1st Nov to 30th Nov

AWARDS & HONOURS

The President of India presented the Dr. APJ Abdul Kalam IGNITE Awards to the 31 winning children of IGNITE
competition organized by the National Innovation Foundation. The IGNITE competition is a national competition of
original technological ideas and innovations by children up to class 12 or those out of school up to the age of 17
years. It was started in 2008.

The Steel Authority of India Limited (SAIL) won the prestigious 2016 Golden Peacock Award on account of its
exemplary performance in the field of corporate governance.

Renowned theatre personality and Padma Shri, Prof Raj Bisaria was selected for the prestigious 'Kalidas
Samman' national award for 2015-16 for achievement in theatre. The annual award constituted in 1980 awards
personalities in the four fields of classical dance, classical music, theatre and plastic arts. Previously, the likes of
Pandit Ravi Shankar, Pandit Jasraj, MF Husain, Shambhu Mitra, Habib Tanvir, Ebrahim Alkazi among others have
been its recipients.

Veteran Bollywood actress and Rajya Sabha MP Rekha will be honoured by the Dubai International Film Festival
(DIFF) with a Lifetime Achievement Award.

BUSINESS & CORPORATE

Industry body Confederation of Indian Industry (CII) launched its own platform, 'Startup Mentorship Circle', to
provide a common platform for captains of India Inc and startup entrepreneurs to share their experiences and
resources. CII aims at connecting startups to the global marketplace and their think-tanks to enable firms to scale
up and succeed in an exponential way. The industry body will focus on startups which are past the idea stage and
have been in operation for 2-5 years; those that need support for the next stage in order to scale up.

According to the latest Grant Thornton International Business Report, India was ranked second on the business
optimism index during the third quarter (July-September 2016). Indonesia took the top spot, with
the Philippines coming in third. India was ranked third during the April-June period after being on top for two
consecutive quarters. The improvement in the optimism ranking in the recent past clearly reflects that the reform
agenda of the government and its efforts on improving the climate for doing business are having an impact.

The 36th edition of India International Trade Fair (IITF) started at Pragati Maidan, New Delhi. from 14th to
18th November 2016. The theme of 2016 IITF was Digital India. 150 companies from 27 countries took part in the
fair. Key Facts This years partner country was South Korea and focus country was Belarus. Besides, Madhya
Pradesh and Jharkhand were partner states and Haryana was the focus state.

Indias largest hydropower generation company National Hydroelectric Power Corporation (NHPC)
commissioned its 50 MW wind power project (WPP) in Jaisalmer, Rajasthan.

Tata Sons Ltd announced the appointment of Ishaat Hussain as the Chairman of IT giant, Tata Consultancy
Services (TCS) with immediate effect.

Arnab Goswami resigned as the Editor-in-Chief of Times Now, the Bennett Coleman & Co. Ltd-run news channel.

Andhra Pradesh and Telangana jointly topped the Ease of Doing Business Reforms Ranking 2015-16 conducted by
the Department of Industrial Policy and Promotion (DIPP) and the World Bank.
 BILLS / ACTS / COMMITTEES / SCHEMES / POLICIES

Reserve Bank of India (RBI) formed a task force under deputy governor SS Mundra to re-calibrate all
ATMs and cash dispensing machines with the new Rs 500 and Rs 2000. In a media release the central
bank said that the task force will expedite reactivation of all ATMs in a planned manner and also see to it
that the new notes are dispensed. Dispensation of notes to ATMs has been an issue after the old Rs 500
and Rs 1,000 notes were pulled out from circulation on the midnight of November 8, 2016.

The amended bilateral tax treaty between India and Japan, which provides for strengthened exchange of
information to help reduce tax evasion, has come into force. The agreement to amend the 27-year old
Double Taxation Avoidance Agreement (DTAA) was signed when Japanese Prime Minister Shinzo Abe
visited India in December 2015.

The Union Ministry of Skill Development and Entrepreneurship launched Pradhan Mantri Yuva Yojana
(PMYY) to scale up an ecosystem of entrepreneurship for youngsters. The scheme spans over five years
(2016-17 to 2020-21) with a project cost of 499.94 crore rupees.

The Union Ministry of Human Resource Development (HRD) launched Smart India Hackathon 2017. It is
the worlds largest digital national building initiative. Through this initiative, HRD Ministry intends to reach
out to all technology institutions in the country and challenge students to offer innovative solutions to
some of the daunting problems faced by the nation.

The Defence Research & Development Organisation (DRDO) signed a MoU with Indian Institute of
Technology (IIT) Delhi to establish a Joint Advanced Technology Centre (JATC). The objective of JATC is to
undertake and facilitate multi-disciplinary directed basic and applied research in the jointly identified
research verticals.

