at the lowest rung in rural areas lives on Rs 15 a day, while in urban areas the figure is only a shade better at Rs 20 day. The Government has decided to allow export of one million tonnes of Sugar. Govt has decided to cut crude oil import from Iran by 11 per cent to 15.5 million tonnes in 201112. India has become the largest importer of arms, accounting for 10% share, surpassing the Chinese share of five per cent of global arms imports during 2007-11. India has decided to convert 200 million US Dollars as grant to Bangladesh, out of the One billion US Dollar credit being provided by India to Bangladesh.

BANKING

BANKS DIRECTED TO OPEN SB ACCOUNTSThe Finance Ministry has directed all state-run banks to ensure that every household has at least one savingsbank accountby the end of June. The move is seen as a step towards direct transfer of benefits under the government's financial inclusion plan. Financial inclusion refers to providing financial products such as bank accounts, savings products, and remittance and payment services to the disadvantaged.MORGAN STANLEY GETS BANKING LICENSELeading US bank Morgan Stanley has received an in-principle approval from the Reserve Bank of India (RBI)for a banking license. The licence would enable Morgan Stanley to expand its offerings to wealth management, corporate banking and foreign exchange from its current services such as advising clients on takeovers.NEW GLOBAL REMMITTANCE SERVICE Federal Bankhas joined hands withNational Bank of Abu Dhabi, the biggest bank in UAE, to launch a real-time international account-to-account money transferservice via mobile phones from anywhere in the world to any bank in India. The bank will make use of the arrow mobile service of NBADpowered by Luup mobile payment technology for the purpose. Under the scheme, Federal Bank beneficiaries get transferred funds instantaneously.BANK NPAs CROSS Rs 59,000 CROREThe grossnon-performing assets(NPAs) of nationalised banks stood at Rs 59,397 crore at the end of December 2011, accounting for roughly 2.4% of total advances. During 2010-11, nationalised banks had written off loans worth Rs 12,000 crore and loans amounting to Rs 47,000 crore have been restructured. RBI ISSUES BASEL III GUIDELINESThe Reserve Bank of India (RBI) has issued the final guidelines for implementation of Basel III capital regulation in India, which would be effective from January 1, 2013, in a phased manner, to be fully implemented by March 31, 2018.Banks have to maintain Tier I capital, or core capital, of at least 7 per cent of their risk weighted assets on an ongoing basis, as against 6 per cent at present. The total capital ratio, including Tier I and Tier II, must be at least 9 per cent, unchanged from the current requirement. WHAT ARE BASEL GUIDELINESBasel is the name of a place in Switzerland where headquarters of the Bank for International Settlements is located. It is an intergovernmental body which coordinates regulations in the fields of financial services to promoteinternational financial stability. It issues guidelines to regulate the banking business world over. It has a Basel Committee on Banking Supervision (BCBS) which is known for the Capital Adequacy Norms issued by it in 1988, as per which banks are required to maintain a capital adequacy ratio of not less than 8 per cent of their risk weighted assets. In 2004, it issued Basel II guidelines comprising of three pillars. In 2010, it issued the present Basel III guidelines.INDIAN BANKS NEED MORE CAPITALAccording to Fitch a credit rating agency,Indian banks may need to raise up to $ 50 billion (about Rs 2.50 lakh crore) of additional equity (on top of retained earnings) under the Basel III capital regulations announced recently by the RBI. Most of the requirement is back-ended, with over 75 per cent needed to be added between 2015-16 and 2017-18. POLICY FOR LOAN TAKEOVERSThe Reserve Bank has asked banks to put in place a board approved policy for takeover of accounts from another banks. The policy may include norms relating to the nature of the accounts that may be taken over, authority levels for sanction of takeover, reporting of takeover to higher authorities, monitoring mechanism of taken over accounts, credit audit of taken over accounts, examination of staff accountability especially in case of quick mortality of such cases after takeover, periodic review of taken over accounts at Board level etc. RBI CAUTIONS BANKS ON LENDING TO NBFCsTheReserve Bank of Indiahas set a deadline of six months forbanksto reduce their exposure to such non-banking finance companiesorNBFCswhich have half of their total financial assets in gold loans, from 10% of their capital funds to 7.5%. The banking regulator warned about concentration risk inherent in NBFC's business model when more than 50% of their lending is against gold jewellery. These NBFCs rely heavily on bank finances to expand their business.AXIS BANK JOINS HANDS WITH AIRTELBharti Airtel and Axis Bank have established a partnership to introduce mobile banking and payment services in India. As per the terms of the agreement, no-frills savings account of Axis Bank will be opened for customers on the airtel money platform 'Airtel Money Super Account, powered by Axis Bank' offering customers banking transactions such as cash deposit, money transfer and withdrawal.BANK DEPOSITS SLIP DOWNDeposits growthslowed down to 13.93% as depositors moved togoldandreal estatefor inflation-adjusted returns, leaving little room for banks to cut rates. According to latest data released by the RBI, deposits with commercial banks grew at 13.93% on a year-on-year basis to 60.6-lakh crore as on May 1, 2012. TheRBIhas projected a 17% growth in aggregate deposits of scheduled commercial banks for the financial year. The slowdown in deposits is partly attributed to high inflation.RBI REVISES COLLECTION CHARGESIn a relief to customers, the Reserve Bank has asked the banks to fix a uniform fee for collection ofchequesof over Rs 1 lakh, instead of levying it as a percentage of the value of the instrument. "Banks, which have fixed their service charges for out- station/speed clearing for instruments valuing above Rs 1 lakh as percentage to the value of instruments are advised to review the same and fix the charges on a cost-plus basis,"RBIsaid. In another notification, the Reserve Bank asked the banks in remote areas to set up a mechanism to ensure that cheques are delivered and exchanged on the same day.BANKS TO VERIFY Rs100 & ABOVE NOTESRBI has directed banks to ensure that cash receipts in the denominations of Rs 100 and above should not be put into re-circulation without the notes being machine processed for authenticity. RBI further said that banks should use such machines in all bank branches with average daily cash receipt of Rs 50 lakh and above, within a definite time frame.MOODYs DOWNGRADES TOP INDIAN BANKSMoody's Investors Service has downgraded the ratings of top three private sector lenders - ICICI Bank, HDFC Bank and Axis Bank and Life Insurance Corp, reflecting the alignment of their fortunes with the government's deteriorating finances. The downgrade is driven by the macroeconomic situation of the country and there is nothing fundamentally wrong with the banks, said a spokesman of Moodys.SMART NEW KCC CARDRevising the Kisan Credit Card (KCC) Scheme, the Reserve Bank of India (RBI) has asked the banks to issue smart card-cum-debit-card to farmers for hassel-free transactions. National Payments Corporation of India (NPCI) will design the card of the KCC to be adopted by all the banks with their branding.GOVT TO TAKEOVER NHB FROM RBITo enableRBIto focus on its supervisory function and avoid clash between its regulatory and ownership roles, a bill was introduced in theLok Sabhato transfer shareholding of the country's central bank in the National Housing Bank to the Centre. The National Housing Bank (Amendment) Bill, 2012 also seeks to transfer the registration and regulation related powers of the National Housing Bank (NHB) over housing finance companies to the RBI to ensure uniform control over non-banking financial companies and to enable the NHB to concentrate on supervision and financing of such institutions.TAX RELIEF TO FOREIGN BANKSGovt has decided to exempt foreign banks from paying tax for setting up local units as it looks to ring-fence such units against external economic shocks. TheRBI is formulating a scheme for subsidiarisation of Indian branches of foreign banks to ring fence Indian capital and Indian operations from economic shocks external to the Indian economic scenario. However, foreign banks operating in India have cited high stamp duty and capital gains tax as a hindrance to floating local subsidiaries. Existing laws require overseas banks to pay up to 30 percent of the market value of their assets as capital gains and stamp duty while converting branches to a new entity.RBI TO REGULATE MFIsUnion cabinet has approved a bill aimed to bring microlenders under the RBIs control. The Microfinance Institutions (Development and Regulation) Bill needs parliament's approval to become a law.The bill proposes to make it mandatory for micro-finance institutions to be registered with RBI and have minimum net-owned funds of 5 lakh rupees. Microlenders have been accused of aggressive lending and recovery practices and high interest rates, which attracted calls for regulation.The bill proposes the maximum interest that the Micro Finance institutions can charge is 26%. This bill is sequel to the report popularly known as Y.H.Malegam committee report.RBI TO SEEK OUTSIDE HELPThe Reserve Bank has decided to rope in a third-party consultancy firm to help it incorporate global best practices in its supervisory role and prepare the risk ratings for variousbanksin the country. The third-party consultancy firm would help RBI benchmark the global best practices in supervisory processes, develop risk profile templates and risk rating of commercial banks, and prepare a supervisory manual for conducting risk-based Supervision system.INTEREST ON EXPORTS DEREGULATEDWith a view to increasing the availability of funds to exporters, RBI has decided to allow banks to determine their interest rates on export credit in foreign currency with effect from May 5, 2012.NEW NORMS FOR PREMATURE FD PAYMENTSTheReserve Bank of Indiahas removed restrictions imposed onbankswhich earlier prevented lenders from levying penalty on customers for foreclosure of some term deposits. Banks are now free to formulate their own interest rate policies on foreclosure of term deposits for better asset-liability management.INTEREST RAISED ON FCNR (B) DEPOSITSTo attract inflows in view of falling rupee, the Reserve Bank has raised the interest rate ceiling on NRI deposits in foreign currencies by up to 3 per cent.Interest rate ceiling on Foreign Currency Non-Resident FCNR (Bank) deposits of banks has been raised from 125 basis points (bps) (1.25 per cent) above the corresponding LIBOR or rates to 200 bps for maturity period of 1 year to less than 3 years, and to 300 bps for maturity period of 3 to 5 years.NRI A/C RULES RELAXEDThe Reserve Bank allowed non-resident Indians (NRIs) to transfer funds from non-resident ordinary (NRO) account to Non-Resident External (NRE) account subject to a ceiling of $1 million in a financial year.While, an NRE account is for depositing income from abroad, NRO account is mainly for putting Indian incomes.In case of NRE account, only NRIs can become joint account holders but for NRO account, both resident and non-resident can become joint account holders.NRI INFLOWS JUMP 3 TIMESMonies that NRIs deposited into Indian banks trebled to a record $11 billion in 2011-12. Interest rates that NRIs earn on rupee deposits were freed in December. In the previous five years, inflows of NRI money averaged $2.9 billion. SBI plans to float a $1-billion (Rs 5,500 crore)debt bondissue by August to raise funds for its expansion plans. The Reserve Bank is holdinggold reserves of 557.75 tonne valued at USD 27.02 billion, accounting for 9.2 per cent of foreign exchange reserves. The RBI has ordered exporters to convert half of their foreign exchange earnings kept in bank accounts into Indianrupeeto prop up the falling value of rupee. There are 93,659 branches of Scheduled Commercial Banks (SCBs) functioning in the country as on 31st March, 2012, out of which 34,671 branches are in rural areas and 24,133 are in semi-urban areas, which together constitute about 63% of the total bank branches. State Bank of India has become largest provider of housing loans crossing a record Rs.one lakh crore mark covering 20 lakh families. South Korea-based Woori Bank, a part of Woori Financial Group, has launched its first branch in India at Chennai. SBI plans to merge its two subsidiaries, namely, Satate Bank of Hyderabad and State Bank of Patiala with itself by the end of this year.

