22 July

Martina Hingis was inducted in Tennis Hall of Fame

32 Year old Swiss tennis legend Martina Hingis was inducted in Tennis Hall of Fame on 13 July 2013.

With the induction she became the fourth youngest members to be included in the tennis hall of fame., followed by Tracy Austin (30), Bjorn Borg (31) and Hana Mandlikova (32).

She belongs to  Czechoslovakia

A brief insight into Martina Hingis’ Career

• She had won three Australian Open titles (1997, 1998, 1999), one Wimbledon (1997) and a US Open title (1997).

• She held the number one ranking for 209 weeks. She also won nine grand slam doubles titles and a mixed doubles title.

• In June 2011, she was named one of the "30 Legends of Women's Tennis: Past, Present and Future" by Time.

• In 1997, Hingis became the undisputed World No. 1 women's tennis player.

• In 1998, Hingis won all four of the Grand Slam women's doubles titles, only the fourth in women's tennis history to do so.

• In 2001, Switzerland, with Hingis and Roger Federer on its team, won the Hopman Cup.

• In February 2003, at the age of 22, Hingis announced her retirement from tennis, due to her injuries and being in pain.

• In February 2005, Martina Hingis made an unsuccessful return to competition at an event in Pattaya, Thailand, where she lost to Germany's Marlene Weingärtner in the first round.

• She is counted as the most successful player to play the Toray Pan-Pacific Tournament with 5 wins in 1997, 1999, 2000, 2002, 2007, and reached 8 finals in 1997, 1998, 1999, 2000, 2001, 2002, 2006, 2007

18 July

                               Latvia gets approval to join Eurozone

The small Baltic nation of  LATVIA  has been given approval from its European partners to become the 18^th member of the eurozone from 2014.

The ECOFIN council which is composed of the Economics and Finance Ministers of the European Union’s 28 member states has given nod to the country’s euro membership. 

Why Latvia intends to join Eurozone?

Latvia is hopeful that entering the eurozone will bring with it the country a number of benefits like lower interest rates, lower currency conversion costs and  increased foreign investment.

                                 COUNTRIES IN EUROZONE

AUSTRIA, BELGIUM, CYPRUS, ESTONIA, FINLAND, FRANCE, GERMANY, GREECE, IRELAND, ITALY, LUXEMBERG, MALTA, NETHERLAND, PORTUGAL, SLOVAKIA, SLOVENIA, SPAIN, LATVIA

17 July

40th CHIEF JUSTICE OF INDIA

. Sathasivam was appointed as the next Chief Justice of India after he justified the Collegiums System of appointment of Judges. The 64 year old Sathasivam will succeed the incumbent Chief Justice of India, Altamas Kabir, who will superannuate on 18 July 2013 from his office.

Sathasivam will be the 40th Chief Justice of India (CJI) and his appointment to the post has been approved by Pranab Mukherjee, the President of India

Supreme Court of India

The Supreme Court is the highest court of appeal as established by Part V, Chapter IV of the Indian Constitution and Article 124 to 147 states about the composition of Supreme Court of India. Supreme Court of India consists of one Chief Justice and 31 judges. The bench that comprises 2 or 3 judges is termed as a Division Bench and the one that bench that consists of five or more judges is termed to be a Constitutional Bench.

Tenure and qualification of Judges in Supreme Court

President appoints the judges of the Supreme Court and the retirement age of these judges is 65. For being a judge or chief justice of a Supreme Court one must fulfill the following qualifications:

1. He must be an Indian Citizen

2. Should have served the High Court as its Judge for at least 5 years

3. He should have served the high court as its advocate for a period of 10 years

In case their occurs a vacancy in the CJI office due to any reason, the president appoints the acting Chief Justice as the Chief Justice of India from amongst the judges of the Supreme Court. The salaries and other allowances of the Judges in India are charged from the Consolidated Fund of India.

At present the salary structure

1. Chief Justice of Supreme Court - 1 Lakh rupees

2. Other Judges of SC: Rs 90000

Removal of Judges

The Judge can be removed from India on certain ground that includes incapacity to hold the office or proven misbehavior. They can be removed only after the resolution of both the houses of Indian Parliament that is supported by the majority of two-third of the members voting and present.

The two judges against whom the proceeding was initiated

1. V Ramaswami in 1993 was the first judge against whom the proceedings were initiated

2. Soumitra Sen in 2011 was the second judge against whom these proceedings were initiated

JOBS

                        Vaccancy in TRAI

Date of Release: 10/07/2013   Last Date: 31/07/2013

Calling applications for filling up the post of Personal Assistant [PB-2 Rs.9300-34800 + grade pay of Rs.4200] and Stenographer (Hindi) [PB-1: Rs. 5200-20200 + Grade pay Rs. 2400] in TRAI Head Quarters New Delhi on deputation on foreign service basis.

