=RBI Governor Raghuram Rajan in its 2nd Bi-Monthly monetary policy review cut repo rate by 25 basis points to 7.25 per cent from 7.5 per cent, third time this year.

Bank Rate – 8.25 % (Decreased 0.25%)

Cash Reserve Ratio – 4 % (Unchanged)

Statutory Liquidity Ratio – 21.5 % (Unchanged)

Repo Rate – 7.25 % (Decreased 0.25%)

Reverse Repo Rate – 6.25 % (Decreased 0.25%)

Marginal Standing Rate – 8.25 % (Decreased 0.25%)

  1. AIADMK General Secretary J Jayalalithaa was swornin as the Chief Minister of Tamil Nadu for fifth time.She is the 18th Chief Minister of Tamil Nadu and succeeded O Panneerselvam who resigned on 21 May 2015 following her acquittal on 11 May 2015 in the disproportionate assets case by the Karnataka High Court. The court overruled the Bangalore’s special court judgment which found Jayalalithaa guilty.
  1. David Cameron’s Conservative Party on 8 May 2015won the UK General election 2015 by securing 331 seats in a Parliament of 650. With this win, the incumbent Prime Minister David Cameroon will continue to be in the office.
  2. The Appointments Committee of the Cabinet gave its nod for appointing G Mohan Kumar as the Secretary of the Ministry of Defence.
  3. Akhil Amar, an Indian-American professor from Yale University, was appointed as a member of the prestigious National Council on Humanities of United States.
  4. Peter M Christian was elected as the eighth President of the Federated States of Micronesia.
  5. SS Ahluwalia was appointed as the chairman of Joint Parliamentary Committee on the Right to Fair Compensation and Transparency in Land Acquisition Rehabilitation and Resettlement (LARR) (Amendment) Bill, 2015. The committee has 20 members from the Lok Sabha and 10 members from the Rajya Sabha.
  6. President Pranab Mukherjee authorized Justice (retd) Cyriac Joseph to act as the interim chairperson of the National Human Rights Commission (NHRC). He will replace K.G. Balakrishnan.
  7. Eminent banker Kundapur Vaman Kamath was appointed as the first President of the New Development Bank (NDB) of BRICS nations. He will serve a five year term after the bank becomes operational within one year.
  8. The Union Ministry of Finance appointed a committee under the chairmanship of Justice Ajit Prakash Shah to look into the issue of Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs). As per the Finance Act, 2015 the 20 percent MAT on Capital Gains made by FIIs is waived off from the financial year 2015-16.However, the issue of imposing MAT for past years (till 2014-15) has become controversial. At present, Justice A P Shah is heading the 20th Law Commission of India.
  1. Achal Kumar Jyoti was appointed as the Election Commissioner of India. At present, Nasim Zaidi, the Chief Election Commissioner (CEC), is the other member of election commission.
  2. Senior IPS officer Surender Singh took over as Director General of central paramilitary force Central Industrial Security Force.This capsule has been prepared by the Career Power Institute Delhi (Formerly known as Bank Power). This document contains all the important news and events of the Month May 2015, which can be helpful in the upcoming exams and interviews.
  1. Actor and producer Mukesh Khanna was appointed as the Chairperson of the Children’s Film Society of India.
  2. Saudi King Salman bin Abdulaziz appointed his nephew Mohammed bin Nayef as the new Crown Prince and as a Deputy Prime Minister.
  3. Hungarian writer Laszlo Krasznahorkai won the prestigious Man Booker International Prize for 2015.
  4. Veteran Bollywood actor Shashi Kapoor was honoured with the prestigious Dada Saheb Phalke award.
  5. The French satirical magazine Charlie Hebdo was presented with the 2015 Freedom of Expression Courage Award of the PEN American Centre at the American Museum of Natural History.
  1. The United Nations Educational, Scientific and Cultural Organization (UNESCO) presented the 2015 UNESCO/Guillermo Cano World Press Freedom Prize to Syrian journalist and rights activist Mazen Darwish.
  1. Ace tennis player Rafael Nadal received the Golden Medal for Merit in Work. Golden Medal is one of the top civilian honours of Spain which aims to highlight an exemplary performance in any job or profession.
  1. Prannoy Roy, the Executive Co-chairman of NDTV, was conferred with the Redink Lifetime Achievement Award 2015 at a function in Mumbai.
  1. Two Indians namely Dr Ananda Kumar and Dr Pramod Patil won the prestigious Whitley Awards (also known as Green Oscar) for their contribution to wildlife conservation.
  1. Srinagar-born novelist Siddhartha Gigoo won the 2015 Commonwealth Short Story Prize for Asia region for his work Umbrella Man.
  1. Margarita, with a Straw directed by Shonali Bose of India won the Audience Award for Best Feature Film at the Washington DC International Film festival. Kalki Koechlin-starrer film is a disability drama.
  1. Prime Minister Narendra Modi conferred the 50th Jnanpith Award on eminent Marathi litterateur Bhalchandra Nemade.
  2. Former Union Finance Minister and veteran BJP leader Yashwant Sinha was conferred with the Officier de la Légion d’Honneur(Officer of the Legion of Honour- highest French civilian distinction) in recognition of his valuable contribution to thought on international issues.
  1. President of the United States (US) Barack Obama entered Guinness Book of World Record for reaching a million followers in a span of mere 5 hours after going live. Barack Obama debuted on Social Media Platform Twitter with @POTUS account.
  1. V Shanmuganathan was sworn in as 15th Governor of Meghalaya at the Raj Bhawan in Shillong.
  2. Indian-Origin Harbhajan Kaur Dheer became the first Asian woman to be elected as mayor in the United Kingdom (UK).
  3. Indian-origin Priti Patel was appointed as Minister of State for Employment in British Government.
  1. Bollywood actor Salman Khan was in news as he was sentenced to five years imprisonment by Mumbai Sessions Court. He was sentenced for his
  2. 28 September 2002 hit and run case in which one pavement dweller was killed and four others wereinjured.
  1. Chief Minister of Tamil Nadu O Panneerselvam resigned.
  2. Veteran jazz musician Bob Belden passed away.
  3. Eminent economist and academics Mrinal Datta Chaudhuri passed away.
  4. Popular Indian stage, film and television actress Sudha Shivpuri died.
  5. Aruna Shanbaug, the nurse of Mumbai’s King Edward Memorial (KEM) Hospital, died on 18 May
  6. She died after battling with coma for past 42-years following a sexual assault by a hospital ward boy.
  7. Veteran Hollywood actress Elizabeth Wilson passed away.
  8. Former Union Minister and veteran Congress leader Baleshwar Ram.
  9. Authorities of the Gangotri National Park in Uttarakhand on 21 May 2015 opened the Nelong Valley for tourists for the first time since its closure in 1962.
  10. Islamic State for Iraq and Syria (ISIS) militants on 21 May 2015 seized full control of ancient city of Palmyra in Syria.
  11. Prime Minister Narendra Modi on 19 May 2015 returned to India after completing his tour to three nations namely China, Mongolia and South Korea.
  12. Highlights of the visit to China – Prime Minister raised the boundary question with China and asked for an early settlement of the issue and decided to maintain peace and tranquility at the border point for maturity of relations. India-China signed 24 inter-governmental agreements. 21 business agreements worth 22 billion US dollars signed between Indian and Chinese companies. PM Modi inaugurated ICICI’s first branch in China at Shanghai.
  13. Highlights of the visit to Mongolia – Modi is the first ever Prime Minister of India to visit the country.
  14. India announced to provide one billion US dollar Line of Credit to Mongolia. India-Mongolia signed 13 agreements including enhancement in cooperation in border defence, air services, cyber security, renewable energy and others. Modi addressed to the Mongolian Parliament. Modi gifted a rare history manuscript to Mongolian President.
  15. Highlights of the visit to South Korea – Narendra Modi announced to set up a special panel to clear and fast-track South Korean investments into India. South Korea became the second country after Japan for which a special panel will be constituted. South Korea announced to invest 10 billion dollar for Indian infrastructure development. India-South Korea signed seven agreements including revised avoidance of double taxation, cooperation in audiovisual co-production, Youth Matters as well as cooperation between the National Security Council of India and South Korea.
  16. Muglawali village of Yamun nagar district in Haryana came into news after district authorities claimed that they have dugged out a paleo (old) channel which resembles now inactive River Saraswati.