DEFENCE

AKASH TEST FIRED SUCCESSFULLY Indiatest-fired two indigenously developed surface-to-air anti-aircraft 'Akash' missiles from theIntegratedTest Rangeat Chandipur near Balasore, Odisha. The double test-fire came after trials of the missile, with a range of 25 km and capable of carrying a warhead of 60 kg to neutralise aerial targets, on 24thand 26thMay.NAVY STARTS INS DWEEPRAKSHAKAs part of its efforts to augment the security of the strategically significant Lakshadweep archipelago, the Navy commissioned a full-scale naval base, INS Dweeprakshak, at Kavaratti on April 30. DRDO DEVELOPS MISSILE DEFENCE SHEILDThe Defence Research and Development Organisation (DRDO), has developed a missile defence shield, which can be put in place at short notice to protect at least two cities, bringing the country on a par with an elite group of nations. The shield can destroy an incoming ballistic missile with the range of up to 2,000 kms. ULTRA-LIGHT HOWITZERS FOR ARMY Defence Ministry has cleared a Rs. 3,000-crore proposal to buy 145 ultra-light howitzer (ULH) M777 BAE Systems guns from USA. They can be air-dropped in a high-altitude position by a chopper in inaccessible areas. The guns can be deployed in high-altitude areas in Ladakh and Arunachal Pradesh.AKASH MISSILE TEST FIREDIndia test fired successfully its indigenously-developed surface-to- air Akash missile from the Integrated Test Range at Chandipur, about 15 km from Balasore, Odisha. It will boost its air defence shield and re-validate operational efficacy of India. The missile has a strike range of 25 km with a warhead of 60 kgs.

