Union Cabinet approves incentivise cashless transactions
The Union Cabinet chaired by Prime Minister Narendra Modi has approved several steps to promote cashless transactions, which include mandatory card-based or electronic payments.
To promote cashless transactions, the govt has approved various short and medium term measures which would be implemented by the Government Departments, Ministries and Organisations. Some of the measures are :-
1. Withdrawal of any additional charge currently imposed on card or digital payments by various government entities.
2. Introduction of the required infrastructure for digital payments in all government offices.
3. Rationalisation of the merchant discount rate (MDR) on card transactions and telecom service charges for digital financial transactions to promote mobile banking.
Importance of cashless transactions
Promotion of payments through cards and digital means will minimize tax avoidance and migration of Government payments and collections to cashless mode.With this decision, the government has completed its promise for such measures made in the 2015 Budget as one way to curb the flow of black money is to discourage cash transactions.>Login To Save for Revision
- Mumbai wins Ranji Trophy for 41st time
Mumbai clinched the Ranji Trophy for a season 2015-16 by defeating Saurashtra by an innings and 21 runs in the final match played a Gahunje Stadium of Maharashtra Cricket Association in Pune, Mumbai.
With this victory Mumbai won the Ranji Trophy for a record 41st time. Chandrakant Pandit, is the coach of Mumbai, it was his third title as a coach, having previously guided Mumbai to successive victories in 2002-04.
Shreyas Iyer of Mumbai was declared man of the match as he scored 117 runs in the match. He ended the season as the leading run-getter with 1321 runs at 73.38 including four centuries and seven fifties. Shardul Thakur carried out the demolition job by taking five wickets for 26 runs in 13.2 overs.
About Ranji Trophy
Ranji Trophy is a domestic first-class cricket championship played in India between teams representing regional cricket associations. The competition currently consists of 27 teams which include 21 states (of 29 Indian states) and Delhi (UT). The competition is named after first Indian Cricketer who played for England and Sussex, Ranjitsinhji who was also known as "Ranji".>Login To Save for Revision
- Yes Bank wins inaugural Green Bond Award in UK
India's leading private lender Yes Bank has been awarded inaugural Green Bond Pioneer Award at a ceremony held in London, United Kingdom. Yes Bank was recognised for its pioneering efforts in the Green Bonds market including successful issuance of India’s first ever Green Infrastructure Bonds.
Yes Bank Green Bond Initiatives
1. Yes Bank was the first Indian Bank to issue Green Infrastructure Bonds in India. In 2015, Yes Bank had issued India's first-ever Green Infrastructure Bonds for Rs 1,000 crore (USD 160 million).
2. The proceeds of the bond in YES BANK's Green Bonds, will be used to fund Renewable Energy projects including solar power and wind power projects.
3. Recently, Yes Bank along with International Finance Corporation (IFC) has opened trading of the world's first Green Masala Bond worth Rs 3.15 billion listed on the London Stock Exchange.
What are green bonds?
Defination of Bond : A bond is a debt instrument with which an entity raises money from investors. The issuer of the bond gets capital while the investors receive fixed income in the form of interest. When the bond matures, the money is repaid.
In case of Green Bonds, the issuer gets capital from the investors only if the investment (capital) is being raised to fund green projects relating to renewable energy or emission reductions etc.
Green Bond Pioneer Award
The Green Bond Pioneer Awards for 'Pioneers in Emerging Markets-India' were organised under the aegis of Climate Bonds Initiative (CBI). The award was launched to increase awareness on green bonds in the global investor and corporate community and also to acknowledge global leadership in the sector. CBI is an international non-profit investor focused on mobilising the US 100 trillion dollars green bond market for climate change solutions.>Login To Save for Revision
- Michael Pesch appointed as CEO of Infosys Consulting Holding
India's second-largest software exporter Infosys has appointed Michael Pesch as the new head of its consulting business Infosys Consulting Holding, formerly Infosys Lodestone).
In his new role Pesch will focus on expanding the reach of Infosys consultants and experts in digital transformation and design-led innovation, as well as increasing Infosys’ expertise in large-scale SAP programmes.
Pesch will also be responsible for Infosys' consulting practice in Europe, Latin America and the Asia Pacific Region, and will also work as Regional Head DACH Countries (Germany, Austria and Switzerland).
Prior to his appointment, he was working as Chief Executive Officer of arvato Systems Group, where he successfully established new cloud oriented services and led fourfold growth of consulting and IT services business across Europe, U.S. and China.>Login To Save for Revision
- Yoichiro Ueno appointed as President and CEO of Honda cars India
Japanese auto major Honda Motor Co has appointed Yoichiro Ueno as new President and CEO of its Indian operations. He will replace Katsushi Inoue who has been elevated to the position of Chief Operating Officer (COO) of the company for Regional Operations (Europe region).
Prior to this appointment he has served as the Chief Executive Officer and Managing Director of Honda Malaysia Sdn. Bhd. since January 2011.
Previously, he has also worked as the Assistant Vice President of Automobile Sales of American Honda Motor Co Inc where he was involved in the overall planning and coordination of sales and marketing in the US market.