History of Insurance in India

History of Insurance in India   1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1914, the Government of India started publishing returns of Insurance Companies in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers.       An Ordinance was issued on 19th January, 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies—245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.   General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business.     In 1972 with the passing of the General Insurance Business (Nationalisation) Act, general insurance business was nationalized with effect from 1st January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1sst 1973.  Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.

15 July

                              NATIONAL AVIATION UNIVERSITY IN RAE BARELI

The Union Cabinet of India  gave its approval to the proposal for setting up of a National Aviation University (NAU) in the name of Rajiv Gandhi National Aviation University at the District of Rae Bareli in the State of U.P. as a Central University.The Cabinet also approved the proposal to introduce the Rajiv Gandhi National Aviation University Bill, 2013. In 2006, the Kaw Committee had recommended setting up of a National Aviation University in India.

14 July

                                FINALLY!! JHARKHAND GOT ITS CM



Jharkhand Mukti Morcha legislator Hemant Soren, son of former Chief Minister Shibu Soren, was sworn in as Jharkhand’s ninth Chief Minister a day after the Central Cabinet revoked President’s Rule in the State.

FORMER CHIEF MINISTER OF JHARKHAND
 1) BABU LAL MARANDI
 2) ARJUN MUNDA
 3) SHIBU SOREN
 4) MADHU KODA
 5) HEMANT SOREN

13 July

Cabinet passed Ordinance to implement Food Security Bill

In order to implement the Food Security Bill, the cabinet unanimously approved an ordinance regarding the same. The Food Security Bill guarantees food entitlements to two-thirds (67%) at highly subsidized rates.
The bill envisages providing 5 kg of rice, wheat and coarse grains at Rs 3, Rs 2, Rs 1 per kg, respectively, every month to three-fourths of rural population and half the urban population in the country.
The scheme would require more than 61 million tonnes of foodgrain and is expected to cost the government about Rs 1,25,000 crore. The plan proposes to continue the Antyodaya Anna Yojna through which government provides poor households 35 kg foodgrain per household per month at subsidized prices of Rs 1-3 per kg.
Many are of the view that the programme will burn a hole in government’s pocket whereas research agency Crisil estimates that the Food Security Bill could generate additional savings of around Rs 4,400 this year for each below-poverty-line (BPL) household, which begins to purchase subsidised food. As per the agency, these savings equals around 8% and 5% of the annual expenditure of a rural and urban household.

India-Russia talks cut no ice on nuclear liability

No progress could be made b/w India and Russia on the issue of nuclear liability. The talks were held b/w Atomic Energy Commission (AEC) Chief R.K. Sinha and Russia’s nuclear corporation Rosatom head, Sergei Kiriyenko.
What is the issue?
Russia is building nuclear reactors in India at Kudankulam. India wants Russia to place the new reactors under its Civil Liability for Nuclear Damages Act, 2010, which holds the operator wholly liable in the event of an accident, gives it a right of recourse against suppliers if the accident is caused by defective equipment. Whereas, Russians refer to the Indo-Russia inter-government agreement of 2008, which makes the operator alone liable for possible damages at Units 3-6 to be built at Kudankulam. This issue has stalled signing of contract for the construction of Units 3 and 4 at the Kudankulam nuclear power project.

12 July

Jewellers decided to suspend Sale of Gold Coins for Six Months

Prominent jewellery retailers and bullion traders across India on 10 July 2013 decided to suspend sale of gold coins and bars for six months. The decision will help the government in curbing gold imports and keep the current account deficit under control.

Prominent players including TBZ, Gitanjali and Tanishq, will stop selling gold coins. Coins and bars account for more than a third of gold sales in India. India is the world's largest gold buyer, at 860 tonnes a year. The demand for coins and bars increased 150 percent in the last four years.
Although the government had adopted several measures to control sales, the impact has been slow. Demand for gold jewellery in the last 10 years has remained constant. But investment demand has increased several times.

11 july

Lajja Goswami won Silver in shooting World Cup

Lajja Goswami on 9 July 2013 won silver medal in women's 50-metre Rifle 3 Position event at the ISSF World Cup in Granada, Spain.

She shots 584 in the qualification round and 454 in the finals to bag the silver to lead Norway's Malin Westerheim, who shot 443.9 in the finals.Petra Zublasing of Italy won the gold after scoring 459.1 in the medal round.

Goswami totalled 152.4 over three series in kneeling. She has scored 154.8 in prone and 146.8 while standing to win the country's first medal in the tournament.