SCIENCE & TECHNOLOGY

SPACE-X DRAGON JOINS SPACE STATIONSpaceX of USA became the first private commercial outfit to dock its own cargo capsule at the International Space Station, marking a new era for private spaceflight. The California-based SpaceX is owned by Internet entrepreneur Elon Musk. With no humans on board, the capsule delivered about a half tonne of supplies and science equipments for the ISS. IPv6 THE NEW INTERNET PROTOCOLA number of Internet Service Providers (ISPs), hardware makers and websites, including a few from India, will start running IPv6, a new generation Internet protocol, permanently from June 6. It is part of a global effort to move away from the IPv4 regime that now rules the cyberspace.Australian Mark Webber steered his Red Bull team to victory at the Monaco Grand Prix F 1 car race.GENETIC CODE OF SUPERBUGS CRACKED Scientists at the Harvard University, USA, have cracked the genetic code of superbugs such as MRSA, figuring out why they have become so resistant toanti-bioiticsin mixed infections. Since 2005, superbugs, which includedmethicillin resistant Staph aureus (MRSA), have killed more than 18,000 people every year in the US alone.DEEP SEA DRILLING RECORDA Japanese deep-sea drilling probe has set a world record for depth, reaching 25,400 feet below the sea surface. The probe named Chikyu, operated by the Japan Agency for Marine-Earth Science and Technology, was digging the seabed off Japan's northern coast to take fault samples and study last year's devastating earthquake and tsunami.

INTERNATIONAL NEWS

WORLD PRESS FREEDOM DAY World press freedom day was celebrated on May 3. The United Nations General Assembly declared 3rd May the World Press Freedom Day in 1991 to raise awareness of the importance of freedom of the press and remind governments of their duty to respect and uphold the right to freedom of expression.CHINA ISSUES SMART PASSPORTSThe new passports issued by China have an electronic chip inside with personal information. Besides name and date of birth, the chip contains the holders finger prints and signature. Paper photos will also be replaced by digital ones. In addition to increased security, the E-passport is seen as an important step toward automatic processing at customs points.

$ 80,000 FINE ON AIR INDIAAiling Air India has been slapped a fine of $80,000 by US authorities for failing to post customer service and tarmac delay contingency plans on its website and for not adequately informing passengers about its optional fees. WORLD ECONOMIC FORUM IN AFRICAThe three-day meeting of the World Economic Forum on Africa was held in the Ethiopian capital, Addis Ababa. The meeting generated new ideas to achieve further development of the continent.INDIA SHOULD SIGN NPT: JAPANVisiting Japanese Minister for Foreign Affairs, Koichiro Gemba, has called upon India to sign the Nuclear Non-Proliferation Treaty (NPT) so that the two countries can cooperate for development of nuclear energy. The two sides agreed to prepare a master plan for the industrial development of south India, especially areas around Chennai and Bangalore, and accelerate talks on export of rare earths to Japan.NEPAL CABINET RESIGNS EN MASSEThe Constituent Assembly of Nepal failed to come to agreement on the new constitution and PM Mr,. Bhattarai has called for election on November 22 to resolve the constitutional impasse. Efforts for a new constitution have been marred by demands for the country to be divided into states along ethnic lines. Three smaller allies of the Maoist-led government have quit the government against the announcement of elections. The allies have opposed elections declared by the government. HATF-IX MISSILE TESTED BY PAKISTAN Pakistan (May 29) successfully carried out a test of its quick reaction tactical nuclear-capable Hatf-IX missile with a range of 60 km, aimed at "deterring evolving threats at shorter range." The missile is "indigenously developed short range, surface-to-surface multi-tube missile is named as Hatf-IX" or Nasr. It can carry "nuclear warheads of appropriate yield with high accuracy and possesses shoot and scoot attributes".UN MEET ON CLIMATE HELD AT BONNUN Climate Change Meeting held at Bonn, Germany to discuss the further amendments to the Kyoto Protocol and to review the other major decisions taken at historic UN Framework Convention on Climate Change (UNFCCC) that took place in Durban in Nov, 2011. Next round of UNFCCC will be held at Doha by the end of this year.JAPAN BECOMES NUCLEAR POWER FREEJapans Hokkaido Electric Power Cohas shut down the country's 50th and last active nuclear reactor at Tomari, leaving the world's third-biggest user of atomic energy with nonuclear-derived electricityfor the first time since May, 1970.HUNGER ALLEVIATION FUND A report on food security and Poverty released by ADB in Manila, Philippines suggested creation of a hunger alleviation fund by the nations of Asia and the Pacific to deal with the problem of rising prices of commodities. Switzerland has agreed to provide details of secret bank accounts of individuals sought by India even on the basis of limited information, under a mutual DTAA inked on April 20 this year. Sh Anand Sharma, Commerce Minister inaugurated event of Days of India in Germany at Hamburg, Germany, commemorating the 60th anniversary of diplomatic relations between the two countries. Time magazine has selected Sanjay Leela Bhansalis classic epic Devdas as one of the 10 all time best films of this millennium. The Netherlands to host Nuclear Security Summit in 2014. A major university centre dedicated to the life and works of Rabindranath Tagore has opened in Napier University, Edinburgh, Scotland to mark his 150th birth anniversary. Pakistan successfully tested Hatf III (Ghaznavi), a short-range ballistic missile capable of carrying both nuclear and conventional warheads across 290 km. (May 10,2010) The G-8 Nations Summit held at Camp David, USA. To boost trade and investment amid recession, the United Kingdom has announced the opening of two more missions in India, at Hyderabad and Chandigarh.

