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Jet-Etihad Deal Approved by SEBI

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GK Notes - October

SEBI approved the Jet-Etihad deal. Jet Airways had proposed to sale 24 percent stake to Abu Dhabi based Etihad. The Jet-Etihad deal was announced in April 2013 and because of objections from regulators, the deal was stuck half-way. The proposal will now be considered by the Cabinet Committee on Economic Affairs. The Competition Commission of India (CCI) had also asked for changes in the original deal. The two parties had informed the fair trade regulator about the changes in the deal and approval from the CCI is expected soon. With this deal in place, Jet eventually has 51 percent stake in the company, Etihad has 24 percent and the public has the remaining 25 percent. Indias GDP Grew at 4.7% in 2013-14 The annual economic publication of Asian Development Bank (ADB) titled Asian Development Outlook released in October 2013 lowered the Indian economic growth forecast for 2013-14 to 4.7 percent. It is significantly lower than the earlier projection of 6 percent in April 2013. Asian Development Outlook also forecasted the 2014-15 growth at 5.7 percent. The 5.7 percent growth projection for 2014-15 is however lower than the earlier forecast of 6.5 percent. The Asian Development Bank also noted that Indias inflation for 2013-14 would be at 6.5 percent, below the 7.2 percent forecast in April 2013. Other highlights of the Asian Development Outlook Growth in developing Asia is forecasted to decline marginally to 6.0 percent in 2013 from 6.1 percent in 2012. In the People's Republic of China, growth is expected to moderate to 7.6 percent in 2013 from 7.7 percent in 2012. Slower growth in Asia's two giants hampers, but does not hobble, the growth across Asia. Inflation in developing Asia is projected dipping to 3.6 percent in 2013 from 3.7 percent in 2012 as weaker growth and tepid commodity prices keep price pressure in check. Inflation is expected to return to 3.7 percent in 2014. Prospective tapering of the US quantitative easing has destabilised financial markets in developing Asia and other emerging economies, in particular India and Indonesia. Developing Asia faces the twin challenges of maintaining financial stability and sustaining growth. About the Asian Development Bank (ADB) Asian Development Bank is a regional development bank established on 22 economic development of countries in Asia. The main motto of the Asian Development Bank is to eradicate the poverty in Asia and Pacific. The headquarters of the Asian Development Bank are located in Manila, Philippines.
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August 1966 to facilitate

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General Knowledge
GK Notes - October

Government of India Appointed a Committee to Define FDI and FII The Government of India appointed a four-member committee headed by Arvind Mayaram, Economic Affairs Secretary. The committee was set up to clear the ambiguity between Foreign Direct Investment (FDI) and Foreign Institutional Investment (FII). The committee will look into the difference between them and it will also give definition of FDI and FII. The other members of the committee were the Secretary of the Department of Industrial Policy and Promotion (DIPP), the Deputy Governor of the Reserve Bank of India and a whole time member of market regulator SEBI. Anyone investing in a company 10 percent or less is considered as FII and above 10 percent is considered as FDI. Food Security Scheme Launched by Rajasthan CM Ashok Gehlot Rajasthan Chief Minister Ashok Gehlot launched Food Security scheme in the State aimed at benefiting around 4.64 crore people. Rajasthan is the first Indian State to implement the Food Security Act after National Food Security Act enacted on 10 September 2013. After three months of survey across the state, the state government has selected around 90 lakh families (about 4.64 crore people) as beneficiaries under the scheme. India is the Largest Recipient of Foreign Remittances: World Bank Report The World Bank report entitled Migration and Remittance Flows: Recent Trends and Outlook- 201316 released in October 2013 revealed that India emerged as the largest recipient of foreign remittances among developing economies in 2013. In 2013, Non-Resident Indians (NRI) sent a record 71 billion dollars home compared to 70 billion dollars in 2012. According to a Word Bank report, NRIs are estimated to remit up to 85 billion dollars a year by 2015. The World Bank, in its report, stated that India and China will represent nearly a third of the total remittances to the developing world in 2013. The surge in remittances continues despite the recent decline in the rupee against the dollar. The gulf countries account for nearly 40 percent of remittances in India, while it was 48 percent to South Asian countries. Report Highlights 1. The developing world is expected to receive 414 billion dollars in migrant remittances in 2013, an increase of 6.3 percent over the previous year (2012). This is projected to rise to 540 billion dollars by 2016. 2. The top recipients of officially recorded remittances for 2013 are India (with an estimated 71 billion dollars), China (60 billion dollars), the Philippines (26 billion dollars), Mexico (22 billion dollars), Nigeria (21 billion dollars) and Egypt (20 billion dollars). Other large recipients include Pakistan, Bangladesh, Vietnam and Ukraine. 3. As a percentage of GDP, the top recipients of remittances, in 2012, were Tajikistan (48 percent), Kyrgyz Republic (31 percent), Lesotho and Nepal (25 percent each) and Moldova (24 percent).
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GK Notes - October

FDA of Ghana Blacklisted Bliss GVS Pharma Limited The Food and Drugs Authority (FDA) of Ghana banned the importation and distribution of all medicinal products manufactured by an Indian company Bliss GVS Pharma Limited. India.

