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ECONOMY
AUG 2 : According to Citi report further noted
that it is comfortable holding on to its 7.7
per cent 2016-17 GDP growth forecast for
now because of rural economy boost from
a better monsoon and 7th Pay Commission
impact on public sector salaries.
AUG 2 : Tata Capital Housing Finance Ltd (TCHFL)
announced a new home loan scheme Prapti,
at subsidised interest rates from 4 per cent
targeted at low income group under the
affordable housing plan.
AUG 2 : HDFC, India's largest private sector
mortgage lender, raised Rs 30 billion by
issuing the world's first ever "Masala" or
rupee-denominated bond outside India in
London Stock Exchange, a landmark event
that will boost economic ties between India
and the UK post Brexit.
AUG 4 : In the biggest tax reform since Independence,
the national sales tax or GST Bill was
approved by the Rajya Sabha to replace a raft
of different state and local taxes with a single
unified value added tax system to turn the
country into world's biggest single market.
AUG 4 : Leading stock exchange BSE
signed
an agreement with Indian Institute of
Technology (IIT) Kanpur for collaboration
in the areas including cyber security.
AUG 5 : Government notified 4 per cent inflation
target with a range of plus/minus 2 per cent
for the next five years under the monetary
policy framework agreement with the
Reserve Bank.
The government had amended the RBI Act
through Finance Act 2016 to provide for a
Monetary Policy Committee (MPC) with a
specific inflation goal, but it did not notify
the inflation target.
AUG 9 : Moving a step closer to form the country's
biggest private sector life insurer, the
board of HDFC approved the merger of
Max Life and Max Financial Services with
its insurance arm HDFC Standard Life
Insurance Company.
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AUG 23 : Ind-Ra has revised upwards Indias economic
growth forecast to 7.8 per cent for the
ongoing fiscal on better monsoon, but said
the economy is just "chugging along" despite
the euphoria emerging after the formation
Modi government at the Centre.
RBI
AUG 4 : RBI's Rajan launches 'Sachet' to curb illegal
collection of deposits.
BANK
AUG 2 : Global software and Cloud major Oracle
India announced a corporate citizenship
collaboration with State Bank of India (SBI)
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The foundation stone was laid by Rajasthan
Chief Minister Vasundhara Raje in presence
of Tata Sons Chairman Cyrus Mistry.
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maternity benefits to a commissioning
mother and adopting mother.
AUG 11 : Union Minister for Urban Development
Venkaiah Naidu inaugurated the BRICS
Friendship Rose Garden at Shanti Path,
Chanakyapuri. The garden has been
developed by the New Delhi Municipal
Council (NDMC). BRICS is a group of
five emerging economies Brazil, Russia,
India, China and South Africa.
AUG 12 : Rajasthan
government
signed
a
Memorandum of Understanding (MoU) with
India Trade And Exhibition Centre (ITEC),
Dubai for promotion of skill development,
investment and tourism sectors.
AUG 12 : Finance Minister of Assam Himanta Biswa
Sarma tweeted that Assam has become the
first state to ratify the Goods and Services
Tax (GST) constitution amendment Bill.
AUG 24 : India has assumed the Chairmanship of
BRICS for the year 2016 and a major political
cum business engagement will be held in
October 2016. As a lead up this Summit,
Indian has initiated a number of events within
the spirit of the BRICS, one of which being
the Conference on International Arbitration
in BRICS: Challenges, Opportunities and
Road ahead on August 27, 2016 at Vigyan
Bhawan, in the national capital.
AUG 24 : V.O.Chidambaranar Port Trust created new
record by handling 14,590 tonnes of Wheat
import surpassing the previous record of
12,000 tonnes.
AUG 25 : President Pranab Mukherjee inaugurated a
Mega Food Park at Jangipur in Murshidabad,
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her birth centenary, coinciding with the
celebrations of Indias 70th Independence
Day.
International News of
the Month
AUG 3 : Japanese Prime Minister Shinzo Abe
appointed conservative Ally Tomomi Inada
as defence minister .
Inada, a 57-year-old lawyer, will be the
second woman to hold the defence post.
The first, Yuriko Koike, who held the job
briefly in 2007, was recently elected Tokyo
governor.
AUG 4 : Communist
Party
of
Nepal-Maoist
Chairperson (CPN-MC) Pushpa Kamal
Dahal was elected as the 39th Prime Minister
of Nepal on Wednesday, with more than 360
lawmakers voting for him.
AUG 4 : India has signed a memorandum of
understanding with Mozambique to
import 3,75,000 tonnes of pulses during
2016-19.