PERSONS IN NEWS

SAADAT HASAN MANTO: Veteran short story writer of Indian origin who later migrated to Pakistan after the partition. His 100th birth anniversary falling on 11th May, 1912 is being celebrated with great fervor in both India and Pakistan. Known for his famous story Toba Tek Singh.GIRIRAJ KISHORE: Verteran Writer and Gandhian was in news as he returned his Padma Shri award to protest against the auction of items belonging to Gandhi.A R RAHMAN: Oscar-winning musician has been conferred with his first American Honorary Doctorate by the Miami University, Ohio, USA. It is Rahmans fourth doctorate. He has previously been honoured by Aligarh Muslim University, Anna University and Middlesex University in the UK.SAM PITRODA: Advisor to Indian Prime Minister Manmohan Singh, has been conferred with an honorary degree by New York University's Polytechnic Institute, which is considered among the U.S.' most prestigious and oldest private schools, specialising in engineering and technology.HILLARY CLINTON: US Secretary of State has been named No 1 in the World's 20 Most Powerful Moms list which also ranked India-born Indra Nooyi at the 3rd spot and UPA chairperson Sonia Gandhi at No 6.JACQUES ROGGE: President of the International Olympic Committee.MICHAEL HANEKE: Austrian director won the Cannes film festival's top honor, the Palme d'Or, for the picture "Love" (Amour), his acclaimed tale of an elderly couple facing the inescapable, yet no less tragic march of death.

APPOINTMENTS

ANSHU JAIN: Co-CEO, Deutsche Bank S R RAO: Union Commerce Secretary PRADEEP KHOSLA: Chancellor of the University of California, USA. He is alumni of IIT Kharagpur.RAHUL KHULLAR: Chairman, Telecom Regulatory Authority of India (TRAI)RATAN KUMAR SINHA: Chairman, Atomic Energy Commission GOOLAM E. VAHANVATI: Attorney-General (re appointed for two more years) VIDYA BALAN: Ambassador for Total Sanitation Campaign of Govt. of India.FRANCOIS HOLLANDE: President of France, from Socialist party, defeating Nicolas Sarkozy JEAN-MARC AYRAULT: Prime Minister of France. DAVID RICHARDSON: Chief Executive Officer (CEO) of the International Cricket CouncilTOMISLAV NIKOLIC: President of Serbia

AWARDS & HONOURS

EXCELLENCE IN CINEMA AWARD: Shyam Benegal, veteran filmmaker. The award is conferred by the South Asian Cinema Foundation, LondonAMBEDKAR WOMEN'S WELFARE AWARD: Maya Suwalka, a social activist from Tonk, RajasthanBANGABIBHUSAN: West Bengal's highest awardto eminent actorSuchitra SenRATAN TATA: Tata Group Chairman, was conferred The Grand Cordon of the Order of the Rising Sun' title at Tokyo by Japan Govt for his contribution in strengthening economic relations between Japan and India.Palme d'Or: Best Film Award at Cannes Film Festival won by Australian film Love

BOOKS & AUTHORS

Imagine by Jonah LehrerThe Householder by Amitabha BagchiThe Rolling Stones: Fifty Years by Christopher SandfordThe Chemistry of Tears by Peter CareyThe Bridge: The Life and Rise of Barack Obama by David RemnickThe Best Thing About You is You by Anupam Kher

OBITUARY

ACHALA SACHDEV: Veteran Hindi films actress GAJANAN VERMA: Eminent poet and lyricist from Rajasthan CARROLL SHELBY: Veteran race car driver and automobile manufacturer from USA, who created the best known US sports cars of the 1960s the AC Cobra and the Shelby Mustang. CARLOS FUENTES: Noted novelist from Mexico DONNA SUMMER: Legendary pop singer from USA

PLACES IN NEWS

KODUMANAL: A village in Erode district of Tamil Nadu was in news due to discovery of a variety of artefacts from four trenches in the habitational mound which revealed an industrial complex that existed around fourth century BCE. Dr. B.R. Ambedkar Pranahita-Chevella Sujala Sravanthi project: A hydel project across Pranahita river, which is a major tributary of Godavari river, being established jointly by Andhra Pradesh and Maharashtra. The major benefit of increased irrigation from this project will go to Andhra Pradesh.PUNSARI: An ordinary village in district Himmatnagar, Gujarat, talks about wi-fi and optical fiber broadband network, its children spend best of their times in air-conditioned classrooms with CCTV cameras. The village also boasts of its own mini-bus transport system and there are 25-odd CCTVs located on important junctions to spot litterbugs. And all this is without a single rupee from NRIs.

SPORTS WORLD

Indian Grandmaster Viswanathan Anand beat challenger Boris Gelfand of Israel in a tense, rapid chess tie-breaker to win the World Championship crown for the fifth time and fourth in a row in the World Chess Championship at Moscow. Services have won this year's Santosh Trophy (Football) defeating Chennai at Cuttack, Odisha. China lifted both, Thomas Cup for Mens Badminton and Uber Cup for Womens Badminton, defeating South Koreans in both the events at Wuhan, China Kolkata Knight Riders thrashed the defending champions Chennai Super Kings to grab their maiden IPL title in a nail biting finish at the MA Chidambaram stadium, Chennai. KRISHNA POONIA: Commonwealth Games gold medalist and Olympics-bound woman discus thrower created a new national record when she won silver medal at the Altius Track Crew Throwdown meet in Maui Island, Hawaii. WIM KOEVERMANS, former Dutch international footballer is all set to take over as the chief coach of the Indian football team for a two-year term. Grandmaster Parimarjan Negi won the Asian continental chess championship held at Ho Chi Minh City, Vietnam. Deepika Kumari won her first World Cup individual Archery (recurve) gold medal at Antalya, Turkey. World Chess Title: Between defending champion Vishwanathan Anand and Israeli challenger Boris Gelfand.OFFICIAL SLOGAN FOR LONDON OLYMPICS: Inspire a Generationis the official slogan for the London Olympics. It has been selected to inspire a generation of young people to take part in local volunteering, cultural, and physical activity.The official Olympic motto is taken from the Latin "Citius, Altius, Fortius" - which means "Faster, higher, stronger", and was proposed by the man considered the founder of the modern Olympics, Pierre de Coubertin, on the creation of the International Olympic Committee in 1894. It was introduced at the 1924 Olympics in Paris. Since 1988, host cities have adopted their own motto. David Richardson has been named new chief executive officer (CEO) of the International Cricket Council World Snooker Championship: Englishman Ronnie O'Sullivan has won the 2012 World Snooker Championship, beating Alister Carter, also from England at Sheffield, England.Football: Manchester City secured their first English title in 44 years when they defeated Manchester United at London to win the English Premier League Football Championship.Shah Rukh Khan Banned :The Mumbai Cricket Association on Friday banned Kolkata Knight Riders co-owner and Bollywood superstar Shah Rukh Khan from entering the Wankhede Stadium for five years for misbehaving with its officials and violating its rules.Lawn Tennis: Spains Rafael Nadal won his sixth Rome Masters title of the Italian Open Tennis tournament against Serbia's World Number One Novak Djokovic in Rome.

