NICL AO 2015

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BI/Finance News

usiness, MoUs & Deals

ational News

M Visit to Seychelles

M Visit to Mauritius

M Visit to Sri Lanka

ews Around the World

ppointments

Awards & Honors

Sports News

ICC World Cup

National Games

Important Days

Important Books & Authors

Obituaries

Reports & Indexes

Important Yojanasnion Budget 2015-16

conomic Survey

ailway Budget 2015-16

MUDRA Bank

Land Bill

Indian Census 2011

Organisation & Headquarters

Insurance Terms

Table of Contents

NICL AO - General Awareness & Current Affairs Magazine

Important Notice

The news covered in the Magazine are sufficient for NICL AO 4th April and 11-12th April. If you have anydoubt regarding any news kindly verify it. If you find any Typing Error, Repeated News then our Apologiesfor that.

The Insurance Terms are fully covered, study whatever you feel like.

Thank you for Downloading. All the Best. We will be giving quiz for NICL AO, kindly keep an eye on oursite.

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News Related to RBI, Finance, Economy

RBI 6th Bi-Monthly Policy

Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 7.75 per

cent;

Keep the cash reserve ratio (CRR) of scheduled banks unchanged at 4.0 per cent of net demand

and time liabilities (NDTL);

Reduce the statutory liquidity ratio (SLR) of scheduled commercial banks by 50 basis points from

22.0 per cent to 21.5 per cent of their NDTL with effect from the fortnight beginning February 7,

2015;

Replace the export credit refinance (ECR) facility with the provision of system level liquidity with

effect from February 7, 2015;

Continue to provide liquidity under overnight repos of 0.25 per cent of bank-wise NDTL at the

LAF repo rate and liquidity under 7-day and 14-day term repos of up to 0.75 per cent of NDTL ofthe banking system through auctions; and

Continue with daily variable rate term repo and reverse repo auctions to smooth liquidity.

Consequently, the reverse repo rate under the LAF will remain unchanged at 6.75 per cent, and

the marginal standing facility (MSF) rate and the Bank Rate at 8.75 per cent.

Union Government on 7 February 2015 decided to infuse 6990 crore rupees in nine Public Sector Banks

to enhance their capital and meet global risk norms. The capital infusion was decided on the basis of

performance of each bank. This is the first tranche of capital infusion for which the government had

allocated 11200 crore rupees in the Union Budget 2014-15.

The criteria includes

Weighted average of Return on Assets (ROA) for all PSBs for last three years put together

Return on Equity (ROE) for these banks for the last financial year.

The Banks are:

1.

State Bank of India (SBI) - 2970

2.

Bank of Baroda (BoB) - 1260

3. Punjab National Bank (PNB) - 870

4. Canara Bank - 570

5.

Syndicate Bank - 460

6. Allahabad Bank - 320

7. Indian Bank - 280

8. Dena Bank - 140

9. Andhra Bank – 120

Total – 6990

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Union Government on 4 February 2015 approved a development package and ad hoc support of 850

crore rupees for Andhra Pradesh.

ICICI Bank on 10 February 2015 launched India’s first digital Bank on mobile phone, Pockets. This digital

e-wallet can be downloaded from Google Playstore. Pockets, the digital e-wallet uses a virtual VISA cardthat enables the users to transact on any website or mobile application in India.

Users can fund it from any bank account across India and start transacting immediately. It requires no

documentation or branch visit. Users can also choose to add a zero balance Savings Account to the

wallet, which will allow them to earn interest on their idle money.

Mahindra Finance in talks with IFC for JV for Payment Bank. IFC is a World Bank Group. Most of the big

telecom players who possess huge distribution networks have entered the fray. Reliance Industries tied

up with SBI; Airtel with Kotak Bank.

Standard Chartered revised FY16 GDP growth forecast to 7.7% from 6.3%.

Union Government on 10 February 2015 approved a proposal to increase the authorised Share Capital

of the National Minorities Development and Finance Corporation (NMDFC) to 3000 crore rupees from

1500 crore rupees. NMDFC works for welfare of minorities.

ICICI Bank has tied up with UAE Exchange to offer an instant bank transfer service to the Indians residingin the Gulf nation. ’FLASHremit’ service started by the bank enables customers to conveniently send

money instantly to their beneficiaries in India in Indian Rupees.

RBI issued guidelines on CCCB

Reserve Bank of India had issued guidelines on when it would require Indian banks to maintain a

CCCB, an additional layer of loss-absorbing capital on top of banks’ increased minimum capital

requirements under Basel III.

According to the RBI’s guidelines, the key trigger for activating the CCCB will be when the

credit/GDP ratio has risen relative to its long-term trend. The RBI said it would require banks to hold the full 2.5 per cent buffer when the gap between

the credit/GDP ratio and the long-term trend exceeds 15 percentage points.

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West Bengal Chief Minister (CM) Mamata Banerjee on 11 February 2015 launched the Micro Business

Credit Card in association with the State Bank of India to boost the Micro Small and Medium Enterprises

(MSME) sector in the state. The Micro Business Credit Card is the first of its kind in India. These

Business credit cards will even help the farmers to start businesses.

The Supreme Court of India on 13 February 2015 directed CBI to probe the role of Reserve Bank of

India (RBI) and Securities and Exchange Board of India (SEBI) in the multi-crore chit-fund scam. It has

directed the CBI to investigate their role for effecting a mechanism.

The Reserve Bank of India on 13 February 2015 announced that soon the currency notes of one rupees

denomination will be in circulation. The notes will be printed by the Government of India. RBI in its

release informed that these currency notes are legal tender as provided in The Coinage Act 2011. It said

that the existing currency notes in this denomination in circulation will also continue to be legal tender.

Hidden Word Bharat (भारत ) vertically arranged on right hand side will be present.

To get customers to use alternate banking channels such as ATMs, Internet and mobile banking, State

Bank of India has started technology learning centres at 385 regional business offices across the country.

India’s largest bank is conducting free interactive learning sessions for customers on the third Friday of

every month at these offices.

Government exempted oilseeds, raw cotton, 36 other products from commodity transaction tax.

The Reserve Bank lifted the ban on imports of gold coins and medallions by banks and trading houses.

The RBI in a notification also said banks are permitted to import gold on consignment basis. Domestic

sales will be, however, permitted against upfront payment only.

Foreign shareholding in Hathway Cable & Datacom Ltd has reached the prescribed limit and foreign

investors would not be allowed to purchase further shares in the company, the RBI said. The foreign

shareholding through GDRs/ADRs/FDI/NRI/PIO/ FIIs/RFPIs in Hathway Cable & Datacom Ltd has reached

the prescribed threshold limit, RBI said in a notification.

Digital wallet provider Paytm is looking to set up 30,000 to 50,000 retail outlets where its 2.4 crore

customers can load cash on their digital wallet.

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The government said up to 26 per cent FDI in insurance companies will be allowed through automatic

route, as it notified rules to increase foreign direct investment ceiling in the sector to 49 per cent.

Union Ministry of Petroleum and Natural Gas in the first week of February 2015 finalised new oil subsidy

sharing formula between the public sector oil refining companies and oil marketing companies. As perproposal, No contribution towards subsidy for crude oil price less than and equal to 60 dollars per

barrel.

Assam’s Chief Minister Tarun Gogoi on 19 February 2015 advocated for Naturonomics for Assam and

other North Eastern (NE) states to usher in a robust economy in the region.

The Cabinet Committee on Economic Affairs (CCEA) on 19 February 2015 approved the continuation of

the incentive scheme for marketing and promotion services of raw sugar production during the currentsugar season (October-September) of 2014- 15.

State Bank of India (SBI) will provide finance totaling ` 100 crore benefiting 3,000 small tea growers in

the North East soon.

Reserve Bank of India said it will shortly issue ` 10 denomination banknotes in the Mahatma Gandhi

Series-2005. "It will incorporate rupee symbol on the obverse and the reverse, with inset letter 'N' in

both the numbering panels, bearing the signature of Raghuram G Rajan, Governor, Reserve Bank of

India and the year of printing '2014' printed on the reverse of the Banknote," an RBI release said.

PSU banks employee unions and bank management, Indian Banks' Association (IBA), agreed on 15 per

cent wage hike and entered into an agreement for it. The bank employees will now also get holidays on

two Saturdays in a month. The second and 4th Saturday will be the holiday and other two will have full

working days.

Insurance sector regulator IRDA has given in-principle approval for setting up of ` 1,500 crore nuclear

liability pool for providing risk cover to nuclear reactors.

The Asian Development Bank has inked two loan agreements worth $400 million with India to upgrade

district roads in Madhya Pradesh and to support improvements to power transmission and distribution

systems in Assam.

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The Indian Army and State Bank of India (SBI) on 23 February 2015 signed a Memorandum of

Understanding (MoU) on the Defence Salary Package.

The oil ministry has suspended ONGC director (technical) Shashi Shankar over allegations of

irregularities.

ICICI Prudential Life Insurance has crossed the ` 1-trillion mark in Assets Under Management (AUM).

ICICI Prudential Life Insurance is a joint venture between ICICI Bank and Prudential PLC, a leading

international financial services group headquartered in the United Kingdom.

Union Government accepted 14th Finance Commission recommendations

Recommendations of the 14th Finance Commission

Tax devolution should be the primary route for transfer of resources to the states

The increased devolution of the divisible pool of taxes is a compositional shift in transfers – from

grants to tax devolution

The panel recommended horizontal distribution by using broad parameters like population

(1971) and changes in population since then, income distance, forest cover and area among

others

Distribution of grants to States and local body was recommended by using 2011 population data

with weight of 90 percent and area with weight of 10 percent

Grants to States should be divided into two and they are

a) Grant to duly constituted Gram Panchayats

b) Grant to duly constituted municipal bodies

Grants should be divided into two parts and they include, basic grants – depending upon the

performance of the gram panchayats and municipal bodies. The ration of basic to performance

grant is 90:10 for Panchayats and 80:20 for municipalities

It recommended a total grant of 287436 core rupees for a five-year period. Of this fund, 200292

crore rupees will go for panchayats while the remainder will go to the municipalities.

SEBI Cancelled Sahara AMC's Registration As Portfolio Manager.

In order to improve governance of public sector banks, Finance Minister Arun Jaitley proposed setting

up an autonomous banks’ board bureau to help lenders raise capital for meeting expansion needs.

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The government has decided to delink 8 Centrally Sponsored Schemes (CSS), including National

eGovernance Plan, Backward Regions Grant Funds, Modernization of Police Forces and Rajiv Gandhi

Panchayat Sashaktikaran Abhiyaan (RGPSA), from its support.

In a significant move, the Government said commodities market watchdog FMC will be merged with the

capital market regulator SEBI. After the emergence of a major crisis at National Spot Exchange Ltd, the

Forward Markets Commission (FMC) was last year brought under the Finance Ministry.

RBI Announces External Advisory Committee For Evaluating Applications Of Small Finance Banks And

Payments Banks. Usha Thorat, former deputy governor of the Reserve Bank of India (RBI) will chair the

External Advisory Committee (EAC) to evaluate applications received for small finance banks, while Dr.

Nachiket Mor, Director, Central Board of the Reserve Bank will chair the EAC for payment banks. Morethan 100 entities have applied for small finance and payment banks.

In its bi-monthly monetary policy review, RBI governor Raghuram Rajan said that 72 applications for

Small Finance Banks and 41 applications for Payments Banks were received up to the deadline for

submission. This number excludes applications that might have been received at other venues.

IRDAI released India Insurance Vision 2025. The study, India Insurance Vision 2025, done by McKinsey

for CII, was formally released by TS Vijayan, Chairman of Insurance Regulatory and DevelopmentAuthority of India (IRDAI). The industry has a potential to reach $250 billion mark by 2025, it said.

To give financial confidence to the budding entrepreneur, especially those in the socially excluded

category, the government has proposed creation of a special bank – MUDRA – to fund small enterprises.

MUDRA, or the Micro Units Development Refinance Agency Bank, will have a corpus of Rs. 20,000

crore and credit guarantee corpus of Rs. 3,000 crore.

Gross bank credit grew by 10.1 per cent in the December quarter as against 14.2 per cent growth

registered in the year-ago period, according to the RBI data.

Aggregate deposits grew 10.9 per cent in the period which was slower than 15.4 percent

registered in the year-ago quarter.

Metropolitan branches, constituting 53.1 per cent of aggregate deposits and 64.2 percent of

gross bank credit, recorded the highest credit-deposit (CD) ratio at 92.3 per cent, it said. For

other population groups, CD ratio was lower than the national level of 76.4 percent.

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The CD ratio was the highest for Tamil Nadu (121.1 per cent) followed by Chandigarh (114.9 per

cent), Andhra (109.3 per cent) and Telangana (106.4 per cent).

State-run oil firms including Oil and Natural Gas Corp (ONGC) will invest over Rs. 76,565 crore on the

project expansion during 2015-16, up 5 per cent over the previous fiscal.

ONGC, the nation’s most profitable company, will see its capital expenditure rise to Rs.

36,249.37 crore as compared with Rs. 34,813 crore in the current fiscal, according to the Budget

2015-16 document.

World Bank approved USD 500 million loan for its MSME Growth

Innovation and Inclusive Finance Project to improve access to

finance for Indian small and medium enterprises in manufacturingand services sector.

The Project will support MSMEs through direct financing by

the Small Industries Development Bank of India (SIDBI) and

Participating Financial Institutions (PFIs) across three

components.

Country’s third largest software services firm Wipro has partnered

with the World Economic Forum (WEF) to develop a cyber-value-

at-risk (VAR) framework that will allow organisations to assessthreat landscape, the nature of assets needed protection and

quality of defenses.

The Reserve Bank of India (RBI) has refused to share its banks' inspection reports on alleged money

laundering laws and other violations with Central Economic Intelligence Bureau (CEIB), citing legal

hurdles.

The RBI was required to share relevant extracts of inspection reports with law enforcement

agencies and CEIB, an apex intelligence agency under the Finance Ministry, to check black

money and other financial crimes where gross violations of Know Your Customer (KYC)

guidelines and Prevention of Money Laundering Act (PMLA) are noticed, official sources said.

Bank Rate - 8.50%

Cash Reserve Ratio

(CRR) - 4 %

Statutory Liquidity

Ratio (SLR) - 21.5 %

Repo Rate - 7.50 %

Reverse Repo Rate -6.50 %

Marginal Standing

Facility (MSF) - 8.50 %

RBI RATES

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RBI reduced Repo rate by 25 basis points to 7.5 percent

The Reserve Bank of India (RBI) on 4 March 2015 reduced the repo rate by 25 basis points to

7.5 percent with immediate effect.

This is the second time since January 2015 that RBI reduced the repo rate by 25 basis points.

With this, the reverse repo rate under the LAF stands adjusted to 6.5 percent, and themarginal standing facility (MSF) rate and the Bank rate to 8.5 percent .

The RBI reduced the repo rate outside the bi-monetary policy review cycle taking into account the

following developments:

1. The new Consumer Price Index (CPI) rebased to 2012 was released on 12 February 2015. As per

this, inflation in January 2015 stood at 5.1 percent which was well within the target of 8 percent

for January 2015.

2. The prices of vegetables and inflation excluding food and fuel reached a new low indicating that

disinflation is evolving along the path set out by the RBI in January 2014 and at a faster pace

than earlier envisaged.

3. The recently-released GDP estimates based on base year 2011-12 by Central Statistical Office

(CSO) pictures a steadily recovering economy which appears to be right.

4. In Union Budget 2015-16, many important and valuable structural reforms has been included.

This will help improve supply over the medium term and help achieve fiscal consolidation.

5. The rupee remained strong relative to peer countries, thus, creating disinflationary impulses.

To make it easier for new individual investors, market regulator SEBI announced a 'Saral' or simplified

account opening form for such persons and eased the process for submitting address proof documents.

The move comes in the backdrop of the government and the regulator making efforts to attract new

retail investors to the market especially for the disinvestment share sales through Offer For Sale (OFS)

and other routes.

Insurance Bill passed by Lok Sabha The long-pending Insurance bill, a key economic reform legislation

providing for raising foreign investment cap to 49 per cent, was passed by Lok Sabha with thegovernment insisting that the measure is crucial for expanding the penetration of insurance in the

country.

The controversial Insurance Laws (Amendment) Bill, which seeks to replace an ordinance, also

provides for imprisonment of up to 10 years for selling policies without registration with the

regulator IRDA.

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The proposed legislation will also allow PSU general insurers to raise funds from the capital

market and provides for increased penalty to deter multilevel marketing of insurance products.

The bill, one of the key reform legislations, has been pending since 2008.

Lok Sabha passed the Coal Mines bill to allow e-auction of coal blocks after the Supreme Courtcancelled their allocation leading to uncertainty in the coal sector, amid opposition by Left and some

other opposition parties.

The Coal Mines (Special Provisions) Bill, 2015, would replace two ordinances issued by the

government - - the first on October 21 last year and the other in December, after the apex court

cancelled the allocation of 204 blocks.

Replying to a debate on the bill, Coal and Power Minister Piyush Goyal said its passage would

ensure "transparent and honest" process of auctioning of coal blocks.

Highlighting the necessity of passing the bill, he warned that if the Bill is not passed, then there

could be a crisis in the coal sector with the closure of these mines.

Union Government and RBI signed an agreement on Monetary Policy Framework

Union Government and Reserve Bank of India (RBI) signed an agreement on Monetary Policy

Framework. The agreement was signed on 20 February 2015 but was made public on 2 March

2015.

The agreement empowers the RBI to go for inflation targeting that is common in developed

countries and it also empowers RBI to monitor its monetary policy framework.

As per the agreement, RBI will aim to bring down the inflation below six percent by January

2016 and inflation target for 2016-2017 and subsequent years will be 4 percent +/-2 percentage

points.

Features of the agreement that empowers RBI to monitor its framework

India’s monetary policy framework will be operated by the RBI.

India’s monetary policy framework will aim to “maintain price stability while keeping in mind

the objective of growth.

If the RBI fails to meet the target, then it will have to report to the Union Government the

reasons for the failure to achieve the target.

It will also provide the remedial action to take and estimate of the time period within which the

target would be achieved.

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It will put in place a framework of a modern monetary policy to meet the challenges of an

increasingly complex economy.

The RBI’s Governor will determine the country’s key interest rates or any measures needed to

achieve that inflation target.

It binds the Union Government to take proactive measures for price control.

The agreement will provide a predictable policy stance on inflation, helping investors, especially

in the debt market

The agreement was signed in line with the recommendations of the RBI’s Urjit Patel committee. The

committee’s recommendation will smoothen the monetary policy scene in the country. At present, the

Union Government and the RBI provides inflation estimates but don’t set any targets for it.

Union Ministry of Shipping on 3 March 2015 signed an agreement with Toyota for export of automobile

units. The export of automobile units will be done through Kamarajar Port Limited (KPL).

Giving a boost to affordable housing, the RBI eased the norms for home loans for up to Rs 10 lakh by

allowing banks to include stamp duty and registration charges to the cost of a unit. These charges form

around 15 per cent of the cost of the house and place a burden on borrowers. As per the current

practice, banks do not include stamp duty, registration and other documentation charges in the cost of

housing property.

Global food prices fell to a nearly five-year low in February this year on increased supply of key food

items and strong US dollar, according to the United Nations food agency FAO.

Food prices averaged at 179.4 points in February, down from 181.2 points in January and 208.6

points in February 2014, the Food and Agriculture Organisation’s price index showed.

FAO’s Food Price Index is a trade-weighted index that tracks prices of five major food

commodity groups on international markets. It aggregates price sub-indices of cereals, meat,dairy products, vegetable oils and sugar. FAO HQ – Rome, Italy.

National Payments Corporation of India (NPCI), the umbrella organisation for all retail payment system

in India, has successfully linked 15 crore bank accounts with Aadhaar number.

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The Reserve Bank of India's (RBI) net dollar purchases from the spot market rose to a near seven-year

high in January 2015 to $12.14 billion, a level last seen in January 2008 amounting to $13.63 billion.

In a bid to keep comfortable liquidity in the system in the fourth quarter, RBI had started making

dollar purchases more from the spot market than what they were doing earlier. Net dollarpurchases of RBI stood at $6.74 billion in December 2014.

Railways, LIC sign MoU to set up projects worth Rs. 1.5 trillion

Just within fifteen days of presenting the Railway Budget 2015-16, the Minister of Railways

Suresh

Prabhu fulfilled yet another commitment of his Budget announcement by achieving the highest

ever funding of Rs 1.5 lakh crore for Railways.

A Memorandum of Understanding (MoU) was signed between the Ministry of Railways and

Life Insurance Corporation (LIC). Under this MoU, LIC will make available to the Ministry of

Railways/its entities a Financial Assistance with a limit of 1,50,000 crore over the next five years

for implementing Railway projects. The Financial Assistance will be available from the Financial

Year 2015-16.

Terming Indian economy a "bright spot" on the global economic landscape, IMF raised its growth

forecast for the current fiscal to 7.2 per cent, even as it called for steps to revitalise the investment

cycle and accelerate structural reforms in the country.

EPFO trustees approve raising age limit under pension scheme to 60

At present, a formal sector worker covered under the EPS-95 can make contributions towards

pension scheme till the age of 58 years and can claim pension thereafter.

After the amendment to the pension scheme, a formal sector worker can choose to contribute

towards it till 60 years of age. This will provide him a benefit of 4 percent enhanced pension per

year.

India and Mauritius will work together to avoid the "abuse" of double taxation avoidance convention,

Prime Minister Narendra Modi declared, as the two countries agreed to push negotiations for a long

pending revision of the treaty.

Often corporates have been accused of laundering money through the "Mauritius route" for

channelling FDI in India and the two governments have been in negotiations to curb this

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practice. Negotiations to amend the bilateral tax treaty have been hanging fire for a long time

amid India's apprehensions that it is being misused to route black money and evade taxes.

Reserve Bank of India has agreed for a $1.5-billion currency swap agreement with the Sri Lankan

central bank to help the island nation keep its currency stable. At the current valuation, one Indian

rupee is equivalent to 2.12 Sri Lankan rupees. It has lost almost three per cent value in comparison to

the Indian rupee so far in 2015. Arjuna Mahendran – Governor of Central Bank of Sri Lanka.

1.8 lakh accounts opened under Sukanya scheme in 2 months of launch

As many as 1.80 lakh

accounts have been opened

under 'Sukanya Samridhi

Scheme' in less than two

months of launch of thespecial programme for girl

child, with the maximum

number of accounts in

Karnataka and the least in

Bihar.

On January 22, Prime

Minister Narendra Modi had

launched a small deposit

scheme for girl child, as part

of the 'Beti Bachao Beti Padhao' campaign. The

deposits would fetch an

interest rate of 9.1 per cent

and provide income tax

rebate as well.

As per data available with the Finance Ministry, 56,471 accounts have been opened in

Karnataka, followed by 43,362 accounts in Tamil Nadu and 15,877 accounts in Andhra Pradesh.

However, Bihar accounted for the least number of accounts opened at just 204, followed by

Kerala 222 and West Bengal 334, the data showed.

National Capital Delhi saw 2,054 accounts being opened, 4,177 accounts in Haryana while 7,620

accounts have been opened in Uttar Pradesh.

Falling for the fourth straight month, wholesale price inflation showed negative growth of 2.06 per cent

in February from a year ago. It had declined -0.39 per cent in January and was 5.03 per cent in February

bout the Sukanya Samridhi ccount

1. AS PER THE DETAILS OF THE SCHEME, 'SUKANYA

SAMRIDHI ACCOUNT' CAN BE OPENED AT ANY TIME

FROM THE BIRTH OF A GIRL CHILD TILL SHE ATTAINS THE

AGE OF 10 YEARS, WITH A MINIMUM DEPOSIT OF RS

1,000. A MAXIMUM OF RS 1.5 LAKH CAN BE DEPOSITED

DURING THE FINANCIAL YEAR.

