Current Affairs On 26th February 2015

Six Indian women among Forbes’ 50 ‘Power Businesswomen’ 2015

Six Indian women entrepreneurs and businesswomen have been named by Forbes magazine as among the 50 ‘Power Businesswomen’ from Asia.

Indians included in the list are

Arundhati Bhattacharya - Chairperson of State Bank of India (SBI). Forbes list referred her as the first lady of Indian banking and as chair of the Indian behemoth with 225 million customers.
Chanda Kochchar - MD & CEO of ICICI Bank. Forbes list referred her as India’s second-most-powerful banker after Bhattacharya
Akhila Srinivasan - MD of Shriram Capital.
Kiran Mazumdar Shaw - Chairman & MD of Biocon.
Shikha Sharma - CEO of Axis Bank.
Usha Sangwan - MD of Life Insurance Corporation of India (LIC).

Overdraft under Jan-Dhan is priority sector lending: RBI

RBI said bank overdrafts of up to Rs 5,000 in accounts opened under this financial inclusion mission will be treated as priority sector lending.
Under PMJDY, the overdraft facility is permitted to Aadhaar-enabled accounts after "satisfactory operation" of accounts for six months.
As on 31st January, more than 12.54 crore accounts were opened under the scheme.

World’s first 3D-printed jet engine developed in Australia

Researchers from Australia’s Monash University have created world’s first 3 Dimensional (3D) printed jet engine.

The first of kind 3D printed engine was developed by team of researchers from Monash Centre for Additive Manufacturing in partnership with spin-out company Amaero Engineering.

Process of Production

The jet engine was created using innovative additive manufacturing technique. Firstly, the scanned computer models of engines were created by the researchers.
Then the 3D printing machine incorporated with high-powered laser fused the nickel, titanium or aluminum into the shape of engine parts.

Significance of this development

It opens the door for engineers to make and test parts of jet engines in days instead of months.
It will also help engineers to manufacture cheaper, lighter and more fuel-efficient jet engines.

About 3D printing technology

3D printing is a process of making three dimensional solid objects from a digital file with extreme precision.
This technology is also termed additive manufacturing as the 3D printed object is created us additive processes.
In an additive process an object is created by laying down successive layers of manufacturing material on each other until the entire object is created.
This technology has limitless possibilities and can create almost anything with just raw material and a computer generated model.

Russia and Cyprus sign military deal on port access in Mediterranean Sea

Cyprus has signed an agreement with Russia to give Russian navy ships access to Cypriot ports in the Mediterranean Sea.

The agreement in this regard was signed by Russian President Vladimir Putin and his Cyprus counterpart President Nicos Anastasiades in Moscow.

Military deal between both nations comes at the time when the tensions between Russia and Western countries over the Ukrainian conflict have worsened.

Key facts about agreement

Russia will use these ports in Cyprus to dock its naval ships for the purpose of counter-terrorism and anti-piracy operations.
Russia is also looking to use an air base in Cyprus for humanitarian relief missions in this region.
It is also considered that by building up base in Cyprus, will replace its search for base in Mediterranean since it has lost its previous base in on Syria in the Syrian crisis

Supreme Court allows 2G spectrum auction from March 4

The Supreme Court allowed the 2G spectrum auction scheduled to start from March 4, on the condition that the results will not be finalised without the court’s permission.
The order covers the Telecom Disputes Settlement and Appellate Authority (TDSAT) as well. The Supreme Court will hear all the transferred petitions on March 26.
It was further clarified that the telecom companies participating in the auction will not claim any benefit on the basis of equities and the order will be published on the website to avoid such claims.

Apple Inc fined $553 million for patent infringement

US Tech giant Apple Inc has been fined $553 million for three patent infringements owned by patent licensing firm Smartflash LLC.
This verdict was given by federal Jury in US District Court for the Eastern District of Texas. The Jury in its verdict found out that Apple Inc’s iTunes software has infringed three patents owned by Smartflash LLC.
The federal jury in its verdict also held that Apple had not only used Smartflash’s patents without permission, but also used them willfully.

Government to give digital boost to MGNREG scheme

Government will roll out a pilot project to give a digital boost to the flagship rural job scheme MNREGA in gram panchayats to ensure its better implementation through mobile monitoring system.

A total of 35,000 gram panchayats will be covered which would be given a mobile/tablet.
An amount of Rs 35 crore have been sanctioned as each mobile/tablet would be costing Rs 10,000.
If the the pilot project turns out to be a success, the scheme will be extended to all 2.65 lakh gram panchayats in the country, which will cost the Centre about Rs 265 crore.