The Union Government launched Pradhan Mantri Surakshit Matritva Abhiyan (PMSMA) to provide free
health check-ups to pregnant women at government health centres and hospitals.

India signed a Memorandum of Understanding (MoU) with Palestine for setting up of Palestine-India
Techno Park at Ramallah in Palestine.

Prime Minister Narendra Modi launched the Saur Sujala Yojana that would provide solar powered irrigation
pumps to farmers at a subsidized price. It was launched in Chhattisgarh as part of the states 16th
foundation day celebrations.

The Benami Transactions (Prohibition) Amendment Act, 2016, designed to curb black money and passed
by parliament in August 2016, came into effect. As per the act- persons indulging in benami transactions
may face up to 7 years imprisonment and fine; furnishing false information is punishable by
imprisonment up to 5 years and fine; properties held benami are liable for confiscation by government
without compensation.

Kerala became third Open Defecation Free state in the country after Sikkim and Himachal Pradesh under
the Swachh Bharat Mission (SBM).
 ECONOMY & FINANCE

City Union Bank (CUB) became the first bank in India to introduce a robot to deal with customer queries.
Called Lakshmi, the robot is based on the IBM Watson artificial intelligence (AI) engine. Lakshmi is based
in a CUB branch in Chennai and is currently the only version of a humanoid banker CUB has got.
However, there are plans to introduce 25-30 robots across the banks key branches by the end of this year
if Lakshmi proves a success with customers. Lakshmi speaks English, can gesture and engage in
conversations. It can interact with customers on more than 125 subjects, including interest rates on loans
and checking the account balance.

The Reserve Bank of India (RBI) issued clarifications on hedging of currency for external commercial
borrowings (ECBs). The ECB borrower will be required to cover both principal as well as coupon payments
through the hedges done, starting from the day of borrowing. The hedging period will be for the entire life
of the liability with a minimum one-year rollover option, ensuring that the total exposure is not unhedged
at any point of time. The borrower has to hedge in such a manner that the projected cash flows match the
expectation of the borrowers irrespective of the fluctuations in the foreign currency. The designated banks
will have the responsibility of verifying that 100% hedging requirement is complied with.

Stone grey coloured Rs. 500 currency notes and magenta coloured Rs. 2,000 currency notes were put into
circulation by the Reserve Bank of India following Prime Minister Narendra Modis announcement
that Rs. 500 and Rs. 1,000 currency notes in use will no longer be legal tender with immediate effect. The
predominant new theme of the Rs. 500 note is the heritage site of Red Fort. The new Rs. 2,000
denomination has motif of Mangalyan (ISROs Mars mission) on the reverse, depicting the countrys first
venture in interplanetary space. Both the new notes have the logo as well as slogan of Modis pet
programnme Swachh Bharaton the reverse.

The RBI mandated overseeing committee approved the Scheme for Sustainable Structuring of Stressed
Assets (S4A) for Hindustan Construction Company Ltd. HCC thus became the first company to secure
approval from the committee under the RBIs S4A scheme. Its total funded debt of about Rs. 5,107 crore
has been considered under the scheme, which will be divided into two parts - sustainable debt of Rs.
2,681 crore, and unsustainable debt of Rs. 2,426 crore. S4A is the RBIs latest attempt to chip away at
the mountain of stressed loans smothering Indian banks. The scheme tries to strike a compromise
between banks with problematic accounts and corporate defaulters of the non-wilful kind, by converting a
portion of large loan accounts into equity. For a distressed company to be eligible for S4A, the RBI has
laid down three conditions. The project must be operating and already generating cash. The total loans to
the entity should be Rs. 500 crore or more. The lending banks are required to hire an independent agency
to evaluate how much of the debt is sustainable. And at least 50 per cent of the debt should be
sustainable.

The US announced two financial projects worth USD 95 million in India to bring more energy-efficient
appliances to rural sector, as part of its efforts to continue the global transition to zero-and-low carbon
energy sources. The US committed USD 70 million in Overseas Private Investment Corporation (OPIC)
financing for renewable energy projects in India; and announced to launch a USD 20 million partnership
this week with the philanthropic sector to bring more efficient appliances to rural Indian villages.

World Bank in its recently released report said that India needs to enhance productivity of its firms and
bring about policy action to become one of the key exporting countries from the South Asian region. South
 Asia could become the fastest growing exporting region of the world if India and its South Asian
neighbours enhance productivity of their firms by at least two percentage points each year, it said. One of
the suggestions was that India should enhance its business environment by introducing industry specific
reforms and cut subsidies. Policies to facilitate imports for apparel exporters, reduction of import tariffs to
increase exposure to global good practices in automotive, agribusiness, electronics will help India connect
to global value chains better, it said.