He has been associated with Honda Motor Co for over 30 years and worked with the company in markets outside Japan like New Zealand and Thailand. He also had worked with overseas division and countries such as Asia and Oceania, China and North America.>Login To Save for Revision
- Union Government appoints 3 Information commissioners of CIC
The Union Government has appointed three retired civil servants as information commissioners at the Central Information Commission (CIC). It is for the first time that CIC has full strength of the chief and 10 information commissioners because right from 2005 when the commission was set up under the right to information law, the CIC has lived with vacancies. Their appointments have been made for a term of five years or till they turn 65.
The appointees are :-
1. Amitava Bhattacharyya : Retired IAS officer of Gujarat cadre, 1980 batch. He had served Chairman of the Staff Selection Commission (SSC).
2. Bimal Julka : He is a retired IAS officer of Madhya Pradesh, 1979 batch. He had served as Secretary, Ministry of Information and Broadcasting.
3. Divya Prakash Sinha: He is retired IPS officer of 1979 of Manipur-Tripura cadre. He has served as Secretary (Security), Cabinet Secretariat.
About Central Information Commission
The Central Information Commission (CIC) is a statutory authorised body set up under the Right to Information Act, 2005. It is designated to act upon complaints from those individuals who have not been able to submit information requests to a Central Public Information Officer or State Public Information Officer due to either the officer not having been appointed or the request was rejected.
The Commission includes 1 Chief Information Commissioner (CIC) and not more than 10 Information Commissioners (IC) who are appointed by the President of India.
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- Appointment: Chief Information Commissioner (CIC) and Information Commissioners (IC) are appointed by the President on the recommendation of a selection committee comprising of Prime Minister as Chairperson, the leader of single largest opposition party in the Lok Sabha and a Union Cabinet Minister nominated by the Prime Minister.
- Service Tenure: Chief Information Commissioner (CIC) and Information Commissioners (IC) are appointed for a term of 5 years or till they attains the age of 65. The Chief Information Commissioner is not eligible for reappointment.
- Italian writer Umberto Eco passes away
The Italian writer and philosopher Umberto Eco, best known for his historical mystery novel "The Name of the Rose" passed away in Milan, Italy at the age of 84 years. His novel "The Name of the Rose" was made into a film in 1986 starring Scottish actor Sean Connery.
About Umberto Eco
Born on 5 January 1932 in Alessandria, north-west Italy. He began writing stories at the age of 10 or 12. His wanted him to study law and become a lawyer but he entered the University of Turin to take up medieval philosophy and literature.
After he finished his doctoral thesis, he lectured at his alma mater and at the same time worked as a cultural editor for the state broadcasting station Radiotelevisione Italiana (RAI) .
He was founder of the Dipartimento di Comunicazione (Department of Media Studies) at the University of the Republic of San Marino. He was also professor emeritus and chairman of the Higher School of Humanities of the University of Bologna.
Books authored : The Name of the Rose, Foucault's Pendulum,The Island of the Day Before, The Prague Cemetery e.t.c>Login To Save for Revision
- US writer Harper Lee passes away
American novelist, Harper Lee, whose 1961 novel To Kill a Mockingbird won the 1961 Pulitzer Prize and has become a classic of modern American literature, passed away at the age of 89. Her book was bestseller during 1961 as more than 40 million copies of her novel were sold. The novel tells the story of justice and race in a small Southern town .
About Harper Lee
She was born as Nelle Harper Lee on April 28, 1926, in Monroeville, Alabama. Harper Lee was her pen name. She was widely known for her most acclaimed novel "To Kill a Mockingbird". In 2015, nearly 55 years after her first novel was published she had released its sequel, Go Set a Watchman.
Her novel "To Kill a Mockingbird" was adopted as movie which bagged Academy Award (Oscars) for best picture in 1963 while Gregory Peck, who played role of Atticus in the movie was named best actor.
Awards and Honours: Pulitzer Prize (1961) and Presidential Medal of Freedom (2007) for her contribution to literature.>Login To Save for Revision
- ISRO to set up Satellite Centre in Vietnam
Indian Space Research Organization (ISRO) is working towards the establishment of a Satellite Tracking & Data Reception Station and Data Processing Facility in Vietnam for ASEAN Member countries. The facility is being established as part of Space Cooperation between India and Association of South East Asian Nations (ASEAN).
Facts about the establishment :
1. This facility is intended to acquire and process Indian Remote Sensing Satellite data pertaining to ASEAN region and disseminate to ASEAN Member countries.
2. Under this initiative, all ASEAN member countries, including Vietnam will be allowed to access processed remote sensing data pertaining to their country.
3. Ground facility is designed in such a way that it will not allow Indian data to be accessed and processed by the system.>Login To Save for Revision
- 13th World Spice Congress begins in Ahmedabad
13th World Spice Congress begins in Ahmedabad, Gujarat. It aims to frame credible and actionable roadmap to further push the growth of spices industry and address its challenges across the globe. This edition of event will be attended by more than 1,000 participants including domestic and overseas delegate, sponsors and exhibitors.
Theme for 13th World Spice Congress : 'Target 2020: Clean, Safe and Sustainable Supply Chain',
13th WSC has been jointly organized by the Spices Board, Cochin Hill Produce Merchants’ Association, and India Pepper and Spice Trade Association. It is supported by All India Spices Importers & Distributors Association and Indian Spices & Foodstuff Exporters’ Association.
Spices constitute the only Indian exports where the country controls almost half of world trade. Out of the total production of spices in India, 15 per cent is exported, contributing 48 per cent in volume and 43 per cent in value in the world spice trade.
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- Mumbai wins Ranji Trophy for 41st time