Veteran cinematographer Aloysius Vincent passes

Veteran cinematographer and multilingual director Aloysius Vincent passed away on 25 February 2015 in Chennai, Tamil Nadu. He was 86. He is survived by his two cinematographer sons Jayanan Vincent and Ajayan Vincent and wife and daughter.

About Aloysius Vincent

Vincent was born on 14 June 1928 in in Calicut (now known as Kozhikode) in Kerala.
In 1953, he started his career as a guest cinematographer Telugu film Chandi Rani. Since then he has worked as cinematographer in more than 150 films. His last film as cinematographer is Telugu film Annamayya (1997).
He also had dominated the Tamil film world as cinematographer and later become renowned in Telugu and Hindi films.
Vincent is also multilingual director. Since mid-1960s he had directed around 30 movies in Malayalam, Tamil, Telugu and Hindi. Some of his famous directed films were Bhargavi Nilayam (1964), Murrapennu (1965), Nagarame Nanni (1967) and Asuravithua (1968).
Vincent was also credited for introducing the zoom shot in Indian cinema in 1958 Tamil film Uthama Puthiran.
In 2003, Indian Society of Cinematographers (ISC) awarded him an honorary membership. He also has won Filmfare Best Cinematographer Award for Prem Nagar (1974).

India bans ISIS under UAPA

Dreaded terror group ISIS and all its affiliate organisations, responsible for series of savage attacks and killings in Iraq and Syria, have been banned in India under the Unlawful Activities (Prevention) Act.
The Islamic State/Islamic State of Iraq and Levant/ Islamic State of Iraq and Syria/Daish and all its manifestations have been declared as outlawed in India under UAPA.

Union Cabinet gives nod for 15000 MW grid-connected solar

Union Cabinet on 25 February 2015 approved the implementation of the scheme for setting up of 15,000 Mega Watt (MW) Grid-connected Solar Photo Voltaic Power projects under the National Solar Mission. This decision was taken at Union Cabinet meeting chaired by Prime Minister Narendra Modi.

Facts about approved Scheme

It will be implemented under the National Solar Mission through state-run National Thermal Power Corporation (NTPC) Limited and its subsidiary NTPC Vidyut Vyapar Nigam (NVVN) Limited.
This project will also accelerate the process of achieving grid tariff parity for solar power and help to reduce consumption of conventional fuel such as kerosene and diesel.
Bundled power produced from these projects will allotted to various states that will provide land for setting up projects.
In case of projects development both private and government companies can take part in it. But they will be allocated projects through international competitive bidding.

Union Cabinet gives approval for establishing New Development Bank & BRICS Contingent Reserve Arrangement

Union Cabinet on 25 February 2015 gave its approval for establishing the New Development Bank (NDB) and the BRICS Contingent Reserve Arrangement (CRA). This decision was taken in Union Cabinet meeting chaired by Prime Minister Narendra Modi.

Benefits of New Development Bank (NDB)

Mobilise resources for projects related to infrastructure and sustainable development among member nations of BRICS i.e. in Brazil, Russia, India, China and South Africa.
The bank will help India and signatory member countries to raise and avail resources for their infrastructure and sustainable development projects.
Act as a binding agent to maintain close relations among BRICS countries and provide a powerful instrument for increasing their economic cooperation.

Benefits of BRICS Contingent Reserve Arrangement (CRA)

In order to effectively deal with short term liquidity pressures it will provide short term liquidity support to the members.
It will also help India and other signatory countries to forestall short-term liquidity pressures.
CRA will strengthen financial stability among BRICS countries by providing mutual support to each other.

Union Cabinet gives nod for creation of two additional benches of the Authority for Advance Rulings (Income Tax)

Union Cabinet on 25 February 2015 gave nod for creation of two additional benches of the Authority for Advance Rulings (AAR- Income Tax). This decision was taken in Union Cabinet meeting chaired by Prime Minister Narendra Modi in order to enable resident taxpayers to obtain an advance ruling in respect of their income tax liability above a defined threshold. Two additional benches of the AAR will be established in New Delhi and Mumbai.

Implications of establishment additional benches of AAR

Increase disposing of number of cases to reduce pendency of cases in order to benefit tax payer and the Government.
Operationalise the facility of advance ruling for resident tax payers.
Provide tax clarity in certain situations to the resident tax payers.

Along with this decision Union Cabinet also gave its approval

Creation of various posts

2 posts of Vice-Chairmen in the Apex scale.
4 posts of Members (two posts of Revenue Members and two posts of Law Members) in the Higher Administrative Grade (HAG+).
2 posts of Secretary at the level of Commissioner of Income Tax/Joint Secretary.

Expenditure for establishment and running these two additional benches

Establishment: One time expenditure of Rs. 7.48 crores.
Running: Annual recurring expenditure of Rs. 6.61 crores.