The first titanium project of India started its test production Ganjam district of Odisha. The project has
been established by Saraf Group. This is first of its kind titanium plant and the only one in the country.

The Union Government imposed anti-dumping duty on imports of steel wire rods from China to protect
domestic manufacturers from cheap in-bound shipments.

The Union Government announced that Rs. 500, Rs. 1,000 notes will cease to be legal tender. The
demonetisation drive of these two currency units was taken to root out the menace of black money,
corruption and fake currency from the country. The currency notes of 100, 50, 20, 10, 5, 2 and 1 rupee
will remain unaffected by this decision and remain legal tender.

India and Venezuela signed an oil production deal worth about 1.45 billion US dollar to increase oil
production.

The Union Government announced the implementation of National Food Security Act (NFSA), 2013 which
envisages supply of subsidized. With this, NFSA was implemented in all States and Union Territories. As a
result, 81.34 crore persons will get subsidised wheat at Rs. 2 per kg and rice at Rs. 3 per kg. At the
current coverage, the monthly allocation of foodgrains to States and UTs under the Act is about 45.5 lakh
tonnes. The subsidy implication is about Rs. 11,726 crore per month and it is overall about Rs. 1,40,700
crore per year.

The GST Council finalised 4 tier Goods and Services Tax (GST) rate structure with a multiple-slab rates,
including the cess for the new indirect tax regime. Thus, GST will be levied at multiple rates ranging from
0% to 28%. The four bands of tax rates have been fixed at 5%, 12%, 18% and 28%. Besides, another
category of tax between 40% and 65% will be imposed on luxury goods like pan masala, tobacco
products, aerated drinks and high-end cars.

India and Israel inked two agreements in the field of water resources management and agriculture
following the delegation level talks between Prime Minister Narendra Modi and visiting Israeli President
Reuven Rivlin in New Delhi.

India and Japan signed 10 pacts covering a range of areas such as boosting Japanese investment in
infrastructure, railways, and for cooperation in space and agriculture, as part of agreements to bolster
bilateral ties.

India and the United Kingdom signed two memorandum of understanding (MoUs) to boost relations
between the two nations. Signed MoUs are MoU on Ease of Doing Business and . MoU for cooperation in
the field of intellectual property.
 PEOPLE IN NEWS
The sudden and path-breaking decision of the withdrawal of 500 and 1000 Rupee currency notes by the Indian
Prime Minister Narendra Modi created a situation of havoc among citizens, but is being considered as Modis fight
against Black money. Anil Bokil, a Pune-based Chartered accountant, is the person who ideated the formulae.
Bokil is the founder of Arthkranti Pratishtan, a non-governmental organization. His group has been openly
promoting the theory of ArthaKranti- revolution in economics. Bokil and his team met Narendra Modi on July
2016.He listed a five-point action plan to curb the widespread use of black money, main one including ban on high
denomination currency notes.

Indian lawyer Aniruddha Rajput was elected as a Member of International Law Commission (ILC), a top body of
legal experts of United Nations General Assembly (UNGA).He is Indias first time candidate to the Commission and
youngest among the group.

Ministry of Railways appointed Dr. Bindeshwar Pathak, the founder of Sulabh International, as a Brand
Ambassador for Swachh Rail Mission.

The 128th birth anniversary of Nobel laureate Bharat Ratna Sir CV Raman was observed on November 7, 2016.
He had discovered Raman Effect, a scientific phenomenon of scattering of light which makes the sea and clear sky
look blue.

The United States of America chose Republican candidate Donald J Trump as its new President elect. Trump
defeated Democrat opponent Hillary Clinton with a massive sweep in votes.

Guy Ryder was re-elected as the Director-General (DG) of the International Labour Organisation (ILO) for another
five-year term w.e.f 1 October 2017.

Jacob Zuma, President of South Africa, survived yet another no confidence vote in the parliament. The countrys
ruling party, African National Congress (ANC) voted against oppositions motion demanding for Zumas removal.
This is the third no- confidence vote that Zuma has survived in less than a year and fifth since 2012.

Noted geophysicist Janardhan G Negi passed away at the age of 81. He made significant contribution in the field
of earthquakes, mass extinctions (especially dinosaurs) and the movement of the Indian sub-continent plates.

Janet Reno, the first woman to serve as U.S. Attorney General, passed away at the age of 78. She was the
second-longest serving Attorney General in U.S. history, after William Wirt.

