Major News and Events of 20 November 2014
What Happened on 20 November 2014
Sachin Comes in Support of Suspended Boxer Sarita Devi
Will Terry Walsh be India's Chief Hockey Coach Again?
Modi's Diplomacy with the Pacific Nations
Winter Session will be Non-Confrontational
Cabinet Expansion in Gujarat
Big Steps by SEBI in Reform
Dollar Strengthens, Rupee Slumps to 9-months Low
RBI Warns Banks
No Bail for 'Godman' Rampal
Arrest After Kidnapping Bid of Top Exec
Relaunch of Kisan Vikas Patra, KYC Concerns and Finance Ministry's Statement
Science and Technology
Both India and US seem to be serious about deepening collaboration in technology, science, innovation, climate change, and clean energy. Dr. John P.Holdren, Science Advisor to the USA President Barack Obama, recently said that cooperation in fields of technology and science between the two countries have deepened in recent times, especially after Indian PM Narendra Modi met US President in Washington during his US Visit on September 30 where both pledged to carry forward the strategic partnership to a new high.
Ace Indian Boxer Sarita Devi, who refused to accept Bronze Medal at the podium of Asian Games 2014 due to controversial verdict, has got moral support from Cricker Legend Sachin Ramesh Tendulkar. He wrote to Sarbananda Sonowal, the Sports Minister of India, urging him to look into Sarita Devi’s case and take proper steps to stop premature termination of Sarita Devi’s career. AIBA had thretened earlier to give exemplary punishment, which means end of her career.
After Sarbananda Sonowal, the Sports Minister of India, agreed upon with the demands made by Terry Walsh in principle, SAI officials said that it is up to Terry Walsh to take the final call in the coming 4 to 5 days. Discussions on contract between SAI and Terry broke down. Walsh then flew back to Australia. He insisted that he may consider rejoining the team if a fresh proposal is sent to him. However, Sudhir Sethia, Executive Director (Teams) of SAI, has said that no fresh proposal has been sent to Terry.
During his visit to Fiji, Indian PM Narendra Modi announced a wide array of development and credit assistance for the small friendly country, whose total amount reached $80 million. Indian PM also promised visa on arrival for people belonging to the fourteen island countries situated in the region. For pacific nations, Narendra Modi also announced Special Adaptation Fund, amounting to $1 million. Defence as well as security cooperation will be expanded between Fiji and India.
Winter Session of the Lok Sabha will start on Monday (Nov 24) and sources reveal that a slew of acts and law amendments will be placed during the session’s first week itself. Though passing them will be tough for the government, NDA expects it to be non-confrontational. Narendra Modi is expected to adopt an environment where the approach of reaching consensus will be given importance rather than confrontational approach for the greater interest of India.
Anandiben Patel, the new Chief Minister of Gujarat, has expanded her cabinet by including four new cabinet ministers, raking the total number of ministers to twenty four. These four new ministers are Purshottam Solanki, Jasa Barad, Mangubhai Patel, and Vijay Rupani. However, inclusion of Purshottam Solanki has been criticised by all quarters as investigation under the direction of Gujarat High Court is currently going on against him on a fishing contract scam amounting to Rs. 400 crore.
SEBI has approved some significant market reforms. While it amended the current de-listing regulation, it put into place new prohibition of PIT regulations replacing insider trading rules (20 years old). Another important reform initiative cleared is the consent mechanism, according to which entities that violate securities law will be able to settle the issue before enforcement proceedings start. However, SEBI has also made it clear that this arrangement will be available for those offenders who take part in minor violations only.
As US Dollar strengthened against Asian currencies, rupee lost its shine and dipped to a nine month low level. Early in the morning today (9:57 am to be precise), Indian Rupee was trading at 62.1850 per US Dollar. However, during the session it dipped to a nine month low of Rs. 62.22 per dollar. Market experts believe that Indian rupee will trade within the range from Rs. 61.90 to Rs. 62.30 per US Dollar.
Commercial Banks currently are increasing retail credit aggressively. However, apex bank of India has taken note of this trend and asked the banks as well as lenders to monitor the retail borrowers. Deputy Governor of RBI, SS Mundra, has said that in the quest of capitalising retail market (especially 4-wheelers, 2-wheelers, housing, etc.), commercial banks are infusing credit in the market. This is raising RBI’s concern on level of credit absorption.
Controversial ‘Godman’ from Haryana’s Hisar got a blow from Punjab and Haryana High Court as the latter cancelled his bail. He is an accused of a 2006 murder case and the court (Justice M Jeyapaul and Justice Darshan Singh Bench) has asked administration to take the ‘godman’ to custody. This move comes just after Rampal was arrested in Hisar and Barwala Police Station sends an application regarding this. Rampal didn’t appear before the court on three dates during this month – 5, 10, and 17 November.
After Aurobindo Pharmaceutical’s Vice President faced a failed kidnapping attempt after completing his morning walk in Hyderabad yesterday, an Armed Reserve’s constable (Amberpet’s Central Police Lines) has been arrested from Kurnool-Anantapur border. The concerned constable worked with the elite Greyhounds force, which is highly skilled to deal with Maoists. It is suspected that he stole the AK-47 while he was associated with Greyhounds.
Newly re-introduced Kisan Vikas Patra, which doubles deposited money in 100 months, has raised some concerns as the government notification of September 23 lacked proper KYC requirement. This has raised concerns that black money may get reinvested in the market through KVP. Government is expecting to raise at least Rs 35,000 crore through Kisan Vikas Patra during 2015-16 fiscal. After ruckus on this issue, finance ministry has reportedly said that all the KYC norms for banks and post offices will be applicable for KVP.