  17. 19th century Dharahara (Bhimsen) tower at the center of Sundhara in Kathmandu, Nepal on 25 April 2015 was reduced to rubbles after an earthquake of magnitude 7.9 on the Richter scale struck the country.
  18. The United Nations released Mid-2015 World Economic Situation and Prospects. Growth of world GDP will accelerate slightly from 2.6 percent in 2014 to 2.8 percent in 2015.
  1. United Nations Conference on Trade and Development (UNCTAD) released a report titled Global Investment Trends Monitor. The report highlighted that developing Asia now invests more abroad than any other region. Hong Kong (China) and China were the second and the third largest investors in the world, after the United States which remains the largest single source of outward foreign direct investment (FDI).
  1. The World Economic Forum released the Human Capital Report 2015 in Geneva, Switzerland. India occupied the 100th position among the 124 countries surveyed in the Index. Finland topped the list.
  1. The Union Cabinet approved Polar Satellite Launch Vehicle (PSLV) Continuation Programme consisting of fifteen operational flights PSLV-C36 to PSLV-C50.
  1. The Union Cabinet gave its nod for building and launching of GSAT-17 and GSAT-18 communication satellites.
  1. India assumed Presidency of the 68th World Health Assembly (WHA) after 19 years.
  2. 6th National Conference on Nuclear Energy was held in New Delhi on 15 May 2015. The Conference was organised by ASSOCHAM with the theme Nuclear Energy: a Clean Energy option.
  1. President Pranab Mukherjee inaugurated the 50th anniversary of India’s first historic climb of Mount Everest in 1965 at Rashtrapati Bhavan. On 20 May 1965, Indian team led by Captain Mohan Singh Kohli of Indian Navy made history by climbing 8848- metres high Mt. Everest, the world’s highest peak.
  1. Prime Minister Narendra Modi released a commemorative coin to mark the birth centenary of Swami Chinmayananda in New Delhi.
  1. Singapore PM Lee Hsien Loong opened first museum Indian Heritage Centre in Little India.
  2. The term Multi-Object Tracking Radar (MOTR) was in news as the Indian Space Research Organisation (ISRO) announced its plans to commission the radar in June 2015.
  1. The term Nuclear Insurance Pool was in news as the General Insurance Corporation of India was collecting views from the stakeholders in the Insurance industry and Nuclear Energy sector about the creation of the NIP. The NIP is intended to cover the liability of Nuclear Plant operators and Equipment and Material Suppliers under Civil Liability for Nuclear Damages (CLND) Act, 2010 in case of nuclear accidents. The creation of the Pool has become necessary due to the reluctance of the foreign nuclear equipment suppliers to participate in the nuclear trade with India as the CNLD Act,2010 has imposed liability on them in case of nuclear accidents. The GIC is given the responsibility by the Union Government for the creation of the NIP and it will be of 1500 crore rupees and the GIC will invest 750 crore rupees in it.
  1. India launched a relief and rescue Operation named Maitri in earthquake hit Nepal. The operation will involve two dozen military aircraft and choppers along with bus services through road route. India also pressed nearly 1000 trained personnel of the National Disaster Response Force (NDRF) into service.
  1. The President of India Pranab Mukherjee inaugurated Namaste Russia festival in Moscow, Russia.
  1. Book titled Unbelievable – Delhi to Islamabad authored by senior Advocate Prof. Bhim Singh was released by Vice President M Hamid Ansari in New Delhi.
  1. Mirage 2000 fighter jet of Indian air force landed successfully on Yamuna Expressway as part of developing road runaway for emergency landing. It’s a kind of first for military aviation in India.
  1. Air-to-air missile, Astra was successfully test fired at the Integrated Test Range (ITR), Chandipur in Odisha. It was test-fired aboard a Sukhoi-30 MKI fighter aircraft. Astra is India’s first beyond visual range air-to-air missile (BVRAAM) that is capable of engaging its target at ranges of 37 km or beyond. It has operational range of 60km.
  1. Indian Army signed Memorandum of Understanding (MoU) with the Bank of India (BOI) on the Defence Salary Package.
  1. The Naval establishment of Indian Navy at Porbandar, Gujarat was commissioned as INS Sardar Patel by Anandiben Patel, Chief Minister of Gujarat.
  1. India successfully conducted the 48th test firing of the BrahMos Supersonic Cruise Missile from the Car Nicobar Islands in Andaman and Nicobar. The advanced version of the land-to-land configuration of BrahMos Block-III version was test-fired from a Mobile Autonomous Launcher (MAL) for its fullrange of 290 km.
  1. The first regiment of the indigenously developed Surface-to-Air missile Akash Weapon System was inducted into the Indian Army in New Delhi.
  1. The Fourteenth edition of the Indo-French naval exercise VARUNA 2015 concluded on 2 May 2015. The exercise started on 23 April 2015 off the Goa Coast.
  1. State-owned United Bank of India has become the first of the 17 lenders to publicly admit that it no longer expects to recover its dues from the beleaguered Kingfisher Airlines. Interestingly, the Kolkata-based lender was the first bank to attempt to get Vijay Mallya, the chairman of Kingfisher Airlines, tagged as a wilful defaulter.
  1. RBI will soon set up a Central Fraud Registry as part of an early warning system. The idea is to set up a structure for quick sharing of information about unscrupulous borrowers and help banks fight bad loans.
  1. Puducherry will be the first Union territory/state to implement direct benefit transfer (DBT) scheme for disbursal of food subsidy to the beneficiaries.
  1. Government approved a proposal allowing investment by non-resident Indians (NRI) to be deemed as domestic investment on a par with investment made by residents. This means NRI investment will not be included in the category of foreign investment.
  1. An expert panel has recommended to the pension regulator to give the option of up to 50% (up from 15%) equity exposure to government employees under the National Pension System (NPS). The GN Bajpai panel, constituted by the Pension Regulatory and Development Authority (PFRDA) on September 10, 2014 to review investment guidelines, has suggested that government employees also be given the option to choose their pension fund manager (now not available) as well as switch them if not satisfied with performance.
  1. The finance ministry notified the increased service tax rate of 14 per cent effective from 1st June. However, the Swachchha Bharat Cess is yet to be notified. In Budget 2015-16, the government had hiked the service tax to 14 per cent from the current 12.36 per cent. The education cess and secondary and higher education cess shall be subsumed in the new service tax rate.
  1. India and South Korea signed a revised double taxation avoidance pact and agreed to begin talks from mid next year to widen the scope of free trade pact to boost bilateral economic cooperation.
  1. South Korea decided to provide $10 billion to India for infrastructure, development of smart cities, railways, power generation and other diversified areas.
  1. The government has limited fiscal deficit for 2014- 15 at 4% of GDP, lower than the revised estimate of 4.1% announced in February.
  1. India announced a USD one billion credit line to Mongolia for infrastructure development as they upgraded their ties to “Strategic Partnership” and agreed to deepen defence cooperation besides exploring potential for tie ups in areas like the civil nuclear sector.
  1. The Narendra Modi led government launched the website of NITI Aayog with a blogs section that will have articles, field reports, work in progress and opinions by the officials.
  1. Monsoon is likely to hit the Kerala coast on May 30, two days before its scheduled arrival in India even as the country stares at the possibility of below normal rains for a second consecutive year.
  1. Wholesale price inflation stayed in the negative zone for the sixth month in a row, easing to -2.65% in April.
  1. The Union Cabinet chaired by Prime Minister Narendra Modi approved amending the Benami Transactions (Prohibition) Act, 1988 aimed at curbing the generation and laundering of black money within the country.
  1. Rating agency Moody’s said monsoon and global financial volatility will pose additional risks to India’s growth this year, but the GDP is likely to average around 7.5 per cent over the next 18-24 months due to improvement in business environment induced by reforms. US-based Moody’s has a positive outlook on India’s ‘Baa3′ rating.
  1. Retail inflation in April softened further and fell to a four-month low of 4.87 per cent as prices of food items, vegetables and fruits turned cheaper.
  1. The proposed Goods and Service Tax (GST) Bill was referred to a Select Committee of Parliamentarians. The 21-member panel will give its report by the last day of the first week of the Monsoon Session.
  1. Indian Railways will soon launch its ‘Tatkal Special’ train service, travelling on which will be dearer than on normal trains.
  1. Pradhan Mantri Suraksha Bima Yojana (PMSBY) will offer a renewable one year accidental death-cumdisability cover of Rs 2 lakh for partial/permanent disability to all savings bank account holders in the age group of 18-70 years for a premium of Rs 12 per annum per subscriber.