Kristalina Georgieva, a Bulgarian national, was appointed as the Chief Executive Officer (CEO) of the
International Bank for Reconstruction and Development (IBRD) and the International Development Association
(IDA) of the World Bank Group with effect from January 2017.

Reserve Bank of India appointed M Rajeshwar Rao as the Executive Director. Mr. Rao will look after Department
of Statistics and Information Management, Financial Markets Operation Department and International Department.

Meng Hongwei, a senior Chinese Security Minister, was elected as the president of the International Crime
Fighting and Police Cooperation Organization (Interpol). The organization was founded in 1914 and is
headquartered in Lyon, France.
Legendary Sri Lankan singer and composer Pandit Amaradeva passed away at the age of 88. He was the
recipient of many international honours including Padma Shri for his contribution to music.

The Union Government appointed Praveen Kumar Sharma as the Central Registrar (CR), Managing Director
(MD) and Chief Executive Officer (CEO) of Central Registry of Securitisation Asset Reconstruction and Security
Interest of India (CERSAI). CERSAI is a central online security interest registry of India with Its headquarters is in
New Delhi.

Pramila Jayapal became the first Indian-American woman to be elected to the U.S. House of Representative. She
won the Senate seat from state of Washington.

Bank of Baroda (BoB) appointed Ratnesh Kumar as Managing Director (MD) and Chief Executive Officer (CEO) of
its wholly-owned investment banking subsidiary, BoB Capital Markets Ltd.

Sanjiv Arora (IFS: 1984) was appointed as the next Ambassador of India to the Republic of Lebanon. Lebanon,
officially known as the Lebanese Republic, is a sovereign state in Western Asia.

Senior Indian Revenue Service (IRS) officer Sushil Chandra took over as chairman of the Central Board of Direct
Taxes (CBDT). Chandra, a 1980-batch IRS officer, replaced Rani Singh Nair. An IIT graduate, Chandra will be in
office till May next year. CBDT has six members, apart from the chairman, and is responsible for framing policy
related to direct taxes and the Income Tax Department.
 SPORTS
Indian golfer Aditi Ashok became the first Indian woman to win a Ladies European Tour title by clinching the Hero
Women's Indian Open.

Henri Kontinen and John Peers won the ATP World Tour Masters 1000 team title at the BNP Paribas Masters in
Paris.

Indian Women's hockey team lifted the Asian Champions Trophy 2016 in Singapore. after defeating China.

United Nations announced that tennis star Maria Sharapova will once again be its goodwill ambassador after her
doping ban expires in April 2017.

Narinder Batra, chief of Hockey India was elected as the new president of International Hockey Federation (FIH),
thus becoming the 12th president of FIH and the first non-European to take over the post in the International
bodys 92-year-old history.

International Master Padmini Rout won the 2016 National Women Premier Chess Championship.

Indian shuttler Pratul Joshi won the Bahrain International Challenge badminton tournament in the mens singles
category. It was his maiden international title.

Tejaswin Shankar, a 17-year-old boy from Delhi, broke the 12-year-old national senior record of high jump with
an effort of 2.26 meter, thus winning gold in the under-18 category at the 32nd National Junior Athletics
Championships in Coimbatore.
 MISCELLANEOUS
World

Nawaz Sharif, Prime Minister of Pakistan, inaugurated the operational activities of the strategic Gwadar
Port, located in the south-western Balochistan Province. The deep-water port is the key to the 46 billion
US dollar China Pakistan Economic Corridor(CPEC) that also includes roads and energy projects.

India

The Supreme Court scrapped Punjab Termination of Water Agreements Act, 2004 which unilaterally allows
Punjab to stop sharing Ravi, Beas waters with other States.

The first International Agrobiodiversity Congress (IAC) held in New Delhi adopted New Delhi Declaration
on Agrobiodiversity Management. In the declaration, 900 participants from 60 countries have urged
researchers and policy-makers to strengthen and promote complementary conservation strategies to
conserve and use agrobiodiversity.

The Union Ministry of Home Affairs (MHA) extended the Armed Forces Special Powers Act (AFSPA) in three
districts of Arunachal Pradesh- Tirap, Changlang and Longding.

The seventh edition of India-Bangladesh joint military exercise SAMPRITI-2016 commenced to practise
counter-terrorism and disaster-management operations.

Andhra Pradesh was ranked number one in the World Banks Energy Efficiency Implementation
Readiness.

Maharashtra became the first state in the country to have a cyber-police station in each district to take on
cyber criminals.
 AWARDS & HONOURS
Iranian film Daughter won the Golden Peacock Award at the 47th International Film Festival of India (IFFI).
The film has been directed by Reza Mirkarimi. Other Awards are as under:

Special jury award: The Throne (South Korea) directed by Lee Joon-Ik.

