CURRENT AFFAIRS NEWS: 29 Aug 2011 to 04 Sep 2011

CURRENT AFFAIRS NEWS: 29 Aug 2011 to 04 Sep 2011

1.Tory Tan won the Presidential Election in Singapore to become the Country’s Seventh President

2.West Bengal Government Imposed Higher taxes on Alcohol and Tobacco

3.Government Gave its Nod to White Tiger Breeding Centre

4.Denmanrk’s golfer Thomas Bjorn won the European Masters

5.India Post signed a Memorandum of Understanding (MoU) with VFS Global

6.Sony Corporation to Release its First Tablet Computer in Japan

7.Rajya Sabha Approved the Indian Medical Council (Amendment) Bill-2011

Rajya Sabha, the upper house of Indian Parliament, approved the Indian Medical Council (Amendment) Bill -2011 on 29 August 2011. The Bill sought to extend the term of the Council of Governors by two years. The objective of the bill is to provide better health facilities in the country. It was earlier passed by the Lok Sabha on 18 August 2011.

The Indian Medical Council (Amendment) Ordinance, 2011 was promulgated by the President in the sixty second year of the Republic of India. It sought to further amend the Indian Council Act, 1956.

When the Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him/her to take immediate action. The ordinance was issued in accordance of the power conferred by clause (i) of article 123 of the constitution of India.

8.Oldest Stone Tools dated 1.76 mn year & Popularly known as Acheulian Tools discovered in Kenya

9.Parliamentary Railway Convention Committee directed Indian Railways to observe Fiscal Discipline

10.Bihar Government Decided to Impose Professional Tax on all Salaried Persons

11.The German City of Bonn Introduced Sex Tax Metres for Street Prostitutes

12.Yashwant Sinha led Parliamentary Standing Committee’s recommendations on the PFRDA Bill

A parliamentary Standing Committee on Finance headed by Yashwant Sinha in its recommendations on the Pension Fund Regulatory and Development Authority (PFRDA) Bill, 2011, recommended that subscribers to the New Pension System (NPS) should get an assured return on their investments. The committee also suggested imposing a 26 per cent cap on foreign direct investment (FDI) in pension programmes.

The PFRDA Bill introduced in the Lok Sabha in March, 2011 includes no provisions pertaining to FDI. The committee opined that the inclusion of FDI policy in the provisions of the PFRDA Bill would be appropriate.

The committee suggested that the government should devise a mechanism so that subscribers of the NPS get guaranteed returns on their pension, so that they are not at any disadvantage via-a-vis other pensioners. The committee also reccomended that the minimum rate of return on the contributions to the pension fund of the employee should not be less than the rate of interest on the Employees Provident Fund Scheme.

No pension fund management company in India currently offers a guaranteed pension product.

The committee further suggested that the government make concerted efforts to extend the coverage of the scheme in both the public and private sector. The committee suggested setting up of a Pension Advisory Committee under the Bill to look into the interest of the subscribers.

The committee wanted that the Pension Advisory Committee be delegated more power and independence to play a more meaningful role by rendering advice suo—motu even on matters not referred to it.

As on 31 March 2011, total assets managed by the pension fund managers amounted to Rs.8,585 crore.

Subscribers to the Employees Provident Fund Organisation (EPFO) get annualised interest of 9.5 per cent on their contribution. The NPSlaunched in January2004 has about 24 lakh subscribers, mostly those employed with the Central Government.

At present, seven fund houses — LIC Pension Fund, SBI Pension Funds, UTI Retirement Solutions, IDFC Pension Fund Management Company, ICICI Prudential Pension Fund Management, Kotak Mahindra Pension Fund and Reliance Capital Pensions Fund manage the investment corpus.

13.The Union Cabinet Approved the Nuclear Regulatory Authority of India Bill

14.Director General of Indo-Tibetan Border Police, Ranjit Kumar Bhatia retired

15.The Union Cabinet Approved the Nuclear Regulatory Authority of India Bill

The Union Cabinet of India on 30 August 2011 cleared the Nuclear Safety And Regulatory Authority Bill 2011. The Bill envisages an Autonomous Atomic Energy Regulatory Board. A high level panel have finalised the rules of implementation of nuclear liability law.

The Union Cabinet at a meeting chaired by Prime Minister Manmohan Singh, approved the Bill. The bill would pave way for setting up an authority that would subsume the Atomic Energy Regulatory Board (AERB). The AERB was set up in 1983 and reports to the Atomic Energy Commission.

The bill seeks to give the proposed Nuclear Regulatory Authority of India full power to stop construction work and order a shut down of an operating nuclear plant. The bill would give more powers to the country's nuclear regulator by making it a statutory body. It is also proposed that the NRAI order cannot be challenged in a court of law. The authority is likely to include persons of eminence from engineering, environment, social, nuclear and finance areas. Significantly, the bill will have provisions to ensure that the right to information act, 2005 will not apply to certain information specified in the Act.

Government has planned to increase nuclear power capacity to 63000 MW by 2032 from the present 4,780 MW. Indian Government decided to set up NRAI in the backdrop of the Fukushima nuclear accident.

16.RBI Panel headed by Usha Thorat presented Guidelines on non-banking finance company (NBFC)

17.International Master Rahul Sangma won Sunita Singh Memorial National Youth Chess Championship

Top-seeded International Master Rahul Sangma of Delhi won the Sunita Singh Memorial National youth (under-25) chess championship at Indore on 27 August 2011.

The championship was a 50-player event. Sangma scored a final round victory with black over Sai Agni Jeevitesh of Andhra to reach seven points. Sriram Sarja of Karnataka defeated second seed C.R.G. Krishna to tie for the first place.

Of the two undefeated players, Sangma's Buchholz tie-break count was higher and he was declared winner. Sriram gained about 10 Elo for finishing second. Sangma picked up Rs. 20000 from the prize fund of Rs. 75000.

The event was organised by S.K.M. Chess Academy and J.J. Public School, Indore, from 21 to 27. August 2011. Pranesh Yadav of Shivamogga, Karnataka was the chief arbiter.