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Explanation: Himachal Pradesh Govt. will present its paperless budget on 11 March 2015 and would thus become the first to do so in India. Under this initiative, all documents related to budget estimates would be made available online and only around 10 budget copies would be printed for record. It is worth mentioning that Himachal Pradesh also has India’s first “Green” Assembly.





4) Chris Gayle of West Indies made history on 24 February 2015 after he became the first-ever cricketer to score a double century in an ICC World Cup match. He achieved this feat by scoring 215 runs against Zimbabwe in a Pool B match played at Canberra. He broke whose record of highest individual score in World Cup? – Gary Kirsten (South Africa)

Explanation: Till now Gary Kirsten’s 188 not out against UAE (in 1996) was the highest score as far as World Cup is concerned. Chris Gayle broke this record by a significant margin as he went on to score 215, which was the first-ever double century in ICC World Cup. He hit 16 sixes and 10 fours in his 147-ball innings and was out on the last ball of West Indies’ innings. Gayle was involved in the world record partnership for any wicket in ODIs with Marlon Samuels as the two shared 372-run stand for the second wicket to power West Indies to 372/2 in 50 overs. They thus surpassed the 331 shared by India’s Rahul Dravid and Tendulkar against New Zealand at Hyderabad in 1999.



5) Dr Rajendra K Pachauri, who is facing allegations of sexual harassment, on 24 February 2015 stepped down as the Chairperson of which UN panel associated with environment? – Intergovernmental Panel on Climate Change (IPCC)

Explanation: Pachauri is suspected to be involved in a sexual harassment case with a woman employee of The Energy and Resources Institute (TERI), the environmental-think tank that he heads as its Director General. Apart from proceeding on leave from TERI, he announced his resignation as Chairperson of IPCC. Pachauri was elected to the first of two terms as Chair of the IPCC in April 2002 and had been scheduled to complete his second term in October 2015. The IPCC, in accordance with its procedures, designated Vice-Chair Ismail El Gizouli as Acting IPCC Chair.



TODAY’S NEWS FOR FUTURE

26/02/2015


1) The Telecom Regulatory Authority of India (TRAI) on 25 February 2015 announced an amendment to the Telecommunication Mobile Number Portability Regulation, 2009, that will facilitate full Mobile Number Portability (MNP) in the country. Full MNP will be available across the country from which date? – 3 May 2015

Explanation: Mobile Number Portability (MNP) currently allows consumers to change their service provider while retaining the same number only within a telecom circle, which in most cases, is limited to a State. Under the full MNP programme, a subscriber will be able to retain the same mobile number across the length and breadth of the country while selecting a service provider. The Department of Telecom (DoT) had issued amendments to the MNP licence agreement on 3 November 2014 stating that MNP is to be implemented across the country within six months from the date of amendment of the licences.



2) What important recommendation pertaining to domestic financial institutions (DFIs) was given by the 14th Finance Commission that was tabled in the Parliament on 24 February 2015? – A dedicated panel should be constituted for DFIs

Explanation: The 14th Finance Commission stated that domestic financial institutions (DFIs), such as public sector banks have a dominant role in the financial framework of the economy. Hence it recommended that a Financial Sector Public Enterprises Committee (FSPEC) be appointed to examine and recommend parameters for appropriate future fiscal support to financial sector public enterprises. This suggestion has come at a time when these banks need around Rs. 2.84 lakh crore additional capital to meet the BASEL-III requirement. These requirements are critical to make banks healthy with growing business. At present, there are 27 public sector banks. These are divided into – nationalised banks (21) and State Bank of India group (6).



3) The concept of three-parent babies finally became a reality with United Kingdom becoming the first country to legalise creation of such babies. This became possible as the House of Lords on 24 February 2015 gave its approval to the Bill that amends the Human Fertilisation and Embryology Act (HFEA), 1990. What is the name of the scientific procedure that makes the three-parent concept a reality? – Mitochondrial Replacement Therapy (MRT)

Explanation: MRT is a ground-breaking technique that uses genetic material from three different people to prevent certain inherited and untreatable, genetic diseases from passing from the mother to her offspring. The technique involves an IVF procedure in which the egg’s defective mitochondrial DNA is replaced with healthy DNA from a female donor. This technique was developed at the University of Newcastle by a team led by Professor Doug Turnbull. The said parliamentary bill was earlier passed by British Parliament’s lower house – the House of Commons on 3 February 2015. With legal approval to MRT UK has become the first one in the world to give approval to such procedure. It is expected that the first babies through MRT could be born as early as 2016.



4) The U.S. Govt. on 24 February 2015 gave what major relaxation for its H-1B visa holders? – It allowed spouses of such visa holders to work in the US if they are working in the hi-tech sector

Explanation: This applies to husbands and wives of foreigners holding H-4 visas and will benefit more than 179,000 people in the next year, and 55,000 in subsequent years. This will be allowed from 26 May 2015. H-1B is a non-immigrant US visa that allows U.S. employers to temporarily employ foreign workers in specialty occupations. On the other hand H-4 visa is issued to immediate family members (spouse and children under 21 years of age) of the H-1B visa holders. Till now the U.S. Federal law mandated that spouses had to apply for green cards, which can take 5-7 years, and were not authorised to work in the interim. This change has been pushed by tech companies in the Silicon Valley, led by Facebook founder Mark Zuckerberg. Employees working in the tech sector, science, engineering and medical industries have been pushing for this as they feel that it hurts their ability to attract and retain talent. It is believed that a huge number of South Asians enter the US through the H-1B visa programme and figures from the State Department show that approximately 76% of those who received H-4 status in 2013 were from South Asian countries.



