UPDATE `apptidudeques1` SET `createdTime`='1529595885' WHERE `id`='53'UPDATE command denied to user 'bankersalgo'@'' for table 'apptidudeques1' Current News Shots Sept 07 -14 2013| Banker's Algo
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Current News Shots Sept 07 -14 2013


Lok sabha passed Parliament (Prevention of Disqualification) Bill
The Lok Sabha passed the Parliament (Prevention of Disqualification) Amendment Bill, 2013 for keeping the chairpersons of National Commissions for the SC and ST out of purview of office of profit. Previously, on May 9, 2013, Union Cabinet of India gave its nod to Amendments in the Parliament (Prevention of Disqualification) Act, 1959.
What is Parliament (Prevention of Disqualification) Act, 1959?
Section 3 of the Parliament (Prevention of Disqualification) Act, 1959, which has been periodically amended, lists certain offices of profit under the Government of India or the Government of any State, which do not disqualify the holders thereof for being chosen as, or for being, a Member of Parliament. Sub-clause (ii) of clause (ba) of section 3 of the Parliament (Prevention of Disqualification) Act, 1959, exempts the Chairperson of the National Commission for Scheduled Castes and Scheduled Tribes from such disqualification.
What these amendments have been made?
The National Commission for the Scheduled Castes and Scheduled Tribes was divided into two independent Commissions i.e. (i) the National Commission for the Scheduled Castes and (ii) the National Commission for the Scheduled Tribes by the Constitution (89th Amendment) Act, 2003.
Through this amendment Act, Article 338 of the Constitution was amended and a new article, namely, Article 338A was introduced in the Constitution. With the bifurcation of the National Commission for the Scheduled Castes and Scheduled Tribes, consequential amendments are required in sub-clause (ii) of clause (ba) of section 3 of the Parliament (Prevention of Disqualification) Act, 1959, so as to exclude the Chairperson of the National Commission for the Scheduled Castes and the Chairperson of the National Commission for the Scheduled Tribes from incurring any disqualification for being chosen as or for being a Member of Parliament. 
The Constitution (89th Amendment) Act, 2003, came into force from February 19, 2004 and therefore, it is proposed to give effect to the present amendment from the same date.


Sebastian Vettel Won Italian GrandPrix

Red Bull’s star driver Sebastian Vettel has won the Italian Grand Prix Championship.
Runner Up: Ferrari driver Fernando Alonso
Second Runner Up: Red Bull teammate Mark Webber
Sebastian Vettel is a German Formula One racing driver, currently driving for the Austrian racing team Red Bull Racing. He is the current World Champion, having won the championship in 2010, 2011, and 2012.


Paes-Stepanek clinch US Open men’s doubles title
The pair of India’s Leander Paes and Czech’s Radek Stepanek clinched US Open men’s doubles title Runner Up: Alexander Peya and Bruno Soares 
Venue: New York.
For Paes, it is his eighth men’s doubles Grand Slam title.
Leander Paes won his eighth men’s doubles Grand Slam title, and overall this was his 14th.

Tokyo bags 2020 Olympic hosting right
The 2020 Olympic Games will be hosted by Tokyo as it has won the right to host the games, beating Istanbul in the second round of voting in Buenos Aires, Argentina.
This makes Tokyo to be the first Asian city to host the Olympics twice, having also hosted the 1964 Games.
Note: Olympics 2016 will be held in Rio de Janeiro, Brazil.



Mamnoon Hussain sworn in as Pakistan President

India-born Mamnoon Hussain sworn in as the 12th President of Pakistan. He was administered  the oath by Supreme Court Chief Justice Iftikhar Chaudhry. Hussain, born in Agra, India, is also a textile businessman. He tenured as the Governor of Sindh for a very short period when his appointment was dismissed by a military coup d’état in 1999. succeeded Asif Ali Zardari.



Thomas Bach is new President of International Olympic Committee

Thomas Bach (59) from Germany has been elected as the President of the International Olympic Committee (IOC). He is the first Olympic gold medallist to become the President of the IOC. He will succeed Jacques Rogge, who stepped down after 12 years in service.
Who is Thomas Bach?          
Thomas Bach is a German former fencer and is the President of the International Olympic Committee and the German Olympic Committee. He won a gold medal in the team foil event at the 1976 Summer Olympics.



Liberian President Ellen Johnson Sirleaf honored with Indira Gandhi Peace Prize

Indian President Pranab Mukherjee conferred the Indira Gandhi peace prize on Liberian President Ellen Johnson Sirleaf in recognition of her inspiring efforts for ensuring the return of peace, democracy, development, security and order in Liberia and for her strong interest in the consolidation and betterment of relations between both the countries.
About Ellen Johnson Sirleaf:
Current President of Liberia.
Earlier, served as Minister of Finance under President William Tolbert from 1979 until the 1980 coup d’état, after which she left Liberia and held senior positions at various financial institutions.
Won the 2005 presidential election and took office on 16 January 2006, and she was a successful candidate for re-election in 2011.
First democratically elected women Head of State of any African country.
Awarded 2011 Nobel Peace Prize, jointly with Leymah Gbowee of Liberia and Tawakel Karman of Yemen.