  1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will offer a renewable one year life cover of Rs 2 lakh to all savings bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs 330 per annum per subscriber.
  1. Atal Pension Yojana (APY) will focus on the unorganised sector and provide subscribers a fixed minimum pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month, starting at the age of 60 years, depending on the contribution option exercised on entering at an age between 18 and 40 years.
  1. Traders with a turnover below R10 lakh a year won’t have to register for or pay the goods and services tax (GST), and those with annual sales of R10 lakh to R50 lakh will need to pay the tax at a rate lower rate than the standard GST rate.
  1. As part of its efforts to improve India’s ranking in the World Bank’s ‘Ease of Doing Business’ index, the government has set up a panel with a view to replace multiple prior permissions required to start a business with a pre-existing regulatory mechanism. The panel is headed by Jaijit Bhattacharya.
  1. Congress vice president Rahul Gandhi’s constituency Amethi is set to be developed as a Smart City by the Narendra Modi-led government.
  1. Cabinet enhanced the powers of Foreign Investment Promotion Board (FIPB) to take decisions on foreign investments worth up to Rs 3,000 crore, up from the Rs 1,200 crore allowed as per the FDI Policy, 2014.
  1. India and France decided to set up teams to work out details of the acquisition of 36 Rafale fighter jets in fly-away condition and a “time-bound manner”.
  1. Cabinet approved a modification in the Mega Food Park scheme to streamline its implementation to attract investment in the food processing sector.
  1. Finance Ministry clarified that LPG subsidy received by individuals in their bank accounts will continue to be exempt from income tax.
  1. The government said the birth rate in India is greater than that of China and said the country’s population will cross China’s by 2028.
  1. A deal signed between engineering firm L&T and French nuclear vendor Areva for maximising the localisation of critical components for the proposed 10,000-MW nuclear power plant at Jaitapur.
  1. Government decided to defer plans to set up an independent Public Debt Management Agency (PDMA) this year, allowing the central bank to continue with regulating government bonds.
  1. Eight core industries registered a negative growth of 0.1 per cent in March, the lowest performance in 17 months, due to a steep decline in production of steel, cement and refinery products.
  1. A court in Pakistan sentenced 10 men to life imprisonment for attempting to kill Nobel-prize winning teenage activist Malala Yousafzai in 2012.
  1. Operation Maitri, India’s Army-led rescue and relief mission in quake-hit Nepal, would continue till normalcy returned to the Himalayan country, the Army said.
  1. Raja Rajeswari, the first India-born woman to be appointed a judge in New York City, was sworn-in by Mayor Bill de Blasio.
  1. The government decided to continue its Rs.1,000 minimum monthly pension scheme run by the Employees’ Provident Fund Organisation.
  1. In an audit report tabled in Parliament, the Comptroller and Auditor General (CAG) named Union Minister Nitin Gadkari as one of the ‘promoters and/or directors’ of Purti Sakhar Karkhana Limited — a company that, it said, was sanctioned a loan of Rs. 84.12 crore by the Indian Renewable Energy Development Agency (IREDA) in violation of guidelines.
  1. In the face of an uproar in the Rajya Sabha over “son-guaranteeing’’ medicine, Putrajivak Beejbeing sold by Yoga guru Baba Ramdev’s pharmacy, the government agreed to look into the issue and see how the “ayurvedic medicine” was issued a licence.
  1. India is sending two of its senior most officials, Foreign Secretary S. Jaishankar and National Security Adviser Ajit Doval, to Kathmandu to take stock of the situation and amplify its relief efforts.
  1. In order help investors better understand risks involved in mutual fund (MF) investments, SEBI, replaced the mandatory colour codes with a ‘riskometer’ containing five levels of risks from low to high. The five risk levels would be low, moderately low, moderate, moderately high and high. The new system would replace the existing practice of colour-coding the schemes wherein the funds needed to be given blue, yellow and brown codes to indicate low, medium and high risk respectively.
  1. Maharashtra Food and Drug Administration (FDA) said that it had ordered an FIR to be filed against the CEO and the directors of Internet shopping company Snapdeal for allegedly selling prescription drugs online.
  1. NASA’s Messenger spacecraft has crashed into the surface of Mercury.
  2. The Centre has approved the long-standing demand of Indian scientists that the country be an associate member of CERN (European Organisation for Nuclear Research).
  1. Mutual fund managers pumped in over Rs.7,600 crore in equity markets in April, making it their highest net inflow in more than seven years, mainly on account of positive investor sentiments and the government’s reforms agenda.
  1. The Real Estate (Regulation and Development) Bill 2013 will be referred to a Select Committee by the Rajya Sabha.
  1. The Competition Commission of India (CCI) has rejected allegations of unfair business practices against five online retail majors — Flipkart, Snapdeal, Amazon, Jabong and Myntra — as it did not find any prima facie evidence of violations.
  1. IT major Infosys has asked the West Bengal government to either give SEZ (Special Economic Zone) status to the company’s proposed software development centre at Rajarhat or repay the money it has given in advance for the land.
  1. A sessions court in Mumbai held Bollywood actor Salman Khan guilty of culpable homicide and sentenced him to five-year rigorous imprisonment and a fine of Rs. 25,000 in the 2002 hit-and-run case.
  1. With 352 votes in favour, the Constitution (122nd Amendment) Bill for introduction of Goods and Services Tax (GST) sailed through the Lok Sabha.
  1. Union Cabinet met to approve an amendment that would effectively dilute the scope of the Whistle Blowers Protection Act of 2011. The amendment incorporates ‘necessary provisions’ to keep issues of national security out of its purview.
  1. India and Iran signed an inter-Governmental Memorandum of Understanding regarding India’s participation in the development of the Chabahar Port in Iran.
  1. The U.S. has handed over to Pakistan 14 combat aircraft, 59 military trainer jets and 374 armoured personnel carriers, which were earlier used by American forces in Afghanistan and Iraq.
  1. The Lok Sabha passed a bill that provides for trying juveniles aged between 16 and 18 years for heinous crimes under laws for adults.
  1. Parliament unanimously approved The Constitution (119th Amendment) Bill, operationalising the Land Boundary Agreement — swapping territories between India and Bangladesh — 41 years after the

1974 Indira Gandhi-Sheikh Mujibur Rehman pact. Once the Bill is ratified by at least half the legislatures of the country and gets presidential assent, it will likely be India’s 100th constitutional amendment.

  1. Comptroller and Auditor General (CAG) has said the Light Combat Aircraft (LCA) Mark-I Tejas being inducted into the Indian Air Force (IAF) has limited capability and does not meet the force’s operational requirements.
  1. The U.N. health agency declared Liberia Ebola-free.
  2. RBI has advised all public sector banks and some private and foreign banks to appoint an internal ombudsman. The internal ombudsman would be designated Chief Customer Service Officer. The apex bank, however, has made it clear that the CCSO should not have worked in the bank in which he/she is appointed as CCSO.
  1. India has lodged a protest against China’s announcement of infrastructure projects in Pakistan-occupied Kashmir (PoK).
  1. Commuters can now access Indian Railways’ schedule on their mobile phones and desktops using Google Maps. Besides information on 12,000 trains, the Maps will now offer updated details for bus and metro routes in eight cities: New Delhi, Mumbai, Kolkata, Chennai, Ahmedabad, Bengaluru, Hyderabad and Pune.
  1. Supreme Court restrained the government from publishing the photographs of political leaders, Ministers or prominent persons in government advertisements. The court, however, drew an exception to this restraint in the case of the President, the Prime Minister and the Chief Justice of India. The verdict relies on guidelines on ‘Content Regulation of Government Advertising’ framed by a three-member committee, led by legal academician N.R. Madhava Menon.
  1. The Aam Aadmi Party Government said it would not allow foreign direct investment (FDI) in retail sector in the Capital.
  1. The Centre decided to continue with the aptitude test (General Studies Paper-II) in the Civil Services (Preliminary) Examination, fixing its minimum qualifying marks at 33 per cent.
  1. Union Cabinet approved a proposal to ban employment of children aged under 14 in all kinds of commercial enterprises. The Child Labour Prohibition Act, 1986, imposes the ban on only 18 hazardous industries. However, keeping in mind the “social fabric” of the country, the Cabinet has made an exception for work done in family enterprises and on farmlands, provided it is done after school hours and during vacations. The Cabinet has barred employment of adolescents (14 to 18 years) in hazardous occupations and processes in the chemical industry and mines.