2. THE ACCOUNT CAN BE OPENED IN ANY POST OFFICE OR

AUTHORISED BRANCHES OF COMMERCIAL BANKS.

3. THE ACCOUNT WILL REMAIN OPERATIVE FOR 21 YEARS

FROM THE DATE OF OPENING OF THE ACCOUNT OR

MARRIAGE OF THE GIRL CHILD AFTER ATTAINING 18

YEARS OF AGE.

4. TO MEET THE REQUIREMENT OF HIGHER EDUCATION

EXPENSES, PARTIAL WITHDRAWAL OF 50 PER CENT OF

THE BALANCE WOULD BE ALLOWED AFTER THE GIRL

CHILD HAS ATTENDED 18 YEARS OF AGE.

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2014. Food prices rose 7.74 per cent, according to official data released in March. Inflation in prices of

onions, pulses and protein-rich food items such as egg, meat and fish rose and declined in prices of

vegetables, fruits and milk during February.

Social networking giant Facebook on 14 March 2015 acquired the shopping search engine TheFind.With the acquisition, Facebook has moved into the e-commerce. Both Facebook and TheFind cast the

acquisition as a way to lift the digital advertising business of Facebook.

India's third largest IT services exporter Wipro Ltd. announced the appointment of appointment of

former TCS top executive Mr. Abid Ali Neemuchwala as the Group President and Chief Operating

Officer of the company.

HDFC Bank launched Chillr, a mobile app that allows users to instantly transfer money to any contact intheir phonebook.

The bank has partnered with MobME, a Kochi-based technology firm, to launch this app. Chillr is

a first-of-its kind application that is linked directly to customers’ bank accounts.

With Chillr, the bank’s customers can transfer money to any person in India once they download

the app and register.

The app works on the Android and iOS operating systems and will soon be launched for the

Windows phone as well.

The app is useful for college students and young professionals. Parents whose children study in

other cities can transfer money via the app.

Soon users will also be able to pay utility bills and various merchants via the mobile, HDFC Bank

said in a statement.

Each transaction will be charged Rs. 3.50.

There is a limit of 10 transactions of Rs. 5,000 and a maximum of Rs. 50,000 in a month,

according to company officials.

The ongoing dispute between Sahara and Mirach took a new turn with the latter announcing a $400-million defamation suit against the Sahara Group and a news outlet for attempting to discredit Mirach

and its CEO in the court of public opinion.

IAS officer D K Ravi who 'exposed tax frauds' and took on land mafia in Karnataka found dead.

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The Union Cabinet on 17 March 2015 approved the Undisclosed Foreign Income and Assets (Imposition

of Tax) Bill, 2015 to deal with cases relating to black money stashed away in other countries.

Important provisions of the Bill

Concealment of income and assets and evasion of tax in relation to foreign assets will be

prosecutable with punishment of rigorous imprisonment up to 10 years.

Penalty for such concealment of income and assets at the rate of 300% of tax shall be levied

The government will give a short window to those stashing black money abroad to declare their

wealth, pay taxes and penalty, and escape prosecution under the proposed law.

Non filing of return or filing of return with inadequate disclosure of foreign assets will be liable

for prosecution with punishment of rigorous imprisonment up to 7 years.

Country's largest private sector lender ICICI Bank said it has sold its profit making Russian subsidiary

ICICI Bank Eurasia Limited Liability Company (IBEL) to Sovcombank -- marking its exit from Russia.

To encourage investment in research and entrepreneurial activities in the biotechnology field, the

government has asked the RBI to declare it as a priority sector to make lending easy for start-ups.

In keeping with his Budget announcement, Railway Minister Suresh Prabhu constituted the ‘Kayakalp’

Council and appointed industrialist Ratan Tata as its head. In, perhaps, a first, the Minister also included

two key employee representatives in the council. The Railways has about 1.55 million employees and is

considered one of the world’s largest employers.

India has overtaken the US to become the third-largest steel producer in the world with a production of

14.56 million tonnes (MT) in first two months of the year. India has been the fourth-largest steel

producer for the past five years, behind China, Japan and the US.

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Business News, MoUs and Deals

The Expert Appraisal Committee on Infrastructure Development on 31 January 2015 approved the

development of no-frill airports at Kishangarh, Ajmer in Rajasthan and Belgaum in Karnataka. Thecommittee was constituted by Union Ministry of Environment, Forests and Climate Change.

E-commerce firm Alibaba on 4 February 2015 signed an agreement to acquire 25 percent stake in

One97 Communications. One97 Communications is the parent of mobile commerce firm Paytm.

Homegrown handset maker, Micromax took over Korean electronics giant Samsung and became India’s

biggest smartphone vendor and third largest in the world. This was revealed by a report released by

research firm Canalys on 4 February 2015.

China on 9 February 2015 launched its first cruise liner to sail via its ambitious transcontinental initiative

Maritime Silk Road (MSR). The sail was launched from the Beihai port located in southwest China’s

Guangxi Zhuang Autonomous Region.

Gujarat State Handloom and Handicraft Development Corporation (GSHHDC) on 4 February 2015

signed a Memorandum of Understanding (MoU) with global e-commerce giant eBay.

CSIR-National Chemical Laboratory (CSIR-NCL) on 5 February 2015 signed a Memorandum of

Understanding (MoU) with Security Printing and Minting Corporation of India Ltd (SPMCIL). The MoU is

aimed at fostering collaboration on research and exchange of technical expertise in areas of material

sciences and testing capabilities for bank notes, security documents and coins.

The Rajasthan Government and Adani Enterprises Ltd (AEL) on 9 February 2015 signed a Memorandum

of Understanding (MoU) to jointly set up India’s largest solar park with capacity of 10000 MW of

electricity in Rajasthan.

Reliance Communications and Facebook announced a tie-up to provide free access to 33 Web sites —

an initiative that aims to encourage more people to use the Internet. These Web sites are across eight

categories — social media, news, career, education and knowledge, sports, health and social welfare

and search engine Bing. The free Web sites include Facebook, ecommerce portal OLX, Cleartrip,

TimesJobs, Babajob and sports Web site ESPN Cricinfo.

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Star India Pvt. Ltd on 11 February 2015 acquired the Telugu television channel network Maa Television

Network Ltd (MTNL) including its brand, assets and four channels for an undisclosed amount.

Microsoft on 11 February 2015 acquired Sunrise for 100 million US dollars. Sunrise is the maker of one

of the top calendar apps for iOS and Android.

Union Government constituted Anil Baijal Panel to suggest a framework to assess CSR activities.

The India Cements Limited on 11 February 2015 transferred the Indian Premier League (IPL) team

Chennai Super Kings Cricket (CSK) franchise to its new subsidiary Chennai Super Kings Cricket (CSKC)

Limited.

The Board of Directors of Grasim Industries Limited on 11 February 2015 approved the proposed merger

of Aditya Birla Chemicals (India) Limited (ABCIL) with Grasim.

FMCG major ITC has entered into an agreement with Johnson & Johnson to acquire its brands, ’Savlon’

and ‘Shower To Shower’, in India.

Kerala-based business conglomerate Muthoot Group on 14 February 2015 tied-up with World WideFund (WWF) for Nature-India for its Friends for Life project.

To create ‘India’s first online luxury mall’, online marketplace Snapdeal.com announced the acquisition

of Exclusively.com (formerly Exclusively.in), the definitive online destination for premium and luxury

fashion.

Mashable, the leading media company for the Connected Generation, and India.com Web Portal

Limited, India's fastest-growing and leading publisher of original content, on Wednesday announcedtheir partnership to launch Mashable India.

Europe-based RUAG Aerostructures and Tata Group firm TAL Manufacturing Solutions on 17 February

2015 signed a multi-year contract worth over 150 million US dollar to supply components for Airbus 320.

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Samsung Electronics Co has bought U.S. mobile wallet startup LoopPay, signaling its intention to launch

a smartphone payments service to compete with a recent offering from rival Apple Inc.

The National Stock Exchange (NSE) signed a Memorandum of Understanding (MoU) on 26 February

2015 with the Gujarat International Finance Tec-City (GIFT) to establish an international exchange in

Gujarat. The MoU was signed in the presence of Gujarat Finance Minister Saurabh Patel.

Tech giant International Business Machines Corporation (IBM) on 23 February 2015 tied-up with IT

services major Tech Mahindra Limited to build a platform for the development of cloud-based apps for

its clients to increase hybrid services adoption.

Self-drive car rental service Zoomcar on 25 February 2015 tied-up with automaker Tata Motors Limited

to add 50 more new Nano cars to its fleet. These new cars will be split between Pune and Bengaluru.

Andhra Pradesh (AP) Government on 23 February 2015 signed Memorandum of Understanding (MoU)

with Wipro for building and implementing the AP State Enterprise Architecture (APSEA).

Tata Power has signed a Memorandum of Understanding (MoU) with Siberian Coal Energy Company

(SUEK) to develop opportunities in the energy sector.

The 5th India-Myanmar Joint Trade Committee (JTC) meeting was held in Nay Pyi Taw in Myanmar on 17

February 2015.

The first Renewable Energy Global Investors Meet & Expo, also called RE-Invest 2015, was held in New

Delhi from 15 February 2015 to 17 February 2015. The meet was organised by the Union Ministry of

New and Renewable Energy as a follow-up to the Make in India initiative of the Prime Minister.

Google on 24 February 2015 acquired Facebook mobile marketing startup Toro. Toro Company is best

known for its Facebook ad campaigns. The financial terms of the deal were not disclosed.

Ola on March 2, 2015 acquired TaxiForSure for $200 million in a cash and equity deal, signaling

consolidation in the $11 billion taxi industry. Ola and TaxiForSure will continue to operate as separate

entities.

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Anil Ambani-led Reliance Infrastructure Ltd on 4 March 2015 announced the acquisition of

management control of Pipavav Defence and Offshore Engineering Company Ltd (PDOE) for 2082.3

crore rupees. With this acquisition, Reliance Infrastructure Ltd will foray into the emerging business of

defence production.

Forbes magazine on 3 March 2015 released Global Billionaire’s 2015 annual list. Bill Gates co-founder of

Microsoft topped the global billionaires list of Forbes magazine with worth of 79.2 billion US dollars for

the 16th time. The United States topped the list with 536 rich people, followed by China at 213 rich

people, Germany at 103 rich people and India at 90 rich people.

Among Indian women, Savitri Jindal and family was ranked 283 on the list with a net worth of

$5.3 billion in 2015, up from $4.9 billion in 2014.

Sun Pharma Group's promoter Dilip Shanghvi moving ahead of Reliance Industries' Mukesh Ambani to

become the richest Indian. Excluding Ranbaxy's valuation (its merger with Sun Pharma is yet to becompleted), Shanghvi's net worth after recent gains was Rs 1.4 lakh crore. Ambani's net worth was Rs

1.3 lakh crore.

Flipkart on 6 March 2015 acquired mobile ad network AdiQuity. The acquisition is aimed at increasing

advertising muscle of Flipkart.

Tata Motors-owned Jaguar Land Rover (JLR) is set to build its first all-electric car in Austria. The luxury

car-maker’s Jaguar brand could begin production of the vehicle next year.

Tata Consultancy Services has been named as the top employer in Europe for the third consecutive

year by a top employers certification agency Top Employers Institute, citing the Indian IT major as an

“exceptional performer” in nine core human resources areas.

Fast moving consumer goods major Emami Ltd has roped in actor Hrithik Roshan as one of the brand

ambassadors for the ‘Fair and Handsome’ brand. Hrithik, already a brand ambassador for Emami’s “He”

range of men’s deodorants, will now endorse the “fairness” face-wash (under the Fair and Handsome).

With e-commerce business growing in India, realty major DLF has tied-up with online market place

Snapdeal to sell its apartments and would offer 1 per cent discount to potential home buyers. DLF will

offer on Snapdeal about 50 flats in eight housing projects across the country in a price range of Rs 34

lakh to Rs 3 crore.

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Union Ministry of Corporate Affairs on 10 March 2015 released data of top ten Corporate of 2014. The

pack of top ten corporate comprises of eight public sector undertakings and two private sector

undertakings.

In term of assets, Reliance Industries Ltd (RIL) is the largest corporate with assets worth 3.68lakh crore rupees. RIL is followed by state-owned Indian Oil Corporation (IOC) with assets worth

2.52 lakh crore rupees and mortgage lender Housing Development Finance Corp (HDFC) with

assets worth 2.25 lakh crore rupees.

News Related to India

10th Aero India show concluded in Bengaluru

10th Aero India show concluded on 22 February 2015 at the Yelahanka Air Force Station in Bengaluru,

Karnataka. The five-day long show had started on 18 February 2015 and was inaugurated by Prime

Minister Narendra Modi.

During the 10th Aero India show, audience witnessed the performance of Sarang aerobatic team from

the Indian Air Force (IAF) flying the Dhruv helicopters. Squadron Leader Deepika Misra and FlightLieutenant Sandeep Singh became the first women to be a part of SARANG Team.

Audiences also witnessed the aerobatic performances of the aerobatic teams from Sweden, England,

Czech Republic and Open Sky Jump team from US.

Highlights 10th Aero India show

The 10th edition of Aero Show was focused on Make in India campaign of the Union

Government. It is aimed at encouraging small and medium industries to invest in defencemanufacturing base.

Delegates from 109 countries participated in the event and over 700 companies from India and

abroad took part in the exhibition.

In the exhibition, India showcased its indigenously made Light Combat Aircraft (LCA) Tejas,

Advanced Light Helicopter Dhruv, radars, missiles, satellites, Unmanned Aerial Vehicles (UAVs)

and Airborne early warning and control system (AWACS) .

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Moreover, the foreign military aircraft also were displayed that included F-15C Eagle, Lockheed

F-16C, Boeing KC-135, Boeing C-17, Rafale and Embraer EMB-145I etc.

The United States with 64 companies had the biggest presence at the event.

Aero India Show is a biennial air show and aviation exhibition which is held in Bangaluru at the

Yelahanka Air Force Station.

On 10 February 2015, Delhi Elections 2015 counting was held. AAP won 67 seats and BJP just 3.

Bharatiya Janata Party's chief ministerial candidate Kiran Bedi lost to Aam Aadmi Party candidate SK

Bagga in the Krishna Nagar constituency by 2277 votes. Congress party candidates lost deposits in 63 of

the 70 seats, including senior leaders Ajay Maken, Yoganand Shastri, Kiran Walia and Sharmistha

Mukherjee. Arvind Kejriwal took oath as the CM of Delhi on 14 February 2015.

Hindustan Aeronautics Limited (HAL) on 5 February 2015 bagged a Defence contract of 1090 crore

rupees for supplying 14 Do-228 aircrafts to Indian Air Force (IAF) along with six reserve engines, one

flight simulator and associated equipment.

Prime Minister Narendra Modi on 8 February 2015 announced constitution of three sub-groups of Chief

Ministers within the NITI Aayog. The decision was made after the first meeting of the Governing Council

of NITI Aayog.

Uttarakhand Government on 7 February 2015 launched Himalaya Darshan programme at Dehradun.

The programme was launched as part of ongoing efforts to boost tourism by the State Government.

Mobile application-based taxi aggregator Uber on 11 February 2015 had introduced two new India

specific safety features. The features include panic buttons and in-app tracking tools.

The Navy is learnt to have taken the call to retire the decrepit warhorse INS Viraat, the aircraft carrier in

2016 that has had a service life of 56 years as on date — first as HMS Hermes in the Royal British Navy

and in its present avatar since 1987.

Union Ministry of Home Affairs on 12 February 2015 constituted a three-member Special Investigation

Team (SIT) for re-investigation of the 1984 anti-Sikh riot cases. The three-member SIT will be headed by

Pramod Asthana, an IPS officer of 1986 batch.

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India on 14 February 2015 successfully test-fired a BrahMos supersonic cruise missile from Indian

Navy's latest destroyer INS Kolkata.

Vanaj 2015 is a weeklong National Tribal Festival for the first time. It was in news as it was inaugurated

by the Union Minister of Tribal Affairs Jual Oram on 13 February 2015 at the the Indira Gandhi NationalCenter for Arts (IGNCA), New Delhi.

The third National Lok Adalat on 14 February 2015 disposed of 56000 cases in a single day. It also

disbursed of 265 crore rupees as claims towards final settlement in bank recovery and cheques bounce

cases.

Construction of toilets under Prime Minister Narendra Modi's dream project, Swachh Bharat Abhiyan,

has gained momentum with 7.1 lakh individual household toilets being built in January, the highest forany month since the project was launched in October, government data showed.

Dosmoche festival was celebrated with religious and traditional fervor in the Ladakh region of Jammu

and Kashmir in the third week of February 2015. The festival was celebrated with a week-long period of

prayers and ritual at Liker monastery.

India and Sri Lanka on 16 February 2015 signed bilateral agreements on civil nuclear cooperation,

cultural cooperation and cooperation in the field of Agriculture. Besides, an agreement was also signed

for Sri Lanka's participation in the Nalanda University Project.

Union Government on 18 February 2015 approved Project-17A worth 8 billion US dollar. The project is

aimed at building country's most advanced warships. Under the Project-17A seven frigates will be built

indigenously with stealth features to avoid easy detection.

India on 19 February 2015 successfully test-fired nuclear weapons capable, surface-to-surface Prithvi-II

missile from Chandipur-on-sea in Balasore district, Odisha as part of a user trial by the army. The missile

was tested for a shortened range of 250 km as against its full range of 350 km.

India’s first air quality checking Mobile App, SAFAR-Air was launched on 17 February 2015 at the Indian

Institute of Tropical Meteorology in Pune, Maharashtra.

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State Government of Bihar on 18 February 2015 decided to give 35 percent reservation to women in

non-gazetted government jobs.

Justice KS Radhakrishnan panel on road safety submitted its report to the Supreme Court.

Prime Minister Narendra Modi on 19 February 2015 launched the nationwide Soil Health Card Scheme

in Suratgarh town of Sriganganagar district, Rajasthan. The nationwide scheme will help farmers to

scientifically analyse the soil of farms in the country. The scheme aims at helping farmers in improving

productivity by appropriate use of nutrients or fertilisers.

Himachal Pradesh is set to become the country's first state to present a 'paperless' budget on March

11.

The 29th Surajkund International Crafts Mela was celebrated from 1 February 2015 to 15 February

2015 at Surajkund, Faridabad. Chhattisgarh was selected as the Theme State while Lebanon was

Partner Nation for the Surajkund Mela.

IRCTC Tied Up With Jubilant Foodworks to Deliver Pizza at Train Seats . Jubilant FoodWorks Ltd is an

Indian company based in Noida, Uttar Pradesh which holds the master franchise for Domino's Pizza in

India, Nepal, Sri Lanka and Bangladesh, and also for Dunkin' Donuts in India.

The Eighth India-Nepal Battalion level Combined Military Training named Exercise Surya Kiran-VIII,

commenced on 23 February 2015 at Integrated Army Training Centre, Saljhandi, Nepal. The exercise will

end on 8 March 2015.

The Delhi Government on 24 February 2015 launched a mobile application mLiquorSaleCheck for the

benefit of the customers and to put a cap on sale of illicit liquor. The App will provide detailed

information about the liquor being sold in the city.

Delhi Chief Minister Arvind Kejriwal has been made a member of the Governing Council of newly

formed NITI Aayog, which has Prime Minister Narendra Modi as its chairman. Kejriwal has come in

place of national capital territory's Lieutenant Governor Najeeb Jung.

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Madhya Pradesh governor Ram Naresh Yadav on 25th February, 2015 sent his resignation after the

Union home ministry asked Yadav to step down after he was named in an exam scam in the state.

World Bank in January 2014 released a strategy report titled Building Resilience for Sustainable

Development of the Sundarbans. The report states that the environmental damage in the climatechange-hit islands of Sundarbans is costing India a sum of 1290 crore rupees annually.

Union Ministry of Chemicals & Fertilizers on 25 February 2015 declared the year 2015 as the Year of

Active Pharmaceutical Ingredients (API). It was declared by the Union Minister of Chemicals &

Fertilizers Ananth Kumar.

Dreaded terror group ISIS and all its affiliate organizations, responsible for series of savage attacks and

killings in Iraq and Syria, have been banned in India under the Unlawful Activities (Prevention) Act.Earlier Home Minister Rajnath Singh had said in Parliament on December 16, 2014 that the West Asian

group had already been declared banned in India under a United Nations Schedule.

Government will roll out a pilot project to give a digital boost to the flagship rural job scheme MNREGA

in gram panchayats to ensure its better implementation through mobile monitoring system . Under the

scheme expected to be functional from April this year, a total of 35,000 gram panchayats will be covered

which would be given a mobile/tablet, Minister of State for Rural Development Sudarshan Bhagat said in

a written reply in Lok Sabha. An amount of Rs 35 crore have been sanctioned as each mobile/tablet

would be costing Rs 10,000.

The Union Cabinet on 25 February 2015 approved the implementation of the scheme for setting up of

15000 Mega Watt (MW) Grid-connected Solar Photo Voltaic (SPV) Power projects under the National

Solar Mission (NSM).

The Telecom Regulatory Authority of India (TRAI) on 25 February 2015 issued 6th Amendment to the

Telecommunication Mobile Number Portability Regulation, 2009. This amendment will facilitate full

MNP (Pan-India Portability) across India with effect from 3 May 2015.

Indian Air Force, Army and Navy have placed orders worth Rs 83,858 crore from 2011 to the last fiscal

while domestic defence industries have earned Rs 69 crore by export of military hardware. Replying to

questions in the Lok Sabha, Parrikar also said that Foreign Direct Investment amounting to Rs 24.36

crore has been received after government opened the defence industry for private sector.

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The Zoological Society of London (ZSL) and the Gujarat Forest Department on 26 February 2015 signed

a memorandum of understanding (MoU) for conservation of Asiatic lion and its habitat.

Andhra Pradesh has become the first state to opt for executing the National Optical Fibre Network

(NOFN) on its own and the telecom department will reimburse the cost for the same.

Indian Navy on 27 February 2015 concluded its Theatre Level Readiness and Operational Exercise

(TROPEX)-2015. The event encompassed all dimensions of maritime warfare.

Union Government on 12 February 2015 approved revised Guidelines for Pradhan Mantri Gram Sadak

Yojana (PMGSY). The guidelines were revised to accord priority in the selection of roads for new

connectivity as well as upgradation, leading to the eligible habitations in the Gram Panchayats identified

by the Members of Parliament (MP) under Saansad Adarsh Gram Yojana (SAGY).

Union Government blocked private email network like Yahoo and Gmail for official work. The aim of the

move is to monitor staff's online activities.

Mufti Mohammad Sayeed led Jammu and Kashmir People's Democratic Party and Bharatiya Janata Party

formed J&K Government jointly. Mufti Mohammad Sayeed will take oath as CM on 1 st March, 2015.

Defence Acquisition Council (DAC) on 28 February 2015 approved buying of 38 more Pilatus trainer

aircraft from Switzerland at a cost of 1500 crore rupees. These trainer aircraft will train Indian Air Force (IAF) fighter pilots. Besides, DAC appointed Goa Shipyard Limited (GSL) as the lead agency to build 12

Mine Counter Measure Vessel (MCMV) for the Navy. The decision was taken by DAC meeting chaired

by Union Defence Minister Manohar Parrikar.

A Bill to amend the Citizenship Act, one of the six items on which government had issued ordinances,

was today passed by the Lok Sabha. The Citizenship (Amendment) Bill, 2015 seeks to remove disparity

between Persons of Indian Origin cardholders and Overseas Citizens of India cardholders.

In order to facilitate last mile connectivity to passengers and tourists, the IRCTC has launched concierge

services at New Delhi railway station. The service aims to facilitate train passengers at the station in

hiring a porter, getting information regarding running status of the trains, and arranging a taxi for

dropping the passenger to his residence or hotel, a senior IRCTC official said.

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The Election Commission of India (ECI) on

3 March 2015 launched National Electoral

Roll Purification and Authentication

Programme (NERPAP) throughout India.