DAYS & DATES

01 - International Labour Day03 - World Asthma Day, World Press Freedom Day05 - World Athletics Day08 - World Red Cross Day12 - International Nurses Day, Mothers Day13 - National Solidarity Day17 - World Telecommunications Day20 - World Metrology Day21 - Anti Terrorism Day, (Rajiv Gandhi Martyrdom Day) 24 - Commonwealth Day31 - World No-Tobacco Day

ET CETRA

SIKH PRIDE AT WINDSOR PALACECol Sarpratap Singh and Jaswinder Singh became the flagbearers of Sikh pride in the Queen's Diamond Jubilee celebrations 2012, marking the 60 years of reign of Queen Elizabeth II. The two horse riders from Punjab represented the Sikh martial race in the three-day Royal Windsor Horse Show (May 10-13) on the grounds of Windsor Palace, London.WOMAN CONQUERS EVEREST AT 73A 73-year-old Japanese woman, Tamae Watanabe, climbed to Mount Everest's peak on May 19, smashing her own record to become the oldest woman to scale the world's highest (8,850-metres, 29,035 feet) mountain. Ms. Watanabe had earlier climbed the Everest in 2002 at the age of 63, becoming the oldest woman to do so. WORLDS TALLEST RESIDENTIAL BUILDINGDubai, which already claims the world's highest building, has set a new record with Princess Tower, which the Guinness World Records has said is the world's tallest residential building. The Tower is 413.4 metres high and has 101 storeys above ground, dedicated to residential use.PUNJABI WINS INTERNATIONL SONG AWARDA Punjabi folk ballad 'Tere Bin Dil' by a former Patiala-based Thapar University student and software engineer, Dilpreet Bhatia, who was born in Ludhiana, has won the first place in the world music category of prestigious International Songwriting Competition (ISC). His song was selected out of 16,000 songs sent from 112 countries.PAINTING SOLD FOR OVER Rs600 CRORES'The Scream', iconic painting by late Norwegian artist Edvard Munch, considered as one of the most recognizable art work in world, was sold for nearly USD 120 million, setting a new world record the highest price ever paid for a work of art at any auction. The painting depicts the image of a man holding his head and his mouth wide open.

WHITES TO LOOSE MAJORITY IN USAPredicting a major shift in demographic structure that could see whites become a minority in the U.S. sooner than expected, the country's Census Bureau (CB) has unveiled a startling finding that, for the first time ever, white babies represented only 49.6 per cent of all births in the 12-month period that ended in July 2011. Hispanics, African-Americans, Asians and mixed-race infants comprised the other 50.4 per cent. ARTIFICIAL NOSE DEVELOPEDBritish scientists have claimed that they were the first to grow human body parts at a laboratory at the University College London. Scientists have developed a nose for the first time. The nose will be placed inside a balloon inserted beneath the skin on the patients arm. After four weeks, during which time skin and blood vessels can grow, the nose will be transplanted to the face.

NOTES GENERAL ANTI-AVOIDANCE RULES (GAAR)Government has decided to postpone imposition of General Anti-Avoidance Rules (GAAR) to next year. A look at why GAAR has caused panic among investors:What are general anti-avoidance rules?These rules, originally proposed in the Direct Taxes Code, are targeted at arrangements or transactions made specifically to avoid taxes. The government had decided to advance the introduction of GAAR and implement it from the current financial year itself. More than 30 countries have introduced GAAR provisions in their respective tax codes to check evasion.What are the implications?GAAR allows tax authorities to call a business arrangement or a transaction 'impermissible avoidance arrangement' if they feel it has been primarily entered into to avoid taxes.Once an arrangement is ruled 'impermissible' then the tax authorities can deny tax benefits. Most aggressive tax avoidance arrangements would be under the risk of being termed impermissible. The rule can apply on domestic as well as overseas transactions.What were the key concerns?GAAR is a very broadbased provision and can easily be applied to most tax-saving arrangements. Many experts feel that the provision would give unbridled powers to tax officers, allowing them to question any taxsaving deal.Foreign institutional investors are worried that their investments routed through Mauritius could be denied tax benefits enjoyed by them under the Indo-Mauritius tax treaty. The proposal had spooked stock market as FII inflows dropped on concerns, and the rupee hit a low of Rs 53.47 to the dollar.What has the govt done now?It has postponed GAAR to the next financial year. This will give a breather to tax payers and also allow the government time to frame clear rules after consultations with stakeholders. Govt has also clarified that the onus to prove that an arrangement is 'impermissible' will lie with the tax department. The GAAR panel, the final body that will decide on the applicability of the law, will include an independent member.Source: The Economic Times, May 8, 2012.

PURCHASING POWER PARITY

Purchasing power parityis based on the assumption that in absence of duties, transaction costs and other curbs, identical goods should have the same price in different countries when expressed in same currency.In other words, how much money would be needed to purchase same amount of goods and services in two different markets. This allows for calculating PPP exchange rates that can be used to convert gross national income of countries in terms of a single currency, usually theUS dollar, to facilitate meaningful comparisons after adjusting for prices.How does the concept work?A good example of the PPP concept is the 'Big Mac' index compiled by the Economist. It assumes that over the long-term McDonald's Big Mac burger should have same price across the world. Comparing the rupee price of this burger with the price in the US gives the Rs-$exchange rateon PPP basis. It is then possible to compare this PPP exchange rate with market rate and say if the rupee is undervalued or overvalued.How does India beat Japan in PPP terms?Under the regular method of GDP calculation, India's economy is well behind Japan. Even assuming an average economic growth rate of 7.5% over the next five years, the Indian economy will be only $2.9 trillion compared with Japan's $6.69 trillion. However, price levels in Japan are much higher than that of India or in the US.