  1. The Indian Medical Association (IMA) has sent a legal notice to the makers of the film Gabbar is Back demanding removal of “objectionable” scenes from the movie that was released on May 1.
  1. The proportion of Christians in the U.S. population dropped by ten per cent over the last seven years, even as Hindus and Muslims nearly doubled their share, according to a recent study.
  1. China’s move to build nuclear power plants in Pakistan is not consistent with the rules of the Nuclear Suppliers Group (NSG) and the U.S. has raised this issue in its bilateral meetings, a top Obama Administration official has said.
  1. The Central Government will sell its 10 per cent stake in blue-chip Indian Oil Corporation and five per cent in power producer NTPC to mop up about Rs.13,600 crore in this fiscal’s first disinvestment approval.
  1. RBI allowed Infrastructure Debt Fund-Non-Banking Financial Companies to invest in public-private partnerships (PPPs) and infrastructure projects which have completed at least one year of satisfactory commercial operation. The maximum exposure that an IDF-NBFC can take on individual projects will be at 50 per cent of its total capital funds.
  1. State Bank of India joined its private sector rivals to launch contactless cards using latest near field communication (NFC) technology. Called the SBIinTouch cards, these contactless debit and credit cards are more secure and hassle-free to use at merchant outlets or ATMs and use the NFC technology, which enables users to make payments by waving or tapping the card near the contactless reader instead of swiping or dipping it.
  1. Prime Minister Narendra Modi announced that India had decided to extend electronic tourist visas to Chinese nationals.
  1. An Egyptian court sentenced deposed Islamist President Mohamed Morsy and more than 100 other people to death for their role in a mass jailbreak during the 2011 uprising.
  1. Foreign exchange reserves grew by $262.4 million to touch a new record high of $352.13 billion for the week ended May 8, 2015 against $351.86 billion for the previous week, according to RBI weekly data.
  1. Draupadi Murmu took oath as the ninth Governor of Jharkhand, the first tribal woman to occupy the position in the State.
  1. HDFC Bank, in association with Apollo Hospitals, has launched a co-branded pre-paid card called HDFC Bank Apollo Medical Benefits Card, which will enable corporates to easily disburse medical allowance to their employees without waste of time and incurring any cost.
  1. A Sukhoi-30 fighter aircraft of the Indian Air Force crashed in Assam.
  2. A fully assembled Astrosat, India’s first space observatory, is ready for intensive tests before its launch around October.
  1. India’s largest commercial bank the State Bank of India said that its tie up with Snapdeal for funding MSMEs will boost Prime Minister Narendra Modi’s Make-in-India initiatives by putting more funds in the hands of the small entrepreneurs enabling them to boost their industries.
  1. The Republic of Ireland became the first country to legalise same-sex marriage through popular vote.
  2. U P Singh was appointed as the Interim Chairman and Managing Director (CMD) of state-run Oil India Limited.
  3. Anshula Kant was appointed as the Deputy Managing Director and Chief Financial Officer (CFO) of State Bank of India.
  4. Journalist and writer Aakar Patel appointed as Executive Director of Amnesty International India.
  5. Senior IAS officer G Gurucharan was given additional charge as Director General, Bureau of Indian Standards.
  6. Archana Ramasundaram was appointed as the Director of National Crime Records Bureau.
  7. Narendra Kumar Yadav took charge as CMD of the state-run telecom operator Mahanagar Telephone Nigam Limited.
  8. Prof Sanghmitra Bandyopadhayay was appointed as the Director of Indian Statistical Institute.
  9. Vijai Sharma was appointed as the Chief Information Commissioner in the Central Information Commission. He will have tenure of 5 years or till he attain the age of 65, whichever is earlier.
  10. IRS officer KV Chowdary was appointed as the Central Vigilance Commissioner (CVC).
  11. Senior IPS Officer RC Tayal was appointed as the Director General of National Security Guard.
  12. Syed Asif Ibrahim was appointed as the Prime Minister’s Special Envoy on Countering Terrorism and Extremism.
  13. K Sivan was appointed as the Director of the Vikram Sarabhai Space Centre.
  14. P Kunhikrishnan was appointed as the Director of Satish Dhawan Space Centre.
  15. Meena Hemchandra was appointed as the Executive Director of Reserve Bank of India. As an ED, She will look after Department of Banking Supervision, Department of Co-operative Banking Supervision and Department of Non-Banking Supervision.
  16. Muhammadu Buhari assumed the office of 5th President of Nigeria.
  17. Former Singapore Foreign Minister George Yeo was appointed as the new Chancellor of the Nalanda University, Bihar. Yeo will succeed Nobel laureate Amartya Sen.
  18. Veena Jain was appointed as Director General (news) in Doordarshan.
  19. Pradeep Kumar Sinha was appointed as the Cabinet Secretary to the Union Government. He succeeded Ajit Seth.
  20. Distinguished Scientist G Satheesh Reddy was appointed as Scientific Advisor to Union Defence Minister Manohar Parrikar.
  21. Eminent scientist Dr. S Christopher was appointed as the Director General of the Defence Research and Development Organisation (DRDO).
  22. Sir Fazle Hasan Abed was selected for the 2015 World Food Prize.
  23. Anisa Rasouli nominated as the first ever female Supreme Court judge of Afghanistan.
  24. Chennai’s NL Beno Zephine became the first 100 percent visually-challenged person to be inducted into the Indian Foreign Services (IFS).
  25. The United Nations General Assembly (UNGA) elected Denmark’s Mogens Lykketoft as its President for its upcoming 70th session in September 2015. He will have tenure of one year and succeeds Uganda’s Sam Kutesa.
  26. The Government of Mauritius designated Ameenah Gurib-Fakim as new President of the Indian Ocean island nation.
  27. Jyoti Prasad Rajkhowa was sworn-in as Governor of Arunachal Pradesh. He became the 19th Governor of the state.
  28. Lt. General (Retd.) Nirbhay Sharma was sworn-in as Governor of Mizoram.
  29. Manabi Bandopadhyay became the first transgender principal of Krishnagar Women’s College in Nadia district, West Bengal.
  30. Indian American Professor Emeritus R. Paul Singh was named for the GCHERA World Agriculture Prize 2015. GCHERA stands for Global Confederation for Higher Education Associations for Agriculture and Life Sciences.
  31. Darshan Jain, an Indian-American teacher, US named for prestigious Presidential Award for Excellence in Mathematics and Science Teaching by President Barack Obama.
  32. Sanjeev Galande was selected for G D Birla Award for Scientific Research for 2014.
  33. Veteran Writer Vishwanath Tripathi was selected for the 28th Moorti Devi Award for the year 2014 for his book Vyomkesh Darvesh. Vyomkesh Darvesh is a lifetime story of Acharya Hazari Prasad Dwivedi.
  34. The district administration of Nadia, West Bengal was on 26 June 2015 conferred with the United Nations Public Service Award 2015 for eliminating open defecation in the district.
  35. The spiritual leader Sri Sri Ravi Shankar was conferred with the Columbia’s highest civilian award Orden de la Democracia Simon Bolivar en el grado de cruz Caballero (Order of the Democracy Simon Bolivar) by Columbia.
  36. The Indian Space Research Organisation (ISRO) was presented with the Space Pioneer award for the year 2015 in the Science and Engineering category during the 34th Annual International Space Development Conference held at Toronto in Canada.
  37. Suresh Kalmadi was conferred with the Asian Athletics Association (AAA) President’s award.
  38. Uttarakhand’s Medical, Health and Family Welfare Minister Surendra Singh Negi was conferred with the World No Tobacco Day Award 2015 by the World Health Organsiation.
  39. Super 30 founder and mathematician Anand Kumar was honoured by Legislature of British Columbia in Canada at Toronto University for his pioneering work in the field of education.
  40. Prime Minister Narendra Modi was on a two-day visit to Bangladesh from 6 June to 7 June 2015. The two nations signed, exchanged, adopted and handed 22 bilateral documents in Dhaka, including historical 1974 Land Boundary Agreement which would settle the 4096-kilometre-long border dispute. Modi along with her Bangladeshi Counterpart Sheikh Hasina and West Bengal Chief Minister Mamata Banerjee flagged off the Dhaka-Shillong-Guwahati and Kolkata-Dhaka-Tripura bus services.