The programme was launched with the

prime objective to bring a total error-freeand authenticated electoral roll. During

the NERPAP, Electronic Privacy

Information Centre (EPIC) data of electors

will be linked with Aadhar data of UIDAI

for the purpose of authentication.

President Pranab Mukherjee on 2 March 2015 gave his assent to the Maharashtra Animal Preservation

(Amendment) Bill 1995. This amendment bans slaughter of bulls and bullocks in Maharashtra. Presidentgave his assent to the Bill as per the provisions in Article 201 of the Constitution of India.

Features of the amendment

If anyone is found selling beef or in possession of it can be jailed for five years and fined up to

10000 rupees.

The new act will however allow slaughter of water buffaloes, which provides carabeef, generally

seen as inferior quality meat (that makes up only 25 percent of the total beef market in the

state).

World’s largest and tallest Indian national flag was unfurled on 3 March 2015 at Town Park in

Faridabad, Haryana. The flag was unfurled by BJP president Amit Shah, Haryana CM ML Khattar and

Bollywood actor Ranbir Kapoor.

The flag has dimension of 96 feet by 64 feet and weighs 48 kilograms. Flag was hoisted at the

height of 250 feet (75 meters). Thus, making it the world’s largest and the highest hoisted

Indian flag in the world.

The unfurling event was organised by Nav Chetna Trust which is formed to work on social issues

like Beti Bachao Beti Padhao Campaign and Swachh Bharat Mission.

Another such flag is located at the Central Park in Connaught Place, New Delhi. This flag is 60

feet in width and 90 feet in length and is hoisted at the height of 207 feet.

MOST IN NEWS

BRITISH BROADCASTING CORPORATION(BBC) ON 4 MARCH 2015 RELEASED A

DOCUMENTARY FILM INDIA'S DAUGHTER.

THE DOCUMENTARY FILM HAS BEEN

DIRECTED BY LESLEE UDWIN.

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National Building Construction Corporation Ltd (NBCC) and Delhi Development Authority (DDA) on

March 4, 2015 signed an MoU for the first smart sub-city to come up at Karkardooma in East Delhi. The

30-hectare DDA land will be developed by NBCC as the first transit oriented development (TOD) smart

city in Delhi -- ‘East Delhi Hub Project’.

Union Minister Raosaheb Dadarao Danve, who was made Maharasthra BJP president a few months

back, resigned from the Council of Ministers over the principle of ‘one-man, one-post’. Mr. Danve, who

held the portfolio of Minister of State for Consumer Affairs, Food and Public Distribution, quit the

Council of Ministers over the principle of ‘one-man, one-post’, the sources said.

Foreign Secretary S Jaishankar completed his SAARC Yatra of four nations on 4 March 2015. His SAARC

Yatra started on 1 March 2015 and ended on 4 March 2015. He undertook the SAARC Yatra with an aim

to firm up India’s ties with members of the grouping while reviewing regional and bilateral cooperation.

During the Yatra, he visited four countries namely Afghanistan on 4 March 2015, Pakistan on 3 March

2015, Bangladesh on 2 March 2014 and Bhutan on 1 March 2015.

Jaishankar visit to Afghanistan: During the visit, he called on Afghan President Ashraf Ghani and

CEO Abdullah Abdullah and held extensive talks focusing on India's development projects and

the security situation in the war-torn country.

Jaishankar visit to Pakistan: During the visit, he held Foreign Secretary level talks with his

Pakistani counterpart Aizaz Chaudhary, which was cancelled in July 2015. He also met with

Prime Minister Nawaz Sharif and his Advisor on Foreign Affairs and National Security Sartaj Aziz.

He handed over a letter from Prime Minister Narendra Modi to Pakistan Prime Minister Sharif.

Jaishankar visit to Bangladesh: During the visit, Jaishankar met with Prime Minister of

Bangladesh Sheikh Hasina in Dhaka. He also met with Bangladesh Foreign Minister Abul Hassan

Mahmud Ali and Bangladesh Foreign Secretary Shahidul Haque. He held foreign secretary level

talks in Dhaka.

Jaishankar visit to Bhutan: During the visit, he met with Bhutanese Prime Minister Tshering

Tobgay and held discussions on SAARC co-operation and bilateral ties. He also met with the 4th

King of Bhutan Jigme Singye Wangchuck.

Indian Prime Minister Narendra Modi has been named among the 30 most influential people on theinternet by Time magazine. The list also features President Barack Obama. Time said Prime Minister

Modi roughly has 38 million followers on social networking sites.

The Kathmandu-Varanasi-Kathmandu bus service was on 5 March 2015 flagged off jointly by India and

Nepal. Nepal Minister for Physical Infrastructure and Transport Bimalendra Nidhi and Ambassador of

India to Nepal Ranjit Rae flagged off the bus service.

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Prime Minister Narendra Modi on 5 March 2015 inaugurated two units of 600 Mega Watt (MW) each

of Shree Singaji Thermal Power Project at Dongliya village in Khandwa district of Madhya Pradesh. The

first phase of Shree Singaji Thermal Power Project with 1200 MW capacity has been developed by

Madhya Pradesh Power Generation Company Limited (MPPGCL) at an expense of 7820 crore rupees

With the commissioning of two plants, the total thermal power generation capacity of the State

increased to 4500 MW.

British Broadcasting Corporation (BBC) on 4 March 2015 released a documentary film India's

Daughter.

The documentary film has been directed by Leslee Udwin.

The film is based on the Delhi gang rape and murder of the 23-year-old female named Nirbhaya

that took place on 16 December 2012. The film was simultaneously released in Denmark,

Sweden, Switzerland, Norway and Canada.

The documentary includes an interview conducted by British filmmaker Leslee Udwin and BBC

of Mukesh Singh, the driver of the bus. Mukesh has made derogatory statements against

women.

India and Spain on 5 March 2015 signed an agreement on Mutual Protection of Classified Information

to provide the framework for enhanced bilateral cooperation in areas of defence research,

development and technology cooperation. The agreement was signed by the Defence Minister Manohar Parrikar and Defence Minister of Spain Pedro Morenes Eulate. It was signed during the official visit of

Defence Minister of Pedro Moremes to India.

Subway opened an all-women operated outlet in Mumbai.

National Research Development Corporation (NRDC) and Council for Research in Ayurvedic Sciences

(CCRAS) on 5 March 2015 signed a Memorandum of Agreement (MoA) to commercialise ayurvedic

medicines and technologies developed at CCRAS. The MoA was signed by Abhimanyu Kumar, Director

General of CCRAS and H Purushotham, Chairman & Managing Director of NRDC. The MoA provides

Intellectual Property Rights services to CCRAS in India and abroad.

The government has decided to recruit young female officers in the force and deploy them at select

locations like Nathula Pass along the Indo-China frontier. This is a maiden initiative undertaken for

women empowerment in the Indo-Tibetan Border Police (ITBP). Till now, women could only don the

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combat uniform in the officer cadre in all central security forces like the Central Reserve Police Force

(CRPF), Central Industrial Security Force (CISF) and the border guarding forces Border Security Force

and Sashastra Seema Bal, except ITBP.

Haryana Chief Minister Manohar Lal Khattar on 8 March 2015 launched a scheme for girl child – AapkiBeti Humari Beti. The scheme was launched with an aim to combat the problem of declining child sex

ratio in the state.

The scheme was announced at a state-level function on the occasion of International Women’s

Day at Panchkula. Khattar launched the scheme by giving away a cheque of 21000 rupees each

to mothers of six female children born on or after 22 January 2015.

Key Characteristics of the Scheme

Under the scheme, the first girl child born on or after 22 January 2015 in Schedule Caste (SC)

and Below Poverty Line (BPL) families will be eligible to receive 21000 rupees.

The second girl child born on or after 22 January 2015 of all families will also receive the same

amount.

Families where twin girls or multiple girls are born will also get 21000 rupees per girl child.

Other schemes that were launched during the function

Haryana Kanya Kosh: for the welfare and development of girl child and women in the state

Multi Sectoral Nutrition Programme: The programme will address the maternal and child

nutrition in five districts namely Mewat, Fatehabad, Narnaul, Palwal and Kaithal.

Maharashtra Government on 8 March 2015 launched Bhagyashree scheme for girl child. The schemereplaced Sukanya scheme. As per the scheme, the state government will deposit an amount of 21200

rupees in bank for a girl child born in a Below the Poverty Line (BPL) family. The Bhagyashree scheme

aims at providing one lakh rupee on maturity after the girl completes 18 years of age. The scheme was

launched by the Chief Minister of Maharashtra Devendra Fadnavis in the presence of Bollywood actress

Bhagyashree. Bollywood actress Bhagyashree is the brand ambassador of the scheme.

Prime Minister Narendra Modi on 9 March 2015 launched the first indigenously developed Rotavirus

vaccine named Rotavac. This is the third such vaccine, besides GSK Rotarix and Merck’s RotaTeq

available globally against Rotavirus.

First Kisan Call Centre (KCC) of North-East was opened on 9 March 2015 in Agartala, Tripura. The KCC

was launched by the Tripura Chief Minister Manik Sarkar. KCC was financed by the Tripura

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government. It will be run by a private enterprise with experts of agriculture, horticulture, fisheries and

animal husbandry.

Former Prime Minister Manmohan Singh, industrialist Kumar Mangalam Birla, ex-coal secretary P C

Parakh and three others were summoned as accused by a special court in a coal scam case pertaining to

the allocation of Talabira-II coal block in Odisha in 2005 and asked to appear before it on April 8. Special

CBI Judge Bharat Parashar summoned the six accused on April 8 for the alleged offences punishable

under Sections 120-B (criminal conspiracy) and 409 (criminal breach of trust by public servant, or by

banker, merchant or agent) of the IPC and under the provisions of the Prevention of Corruption Act

(PCA).

Parliament gave nod to a Bill seeking to pave the way for plying of e-rickshaws on the roads of the

national capital region, with the government considering a proposal to provide credit to buy these

battery- operated vehicles. The Rajya Sabha passed the Motor Vehicles (Amendment) Bill, 2015 to

amend the 1988 Act by a voice vote. The measure was adopted by the Lok Sabha on March 3.

WWF India and Tata Capital Housing Finance Ltd have announced a partnership to support

conservation programmes for three critically endangered species — the great Indian bustard, greater

one-horned rhinoceros, and red panda.

India, Seychelles Sign Four Pacts to Boost Security Cooperation – Narendra Modi visited Seychelles

Seeking to expand its footprint in the strategic Indian Ocean, India today agreed to help

Seychelles in mapping its hydrology reserves under four agreements signed during the visit of

Prime Minister

Narendra Modi who launched a coastal surveillance radar project to boost security cooperation

with the island nation.

The Prime Minister also announced that India will give a second Dronier aircraft to Seychelles

and provide free of cost visas for three months for its citizens and making it available to them on

arrival.

After one-to-one and delegation-level talks with Seychelles President James Alix Michel, Modi,

the first Indian Prime Minister to visit Seychelles in 34 years, also said they underlined the

importance of comprehensive cooperation in the Indian Ocean region.

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About Seychelles

The 115-island country, whose capital is Victoria, lies 1,500 kilometres (932 mi) east of mainland

Southeast Africa.

The currency of Seychelles is Seychellois rupee.

The President of Seychelles is James Michel.

India and Mauritius inked five MoUs to give impetus to bilateral relations – Narendra Modi visited

Mauritius

India and Mauritius inked 5 Memorandum of Understandings (MoUs) on 11 March 2015 to give

new impetus to bilateral co-operation between the two nations. The MoUs were signed in Port

Luis in presence of Prime Minister Narendra Modi and his Mauritian counterpart Sir Anerood

Jugnuth.

Prime Minister Narendra Modi is on a five day official tour of three ocean nations, namely

Seychelles, Mauritius and Sri Lanka. The journey started on 10 March 2015 and will conclude on

14 March 2015.

This is the first visit to Mauritius by an Indian Prime Minister in over three decades.

The five MoUs which were signed between the two nations include

1.

MoU in the field of Ocean Economy: The agreement provides for mutually beneficial

cooperation for exploration and capacity development in the field of marine resources, fisheries,

green tourism, research and development of ocean technology, exchange of experts and otherrelated activities

2. MoU on Programme for Cultural Cooperation for the year 2015-18: The programme will help to

enhance bilateral cooperation and will also enhance greater people-to-people participation

between the two countries.

3. MoU on the Protocol for the importation of fresh mango from India: The aim of this Protocol is

to facilitate importation of fresh mango fruits from India by Mauritius to enable the Mauritian to

relish the flavor of the world-renowned Indian mangoes.

4. MoU for the Improvement in Sea and Air Transportation Facilities at Agalega Island of

Mauritius: This will help in betterment of the condition of the inhabitants of this remote Island.

These facilities will enhance the capabilities of the Mauritian Defence Forces in safeguarding

their interests in the Outer Island.

5. MoU on Cooperation in the field of Traditional System of Medicine and Homeopathy: This

MoU will promote cooperation in the field of traditional system of health and medicine between

the two countries. It envisages exchange of experts, supply of traditional medicinal substances,

joint research and development and recognition of the traditional systems of health and

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medicine in both countries. It also aims at promotion and popularization of the various Indian

traditional systems which fall under AYUSH.

Modi commissions India-built Mauritian naval patrol ship Barracuda

’Barracuda’ which has automatic 30 mm Rapid Fire Gun and 12.7 mm Heavy Machine Guns aspart of its ammunition was handed over to Mauritius in December 2014 by Kolkata-based

Garden Reach Shipbuilders and Engineers Ltd (GRSE).

About Mauritius

Capital of Mauritius is Port Louis.

Currency of Mauritius is Mauritian rupee.

The president and prime ministers are Kailash Purryag(President) and Anerood Jugnauth(Prime

Minister).

India, Sri Lanka sign four agreements – Narendra Modi Visited Sri Lanka

India and Sri Lanka signed four agreements during Narendra Modi’s maiden visit to the country,

the first bilateral tour by an Indian Prime Minister in 28 years, with the PM announcing a slew of

measures aimed at resetting ties with the strategic neighbour.

Prime Minister Modi, who arrived here this morning on the final stop of his three-nation tour of

Indian Ocean island nations, met Lankan President Maithripala Sirisena and discussed bilateral

and issues of regional importance.

The two sides signed four agreements on visa, customs, youth development and building

Rabindranath Tagore memorial in Sri Lanka.

About Sri Lanka

President - Maithripala Sirisena

Prime Minister - Ranil Wickremesinghe

Capitals: Sri Jayawardenepura Kotte, Colombo

Currency: Sri Lankan Rupee

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Olympic medal winning boxer MC Mary Kom is being appointed as the brand ambassador of the

Northeast to showcase the potential of the region which offers Rs. 2.4 trillion business opportunities

across various sectors.

The Haryana Government has imposed a complete ban on the sale of beef in any form and proposed to

provide for 10 years rigorous imprisonment for cow slaughter, but ruled out equating it with murder.

The city of New Delhi got its name on December 31, 1926, according to archival documents of the

period at the National Archives of India (NAI).

New city 'NAINA' to come up over 600 square km near Navi Mumbai airport.

After severe floods in Jammu and Kashmir and cloudburst in Uttarakhand, the government said it has

formulated a Himalayan Meteorology Programme for better understanding of weather in the

mountainous States.

Agra’s tourist attraction Taj Mahal has emerged as the most popular in Asia for global ‘virtual

travelers’, according to Google. Google Street View is a technology featured in Google Maps and Google

Earth that provides panoramic views from positions along many streets in the world.

Facebook restricted access to nearly 6,000 pieces of information on its website in India during July-

December 2014 period, the highest for any country, following requests from government and other

agencies to act against hate-content on the social media platform.

The Supreme Court of India (SC) on 17 March 2015 quashed the Union Government’s decision to include

Jats in the Central Other Backward Classes (OBC) list.

India and Kyrgyzstan signed a memorandum of understanding, seeking to strengthen the bilateral

cooperation between the two nations in the textile sector.

Wildlife Management of Palvancha on 18 March 2014 announced eco-restoration project for Kinnersani

Sanctuary in Telangana.

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National Green Tribunal (NGT) on 18 March 2015 directed the Indian Railways to impose a fine of 5000

rupees on individuals spotted littering or throwing waste on the railway platforms and railway tracks.

The order was given with an aim to implement the genesis of Swacch Bharat Abhiyan and was passed by

a bench headed by NGT Chairperson Justice Swatanter Kumar.

Indigenously developed Beyond Visual Range (BVR) air-to-air missile, Astra, was successfully test fired

at the Integrated Test Range (ITR), Chandipur in Odisha on 18 March 2015. It was test-fired aboard a

Sukhoi-30 fighter aircraft.

Maharashtra Government on 18 March 2015 announced to rename Girgaum Chowpatty as Swaraj

Bhoomi to honour veteran freedom fighter Bal Gangadhar Tilak.

RBI to issue Rs. 5 coins to mark 125th Jawaharlal Nehru anniversary.

In a first, the country's largest border guarding force-- BSF-- will have a woman IPS officer. The officer,

who has broken the proverbial glass ceiling in the paramilitary force tasked to secure two of the most

important Indian borders with Bangladesh and Pakistan, is 1996-batch Himachal Pradesh cadre Satwant

Atwal Trivedi. Trivedi, who has been posted as the Deputy Inspector General (DIG) in the 50 year-old

force, is at present serving as IG (crime and cyber security) in Himachal Pradesh. She also holds the

distinction of being the first women IPS officer in the hill state.

The Rajiv Gandhi International Airport (RGIA) in Hyderabad clocked 10 million passengers in the financial

year 2014-15. Bhanu Khannan who arrived at the airport from a Chennai bound flight emerged as the 10

millionth passenger at the airport.

Megastar Amitabh Bachchan on 13 March 2015 was roped in as the brand ambassador for Union

Government’s campaign against Hepatitis B, a critical public problem in India. Bachchan was roped in as

the brand ambassador for India’s fight against Hepatitis B after his successful stint as UNICEF’s

goodwill brand ambassador of pulse polio campaign in India.

The Union Cabinet on 20 March 2015 approved 33 percent reservation for women in police forces of all

Union territories (UTs) including Delhi police, through direct recruitment in non-gazetted posts like

constables to sub-inspectors.

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News around the World

Japan on 1 February 2015 successfully launched the Information Gathering Satellite, a spy satellite. The

Satellite was launched from the Tanegashima Space Centre in the Kagoshima Prefecture in the south ofJapan.

India and China on 2 February 2015 jointly launched the Visit India Year in China in Beijing during the

visit of Indian External Affairs Minister Sushma Swaraj to China.

Pakistan on 2 February 2015 successfully test-fired indigenously developed Air Launched Cruise Missile

(ALCM) Ra’ad. The missile, also called Thunder in Arabic, has been developed by Pakistan's Air Weapons

Complex and NESCOM.

NASA on 31 January 2015 successfully launched its first Earth satellite Soil Moisture Active Passive

(SMAP). The satellite is designed to collect global observations of the vital soil moisture.

The Nagasaki-based Henn-na Hotel (meaning Strange Hotel) of Japan in the first week of February

2015 announced to open the first Robot-staffed Hotel of the World. The hotel will be opened on 17 July

2015 and it will significantly reduce the operating costs.

The First World Ocean Science Congress (WOSC) was held in Kochi, Kerala from 5 February 2015 to 8

February 2015.

Yemen has been in crisis for months, with Shiite Houthi rebels besieging the capital and then taking

control. As a result along with USA and UK many countries closed their embassy in Yemen.

Ukraine ceasefire deal agreed at Minsk talks by Russian President Vladimir Putin.

Experimental aerospace firm SpaceX on 12 February 2015 successfully launched the Falcon 9 rocket

from the Cape Canaveral Air Force Station, Florida on its third attempt. The rocket carried an unmanned

Deep Space Climate Observatory (DSCOVR) satellite.

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France on 16 February 2015 signed a 5.2-billion-euro (5.9 billion US dollar) agreement with Egypt for

the first foreign sale of its Rafale fighter plane. As per the deal, France will supply 24 Rafale fighters to

Egypt.

Three Indian, two women and one man were among the shortlisted 100 applicants who were chosen for one-way trip to Mars under Mars One mission in the third week of February 2015. These Indians are

Ritika Singh, Shradha Prasad and Taranjeet Singh Bhatia.

Indian telecom major Bharti Airtel Limited on 18 February 2015 tied-up with United Nations Children’s

Fund (UNICEF) to provide health, education and youth-focused content to its customers in 17 African

countries.

India and the US on 19 February 2015 held their first-ever bilateral dialogue on the United Nations (UN) and other multilateral issues in Washington.

Two tropical cyclones Marcia and Lam hit Australia on 20 February 2015. This is the first time that two

cyclones have hit Australia at one time.

Parliament of Thailand (National Legislative Assembly) on 19 February 2015 passed a law banning

commercial surrogacy, putting a halt on foreign couples seeking to have children through Thai

surrogate mothers.

Former President of Maldives Mohamed Nasheed was arrested on 22 February 2015 in Male. He was

arrested under anti-terrorism laws after a court said that he might flee the country to avoid hearings on

terrorism charges.

WHO approved ReEBOV Antigen rapid test kit to identify Ebola-infected patients.

Former Jatiya Party lawmaker Abdul Jabbar was sentenced to life imprisonment on 24 February 2015 by

the International Crimes Tribunal-1 in Bangladesh.

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The United States (US) on 24 February 2015 announced that it would allow work permits to spouses of

H-1B visa holders from 26 May 2015. The move will benefit thousands of talented and professional

Indian spouses who come to America but are unable to work.

Australian researchers unveiled the world's first 3D-printed jet engine, a manufacturing breakthroughthat could lead to cheaper, lighter and more fuel-efficient jets.

One of the largest public school system in the US is planning to introduce Texas's first Hindi dual

language school, a move that could benefit the country's significant Indian-American population.

The Federal Communications Commission (FCC) of the United States (US) on 26 February 2015 voted to

implement the Net Neutrality Rules. Net Neutrality Rules define same rate by all Internet Service

Providers. It is very important for India and a lot of petitions has been filed for Net Neutrality Rules inIndia.

FBI announced 3 million US dollar award for information on Evgeniy Mikhailovich Bogachev. Bogachev,

currently is one of the FBI’s most wanted criminal. He created a virus named GameOver Zeus. According

to a report by Symantec, Gameover Zeus has largely been used for banking fraud and distribution of the

CryptoLocker ransomware.

Parliament of Jamaica on 25 February 2015 passed a law to decriminalise the possession of small

amount of marijuana up to 57 grams for personal use.

US blogger and creator of Mukta-Mona, Avijit Roy was hacked to death in Bangladesh.

Australia, Malaysia, Indonesia to trial new flight tracking system.

NASA's Dawn spacecraft on 6 March 2015 completed its Orbit around Dwarf Planet Ceres. By doing so,

it became the first spacecraft to orbit around a dwarf planet.

Sri Lankan Government on 5 March 2015 temporarily suspended construction work of China’s port city

project in Colombo with immediate effect.

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The world's oldest person Misao Okawa, a mother of three, grandmother of four and great-

grandmother of six, turned 117 in western Japan.

Connaught Place in the national capital has become the world's fifth most expensive office location,beating the central business districts of Russia, Japan and China, according to property consultant

Cushman & Wakefield. London's West End is the most expensive office market for the third

consecutive year globally. Connaught Place or CP -- developed as a showpiece of Lutyens' Delhi -- was

ranked seventh in the 2013 list. Its ranking has improved on account of renewed demand and

strengthening economic environment. Connaught Place has been commanding a rental value of Rs 412

per sq ft a month and has seen a rental value increment of less than 1 per cent over the previous year.

Solar Impulse, claimed to be the world's only solar-powered aircraft, made a stopover in Ahmedabad.

Pakistan test-fired its surface-to-surface ballistic missile Shaheen III, which is capable of carrying

nuclear and conventional warheads upto a range of 2750-kilometers.