While announcing the ban on Bliss GVS Pharma Limited in Ghana, the Food and Drugs Authority (FDA) told that the company is not following the registration requirements as enshrined in the Public Health Act of 2012, Act 851, a process which assures the quality, safety and efficacy of all medicinal products. The official of FDA also told that the company manufactured a fake anti-malarial medicine (GSUNATE PLUS SUPPOSITORIES). The efficacy and safety of this anti-malarial medicine has not been ascertained since there has not been any clinical trial study to justify the use of this medicinal product for the treatment of malaria. SEBI Approved Major Reforms to Attract Overseas Investors SEBI ushered in major reforms to attract overseas investors. It has announced new Foreign Portfolio Investor regulations for easier registration process and operating framework for investors from abroad. The new class of investors - FPIs - will encompass all Foreign Institutional Investors, their sub-accounts and Qualified Foreign Investors. They will be divided in three categories as per their risk profile. The Know Your Client - KYC requirements and other registration procedures will be much simpler for FPIs compared to current practices. The SEBI has also decided to grant them a permanent registration. SEBI also approved setting up Designated Depository Participants which will register FPIs on behalf of the market regulator subject to compliance with KYC norms. RBI Reduced the MSF Rate to 9 Percent from 9.5 Percent The Reserve Bank of India (RBI) reduced the Marginal Standing Facility (MSF) rate to 9 percent from 9.5 percent to improve liquidity in the system. In a release issued from Mumbai, the RBI stated that the decision was taken after a review of evolving liquidity conditions. MSF allows banks to borrow money from RBI at a higher rate when there is a significant liquidity crunch. The RBI further stated that it conducted open market purchase operations of 9974 crore rupees with the aim of injecting liquidity into the system. This is the second reduction in the rate since the September 20 mid-quarter monetary policy review, when it was lowered to 9.5 percent from 10.25 percent. Indira Gandhi International and Birmingham Airports Signed MoU to Become Sister Airports Indira Gandhi International Airport, New Delhi and Birmingham Airport, UK signed a Memorandum of Understanding (MOU) to formalise a working relationship and commit to developing links between the two cities (Birmingham and Delhi). CEO of Birmingham Airport Paul Kehoe and Head of Airline Marketing and Route Development of Delhi International Airport Limited (DIAL) Kiran Jain signed the MoU at the World Routes Conference in Las Vegas to become Sister Airports.

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GK Notes - October

Birmingham Airport Located in the centre of the UK, Birmingham Airport handles more than nine million passengers a year and is the third largest airport outside London. It has a core catchment of ten million people and some 200,000 Indian people live in the West Midlands region alone, 15 percent of Englands total. Indira Gandhi International Airport, Delhi Indira Gandhi International Airport in Delhi handles 36 million passengers and well over half a million ton of cargo pass through it annually.

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Peter Higgs and Francois Englert won the Nobel Prize for Physics, 2013. Peter Higgs, United Kingdom and Francois Englert, Belgium were jointly awarded the Nobel Prize for Physics, 2013. They were awarded for the theoretical discovery of a mechanism that contributes to our understanding of the origin of mass of subatomic particles. Their contribution forms the cornerstone of modern particle physics. Higgs and Francois Englert discovered a quantum field, which is a distribution of energy throughout the universe. It is a field with special properties. When the field is disturbed, waves travel through it. The dimmest possible wave is called a particle in the field. They called this field as Higgs field. In the Higgs field, particles are called as Higgs boson. The existence of Higgs boson was confirmed through the discovery of the predicted fundamental particle by the ATLAS and CMS experiments at CERN's Large Hadron Collider (LHG) near Geneva, Switzerland. About the Higgs Boson Higgs boson is popularly known as the God particle. It is a sub-atomic particle. Elementary particles may have gained their mass because of the Higgs boson particle. The Union Cabinet Approved on the National Identification Authority of India Bill The Union Cabinet of India approved the National Identification Authority of India Bill that will give statutory status to the Unique Identification Authority of India (UIDAI). The new law will provide for the creation of a National Identification Authority of India. It will oversee implementation of the Aadhaar project. It also seeks to define penalties in case of misuse of data collected under the Aadhaar project. The cabinet took this decision in the background of recent Supreme Court judgment related to Aadhaar cards will not be mandatory for availing services or benefits under Government schemes without any legal status. Supreme Court Judgment related to the Aadhaar cards The Supreme Court of India on 23 September 2013 ruled that Aadhaar cards or Unique Identification number (UID) will not be mandatory for availing services or benefits under Government schemes like LPG subsidy, transfer benefits, food security, vehicle registration, scholarships, marriage registration, salaries and provident fund, etc.

