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THE HINDU TOP NEWS SUMMARY - JULY 2012Contributed by: Mr. Sumit Yadav, Sr. GK Faculty, Bank Power

FIRST WEEK - JULY 2012

1. A new National Urban Health Mission (NUHM) is plannedon the lines of the National Rural Health Mission (NRHM).

2. The World Heritage Committee, meeting in St. Petersburg,Russia, decided to inscribe 39 serial sites of the WesternGhats on the World Heritage List.

3. The Finance Ministry issued a notification to the effectexempting high-end passenger fares and cargo freightfrom the purview of service tax till September 30.

4. S.K. Thorat panel constituted to review the cartoons usedin NCERT books, has ordered deletion of several cartoons.

5. The Central Board of Direct Taxes has made e-filing ofincome-tax returns mandatory for all assesses whoseannual earnings exceeded Rs. 10 lakh during the fiscal

2011-12.6. Rajiv Gandhi Jeevandayee Arogya Yojana (health insurance

scheme) was launched in Maharashtra.7. Supreme Court banned all kinds of commercial and

tourism activities within a five-kilometre radius aroundthe Jarawa Tribal Reserve in Andaman and NicobarIslands.

8. Syrias President Bashar al-Assad said that he regretted hiscountrys defence forces shooting down a Turkish fighterjet on June 22.

9. The Central Government has decided to set up a venturecapital fund of Rs.2,000 crore which will promote researchand development (R&D) in the pharmaceutical sector.

10. State Bank of India (SBI), to attract new customers, hasdone away with the minimum balance criteria for savingbanks account.

11. British government banned the Indian Mujahideen (IM)describing it as a threat to national security

12. The Union government appointed Home Minister P.Chidambaram the chairman of the Empowered Group ofMinisters (EGoM) on spectrum to fix the reserve price forspectrum in the 2G auctions scheduled for August.

13. President Pratibha Patil was enrolled biometrically in theNational Population Register (NPR). Once collected, theNPR data along with biometrics would be sent to theUnique Identification Authority of India (UIDAI) for UID

numbers (Aadhar). The government also proposes to issueResident Identity (Smart) cards under the NPR.Registration in the NPR is mandatory for all usualresidents under the Citizenship Act 1955 and CitizenshipRules 2003.

14. The Obama administration declared Afghanistan theUnited States newest major non-NATO ally, an actiondesigned to facilitate close defence cooperation after U.S.combat troops withdraw from the country in 2014.

15. New Chief Minister of Karnataka - Jagadish Shettar (BJP)(Previous CM Sadananda Gowda).

16. Reserve Bank has launched a website explaining waysdetect counterfeit notes. With a tagline 'Pehchano PaiseBoli, Kyunki Paisa Bolta Hai', the website www.paisaboltahai.rbi.org.in gives visual presentatwith pointers on currency notes.

17. Over 49 lakh debtors have defaulted in repaying lototalling more than Rs one lakh crore from varinationalised banks in the country, an RTI query revealed. The State Bank of India tops the list accountfor 32 percent of the total defaulted amount.

18. Merchant discount rate (MDR) is the fees charged banks from a businessman for accepting payment throudebit or credit cards from their customers. It stands at per cent at present. As per the new RBI directive, the f

will not be more than 0.75% of transactions of up to 2,000. For transactions above Rs 2,000, MDR has becapped at 1%, as per the new rules that will be applicafrom July 1. But now it has postponed to September 1.

19. National Housing Bank (NHB) and three others hjoined hands to form the country's first mortgguarantee firm which has an initial paid up capital of120 crore. The other members of the joint venture comare Genworth, Asian Development Bank aInternational Finance Corporation. "IMGC (India MortgGuarantee Corporation) will offer mortgage guarantagainst borrower defaults on housing loans from mortglenders.

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20. Reserve Bank allowed holders of pre-paid payment cards,

to deposits school and college fees and pay taxes inaddition to buying rail and air tickets within theprescribed limit of Rs 10,000. The pre-paid cards, whichare convenient alternatives to cash and cheques, aremainly issued by banks and Non-Banking FinancialCompanies (NBFCs) for purchasing goods and servicesfrom limited outlets.

21. Morgan Stanley, US bank has received an in-principleapproval from the Reserve bank of India (RBI) for abanking license.

22. The Planning Commission is proposing a target ofreducing poverty by 10 per cent to less than 20 per cent ofthe population by 2017, the end of 12th Five-Year Plan.