Ashok Vemuri is new President and CEO of  iGate Corporation
Former Infosys Ltd Senior executive Ashok Vemuri was appointed as the President and CEO of the US-based software services company iGate Corporation on 11 September .Earlier, Ashok Vemuri resigned from Infosys as the head of its American business and Global Head of Manufacturing and Engineering Services as well as its board member. Vermani has also served Infosys as its Chairman for Chinese operations.



RBI asks banks to consider using business correspondents to distribute currency
In the backdrop of growing currency demands, the RBI, in a notification, asked banks to explore the possibility of distributing banknotes and coins through business correspondents. Earlier, RBI, in its Monetary Policy Statement 2013-14, had acknowledged the need to identify alternative distribution possibilities to effectively meet the rising demand for banknotes and coins.
What role the business correspondents are currently playing?
Currently, business correspondents are in the activities which include identification of borrowers, collection and preliminary processing of loan applications, creating awareness about savings and other products and processing and submission of applications to banks.

What did the RBI suggest banks to enhance currency distribution?
RBI has said that services of business correspondents could be used for distributing banknotes and coins. Their services could also be used by banks for follow-up for recovery, disbursal of small value credit and collection of small value deposits. As per the notification by RBI, NGOs, micro-finance institutions, section 25 companies and post offices, among others, could act as business correspondent

Cabinet Approved Buying $ 4.3 billion World Bank Bonds
The Union Cabinet on 12 September gave the go-ahead to the Reserve Bank of India (RBI) to invest $4.3 billion in special bonds of the World Bank as it would help in securing additional funding from the multilateral lending agency for infrastructure development projects. Under the arrangement, the Reserve Bank of India will subscribe to special private placement of bonds by the IBRD, a lending arm of the World Bank.

UNCTAD forecasts India’s growth at 5.2% in 2013
As per the Trade and Development Report 2013 released by the United Nations Conference on Trade and Development (UNCTAD), Indian economy is likely to grow at 5.2% in 2013 calendar year on account of rising domestic demand.
UNCTAD’s India growth prediction at 5.2% for 2013 is however lower than the International Monetary Fund’s forecast of 5.6% for the same period.
For China, the report projected a moderate decline to about 7.6% in 2013 from 7.8% last year.
India’s economic growth declined to a decade’s low of 5% in 2012-13 fiscal. The RBI has projected a growth rate of 5.5% for the current fiscal.
As per UNCTAD, the global growth in 2013 is likely to marginally drop to 2.1% from 2.2% in 2011 and added that developing countries would be affected by slowdown in developed nations.

RBI Notifies norms for currency swap window
RBI has notified norms for currency swap window. As per the notification, the swap facility will be available to scheduled commercial banks for fresh Foreign Currency Non-Resident Bank – FCNR(B) deposits mobilized for a minimum period of 3 years. It further says that the deposits raised may be in any permitted currency, but the swap would be available only in dollars. Although the swap window will be operated on a daily basis on all working days in Mumbai, a particular bank can avail of the swap facility only once in a week.
Currency Swap:



Liberal Party Won The Parliamentary Elections In Australia
On 8 September Australian Liberal Party won the 44th Parliamentary elections.
Liberal Party defeated the in-power Labor Party in the general elections held on 7 September 2013 to return back in power as the Liberal-National coalition for the first time in six years.
With this win, Tony Abbott the leader of the Liberal-National Coalition will become the Prime Minister of the Country and successor of Kevin Rudd of the Labor Party. The coalition won 88 seats in the 150 seat Parliament. The ruling Labor Party was successful in winning 57 seats. Three seats were distributed between three small parties, and there were two seats still to return results. WikiLeaks founder, Julian Assange failed to get elected to the Senate after running in Victoria, with his Wikileaks Party garnering just 0.62% of the popular vote

India, Japan Signed Statement To Study LNG Pricing
India and Japan on 9 September signed a statement on conducting a joint study on the pricing of Liquefied Natural Gas (LNG) with an aim to form a transparent and globally competitive LNG price in the Asia Pacific market. India’s Minister for Petroleum and Natural Gas, Veerappa Moily and Japanese Minister for Economy, Trade and Industry Toshimitsu Motegi signed the joint statement in Tokyo.


India and Malaysia : Interwined Strands” Book Released By Vice President of India
The Vice President of India M. Hamid Ansari on 9 September released a book entitled “” India and Malaysia: Intertwined Strands “” at New Delhi . The book is authored by former Diplomat Veena Sikri. The book is written for the Institute of South East Asian Studies (ISEAS), Singapore. It is a comprehensive book on a very useful subject of relationship between India and Malaysia.


A new version of android software

Google, on its 15th birthday, revealed that the next version of Android will be called “KitKat” continuing its predilection for naming its software after famous delicacies. Over the years, Google launched several versions of Android naming each of them after a dessert. The other versions of Android mobile-operating system are:

Ice Cream Sandwich
Jelly Bean

Android software powers more than a billion smartphones or tablets worldwide, according to Google. Android’s share of the smartphone market expanded to 79.3% in the second quarter while that of iPhone fell to 13.2% period.

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