When theInternational Monetary Fundadjusts the national income of the two countries in terms of PPP exchange rates using US dollar, Indian economy grows to $4.46 trillion in 2011 because of lower prices while Japan stays at $4.44 trillion. Essentially, it means that in total two countries have the same purchasing power, but because of its much lower population average Japanese is way ahead of average Indian in purchasing power.What is the relevance of PPP?The concept of PPP is useful in comparing quality or standard of living in different countries which may not be possible if one just looked at per capita income. A lower income may allow a good quality of life in a country if prices are low. For instance, a haircut may cost lot more in London than in Delhi. The major shortcoming of PPP exchange rates is that these are difficult to measure.SOURCE: THE ECONOMIC TIMES, APRIL 30, 2012.

INTER-BANK MOBILE PAYMENT SERVICEMobiles phones are changing the way we do banking at present. It is the futuristic way of doing banking. TheInter-bank mobile payment service(IMPS), run by National Payments Corporation of India, allows banks to facilitate real-time transfer and receipt of funds for account holders through their mobile phones. The accounts to which the funds are to be transferred, can be with the same bank or other specified banks. The transfer can be done usingmobile phonesor the Internet banking facility at any time, including Sundays and bank holidays.To use this facility, account holders need to register with their respective banks. This can be done online using the customer identity andIPIN provided by the bank or by downloading the mobile banking application form from the bank's website and submitting the completed form at the nearest bank branch.ProcessTo useIMPS, the transferor and the beneficiary must have mobile money identifiers (MMID), which can be generated by accessing the account online, mobile banking or by sendingSMSto the number specified by the respective bank.Fund transferThe transfer process is menu-driven and will require the transferor to provide his MMID and amount to be moved, as well as the registered mobile number and MMID of the beneficiary.ConfirmationAn SMS alert of the debit to the transferor and credit to the beneficiary will be sent to both the parties once the transfer is made.ChargesEach bank offering the service will individually decide the charges applicable on using the IMPS.POINTS TO NOTE1. The mobile number and MMID of the beneficiary provided at the time of transfer must tally with the registered information with the bank before the transfer is complete.2. The RBI has removed the Rs 50,000 limit on fund transfer through mobile banking, but banks specify limits based on their risk assessment.3. The MMID can be cancelled by making the necessary request to the bank.(Content courtesy: Centre for Investment Education and Learning (CIEL))

THE RUPEE CRISISStrong dollar demand from the importers and deepening of Eurozone crisis has pushed the value of rupee to an all time low of Rs 55.40 a dollar on May 22. Lets have a look at the implications of this development.Why is the rupee fallingThe fall in the value of the rupee is driven by the perception about countrys financial ability and also by external factors like sovereign debt problems in Europe and a slowdown in the US. A recent downgrade of Indias rating by S&P and Moodys has added to the fall in value of rupee.What the RBI can do One of the measurers is to sell dollars to increase the supply but it does not have a large foreign exchange reserve. The reserve, currently around $ 290 billion, is sufficient to fund only three-four months of imports. Other measures aimed at attracting more funds into the country include recent deregulation of interest rates on NRI deposits. Raising the interest rates on FCNR (B) depositsInstructing the exporters to release 50% of their holdings in foreign exchange accounts, in domestic marketWhat the government can do The finance ministry may take policy action such as raising FII investment limit in corporate and govt securities to increase the supply of dollars. Who will benefit from the fall A falling rupee spells good news for companies who are selling their goods and services abroad. Major gainers: IT and pharma firms.Who will lose? Companies (that import raw materials) in oil and gas, airlines, capital goods and automobile sectors will be adversely impacted by the rupees depreciation. How will it impact common man A decline in the rupees value will make imported goods costlier. Petrol, diesel, cars and bikes, foreign travel and education will become dearer. Indian airlines will suffer as many of their expenses are paid for in dollars.Where will the rupee stabilise? An end to Europes debt problem will decide the future course of the rupee. Experts expect the rupee to decline further to 56-57 level against the US dollar. STORY OF BLACK MONEYWhat is black money? TheNational Institute of Public Finance and Policy (NIPFP) definesblack moneyas the aggregate of incomes which are taxable but not reported to the tax authorities.How is unaccounted money estimated?One way is to look at the input-output ratio. For a particular amount of input, a country should produce certain amount of goods. If the output is less, then there is underreporting to that extent. This method fails to account for changes in the structure of the economy, efficiency gains and technology.Another method is to look at the currency in circulation with reference to the size of the economy. It is based on the assumption that currency is used by both the shadow and the regular economy. A small economy having lot of currency in circulation will suggest big presence of a parallel economy. However, such estimation fails to take into account the unorganised sector.How big is theblack economyin India?There is no reliable current measure available. Most estimates are old and suffer from many shortcomings. An NIPFPstudy pegged black money in 1983-84 between Rs 32,000 crore and Rs 37,000 crore (which is 19% and 21% ofGDP).How is Black Money Generated? The black money is usually generated in two ways: i) By Illegal means Criminal Activities such as kidnapping, smuggling, poaching, drugs, illegal mining. cheating & scams. Corruption: Bribes and theft by public officers. ii) By Hiding Income Hiding income through legal activities such as income not reported to authorities to evade tax. It accounts for a major share of black money In 2010, US-based Global Financial Integrity estimated that $462 billion went out of India between 1948 and 2008. The government has asked three institutions to estimate black money. The reports are expected towards the end of the year.How is the government curbing IT?The government has empowered its existing institutions and set up new mechanisms and institutions to unearth black money. The anti-money laundering law has been strengthened and more entities have been brought under its ambit to create a deterrent. India has joined global efforts to tackle illicit flows and also signed information exchange treaties with many countries. The gradual reduction in income tax rates has also helped improve compliance.