23. The United Nations Conference on Trade and Development(UNCTAD)s World Investment Report for 2012 has namedIndia as the third most desirable destination for ForeignDirect Investment (FDI) behind China and the UnitedStates. In 2011, the FDI inflows to India went up to 32billion dollar.

24. India has allowed foreign direct investment from Pakistan.25. International Conference held in Tokyo (Japan) to provide

Afghanistan 16 billion dollar international aid in next fouryears.

26. Indias first bio-fuel outlet to be operational in Karnatakasoon.

27. Anup Sankar Bhattacharya is the new director of Instituteof Banking Personnel Selection (IBPS).

28. India and South Korea decided to cooperate in the areas ofcivil nuclear energy and space.

SECOND WEEK - JULY 20121. Prime Minister Manmohan Singh has been termed an

underachiever by TIME, a top U.S. magazine.2. Roger Federer regained the Wimbledon trophy in mens

single when he beat Andy Murray in the final.3. Booking of tatkal tickets will start at 10 a.m., instead of 8

a.m. For two hours, from 10.00 a.m. to 12 noon, no IRCTCagent will be allowed to access the Internet, or authorisedto purchase tickets from the reservation counters. Tatkaltickets can be booked only a day in advance of thescheduled journey.

4. Central Board of Excise and Customs (CBEC) clarified thatremittances from abroad would not attract service tax.According to World Bank data, India received remittancesworth $64 billion in 2011, and emerged as the toprecipient of such funds among developing countries.

5. Market regulator Securities and Exchange Board of India(SEBI) granted permission to MCX Stock Exchange (MCX-SX) to operate as a full-fledged stock exchange. With Thisapproval, MCX-SX would be able to offer additional assetclasses such as equity and equity F&O (Futures andOptions), interest rate futures and wholesale debtsegments.

6. Andhra Pradesh has decided to speed up the 9,564 MWKovvada Nuclear Power Park (KNP) project in Srikakulam.But local public is protesting against nuclear plant.

7. World farm production must rise 60 per cent by 2050 tomeet the needs of a growing population, the U.N. foodagency FAO and the OECD said.

8. The Supreme Court of Pakistan gave Prime Minister RajaParvez Ashraf time till July 25 to comply with its order to

write to the Swiss authorities asking them to reopen gcases against President Asif Ali Zardari.

9. Dara Singh and Rajesh khanna passed away.10. Reserve Bank said it is working on launching pla

currency.11. On GAAR (general anti avoidance rules), Prime Minis

Manmohan Singh set up a committee headed Parthasarathi Shome, to prepare fresh norms and to br"greater clarity" and prepare a roadmap by Septemberfor its implementation.

12. The Strategic Forces Command (SFC) of the Indian Arlaunched the nuclear- capable Agni-I missile (range - 7km) from the Wheeler Island of Odisha coast.

13. From August 1, transfer of funds not over Rs 10,000 frone account to another account through NatioElectronic Funds Transfer (NEFT) system, will attrmaximum charge of Rs 2.50 per transaction, RBI said inotification. Charges for electronic transfer of fund beyoRs 10,000 but less than Rs 1 lakh will be a maximum of5 per transaction. At the same time, for electronic transof funds beyond Rs 1 lakh to less than Rs 2 lakh, RBI retained maximum charges of Rs 15 per transaction.

14. Prime Minister of Singapore Mr. Lee Hsien Loong arrivin New Delhi and signed 3 pacts in the field of educat,defence and security. Singapore Prime Minisannounced to set up a World class skill developmCentre in New Delhi with collaboration of both countrie

15. 11th Pravasi Bharatiya Divas 2013 will be held in Coc(Kerala). Last meeting was held in Jaipur.

16. Asian Development Bank (ADB) announced to prov$74.8 million loan to improve road connectivity in North East states.

17. Maruti Suzuki India Ltd decided to get into a merger wSuzuki Power train India Ltd. This initiative will help thprepare and meet the increasing demand for dievehicles.

18. World Energy Forum will hold its first conference outsits UN headquarters on 22 October 2012 in Dubai. October is observed as world energy day.

19. India and Mozambique signed on Bilateral SecuCooperation agreement.

20. India and Russia have agreed to achieve the 20 billionDollars trade target by 2015. The bilateral trade betwthe countries stood at 9 billion U S Dollars in 2011.

21. 9th World Hindi Conference will be held in South Africity Johannesburg from 22 to 24 of September this yeThe main theme of the conference is Bhasha Ki Asmita AHindi Ka Vaishvik Sandarbh.

THIRD WEEK JULY 20121. IOA (Indian Olympic association) announced that wrest

Sushil Kumar will be the flag-bearer of the Indcontingent at the London Olympics.