India 14th among most popular destinations for Muslim travellers. Singapore took the top spot for the

non-OIC destinations. Malaysia topped the list for OIC countries, which also included Turkey, the UAE,

Saudi Arabia and Qatar.

Google Launches Virtual Tour of Nepal's Everest Region.

NASA’s Hubble Space Telescope has found strong evidence of a massive saltwater ocean under the icy

crust of Jupiter’s largest moon Ganymede that could potentially support life.

In a breakthrough, Japanese researchers have successfully transmitted electric power wirelessly to a

pinpoint target using microwaves, an advance that brings space-based solar power closer to reality.

According to Japan Aerospace Exploration Agency, or Jaxa, the researchers were able to transform 1.8kilowatts of electric power into microwaves and transmit it with accuracy into a receiver located 55

metres away.

Pakistan successfully tested its first indigenous all-weather armed drone and a laser guided missile

that can strike its targets with pinpoint accuracy. The drone, named Burraq, has the ability to fly in all

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types of weather conditions and strike its targets with pinpoint accuracy. Pakistan also tested its laser

guided missile named Barq.

The Times Higher Education on 13 March 2015 released the World Reputation Rankings 2015. This year

rankings show that the United Kingdom boasts 12 of the 100 most renowned higher education institutions in the world.

Top 5 Universities

1. Harvard University (US)

2. University of Cambridge (UK)

3. University of Oxford (UK)

4. Massachusetts Institute of Technology (US)

5.

Stanford University (US)

In a major development, former Maldivian president Mohamed Nasheed was sentenced to 13- year

imprisonment by a criminal court here under the anti-terrorism laws. Capital of Maldives – Male.

A California-based institution Zaytuna College has become the US' first officially recognised Muslim

college after receiving formal academic accreditation.

Prime Minister Narendra Modi has overtook Chinese President Xi Jinping to secure the top rank in

handling domestic and international affairs in a global survey conducted by a Chinese firm.

In the 'China's National Image Global Survey 2014, conducted in nine countries — the US, UK,

Australia, Japan, South Africa, India, Russia, Brazil and China — Modi's handling of domestic and

international affairs has won him the top rank while Xi figured second.

China has raced ahead of Germany to become the world's third largest arms exporter, a Stockholm

based think tank said in a report. Exports of major arms from the world's second largest economy grew

143 percent between 2010 and 2014. In the preceding five year period China had ranked ninth globally,the Stockholm International Peace Research Institute (SIPRI) said in a report.

Union HRD Minister Smriti Irani was named Young Global Leader from India by the World Economic

Forum (WEF). In the list of 187 YGLs for 2015 from across the world, Irani is accompanied by 10 other

Indians, including Gaurav Gogoi, an MP and son of Assam Chief Minister Tarun Gogoi.

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Japan government signed agreements with four Indian non-profit organisations, under which the Asian

nation will financially aid them to improve infrastructure and expand their humanitarian activities.

India will host the seventh Asian Ministerial Conference on Disaster Risk Reduction (AMCDRR) in 2016.

Five middle-income countries (MICs) which displayed strong economic growth in 2014 – India, Brazil,

China, Mexico and Indonesia – account for 363 million, or a half , of the world’s hungry, according to a

report released by the International Food Policy Research Institute (IFPRI).

The first global conference on Dalit rights will be held in US to increase awareness about injustices

faced by nearly 260 million people across the globe including in India due to caste-based discrimination.

Kerala to host its first global conference on gender equality.

The world's first hydrogen-powered tramcar has rolled off the assembly line in China's eastern

Shandong Province.

Nobel laureate Sir Venkatraman Ramakrishnan on 18 March 2015 was named as the President of

Britain's prestigious Royal Society, a communion of the many of the world's most distinguishedscientists.

Appointments

India 1.

Ashok K Agarwal appointed as General Manager of Southern Railway.

2.

Nandita Chatterjee was appointed as the Secretary in the Union Ministry of Housing & Urban

Poverty Alleviation (HUPA).

3. LC Goyal appointed as Union Home Secretary. At the time of his appointment was serving as

Union Rural Development Secretary.

4. MO Garg appointed as Director General of Council of Scientific & Industrial Research.

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5. M Ravindran appointed as Chairman of Indraprastha Gas Limited.

6. Krishna Chaudhary took charge as DG of Indo-Tibetan Border Police (ITBP).

7. Arvind Kejriwal sworn-in as Chief Minister of Delhi.

8. Balasubramaniam Venkataramani appointed as MD & CEO of Multi Commodity Exchange

(MCX).

9.

Jawed Usmani sworn-in as Chief Information Commissioner of Uttar Pradesh.10. Tapan Misra appointed as ISRO's Space Applications Centre Director.

11. Ram Niwas Goel Elected Speaker of Delhi Assembly.

12. Nitish Kumar took oath as Chief Minister of Bihar. He succeeded Jitan Ram Manjhi, who

resigned from his office on 20 February 2015 before the trust vote.

13. Justice Amitava Roy sworn in as Supreme Court judge. Prior to this, he served as the Chief

Justice of Odisha High Court.

14.

Kshatrapati Shivaji appointed as new CMD of SIDBI.

15. Mufti Mohammed Sayeed took oath as J&K Chief Minister.

16. Nirmal Singh Appointed J&K Deputy CM.

17.

Jagmohan Dalmiya unanimously elected as President of BCCI.18. FICCI appointed Arvind Virmani as Economic Mentor.

19. Baldev Sharma appointed as chairman of National Book Trust.

20. Arun Singh has been appointed as India’s ambassador to the U.S. succeeding S. Jaishankar, who

was named the Foreign Secretary in January. Prior to this he was India’s Ambassador to France.

21. Pramod Kumar Gupta has been appointed as Officer on Special Duty (OSD) to Minister of State

for Textiles, Santosh Kumar Gangwar. Officer on Special Duty (OSD) is an IAS officer who in on

central deputation and works in a particular ministry.

22. 1998 Asian Games gold-medallist Dingko Singh on 10 March 2015 was included in National

Boxing Selection panel. The goal of the panel will be to pick a bunch that can deliver medals at

the Olympics.

23.

IPS officer M Akhaya has been appointed as the Chief Vigilance Officer in the Department of

Telecommunications.

24. Credit Rating Information Services of India Limited (CRISIL) on 16 March 2015 announced to

appoint Ashu Suyash as the Managing Director (MD) and Chief Executive Officer (CEO) of the

company.

World

1. Sergio Mattarella sworn-in as the President of Italy.

2. Ajaypal Singh Banga appointed as member of US Advisory Committee for Trade Policy and

Negotiations.

3. Ashton Carter appointed as the new Defence Secretary of the US.

4.

Kolinda Grabar-Kitarovic sworn-in as First Female President of Croatia.

5. Indian-American Rashad Hussain appointed US Special Envoy and Coordinator.

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6. Ravi Chaudhary appointed as Executive Director for Regions and Centre Operations at FAA of

the US.

7. Gopinath Pillai appointed as Special Envoy to Andhra Pradesh by Singapore government.

8. Indian-origin Kannan Ramesh appointed as Judicial Commissioner in Singapore Supreme Court.

9. Indian-American Sunil Sabharwal re-nominated as Alternate Executive Director at IMF by the

US.

10. U.S. President Barack Obama has nominated veteran diplomat David Hale as the next

ambassador to Pakistan. A career foreign service official, Mr.Hale is currently the U.S.

Ambassador to Lebanon, a position he has held since 2013.

11.

Visit Britain, the National tourism agency of Britain on 10 March 2015 roped in Bollywood actor

Saif Ali Khan to promote an India-centric campaign, Bollywood Britain.

Awards & Honors

National

Legendary Singer Lata Mangeshkar on 20 March 2015 was presented with the Laadli Voice of the

Century award. She was awarded at the sixth edition of the National Media and Advertising Awards for

Gender Sensitivity held at Mumbai, Maharashtra.

Maharashtra Chief Minister Devendra Fadnavis was the chief guest at the awards ceremony.

Winners of the National Media and Advertising Awards in different category

Laadli Voice of the Century award – Lata Mangeshkar

Best movie award – Queen

Laadli Grand Prix award – advertising agency Ogilvy and Mather for its advertisement, Titan

Raga — tum nahi badle

Laadli extraordinaire award – Charu Khurana, she won a landmark judgment in the Supreme

Court regarding Bollywood’s bias against women make-up artistes

1.

Mithileshwar awarded with Shrilal Shukla Sahitya IFFCO Award 2014.

2. Madhya Pradesh won the 10th National Award for excellent work in MGNREGA.

3. Lok Sabha Speaker Sumitra Mahajan’s name was included in the LIMCA book of records in the

first week of February 2015. Her name was included for being the only woman of the country to

represent the same Indore Lok Sabha constituency on the same party ticket for eight times in a

row.

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4. Marathi writer Bhalchandra Nemade on 6 February 2015 was chosen for the Jnanpith Award

2014 by the Jnanpith Selection Board.

5. Vinod Mehta awarded with Yash Bharti Samman 2015 by UP Government.

6. Dr. Ambedkar National Merit Awards conferred by Thaawar Chand Gehlot.

7. National men’s team captain Sunil Chhetri was presented with All India Football Federation’s

2014 Player of the Year award.8. National women’s team striker Bala Devi was presented with 2014 AIFF Women’s Footballer of

the Year.

9. Dr. Tessy Thomas, Geeta Varadan jointly named for Nayudamma Award 2014.

10. Chhattisgarh Government awarded for Renewable Power Development in the State.

11. Marathi Writer DM Mirasdar Selected for The Vinda Karandikar Jeevan Gaurav Puraskar.

12. Irom Sharmila or Iron Lady of Manipur won Sthree Shakti award.

13. Indian-American physician Rahul Jindal selected for Fulbright Nehru Distinguished Chair.

14. Rani Mukerji awarded by National Institute of Gender Justice for representing the cause of

women.

15.

L. Subramaniam, Roshan Kumari Receive Hafiz Ali Khan Award.16. Former Union Minister and senior Congress leader M. Veerappa Moily on 9 March 2015 was

selected for the prestigious Saraswati Samman for 2014 for his Kannada poem Ramayana

Mahanveshanam.

17. Padma Shri Award winner and senior Naga litterateur Temsula Ao was named for the

prestigious Kusumagraja National Literature Award.

President of India, Pranab Mukherjee on 8 March 2015 presented Stree Shalti Puskars and Nari Shakti

Puruskars for the year 2014.

Rani Lakshmibai Award - Seema Prakash, Madhya Pradesh - For working for the cause of

vulnerable and marginalised Communities of Madhya Pradesh Since 2000 particularly for theKorku tribe of the state.

Rani Rudramma Devi Award - Astha Sansthan (NGO), Rajasthan - For protecting women’s

rights, gender mainstreaming, issues relating to violence against women tribal rights, food

security, transparency and right to work and others.

Mata Jijabai Award - Chandraprabha Bokey, Maharashtra - She is a social worker and is working

in rural areas since 1960. Her field of work includes empowerment and rehabilitation of

destitute, divorced, disabled women and rehabilitation of orphan children.

The Nari Shakti Puraskars have been conferred for the first time in 2015 and the award carries a cash

prize of one lakh rupees and a citation.

International

1. Zakir Naik won King Faisal International Prize for the year 2015.

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2. Amartya Sen won inaugural Charleston-EFG John Maynard Keynes Prize 2015.

3. Indian-origin scientist Professor Srikanth Jagabathula received CAREER Award.

4. Nagesh Kukunoor’s film Dhanak won two awards at 65th Berlin International Film Festival.

5. Saurav Ganguly awarded Honorary Life Membership of Marylebone Cricket Club (MCC).

6. Indian-American Purnendu Dasgupta won 2015 American Chemical Society Division of

Analytical Chemistry J. Calvin Giddings Award.7. Kristen Stewart first American actress to win the Best Supporting Actress Award at France's

Cesar Awards.

8. Clemson University honoured Ratan Tata with Doctorate of Automotive Engineering.

9.

Namibian President Hifikepunye Pohamba won 2014 Mo Ibrahim Prize for African Leadership.

10.

U.S. economist Stephen Ross wins Deutsche prize for pricing models. The last recipient, in 2013,

was Raghuram Rajan, governor of the Reserve Bank of India and former chief economist at the

International Monetary Fund.

11. Three South Asian women, namely Niloofar Rahmani, Nadia Sharmeen and Tabassum Adnan

on 3 March 2015 were selected for the prestigious International Women of Courage Award for

the year 2015 given by the US Secretary of State.12. Kerala Tourism on 8 March 2015 won the silver prize of Golden Gate award at the

Internationale Tourismus-Borse Berlin (ITB-Berlin) 2015, Germany. Kerala won the award for its

global multimedia campaign to promote the backwaters of Kerala. The Golden Gate award (Das

Golden Stadttor) is presented every year at the ITB-Berlin and is dubbed as the Oscar in

tourism communication. It is considered the ultimate recognition in global tourism

communication.

13. Indian-Origin Educator Ganasen Reddy Gets Lifetime Achievement Award In South Africa.

14.

Indian Researcher Minoti Apte Wins Woman of the Year 2015 in New South Wales, Australia.

15. Rajendra Singh, an eminent environment activist known as “Water Man”, has been conferred

the prestigious Stockholm Water Prize this year for his innovative water restoration efforts andextraordinary courage to empower communities in Indian villages.

87 th Academy Awards or OSCAR 2015

Awards -

Best Picture - Birdman or (The Unexpected Virtue of Ignorance) – Alejandro González Iñárritu

Best Actor - Eddie Redmayne – The Theory of Everything as Stephen Hawking

Best Actress - Julianne Moore – Still Alice as Dr. Alice Howland

Best Directing - Alejandro González Iñárritu – Birdman or (The Unexpected Virtue of Ignorance)

Best Supporting Actress - Patricia Arquette - Boyhood

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Best Supporting Actor - J. K. Simmons – Whiplash

Best Original Screenplay - Birdman or (The Unexpected Virtue of Ignorance) – Alejandro

González Iñárritu

Best Animated Feature Film - Big Hero 6 – Don Hall, Chris Williams and Roy Conli

Best Foreign Language Film - Ida (Poland) in Polish – Paweł Pawlikowski

Academy Honorary Awards

Jean-Claude Carrière

Hayao Miyazaki

Maureen O'Hara

Jean Hersholt Humanitarian Award

Harry Belafonte

Most Nominations & Awards - Birdman (or The Unexpected Virtue of Ignorance) – 9

BAFTA Awards 2015

Best Film - Boyhood

Best Director - Richard Linklater - Boyhood

Best Actor in a Leading Role - Eddie Redmayne - The Theory of Everything as Stephen Hawking

Best Actress in a Leading Role - Julianne Moore - Still Alice as Dr Alice Howland

Outstanding British Film - The Theory of Everything

Best Film Not in the English Language - Ida - Polish Language Film of Poland, Lunchbox was

India’s entry but did not win.

Best Animated Film - The Lego Movie

FIlmfare Awards 2015 Best Film – Queen

Best Director – Vikas Bahl for Queen

Best Actor (Female) – Kangana Ranaut for Queen

Best Actor (Male) – Shahid Kapoor for Haider

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Lifetime Achievement - Kamini Kaushal

Best Supporting Actor (Female) – Tabu for Haider

Best Supporting Actor (Male) – Kay Kay Menon for Haider

Best Actress Critics – Alia Bhatt for Highway

Best actor critics – Sanjay Mishra for Ankhon Dekhi

Best film critics – Ankhon Dekhi

Most awards - Queen with total 6 Awards

News related to Sports

Australian Open 2015 came to an end on 1 February 2015 at Melbourne, Australia. Novak Djokovic of

Serbia and Serena Williams of the US won the men’s and women’s single title, respectively. Indo-Swiss

pair Leander Paes (India) and Martina Hingis (Switzerland) won Mixed Doubles Titles.

Yuvraaj Singh was the costliest player in Indian Premiere League 8 auctions. He was sold for Rs 16 Crore.

Usain Bolt to retire after 2017 World Championships in London.

Indian leg-spinner Anil Kumble and Australian legend Betty Wilson and New Zealand legend Martin

Crowe was inducted into ICC Cricket Hall of Fame.

Anirban Lahiri won Hero Indian Open title of Golf.

Somdev Devvarman retained the Delhi Open title of Tennis.

Ranchi Rays crowned Champions of Hero Hockey India League 2015. Indian Skipper MS Dhoni co-owns

the Ranchi Rays team.

Rohit Sharma Joins PETA Call to Get Cats and Dogs Sterilised.

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India Set to Host Asian Football Confederation (AFC) Awards for the First Time.

Spanish tennis ace, Rafael Nadal on 2 March 2015 won the Argentina Open title of Tennis. In the

summit clash, Nadal defeated Juan Monaco of Argentina in straight sets 6-4, 6-1 in Buenos Aires. This

was the 65th career title for Nadal. As a result, Nadal moved onto fifth place in the Open era all-time list led by Jimmy Connors of the US who had won 109 titles.

Olympic medalist pugilist MC Mary Kom on 2 March 2015 announced that she will quit boxing after the

2016 Rio Olympic Games. She decided to retire after the Olympic Games as her body would not be able

to cope with the rigours of the sport any further.

Swiss Tennis ace, Roger Federer on 28 February 2015 won the Dubai Duty Free Tennis Championships

title. To lift his seventh Dubai Championship title, Federer defeated world number one Novak Djokovic of Serbia 6-3, 7-5. This was 126th ATP final for Federer of which he had won 84th career title. He also

passed 9000 aces in singles matches, the fete achieved only by three other players since 1991.

Three-time Grand Slam winner Sania Mirza of India has decided to team up with former World No. 1

Martina Hingis of Switzerland in the US-leg of the WTA Tour circuit after parting ways with women's

doubles partner Hsieh Su-wei of Chinese Taipei with whom she featured in the doubles final of the just

concluded Doha Open championship.

Olympic bronze medalist Saina Nehwal’s quest for becoming the first Indian woman to win the most

prestigious All England badminton championship ended in agony after she suffered a heart-breaking

loss to Spain’s Carolina Marin in the summit clash. Olympic bronze medallist, Saina, thus, failed to

emulate her long-time coach Pullella Gopichand (2001) and legendary Prakash Padukone (1980), who

had won the prestigious title in the past.

Karnataka won eighth Ranji Trophy title by defeating Tamil Nadu.

India beat Nepal 2-0 in 1st leg of 2018 World Cup Qualifiers.

Young Indian shuttler Kidambi Srikanth clinched the Swiss Grand Prix Gold championship title after

overcoming a strong challenge from Viktor Alexson in a hard-fought men's singles final.

Putting up a dominating show, India scored in three of the four quarters to outplay Poland 3-1 to win

the FIH World Hockey League Round 2 at Major Dhyan Chand stadium. India skipper Ritu Rani then

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celebrated her 200th International appearance by finding the net in the 59th minute to seal the title for

her side.

Services on 15 March 2015 won the 69th edition of Santosh Trophy of football which is also called

Senior National football championship. In the final played at Guru Nanak Stadium in Ludhiana, Punjab, itdefeated hosts Punjab 5-4 via tie-breaker.

Mercedes driver Lewis Hamilton of Britain on 15 March 2015 won the 2015 Formula 1 Rolex Australian

Grand Prix at Albert Park, Melbourne, Australia. Only 11 cars were able to take the chequered flag.

Karnataka retained Irani Cup 2015. Karnataka became only the second state team to bag back-to-back

Irani Cups after wrapping up a 246-run win over Rest of India with 50 minutes remaining on the fourth

day.

Indian recurve mixed team of Sanjay Boro and Madhu Vedwan beat Indonesia 20-19 in a shoot off to

win the gold at Asia Cup Stage 2 archery competition.

Sania Mirza and Martina Hingis won the women doubles title of BNP Paribas Tennis Open.

11th ICC Cricket World Cup 2015

The opening ceremony was held in Melbourne, Australia and Christchurch, New Zealand.

Yahoo signed Jonty Rhodes as analyst for World Cup cricket.

Virat Kohli became first Indian cricketer to score century against Pakistan in World Cup. India defeatedPakistan 6th time in the World Cups.

India defeated South Africa in their 4th World Cup meet. Earlier South Africa had a record of defeating

India 3 times in the World Cups.

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Chris Gayle became first cricketer to score Double Century in Cricket World Cup. He scored against

Zimbabwe. He also became the first cricketer outside India to score a double century. There are total 5

double centuries, first double century was scored by Sachin Tendulkar, 2nd was by Virender Sehwag, 3rd

and 4th was by Rohit Sharma and also he score the Highest Individual Score(264 runs) in ODIs.

AB De Villiers hits fastest ODI 150 in South Africa World Cup win. He also holds the record of fastest

century. South Africa's 257-run victory was the joint-biggest by runs in World Cups, equaling India's win

over Bermuda in 2007.

Kumar Sangakkara became only the second batsman after Indian icon Sachin Tendulkar to score

14,000 One—day International runs when the Sri Lankan veteran reached the landmark against

Australia in a World Cup Pool A match. He also became the first batsman to score hundreds in three

consecutive World Cup matches. On 11 March 2015 he entered the record books by scoring four

consecutive centuries in a Cricket World Cup. He achieved the feat when he scored 124 runs against

Scotland in the Pool A match of the 2015 Cricket World Cup in Hobart, New Zealand. With this, he also

became the first cricketer to achieve this feat in the One Day Internationals (ODI) history.

England were knocked out of the World Cup by a spirited Bangladesh who grabbed a quarter-final spot

following a dramatic 15-run victory in a tight Pool A match in Adelaide on March 9th.

MS Dhoni’s team betters West Indies Clive Lloyd outfit's record with 10th straight WC win. Dhoni isalso credited with most wins (13) by an Indian captain in World Cups. He has overtaken 1983 World

Cup-winning skipper Kapil Dev (11), Mohammed Azharuddin (10) and Sourav Ganguly (9). Now, the

Men in Blue stand second only to Ricky Ponting’s Australian side that had registered a staggering 24

consecutive victories in the showpiece event.

Mahendra Singh Dhoni achieved the memorable milestone of recording 100 ODI wins as captain after

leading India to a resounding victory against Bangladesh in the cricket World Cup quarterfinals. Dhoni is

the first non-Australian captain to achieve the feat — in his 178th ODI — as he got past South Africa’s

Hansie Cronje, who won 99 ODIs for his side. Ricky Ponting, with 165 ODI wins as captain, and Allan

Border (107) are the two Australian greats leading the chart in the 50-overs format.

Martin Guptill, the batsman of New Zealand cricket team, on 21 March 2015 scored the highest-ever

score of 237 not out in Cricket World Cup history.

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All-rounder Jean-Paul Duminy became the first South African bowler and ninth overall to notch up a

World Cup hat-trick.

Sri Lankan players Mahela Jayawardene and Kumar Sangakkara retired from ODI cricket.

Pakistani Batsman and Captain Misbah Ul Haq and Pakistani All Rounder Shahid Afridi took retirement

from ODI cricket.

NATIONAL GAMES 2015

A Brief History

The very first National Games was held in 1924 in Lahore. During the year India got independence, in

1947, there was no National Games. However, the first National Games after Independence was held in

1948 in Lucknow.

The motto of National Games is Get Set Play.

35th National Games 2015 (31st Jan – 14th Feb)

The 35th National Games was held in Kerala. It is the second time that Kerala is hosting the national

games after it hosted the 27th National Games in 1987.

The mascot of the 35th National Games is ''Ammu'', The Great Hornbill, or the Great Indian Hornbill, the

State bird of Kerala.

National Games mascot Ammu, the Great Hornbill, has immortalised itself by finding a mention in the

Limca Book of Records.

The mascot found a place in the record books owing to a play, Kalikkunna Kuttikalkkayi Bharatham

Kathirikkunnu (India Awaits Children Who Play) in which Ammu is featured.

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According to the Limca Book’s 2015 Special Literature Edition, it is a play about a mascot which had

been staged in most number of schools.

Legendary Javed Akhtar penned Hariharan composed National Games Anthem for National Games 2015

Kerala.