  41. Said Djinnit, the United Nations (UN) envoy to Burundi crisis, stepped down from his role as mediator of the crisis.
  42. Sepp Blatter resigned as President of FIFA amid the corruption scandal.
  43. Former UK Prime Minister Tony Blair resigned as the Special Envoy of the Middle East Quartet.
  44. Matti Makkonen, the man responsible for conceiving the idea of short messaging service (SMS) technology, died.
  45. Chris Squire, the co-founder and longtime bassist of progressive Rock Band Yes, died.
  46. The Great Wall of China, a UNESCO World Heritage site, was in news as Beijing Times published a survey report stating that around 30 percent of the Wall disappeared overtime and around 1185 km of the fortification are in poor condition.
  47. Nathu La pass was in news on 16 June 2015 as External Affairs Minister Sushma Swaraj flagged off the first batch of pilgrims for Kailash-Manasarovar yatra that will travel through the pass. During the yatra, piligrims visit Mount Kailash, which Hindus believe as the abode of Lord Shiva, and the Manasarovar Lake located in the south-western corner of Tibetan Autonomous Region (TAR) of China. The pass was reopened after China agreed to open the route following a bilateral agreement signed in September 2014 during Chinese President Xi Jinping’s visit to India.
  48. The place Tengnoupal in Manipur was in news as at least 20 Army personnel were killed and 16 others injured after a group of militants ambushed 6 Dogra Infantry Regiment.
  49. Two Indian organizations Indian Army and Indian Railways are among the world’s biggest employers, together employing around 2.7 million people, as per a research published by the World Economic Forum. Indian Railways was ranked at the eighth place in the list of world’s biggest employers with 1.4 million staff. Immediately after Indian Railways is the Indian Armed Forces with 1.3 million people.
  50. Institute for Economics and Peace released the Global Peace Index (GPI) 2015. Among these 162 countries, India was placed at the 143rd position, the same as 2014.
  51. An unmanned American SpaceX rocket dubbed Falcon-9 broke apart in flames minutes after lifting off from Cape Canaveral in Florida on 28 June 2015.
  52. Indian Medical Association’s (IMA) first-ever Jan Aushadhi Generic Drug (JAGD) Store was inaugurated at its headquarters in IP Estate, New Delhi. The store will offer over 118 commonly used drugs at a 10 to 20 percent lesser price than market value.
  53. G7 Summit 2015 was held at Schloss Elmau in Bavaria, Germany from 7 June to 8 June 2015. This was the 41st G7 summit and the theme for the summit was Think Ahead. Act Together.
  54. India by celebrating the first International Yoga Day in Rajpath, New Delhi created two Guinness World Records (GWRs) on 21 June 2015. The two records include participation of most individuals and individuals from the largest number of nationalities performing asanas at a single venue. Around 36 thousand participants performed asanas and 84 nationalities joined the official observation of International Yoga Day at Rajpath in New Delhi. The celebration at Rajpath was led by Prime Minister Narendra Modi who termed the venue as Yogpath. 192 countries celebrated the first International Yoga Day on 21 June 2015.
  1. Union Agriculture Minister Radha Mohan Singh launched a weather alert service named NOWCAST. NOWCAST will be used to send SMS alerts on extreme weather data like hailstorm, thunderstorm and squall originated by India Meteorological Department (IMD) to over one crore farmers whose mobile numbers are registered on government’s mKisan portal.
  2. Advertising Standards Council of India (ASCI) launched the country’s first consumer complaint mobile app named ASCIonline. ASCI launched this consumer friendly app with an aim to address the issue of misleading advertisements.
  3. Indian Railways rechristened Ahmedabad-Haridwar Mail Express also known as ‘Haridwar Mail’ as Yoga Express.
  4. Union Government launched Mobile Blood Bank Locator App.
  5. To provide security to those devotees taking part in the 59-day-long annual Amarnath Yatra in Jammu and Kashmir, Indian Army in first week of July 2015 launched Operation Shiva.
  6. Exercise Ajeya Warrior is a joint exercise between the armies of India and UK. Exercise began on 13 June 2015 at Westdown Camp in Salisbury Plains Training Area, UK.
  7. The term Magna Carta was in news as the Queen Elizabeth II of the UK inaugurated a ceremony to mark the 800th anniversary of Magna Carta. The ceremony took place at Runnymede near London where King John II sealed the original accord on 15 June 1215.
  8. The Buddhas of Bamiyan were recently in news as they were resurrected in Bamiyan Valley, Afghanistan via 3D light projection technology. The two statues of Standing Buddhas of Bamiyan, 115 ft and 174 ft tall respectively, were carved out of sandstone cliffs and stood at one point painted and gilded. These statues were destroyed in March 2001 by Taliban declaring it as false idols.
  9. Cyclonic storm ASHOBAA was in news after it developed into a cyclonic storm from only a depression that formed over the Arabian Sea.
  10. The Section 12(1)(d) of the Consumer Protection Act, 1986 was in news as the Union Government filed a complaint under it against Maggi, owned by Nestle. Maggi noodles containing high levels of lead and Monosodium Glutamate (MSG).
  11. The term Abraj Kudai was in news as it was described as the world’s biggest hotel set to open in 2017. Abraj Kudai is under construction in Mecca, Saudi Arabia.
  12. Heavy rain triggered twenty-five landslides in Darjeeling, Kalimpong and Kurseong sub-divisions of Darjeeling district of West Bengal.
  13. Chinese cruise ship Eastern Star in the Yangtze River carrying 405 passengers capsized after it got caught in a cyclone.
  14. India’s maiden indigenous aircraft carrier INS Vikrant was undocked at the Cochin Shipyard in Kochi, Kerala.
  15. The Food Safety and Standards Authority of India (FSSAI) set up an Expert Group headed by Dr. D Prabhakaran on Salt, Sugar and Fat in Indian Food Products.
  16. Union Ministry of Finance constituted a Task Force headed by Dhirendra Swarup on Financial Redress Agency (FRA).
  17. The Union Government formed a committee under the Chairpersonship of Prime Minister Narendra Modi to oversee the celebrations of 125th birth anniversary of Dr BR Ambedkar, also called Bhim Jayanti which is annually celebrated on 14 April.
  18. Union Ministry of Finance constituted a Committee on Revisiting and Revitalizing the Public Private Partnership (PPP) Model of Infrastructure Development under the Chairmanship of Vijay Kelkar.
  19. Book titled Transcendence: My Spiritual Experiences with Pramukh Swamiji authored by former President Dr APJ Abdul Kalam and Arun Tiwari was released.
  20. Book titled Dealing with China: An Insider Unmasks the New Economic Superpower authored by Henry M. Paulson was released.
  21. The book Beyond Doubt: A Dossier on Gandhi’s Assassination was compiled and introduced by Indian civil rights activist Teesta Setalvad and published by Tulika Books.
  22. The book Benazir Bhutto: A Multidimensional Portrait was released. It was written by Dr Anna Suvorova of Russia.
  23. A book on Prime Minister Narendra Modi titled Modi –Incredible emergence of a star written in Chinese language by Tarun Vijay was in news as one copy of the book was given to Vice-President M Hamid Ansari.
  24. Prime Minister Narendra Modi launched a book titled Education of Muslims: An Islamic Perspective of Knowledge and Education – Indian Context edited by Professor JS Rajput.
  25. The book Sourav Ganguly: Cricket, Captaincy and Controversy was written by Saptarshi Sarkar and was published in April 2015 by HarperCollins India.
  26. Booker Prize awardee Amitav Ghosh released his new novel Flood of fire.
  27. Greece became the first developed nation to default on International Monetary Fund (IMF) debt. It became a defaulter after it missed the deadline for payment of 1.7 billion dollar (1.5 billion euro) to IMF. The Eurozone Finance Ministers refused to extend its bailout to Greece after it rejected the proposal given by the troika viz., International Monetary Fund (IMF), the European Commission (EC) and European Central Bank (ECB).
  28. The Union Cabinet cleared a proposal to re-promulgate the contentious land acquisition ordinance a third time.
  29. Central government came out with its much-awaited draft gold monetisation scheme with an aim to bring household and institutionally held gold within circulation. As per the draft guidelines, minimum gold deposit is proposed at 30 gms for a minimum period of one year and the interest earned on it would be exempt from income tax as well as capital gains tax.
  30. PM Narendra Modi government approved Rs 4,318.28 crore for constructing roads and basic amenities at two industrial regions in Gujarat and Maharashtra under the Delhi-Mumbai Industrial Corridor (DMIC) project.