2. Inflation declined marginally to 7.25 per cent in Juagainst 7.55 per cent in May WPI (wholesale price index

3. Indian-American astronaut Sunita Williams, along with two colleagues, took off for her second space odyssey oRussian Soyuz rocket, which blasted off successfully frKazakhstan for a four-month mission on the InternatioSpace Station (ISS).

4. South Africas Nkosazana Dlamini-Zuma became the fwoman head of African Union (A.U.) Commission.

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5. International Monetary Fund (IMF) has marginally

reduced Indias growth projections from 6.8 per cent to 6.1per cent for 2012 and from 7.2 per cent to 6.5 per cent in2013. IMFs World Economic Outlook. Global growth willbe at 3.5 per cent in 2012 and 3.9 per cent in 2013.

6. With the Kudankulam nuclear project likely to becommissioned in August, Russia has agreed to extend a$3.4-billion credit for setting up two more 1,000-MWatomic power plants units 3 and 4 of the Kudankulamproject at the same site in Tamil Nadu.

7. UN peace mediator for Syria - Kofi Annan.8. U.S. is close to developing a hypersonic bomber able to

reach any target on the globe in under an hour. Themilitary hopes to fly such planes capable of moving at 20times the speed of sound by 2016. The hypersonic bombercodenamed the XPlane will travel at Mach 20 (roughly20,900 kmph).

9. The Reserve Bank of India (RBI) Governor D. Subbarao,proposed a Producer Price Index (PPI), which wouldmeasure the average change over time in the sale prices ofdomestic goods and services. In its present structure, theWholesale Price Index (WPI) does not capture the pricemovement of services. In contrast to Consumer Price Index(CPI), PPI measures price changes from the perspective ofthe seller. Sellers and purchasers prices differ due togovernment subsidies, sales and excise taxes, anddistribution costs.

10. The Rajasthan government decided to ban the production,storage, distribution and sale of gutkha.

11. The Securities and Exchange Board of India (SEBI) issuedguidelines allowing overseas individual investors(Qualified Foreign Investors (QFIs) to invest up to $1billion in corporate bonds and debt schemes of mutualfunds without any lock-in period. As per the existingnorms, QFIs are allowed to invest in schemes of Indianmutual funds and Indian equity shares by opening a demataccount with a qualified Depository Participant (DP).

12. Retail inflation, based on the consumer price index (CPI),eased marginally to 10.02 per cent in June from 10.36 percent in May. The rates of price rise for rural and urbanareas were 9.74 per cent and 10.44 per cent, respectively.

13. Russia and China vetoed a new U.N. Security Councilresolution that would have slapped new sanctions againstPresident Bashar Al Assads regime in Syria, while Indiawas among the 11 countries that voted in favour.

14. Terming serious the alleged violation of safety norms byHSBC staff members in the country against money-laundering and terrorist financing, India promised to getto the bottom of it.

15. The Reserve Bank of India (RBI) said that foreign bankshaving 20 or more branches in the country will be broughton par with domestic banks for priority sector targets in aphased manner over a maximum period of five yearsstarting April 1, 2013. Foreign banks with less than 20branches will have no sub-targets within the overallpriority sector lending target of 32 per cent.

16. United Progressive Alliance (UPA) nominee, Vice-President Mohammed Hamid Ansari and NationalDemocratic Alliance (NDA) candidate Jaswant Singh willfight Vice-President Election on August 7.

17. A series of trials of anti-tank Nag missile, with focus on theperformance of a modified Namica (Nag Missile Carrier) in

harsh desert conditions, will be conducted in the MahaField Firing Range in Rajasthan between July 24 aAugust 10.

18. A new report by tax researchers (Tax Justice Netwoestimates that the amount of black money deposited bglobal super-rich elite in offshore accounts is as much$20 trillion equivalent of the combined GDPs of the Uand Japan.

19. Lakshmi Sahgal freedom fighter and Netaji SubChandra Boses comrade in the Indian National Arpassed away.

20. The Defence Ministry cleared a proposal to procure transport aircraft, at an estimated price of Rs. 12,0crore, for the Air Force to replace the ageing Avro plane

21. The Reserve Bank of India (RBI) introduced a ncategory of NBFCs, Non-Banking Financial CompaFactors and stipulated that every company seekregistration as NBFC-Factors would have a minimum nowned fund (NOF) of Rs.5 crore. Factoring is a finantransaction where an entity sells its receivable to a thiparty called a factor at discounted prices.