The games torch,a cauldron shaped in the form of a traditional Kerala lamp, was lit by P.T. Usha andAnju Bobby George, which was passed to them by Sachin Tendulkar.

The oath was taken on the behalf of the participants by the Kerala captain, Preeja Sreedharan.

Sachin Tendulkar was the goodwill ambassador for national games.

Maharashtra Netball player Mayuresh Pawar passed away during the 35th National Games.

Medal Tally

The Services Sports Control Board has been the all-time leader in Medal Tally of National Games.

Individual –

Sajan Prakash of Kerala won the most medals in National Games 2015. He won 6 Golds, 2 Silvers. He

won the medals in Swimming. He was ranked 1st in Individual Medal Tally.

Rajina Kiro of Andaman Nicobar and Inaocha Devi Mayanglambam of Madhya Pradesh 5 Golds 1 Silvers

each. They both won medals in Canoe & Kayak but individually. They ranked 2nd jointly in Medal Tally.

Aakanksha Vora of Maharashtra won 5 Gold Medals and 1 Silver Medal. She was ranked 3rd.

Saloni Dalal, a school girl of Karnataka became the youngest medal winner in the ongoing 35th National

Games in Kerala on 3 February 2015. The 12-year-old, Saloni won a Bronze medal in the 200 meter

breast stroke swimming event.

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State Wise Medal Tally –

Ranks States Gold Silver Bronze Total

1 Services SCB 91 33 35 159

2 Kerala 54 48 60 162

3 Haryana 40 40 27 107

4 Maharashtra 30 43 50 123

5 Punjab 27 34 32 93

6 Madhya Pradesh 22 24 38 84

7 Manipur 18 18 24 60

8 Tamil Nadu 16 16 20 52

9 Telangana 16 11 11 38

10 Gujarat 10 4 6 20

The 2016 National Games is likely to be held in Goa.

Important Days

1. World Cancer Day (WCD) 2015 was observed across the world on 4 February 2015. The tagline

for the WCD 2015 was Not beyond Us.

2. Union Minister for Health & Family Welfare Jagat Prakash Nadda declared 10 February as the

National Deworming Day.

3. World Radio Day was observed globally on 13 February 2015 with the theme Youth and Radio.

4. National Women's Day of India observed on 13 February on the date of birth of India’s first

women governor Sarojini Naidu.

5.

15th

International Mother Language Day was celebrated across the world on 21 February 2015.The theme for the year 2015 is Inclusive Education through and with Language - Language

Matters.

6. International Rare Disease Day observed on 28 February. The slogan for 2015 was Day-by-day,

hand-in-hand.

7. National Science Day celebrated on 28 February to commemorate the invention of Raman

Effect by Prof. CV Raman. The theme of 2015 National Science Day was Science for Nation

Building.

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8. Zero Discrimination Day celebrated on March 1. This year's theme Open Up, Reach Out.

9. The World Wildlife Day was observed on 3 March 2015. The 2015 theme of the day is Wildlife

crime is serious, let’s get serious about wildlife crime.

10.

International Women's Day is celebrated on 8th March. This year’s theme, “Empowering

Women - Empowering Humanity: Picture It!".

11. World Kidney Day (WKD) was observed globally on 12 March 2015. The theme for the year 2015

is Kidney Health for All.

12. World Consumer Rights Day 2015 observed on 15 March with the theme Helping consumers

choose healthy diets.

13. 22nd World Water Day celebrated on 22nd March with the theme 'Water and Sustainable

Development'.

14. International Day of Forests observed on 21st March with the theme Forests and Climate

Change.15.

World Sparrow Day observed on 20 March with the theme I Love Sparrows.

16. The World Meteorological Day (WMD) 2015 was observed across the world on 23 March 2015.

The theme for the WMD 2015 is Climate Knowledge for Climate Action.

Important Books

Fragile Frontiers — The Secret History of Mumbai Terror Attacks - Saroj Kumar Rath

Editor Unplugged — Media, Magnates, Netas and Me - Vinod Mehta

Flora of Guntur City Andhra Pradesh - PR Mohana Rao

India’s Growth Resurgence: Sectorial Issues and Governance Risks - Yerram Raju, M Sitarama Murthy

and Singala Subbaiah.

The Indian Parliament – A Critical Appraisal - Prof. Sudha Pai and Avinash Kumar

Madhorubhagan (One Part Woman) - Perumal Murugan (under controversies for description of Hindu’s

half-female god, Ardhanareeswara)

The Red Sari (Unofficial and Controversial Autobiography of Sonia Gandhi) - Javier Moro

Neither a Hawk nor a Dove - Pakistan's Ex-Foreign Minister Khurshid M Kasuri

Indian Parliamentary Diplomacy- Speaker’s Perspective written by Meira Kumar was released on 19

March 2015. Meira Kumar is a former Speaker of Lok Sabha.

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Obituaries

Maharashtra Netball player Mayuresh Pawar passed away during the 35th National Games.

Acclaimed Indian sculptor and artist Mrinalini Mukherjee passed away.

Veteran Marathi theatre artist Atmaram Govind Bhende died.

Veteran journalist Diptosh Majumdar died.

Former Maharashtra Home Minister RR Patil passed away.

Veteran Cartoonist Rajinder Puri passed away.

Bollywood Actor Ashraful Haque passed away. Ashraful Haque was famously known for his roles in the

movies Delhi Belly and Fukrey.

Noted film producer and Dada Saheb Phalke award winner Daggubati Ramanaidu passed away on 18

February 2015.

Legendary Urdu Poet and the Chairman of the Urdu Advisory Committee, Government of Bihar Dr.

Kalim Ahmed Ajiz passed away.

Rana Bhagwandas, the first Hindu Chief Justice of Pakistan passed away.

Pioneer of mobile theatre in Assam Adya Sharma passed away.

Maria Golovnina, Reuter’s bureau chief for Afghanistan and Pakistan, found dead.

Veteran Tamil director and mentor of actor Kamal Hassan, RC Sakthi passed away.

Cinematographer-Director Aloysius Vincent passed away.

Former Haryana Chief Minister Hukam Singh passed away.

Acclaimed US actor Leonard Nimoy aka Mr Spock of Star Trek passed away.

Russian opposition politician Boris Nemtsov shot dead in Moscow.

Ornithologist and naturalist KS Lavkumar Khachar died on 3 March 2015. He was 84. Khachar was

among the pioneers of nature conservation in India. He worked to spread awareness about ornithology,

nature and wildlife conservation. He had a long association with the Bombay Natural History Society

(BNHS) and World Wide Fund for Nature (WWF) India. He was awarded several prestigious awards that

include The Salim Ali-Loke Wan Tho Lifetime Award for Excellence in Ornithology for his pioneering

work in ornithology and on the Nanda Devi National Park.

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Veteran journalist and author Vinod Mehta passed away after prolonged illness in the Capital on March

8th. Mr. Mehta, 72, who had founded the Outlook Magazine and served as its Editor-in-Chief , last held

the post of editorial Chairman of the publication. An eminent political commentator, Mr. Mehta was

served as the editor of several publications, including The Pioneer, The Sunday Observer, The

Independent and The Indian Post. Some of his recent books include, Lucknow Boy: A Memoir (2010) &

Editor Unplugged (2014).

Veteran sports journalist K Baskaran, who had carved a niche for himself in covering Indian football for

four decades, died. He also authored a book on football, Wills Book of Football.

Noted Gandhian and former Chancellor of Gujarat Vidyapith, Narayan Desai, died. Desai was also

associated with Vinoba Bhave's Bhoodan (land gift) movement and Jayprakash Narayan's 'total

revolution' movement. He was popular for reciting 'Gandhi-Katha'(narratives on the life of Mahatma Gandhi) across the world which he began in 2004.

Lia Van Leer, an Israeli cinema pioneer and Israel Prize laureate, has died in a Jerusalem hospital aged

90. Born in Romania, Van Leer moved to Israel and studied at Hebrew University where she met her

future husband, Dutch filmmaker and engineer Wim van Leer. They founded Israel's first cinema club in

the 1950s. The two travelled extensively, collecting movies from around the world, which led to her

founding the Israel Film Archives. In 1973, she created the Jerusalem Cinematheque and, 10 years later,

started the Jerusalem Film Festival. Van Leer was awarded the Israel Prize in 2004 for her life's

achievements and the President's Medal last year.

Marathi folk legend Shahir Krishnarao Sable died on 20 March 2015 in Mumbai, Maharashtra. He was

92.

Lee Kuan Yew, the founding father of Singapore died.

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Reports, Indexes

Hurun Report Inc released the Hurun Global Rich List 2015.

Top 5 Billionaires in Hurun Global Rich List 2015

1. Bill Gates - USA

2. Carlos Slim Helu & family - Mexico

3. Warren Buffet - USA

4. Amancio Ortega - Spain

5. Larry Ellison – USA

As per the list, India has overtaken Russia and United Kingdom in terms of the number of billionaires in

the country. India has 97 billionaires, four more than Russia's 93. Mukesh Ambani is the richest Indian

with a fortune of 20 billion US dollars (Rank 41). The other Indians to figure in the top 100 are Dilip

Sanghvi of Sun Pharma who is ranked 53, Pallonji Mistry & family who own Tata Sons are ranked at 60and Wipro's Azim Premzi is ranked at 74.

Telecom regulator Telecom Regulatory Authority of India (TRAI) on 7 February 2015 released a report on

subscriber base. India telecom subscriber base reaches all-time high at 970 million at the end of

December 2014. The number of telephone subscribers in India increased from 964.20 million at the end

of November 2014 to 970.97 million at the end of December 2014. Bharti Airtel has maintained its

leadership with 217.2 million mobile customers.

The Reporters Without Borders (RWB) on 12 February 2015 released the World Press Freedom Index

(WPFI) 2015. In the WPFI 2015, India was placed at 136th position out of 180 nations that were

surveyed worldwide in terms of press freedom. In the top of the list were three Scandinavian countries:

Finland on the 1st position followed by Norway and Denmark.

Forbes on 26 February 2015 released Asia’s 50 Power Businesswomen 2015 list . The list features six

Indian women CEO and Managing Director (MD). The Asia's 50 Power Businesswomen list showcases a

year of accomplishments by the region's female entrepreneurs and executives.

The list includes following Women from India

Arundhati Bhattacharya, CMD, State Bank of India

Chanda Kochchar, CEO, ICICI Bank,

Akhila Srinivasan, MD/Non-Executive Director, Shriram Life Insurance/Shriram Capital

Kiran Mazumdar Shaw, Founder, Chairman and MD, Biocon

Shikha Sharma, CEO and MD, Axis Bank

Usha Sangwan, MD, Life Insurance Corp. of India

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Pradhan Mantri Kaushal Vikas Yojana (PMKVY)

The Union Cabinet approved the Pradhan Mantri Kaushal Vikas Yojana (PMKVY) on 19 March 2015 with

an outlay of 1500 crore rupees. The programme aims to impart skill training to youth with focus on first

time entrants to the labour market and class 10 and class 12 drop outs.

Key characteristics of the Pradhan Mantri Kaushal Vikas Yojana (PMKY)

The programme aims to impart skill training to youth with focus on first time entrants to the

labour market and class 10 and class 12 drop outs.

The scheme will cover 24 lakh persons and skill training would be based on the National Skill

Qualification Framework (NSQF) and industry led standards.

The programme will be implemented by the Union Ministry of Skill Development and

Entrepreneurship through the National Skill Development Corporation (NSDC) training partners.

In addition, Central and State Government affiliated training providers would also be used for

training purposes.

Skill training would be on the basis of skill gap studies conducted by the NSDC for the period2013-17.

Focus of the training would be on improved curricula, better pedagogy and better trained

instructors.

Training would include soft skills, personal grooming, behavioral change for cleanliness, good

work ethics.

A monetary reward will be given to trainees on assessment and certification by third party

assessment bodies. The average monetary reward would be around 8000 rupees per trainee.

Funds Allocation

Out of the total outlay of 1120 crore rupees to be spent on skill training of 14 lakh youths, 220

crore rupees has been allocated for recognition of prior learning. 67 crore rupees has been allocated for awareness building and mobilization efforts. Mobilization

would be done through skill melas organized at the local level with participation of the State

Governments,

Municipal Bodies, Pachayati Raj Institutions (PRIs) and community based organizations.

Pradhan Mantri Suraksha Bima Yojana

Finance Minister Arun Jaitley in Budget 2015-16 announced a low-cost personal accidental cover

named Pradhan Mantri Suraksha Bima Yojana to increase the insurance penetration level in the

country.

Highlights of Pradhan Mantri Suraksha Bima Yojana

1.

Pradhan Mantri Suraksha Bima Yojana is expected to be launched on June 1, 2015.

2.

It is an insurance policy which covers death or disablement of the policyholder caused due to

accident or accidental injuries.

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3.

The Pradhan Mantri Suraksha Bima Yojana will offer an accidental death and full disability

cover of Rs. 2 Lakh and for partial disability cover of Rs. 1 Lakh.

4.

This cover is available to people in age group 18 to 70 years.

5. The premium of Pradhan Mantri Suraksha Bima Yojana is Rs.12 per annum.

6.

The premium will be directly auto-debited by the bank from the subscribers' account.

7.

The scheme will be offered by all public sector general insurance companies - New India Assurance Company, National Insurance Company, The Oriental Insurance Co, and United India

Insurance Co - through tie-ups with banks. The government also plans to rope in other insurers

as well.

8. Any person having a bank account and Aadhaar number linked to the bank account can give a

simple form to the bank every year before 1st of June in order to join the scheme. Name of

nominee to be given in the form.

Government Contribution:

Various Ministries can co-contribute premium for various categories of their beneficiaries from

their budget or from Public Welfare Fund created in this budget from unclaimed money.

This will be decided separately during the year.

Common Publicity Expenditure will be borne by the Government.

Subscribers have to renew this accidental cover every year. If they don't want to have the hassle of

renewing the cover every year, they can give an instruction for auto-debit of bank account every year.

Pradhan Mantri Jeevan Jyoti Bima YojanaEligibility:

Available to people in the age group of 18 to 50 and having a bank account. People who join the

scheme before completing 50 years can, however, continue to have the risk of life cover up to

the age of 55 years subject to payment of premium.

Premium:

Rs.330 per annum. It will be auto-debited in one installment.

Payment Mode:

The payment of premium will be directly auto-debited by the bank from the subscribers

account.

Risk Coverage:

Rs.2 Lakh in case of death for any reason.

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Terms of Risk Coverage:

A person has to opt for the scheme every year. He can also prefer to give a long-term option of

continuing, in which case his account will be auto-debited every year by the bank.

Who will implement this Scheme?

The scheme will be offered by Life Insurance Corporation and all other life insurers who are

willing to join the scheme and tie-up with banks for this purpose.

Government Contribution:

Various other Ministries can co-contribute premium for various categories of their beneficiaries

out of their budget or out of Public Welfare Fund created in this budget out of unclaimed

money. This will be decided separately during the year.

Common Publicity Expenditure will be borne by Government.

Atal Pension Yojana 2015

The Finance Minister Shri Arun Jaitley has announced a new initiative called Atal Pension Yojana (APY) in

Union Budget 2015-16. Hence we though of giving a short note on Atal Pension Yojana. The APY will be

focused on all citizens in the unorganised sector.

Here are the Highlights of Atal Pension Yojana:

Benefit of APY:

Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and

contributes between the age of 18 years and 40 years.

The contribution levels would vary and would be low if subscriber joins early and increase if he

joins late.

Eligibility for APY:

Atal Pension Yojana (APY) is open to all bank account holders who are not members of any

statutory social security scheme.

Age of joining and contribution period:

The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum

period of contribution by the subscriber under APY would be 20 years or more.

Focus of APY:

Mainly targeted at unorganised sector workers.

Enrolment and Subscriber Payment:

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All bank account holders under the eligible category may join APY with auto-debit facility to

accounts, leading to reduction in contribution collection charges.

Funding of APY:

Government would provide

fixed pension guarantee for the subscribers;

would co-contribute 50% of the subscriber contribution or Rs. 1000 per annum, whichever is

lower, to eligible subscribers; and

would also reimburse the promotional and development activities including incentive to the

contribution collection agencies to encourage people to join the APY.

Age of Joining, Contribution Levels, Fixed Monthly Pension and Return of Corpus to the nominee of

subscribers

The Table of contribution levels, fixed monthly pension to subscribers and his spouse and return of

corpus to nominees of subscribers and the contribution period is given below.

For example, to get a fixed monthly pension between Rs. 1,000 per month and Rs. 5,000 per

month, the subscriber has to contribute on monthly basis between Rs. 42 and Rs. 210, if he joins

at the age of 18 years.

For the same fixed pension levels, the contribution would range between Rs. 291 and Rs. 1,454,

if the subscriber joins at the age of 40 years.

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UNION BUDGET – 2015-16

Allocation & Revenue – Government Earning and Expense

The Plan Expenditure for 2014-15 was revised from ₹5,75,000 crore to ₹4,67,934 crore due to alarge deficit.

The Plan Expenditure for 2015-16 was set at ₹4,65,277 crore.

The Non-Plan Expenditure was estimated at ₹13,12,200 crore, with the total being estimated at

₹17,77,477 crore.

The government expects ₹4,65,277 crore as tax receipts, of which ₹5,23,958 crore will go to

state governments.

Non-tax receipts were estimated at ₹2,21,733 crore for 2015-16.

The defence budget was increased from ₹2.29 lakh crore in 2014-15 to ₹2.46 lakh crore in

2015-16, an increase of 10.95%.

The expenditure on healthcare was set at₹33,152 crore for 2015-16, a reduction from ₹39,238

crore in 2014-15.

Tax-free infrastructure bonds were re-introduced after a gap of one year.

The fiscal deficit for 2014-15 was 4.1% of the GDP. The target set for 2015-16 was that the fiscal

deficit would be brought down to 3.9%.

The revenue deficit target for 2015-16 was set at 2.8% of the GDP, 0.1% lower from 2014-15.

Service Tax – Raised from 12.36 to 14%

The service tax rate was raised from 12.36% to 14%.

A Swachh Bharat cess was announced, under which 2% will be

added on select services.

The service tax exemption given to mutual fund agents was

withdrawn.

Varishta Bima Yojana for senior citizens was exempt from service tax.

Lottery ticket sellers and chit fund agents were brought under the ambit of service tax.

On Activities & Goods

Pre-cooling, ripening, retail packing and labelling of vegetables and fruits were exempted from service tax.

Ambulance services were exempted from service tax.

Visits to music concerts, amusement and theme parks were brought under the ambit of service

tax.

Visits to museums, zoos, national parks, wildlife sanctuaries and tiger reserves were exempted

service tax.

Service tax is a tax levied by

the government on service

providers on certain servicetransactions, but is actually

borne by the customers.

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Income Tax – How much do we need to Pay after Earning

There was no change in income tax slabs of individuals.

The wealth tax was abolished.

The surcharge on individuals, Hindu Undivided Families (HUF),

associations of persons (AOPs), bodies of individuals (BOI)s, artificial

juridical persons, firms, cooperative societies and local authorities

having income earning ₹1 crore or more, was raised from 10% to 12%.

The permitted deduction limit was raised up to ₹25,000 towards health

insurance for ordinary citizens, an increase from previous ₹15,000.

For senior citizens, it was raised to ₹30,000 from previous ₹20,000.

A deduction up to ₹80,000 was allowed on the treatment of select very

serious diseases for very senior citizens.

A deduction up to ₹25,000 was allowed for differently-abled citizens.

An additional ₹50,000 was permitted on the new pension scheme.Salaried employees were given the choice between Employees'

Provident Fund and National Pension Scheme as their pension fund.

Investments in Sukanya Samriddhi Scheme and interest payouts were

made eligible for deductions.

Exemptions for transport allowances was raised from ₹800 to ₹1,600 per month, it is thus

₹19,200 per year. This exemption is usually given to individual salaried employees for

commuting from home to workplace.

It was announced that premature withdrawal from pension funds, if service period is less than

5 years, will result in deduction of tax at source. If withdrawal amount is more than ₹30,000

then 10% tax will be deducted.

Corporate Tax – The Big Shots will Pay

It was announced that corporate tax rate will be gradually reduced from 30% to 25% over the

period of 4 years, starting in April 2016.

2% surcharge was introduced on earnings above 10 crores.

It was announced that donations made to Swachh Bharat Abhiyan and Clean Ganga plan under

corporate social responsibility will get 100% deduction.

The General Anti-Avoidance Rule was delayed by two years.

Yoga trusts were classified as charitable trusts and given tax benefits.

Income Tax Slab

Up to ` 250,000 NIL

` 250,001 to

` 500,000

10%

₹500,001 to

₹1,000,000

20%

₹1,000,001 30%

Above

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Economic Reforms

A proposed Benami Transactions (Prohibition) Bill, which would criminalise cash transactions

of₹

20,000 or above for purchase of immovable properties, was announced.

Permanent Account Number (PAN) was made mandatory for transactions above ₹1 lakh.

A gold coin with the Ashoka Chakra on the face will be created.

The SARFAESI Act will be expanded to cover non-banking financial institutions (NBFC) which

will make it easier for them to recover non-performing assets (NPA).

The states of Bihar and West Bengal were given special assistance packages from the centre.

A startup incubator programme called Self Employment and Talent Utilisation (SETU) was

announced. It was allocated ₹1,000 crore.

Salaried employees were given the choice between Employees' Provident Fund and National

Pension Scheme as their pension fund.

Two new insurance schemes and a pension fund were announced to improve the social security

of the poor citizens. Pradhan Mantri Suraksha Bima Yojana with an annual premium of ₹12 will provide a coverage

of ₹2 lakh for full disability or death, and 1 lakh for partial disability.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme with an annual premium of

₹330, it will pay ₹2 lakh is case of death.

Atal Pension Yojana is a pension scheme targeted at the unorganised sector.

Educational Investments & Announcements

A scheme called Nayi Manzil was announced which will help minority youth without school-

leaving certificate to find employment.

Five new All India Institutes of Medical Sciences (AIIMS) were announced for Jammu and

Kashmir, Punjab, Tamil Nadu, Himachal Pradesh and Assam.

An Indian Institute of Technology (IIT) will set up in Karnataka and the Indian School of Mines,

Dhanbad will be upgraded to an IIT.

Two new Indian Institute of Management (IIM) announced for Jammu and Kashmir and Andhra

Pradesh.

A new Post Graduate Institute of Horticulture Research and Education was announced for

Amritsar.

Three new National Institutes of Pharmaceutical Education and Research were announced for

Maharashtra, Rajasthan and Chhattisgarh.

Two new Institutes of Science and Education Research were announced for Nagaland and

Odisha.

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Two new institutes called Apprenticeship Training Institute for Women were announced for

Haryana and Uttarakhand.

A networked system called the Student Financial Aid Authority was announced which would

monitor the allocation of scholarships and educational loans under the Pradhan Mantri Vidya

Lakshmi Karyakram.

The education budget was allocated ₹69,074 crore for the year 2015-16. This was a reductionfrom the revised estimates from 2014-15 which was ₹70,505 crore.

The school education sector was allocated ₹42,219.50 crore and higher education sector was

allocated ₹26,855 crore.

Excise and Customs – How things got cheap/costly

The education cess were subsumed from central excise duty. Instead, the central excise duty

rates were rounded off from 12.36% to 12.5%.

The clean energy cess was increased from ₹100 to ₹200 per tonne of coal.

It was announced that the Goods and Services Tax is expected to be implemented by 1 April

2016.

The excise duty on cigarettes was increased by 25%.

The excise on cut tobacco was raised from ₹60 to ₹70 per kg.

The duty on plastic bags was increased from 12% to 18%.

The duty on soft drinks and packaged water was increased from 12% to 18%.

On cement, it increased from ₹900 per tonne to ₹1,000 per tonne.

The duty was removed from compounds used in the manufacture of incense sticks.

Excise duty on leather footwear was reduced from 12% to 6%.

The duty on locally manufactured mobile phones, LED/LCD panels, LED lights and lamps was

reduced.