  31. Finance Minister Arun Jaitley inaugurated a new production line in Hoshangabad to manufacture currency paper and would ensure high-denomination notes are printed on locally-made paper. Currently, currency notes of larger denominations are printed on imported paper though ink used is mostly produced within the country. With the development of new facilities at Hoshangabad and also Mysore, it would be possible to produce currency printing paper in adequate quantity to meet the need of the nation.
  32. Hyderabad House, Vigyan Bhawan and Jawaharlal Nehru Bhawan have topped the Swachh Bharat Abhiyan (SBA) ratings, leaving behind Rashtrapati Bhawan among the 49 government buildings in the capital that were screened for overall cleanliness.
  33. The highest earning member in about three-fourths of all rural households in the country made less than Rs 5,000 per month, according to the Socio Economic and Caste Census (SECC) 2011 released.
  34. Over one-third of Indian population living in rural areas is illiterate, according to the Socio Economic and Caste Census (SECC) 2011. Around 64 per cent of the rural Indian population is literate, the Census data showed. Rajasthan leads the pack of illiterate states with 47.58 per cent of its population falling in that category, followed by Madhya Pradesh with 44.19 per cent of its people in rural areas being illiterate. Bihar is at the third place with 43.85 per cent and followed by newly carved state Telangana with 40.42 per cent population belonging to this category. However, the most literate state of Kerala has only 11.38 per cent population falling under the illiterate category. After Kerala, Goa has the least illiterate population with 15.42 per cent and Sikkim at the third spot with 20.12 per cent.
  35. The disinvestment department plans to sell 15 per cent stake in Hindustan Copper Ltd (HCL), 10 per cent each in Oil India (OIL) and Engineers India (EIL) and 5 per cent each in NTPC and Bharat Electronics Ltd (BEL).
  36. Uttar Pradesh tops the list of states with highest mobile penetration in rural areas, while Naxal-affected Chhattisgarh finds its place at the bottom. In UP, 86.63 per cent households have mobile handsets, while only 28.47 per cent households in Chhattisgarh own the device.
  37. Union Finance Minister Arun Jaitley announced that the Cabinet has approved funds amounting to Rs 50,000 crore over the five years to ensure that the Pradhan Mantri Krishi Sinchai Yojana is a success.
  38. Global rating agency Fitch trimmed its economic growth projection for India to 7.8% for 2015-16 from 8% predicted earlier.
  39. Indian Railways has floated global tenders worth Rs 2,500 crore, involving the procurement-cum-maintenance of 15 EMU sets.
  40. Union Minister for Health and Family Welfare, J.P. Nadda launched a voice-based web portal for 24/7 toll-free health services. The NHP Voice Web is a 24/7 toll free helpline (1800-180-1104) wherein the caller can get authentic health information on various topics.
  41. A parliamentary panel has pitched for 100 percent hike in salary and daily allowances of MPs and 75 percent raise in pension of ex-MPs. The panel, headed BJP MP Yogi Adityanath, has sought doubling of the existing Rs 50,000 salary of MPs and favoured increasing the pension of former parliamentarians from Rs 20,000 to Rs 35 thousand.
  42. Narendra Modi government has allocated Rs 200 crore for three years to set up an online national agriculture market by integrating 585 wholesale markets across India — a move that would help farmers realise better prices.
  43. Moody’s has cut its credit rating for Greece to a deep-junk “Caa3″.
  44. The Digital India initiative, launched by PM Narendra Modi, could potentially translate into a business opportunity of $3-4 billion annually for the Indian IT industry. In a show of support towards the government’s Digital India push, members of India Inc announced a total investment of Rs 4.5 lakh crore towards various projects which their companies would be undertaking in the next few years. It is estimated that the various projects and initiatives unveiled by the government and the private sector companies would offer employment to over 18 lakh people in the next five to 10 years while driving digital inclusion throughout the country.
  45. The United States and Cuba formally agreed to restore diplomatic ties that had been severed for 54 years.
  46. Government gave three months time till September 30 for people to declare their undisclosed foreign income and assets to escape prosecution under the new black money law, while tax and penalty on such funds can be paid till December 31. Those availing the one-time ‘compliance window’ would be required to pay a tax of 30 per cent and a penalty of a similar amount. Under the new black money law, which has been passed by Parliament and would come into force from April 1, 2016, the penalty would be much higher at 90 per cent, in addition to a 30 per cent tax on undisclosed foreign assets, while such persons would also face criminal prosecution with a jail term of up to ten years.
  47. The World Bank approved $650 million towards loans for the Eastern Dedicated Freight Corridor (EDFC) to facilitate faster and more efficient movement of goods between northern and eastern parts of India. The Eastern Corridor is 1,840 km long and extends from Ludhiana to Kolkata.
  48. India’s total external debt rose by USD 29.5 billion, or 6.6 per cent, to USD 475.8 billion during 2014-15 fiscal, mainly due to increase in external commercial borrowings and NRI deposits.
  49. Standard & Poor’s downgraded Greece’s credit rating deeper into junk territory. It cut Greece’s already deeply-junk rating to ‘CCC-‘ from ‘CCC’.
  50. India was among the 50 founding countries that signed an agreement providing the legal framework for the China-led USD 100 billion multilateral Asian Infrastructure Investment Bank (AIIB). The AIIB will have authorised capital of USD 100 billion, and Asian countries will contribute to up to 75 per cent of the total capital. Each member will be allocated a share of the quota based on their economic size. China, India and Russia are the three largest shareholders, taking a 30.34 per cent, 8.52 per cent, 6.66 per cent stake, respectively. Their voting shares are calculated at 26.06 per cent, 7.5 per cent and 5.92 per cent.
  1. The government plans to double trade with Pacific Alliance member nations like Mexico, Peru, Chile and Colombia to $30 billion by 2019.
  2. Greece will not pay a 1.6 billon euro loan installment due to the International Monetary Fund, a Greek government official confirmed.
  3. With Raghuram Rajan’s recent comments that referred to the Great Depression of the 1930s having created a flutter, the RBI said the governor did not imply there being an imminent risk of the world economy slipping into a new Great Depression as that (30s) period of great turmoil was caused by “many factors”. The RBI, however, added Rajan indeed said that “the policies followed by major central banks around the world were in danger of slipping into the kind of beggar-thy-neighbour strategies that were followed in the 1930s”.
  4. A sub-committee of the Niti Ayog comprising state chief ministers reached a broad consensus on bringing down the number of centrally sponsored schemes to 30 from 66. Flagship schemes such as Mahatma Gandhi National Rural Employment Guarantee Scheme, Pradhan Mantri Gram Sadak Yojana and the National Food Security Mission would continue even after the restructuring of schemes starting 2016-17. The panel chaired by Madhya Pradesh chief minister Shivraj Singh Chouhan.
  5. The Shanghai Cooperation Organisation (SCO) is expected to elevate India and Pakistan as full-fledged members in next BRICS summit, to be held in Russia’s Ufa, which coincides with the SCO meeting.
  6. The Centre has raised the national floor-level minimum wages (NFLMW) to Rs 160 per day from Rs 137.
  7. Centre will give Rs 1 lakh per house for slum development and an interest support of 6.5% to ease the EMI burden of the urban housing scheme beneficiary. States will have the full flexibility in formulation, approval and execution of the public-private partnership projects under the schemes — Smart Cities, Atal Mission for Rejuvenation and Urban Transformation (Amrut) and Housing for All by 2022 in urban areas. The guidelines common to all the three missions include the objective criteria for selection of cities and allocation of funds. Under the schemes, 100 Smart Cities, 500 cities under the urban transformation mission and two-crore affordable houses for the urban poor under the Housing for All project would be constructed. The ‘housing for all’ mission is to be implemented in 4,041 cities or towns. Each selected city for the smart city development will get a central assistance of Rs 100 crore a year, while under Amrut, allocation of funds will be as per urban population and number of cities/towns in the state. Also, 10% of energy needs of smart cities need to be met from renewable sources, 80% of building construction to be green and 35% of housing in greenfield projects need be for economically weaker sections. For smart city creation, states and urban local bodies will set up special purpose vehicles with equal stake. Under the Pradhan Mantri Awas Yojana (Urban), ownership of houses would be in the name of woman or jointly with husband.
  8. Per capita annual income in the national capital rose by nearly 14 per cent to Rs 2.41 lakh in 2014- 15 compared to the previous fiscal, which is almost three times the national average.