22. The Reserve Bank of India (RBI) will issue rupee fdenomination coins bearing the emblem of Indian CouMedical Research (ICMR). These coins are being issuedmark the Centenary Year of the ICMR.

23. Home Ministry declined permission to three Iranian ba(Parsian Bank, Bank Kasargad and Eghtesad-e-Novin)open branches in India due to threat of money launderand terror financing in banking transactions as cautionby the Financial Action Task Force (FATF)

24. Government has initiated revision of base year from 2005 to 2011-12 for calculating the gross domestic prod(GDP).

25. Food grain production in India will be more than 2million tonnes in last year as compared to nearly 2million tonnes the previous year.

26. India extended the ban on the Liberation Tigers of TaEelam (LTTE)

27. HDFC Group has become India's second biggest corporhouse after Tatas in terms of private sector stock marvaluation, Reliance Industries group to the third positio

28. According to India City Competitiveness Report-20compiled by Harvard based Institute for CompetitivenNew Delhi has emerged as the most competitive cityIndia followed by Mumbai, Chennai, Hyderabad aKolkata.

FOURTH WEEK JULY 20121. To protect tigers, the Supreme Court banned all tour

activities in the core areas of the tiger reserve forests.2. All trains could soon have bio-toilets, with the Ministry

Rural Development offering to bear half the total costRs. 500 crore of installing them.

3. Educational development index (EDI) a) Puducherryb) Lakshadweepc) Punjab has improved its rank from seven to three t

yeard) Tamil Nadue) Kerala, which stood third last year, has gone down

fifth.

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4. Kulandei Francis (working for Micro finance and rural

development in India) is among six winners of theMagsaysay Award this year.

5. Kerala Assembly passed the Kerala State Right to ServiceBill 2012.

6. State Bank of India launched an international five-yearbond sale programme to raise at least USD one billion. Thebank has a board mandate to raise USD 10 billion fromoverseas markets over the next few years.

7. Of the 169 countries outside of the euro zone, India hasbeen ranked as the 85th most exposed to the Europeancrisis.

8. India and Singapore will share a list of suspected taxevaders and cases related to black money next week aspart of bilateral financial enforcement cooperationbetween the two countries.

9. India has banned USA sanctioned Iranian ships fromentering its waters.

10. President Asif Ali Zardari invited Prime MinisterManmohan Singh to visit Pakistan to discuss bilateralrelations and to visit his ancestral village on the occasionof the birth anniversary of Guru Nanak.

11. India and China have agreed to achieve the 100 billion USDollars trade target by 2015.

12. Mobile phone users will soon be able to air theircomplaints, with the Telecom Regulatory Authority ofIndia (TRAI) set to install software that would trackconsumer complaints registered with network serviceproviders.

13. Indias foreign exchange reserves moved up to $287.34billion.

14. India test-fired the 290-km BrahMos supersonic cruisemissile from the integrated test range at Chandipur(Odisha).

15. The WTO Report 2012 - India had the fastest exportgrowth 16 per cent among major traders in 2011 andChina had the second-fastest export growth at 9.3 per cent.

16. Knowledge Commission Chairman, Sam Pitroda assuredthat all the country's 2,50,000 panchayats will havebroadband connectivity by November 2013.

17. Egypts President Mohamed Morsi elected Hisham Kandilas the countrys New Prime Minister.

18. India and Indonesia signed an agreement to avoid doubletaxation and prevent fiscal evasion.

19. Greentech Foundation awarded Gold Trophy in SafetyManagement Award 2012 to Oil and Natural GasCorporation (ONGC).

20. Chhattisgarh banned Gutka and Pan Masala.21. British financial sector regulator (FSA - Financial Services

Authority) has entered into a fresh agreement with theReserve Bank of India (RBI) for mutual assistance andinformation exchange in supervision of banks operating inboth the countries.

22. Pranab Mukherjee elected as 13th President of India.23. Central Government decided to provide skill-development

training to one member of each family, which hascompleted 100 man days under the Mahatma GandhiNational Rural Employment Guarantee Act (MGNREGA).

24. Punjab government launched Greening Punjab Campaignto plant 40 crore saplings across the state in the next eightyears.

25. Prime Minister Manmohan Singh set up a panel headedN. Rangachary, to bring clarity on taxation mattpertaining to development centres and the IT sector.

26. Indian Shooter Gagan Narang won bronze medal in meter air rifle at the London Olympics.

27. World Bank approved an 1100 crore rupees loan Himachal Pradesh to promote green initiatives asustainable development.

28. Competition Commission of India imposed 397.51 crrupees penalty on 11 Cement Company for violating provisions of the Competition Act, 2002.

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