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Current Affairs News Shot October 19 - 21, 2013



LATA MANGESHKAR RECEIVED FIRST NATIONAL YASH CHOPRA MEMORIAL AWARD
Legendary vocalist Lata Mangeshkar
Presented By: Ministry for Information and Broadcasting
The Yash Chopra Memorial Award:
Instituted by the TSR Foundation of T. Subbarami Reddy.
Prize Amount: Rs 1 million and a citation.

GOVERNMENT PLANS TO LAUNCH INTEREST RATE FUTURES
They are also called as trading of government bond future and would help banks and financial institutions and allow Indian policy makers with an estimate to evaluate market predictions for their future rate decisions.
To Know more about Interest Rate Future: Economic Glossary

CHANDA KOCHHAR RANKED 4TH AMONG GLOBAL LIST OF TOP-50 WOMEN BUSINESS LEADERS BY FORTUNE MAGAZINE
Ms Chanda Kochhar : ICICI Bank CEO and MD,
The list is topped by Brazilian energy giant Petrobras’ CEO, Maria Das Gracas Foster.
Other Indians making it to the list were:-
- National Stock Exchange chief Ms Chitra Ramkrishna (17th)
- Axis Bank’s CEO Ms Shikha Sharma (32nd)
- HSBC’s Country Head of India, Ms Naina Lal Kidwai (42nd)

ZOJILA TUNNEL PROJECT GETS GREEN NOD FORM UNION CABINET
Length:
A 14-km all-weather tunnel at Zojila pass in Ladakh region.
Project Cost: The project would require Rs 9000 crore investment
Connecting: Ladakh and Srinagar. 
Location: At an altitude of 11578 ft on the Srinagar-Kargil-Leh National Highway (NH-1), which remains closed during the winter season due to heavy snowfall and inclement weather.
Zojila tunnel along with another 6.5 km long tunnel at Z-Morh in Sonmarg will provide road connectivity to Ladak and Srinagar areas round the year. Building the tunnel would take 7 years, and the contract for collecting toll will be for 15 years.

G. B. PRADHAN IS THE NEW CHAIRPERSON OF THE CERC
Full Name:
Gireesh B. Pradhan,
Earlier: Former Secretary of Ministry of New and Renewable Energy, as the Chairperson of the Central Electricity Regulatory Commission (CERC).
Central Electricity Regulatory Commission (CERC) is a statutory body functioning under section 76 of the Electricity Act 2003. Previously, it was constituted under the Electricity Regulatory Commissions Act, 1998.
Functions of CERC:

1.       to regulate the tariff of generating companies owned or controlled by the Central Government;.

2.       to regulate the tariff of generating companies other than those owned or controlled by the Central Government specified in clause (a), if such generating companies enter into or otherwise have a composite scheme for generation and sale of electricity in more than one State;

3.       to regulate the inter-State transmission of electricity ;

4.       to determine tariff for inter-State transmission of electricity;

5.       to issue licences to persons to function as transmission licensee and electricity trader with respect to their inter-State operations;

6.       Improve access to information for all stakeholders.

7.       to adjudicate upon disputes involving generating companies or transmission licensee in regard to matters connected with clauses (a) to (d) above and to refer any dispute for arbitration;

8.       to levy fees for the purposes of the Act;

9.       to specify Grid Code having regard to Grid Standards;

10.   to specify and enforce the standards with respect to quality, continuity and reliability of service by licensees;

11.   to fix the trading margin in the inter-State trading of electricity, if considered, necessary;

12.   to discharge such other functions as may be assigned under the Act.

COURTS CAN’T IMPOSE FINE MORE THAN TWICE THE AMOUNT IN BOUNCED CHEQUES
The Supreme Court, in a ruling, directed the Courts not to impose a fine of more than twice the amount in bounced cheque even if they are taking a lenient view of the accused by not sentencing him imprisonment.
As per Section 138 of the Negotiable Instruments Act, 1881, a person (whose cheque has bounced) shall without prejudice to any other provision of this act, be punished with imprisonment for a term which may extend to one year, or with fine which may extend to twice the amount of the cheque, or with both

UTTARAKHAND LOKAYUKTA ACT, 2011 GETS PRESIDENT APPROVAL
Now Uttarakhand Lokayukta Bill became an Act.
Aim:
Curbing
corruption in the Uttarakhand state. 0
Under Preview Persons:

1.       The Chief Minister, ministers, MLAs and government servants, including IAS and IPS officers, will come under the ambit of the Lokayukta.

2.       Former chief ministers, former ministers and retired officers will also be within the ambit of the Lokayukta.

3.       The judges of the Uttarakhand High Court will are not under the purview of Lokayukta.


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