The duty on ambulance chassis reduced from 24% to 12.5%.

22 components used in electronics sector were exempted from import duty.

Basic custom duty on magnetrons were removed.

Import duty on various refrigerator components were removed.

Import duty on solar water heaters was removed.

Some pacemaker components were exempted.

Duty on imported commercial vehicle was increased from 10% to 40%.

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Economic Survey of India 2014-15

Union Finance Minister Arun Jaitely on 27 February 2015 presented Economic Survey of India 2014-15 in

the Parliament.

The Economic Survey reviews the developments in the Indian economy over the previous 12 months,

summarises the performance on major development programmes and highlights the policy initiatives of

the government and the prospects of the economy in the short to medium term.

Three pronged strategy suggested in Economic Survey 2014-15

To improve the investment climate and reduce the backlog of stalled projects, Economic Survey

2014-15 suggested a three-pronged strategy, namely

Revival of public investment in short term, to act as an engine of growth in infrastructure sector.

It argues that public investment cannot be a substitute for private investment; but is required as

a complement and to crowd it in.

Need of creative solutions to strengthen institutions relating to bankruptcy. This will ensure that

exit options are available. This will also ameliorate over-indebtedness that lowers the capacity

to generate new investments. Towards this end, it contemplates setting up of a high-powered

Independent Renegotiation Committee.

Economic Survey highlights the need for reorientation and restructuring of the PPP model. This

is expected to make them more viable in future.

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Main Highlights of the Economic Survey 2014-15

General Highlights

Using the new estimate for 2014-15 as the base, GDP growth at constant market prices is

expected to accelerate to between 8.1 and 8.5 percent in 2015-16.

Inflation declined by over 6 percentage points since late 2013 which is likely to remain in the 5-

5.5 percent range in 2015-16, creating space for easing of monetary conditions.

The current account deficit declined from a peak of 6.7 percent of GDP in Quarter 3 of 2012-13

to an estimated 1.0 percent in the fiscal year 2015-16.

After a nearly 12-quarter phase of deceleration, real GDP has been growing at 7.2 percent on

average since 2013-14, based on the new growth estimates of the Central Statistics Office.

Foodgrains production for 2014-15 is estimated at 257.07 million tonnes, which will exceed

average food grain production of last five years by 8.5 million tones

Foreign portfolio flows have stabilized the rupee, exerting downward pressure on long-term

interest rates which is reflected in yields on 10-year government securities and surge in equity

prices.

From a cross-country perspective, a Rational Investor Ratings Index (RIRI) which combinesindicators of macro-stability with growth illustrates that India ranks amongst the most attractive

investment destinations.

It ranks well above the mean for its investment grade category (BBB), and also above the mean

for the investment category above it (on the basis of the new growth estimates).

In the short run, growth will receive a boost from the cumulative impact of reforms, lower oil

prices, likely monetary policy easing facilitated by lower inflation and improved inflationary

expectations, and forecasts of a normal monsoon in 2015-16.

Growth in medium-term prospects will be conditioned the “balance sheet syndrome with Indian

characteristics” that has the potential to hold back rapid increases in private sector investment.

In the long-run, private investments will be the engine of growth. However, there is a case for

reviving targeted public investment as an engine of growth in the short run to complement and

crowd-in private investment.

Expenditure control and expenditure switching from consumption to investment will be the key

to growth in the short-run

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It calls for complementing Make in India initiative with Skill India initiative to enable a larger

section of the population to benefit from the structural transformation that such sectors will

facilitate.

The Survey emphasizes on creation of a National Market for Agricultural Commodities in place

of thousands of agricultural markets

The Model APMC Act, 2003 should be amended along the lines of the Karnataka Model that has

successfully introduced an integrated single licensing system.

Fiscal Framework

The Survey calls for adhering to the medium-term fiscal deficit target of 3 percent of GDP. This

will provide the fiscal space to insure against future shocks and also to move closer to the fiscal

performance of its emerging market peers.

It also calls for moving toward the golden rule of eliminating revenue deficits and ensuring that,

over the cycle, borrowing is only for capital formation.

Expenditure control combined with recovering growth and the introduction of the GST will

ensure that medium term targets are comfortably met.

In the short run, the need for accelerated fiscal consolidation will be conditioned by the

recommendations of the Fourteenth Finance Commission (FFC).

The quality of expenditure needs to be shifted from consumption, by reducing subsidies,

towards investment.

Subsidies and the JAM Number Trinity Solution

Food Subsidy Bill stands at 107823.75 crore rupees during 2014-15 (up to January 2015) which

means an increase of 20 percent over previous year

The direct fiscal cost of select subsidies is roughly 378,000 crore rupees or 4.2 percent of GDP in

2011-12.

41 percent of subsidy given for the PDS kerosene is lost as leakage and only 46 percent of the

remaining 59 percent is consumed by households that are poor.

The JAM Number Trinity – Jan Dhan Yojana, Aadhaar, Mobile – can enable the State to transfer

financial resources to the poor in a progressive manner without leakages and with minimal

distorting effects.

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Indian Railways and Public Investment

The Indian Railways over the years has been plagued by host of issues. Some of them include

underinvestment resulting in lack of capacity addition and network congestion; neglect of

commercial objectives; poor service provision; and consequent financial weakness. These have

cumulated to below-potential contribution to economic growth.

As a result, the competitiveness of Indian industry has been undermined. Calculations reveal

that China carries thrice as much coal freight per hour compared to India. Coal is transported in

India at more than the cost vis-à-vis China, and it takes 1.3 times longer to do so.

The railways public investment multiplier (the effect of a 1 rupee increase in public investment

in the railways on overall output) is around 5.

In the long run, the railways must be commercially viable and public support must be linked to

railway reforms. These include adoption of commercial practices, tariff rationalization, and

technology overhaul.

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Railway Budget 2015-16: Quality of Life in Journeys

Railway Minister Suresh Prabhu on 26 February 2015 presented his maiden Rail Budget 2015-16 in the

Lok Sabha. This was also the second rail budget of the Narendra Modi-led NDA government.

PROPOSED INVESTMENT PLAN (2015-2019)

Item Amount (Rs in crore)

Network Decongestion (including

DFC, Electrification, Doubling

including electrification and traffic

facilities)

199320

Network Expansion (including

electrification)

193000

National Projects (North Eastern &

Kashmir connectivity projects)

39000

Safety (Track renewal, bridge works,

ROB, RUB and Signalling & Telecom)

127000

Information Technology / Research 5000

Rolling Stock (Locomotives, coaches,

wagons – production &

maintenance)

102000

Passenger Amenities 12500

High Speed Rail & Elevated corridor 65000

Station redevelopment and logistic

parks

100000

Others 13200

TOTAL 8,56,020

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Four goals for Indian Railways to transform over next five years

• To deliver a sustained and measurable improvement in customer experience.

• To make Rail a safer means of travel.

• To expand Bhartiya Rail’s capacity substantially and modernise infrastructure: for this purpose daily

passenger carrying capacity will be increased from 21 million to 30 million. Track length will also be

increased by 20 percent from 114000 km to 138000 km. Annual freight carrying capacity will be grownfrom 1 billion to 1.5 billion tonnes.

• To make Bhartiya Rail financially self -sustainable.

Key Highlights of the Railway Budget 2015-16

• No increase in passenger fares

• Passengers can book tickets 120 days in advance instead of 60 days which was available till date

• Outlay for passenger amenities increased by 67 percent

• New train sets that can save 20 percent journey time will be introduced in future. These trains will be

similar to bullet trains in design but can run on the existing tracks

• The speed passenger trains across nine corridors will be increased to 160-200 km from 110 km

• SMS alert will be introduced for train timings and under this passengers will be informed in advance

the updated arrival or departure time of the trains at starting or destination stations

• Air-conditioned coaches for suburban trains will be introduced

• Wi-fi will be available at 400 railway stations

• Railways Intends to set up an Innovation Council called Kayakalp for Purpose of Business Re-

Engineering

• Railways Proposes to set up Malaviya Chair for Railway Technology at IIT (BHU), Varanasi • Bidding system will be used for redevelopment of stations

• 10 satellite railway stations will be developed in 2015-16

• 800 km of gauge conversion will be commissioned

• E-catering introduced in 108 trains can be accessed by ordering on IRCTC website

• Water vending machines will be expanded on more stations

• On–board entertainment facility will be extended on Shatabdi trains

• General class coaches will see introduction of mobile charging stations

• For benefit of the common man, more general class coaches will be added to select trains

• Pension funds, multi-lateral banks have evinced interest in Railways

• Proposed the best operating ratio in nine years, of 88.5 per cent for 2015-16

• Track capacity will be increased by 10 percent to 1.38 lakh kilometers

• Feasibility report of high speed train between Mumbai and Ahmedabad is expected by mid-2015

• To ease private investment, wagon-making scheme will be reviewed

• All India 24x7 grievances helpline 138 will be started

• Bio-toilets will replace more than 7000 toilets, while 650 stations will get new toilets

• Passenger travelling unreserved can produce a ticket within 5 minutes and for this purpose Operation

Five Minutes will be introduced

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• To address complaints of people Mobile application is being developed

• Integrated tickets will be introduced

• Hand-held devices will be introduced for ticket checkers; it is move towards paperless ticketing

• In next 2 years, centrally managed railway display network will be introduced in over 2000 stations

• Rail-cum-road ticket to be extended in many stations

• Rail connectivity will be enhanced in North Eastern states• To aid expanding freight handling capacity and provide end-to-end logistic solutions, Transport Logistic

Corporation of India will be set up

• PPP model will be used to augment resources and generate more employment

• 6608 kilometer of track will be electrified

• 96182 crrore rupees will be spent to expand capacity of 9420 km rail lines

• For women safety, CCTVs will be introduced in selected trains and suburban trains

• Train Protection Warning System and Train Collision Avoidance System will be installed on select

routes at the earliest

• Projects for rail connectivity to many ports and mines

• Foreign Rail Technology Cooperation Scheme will be launched in order to achieve the higher quality

service

• Programme to improve design, quality and cleanliness of bed linen will be launched within the next six

months

In the budget, Prabhu gave 11 thrust areas to improve quality of life in train journeys which also includes

Swachh Rail - Swachh Bharat drive. The 11 thrust areas include

Cleanliness

Swachh Rail - Swachh Bharat campaign

New department for cleanliness

Integrated cleaning by engaging professional agencies and training our staff

Waste to energy conversion plants

New toilets covering 650 additional stations compared to 120 stations in 2014

Bio-toilets to be fitted in the coaches

Bed linen

National Institute of Fashion Technology (NIFT), Delhi to design bed linen

The facility of online booking of disposable bedrolls at select stations will be extended to allpassengers through the IRCTC portal on payment basis

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Help-line

Start a 24X7 helpline number 138 and a toll-free number 182 for security related complaints

Ticketing

Operation Five Minutes to ensure Speedy Purchase of Tickets for Unreserved Class Passengers.

Provision of modified hot-buttons, coin vending machines and single destination teller windows

will be launched to reduce the transaction time.

For the differently-abled travellers, a special initiative will be launched whereby they can

purchase concessional e-tickets after one-time registration.

Proposal to work towards developing a multi-lingual e-ticketing portal

Some other facilities include introduction of integrated ticketing system on the lines of rail-cum-

road tickets on Jammu – Srinagar route will be expanded.

Catering

Integrate Best Food Chains for E-Catering

Railway passengers to order their food through IRCTC website at the time of booking tickets

Leveraging technology

Introduce hand-held terminals to Travelling Ticket Examiners (TTEs) for verification of

passengers and downloading charts.

Extending facility of SMS on mobiles as a valid proof of travel for PRS tickets

SMS Alert service to inform passengers in advance of the updated arrival/departure time of

trains at starting or destination stations

Surveillance

Surveillance cameras will be provided on a pilot basis in selected mainline coaches and ladies’

compartments of suburban coaches without intruding into privacy

Entertainment

Project for introducing on-board entertainment on select Shatabdi trains on license fee basis

Mobile phone charging facilities will be provided in general class coaches & its numbers will be

increased in sleeper class coaches

Station facilities

200 more stations to come under Adarsh Station scheme

Wi-Fi will be provided at B category station

Facility of self-operated lockers to be made available at stations

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Provision of concierge services will be introduced through IRCTC at major stations

Online booking of wheel chair on payment basis for senior citizens, patients and the differently-

abled passengers will be available through IRCTC on select stations

Train capacity

Capacity in identified trains will be augmented to run with 26 coaches

More General class coaches will be added in identified trains

Comfortable travel

NID to design user friendly ladders for climbing to the upper berths

Quota of lower berths for senior citizens will be increased

Middle bay of coaches will be reserved for women and senior citizens

NID will develop ergonomically designed seats

Provision of 120 crore rupees for Lifts and escalator has been made The newly manufactured coaches will be Braille enabled

Entrances will be widened to ease of differently-abled passengers

Corporate houses & MPs requested to invest in improving passenger amenities at Railway

stations through CSR & MPLAD funds

In this regard, Railway Budget 2015 – 16 unveiled certain initiatives ranging from cleanliness drive to

development of infrastructure to improving the overall quality of life in train journeys.

The major initiatives undertaken in the Railway Budget 2015-16

Station Redevelopment

Zonal and Divisional offices to be empowered for quicker decision making

Development of 10 Satellite Railway terminals in major cities with twin purpose of decongesting

the city and providing service to suburban passengers

Network expansion

Fast-track sanctioned works on 7000 kms of double/third/fourth lines

Commission of 1200 km of network in 2015-16 at an investment of 8686 crore rupees

Expansion of freight handling capacity

Transport Logistics Corporation of India (TRANSLOC), to be set up for developing common user

facilities to provide end-to-end logistics solution at select Railway terminals through Public

Private Partnerships.

Policy for Private Freight Terminals (PFT) to be revised.

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Automatic Freight Rebate Scheme for traffic to be expanded

Long haul freight operations to be used extensively and construction of long loop lines to be

expedited.

Improving train speed

Speed of 9 railway corridors to be increased from existing 110 and 130 kmph to 160 and 200

kmph respectively.

Average speed of freight trains in empty and loaded conditions will be enhanced to 100 kmph

for empty freight trains and 75 kmph for loaded trains.

Bullet train

Feasibility study for High Speed Rail between Mumbai-Ahmadabad is in advanced stage.

Upgrading manufacturing capability

Creation of job opportunities by upgrading the manufacturing capability and review offunctioning of Indian Railways Production Units.

Workshops for technological upgradation and enhancing productivity be undertaken to make

them self-sustaining.

Safety

RDSO to develop a suitable device with reliable power supply system based on theft-proof

panels/batteries in consultation with Indian Space Research Organization using geo-spatial

technology.

Train Protection Warning System and Train Collision Avoidance System to be installed on

selected routes at the earliest.

Better welding techniques being promoted and digital type machines to replace analogue type

machines.

Technology upgradation

Constitution of an innovation council called Kayakalp for business re-engineering.

Technology portal being constituted to invite innovative technological solutions.

Research Centers to be set up in selected universities for fundamental research.

Partnerships for development

PPP cell to be revamped to make it result oriented. Foreign Rail Technology Cooperation scheme

to be launched.

Joint ventures to be set up with States for focused project development, resource mobilization,

land acquisition and monitoring of critical rail projects.

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Improvements to Management Processes and Systems

Systems audit to be conducted for review of all processes and procedures.

Constitution of a working group to modify present system of accounting, to ensure tracking of•

expenditure to desired outcomes and Train operations to be audited.

Paperless working in material management system to be expanded and Vendors to be

integrated through Vendor Interface Management System.

Resource Mobilisation

Support from the Central Government for 41.6 percent of the Plan and Internal generation of

17.8 percent for setting up of a Financing Cell in the Railway Board.

Setting up an infrastructure fund, a holding company and a Joint Venture with an existing NBFC

of a PSU with IRFC for raising long term debt from domestic as well as overseas sources.

Digitized mapping of land records and responsibility fixing for encroachments.

New strategy to tap latent advertising potential including offering stations and trains for

corporate branding.

Railways in partnership with ports will deliver rail connectivity to Nargol, Chharra, Dighi, Rewas

and Tuna. Scrap disposal policy to be reviewed for speedier scrap disposal.

Human Resources

Human Resource Audit to be undertaken; Separate accounting head for HRD; ERP based HumanResource Management System.

Setting up a full-fledged University during 2015-16 and Improved delivery of health services to

employees

Energy and sustainability

Environment Directorate to be constituted in Railway Board to give increased focus on

environment management.

Initiative likely to save at least 3000 crore rupees in next few years will be taken up. 1000 MW

solar plants will be set up by the developers on Railway/private land.

Water conservation mission will include water audit and expansion of water harvesting systems.

100 DEMUs to be enabled for dual fuel- CNG and diesel.

Noise levels of locos to be at par with international norms and concerns related to wildlife will

be addressed.

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Transparency and Governance initiatives

System of on-line applications introduced for two categories of recruitment as a pilot project.

All possible solutions be explored to address menace of corruption. E-procurement value chain

to be expanded.

Social initiatives

Infrastructure like stations and training centers to be made available for skill development.

Promotion of products made by Self Help Groups, consisting mainly of women and youth on the

model of Konkan Railway.

Tourism

Incredible Rail for Incredible India to be launched and Promotion of training of auto-rickshaw

and taxi-operators as tourist-guides on the model of Konkan Railway.

Coaches in selected trains connecting major tourist destinations to travel agencies may be

offered on a revenue sharing model.

IRCTC to work on promoting the Gandhi circuit to attract tourists to mark the occasion of 100

years of the return of Mahatma Gandhi to India from South Africa.

IRCTC will work on Kisan Yatra, a special travel scheme for farmers for farming & marketing

technique centres.

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MUDRA BANK – Refinancer of Micro Finance Institutes

Micro Units Development Refinance Agency (MUDRA) Bank will be a refinance institution for micro-

finance institutions. Till date, MUDRA has been conceived only as a refinance institution and not as a

regulator for the micro finance institutions.

Union Budget 2015-16 has proposed to create MUDRA with a corpus of 20,000 crore, and credit

guarantee corpus of 3,000 crore. MUDRA Bank will refinance Micro-Finance Institutions through a

Pradhan Mantri Mudra Yojana.

MUDRA Bank proposes to give the utmost priority to enterprises set up by the under-privileged sections

of the society particularly those from the scheduled caste / scheduled tribe (SC/ST) groups, and also first

generation entrepreneurs and existing small businesses.

There are estimated to be some 5.77 crore small business units in India, mostly individual

proprietorship, which run small manufacturing, trading or service businesses. 62% of these are owned

by SC/ST/OBC as stated in the Union Budget speech of 2015-16.

What makes MUDRA Bank so special?

The innovative bank has four unique features.

One, it is structured as an apex refinancer to enable over 50 million unfunded entrepreneurs to access

formal credit from and through layers of credit institutions registered under it.

The micro entrepreneurs not only earn their livelihood but also provide jobs to others. They need credit

at reasonable interest, not doles or subsidies with which, sadly, the idea of inclusive growth has come to

be associated.

Two, MUDRA will fund the micro units which are more efficient than modern corporates. According to

the Economic Census 2014, the gross fixed assets of the 5.77 crore small businesses is about₹11.5 lakh

crore.

Three, the MUDRA Bank concept rests on theoretical depth and practical wisdom. It challenges the

experts who thought that micro businesses and marginal farming would face eventual euthanasia .Why then worry about them, they felt. An economist who had headed the Planning Commission for a

decade had even said that the jobs generated by the micro units were not clean.

Yet both micro businesses and marginal farming have grown bigger and faster since the 1990s,

challenging modern theories and experts alike. Long back, in the 1930s, a Russian economist called

Alexander Chayanov had theorised the efficiency of family farming and family economics over both

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communism and capitalism because, according to him, a working family was neither capitalist nor

proletariat.

Lastly, the MUDRA architecture is indigenously designed to fund the uniquely Indian non-formal

sector. The press brief of the finance ministry’s department of financial services on MUDRA issued on

the day of the Budget explains its structure.

It will be a bank established under a new law. It will register, regulate and refinance all small business

finance institutions including those already in the business. It will partner with State level and regional

level coordinators to enable them to provide finance to last mile financiers (LMFs) of micro businesses.

The MUDRA bank will be at the top with national, State and regional level coordinators in the middle

and the LMFs at the end.

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The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement

(Amendment) Bill, 2015 was introduced in the Lok Sabha by the Minister for Rural Development, Mr.

Birender Singh on February 24, 2015. The Bill amends the Right to Fair Compensation and Transparency

in Land Acquisition, Rehabilitation and Resettlement Act, 2013 (LARR Act, 2013).

Lok Sabha on 10 March 2015 passed the Land Acquisition (amendment) Bill, 2015 by voice vote. The bill

amends the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and

Resettlement (RFCTLARR) Act, 2013.

The Union Cabinet on 29 December 2014 approved promulgation of an ordinance that amends the Right

to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement

(RFCTLARR) Act, 2013.

The amendments were approved in a cabinet meet chaired by Prime Minister Narendra Modi. The

decision to amend the act was taken in the backdrop of suggestions that came up in interactions withthe State Revenue Ministers and key implementing Ministries, who faced difficulties in implementing

the Act.

Before being passed the Union Government made nine amendments in the Bill (more than 50 were

proposed) which was promulgated on 29 December 2014. But it refused to bring back the consent

clause or social impact assessment.

The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement

Act, 2013 came into effect on 1 January 2014. The Bill related to this was passed by the Parliament in

2013

1.

The act seeks to provide just and fair compensation to farmers while ensuring that no land can

be acquired forcibly

2.

The Act also stipulates mandatory consent of at least 70 per cent for acquiring land for Public

Private Partnership (PPP) projects and 80 per cent for acquiring land for private companies.

3.

The Act, which replaced Land Acquisition Act, 1894 made it mandatory compensation that is up

to four times the market value in rural areas and two times the market value in urban areas.

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Nine amended provisions which were accepted includes

Removed exemptions for Social Infrastructure Projects in public-private-partnership mode.

Social infrastructure projects (SIP), as the name implies, is defined as those buildings,structures and facilities specifically constructed to serve the community at large.

Land that will be acquired for industrial corridors will be limited to one kilometre on either side

of highways and railway lines

Compulsory employment will be provided to one member of a farming family that is selling its

land

A hassle-free grievance redressal mechanism of land losers will be put in place

Farmers may get right to appeal/complain over land acquisition hearing and redressal of

grievances at the district level

Ceiling on land for acquisition in industrial corridors

Panchayat's nod may be mandatory for acquiring tribal land Government may acquire land for government bodies, corporations

Term private entity was replaced with private enterprise

KEY POINTS of DEBATE in Land Acquisition (amendment) Bill, 2015

1.

The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and

Resettlement (Amendment) Bill, 2015 seeks to Amend the Act of 2013 (LARR Act, 2013).

2.

The Bill creates five special categories of land use: 1. defence, 2. rural infrastructure, 3.

affordable housing, 4. industrial corridors, and 5. infrastructure projects including Public

Private Partnership (PPP) projects where the central government owns the land 3.

The Bill exempts the five categories from provisions of the LARR Act, 2013 which requires the

consent of 80 per cent of land owners to be obtained for private projects and that of 70 per cent

of land owners for PPP projects.

4.

The Bill allows exemption for projects in these five categories from requiring Social Impact

Assessment be done to identify those affected and from the restrictions on the acquisition of

irrigated multi-cropped land imposed by LARR Act 2013.

5.

The Bill brings provisions for compensation, rehabilitation, and resettlement under other related

Acts such as the National Highways Act and the Railways Act in consonance with the LARR Act.

6.

The Bill changes acquisition of land for private companies mentioned in LARR Act, 2013 to

acquisition for ‘private entities’. A private entity could include companies, corporations and

nonprofit organisations.

7.

The Bill states that if an offence is committed by a government employee he cannot be

prosecuted without the prior sanction of the government, as provided in Section 197 of the

Code of Criminal Procedure, 1973. The amendments state that the government employee can

be prosecuted if procedure laid down in Section 197 of the Code of Criminal Procedure, 1973 is

followed. Section 197 requires the prior sanction of the government prior to prosecuting a

public servant.