5) Which European country on 25 February 2015 passed a controversial bill that imposes ban on foreign funding for mosques and imams? – Austria

Explanation: The bill is partly aimed at tackling Islamist radicalism and has provisions that provide more legal security to Muslims. It thus amends the 1912 law that made Islam an official religion in Austria. The new measures under the law, first proposed three years ago, include the protection of religious holidays and training for imams. But the bill was protested by Muslims groups in Austria and around the world who said that the ban on foreign funding is unfair as international support is still permitted for the Christian and Jewish faiths. Roughly half a million Muslims live in Austria today, around 6% of the population. Many of them have Turkish or Bosnian roots.



6) The joint military exercise Surya Kiran-VIII, that started from 23 February 2015, involves India and which country? – Nepal

Explanation: This exercise is the 8th edition of India-Nepal Battalion level Combined Military Training Exercise. It is being held at Saljhandi in Nepal. The main objective of the exercise is to promote cooperation in counter insurgency and counter terrorist operations and cooperation in humanitarian operations. The exercise will end on 8 March 2015.



TODAY’S NEWS FOR FUTURE

26/02/2015


1) In an important development, two consortia comprising of Indian companies have been given the project to develop a “Battlefield Management System” (BMS). This project, believed to be worth Rs. 40,000-50,000 crore, is believed to be Indian Army’s biggest project ever. Which two companies are leading these consortia? – Tata Power and Bharat Electronics (BEL)

Explanation: The Ministry of Defence (MoD) on 25 February 2015 instructed the consortia – one consisting of BEL and Rolta India, and the other comprising of Tata Power SED and Larsen & Toubro (L&T) – to register “special purpose companies” for this project. Each of these development agencies, will separately develop a working BMS. The MoD will reimburse 80% of the development cost. The BMS consists of a wireless network that links digital devices carried by combat soldiers, interlinking them, their commanders and a range of battlefield sensors. This provides a common battle picture to each individual. The MoD has moved unusually fast in the BMS contract, which industry sees as evidence of Defence Minister Manohar Parrikar’s seriousness in pushing indigenisation. The MoD issued a tender – or expression of interest – in November 2013, to which four consortia responded in April 2014. Since then, it has taken only 10 months to select the winners. This initiative is also being seen as a strong intention of the NDA government to provide a defence boost to ‘Make in India’.



2) Union Finance Minister Arun Jaitley presented the Economic Survey for 2015-16 in the Parliament on 27 February 2015. What the growth forecast is for fiscal year 2015-16 as disclosed in the Survey? – 8.1 to 8.5%

Explanation: With expected growth for 2015-16 to be over 8%, India is on its way to become the fastest growing major economy in the World. The Survey also disclosed that the growth of Indian economy could be launched on a double digit trajectory in the medium term. And that there is a scope for Big Bang reforms now.

Click Here for Full Economic Survey 2015-16



3) Which state-owned bank of Britain has decided to close its banking operations in India as disclosed recently? – Royal Bank of Scotland (RBS)

Explanation: RBS has decided to close its banking operations in India but will be retaining the back office. The balance sheet exposure of RBS’s India business has also almost halved in calendar year 2014. At the end of December 2014, the net balance sheet exposure of the bank’s operations in India fell by £1.7 billion to £2.0 billion. Bank’s Indian banking operations mainly include investment and wholesale banking.  The bank also has a wealth management business and retail presence as well. According to reports, RBS’ Indian banking business employs about 1,200-1,500 people.



4) French President Francois Hollande on 27 February 2015 took forth his message about the need for funds for the proposed landmark climate deal conference at a central Philippine town that was devastated by a killer typhoon in 2013. What is the name of this town? – Guian

Explanation: French President made an international appeal, named “Call of Manila”, from the town of Guian in the Philippines to conclude a universal, equitable and ambitious climate deal in Paris. The United Nations Climate Change Conference (COP 21) will be held in Paris from 30 November to 11 December 2015. The conference faces a major dilemma on how to raise $100 billion in yearly climate aid by 2020 to help poorer economies transition to clean energy. The proposed Paris agreement isn’t expected to stop climate change, but organisers hope to secure for the first time the commitment of most countries to do something about it.



5) What is the name of the Russian opposition leader and former Deputy Prime Minister who was shot dead on 27 February 2015 in Moscow? – Boris Nemtsov

Explanation: He was killed by an unidentified attacker in his car as he crossed a bridge near Kremlin in Moscow. Hours before his death he had appealed for support for a march to be held on 1 March 2015 in Moscow against the war in Ukraine. Nemstov had served as first Deputy Prime Minister under President Boris Yeltsin in the 1990s. He was governor of Nizhny Novgorod, one of the largest cities of Russia and had earned a reputation as an economic reformer. But he fell out of favour with Yeltsin’s successor Vladimir Putin and became an outspoken opposition leader.



6) Who took over as the new Chairman and Managing Director of Small Industries Development Bank of India (SIDBI) on 27 February 2015? – Kshatrapati Shivaji

Explanation: Kshatrapati Shivaji is a 1986 batch IAS officer and was currently Principal Secretary (Expenditure), Finance Department in Maharashtra government. He has been appointed on deputation basis for a period of three years from the date of his taking over the charge.

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