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GK Notes - October

Main Objective of UIDIA Scheme Unique identification project was initially started by the Planning Commission as an initiative that would provide identification for each resident across the country. It would be used primarily as the basis for efficient delivery of welfare services. It would also act as a tool for effective monitoring of various programmes and schemes of the government. The government also created and approved the position of the Chairperson of the UIDAI. Mr. Nandan Nilekani has been appointed as the first Chairperson of UIDIA and he holds the rank and status of Cabinet Minister. James Rothman, Randy Schekman and Thomas Suedhof Won the 2013 Nobel Prize for Medicine James Rothman and Randy Schekman of US as well as German-born Thomas Suedhof won the 2013 Nobel Prize for medicine and physiology. They were awarded for their groundbreaking work on how the cell organises its transport system.

The three of them discovered the complex transport system in the human body, which makes the delivery of the life-saving proteins and molecules at the right place and right time. James Rothman, Randy Schekman and Thomas Suedhof work at the Yale University, University of California and Stanford University respectively. It is important to note that disturbances in complex transport system of the human body can have poisonous effects and can also contribute towards the conditions like immunological disorders, neurological diseases and diabetes. The Nobel Committee announced that the three of them were honoured for their discoveries of machinery regulating vesicle traffic, a major transport system in our cells. The value of each prize is 1.2 million US dollars. Individual Contribution In their discovery, Schekman discovered a set of genes which are needed for vesicle traffic. Rothman discovered the protein machinery which enables the vesicles to fuse with their targets in order to allow the transfer of cargo. Sudhof, in the meanwhile, revealed how the signals instruct the vesicles to release cargo with accuracy.

Union Cabinet Approved the Creation of a New State of Telangana The Union Cabinet approved the creation of a new state of Telangana by bifurcating the existing state of Andhra Pradesh. Union Cabinet decisions 1. The city of Hyderabad will function as the common capital for both the states (Telangana and Seemandhra) for a period of ten years. 2. The Union Cabinet has also approved the setting up of a Group of Ministers (GoM) to work out the various legal and administrative measures to ensure the safety and security of the residents of all the regions of the state including the guarantee of the Fundamental Rights.

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GK Notes - October

3. The Group of Ministers will also work out the modalities for the provision of special financial disbursements required for the setting up of a new capital for the residuary state of Andhra Pradesh and to meet the special needs of the backward regions and districts of the two states. The new state will have a geographical area of 10 of the 23 districts of undivided Andhra Pradesh. The districts that will be a part of the new state are Hyderabad, Adilabad, Karimnagar, Khammam, Mahaboobnagar, Medak, Nalgonda, Nizamabad, Rangareddy and Warangal. India Re-elected in the New Council of ICAO India was re-elected in the new Council of International Civil Aviation Organisation (ICAO) as one of the states making the largest contribution to the provision of facilities for international civil air navigation. The 38
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session of the Assembly of ICAO completed the election of the Council in Montreal. The 36-member council is the governing body of the organisation and is elected for a three-year term. A specialised agency of the United Nations, ICAO was created in 1944 to promote the safe and orderly development of international civil aviation throughout the world. It sets standards and regulations necessary for aviation safety, security, efficiency, capacity and environmental protection, amongst many other priorities. The organisation serves as the forum for cooperation in all fields of civil aviation among its 191 Member States. S.Varadarajan Took over as the CMD of Bharat Petroleum Corporation Limited S. Varadarajan succeeded R.K. Singh as Chairman and Managing Director (CMD) of Bharat Petroleum Corporation Limited (BPCL). Prior to his appointment as the CMD, Varadarajan was serving as the Director (finance) of the company. About S. Varadarajan Varadarajan is a member of the Institute of Chartered Accountants of India and a member of the Institute of Cost and Works Accountants of India. S. Vardarajan had also served as Executive Director (corporate finance) and was responsible for overall treasury management, risk management, corporate accounts, taxation and budgeting. He has also served as the chief financial officer of Bharat Shell Limited, a joint venture between BPCL and Shell International. As Director of finance, he successfully completed BPCLs maiden issue of unsecured bonds in the international market, which was oversubscribed by 15 times, the largest offering for an Indian company in 2012. Ranjan Mathai Appointed as India's High Commissioner to United Kingdom Former Foreign Secretary Ranjan Mathai was appointed as India's High Commissioner to the United Kingdom. He will succeed noted economist and veteran diplomat Dr. Jaimini Bhagwati. However, he will take up the charge of the office later.

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GK Notes - October

About Ranjan Mathai Ranjan Mathai joined the Indian Foreign Service in 1974 and has served in Indian embassies in Vienna, Colombo, Washington, Tehran and Brussels. As Joint Secretary in the Ministry of External Affairs in New Delhi from January 1995 to February 1998, he headed the division dealing with India's relations with Bangladesh, Sri Lanka, Myanmar and Maldives. Ranjan Mathai played a critical role in the Indo-Bangla Ganges Water Sharing accord during Sheikh Hasina's first stint as the Prime Minister. He also served as Indian Ambassador to Israel from February 1998 to June 2001 and as the Indian Ambassador to Qatar from August 2001 to July 2005. He held the post of Deputy High Commissioner of India to the UK in London from August 2005 to January 2007. Ranjan Mathai served as Foreign Secretary for a period of two years and handed over the charge to his successor Sujatha Singh in July 2013.

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