  1. The Income tax department has notified a new, more simplified, set of ITR forms for taxpayers to file their returns for assessment year 2015-16, wherein it has done away with intrusive details such as the number of foreign trips and bank account balances that assessees were expected to furnish earlier.
  2. The Employee Provident Fund Organisation (EPFO) has notified an order to make the Universal Account Number (UAN) mandatory for all employers covered under the Employees Provident Funds and Miscellaneous Provisions Act 1952.
  3. Prime Minister Narendra Modi and Tanzania President Jakaya Kikwete held delegation level talks in New Delhi.
  4. The second round of the United Nations negotiations on climate change have concluded in Bonn, Germany.
  5. Retail inflation Consumer Price Index edged up to 5.01 per cent in May on costlier pulses even as prices of fruits and vegetables eased during the month.
  6. The much-awaited Bibek Debroy committee report on the restructuring of Indian Railways lays down a five-year roadmap to evolve a statutory rail regulator and scrap the Rail Budget.
  7. Union Minister of State for Home Affairs Kiren Rijiju as the nodal minister of MoRTH has approved a sum of Rs 10 crore as immediate relief for Arunachal Pradesh.
  8. Sri Lanka has invited former Indian President A P J Abdul Kalam as chief guest at a power and energy conference to be held in Colombo on June 26 and 27.
  9. The Cabinet has approved the signing of the Bangladesh, Bhutan, India and Nepal (BBIN) Motor Vehicle Agreement for the regulation of passenger, personal and cargo vehicular traffic amongst BBIN.
  10. India’s current account deficit (CAD) narrowed to $1.3 billion or 0.2% of gross domestic product (GDP) in January-March compared with $8.3 billion the previous quarter, as lower oil prices shrank the import bill by 13.4%.
  11. The government approved Rs 6,000 crore interest-free loan to sugar mills to help them partly clear cane price arrears to farmers that have touched about Rs 21,000 crore.
  12. The Reserve Bank proposed that Indian corporates eligible for raising external commercial borrowings (ECBs) could also raise funds overseas by issuing Rupee linked bonds, a move expected to open another window for cheaper resources.
  13. A two member mission of the World Bank Group is on a two day-visit to India to collect data and information for Doing Business Report, 2016. The members are Nadine Abi-Chakra and Baria Nabil Daye. India ranked 142 among 189 nations in World Bank’s Ease of Doing Business 2015 report.
  14. Union Urban Development Minister M. Venkaiah Naidu announced that Jind and Karnal districts of Haryana and Muzaffarnagar of Uttar Pradesh have been included in the National Capital Region (NCR).
  15. Union Railway Minister Suresh Prabhu has said that the government will invest Rs. 8.5 lakh crore over the next five years to develop the Indian Railways services.
  16. Bangladesh has offered to establish two Special Economic Zones in Mongla and Bheramara for Indian companies. Opening its insurance sector, Bangladesh handed over consent letter by Insurance Development and Regulatory Authority (IDRA) to Life Insurance Corporation (LIC) to start operations in the country.
  17. On PM Narendra Modi’s Bangladesh visit, India and the neighbouring country signed 22 agreements and MoUs for co-operation in areas of trade, investment, education, climate change and Information and Communication Technology. Besides the landmark exchange of Instruments of Ratification of 1974 Land Boundary Agreement.
  18. Anil Ambani-promoted Reliance Power and Adani Power signed separate memorandums of understanding with state-run Bangladesh Power Development Board (BPDB).
  19. Southwest Monsoon has set in over Kerala on June 5, 2015 as against the normal date of June 1.
  20. Delhi Metro received its first driver-less train, equipped with several advanced features, from a Korea-based manufacturer.
  21. India has lost a case at the WTO, with the World Trade Organisation ruling that Indian ban on import of poultry meat, eggs and live pigs from the US was “inconsistent” with the international norms.
  22. RBI said banks can start using the strategic debt restructuring (SDR) scheme, which will allow them to acquire a 51% stake or more in stressed companies. The Securities and Exchange Board of India (Sebi) had given its nod to the scheme earlier this year, allowing banks to convert debt into equity at a price that was fair but not below the face value.
  1. The Centre has signed a deal with the World Bank for a $400 million loan for an urban development project in Tamil Nadu.
  2. The Pension Fund Regulatory and Development Authority (PFRDA) tweaked investment guidelines for government sector subscribers of the National Pension System (NPS). Investments cap in government securities was reduced to 50% from 55%, while the limit was raised in corporate debt instruments to 45% from 40%.
  3. United States Secretary of Defence Ashton Carter and Defence Minister Manohar Parrikar signed the 2015 framework agreement on India-US defence relationship for the next 10 years.
  4. The effective incidence of service tax on food bill in air conditioned restaurants will go up to 5.6 per cent as against 4.94 per cent previously. The increased incidence follows government raising service tax rate from 12.36 per cent to 14 per cent with effect from June 1. Air conditioned hotels and restaurants attract a service tax on 40 per cent of the billed amount.
  5. The Reserve Bank lowered the economic growth forecast for the current fiscal to 7.6 per cent from 7.8 per cent projected in April.
  6. India has decided to buy only 36 Rafale fighter jets scrapping the earlier plan to acquire 126 of the French aircraft on grounds of huge cost.
  7. The controversial land ordinance was re-promulgated for the third time with President Pranab Mukherjee giving his assent.
  8. Beating its own financial target, the government has contained the fiscal deficit at 3.99 per cent of GDP in 2014-15.
  9. Four Indians are among the world’s 100 most powerful women who are “transforming the world”, according to the Forbes’ 12th annual list, which is topped by German Chancellor Angela Merkel. SBI Chief Arundhati Bhattacharya (30), ICICI bank head Chanda Kochhar (35), Biocon founder Kiran Mazumdar-Shaw (85) and HT Media Chair Shobhana Bhartia (93), and two women of Indian-origin — PepsiCo Chief Indra Nooyi (15) and Cisco Chief Technology and Strategy Officer Padmasree Warrior (84) — make the list.
  10. H. Vinod Bhat, Pro Vice-Chancellor of Manipal University, Manipal, has been appointed its sixth Vice-Chancellor for a term of five years beginning June 1, 2015.
  11. The telecom sector in the country attracted foreign direct investment of $2.85 billion during the April-February period of the last fiscal, which is the highest FDI inflow into the sector in the last five years.
  12. India is home to the highest number of hungry people in the world, at 194 million, surpassing China, according to United Nations annual hunger report.
  13. The Reserve Bank of India (RBI) proposed to introduce a separate category of semi-closed Prepaid Payment Instruments (PPI) for Mass Transit System (PPI-MTS). The PPI-MTS can be used within the mass transit systems and will have a minimum validity of six months from date of issue. Such PPIs will be re-loadable instruments subject to an outstanding limit of Rs.2,000 at any point of time, RBI suggested in a draft circular for public comments.
  14. The United States removed Cuba from its blacklist as a state sponsor of terrorism.
  15. President Pranab Mukherjee arrived In Stockholm on the first leg of his five-day state visit to Sweden and Belarus.
  16. Bangladesh is set to honour former Prime Minister Atal Bihari Vajpayee for his outstanding support for the country’s independence from Pakistan in 1971 when he was a Lok Sabha member. Bangladesh will hand over Vajpayee’s “Friends of Bangladesh Liberation War Award” to Prime Minister Narendra Modi during his visit to the country from June 6.
  17. State-run operator BSNL will not charge mobile phone users for incoming calls when on roaming from June 15 onwards.
  18. India and Belarus decided to work together on defence and security issues as President Pranab Mukherjee met his Belarusian counterpart and agreed on a 17-point road map aimed at strengthening mutual trust and confidence.
  19. India joined the Multilateral Competent Authority Agreement (MCAA) on Automatic Exchange of Financial Account Information. The target is to reach 94 countries by 2017.
  20. Non-repayment of education loan can now affect one’s credit score, a top official of Credit Information Bureau (India) Ltd (CIBIL) has said.
  21. India and the Netherlands will collaborate on fighting terror and cyber crime and have decided to set up a joint working group on counter terrorism. This was announced by Prime Minister Narendra Modi, after his meeting with Prime Minister of the Netherlands Mark Rutte who is in India on a two-day visit.
  22. Chief Minister Chandrababu Naidu took the first concrete step towards building a new capital for Andhra Pradesh, performing the bhoomi puja for “a world class capital city named Amaravati after the mythological City of the Gods.”