Best Actor Female award: Elina Vaska (Latvia) for Mellow Mud.

Best Actor Male award: Farhad Aslani (Iran) for Daughter.

Best Director award: Jointly-shared by Soner Caner and Baris Kaya for Turkish film Rauf.

Captain Radhika Menon was awarded with the International Maritime Organisation (IMO) Award for
Exceptional Bravery at Sea, thus becoming the first woman in the world to receive the Award.

Indian journalist Malini Subramaniam was conferred with the International Press Freedom Award for her
reporting from the Naxal-infested Bastar area, one of the four journalists felicitated by the annual award for their
commitment to a free press. She was honoured by the Committee to Protect Journalists along with El Salvadors
Oscar Martinez and Turkeys Can Dundar. Jailed Egyptian photographer Abou Zeid, known as Shawkan, was given
an award in absentia.

Legendary flutist Pandit Hariprasad Chaurasia was awarded the 2016 Sumitra Charat Ram Award for Lifetime
Achievement in the field of Indian classical music. The Padma Bhushan and Padma Vibhushan awardee has also
worked as a music director for Indian films, besides collaborating with several international musicians. The award
recognises the contribution of individuals in the field of Indian Classical Dance and Music or other disciplines of
Indian Art and Culture.

Princess Maha Chakri Sirindhorn of Thailand was conferred the first 'World Sanskrit Award' for her contribution
towards promotion of the language. The award, instituted by the Indian Council for Cultural Relations (ICCR), is
presented to eminent Sanskrit scholars to recognise their outstanding contribution to the study/teaching /research
in Sanskrit language and literature.

BUSINESS & CORPORATE

Airtel Payments Bank Ltd became the first payments bank to start operations, offering services in Rajasthan in
a limited scale. The pilot project aims at testing systems and processes ahead of a full scale, pan-Indian launch.
Customers will be offered an interest rate of 7.25% on deposits in savings account, higher than the 4-6%
commercial banks are offering. Airtel Payments Bank is a subsidiary of Bharti Airtel Limited. Mahindra Bank holds
19.9% stake in it.

In an exclusive association, e-commerce giant Amazon announced to sell popular Indian dairy brand Amuls
products online in the United States.

The McLaren Technology Group announced the appointment of Zak Brown as its Executive Director. It is the
third largest conglomerate in the UK by revenue.

The Board of Tata Steel voted to remove Cyrus Mistry as the Chairman of the company. O.P. Bhatt, former
Chairman of State Bank of India, was appointed as the Interim Chairman of the company.
 BILLS / ACTS / COMMITTEES / SCHEMES / POLICIES

The Union Cabinet chaired by the Prime Minister Shri Narendra Modi gave its ex-post facto approval to the
negotiating position adopted by the Government of India at the recent Meeting of Parties (MoP) to the
Montreal Protocol of the Vienna Convention for Protection of Ozone Layer that took place during 6-14
October, 2016, in Kigali, Rwanda. The negotiations at Kigali were aimed at including Hydrofluoro Carbons
(HFCs) in the list of chemicals under the Montreal Protocol with a view to regulate their production and
consumption and phase them down over a period of time with financial assistance from the Multilateral
Fund created under the Montreal Protocol. HFCs are not ozone depleting but global warming substance
and if controlled, can contribute substantially to limiting the global temperature and advance actions for
addressing climate change.

The Union Cabinet gave its approval for liberalization, simplification and rationalization of the existing visa
regime in India, and incremental changes in the visa policy decided by the Ministry of Home Affairs in
consultation with various stakeholders and with approval of the Home Minister. The approval will facilitate
entry of foreigners for tourism, business and medical purposes. This is expected to stimulate economic
growth, increase earnings from export of services like tourism, medical value travel and travel on account
of business and to make Skill India, Digital India, Make in India and other such flagship initiatives of
the Government successful.

The Union Cabinet approved Central Assistance of Rs. 2000 crore for 36,384 displaced families from
Pakistan occupied areas of Jammu & Kashmir (POJK) and Chhamb following an announcement of Prime
Minister's Development Package for Jammu & Kashmir-2015 in November, 2015. As per the package, Rs.
5.5 lakh cash benefit per family will be disbursed to the displaced families to enable them to earn an
income and subsist their livelihood. The amount will be released to the State Government of J&K to be
disbursed to eligible families through Direct Benefit Transfer (DBT).