AUG 10 : Export-Import Bank of India (Exim Bank)
stated that has given an additional line
of credit (LoC) of USD 23.50 million to
Malawi for construction of a new water
supply management from Likhubula river in
Mulanje to Blantyre.
AUG 11 : The Cabinet gave its nod for signing and
ratification of an agreement between India
and Croatia on economic cooperation.
India and Croatia had earlier signed
an agreement on trade and economic
cooperation in September, 1994, with an aim
to promote and develop bilateral trade and
economic relations.
AUG 11 : Prime Minister Narendra Modi and
Russian PresidentVladimir Putin dedicated
Kudankulam Nuclear Power Project's
(KKNPP) first unit to the country .
The first unit of the Indian nuclear power
plant is already in service. It was connected
to the southern grid and the operation of the
first 1,000 MWe unit at Kudankulam Nuclear
Power Project (KKNPP) has started from 00
00 hours on December 31, 2014 generating
1000 Mwe.
AUG 12 : To honour the legacy of Indias Carnatic
music legend M.S. Subbulakshmi, the
United Nations will issue a stamp to mark
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on 9-10 November with their presence and
said that he is looking forward to welcome
them at Islamabad.
Nine Observers of SAARC have also
been invited to attend the Summit at
Islamabad.
AUG 29 : China's first driverless subway line in the
capital city Beijing, is expected to start
operations at the end of 2017.
Operations on the Yanfang line will be fully
automatic, including train departures, door
opening, closing, and cleaning.
AUG 30 : The US and India signed an agreement
governing the use of each others land, air
and naval bases for repair and resupply, a
step toward building defence ties as they
seek to counter the growing maritime
assertiveness of China.
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AUG 19 : Indian wrestler Narsingh Yadav has been
ousted from Olympics as the CAS slapped
him with a four-year ban, while hearing into
the World Anti-Doping Agency's appeal
against the clean chit given to him in a dope
scandal by NADA.
AUG 19 : Argentina won their first Olympic men's
hockey gold with a 4-2 victory over Belgium
thanks to a 10-minute goal blitz in the first half.
AUG 20 : Usain Bolt went on his knee, gave the
track one final kiss, flattened his hand, then
reached down and slapped the white number
3 painted at the starting line. The relay
which was his last race in the 2016 Rio
Olympics ended with another Gold medal,
making it his 9th Gold Olympic medal.
AUG 20 : North East United FC and Kerala Blasters
FC will kick off the third season of the
Indian Super League (ISL) in Guwahati
in Oct 2016, in Indira Gandhi stadium by
awarding Guwahati the rights to host ISL
2016 opening ceremony.
AUG 23 : The International Kabaddi Federation (IKF)
announced that the 2016 Kabaddi World
Cup will be hosted in Gujarat's leading city,
Ahmedabad. The tournament is set to take
place from October 7th and will conclude on
22nd of the same month.
AUG 24 : The Minister of State (I/C) Youth Affairs &
Sports, Vijay Goal has constituted a twomember Committee consisting of Onkar
Kedia, Joint Secretary (Sports) and Vivek
Narayan, Director (Sports) to enquire into
the allegations of Ms. O.P. Jaisha.
The two member committee will submit its
report in 7 days.
AUG 25 : The National Table Tennis tournament will
be held at the Port Indoor Stadium from
October 19 to 25.
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Affection', a nationwide programme to
promote breast-feeding.
AUG 9 : BJP senior leader and Chairperson of
Estimates Committee Murli Manohar
Joshi released a book titled "The Indian
Parliament - Beyond the Seal and Signature
of Democracy" in Parliament.
AUG 11 : Wipro Chairman Azim Premji and HCL
co-founder Shiv Nadar are the only two
billionaires from India in Forbes list of the
worlds 100 richest people in technology,
ranking in the top 20 ahead of Google
boss Eric Schmidt and Uber CEO Travis
Kalanick.
AUG 25 : Bollywood actress Deepika Padukone,
who herself battled depression, has joined
hands with the Indian Psychiatric Society,
founded in 1947 as its brand ambassador to
spread awareness about mental health and
help reduce the stigma associated with its
ailments.
AUG 25 : The Vice President of India, Shri M.
Hamid Ansari released the book Patriots,
Poets and Prisoners: Selections from
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Appointments of the
Month
N J S Dhillon
March 2017.
P K Purwar
Vijay Rupani
Anand Sinha
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Juan Antonio Samaranch Jr. of
Spain, son of former Olympics chief
Juan Antonio Samaranch and Ugur
Erdener from Turkey will replace
outgoing vice presidents Nawal El
Moutawakel of Morocco and Sir
Craig Reedie from Britain.