INDIAN PARLIAMENT COMPLETES 60 YEARSHere is a brief fact file of the Indian Parliament: First Lok Sabha meeting was on May 13, 1952. First chairman of Rajya Sabha - S Radhakrishnan. First Speaker ofLok Sabha- GV Mavalankar. First Lok Sabha held 677 sittings for about 3,784 hours. Around 48.8 per cent of time of first Lok Sabha was used for legislative business. Percentage of graduates has increased from 58 per cent in 1952 to 79 per cent in 2009 (includes post-graduate and doctoral degrees). Women constitute 11 per cent of members in the 15th Lok Sabha. In comparison, only 5 per cent of MPs in the first Lok Sabha were women. In the first Lok Sabha, there was no MP over the age of 70. This number has risen to 7 per cent in the current Lok Sabha. The first Lok Sabha passed an average of 72 bills each year. This has decreased to 40 in the 15th Lok Sabha. Parliament passed 118 bills in 1976. This was the highest number of bills passed by Parliament in a single year. The lowest number of bills was passed in 2004 when only 18 bills were passed by Parliament. Lok Sabha met for an average 127 days in the 1950s and Rajya Sabha for 93 days. This has decreased to 73 days for both houses in 2011.

General Awareness1) High Court of which state has stuck down the 4.5% quota for minorities in government jobs, recently announced by the government: Andhra Pradesh

2) What was the number of interlocutors appointed by Central Government for reviewing the Kashmir problem: Three

3) Name the noted journalist who was appointed as one of the three interlocutor for the Kashmir review: Dileep Padgaonkar

4) Which country topped the survey of consumer confidence in 123 countries, conducted by Nielsen: India

5) A report by Security and Defence Agenda (SDA) & McAfee has placed India at ________ rank in terms of countries affected by Cyber Crime: 5th

6) A World Bank survey to asses global trade logistics performance places India at _______ rank: 46th

7) According to finance ministry data, the per capita debt in India was estimated at nearly Rs _______at the end of March 2012: 33,000

8) The internal debt of government is mainly on account of ________ either from the market or even from individuals in the form of small savings: Borrowings

9) India signed DTAA recently with which country: Malaysia

10) With which country India held its first Joint Consultative Commission meeting to review Teesta water treaty: Bangladesh

11) Who represented India at the 45th annual meeting of board of governors of the Asian Development Bank (ADB) at Manila, Philippines: Finance Minister Pranab Mukherjee

12) Mr. Pranab Mukherjee as recently been elected as Chairman of Board of Governors which organization: Asian Development Bank

13) India Post is celebrating completion of 25 years of which of its services: Speed Post

14) Which country will host the annual meeting of board of governors of the Asian Development Bank: India

15) Which country has replaced China as largest importer of arms during 2007-11 period: India

16) India accounts for roughly ______ percent of total global arms imports: 10

17) The Supreme Court recently struck down the governments policy of giving subsidies to _________: Haj Pilgrims

18) Name the African Island country recently visited by Indian President: Seychelles

19) Which state recently announced a ban on the manufacture and sale of gutka and pan masal containing tobacco: Kerala

20) Name the first Indian state which ban manufacturing and sale of gutka and pan masala with tobacco content: Madhya Pradesh

21) Which state has introduced Sampoorna Swashtya Sabke Liye scheme to cover all its 52000 villages: Madhya Pradesh

22) Brazil is known for its high per hectare produce of cotton. Which Indian state has decided to follow Brazil pattern to improve its cotton production: Maharashtra

23) To promote tourism in Bihar, the state government has offered 50% subsidy to what type of projects: Setting up of Dhabaas

24) Which state recently held a road show in Jeddah, Saudi Arabia to attract tourists from there: Kerala

25) Name the state that has announced an unemployment allowance of Rs. 1000 per month for its youth between 30 and 40 year of age: Uttar Pradesh

26) To attract investment from Japanese companies, which state has signed a MoU with Mizuho Corporate Bank, Japan: Karnataka

27) Indias first high altitude clouds physics has been opened at ___________________: Mahabaleshwar (Maharashtra)

28) National Panchayati Raj Award for successfully implementing all Central Government Schemes has been won by _________ district of Haryana: Kurukshetra

29) Government as increased interest rates on General Provident Fund, GPF to ________ from 8.6% at present: 8.8 percent

30) The Tihar-Prisons-authorities have launched a new scheme called Sparsh for what purpose: To provide financial help to poor prisoners

31) Govt has amended which act to provide for life time royalty to song writers, artistes and performers for their works: The copyright Act

32) Government has decided to make rural posting compulsory for doctors completing their studies. It is proposed to attach them with which national programme: National Rural Health Commission

33) To provide half a share to wife in her husbands residential property, in case of divorce, which law has been amended by the government: The Marriage Laws

34) Recently Railways has launched Simran Project for what purpose: To track movement of trains

35) What is the full form of abbreviation SIMRAN: Satellite Imaging for Rail Navigaiton

36) Name the flagship employment generation programme of government of India: MGNREGS

37) Government has introduced tax collection at source norms which make it mandatory for sellers of which item to collect tax at the time of selling their item: Gold bars / Coins for more than Rs. 2 lacs

38) Notification of which decease has recently been made mandatory by the government: Tuberculosis (TB)

39) Which organization has announced its plans to setup 1000 ATMs: Department of Posts

40) Government has postponed implementation of General Anti-Avoidance Rules from 1st April, 2012 to what date: 1st April, 2013

41) Government has decided to allow Sikhs to register their marriages under which act: Anand Marriage Act 1909

42) To measure the optimism level of the business managers in the country, which ministry plans to bring out a business confidence index: Ministry of Corporates Affairs

43) Which government organization has fixed a target of planting one crore saplings on its land in the current financial year: Railways

44) The government is promoting a new Pension and Life Insurance Fund (PILF) scheme in a bid to provide financial security to which segment of workers: Poor Indians working abroad

45) To curb down the incidence of ragging and corporal punishment in the educational institution, government purposes to provide for ______ years jail to the offenders: seven

46) Lok Sabha has approved a bill to establish separate High Courts for which States: Meghalaya, Manipur and Tripura

47) Railways has increased the distance that could be covered under the Izzat scheme from 100 kms to 150 kms. What is Izzat scheme: Monthly Season Ticket

48) According to Dr Kaushik Basu, the Indian economy is likely to grow by 7.6 per cent this fiscal year. Who is Dr. Basu: Chief Economic Advisor

49) The Indian government has projected the economy to expand by _____ percent in the current fiscal: 7.6

50) What are the three main sectors comprising the Index of Industrial Production: Manufacturing, Mining & Electricity

51) The manufacturing sectors comprises roughly ______ percent of the index of industrial production: 76