The Union Cabinet approved the signing of Memorandum of Understanding (MoU) among New Energy and
Industrial Technology Development Organization (NEDO), Japan and Ministries of Finance (Department of
Economic Affairs), Health & Family Welfare and All India Institute of Medical Sciences (AIIMS) concerning
the Demonstration Project for ICT based Green Hospital at AIIMS in Delhi.

The Union Cabinet approved the ratification and entry into force of the third Protocol to the Convention
between India and New Zealand for the avoidance of double taxation and the prevention of fiscal evasion
with respect to taxes on income (Convention). The Protocol was signed on 26th October, 2016. The
Protocol will stimulate the flow of exchange of information between India and New Zealand for tax
purposes which will help curb tax evasion and tax avoidance. It will also enable assistance in collection of
tax revenue claims between both countries.
 ECONOMY & FINANCE

The union government introduced taxation laws (Second amendment) bill in the parliament. The bill aims
to impose higher taxes in form of penalty over undisclosed incomes. Key Poimts:-

 The new bill aims to induce people to pay taxes on their undisclosed incomes. Furthermore, the
bill also states that the received money will be used for the welfare of people specially the rural
population.

 The bill envisions a higher rate of tax for defaulters and the black money holders. As per the
provisions, the declarant would deposit the 25% of the total declared amount in Pradhan Mantri
Garibi Kalyan Yojana (PMGKY) 2016 with a 4 year lock in period. The money from PMGK will be
used for projects in irrigation, primary education, infrastructure, primary health, housing, toilets
and livelihood in an attempt to create justice and equality.

 There is an additional penalty provision of 10%. This will be imposed on undisclosed income.
Moreover, a cess or surcharge of 33% will also be levied over the already existing tax of 30%.

 If a person still does not disclose the unaccounted income, then a flat rate of 60% tax along with
a surcharge of 25% (25% of 60 = 15%) will be imposed. Thus, the aggregated tax of persistent
defaulters is 75%.

Putting in place the operational framework for insolvency and bankruptcy law, IBBI (Insolvency and
Bankruptcy Board of India) set up two advisory panels with inputs on various aspects, including on service
providers and corporate liquidation. The nine-member advisory committee on service providers is headed
by educationist Mohandas Pai while the panel on corporate insolvency and liquidation is chaired by noted
banker Uday Kotak. IBBI, set up under the Insolvency and Bankruptcy Code, seeks to consolidate and
amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership
firms and individuals in a time-bound manner.

The Government slapped safeguard duty on import of certain steel products to protect domestic
manufacturers from cheap in-bound shipments. The safeguard duty was imposed on import of hot rolled
flat sheets and plates (excluding hot rolled flat products in coil form) of alloy or non-alloy steel. The
effective duty rate would be calculated after deducting the value of the goods and the anti-dumping duty
payable when the import price is below USD 504 per tonne, The duty arrived at would be 10 per cent in
the first year and will gradually reduce to 6 per cent by 2019.

The Securities and Exchange Board of India (SEBI) liberalised norms for angel funds to invest in early-
stage entities as part of its attempts to facilitate fund-raising for start-ups. The capital markets regulator
also enhanced the scope of investment of foreign investors in unlisted debt securities. Regulations
amended:-

 The regulator increased the upper limit for number of angel investors in a scheme from forty nine
to two hundred. Angel Funds will also be allowed to invest in start-ups incorporated within five
years instead of the earlier norm of three years.
  The requirements of minimum investment amount by an angel fund in any venture capital
undertaking has been reduced from Rs.50 lakh to Rs.25 lakh. Further, the lock-in requirements of
investment made by angel funds in the venture capital undertaking has been reduced from three
years to one year.

 The regulatory watchdog permitted foreign portfolio investors (FPIs) FIIs in common parlance
to invest in unlisted non-convertible debentures and securitised debt instruments of a public or
private company based on the guidelines issued by the Ministry of Corporate Affairs (MCA).
Earlier, FIIs were allowed to invest in such securities only if it was issued by a company from the
infrastructure sector.

 The regulator clamped down on agreements between company management personnel and
shareholders that assure a certain compensation or share in profits to the employee. It stated
that all such agreements entered into during the last three years will have to be disclosed to the
stock exchanges and companies will have to seek an approval from the public shareholders of the
company.

In a major breakthrough China agreed to import rice, non-basmati and basmati varieties, from 17
registered mills in India, following efforts to ensure market access for Indian products in that country.
These mills are in Punjab, Haryana, Uttar Pradesh and Madhya Pradesh. India had repeatedly sought
market access for items including non-basmati rice, pharmaceuticals and many fruits and vegetables
among others, citing the countrys widening goods trade deficit with China. Indias goods trade deficit with
China ballooned from $1.1 billion in 2003-04 to $52.7 billion in 2015-16.