K M Hanumantharayappa
He is presently working as MD
and Chief Executive Officer of SBI
Funds Management Pvt Ltd.
Pawan Kumar Bajaj & Ravindra Prabhakar Marathe
: Former
Information
and
Broadcasting Secretary Sunil Arora
has been appointed as an advisor in
public broadcaster Prasar Bharati.
P D Gupta
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appointment of Amit Sanan as Group
President & Country Head for MidCorporate Banking.
Greg Clarke
: Noted
filmmaker
and
actor
Rajinikanth's daughter Aishwaryaa
was appointed as a UN Womens
Advocate for Gender Equality and
Womens Empowerment in India.
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Dr Iqbals got this INSA Young Scientists
Award, considered to be the highest
recognition of promise, creativity and
excellence in a young scientist, is made
annually to those whose research work is
carried out in India evinces these qualities.
Until last year, 737 young scientists have
been awarded by INSA.
SJAM Awards :
Maharashtra's sixth Chess GM Shardul
Gagare, and steeplechase specialist Lalita
Babar, who finished a creditable 10th in the
Rio Olympics, have been chosen for the
Sports Journalists Association of Mumbai's
(SJAM) Golden Jubilee Annual Awards
2016.
Khel Ratna Award :
It was a celebration of woman power in
sports as Olympic stars P.V. Sindhu, Sakshi
Malik and Dipa Karmakar were conferred
India's highest sporting honour the Rajiv
Gandhi Khel Ratna along with shooter Jitu
Rai in a gleaming awards ceremony at the
Rashtrapati Bhawan.
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Hanif Mohammad :
Gloria De Haven :
Singer-actress Gloria De Haven, the
perky star of MGM musicals in the
1940s and a stalwart of show business
for more than six decades, has died. She
was 91.
Ahmed Zewail :
Egyptian Ahmed Zewail, who won
the 1999 Nobel Prize for his work on
the study of chemical reactions over
immensely short time scales, has died at
the age of 70.
He is also known as Father of Fematochemistry.
Mahim Bora : Eminent Assamese litterateur Mahim
Bora died. He was 92.
A prolific short story writer and a poet,
Bora had received the Sahitya Akademi
award for his most popular work Edhani
Mahir Hanhi in 2001.
Bernard Farrelly :
Australia's first world champion surfer,
Bernard 'Midget' Farrelly, has passed
away at the age of 71.
Kalikho Pul : Congress rebel Kalikho Pul, who briefly
served as Arunachal Pradesh chief
minister, allegedly committed suicide in
Itanagar at the age of 46 years.
Jyothi Lakshmi :
Lakshmi made her debut on the big
screen with the Tamil film Periya Idathu
Penn in 1963. She was 63 years old.
In the Telugu industry, Lakshmi was part
of films like Pilla Piuga, Bangaru Babu,
Gandharva Kanya etc.
Barendra Krushna Dhal :
Veteran journalist and author Barendra
krushna Dhal died at his residence, his
family members said. He was 77.
Dhal started the Bhubaneswar Bookfair
in 1984 and received Sahitya Akademi
award in 1993.
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newspapers. He served as editor-inchief of both Emerge magazine and
the National Newspaper Publishers
Association, a news service for black
newspapers.
S R Nathan : Indian-origin
former
Singapore
President S R Nathan died at the age of
92-year .
He was the sixth and longest-serving
President of Singapore and served two
terms from 1999 to 2011.
A R Kidwai : Former state Governor A R Kidwai, 96,
who breathed his last at a private hospital
in New Delhi.
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IMPORTANT DAYS
the
in
Research
Worlds
Olympic
ABBREVIATIONS
NCML - National
Collateral
Services Ltd.
Management
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SPECIAL FEATURES
China launches world's 1st quantum communications
satellite
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Cipla, the magazine said that more than two decades ago,
a Mumbai-based 80-year-old pharmaceutical company
developed a revolutionary anti-AIDS cocktail and stunned
the world by offering it for as low as a dollar a day. The
move may have pushed the envelope in patent law, but
it proved to be a turning point in the battle against the
killer disease. Today, one in three people living with HIV
across 115 countries are taking a Cipla drug. Regarding
Godrej Consumer Products, Fortune said a 119-year-old
conglomerate whose businesses span from appliances
to aerospace, Godrej gets nearly a quarter of its revenue
from its "Good and Green" products. Since 2010, the
company has flooded the market with eco-friendly
products, taken giant strides in a carbon neutral, zero
waste, and a renewable energy effort, and imparted skills
training to more than 200,000 youth from marginalised
communities in 142 cities. For Godrej, it's been a growth
story: Revenue from its Good and Green portfolio has
grown 140 percent annually for the past 5 years.
