Madhya Pradesh Cow Slaughter Ban Act was approved by the President

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December – 2011 updates

Madhya Pradesh Cow Slaughter Ban Act was approved by the President The guilty person would be liable for 7 years imprisonment, instead of the present 3 years. He will also have to pay a minimum fine of 5000 rupees.

Sweden was the first country to set the institution of ombudsman in 1809.This later spread to other Scandinavian countries like Finland, Denmark and Norway.

RBI allowed NRIs to hedge their Currency Risk in respect of External Commercial Borrowings (ECB)

An external commercial borrowing (ECB) is an instrument used in India to facilitate the access to foreign money by Indian corporations and PSUs (public sector undertakings). ECBs include commercial bank loans, buyers' credit, suppliers' credit, securitised instruments such as floating rate notes and fixed rate bonds etc., credit from official export credit agencies and commercial borrowings from the private sector window of multilateral financial Institutions such as International Finance Corporation (Washington), ADB, AFIC, CDC, etc. ECBs cannot be used for investment in stock market or speculation in real estate. The DEA (Department of Economic Affairs), Ministry of Finance, Government of India along with Reserve Bank of India, monitors and regulates ECB guidelines and policies. For infrastructure and greenfield projects, funding up to 50% (through ECB) is allowed. In telecom sector too, up to 50% funding through ECBs is allowed. Recently Government of India has increased limits on RBI to up to $4[1]0 billions and allowed borrowings in Chinese currency Renminbi.

Deepak Parekh resigned from the Board of Hindustan Unilever (HUL)

Iran threatened to close the Strait of Hormouz

Strait of Hormuz: Located between the Gulf of Oman and the Persian Gulf

Iran has threatened to close the Strait if Western nations place an embargo on Iranian oil. Iranian navy is currently holding exercises close to the Strait. The Strait of Hormuz is a narrow, strategically important strait between the Gulf of Oman in the southeast and the Persian Gulf.

The strait is the only sea passage to the open ocean for large areas of the Persian Gulf.

Investment Advisors to be registered with Self-regulatory Organisation (SRO) as per SEBI’s Rule

2012 declared as National Mathematical Year as a Tribute to Mathematician Srinivasa Ramanujan

Planning Commission approved investment for Karnataka Flood Protection Project

The Planning Commission of India approved Investment clearance for the scheme Flood Protection works for River Banks of Ghatprabha River at Gokak Town of Belgaum District of Karnataka.The project envisages strengthening of the right bank of the river Ghatprabha at Gokak town to enable it to carry the full capacity discharge of 7361 cumec for 100 year return period to avoid damages to right flood bank, residential and commercial houses, town, roads etc. The scheme is likely to benefit an area of 146 ha of residential and commercial land and population of about 1400.

Jacob E. Goldman, who Founded Xerox PARC that developed Computing Innovations died

Jacob E. Goldman, a founder of the Palo Alto Research Center (PARC) that developed breakthrough computing innovations died on 20 December 2011. The Palo Alto Research Center developed computing innovations such as the graphical user interface and ethernet networks.

Physicist Jacob E. Goldman, as Xerox's chief scientist founded the company's vaunted Palo Alto Research Center, which invented the modern personal computer. In 1970s, the laboratory created a string of innovations from laser printing to object-oriented programming to the world's first WYSIWYG (What-You-See-Is-What-You-Get) editor.

In 1975, PARC unveiled the graphical user interface with pop-up menus and windows and point-and-click controls. The GUI represented crucial ground work later built upon by companies such as Microsoft and Apple and eventually launched personal computing in the 1980s.

Goldman played an important role both at the Ford Motor Co., during the 1950s, and later at Xerox in the 1960s and 1970s, in financing basic scientific research in an effort to spark corporate innovation.

He became a private investor after retirement, according to the book Dealers of Lightning: Xerox PARC and the Dawn of the Computer Age by Michael Hiltzik.

Apple Co-founder Steve Jobs to be posthumously honoured with a Grammy Award

The Academy of Recording Arts and Sciences on 21 December 2011 chose Apple co-founder Steve Jobs to be posthumously honoured with a Grammy award for his contribution to music technology. Jobs  is to be honoured as a creative visionary. He is one of 11 people who will be honoured with special awards.

Nuclear Scientist PK Iyengar who played a Key Role in India's First Nuclear Explosion in 1974 died

Delhi Government inked an Agreement with NISG for Digitisation of its Archival Records

Ravi Ruia decided to step down as Chairman of the London-listed Essar Energy

NASA discovered the First Earth-size Planets Kepler-20e and Kepler-20f

India and Australia inked revised DTAA (Double Taxation Avoidance Agreement)

Renowned Architect Charles Correa presented with Goa's Highest Civilian Honour, Gomant Vibhushan

OPEC decided to increase its Production Limits to 30 million Barrels a Day

OPEC is an organisation of twelve oil-exporting countries consisting of Iran, Iraq, Kuwait, Qatar, Saudi Arabia, the United Arab Emirates, Nigeria, Angola, Venezuela, Libya, Algeria and Ecuador. The organisation has its headquarters in Vienna since 1965, and hosts regular meetings among the oil ministers of its member nations.

India paid Tribute to its Martyred Soldiers on the 40th Anniversary of Vijay Diwas

The 40th anniversary of vijay diwas was celebrated on 16 December 2011 marking the finest hour of the Indian armed forces when they defeated Pakistan, leading to the creation of Bangladesh in 1971. The Pakistani Army had surrendered on this day and Bangladesh was liberated after a 13 day-long battle. 90000 Pakistani troops had surrendered tothe Indian Army along with their top commanders in East Pakistan.

Former French President Jacques Chirac convicted on Graft Charges

Journalist-author Mark Tully’s Book- Non-Stop India released in Chennai

Land Mine Technology to help Detect Breast Cancer in 8 Sec

Scientists claimed that now a simple test could diagnose breast cancer in women in eight seconds. They claim to have developed it from a technology that is used to detect land mines.

The new screening tool, called MARIA, is safer and more comfortable than traditional mammogram X-rays. It can be used on women of any age, unlike current technology.

NASA’s Kepler Mission discovered a Habitable Earth-like Planet, Kepler-22b

Scientists produced the Most Detailed Map of Antarctica, called BEDMAP

Kishori Scheme for Adolescent Girls was launched by Delhi State Government

Flagship Explorer Oil and Natural Gas Corp (ONGC) announced Two Significant Oil Discoveries

ONGC discovered oil in North Kadi area of Gujarat’s Mehsana district, which is the company’s major production centre. The discovery is a new layer, called play in industry parlance, and will add to the company’s output.   ONGC also made another strike in the Panna area, 40 km from its Mumbai offshore field. This discovery will make incremental addition to the output from a cluster that the company is developing.

India and Nepal signed Revised DTAA (Double Taxation Avoidance Agreement)

• Indian firms are the biggest investors in Nepal. They account for about 47.5 per cent of total approved FDIs (Foreign Direct Investments).
• India is the biggest source of foreign investments in Nepal and its largest trading partner. However, Nepal accounts for only 0.44 per cent of India's total trade.

5th India-Brazil-South Africa (IBSA) Summit and Academic Forum

The 5th India-Brazil-South Africa (IBSA) Summit and Academic Forum was held on 14 and 15 October 2011 in Pretoria, South Africa. The theme of the 2011 Forum was Competitive through synergy – from knowledge generation to social development.

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