A report on global wealth by Credit Suisse said that the uneven growth has left 96 per cent of the adult
population in India at the base of the wealth pyramid. Further, wealth in India is dominated by property
and other real estate that make up 86 per cent of its estimated household assets. The study said that
wealth in India in local currency terms increased 5.1 per cent in 2016 but due to adverse currency
exchange movements, Indias household wealth fell by 0.8 per cent to $3 trillion in dollar terms. The
annual growth of wealth per adult in rupees has averaged 6 per cent between 2000 and 2016. Globally,
the overall growth in wealth remained limited in 2016, continuing the trend that emerged in 2013 and
contrasting sharply with the double-digit growth rates witnessed before the global financial crisis of 2008.
The total global wealth in 2016 edged up by 1.4 per cent or $3.5 trillion to a total of $256 trillion, a rise in
line with the increase in the worlds adult population.

Saddled with mounting bad loans, as many as 16 public sector banks, including Punjab National Bank,
Bank of Baroda and Canara Bank, skipped paying dividend in 2015-16, leading to three-fold decline in
government receipts to Rs1,444.6 crore. Only six state-owned banks including State Bank of India (SBI)
declared dividend, though at a lower rate, for the fiscal ended March 2016. Under the existing guidelines,
profit making banks have to pay a minimum dividend of 20% of their equity or 20% of their post tax
profit, whichever is higher. The government, which is the majority shareholder in all the public sector
banks, witnessed 67% decline in dividend receipt from public sector banks at Rs1,444.6 crore as against
Rs4,336.22 crore in the previous fiscal.

India announced its non-inclination to automatically grant the coveted Market Economy Status (MES) to
China this December under World Trade Organisation (WTO) norms. Citing the provisions in the Protocol
on the accession of China to the WTO in 2001, Beijing said that WTO member countries must fulfil their
 promise to deem China a market economy from December 2016. However, granting MES to China will
severely curb the ability of nations including India to impose anti-dumping duties on unfairly priced
Chinese imports. Of the 535 cases where anti-dumping duties were imposed by India during 1994 to
2014, a maximum of 134 has been on goods from China. To refuse China the MES,

The Asian Development Bank (ADB) and the Government of India signed a 500 million US dollar loan to
build a 9.8 km long road bridge across the Ganges River. This will be Indias longest river bridge.
 PEOPLE IN NEWS
Noted Marathi author and Sahitya Akademi awardee Anand Yadav passed away at the age of 80. Yadav's
autobiography 'Zombi' won him the Sahitya Akadmi award in 1991. He also faced a major controversy over his

book 'Santsurya Tukaram', written on Sant Tukaram, a 17th century saint poet from Maharashtra. He was the
author of around 40 books, including essays, poems, criticism among others.

Antnio Costa, the Indian origin Prime Minister of Portugal, will be the chief guest at the 14th Pravasi Bharatiya
Divas (PBD) Convention scheduled to be held from January 7 to 9, 2017 in Bengaluru, Karnataka. The PBD is

celebrated every year on January 9 to mark the contribution of overseas Indian community in the development of
India.

Senior journalist Dileep Padgaonkar passed away at the age of 72 years. He was a former editor of the The

Times of India. Mr. Padgaonkar was part of the three-member interlocutors team chosen by the Union
Government in 2010 to design a road map for peace in strife-torn Jammu and Kashmir. He was honoured with the

Legion dHonneur, Frances highest civilian distinction in A2002 for his services to journalism.

Cuba's former president Fidel Castro, one of the world's longest-serving and most iconic leaders, died at the age
of 90. Castro toppled the government in 1959, introducing a Communist revolution. He defied the US for decades,
surviving many assassination plots. His supporters said he had given Cuba back to the people. Critics saw him as a

dictator.

Russian aircraft designer and co-creator of the MiG-29 fighter jet Ivan Mikoyan passed away at the age of 89.

Mikoyan was twice awared the USSR State Prize state honour.

The government appointed Jagdish Singh Khehar, a judge of the Supreme Court, as the new Executive
Chairman of the National Legal Services Authority (NALSA). NALSA provides free legal aid to the poor and weaker
sections of the society.

Noted Scientist Mambillikalathil Govind Kumar Menon, famously known as MGK, passed away at the age of
88. He was an acclaimed high energy particle physicist and has been called India's most eminent 'statesman of
science'. He took roles ranging from Scientist, Science & Technology policy-maker, scholar to a parliamentarian
and Cabinet Minister. He was a recipient of Padmabhushan (1968) and Padma Vibhushan (1985). The asteroid
7564 Gokumenon was named in his honour in late 2008. In May 1970, he was elected a Fellow of the Royal
Society.