  23. Employees’ Provident Fund Organisation has decided to park 5 per cent of its funds in the equity market.
  24. Bollywood superstar Aamir Khan’s PK has set a new record grossing 100 million yuan (Rs. 100 crore) in China, becoming the first Indian film to touch the three-figure mark.
  25. As Prime Minister David Cameron prepares to renegotiate the terms of Britain’s membership of the European Union at a summit later this month, more than 50 Conservative party members of Parliament have said that they will vote to leave the EU if the Prime Minister does not achieve the autonomy from the EU they seek. In his election campaign, Mr. Cameron had promised far-reaching treaty change with the EU and an ‘in-out’ referendum on its membership of the European body to be held before 2017.
  26. ICICI Bank appointed M. K. Sharma as the non-executive Chairman of the Board for a period of five years, in place of K. V. Kamath.
  27. An ordinance was cleared by the Union Cabinet which will amend the Negotiable Instruments Act, will enable filing of cheque bounce cases in the place where the cheque was presented for clearance or payment and not the place of issue.
  28. To ease pressure during peak hours, the Railways has decided to stagger booking of Tatkal tickets by allowing reservations in AC class from 10 a.m. to 11 a.m. and non-AC class from 11 a.m.
  29. U.S. President Barack Obama approved the deployment of up to 450 more U.S. military personnel to Iraq, in a bid to reverse gains by the Islamic State group. The White House said the forces will take part in an already 3,000-strong U.S. mission to “train, advise, and assist” Iraqi army and Sunni tribal fighters.
  30. African leaders signed a potentially historic 26-nation free trade pact to create a common market spanning half the continent from Cairo to Cape Town.
  31. HDFC Bank launched Pay Zapp, a complete digital payment and purchase solution, a one-stop online portal offering customers ‘great deals at one place’.
  32. The Maharahstra government has made the teaching of English, Maths, Science and Social Science mandatory in all madrasas that seek grants from the State.
  33. Close circuit TV (CCTV) cameras would be installed at vantage points in nine districts of Uttar Pradesh bordering, or in close proximity, to Nepal for keeping a close watch on human trafficking from across the border.
  34. Rupert Murdoch is preparing to step down as chief executive of the media-entertainment conglomerate 21st Century Fox and hand the job to his son James, CNBC television reported.
  35. The Reserve Bank of India (RBI) has decided to permit non-resident Indians (NRIs) to subscribe to the chit funds without limit on a non-repatriation basis. The subscription to chit funds, however, should come through the normal banking channel, including through an account maintained with a bank in India, the apex bank said.
  36. The Union government has launched an insurance pool of Rs. 1,500 crore, mandatory under the Civil Liability for Nuclear Damage Act to offset the financial burden on foreign nuclear suppliers in case of an accident. The pool has been set up by General Insurance Corporation of India and 11 other non-life insurers, including New India, Oriental Insurance, National Insurance and United India Insurance, from the public sector, apart from private insurance companies.
  37. External Affairs Minister Sushma Swaraj triggered a controversy by defending her recommendation to the U.K. last year to provide travel documents to former Indian Premier League chief Lalit Modi to visit his wife, undergoing treatment for cancer in Portugal, if the rules permitted.
  1. Former Union Minister Sheila Kaul, a sister-in-law of Jawaharlal Nehru and oldest surviving former parliamentarian, died after brief illness at a hospital.
  2. In a decision impacting over six lakh students across the country, the Supreme Court cancelled the All-India Pre-Medical and Pre-Dental Entrance Test held on May 3, 2015 due to exam fraud and ongoing investigation.
  3. First-time MLA Kapil Mishra was sworn in as a Cabinet minister in the Delhi government and given charge of the Law Department.
  4. Indian Space Research Organisation (ISRO) will flight test an indigenously developed re-usable satellite launch vehicle for the first time this September.
  5. Mt. Everest moved 40 cm to the northeast during the recent devastating earthquakes in Nepal.
  6. The banking system as a whole has been witnessing higher level of non-performing assets (NPA). State-run banks continue to report higher bad loans and the gross non-performing assets as on March 31, 2015, stood at 5.17 per cent.
  7. Rajasthan Chief Minister Vasundhara Raje’s alleged support to Lalit Modi’s efforts to immigrate to the United Kingdom in 2011, a year after he fled following FEMA charges, left the government embarrassed.
  8. Prime Minister Narendra Modi announced that India would release detained Pakistani fishermen as a gesture of peace to mark the holy month of Ramzan.
  9. Bharat Sanchar Nigam Ltd. plans to set up 40,000 Wi-Fi hotspots across the country in three years at a cost of Rs. 6,000 crore to provide seamless Internet connectivity.
  10. Film actor and Trinamool Congress MP Mithun Chakraborty surrendered Rs 1.2 crore, which he had received from the scam tainted Saradha Group, to the Enforcement Directorate.
  11. An Egyptian court upheld a death sentence against ousted Islamist President Mohamed Morsy for plotting jailbreaks and attacks on police during the country’s 2011 uprising.
  12. Russia’s military this year alone will receive over 40 new intercontinental ballistic missiles capable of piercing any missile defences, President Vladimir Putin said.
  13. Asian Development Bank proposes to increase lending to India by almost 50 per cent to $12 billion by 2018, ADB President Takehiko Nakao said.
  14. NCP chief Sharad Pawar was elected president of the Mumbai Cricket Association for a seventh two-year term at the elections held.
  15. Turning up the heat on the former Maharashtra PWD Minister Chhagan Bhubal, the Enforcement Directorate (ED) has booked him on money laundering charges.
  16. Microfinance company, Bandhan Financial Services Ltd, said that it got the final nod from the Reserve Bank of India (RBI) to set up a universal bank. The bank is planned for launch in Kolkata — the city where Bandhan is headquartered — on August 23. Mr. Ghosh also said that the new Bank would start operations in 27 States with around 500 to 600 bank branches and 10 million customers at its launch. Further all the existing microfinance businesses of the NBFC and the clients would be transferred to the new bank.
  17. The country’s foreign exchange reserves rose by $1.575 billion and stood at $354.29 billion in the week ended June 12, according to the Reserve Bank of India’s latest weekly data.
  18. Former Delhi Law Minister Jitender Singh Tomar was sent to Tihar jail by a court in the alleged fake degree case.
  19. India has taken up the issue of China blocking its move at the United Nations to seek action against Pakistan for releasing the 26/11 mastermind Zaki-ur-Rehman Lakhvi “at the highest level” with Beijing.
  20. Sister Nirmala, who succeeded Nobel laureate Mother Teresa as the superior-general of the Missionaries of Charity, died. She was 81.
  21. James Horner, celebrated composer of musical scores for several smash-hit movies, including Titanic and Avatar , died in a plane crash at the age of 61, colleagues said.
  22. The Income Tax Department notified a new set of income tax return forms for the assessment year 2015-16, and has extended the deadline for the filing of returns to August 31.
  23. Acting on the Supreme Court order to re-conduct All India Pre-Medical and pre-Dental Test (AIPMT), 2015, the Central Board of Secondary Education has decided to hold the exam on July 25.
  24. In a “historic” decision, the Samajwadi Party government has renamed the Lucknow Prani Udyan, popularly known as Lucknow Zoo, as “Nawab Wajid Ali Shah Prani Udyan, Lucknow”.
  25. The Indian Mars Orbiter Mission (MOM) completed its 100th orbit around Mars.
  26. India has emerged as the third largest source of Foreign Direct Investment (FDI) for United Kingdom (UK) after United States (US) and France in terms of number of projects.
  27. The monsoon session of Parliament will start on July 21.
  28. The Union Cabinet cleared the proposal for the setting up of six new Indian Institutes of Management (IIMs) in the country. The new IIMs will be located at Visakhapatnam (Andhra Pradesh), Bodh Gaya (Bihar), Sirmaur (Himachal Pradesh), Nagpur (Maharashtra), Sambalpur (Odisha) and Amritsar (Punjab).
  29. Australia announced that it would join the new China-led Asian Infrastructure Investment Bank (AIIB) as a founding member. The bank already has 57 prospective members.
  30. The Reserve Bank of India (RBI) has extended the date for the public to exchange their pre-2005 banknotes till December 31, 2015.
  31. The Reserve Bank of India had decided to allow banks to borrow from global multilateral financial institutions for general banking business. They can do so without seeking the central bank’s approval.
  32. New Development Bank (NDB), also known as the BRICS Bank, is expected commence operations and start financing projects by April 2016, said its first President K.V. Kamath at the CII National Council Meeting.

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