1) Which state government on 15 October 2015 launched a scheme
titled “My Brick My Amaravati“, under which citizens were invited to purchase e-bricks for
Rs. 10 each? – Andhra Pradesh
Explanation: Andhra Pradesh Chief Minister launched the “My Brick My Amaravati” scheme on 15 October so as to financially
assist in the huge task of establishing the new capital for the state. Under
this initiative, a person can contribute Rs. 10 per digital brick
online and have his or her name engraved on it.
For all those who subscribe to these digital bricks, the name of
the subscriber will be registered. One can buy these bricks by paying online
through debit, credit cards and netbanking facility.
The capital-city to be known as “Amaravati” will become
the
capital of the downsized Andhra Pradesh. It lies between Vijayawada and Guntur.
The foundation for this city will be laid on 22 October 2015.
2) In a landmark initiative, the Indian Railways on 15 October 2015
signed an MoU to procure 50 MW of power from market through open bidding
process. This is the first time that the Railways will get electricity not from
a state power utility but from the open market. Which division of the Indian
Railways is involved in this first-of-its-kind agreement? – North
Central Railway (NCR)
Explanation: The North Central Railway (NCR) on 15 October signed an
agreement with Adani Power Limited. Under this agreement Adani Power will
supply 50 MW power at a landed tariff of Rs. 3.69 per unit for a period of 3
years.
The move is expected to lead to annual saving of about Rs.150
crore in electricity bill for the Indian Railways. Railways have been procuring
power through the state utilities at an average rate of Rs. 6.75 per unit. In
this year’s Railway Budget Union Rail Minister Suresh Prabhu had proposed to
procure power through the bidding process at economical tariff from generating
companies, power exchanges, and bilateral arrangements. This initiative is
likely to result in substantial savings of at least Rs. 3,000 crore in next few
years.
Some time back a PSU named Railway Energy Management Company
Limited (REMCL), on behalf of North Central Railway (NCR), had for the first
time invited open bids for the same, in which Adani Power emerged as the
successful bidder.
3) The Supreme Court on 16 October 2015 struck down on the National
Judicial Appointments Commission (NJAC) law that was meant to replace the
two-decade old collegium system of judges appointing judges in higher
judiciary. The collective order of the Supreme Court thus gave a setback to the
NDA govt.’s efforts to create NJAC. Which constitutional amendment was
associated with creation of the NJAC? – 99th Constitutional
Amendment
Explanation: The National Judicial Appointments Commission (NJAC) was a body
created to end the two-decade-old Supreme Court Collegium system of judges
appointing judges to the highest courts in the country. For The parliament
had unanimously voted in favour of the NJAC law and the 99thConstitutional Amendment.
99th Constitutional Amendment was proposed for
giving constitutional validity for the establishment of the proposed NJAC.
One of the contentious provisions of the new law was the
inclusion of two eminent persons to the NJAC which included Chief Justice of
India, two senior most judges of the apex court and the Union Law Minister. The
move was opposed as many saw this as a governmental interference in judicial
systems of the country.
In a collective order, the Supreme Court on 16 October held the
99th Constitutional Amendment Act and the NJAC Act
2014 “unconstitutional and void”.
4) What will be the total corpus of the new Financial Inclusion
Fund (FIF) that was announced by the Reserve Bank of India (RBI) on 15 October
2015? – Rs. 2,000 crore
Explanation: Financial Inclusion Fund (FIF) will be setup to support
developmental and promotional activities like financial inclusion
and research and transfer of technology. It will be primarily used
creating of financial inclusion infrastructure across the country, capacity
building of stakeholders and creation of awareness to address demand side
issues. The fund will not be utilized for normal business/banking activities.
Earlier the RBI had two funds – Financial Inclusion Fund and
Financial Inclusion Technology Fund for the similar objectives. It has now been
decided to merge the two funds. The new fund will be in operation for another
three years or till such period as may be decided by the RBI and the Government
in consultation with other stakeholders.
FIF will be administered by the reconstituted Advisory Board
constituted by Union Government and will be maintained by NABARD.
5) The Enforcement Directorate (ED) on 15 October 2015 brought
seven more banks on its investigation radar with regard to the case
pertaining to illegal transfer of funds from banks. Which are these 7 banks? – ING Vysya
Bank, ICICI Bank, Kotak Mahindra Bank, Indusind Bank, Dhanlaxmi Bank, YES Bank
and DCB Bank
Explanation: These 7 banks were alleged to have been used for illegal fund
transfer transactions during the period between 2010 to 2014.
The ED also cracked another module related to the money
laundering case, by arresting Manish Jain. He was charged with illegal transfer
of funds between 2006 and 2014 through the Oriental Bank of Commerce.
According to ED, Jain had 66 accounts in the Oriental Bank of
Commerce, Rajpur Branch Ghaziabad and Rs 505 Crore were deposited and
remitted abroad through this bank during the period 2006 to 2010.
It is worth mentioning that earlier Bank of Baroda was found guilty
in illegal fund transfer case valued at Rs. 6,172 crore.
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