Singer-composer Mangalamapalli Balamuralikrishna, who caught the nations attention in Doordarshans iconic
music video Mile Sur Mera Tumhara in the eighties, passed away at the age of 86. A child prodigy who rose to
become a musician of immense versatility in all fields and held sway over rasikas with his mesmerising voice and
unique way of rendering compositions, Balamuralikrishna was awarded France governments Chevalier of the
Ordre des Arts et des Lettres (Order of Arts and Letters). He was also a recipient of Padma Vibhusan (1991).
Zydus Cadila CMD Pankaj Patel was elected president of industry body Ficci (Federation of Indian Chambers of
Commerce and Industry) for 2017 and will take over once the incumbent Ambuja Neotia

Group Chairman Harshavardhan Neotia completes his term next month. FICCI, established in 1927, is the largest
and oldest apex business organization in India. It is a non-governmental and non-profit organization.

Lt. Gen. Qamar Javed Bajwa was appointed Pakistans new army chief (or Chief of Army Staff , COAS). He will

succeed Gen. Raheel Sharif.

Upma Chowdhary was appointed as the new Director of Lal Bahadur Shastri National Academy of Administration
(LBSNAA) at Mussoorie. She will be the 23rd director and first woman director of LBSNAA. LBSNAA is Indias

premier institution dedicated to training Officers of the countrys higher civil services.

The Government appointed Yudhvir Singh Malik, a 1983 batch IAS officer of Haryana cadre, as the Chairman of
National Highways Authority of India (NHAI)- the nodal agency of the Union Ministry of Road Transport and

Highways.
 SPORTS
Kenyas Olympic marathon champion Eliud Kipchoge won the mens race in the 9th edition of the Delhi Half
Marathon. Ethiopias Worknesh Degefa won the womens title

Gaganjeet Bhullar of India won the $300,000 BANK BRI-JCB Indonesia Open for the second time in his career.
Bhullar, who also won the event in 2013, sealed his seventh Asian Tour victory and a second title this season.

Indias ace shuttler and Olympic silver medalist PV Sindhu won the $700,000 2016 China Open Super Series title
in womens category.

Indian boxer Sachin Singh won gold medal at the AIBA (International Boxing Association) Youth World
Championships in the 49 kg weight class.
 MISCELLANEOUS
World

India hosted the golden jubilee (50th anniversary) celebrations of United Nations Commission on
International Trade Law (UNCITRAL) in New Delhi. UNCITRAL was established by the UN General
Assembly in 1966 to promote the progressive unification and harmonization of international trade law.

The International Day for the Elimination of Violence against Women (IDEVAW) was observed across the
world on 25 November, with the theme: Orange the World raise funds to end violence against women.

Colombian Government signed the revised peace agreement with the countrys largest rebel movement,
Revolutionary Armed Forces of Colombia (FARC). Colombian President Juan Manuel Santos was awarded
the Nobel Peace Prize in October 2016 for his efforts to end the war.

India became an associate member of the European Organisation for Nuclear Research (CERN), the
worlds largest nuclear and particle physics laboratory.

NASA successfully launched highly advanced geostationary weather satellite Geostationary Operational
Environmental Satellite-R (GOES-R).

The World Toilet Day was observed across the world on 19 November to raise awareness and inspire
action to tackle the global sanitation crisis. The theme was: Toilets and jobs.

Chinas Sunway Taihulight won the fastest supercomputer title in the recently released 48th edition of
Top500 list of supercomputers.

The International Day for Tolerance was observed globally on 16 November to generate public awareness
of the dangers of intolerance

Over 20 countries, including India, Brazil and France, became signatories to the framework agreement of
the International Solar Alliance (ISA) -- an initiative launched by Prime Minister Narendra Modi at the
COP21, Paris climate summit last year. Indian climate experts termed it as a good initiative which will
aggregate demand, improve quality and reduce cost of solar energy in developing countries but cautioned
that achieving these objectives will require countries to have confidence in ISA.

India

Asias first and longest cycle highway was inaugurated in Uttar Pradesh. It is also Indias first cycle
highway.

Indias longest expressway connecting Agra and Lucknow was inaugurated by Uttar Pradesh Chief Minister
Akhilesh Yadav in UP.

The Supreme Court dismissed a plea filed by Tamil Nadu to review a 2014 apex court judgment banning
Jallikattu - a bull taming sport played in Tamil Nadu as a part of Pongal celebrations

Maharashtra became the first state in the country to adopt the Fly Ash Utilization Policy, which seeks
100% use of fly ash generated from thermal power plants and biogas plants for construction activities.