52) The weightage of mining sector in the Index of Industrial Production is about ________: 14%

53) Electricity sector constitutes roughly ______ percentage of Index of Industrial Production: 10

54) The core sector in India comprises of how many industries: Eight

55) All the 8 core sectors put together comprise ________ percent of Index of Industrial Production: 37.9%

56) Growth rate target for agriculture during the 12th five year plan has been fixed at _____ percent: four

57) The export target for the year 2012-13 has been fixed at USD __________ billion: 350

58) GSPA stands for: Gas Sale and Purchase Agreement

59) From which country the Union Cabinet has signed the GSPA agreement: Turkmenistan

60) Name the countries involved in the TAPI pipeline project: Turkmenistan, Afghanistan, Pakistan and India

61) Which scheme SEBI has asked the government to route tax saving through mutual funds: Rajiv Gandhi Equity Saving Scheme

62) India and Japan signed ________ agreement, aimed at eliminating tariff on majority of products traded between the countries: CEPA (Compressive Economic Partnership Agreement)

63) Reserve Bank of India will offer swap arrangement of ________ billion dollars both in foreign currency and Indian currency to SAARC nations: Two

64) The petroleum and natural gas ministry has slapped a hefty penalty over US $1 billion on which company: Reliance Industries Ltd.

65) India Green House Gas (GHG) emissions rose by: 4.2 percent to 1.3 billion tonnes of carbon dioxide

66) The first Russian Indian trade house has been opened in: Mumbai

67) 4G services has been launched by which company and where: Bharti Airtel, Kolkata

68) Who has been recently elected as chairman of Asian Development Bank: Pranabh Mukherjee

69) The Indian government is committed to bringing down subsidies to below ______ percent of the its gross domestic product (GDP): two

70) As per the 66th round of national sample survey, how much percent of Indias rural population lives on less than Rs. 35 per day: 60%

71) The government has decided to allow export of ____ tonnes of sugar: 1 million

72) Government has decided to cut crude oil import from which country by 11% to 15.5 million tonnes in 2011 2012: Iran

73) India has decided convert 200 million US dollars as grant to which country: Bangladesh

74) Axis Bank has established a partnership to introduce mobile banking and payment services in India with which company: Bharti Airtel

75) Which Central Ministry has launched the scheme One MP One Idea: The Ministry of Statistics and Programme Implementation

76) What is the full form of Parliaments popular scheme MPLADS: Member of Parliament Local Area Development Scheme

77) What is the objective of One MP-One Idea Scheme: To reward generation of innovative ideas about the development of local area

78) Government recently appointed a technical panel under Chairmanship of Dr. C. Rangarajan for what purpose: To review the methodology of fixing poverty line

79) Fixation of poverty line at present is done as per the methodology suggested by ________ committee: Suresh Tendulkar

80) The interest rate on Special Deposit Scheme and State Provident Funds has been revised to ____: 8.8%

81) Which state of India ranks first in fish production, accounting for almost 6% of overall fish production: Karnataka

82) Which Indian Bank has launched a real time International account to account money transfer service from any way in the world to any bank in India: Federal Bank

83) Prime Minister of India on his recent visit to Myanmar met H E Thein Sein. Who is he: President of Myanmar

84) India has announced to launch a trans-border bus service from Imphal to Mandalay, for which country: Myanmar

85) Recently India test fired two indigenously developed Akash Missiles. Name the type of these missiles: Surface to air anti aircraft missile

86) Name the film that recently won the prestigious Palme dOr award for best picture at Cannes film festival: Love

87) Palme dOr the best film award is conferred by which film festival: Cannes Film Festival

88) Central Government has announced to replace common entrance tests IIT-JEE/ AIEEE with which test from 2013: ISEET (Indian Science Engineering Test)

89) What is the full form of the new test ISEET proposed from 2013 in lieu of IIT-JEE/AIEEE: Indian Science Engineering Test

90) Who has won the Santosh Trophy for Football: Services

91) Name the winner of Thomas Cup for Mens Badminton: China

92) Name the winner of Uber Cup for Womens Badminton: China

93) At which place the recent UN Climate Change Meeting was held: Germany

94) Write the full form of UNFCCC: United Nation Framework Convention on Climate Change

95) Space-X Dragon is the recent space craft launched by a private party in USA. What was its purpose: To carry supplies and science equipments for International Space Station

96) Village Kodumanal of district Erode was in news recently as a variety of ancient artifacts were discovered there. It is in which state: Tamil Nadu

97) What is the name of new Internet Protocol that will be launched World Wide from June 6: IPv6

98) Australian F1 racer Mark Webber won the Monaco Grand Prix recently. What was the name of his team: Red Bull

99) Government of India recently relaxed inward foreign investment norms for residents of which countries: European Union and Gulf Countries

100) As per new relaxed norms for inward foreign investment by individual overseas investors, they have been allowed to invest up to $_____ billion in Indias debt and corporate bond market: One

101) Recently Ministry of Corporate Affairs referred the alleged Rs. 870 crores fraud in Rebook Company to SFIO. What is the full form of SFIO: Serious Fraud Investigation Office

102) Anshu Jain has recently been appointed as Co-CEO of which International Bank: Deustche Bank

103) Who has been appointed as new Union Commerce Secretary: SR Rao

104) Name the International Finance giant which has recently been granted banking licence by RBI: Morgan Stanley

105) Morgan Stanley, the financial conglomerate which has been recently granted banking licence by RBI is from which country: United State of America

106) Government has announced restructuring of loans amounting to Rs. 35000 cr for units of which industry: Textiles

107) The Finance Ministry has directed all state-run banks to ensure that every household has at least one ______________ account by the end of June: Savings Bank

108) Government is planning to rope in global companies for the revival of Black Tiger ______ farming in the country: Shrimp

109) Which public sector bank plans to float a dollar one billion debt bond issue to finance its expansion plans: State Bank of India

110) RBI has recently removed restrictions imposed on charging of penalty on premature payment which type of deposits: Term Deposits

111) Name the film personality who has been recently honoured with prestigious Excellence in Cinema Award by the South Asian Cinema Foundation, London: Shyam Benegal

112) Government has decided to hold International Film Festival of India (IFFI) annually at which place: Goa

113) Indian Computer Scientist, Pradeep Khosla has bee