Gk Updates 1 September 2013

Gk Updates 1 September 2013 , September Gk Updates 2013
India announces Rs 5,000 crore aid for Bhutan

India on Saturday reiterated its commitment to Bhutan's socio-economic development as it announced an assistance package of Rs 4,500 crore for the neighbouring country's 11th Five Year Plan.

In addition, India will also contribute Rs 500 crore to a special Economic Stimulus Package (ESP) devised by Thimphu to facilitate loans for private sector from banks and enhance youth employment.

The announcement was made following a meeting between PM Manmohan Singh and his newly-elected counterpart Tshering Tobgay.

India is hoping that relations with Bhutan - with the announcement of this package - would come full circle after the strife in July following New Delhi's abrupt decision to cut subsidy on LPG and kerosene it supplies to he landlocked neighbour.

New Delhi's decision to cut subsidy on cooking gas and kerosene came right in the middle of Bhutan's second parliamentary elections fuelling speculation that India was trying to influence the outcome, riled as it was with Tobgay's predecessor Jigme Thinley for pursuing policies not in her interests. After his party's loss in the elections, Thinley has now resigned even from Parliament.

RBI allows premature encashment of 8 per cent Savings (Taxable) Bonds for senior citizen investors above 60 years

The Reserve Bank of India, RBI, has permitted premature encashment of 8 per cent Savings (Taxable) Bonds for individual investors who are 60 years and above.

In a press release in Mumbai, RBI said the facility would be available after a minimum lock-in period of three years from the date of issue. 

In case of joint holders, any one of the holders should fulfill the conditions of eligibility. It however clarified that partial encashment of amount invested on a single application will not be permitted.

The RBI has also directed Urban Co-Operative Banks to stop giving donations to trusts and institutions where the bank’s directors or their relatives hold positions or have interests.

Pakistan Judicial Commission to visit India for 26/11 CASE

Pakistan Judicial Commission enquiring into the terror strike of November 26, 2008 is likely to visit Mumbai on September 7 and 8 and this time it will be permitted to cross examine four witnesses, including the investigating officer in the case and the magistrate who recorded Ajmal Kasab’s confession in Mumbai.

At the hearing of the case in the Anti Terrorism Court (ATC) here on Saturday, special public prosecutor Chaudhury Mohammed Azhar submitted the confirmation of the visit from India and the offer of dates on which the Commission could visit. 

Special judge Atiqur Rehman has asked the Commission to confirm the dates of travel to Mumbai by September 3.

However, this time the Indian government granted permission for the cross examination of the witnesses. 

Mr. Azhar said the last time they did meet some doctors but they were not the ones who had conducted the post-mortems of the nine slain men. 

Dinesh K Sarraf Recommended to be Next ONGC Chief

The Public Enterprises Selection Board on 30 August 2013 recommended Dinesh K Sarraf as the next head of the Oil and Natural Gas Corporation (ONGC). He will succeed Sudhir Vasudeva, who superannuates in February 2014. Dinesh K Sarraf is 56-year-old.

Dinesh K Sarraf was director (finance) in ONGC prior to taking over the reins of the company's overseas investment arm ONGC Videsh.

He is a post-graduate in commerce from Delhi's Shri Ram College of Commerce. He has experience of almost three decades in the oil and gas industry.

As the head of ONGC Videsh, he played a major role in acquisitions worth over 11 billion US dollars in the past one year alone against the company's 17-billion US dollars investments made in 32 assets in 15 countries till 2011.

Sarraf's main job as ONGC chairman would be to increase oil and gas production from domestic fields and to start production in new finds. He also needs to find tangible oil and gas reserves.

Financial regulation at next week’s summit of global economic powers

German Chancellor Angela Merkel says she’ll press for progress on financial regulation at next week’s summit of global economic powers, which comes ahead of Sept. 22 elections in which she’s seeking a third term.

Ms. Merkel said in her weekly video message on Saturday- “Germany will, along with other countries, exert pressure so that we do not let up in the regulation of financial markets.

She says there’s been progress in regulating banks but efforts to regulate so-called shadow banks such as hedge funds are stalled.

Ms. Merkel wants the Group of 20, whose leaders meet in Russia next week, to produce “a binding timetable” on that and says she also expects progress on combating tax evasion.

Germany’s center-left opposition argues too little has been done to tame perceived financial market excesses.