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INDIAN CENSUS 2011 – A full highlighted guide

Spread across 29 states and 7 union territories, the census covered 640 districts, 5,767 tehsils, 7,933

towns and more than 600,000 villages. A total of 2.7 million officials visited households in 7,933 towns

and 600,000 villages, classifying the population according to gender, religion, education and occupation.

Conducted every 10 years, this census faced big challenges considering India's vast area and diversity of

cultures and opposition from the manpower involved.

C. Chandramauli is the Registrar General and commissioner of 2011 Indian census. Census data was

collected in 16 languages and training manual was prepared in 18 languages. The census was conducted

in two phases.

The 15th Indian Census was conducted in two phases, house listing and population enumeration.

Census has been conducted in India since 1872 and 2011 marks the first time biometric information was

collected.

According to the provisional reports released on 31 March 2011, the Indian population increased to 1.21billion with a decadal growth of 17.64%. Adult literacy rate increased to 74.04% with a decadal growth

of 9.21%.

The motto of census 2011 was 'Our Census, Our future'.

The cost of the exercise was approximately ` 2200 crore (US$350 million) – this comes to less than $0.50

per person, well below the estimated world average of $4.60 per person.

The population of India on 1 March 2011 was 1,210,569,573. India added 181.5 million to its population

since 2001, slightly lower than the population of Brazil. India with 2.4% of the world's surface area

accounts for 17.5% of its population. Uttar Pradesh is the most populous state with roughly 200 million

people.

OVERVIEW

Population Total 1,210,726,932

Males 623,121,843

Females 587,447,730

Literacy Total 72.99%

Males 80.89%

Females 64.64%

Density of population per km2 382

Sex ratio per 1000 males 940 females

Child sex ratio (0 –6 age group) per 1000 males 919 females

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7/21/2019 NICL AO 2015


Cities:

1. Mumbai of Maharashtra comes up as the most populous city on the country with a population

of 1.25 crores.

2.

Nagda city in Uttar Pradesh features the least population figure in the country: 100,036.3. The Indian city with the highest rate of literacy is Aizwal (Mizoram) with a literacy rate of

98.80%.

4. Rampur city in Uttar Pradesh is the Indian city with the lowest literacy level- the literacy rate in

Rampur is 60.74%.

5. According to Indian Census 2011, Kozhikode (Kerala) has the highest sex ratio with 1093

females per 1000 males.

6. Vapi city in Gujarat features the lowest sex ratio with 734 women per 1000 men.

Union Territories:

1.

Delhi is the most populated Union Territory.2. Lakshadweep is least populated UT.

3. Delhi is The Most Densely Populated Union Territory in India. Population Density per square km

11463.

4. Andaman & Nicobar Islands is the Least Densely Populated Union Territory in India. Population

Density per square km 46.

5. Pondicherry has the highest Sex Ratio among UTs. 1037 per 1000 males.

6. Daman and Diu has the lowest Sex Ration among Union Territories. 618 per 1000 males.

7. Lakshadweep has the highest literacy rate 91.85%.

8. Dadra and Nagar Haveli has the least literacy rate with 76.24%.

9. Delhi has the highest Rural & Urban Population in UTs with 944,727 and 12,905,780

respectively.

10. Lakshadweep has the least Rural & Urban Population in UTs with 33,683 and 26,967

respectively.

11. Andaman and Nicobar Islands is largest Union Territory by Area and Lakshadweep is the

smallest.

Disclaimer: The contents of the PDF are collected from various websites around the web. We, Team

ExamPundit do not claim any copyright on any of the content except the last “Union Territory” Portion.

Feel free to distribute but make sure you mention our name. Say a thanks?

7/21/2019 NICL AO 2015


Asian Organisations

Asian Development Bank - Manila,

Philippines

Asian Infrastructure Investment Bank -

Beijing, China(Proposed) New Development Bank (NDB) -

Shanghai, China(Proposed)

Association of Southeast Asian

Nations(ASEAN) - Jakarta, Indonesia

South Asian Association for Regional

Cooperation(SAARC) - Kathmandu,

Nepal

International Organisations byLocation

Vienna, Austria

Organization of the Petroleum

Exporting Countries (OPEC)

International Atomic Energy Agency

United Nations Industrial Development

Organization

Copenhagen, Denmark

International Council for the

Exploration of the Sea (ICES)

Brussels, Belgium

World Customs Organization

North Atlantic Treaty Organization

(NATO)

Paris, France

United Nations Educational, Scientific

and Cultural Organization (UNESCO)

Organisation for Economic Co-

operation and Development(OECD) European Space Agency

Lyon, France

International Criminal Police

Organization, or INTERPOL

Sevres, France

International Bureau of Weights andMeasures(BIPM)

Bonn, Germany

United Nations Volunteers

Rome, Italy

Food and Agriculture Organization

International Fund for Agricultural

Development

World Food Programme

The Hague, The Netherlands

International Court of Justice

International Criminal Court

Madrid, Spain

World Tourism Organization

Berne, Switzerland

Universal Postal Union

7/21/2019 NICL AO 2015


Lausanne, Switzerland

International Olympic Committee

International Boxing Association(AIBA)

International Hockey Federation

Gland, Switzerland

World Wide Fund for Nature (WWF)

Basel, Switzerland

Bank for International Settlements

Zurich, Switzerland

Federation Internationale de Football

Association(FIFA)

Geneva, Switzerland

Inter-Parliamentary Union

International Organization for

Standardization (ISO)

International Labour Organization

International Telecommunication Union

World Health Organization

World Intellectual Property

Organization World Meteorological Organization

World Trade Organization

United Nations High Commissioner for

Human Rights

United Nations High Commissioner for

Refugees

London, UK

International Maritime Organization

Commonwealth of Nations

Montreal, Canada

International Civil Aviation Organization

New York City, USA

International Rescue Committee

United Nations Entity for Gender

Equality and the Empowerment of

Women, also known as UN Women United Nations Security Council

United Nations Children's Fund(UNICEF)

United Nations Development

Programme(UNDP)

United Nations International School

Washington DC, USA

International Monetary Fund

Multilateral Investment Guarantee

Agency United Nations Atlas of the Oceans

World Bank Group

International Bank for Reconstruction

and Development

International Centre for Settlement of

Investment Disputes

International Development Association

International Finance Corporation

Nairobi, Kenya

United Nations Environment

Programme

United Nations Human Settlements

Programme

Tokyo, Japan

United Nations University

7/21/2019 NICL AO 2015


A

Abandonment

For a damaged property it may not be

worthwhile to go in for repairs because thecost of repairers may exceed the value of the

property when repaired. The insurer is

entitled to take over the interest of the

assured in whatever may remain of the

subject matter insured and all proprietary

rights incidental thereto. In ocean marine

insurance, the transfer by the insured to an

insurer of all rights, title, and interest in and

to the insured property, in return for the sum

insured. In property insurance, abandonmentis relinquishing ownership of damaged

property to an insurer to permit a total loss

claim to be made.

Absolute Liability

Liability for damages even though fault or

negligence cannot be proven.

Absolute Ownership

Absolute ownership exits where the interestor explicit right of possession of the insured is

so free from limitations, qualifications or

restrictions that it cannot be taken from him

without his consent.

Accident

Any Unforeseen and unexpected event is

considered an accident. For insurance

purposes it has to be due to external, physical

and violent means.

Accidental Bodily Injury

Injury to the body as the result of an accident

Accident, Hit and Run

Accidental Death or injury arising out of the

use of a motor vehicle(s) the identity whereof

cannot be ascertained inspite of reasonable

efforts for the purpose.

Accidental Death Benefit

A monetary compensation in addition to the

face amount of a life insurance policy, payable

if the insured dies as the result of an accident.

Sometimes referred to as "double indemnity."

Accompanied baggage

Baggage being taken by someone with his

own person whilst travelling.

Accumulation

Percentage addition to policy benefits as a

reward to the insured for continuous renewal.

Acquisition Costs

The insurer's cost of putting new business in

force, including the agent's commission, the

cost of clerical work, fees for medical

examinations and inspection reports, sales

promotion expense, etc.

Act of god

Any accidental act which could not have been

prevented by any amount of human care and

fore thought.

Actual Total Loss

It is a loss where the goods are completely

lost and become irrecoverable.

Ad valorem duty

Duty evaluated on percentage of cargo value.

Additional cover

An insurance policy extended to cover

additional risk perils such as strikes. Riots and

Civil commotion etc. on payment of extra

premium.

Adjuster

A person who investigates and settles losses

for an insurance buyer.

Insurance Termsfor NIACL, NICL, UIIC, LIC Insurance AO Exams

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7/21/2019 NICL AO 2015


Adjusting

The process of settling losses with or by an

insurance buyer.

Administrator

An individual or professional organization,

such as a bank's trust department, appointed

by the court to administer an estate when the

owner dies without having made a will or

without nominating an executor. An executor

may also be appointed if the named executor

declines to serve.

Agent

An insurance company representativelicensed by the state who solicits, negotiates

or effects contracts of insurance, and provides

service to the policyholder for the insurer.

Aggravation of risk

To make the existing risk worse, more

troublesome, etc.

Aggregate Indemnity

The maximum amount that may be collectedfor any disability or period of disability under

the policy.

Agreed value policy

Policy which undertakes to pay a specified

amount in case of total loss. Under this case

the policy does not take into account the

current market value.

All-risks PolicyCoverage by an insurance contract that

promises to cover all losses except those

losses specifically excluded in the policy. Also

known as open peril coverage.

Arbitration

A form of quasi-judicial dispute resolution

where an unbiased person or panel gives an

opinion about quantum of loss.

Arson

The willful and malicious burning of property,

often with criminal intent.

Assessor

Person who estimates the value of goods for

the purpose of apportioning the sum payable

by the underwriters to settle the claims. Also

called as Surveyor.

Assignment

The legal transfer of one person's interest in

an insurance policy to another person.

Assured

Party indemnified or promised to be

indemnified against loss by means of

insurance.

Average adjuster

Independent expert who assesses the

liabilities of the various parties to a common

maritime adventure and to classify the various

items of expenditure between general and

particular average, viz, ship, Freight and cargo.

Avoidance

A right which can be exercised by and

underwriter to relieve him of liability under

the policy because the assured has been guilty

of a breach of good faith or where the risk in

voyage policy has failed to attach within a

reasonable time after the underwriter wrote

the risk.

Award

The decision in arbitration.

B

Bailee

One who has custody of the property of

another. Bailees "for hire" have certain

responsibilities to care for the property of

others that is in their custody.





































































7/21/2019 NICL AO 2015


Basic Limit

Usually refers to Liability of insurer indicating

the lowest amount for which a policy can be

written. This amount is either prescribed by

law or company policy.

Basic Rate

The standard charge for a given type of risk

for basic limit.

Beneficiary

An individual designated in a will to receive an

inheritance, or the individual designated to

receive the proceeds of an insurance policy,

retirement account, trust, or other asset.

Bill of Exchange

It is the bill drawn by exporter against the

importer.

Bill of Lading

Receipt for goods shipped on board a ship

signed by the person who contracts to carry

them, and stating the terms on which the

goods are carried.

Blanket Contract

A contract of health insurance affording

benefits, such as accidental death and

dismemberment, for all of a class of persons

not individually identified. It is used for such

groups as athletic teams, campers, and travel

policy for employees, etc.

Bodily InjuryPhysical injury, including sickness, disease,

mental injury, shock or death.

Bonus

The Bonus system awards discounts for claim-

free driving for a certain continuous period.

This goes on increasing upto a certain limit for

continuous claim free years.

Borderline Risk

An insurance prospect of doubtful quality

from an underwriting point of view to put it in

one among two group of risks.

Breach of condition

When a condition of the insurance contract is

broken by the assured, the insurer may avoid

the contract from the inception.

Broker

Middleman who represents an insured in the

solicitation, negotiation or procurement of

contracts of insurance, and who may render

services incidental to those functions. He alsorepresents insurer for certain purposes such

as delivery of the policy or collection of the

premium.

Burglary

It is a theft committed by breaking into or out

of the premises. Evidence of breaking in, is

necessary.

Burning Ratio

The ratio of losses suffered to the amount of

insurance in effect.

Business Interruption Insurance

Insurance for a business owner against losses

resulting from stoppage of business because

of fire or other insured peril. The insurance

provides reimbursement for lost net profits

and necessary standing expenses.

C

Cancellation

The discontinuance of an insurance policy

before its normal expiration date, either by

the insured or the Insurance Company.

Capacity

The amount of capital with an insurance

company as a whole for underwriting general

insurance coverage.


































































7/21/2019 NICL AO 2015


Capital sum insured

It is the sum insured of a Person for which

cover is sought under a Personal Accident

Policy.

Captive Agent

An agent who, by contract, represents only

one company and its affiliates.

Cargo Insurance

Type of insurance that protects the

shipper/owner of the goods against financial

loss if the goods are damaged or lost while in

transit in between place of commencement

and destination.

Catastrophe

Event which causes loss of extraordinary

magnitude, such as a hurricane or tornado.

Cede

To transfer to a reinsurer all or part of the

insurance or reinsurance risk written by a

ceding company.

Ceding Commission

In calculating a reinsurance premium, an

amount allowed by the reinsurer for part or

all of a ceding company's acquisition and

other overhead costs, including premium

taxes. It may also include a profit factor. See

Overriding Commission.

Certificate of Insurance

A document issued to a member of a group

insurance plan, describing the insurance

benefits and principal provisions of the policy

in brief.

Cession

The amount of a risk which the insurance

company reinsures: the amount passed on to

the reinsurer.

Chartered Property Casualty Underwriter

(CCU)

Professional designation granted to persons in

the property and liability insurance field who

pass a series of rigorous examinations andmeet specified eligibility requirements.

Claim

It is a notification to an insurance company

that payment of an amount is due under the

terms of a policy by the insured.

Claim Amount

It is the amount payable by the insurer under

a policy on a claim arising.

Claim Settling agents

They are appointed by insurer in a foreign

country abroad for survey/settlement of

claims arising out of policy issued in the home

country for Overseas mediclaim and marine

insurance policies.

Claims Cohort

A group of claims with a common period of

origin. The period is usually a calendar year,

but may be shorter. The origin may be defined

by the date of the occurrence of claim or

alternatively by the date of reporting.

Claims reserve

Claims provision, provision for outstanding

claims/claims outstanding, claims reserve,

total claim liability.

Clause

Sentences and paragraphs describing

coverage's, exclusions, duties of an insured,

and termination of coverage, and other such

parts of the insurance policy.
































































7/21/2019 NICL AO 2015


Claused Bill of Lading

Bill of Lading, which has been endorsed by the

ship owner, as the goods described thereon

do not conform to what is offered for

shipment e.g., package missing, inadequatelypacked.

Clean Bill of Lading

A bill of Lading is said to be clean if it has no

superimposed clause expressing of any

defective condition of the packaging or of

goods.

Co-insurance

A means of spreading the risk on largerinsurances between two or more direct

insurers.

Co-Insurers

Two or more insurers jointly covering the

same risk.

Collusion

A deal between persons usually to the

detriment of other persons or for someimproper purpose.

Combined ratio

A rough indication of the profitability of a

property and liability insurer's underwriting

operations, generally computed by adding the

ratio of losses incurred to premiums earned

and expenses incurred to premiums written.

Commercial LinesInsurance for businesses, professionals, and

commercial establishments.

Commission

The fee paid by the insurance companies to

agents and brokers for the sale of policies.

Common carrier

A firm that offers to transport merchandise

for hire and must accept shipments from

anyone who wishes to use its services.

Different laws and rules govern common

carriers than do. Private or contract carriers

that only transport the goods of those with

whom they have made agreements.

Common law

Common law comprises the body of principles

and rules of action, relating to the

government and security of persons and

property, which derive their authority solely

from usages and customs of immemorial

antiquity, or from the judgments and decrees

of the courts. It is outside the laws created by

enactment of statutes.

Comprehensive

A loosely used term signifying broad or

extensive coverage of insurance.

Compulsory Insurance

Any form of insurance which is required by

law. e.g. Motor third party insurance, Public

Liability Act Insurance.

Concealment

Deliberate suppression of material facts that

would affect the validity of a policy of

insurance.

Conditions

Those provisions in insurance contracts that

qualify the insurer's promise of indemnity or

impose obligations on the insured.

Consequential Loss

A loss which is an indirect result of an

accident or fire, e.g. food spoiled through

breakdown of a refrigerator.

Consideration

Price, token, or other matter used as an

inducement for the completion of a contract,

as an insurance premium.

































































7/21/2019 NICL AO 2015


Constructive Total Loss

A loss of sufficient amount to make the cost of

salvaging or repairing the property equal to or

greater than the value of the property when

repaired.

Contract of Insurance

An agreement between the insurer and one

or more parties, called the insured, whereby

the insurer undertakes in return for the

payment of a certain consideration, called the

premium, to pay to the insured a certain sum

of money or to grant certain compensation on

the happening of a specified event.

Contractual liability

Legal liability assumed under contract.

Contribution

A participation, as two insurance policies in

the same loss.

Contributory negligence

The lack of ordinary care on the part of an

insured person, which combined with thedefendant's negligence and contributed the

injury as a proximate cause. In some

jurisdictions, contributory negligence on the

part of an injured party will defeat his or her

claim.

Cover Note

A cover note is a document issued in advance

pending the issue of the policy, and is

normally required if the policy cannot forsome reason or other be issued straight away.

Cover notes can also be issued during the

course of negotiations to provide cover on a

provisional basis. A cover note is not a

stamped document but is honored, all the

same , by all parties concerned.

Coverage

The scope of protection provided under a

contract of insurance; any of several riskscovered by a policy.

Credit insurance

A form of guarantee to manufacturers and

wholesalers against loss resulting from default

on the part of debtors.

Crop-Hail insurance

Protection against damage to growing crops

as a result of named perils.

Cumulative Bonus

The percentage at which the sum insured gets

increased annually, without additional

premium, e.g. Personal Accident Insurance,

Mediclaim Insurance.

D

Days of Grace or Grace Period

Period of time after the due date of a

premium during which the policy remains in

force (when both coverage of risk is available

and also the premium can be paid without

any late fees).

Debris Removal Clause

An extension to the standard policy to cover

the cost of making a seriously fire-damaged

building safe and removing debris.

Declaration Basis

An arrangement whereby a provisional

premium is paid and subsequently adjusted

by an additional or return premium on receiptof a declaration from the insured giving

details of values at risk.

Declination

The insurer's refusal to insure an individual

after careful evaluation of the application for

insurance and any other pertinent factors.

































































7/21/2019 NICL AO 2015


Deductible

A provision whereby an insured may be

required to pay part of a loss, the insurance

being excess over the amount of the

deductible.

Dental insurance

A type of health insurance that covers dental

care expenses.

Depreciation

A decrease in the value of property over a

period of time due to wear and tear or

obsolescence. Depreciation is used to

determine the actual cash value of property attime of loss.

Disability

Inability to perform all or part of one's

occupational duties because of an accident or

illness: see Total Disability and Partial

Disability.

Double Insurance

If the insurance policy is taken from morethan one underwriter where period of

insurance, subject matter of insurance and

sum insured are same, then this is called

double insurance.

E

Earned Premium

Premium for which protection has been

provided. When a premium is paid in advance

for a policy period, the company 'earns'' a

portion of that premium only as time elapses

during that period.

Effective date

The date upon which the policy is put in force,

the inception date

Employer’s liability

Legal liability imposed on an employer making

him or her responsible to pay damages to an

employee injured by the employer's

negligence. Generally, replaced by 'workers

compensation', which pays the employee

whether the employer has been negligent or

not.

Endorsement

A written amendment affecting the

declarations, insuring agreements, exclusions,

or conditions of an insurance policy: a rider.

Escalation

Provision for automatic increases on some

defined basis in premiums and sums insured.

Estimated Maximum Loss (EML)

An expression used in fire, explosion and

material damage policies only. An estimate of

the monetary loss which could be sustained

by insurers on a single risk as a result of a

single fire or explosion considered by the

underwriter to be within the realms of

possibility.

Ex Gratia

A payment made where there is no legal

liability

Excess (also refer Deductibles)

Agreed amount up to which no claim is paid

under a policy.

Excess of loss reinsurance

A form of reinsurance whereby the reinsuring

company reimburses the ceding company for

the amount and only the amount of loss the

ceding company suffers over and above an

agreed aggregate sum in any one loss or in a

number of losses arising out of any one event.

Exclusion

That which is expressly eliminated from the

coverage of an insurance policy


































































7/21/2019 NICL AO 2015


Expense ratio

The proportionate relationship of an insurer's

expenses to premium expressed as a

percentage.

Extended coverage insurance

Protection for the insured against loss or

damage of his property caused by windstorm,

hail, smoke, explosion, riot, riot attending a

strike, civil commotion, vehicle and aircraft:

this is provided in conjunction with the fire

insurance policy.

F

Facultative Obligatory Treaty (Also Semi-

obligatory Treaty)

A reinsurance contact under which the ceding

company may cede exposures or risks of a

defined class that the reinsurer must accept if

ceded.

Facultative Treaty

A reinsurance contract under which the

ceding company has the option to cede and

the reinsurer has the option to accept or

decline classified risks of a specific business

line. The contract merely reflects how

individual facultative reinsurance shall be

handled.

Fidelity Bond

A form of protection which reimburses an

employer for losses caused by dishonest or

fraudulent, acts of employees.

Financial Loss Insurance

Insurance of legal liability for financial loss not

involving bodily injury or loss of or damage to

property

Fire

A combustion accompanied by a flame or

glow, which escapes its normal limits to cause

damage.

Fire insurance

Coverage for losses caused by fire and

lightning, as well as the resultant damage

caused by smoke and water

Floater Policy

A policy under the terms of which protection

follows moveable property, covering it

wherever it may be

Flood

Overflow of water from its natural

boundaries. More specifically defined by the

National Flood Act of 1968 as 'a general and

temporary condition of partial or completeinundation of normally dry land areas from (1)

the overflow of inland or tidal waters or (2)

the unusual and rapid accumulation or runoff

of surface waters from any source'.

FOB (f.o.b.)

Abbreviation for free-on-board, used in

commerce to describe the value of goods at

point of embarkation, excluding transport and

insurance costs. Export values are usuallyexpressed f.o.b. for customs and excise

purposes, while imports are usually valued

cost insurance and freight or charged in full.

Franchise

Deductible in which the insurer has no liability

if the loss is under a certain amount, but once

this amount is exceeded; the entire loss is

paid in full.

G

General average (in marine insurance)

A loss that must be borne partly by someone

other than the owner of the goods that were

lost or destroyed: for example, if it is

necessary to jettison cargo to save a ship, the

owners of the ship and the rest of the cargo

that is saved will share in the loss of the goods

that were intentionally sacrificed.






































































7/21/2019 NICL AO 2015


General damages

Damages awarded to an injured persons for

intangible loss which cannot be measured

directly by rupees. Popularly known as "pain

and suffering." General damages aredistringuished from special damages which

are awarded from actual economic loss, such

asmedical costs, loss of income, etc.

Grace period

The period of time following the due date of a

policy premium during which the payment of

the premium will continue the policy and

during which the policy is in full force and

effect

Graded commission

A reduced commission justified by the size of

the premium

Gross Negligence

Intentional failure to perform a duty, reckless

disregard of the consequences as affecting

the life or property of another

Gross Premium

The premium paid by the policyholder.

Gross Profit

The figure calculated by adding turnover to

closing stock and work in progress and

subtracting from this amount the sum of the

opening stock and work in progress and the

variables selected by the insured (usually

defined as specified working expenses).