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Once approved by the Parliament, the Maternity Benefit
(Amendment) Bill, 2016 will mandate opening crches
in all companies having 50 employees or 30 women
employees whichever is lower. The cabinet said that the
bill also seeks to facilitate work from home.
The cabinet also gave ex-post facto approval for
amendment of the Factories Act, 1948 by introducing
the Factories (Amendment) Bill, 2016 in Parliament. The
amendments relates to increase in overtime hours from
the existing 50 hours per quarter to 100 hours (Section 64)
and existing 75 hours per quarter to 125 hours (Section
65) in some urgent situations.
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Actor Kamal Haasan chosen for Frances Chevalier
Award
Hailed as a multi-faceted professional, the actorfilmmaker is known for his penchant for experimenting
with different scripts and characters.
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Person Name
Category
1.
P.V. Sindhu
Badminton
2.
Dipa Karmakar
Gymnastics
3.
Jitu Rai
Shooting
4.
Sakshi Malik
Wrestling
Person Name
Category
1.
Nagapuri Ramesh
Athletics
2.
Boxing
3.
Cricket
4.
Bishweshwar Nandi
Gymnastics
5.
S. Pradeep Kumar
Swimming (Lifetime)
6.
Mahabir Singh
Wrestling (Lifetime)
Person Name
Category
1.
Satti Geetha
Athletics
2.
Hockey
3.
Rowing
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Person Name
Category
1.
Rajat Chauhan
Archery
2.
Lalita Babar
Athletics
3.
Sourav Kothari
4.
Shiva Thapa
Boxing
5.
Ajinkya Rahane
Cricket
6.
Subrata Paul
Football
7.
Rani
Hockey
8.
Raghunath V.R.
Hockey
9.
Gurpreet Singh
Shooting
10.
Apurvi Chandela
Shooting
11.
Soumyajit Ghosh
Table Tennis
12.
Vinesh
Wrestling
13.
Amit Kumar
Wrestling
14.
Para-Athletics
15.
Virender Singh
Wrestling (Deaf)
Award by:
Venue:
Rashtrpati Bhavan
Date:
29 Aug 2016
Cash prize:
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SWIFT
A Transformative Approach towards Ease of Doing Business
## As part of the Government's initiatives for improving the Ease of Doing Business, several facilitation measures
are being taken by the Central Board of Excise & Customs (CBEC) in last two years.
## SWIFT will help India to improve its ranking in World Banks Doing Business Report 2016.
## India now ranks 130 out of 189 countries in the Ease of Doing Business, moving-up four places from last years
(2015) adjusted ranking of 134.
## The Customs SWIFT enables importers/exporters to file a common electronic Integrated Declaration on the
Indian Customs Electronic Commerce/Electronic Data Interchange (EC/EDI) Gateway i.e. ICEGATE portal.
## It replaces nine separate forms required by these 6 different agencies and Customs.
## Need:
## In order to reduce the transaction costs and decrease cargo release time, a number of steps have been initiated by
the Central Board of Excise and Customs (CBEC) in last two years.
## A significant leap in this direction is the launch of the Customs Single Window clearances.
## How will SWIFT help:
## It will provide a single point interface for clearance of import goods.
## Replaces 9 separate documents with one Integrated Customs Electronic Declaration
## Facilitates trade by reducing Dwell Time & improving Ease of Doing Business
## Reduces Documentation & Cost of Clearance
## Brings 6 participating Government agencies on a single platform
## Eliminates need for tax-payers to interact separately with these agencies.
## SWIFT will indeed go a long way in order to take the new trade facilitation initiatives of the present Government
to new heights in times to come.
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NATIONAL INCOME
## The money value of all goods and services produced in a country during a financial year is constituted as National
Income.
## National Income is denoted by NI or NNP (FC)
## GDP: The value of all final goods and services produced within a geographical area during a financial year.
## GNP= GDP+(NFIA)
## NFIA= NET FACTOR INCOME FROM ABROAD.
## NNP (MP) = GNPDepreciation
## Depreciation means decrease in the value of an asset due to wear and tear.
## NNP (MP)net indirect taxes = NNP(FC)
## Indirect taxes +subsidies= Net Indirect Taxes
## The formula of calculating PCI (Per Capita Income):
## NATIONAL INCOME / TOTAL POPULATION
## METHODS TO CALCULATE NATIONAL INCOME
1. PRODUCTION METHOD
GDP = money value of total goods and services + income from abroad
2. INCOME METHOD
3. EXPENDITURE METHOD
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