About Lajja Goswami

• 24-year-old Lajja Goswami, hails from Anand district in Gujarat and is a silver medallist at the 2010 Commonwealth Games,
• Lajja Goswami had teamed up with Tejaswani Sawant to win silver in pairs 50-m rifle 3 position at the Delhi Commonwealth Games in 2010.
• She also had won gold in the women's 50m rifle 3 position, ahead of Maharashtra's Sawant and veteran Anjali Bhagwat at the IX Sardar Sajjan Singh Sethi Memorial Masters shooting competition in year 2012.
• It is important to note that she was unable to get selection in the 11-member team for 2012 London Olympics after failing to lift her game during the trials.

06 july

Mahatma Gandhi Pravasi Surakhsa Yojna ,pension scheme for blue-collar Indian workers in the Gulf

Union Government of India on 4 July 2013 announced to launch Mahatma Gandhi Pravasi Surakhsa Yojna (MGPSY), a pension scheme for blue-collar Indian workers in the Gulf. The Yojna would be launched in August 2013. The Pension and Life Insurance fund scheme, is applicable for the Overseas Indian workers having Emigration Check Required, ECR passports.

The announcement was made by the Rajiv Mehrishi, Secretary of Ministry of Overseas Indian Affairs in Riyadh. This pension and life insurance fund scheme would benefit a large number of oversees Indian Workers. The MGPSY is aimed towards helping the overseas Indian workers in saving money for their retirement, re-settlement in India after their return and a life insurance that will cover them against natural death during the period of coverage.

Benefits of Mahatma Gandhi Pravasi Surakhsa Yojna (MGPSY)

• Government contribution of 1000 rupees per annum in line with Swavalamban platform for all MGPSY subscriber who save between 1,000 rupees and 12000 rupees per year in NPS-Lite.
• An additional government contribution of 1000 rupees per annum by MOIA for the overseas Indian women workers who save between 1000 rupees to 12000 rupees per year in NPS-Lite.
• The Indian overseas workers, who save 4000 rupees or more per annum, will get an additional government contribution from the Ministry of Overseas Indian Affairs of 900 rupees towards their Return and Resettlement

The objective of MGPSY is to encourage and enable the overseas Indian workers by giving government contribution to:
• Save for their Return and Resettlement (R&R)
• Save for their old age
• Obtain a Life Insurance cover against natural death during the period of coverage

The government contribution available under the MGPSY is for a period of five years or till the return of subscribed worker back to India, whichever is earlier

President Pranab Mukherjee signed Ordinance on Food Security 

President Pranab Mukherjee signed the ordinance on food security on 5 July 2013 which seeks to give legal rights to 67 per cent of the population over subsidised grains every month.
Now, with the presidential consent, the bill will be presented before the Parliament when it convenes for the Monsoon Session.

The Government had issued the ordinance to give nation's two-third population the right to get 5 kgs of foodgrains every month at highly subsidised rates of 1-3 Rupees per kg amid political opposition.

The food security arrangements will be the largest in the world after implementation, with the government spending estimated at one lakh 25 thousand crore rupees annually on supply of about 62 million tonnes of rice, wheat and coarse cereals to 67 per cent of the population.

The Food Security Bill was tabled during the budget session of Parliament, but was not taken up for discussion because of opposition-led disturbances of proceedings arising out of scam-related allegations.

2 JULY

IRNSS-1A launched from Sriharikota

India's first satellite dedicated for navigation IRNSS-1A will be launched onboard PSLV-C22 Polar Satellite Launch Vehicle (PSLV) is scheduled to blast off from the Satish Dhawan Space Centre at Sriharikota, carrying the satellite.

The 1,425 kg IRNSS-1A, the first satellite in Indian Regional Navigation Satellite System (IRNSS), has a mission life of 10 years and would provide accurate real-time position and timing information to users in the country as well as the region extending up to 1,500 km around it.

Applications of IRNSS include terrestrial aerial and marine navigation, disaster management, vehicle tracking and fleet management, navigation aide for hikers and travelers, visual and voice navigation for drivers.

The fully deployed IRNSS system would consist of three satellites in GEO stationary orbit and four in inclined geosynchronous orbit, about 36,000 km altitude above earth.

 Najeeb Jung was  appointed as the new Lieutnenat Governor of Delhi

 Vice Chancellor of Jamia Milia University Najeeb Jung was today appointed as the new Lieutnenat Governor of Delhi while former Delhi Police Commissioner KK Paul was made Governor of Meghalaya.

According to a communique issued by the Rashtrapati Bhavan, 62-year-old Jung becomes the 20th Lieutenant Governor of the national capital replacing two-time Lieutenant Governor Tejendra Khanna who had an eventful stint from April 2007.

An IAS officer of 1973 batch from Madhya Pradesh cadre, Mr Jung has served in various capacities for 22 years in different capacities besides working as Senior Advisor for seven years at the Asian Development Bank (ADB).