Group insurance

Any insurance plan under which a number of

employees and their dependants are insured

under a single policy, issued to their

employer, with individual certificates given to

each insured employee; the most commonly

written lines are life and accident and health

H

Hail Insurance

Form of insurance that protects against loss of

crops from hail

Hazard

A condition that creates or increases the

probability of a loss

Health insurance

A generic term applying to all types of

insurance indemnifying or reimbursing for

losses caused by bodily accident or sickness or

for expenses of medical treatmentnecessitated by sickness or accidental bodily

injury.

House Breaking

When the theft is committed entering into or

out of the premises stealthily

Housekeeping

The general care, cleanliness and

maintenance of an insured property

Householders Policy

A package of insurance providing

homeowners with a broad range of property

and liability coverages

Hull insurance (in ocean marine and

aviation insurance)

Coverage for physical damage to a vessel or

aircraft

Hurricane

A tropical storm marked by extremely low

barometric pressure and circular winds with a

velocity of 120 miles an hour or more.






























































7/21/2019 NICL AO 2015


I

IBNR (Incurred but not Reported)

provision

Provision for claims incurred but not reportedby the balance-sheet date. That is, it is

anticipated that there would be a number of

policies that have, but for the advice of the

claim to the insurer, occurred and therefore

are likely to result in a liability on the insurer.

The magnitude of this provision can be

expected to reduce as the time since the

insurance risk on the contract expired

extends. The magnitude is also likely to vary

depending on the type of insurance risk

covered by any particular class of insurance

contract.

Illegal Contract

It is a contract, which is contrary to law and

against the interests of public. It can not be

sustained and does not have legal effect.

Imputed Negligence

Case in which responsibility for damage can

be transferred from the negligent party to

another person, such as an employer

Incurred Claims

Incurred claims equal the claims paid during

the policy year plus the claim reserves as of

the end of the policy year, minus the

corresponding reserves as of the beginning of

the policy year. The difference between the

year end and beginning of the year claim

reserves is called the increase in reserves and

may be added directly to the paid claims to

produce the incurred claims.

Incurred Loss Ratio

The percentage of losses incurred to

premiums earned.

Indemnification

Compensation to the victim of a loss, in whole

or in part, by payment, repair, or replacement

Indemnify

Legal principle that specifies an insured

should not collect more than the actual cash

value of a loss but should be restored to

approximately the same financial position as

existed before the loss.

Indemnity Period

The period, beginning with the date of the

damage, during which the turnover of the

business is affected by the damage. It lastsuntil the turnover recovers and reaches the

point at which it would have been had the

loss not occurred, or the expiry of the

maximum indemnity period -the number of

months selected by the insured -whichever

occurs first.

Indemnity principle

Of a general legal principle related to

insurance which holds that the individualrecovering under an insurance policy should

be restored to the approximate financial

position he or she was in prior to the loss.

Independent adjuster

One who adjusts losses on behalf of

companies but is not employed by any one.

He or she is paid by fee for each loss adjusted.

Indirect Loss (Or Damage)

Loss resulting from a peril, but not caused

directly and immediately thereby. For

example: Loss of property due to fire is a

direct loss, while the loss of rental income as

the result of the fire would be an indirect loss.

Inherent vice

A characteristic depreciation such as the

fading of ink, a cracking of parchment, the

graying of hair






































































7/21/2019 NICL AO 2015


Insurable interest

An interest which might be damaged if the

peril insured against occurs: the possibility of

a financial loss to an individual which can be

protected against through insurance.

Insurance

An economic device whereby the individual

substitutes a small certain cost (the premium)

for a large uncertain financial loss (the

contingency insured against) which would

exist if it were not for the insurance contract:

an economic device for reducing and

eliminating risk through the process of

combining a sufficient number ofhomogeneous exposures into a group in order

to make the losses predictable for the group

as a whole.

Insurance Company

An organization chartered to operate as an

insurer.

Any corporation primarily engaged in the

business of furnishing insurance protection to

the public

Insurance Entities

Any corporate body or individual which is

operating as an insurer, reinsurer or insurance

intermediary and which is subject to

insurance regulation

Insurance Product

An insurance product is defined as a product

that is provided by an insurance company.

Insurance Policy

Legal document issued to the insured setting

out the terms of the contract of insurance.

Insured

The person to whom or on whose behalf

benefits are payable under the policy

Insurer

A licensed legal entity, which underwrites

insurance, including a mutual insurance

company (but note the exemption of pure

reinsurers)

Intermediary

Any person who, or organisation which, gives

advice by way of directly offering, advertising

or on a person-to-person basis in respect of

an insurance product and includes the

promotion of such a product or the facilitation

of an agreement or contract between an

insurer and a customer. Intermediaries are

generally divided into separate classes. Themost common types are 'independent

intermediaries' who represent the buyer in

dealings with the insurer (also known as

independent brokers) and 'agents' (which

generally include multiple agents and sub-

agents) who represent the insurer.

Irrevocable beneficiary

Beneficiary designation allowing no change to

be made in the beneficiary of an insurancepolicy without the consent of the named

beneficiary

J

Jettison

Act of throwing overboard part of a vessel's

cargo or hull in hopes of saving a ship from

sinking.

Jewelers Block Insurance

An all risk insurance contract that provides

jewelers with coverage to losses, which they

would be exposed.

Joint-and-Several Liability

A legal principle that permits the injured party

in a tort action to recover the entire amount

of compensation due for injuries from any tort

feasor who is able to pay, regardless of thedegree of that party's negligence




































































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K

Key-Person Insurance

Insurance designed to protect a business firm

against the loss of income resulting from thedeath or disability of a key employee.

L

Lapse

Termination of a policy due to failure by the

insured to pay the premium as required

Larceny

The unlawful taking, carrying, leading or riding

away of another person's property

Law of large numbers

While it is impossible to prdict either the time

or the loss amount of adverse events in

relation to individuals, the averages for a

sufficiently large set (of insureds) exhibit

certain patterns of loss frequency and loss

extent

Legal Costs

The costs of defending a claim from a third

party and claimant's costs for which an

insured is liable, are usually covered by a

liability policy.

Legal liability

Any liability imposed on a person by a court of

law

Lessee

The person to whom a lease is granted,

commonly called the tenant.

Lessor

The person granting a lease, also known as

the landlord

Letter of Credit (LOC)

Within the context of reinsurance, a banking

instrument established on a 'standby' basis to

secure recoverables from non-admitted

reinsurers to enable the ceding company toreduce the provision for unauthorized

reinsurance in its statutory statement

Liability

Any legally enforceable obligation

Liability Insurance

Insurance covering the policyholder's legal

liability resulting from injuries to other

persons or damage to their property. LiabilityInsurance. Provides protection for the insured

against loss arising out of legal liability to third

parties

Licensing

The incorporation of a company in the

jurisdiction or the approval given to a

company to underwrite insurance in the

jurisdiction. These are recognized to be

separate approvals and may be made inseparate jurisdictions

Line

One line is equal to the ceding company 's

retention. A proportional treaty may have a

total capacity expressed as x lines and a

reinsurer's share may be y lines

Line of Business

The general classification of business asutilized in the insurance industry, i.e., fire,

allied lines, homeowners, etc.

Lloyds

A voluntary unincorporated association of

individuals organized for the purpose of

writing insurance; normally refers to Lloyd's of

London, a group of individual underwriters

and syndicates that underwrite insurance risks

severally, using facilities maintained by theLloyd's of London Corporation
































































7/21/2019 NICL AO 2015


Load

To add charges to an insurance premium

Loss Adjuster

An independent professional appointed bythe insurers to settle claims

Loss of Profits

A synonym for business interruption

insurance

Loss Ratio

The proportionate relationship of incurred

losses to earned premiums expressed as a

percentage.

M

Manual

A book of rates, rules, and coverages usually

available for each kind of insurance

Margin of Solvency

The total assets of an insurance company

must exceed its liabilities (other than share

capital) by a relevant amount, known as the

margin of solvency

Marine

Pertaining to the sea or to transportation:

usually divided as to 'ocean marine' and

'inland marine'; the insurance covering

transportation risks

Marine Insurance

A form of insurance primarily concerned with

means of transportation and communication,

and with goods in transit

Market Value

The price for which something would sell,

especially the value of certain types of assets,

such as stocks and bonds. It is based on what

they would sell for under current market

conditions. For example, common stock

market value would be the price of the stock

as of a specified date

Material Damage Policy

The policy covering damage to property

(usually a commercial fire policy) as the result

of which damage a business interruption

claim may result. It is a condition of business

interruption insurance that a material damage

policy must be and remain in force

Material Fact

Information about the subject of insurance

that if known would change the underwriting

basis of the insurance, and which would cause

the insurer to refuse the application or charge

a higher rate

Misrepresentation

Act of making, issuing, circulating or causing

to be issued or circulated an estimate, an

illustration, a circular or a statement of any

kind that does not represent the correct

policy terms, dividends or share of surplus or

the name or title for any policy or class of

policies that does not in fact reflect its true

nature.

Moral Hazard

Moral Hazard refers to increase in probability

of loss that results from dishonesty in the

character of the insured person. Thus it is the

dishonest tendencies on the part of the

insured person that may induce that person

to attempt to defraud the insurance company

Morale Hazard

An attitude that increases the probability of

loss from a peril. The attitude of, "It's insured;

so why worry?" is an example of a morale

hazard

Mortgage

A deposit or conditional transfer to secure the

performance of some act: the person who

makes the transfer is called the 'mortgagor',



































































7/21/2019 NICL AO 2015


the other party, the 'mortgagee'; sometimes

an intermediary called a 'trustee' is appointed

Mortgagor

A borrower who takes out a mortgage

MPL (Maximum Probable Loss)

The largest loss thought probable under a

given insurance policy. Normally applied to

material damage risks where the total sum

insured is not considered to be at risk from

one loss event

Multi-Peril Policy

A package policy which provides protection

against a number of separate perils. Multi-

peril policies are not necessarily multiple line

policies, since the combined perils may be all

within one insurance line

N

Named Perils Policy

Coverage in a property policy that provides

protection against loss from only the perilsspecifically listed in the policy rather than

protection from physical loss. Examples of

named perils are fire, windstorm, theft,

smoke, etc.

Negligence

Failure to use that care which a reasonable

and prudent person would have used under

the same or similar circumstance. Negligence

may be constituted by acts of either omission

or commission or both.

Net Premium

A portion of the premium rate designed to

cover benefits of the policy, but not expenses,

contingencies, or profit

Net Premiums Earned

Net premiums written adjusted for the

increase or decrease during the year of theliability for unearned premiums

Net Premiums Written

This item represents gross premiums written

(direct and reinsurance assumed) less

reinsurance ceded

Net Retention

The final amount of insurance retained by the

company after reinsuring such amounts as it

did not wish to retain

No Claims Bonus

A reduction in the price of an insurance policy

because no claims have been made on it

No-Fault

A type of insurance mechanism whereby the

right to sue another party for damages caused

by negligence is limited and, in exchange,

expanded first party benefits are offered.

Mainly used in Vehicles insurance Policy.

Nominee

Nominee is the person who is nominated to

receive the amount under a policy and to give

a valid discharge to the insurer on settlementof claim under a life insurance policy

O

Obligatory Treaty

A reinsurance contract under which business

must be ceded in accordance with contract

terms and must be accepted by the reinsurer

Occupational Hazards

Occupations which expose the insured to

greater than normal physical danger by the

very nature of the work in which the insured

is engaged, and the varying periods of

absence from the occupation, due to the

disability, that can be expected

Ombudsman

An authority established either by the

company or the Government for the quick

redressal of grievances



































































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Open cover

Gives to insured automatic insurance

protection so that there is no risk of any

shipments remaining uninsured through

oversight

Open Form

A continuous policy written on a reporting

basis

Operative Clause

Defines the class and nature of business

covered by a specific reinsurance treaty

PPackage Policy

A combination of two or more individual

polices into a single policy. A householders

policy, for example, is a package policy.

Partial Disability

The result of an illness or injury which

prevents an insurd from performing on or

more of the functions of his/her regular job

Particular Average

A term meaning an accidental and usually a

partial loss suffered by one interest and not

chargeable against others

Peril

The event insured against; the cause of

possible loss

Personal Injury

In law, a term used to embrace a broad range

of torts that includes bodily injury, libel,

slander, discrimination and similar offences.

Also a standard insurance coverage that

protects against a more limited group of torts

(false arrest, detention or imprisonment,

malicious prosecution, wrongful entry or

eviction, and libel, slander, or defamation)

Physical Damage

Damage to or loss of an automobile resulting

from a named peril

Physical Hazard

A condition of the subject of insurance which

creates or increases the chance of loss, such

as structural defects, occupancy, or similar

conditions

Pilferage

Petty theft, especially theft of articles in less

than package lots.

Policy

The legal document issued by the company to

the policyholder, which outlines the

conditions and terms of the insurance; also

called the policy contract for the contract

Policyholder's funds

Monies set aside by insurers to cover

outstanding liabilities to Policyholders. Also

known as technical reserves

Policy Period

The term for which insurance remains in

force, sometimes definite, sometimes not

Policyholder's surplus

Amount over and above liabilities available for

an insurer to meet future obligations to its

policyholders

Policy Term

The period for which an insurance policy

provides coverage

Policyholder

A person who pays a premium to an insurance

company in exchange for the insurance

protection provided by a policy of insurance
































































7/21/2019 NICL AO 2015


Pool

A risk sharing mechanism in which the

members of a group agree to be collectively

responsible for losses

Premium

The sum paid by a policyholder to keep an

insurance policy in force. It is the amount paid

to secure an insurance policy

Premium Notice

Notice of a premium due, sent out by the

company or one of its agencies to an insured.

Synonym for "Renewal Notice".

Principal

The applicant for, or subject of, insurance; the

one from whom an agent derives his or her

authority

Pro Rata Cancellation

Cancellation with a return of premium

charged for the period of time the policy was

in force equal to the ratio of the total

premium to the total policy period

Product Liability Insurance

Protection against financial loss arising out of

the legal liability incurred by a manufacturer,

merchant, or distributor because of injury or

damage resulting from the use of a covered

product

Professional Indemnity

It is a cover granted to professionals likeDoctors covering their legal liability for any

claims arising out of professional misconduct

Property Insurance

Insurance providing financial protection

against the loss of, or damage to, real and

personal property caused by such perils as

fire, theft, windstorm, hail, explosion, riot,

aircraft, motor vehicles, vandalism, malicious

mischief, riot and civil commotion, and smoke

Proposal

A person interested in taking out insurance

has to make an offer by means of a proposal.

This is an application for the cover required,

or for obtaining quotations of the premiumchargeable

Proposal Form

It is a form which is to be completed for

securing an insurance policy

Proposer

Proposer is a person who proposes the

insurance policy

Prospectus

A form, which is often part of the proposal

form, giving details of the cover available with

particulars of extra benefits and rebates

Protection and Indemnity (P & I)

Insurance

Liability insurance coverage in an ocean

marine policy

Provision for unexpired risks

Amount set aside on the balance sheet in

addition to unearned premiums with respect

to risks to be borne by the insurance

undertaking after the end of the financial

year, in order to pro-vide for all claims and

expenses in connection with insurance

contracts in force in excess of the related

unearned premiums and any premiums

receivable on those contracts

Provisions

The terms or conditions of an insurance policy

Proximate Cause

The dominating cause of loss or damage; an

unbroken chain of events between the

occurrence and damage



































































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Public Liability/Third Party Liability

The insured's liability at law (excluding liability

to an employee arising out of

employer/employee relationship) to pay

compensation for death, injury or illnesssustained by any person or damage to

property caused by explosion or collapse of

boiler and pressure plant or use of lilting and

handling plant

Punitive Damages

Damages awarded separately and in addition

to the compensatory damages, usually on

account of malicious or wanton misconduct,

to serve as a punishment for the wrongdoerand possibly as a deterrent to others

Pure Risk

A condition in which there is the possibility of

loss or no loss only

Q

Quota Share Reinsurance

It is an automatic reinsurance, whereby theceding company is bound to cede a fixed

percentage of every risk written by it

irrespective of the size or quality of the risk.

Quote

An estimate of the cost of insurance, based on

information supplied to the insurance

company by the applicant.

RRate

The pricing factor upon which the insurance

buyer's premium is based

Recurring Clause

A provision in some health insurance policies,

which specifies an period of time during which

the recurrence of a condition is considered a

continuation of a prior period of disability or

hospital confinement

Reimbursement

The payment of the expenses actually

incurred as a result of a accident or sickness,

but not to exceed any amount specified in the

policy

Reinstatement

The restoration of a lapsed policy

Reinsurance

Insurance placed by an underwriter in another

company to cut down the amount of the risk

assumed under the original insurance

Renewal

Continuance of coverage under a policy

beyond its original term by the insurer's

acceptance of the premium for a new policy

term

Renewal Notice

The notice sent to the policyholder to remind

him that an insurance is due for renewal by

insurers

Renewal Receipt

The written evidence that a renewal premium

has been paid

Repatriation Expenses

(Under Overseas Mediclaim Policy) Expenses

incurred to travel back to home country

following sickness abroad

Replacement Cost

The cost to repair or replace property at

construction costs prevailing at time of loss;

the cost to repair or rebuild property without

any depreciation

Representation

Statements made by an applicant in the

application that he represents as being

substantially true to the best of his or her

knowledge and belief, but which are not

warranted as exact in every detail
































































7/21/2019 NICL AO 2015


Rescission

Termination of an insurance contract by the

insurer on the grounds of material

misstatement on the application for insurance

Reserve

Liability set up for particular purposes

Respondentia

An early form of marine insurance on cargo;

similar to bottomry, the equivalent on hulls

Restoration

Reinstatement, as the amount of coverage

after a loss

Retention

The act of retaining an exposure to loss: also

that part of the exposure that is retained

Retrocession

The amount of risk that a reinsurance

company reinsures; the amount of a cession

which the reinsurer passes on

Retrospective Date

The first date for which claims will be paid

under a claims-made policy of liability

insurance

Return Premium

An amount due the insured upon cancellation

of a policy

Revocable Beneficiary

A beneficiary designation that may be

changed by the policyowner without the

consent of the existing beneficiary

Rider

Usually known as an endorsement, a rider is

an amendment to the policy used to add or

delete coverage

Risk

It can be a potential source of loss or the

subject matter of insurance itself

Risk Management

A scientific approach to the problem of

dealing with the pure risks facing an individual

or an organization in which insurance is

viewed as simply one of several approaches

for dealing with such risks

Robbery

The unlawful taking of property by violence or

threat of violence

Running Down Clause

Additional coverage, which can be added to,

an Ocean Marine Hull policy to provide

protection for damage to another ship caused

by collision

S

Salvage

Recovery made by an insurance company by

the sale of property which has been taken

over from that insured as a part of loss

settlement. The remains of damaged vehicle

or any other property

Schedule

A list of coverages or amounts concerning

things or persons insured

Self-Insurance

A form of risk financing through which a firm

assumes all or a part of its own losses

Settlement

A policy benefit of claim payment

Short period rates

Percentage of annual premiums charged for

short period policies































































7/21/2019 NICL AO 2015


Short Rate Cancellation

Cancellation with a less than proportionate

return of premium: also known as Pro Rata

Cancellation.

Social Insurance

Compulsory insurance, in which the benefits

are prescribed by law and in which the

primary emphasis is on social adequacy rather

than equity

Solvency margin

Surplus of assets over liabilities

Special Damages

Amount awarded in litigation to compensate

for specific identifiable economic loss

Speculative Risk

A condition in which there is a possibility of

loss or gain

Sprinkler Leakage Insurance

Insurance against loss from accidental leakage

or discharge from a sprinkler system due to

some cause other than a hostile fire or certain

other specified causes

Standing Charges

Expenses which still have to be met even if a

business cannot earn its full income owing to

fire or other damage. These expenses do not

diminish proportionately as a result of the

damage

Statutory Inspections

Plant inspections which are required by law to

be carried out at stipulated intervals by a

competent person who must also prepare a

report in a prescribed form detailing the

condition of the plant

Strict Liability

Liability for damages even though fault or

negligence cannot be proven

Subrogation

It is defined as the transfer of rights and

remedies of the insured to insurers who have

indemnified the insured in respect of the loss

Subsidence

Occurs when the ground under a building

moves downwards, often as a result of drying

out too much

Sum Insured

The limit of liability of the insurers under a

policy

Surety Bond

An agreement providing for monetary

compensation should there be a failure to

perform certain specified acts within a stated

period: the surety company, for example,

becomes responsible for fulfillment of a

contract if the contractor defaults

Surplus

An amount by which the value of an insurer's

assets exceeds their liabilities

Surrender Value

Surrender value is the amount payable to the

policy holder on his surrendering his right

under a policy and terminating the contract of

insurance

Surrounding Property

Property belonging to the insured or in his

custody or control except for the plant

causing the damage or property being lifted

Surveyor

The company official who inspects property

proposed and makes recommendations as to

rating and loss reduction

































































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T

Tail coverage

An extended reporting period extension

under claims-made liability policies thatprovides coverage for losses that are reported

after termination of the policy

Technical provision

Amount set aside on the balance sheet to

meet liabilities arising out of insurance

contracts, including claims provision (whether

reported or not), provision for unearned

premiums, provision for unexpired risks

Tenants Liability

Cover for damage to rented buildings

Theft

The unlawful taking of property of another:

the term includes such crimes as burglary,

larceny and robbery.

Third party

Someone other than the insured and

insurance company

Third party claim

A demand made by a person against a

policyholder and any payment that will be

made by that company

Third Party Liability

Liability incurred by the insured to another

party but excluding contractual liability

Tornado

A whirling wind over land, accompanied by a

funnel-shaped cloud. It is usually very violent

and destructive in a narrow path, often for

many miles

Tort

A civil wrong, other than a breach of contract,

for which a court of law will afford legal relied

Total Disability

An illness or injury which prevents an insured

person from continuously performing every

duty pertaining to his/her occupation or

engaging in any other type of work

Total Loss

The complete loss or destruction of all the

property insured under a particular policy

Treaty

A reinsurance contract under which the

reinsured company agrees to cede and the

reinsurer agrees to assume risks of a

particular class or classes of business

Turnover

The money earned for goods supplied or

services rendered in the course of the

business at the premises specified in the

policy

U

Uberrimae FideiMeans "Utmost Good Faith'. The basis of all

insurance contracts - both parties to the

contract are bound to exercise good faith and

do so by a full disclosure of all information

material to the proposed contract.

Umbrella Liability

Insures losses in excess of amounts covered

by other liability insurance policies; also

protects the insured in many situations not

covered by the usual liability policies

Under-insurance

The situation where the Sum Insured is less

than the total value of property at risk.

Underwriter

The company receiving premiums and

accepting to cover the risk. Also, the person

employed by the company who decides

whether the company should accept a
































































7/21/2019 NICL AO 2015


particular proposal for insurance or

application for revival

Underwriting

The process of selecting risks for insurance

and determining in what amounts and on

what terms the insurance company will accept

the risk.

Underwriting Profit or Loss

The amount of money, which an insurance

company gains or loses as a result of its

insurance operations

Unearned premium

That portion of the original premium for

which protection has not yet been provided

because the policy still has some time to run

before expiration.

Unenforceable Contract

This is one, which lacks some evidential

features. The contract is a valid one

otherwise, but could not be enforced in a

court of law

Uninsurable Risk

Risks not acceptable for insurance due to

excessive risk

Utmost Good Faith

A duty imposed on both parties to an

insurance contract. The legal duty implies full

in case of total loss is settled at the time of

making the policy

Vicarious Liability

In law, liability arising out of imputed

negligence

Void

Of no force or effect: null

Void Contract

A contract obtained by fraud is a void contract

Voidable Contract

A contract, which is valid until it is treated asvoid by the aggrieved party, is a voidable

contract

W

Warranty

A statement concerning the condition of the

item to be insured which is made for the

purpose of permitting the underwriter to

evaluate the risk; if found to be false, itprovides the basis for voidance of the policy

Weekly benefits (for Personal Accident

Insurance)

They are paid for the period of temporary

total disablement following an injury which is

admissible under the policy











































Documents

NICL AO 2015