1st Jan to 15 th Jan

AWARDS & HONOURS

Following are the top awardees at the 73rd Annual Golden Globe Awards ceremony at, California, United States:-

 Best Motion Picture Drama: The Revenant

 Best Motion Picture Musical/Comedy: The Martian

 Best Director in Motion Picture-Drama: Alejandro Inarritu for The Revenant

 Best Actor in Motion Picture-Drama: Leonardo DiCaprio for The Revenant

 Best Actress in Motion Picture-Drama: Brie Larson for Room.

BCCI president, Shashank Manohar, presented the BCCI International Cricketer-of-the-Year Award 2014-15 to Test at the ninth BCCI annual awards. He also presented the Col. C.K. Nayudu Lifetime Achievement Award to former stumper, Syed Kirmani.

British writer, Kate Atkinson won the 2015 Costa novel award for her novel “A God in Ruins’, thus becoming the first British author to receive a Costa prize three times. Earlier she had won it for ‘Life After Life’ (2013) and ‘Behind the Scenes at the Museum’ (1995).

The Drug Authentication and Verification Application (DAVA) project of The Department of Commerce won the 2015 eASIA Award under Trade Facilitation category. DAVA project was launched by Union Government in June 2015. It seeks to create an integrated platform for implementation of the Track and Trace system for exporters and domestic markets of Drugs and Pharmaceuticals.

Lionel Messi won the FIFA world player of the year award for a record fifth time. Ronaldo ended up in second place.

The Employees’ Provident Fund Organisation (EPFO) won the National Award on e-Governance 2015-16 for launching the Universal Account Number (UAN).

Carnatic vocalist Sanjay Subrahmanyam was conferred with the prestigious 2015 Sangita Kalanidhi award for his outstanding achievements in Carnatic music. The 47-year-old musician was amongst the youngest list of musicians who had received the prestigious award before turning 50.

BUSINESS & CORPORATE

India's biggest e-commerce company, Flipkart , announced the promotion of current Chief Operating Officer Binny Bansal to the post of Chief Executive Officer (CEO). On the other hand, Sachin Bansal, who has been the CEO since inception, will now take on the newly-created role of Executive Chairman.

Forbes released the 2016 30 Under 30 List featuring 600 men and women who achieved remarkable professional success before attaining 30 years of age. Further, 45 Indians and Indian-origin people figured in the annual compilation for their entrepreneurial spirit.

General Motors (GM) Board of Directors announced Mary Barra as its next Chairman, effective immediately. She succeeds Theodore Solso, who will continue serving as the Board's Lead Independent Director. The first female CEO of the major global automaker, Barra has been serving as CEO of the company since January, 2014.

Industry body Internet and Mobile Association of India (IAMAI), which counts companies such as Facebook, Microsoft and Google as members, announced Kunal Shah, co-founder FreeCharge as its new chairman.

JetPrivilege, the rewards management programme and frequent flyer programme of Jet Airways entered into a reciprocal frequent flyer partnership with FlyerBonus, the loyalty scheme of Bangkok Airways.

National Bank for Agriculture and Rural Development (Nabard) signed a Memorandum of Understanding (MoU) with National Remote Sensing Center (NRSC) for web-based monitoring of watershed projects. The web- based monitoring of Indo-German Watershed Development (IGWDP) projects will happen in three states of , Rajasthan and Telangana.Under the MoU, Hyderabad-based NRSC, will create a separate page for Nabard on Bhuvan web-portal, develop customised software tool and mobile application for real time monitoring, online comparison and visualisation with respect to activities implemented in the projects sanctioned by Nabard.

Nokia Corporation announced the completion of the regulatory formalities for acquiring the French telecom equipment company Alca-Lucent. The deal, worth 15.6 billion euro, was signed in 2014 and later approved by the European Commission.

The Competition Commission of India (CCI) gave its approval to Reliance Capital Asset Management's proposed acquisition of global giant Goldman Sachs' mutual fund business in India for Rs 243 crore. The deal would also make Reliance MF the exclusive fund manager for the government's ambitious Central Public Sector Enterprises (CPSE) Exchange. Reliance Capital is the financial services arm of Anil Ambani-led business conglomerate Reliance Group and is also present in insurance, brokerage and wealth management among other areas.

Volvo Buses India, the bus unit of Volvo Group (a Swedish multinational manufacturing company) that existed as a standalone entity was merged with Volvo India Private Ltd. Volvo Group in India includes multiple business areas and brands such as Volvo Buses, Volvo Penta Engines, Volvo Construction Equipment, UD Buses, Volvo Trucks, Eicher Trucks and Buses.

IT giant Wipro, India’s third largest IT services exporter, appointed current Chief Operating Officer (COO) Abid Ali Neemuchwala as the Chief Executive Officer (CEO) and member of the board.

BILLS / ACTS / COMMITTEES / SCHEMES / POLICIES

 Union Government constituted Shyam Benegal Committee for holistic interpretation of the provisions of the Cinematograph Act, 1952. The committee was formed with an aim to revamp Censor Board of India. The committee will be headed by noted film-maker Shyam Benegal. Other Members of the Committee include Rakeysh Omprakash Mehra, Piyush Pandey, Bhawana Somaaya , Nina Lath Gupta and Joint Secretary (Films) as Member Convenor. Actor-filmmaker Kamal Hassan and director Gautam Ghosh were also included later on in the Shyam Benegal committee making it a six-member body.

 The Union government constituted a five-member high-level committee chaired by NITI Ayog Vice Chairman Arvind Panagariya to monitor the Rs 90,000 crore Mumbai- bullet train project. These members will look into the overall operations and technical issues of the project, its strategic importance for bilateral relation, financial outlay and the ‘Make in India’ component respectively.

 The government formed a one-man committee headed by Kamlesh Chandra, a retired member of the Postal Services Board, to examine the wage structure and service conditions of gramin dak sevaks , who are extra-departmental agents recruited by the postal department to serve in rural areas. The Department of Posts has 2.6 lakh such employees and the Committee will go into the service conditions of gramin dak sevaks and suggest changes as considered necessary. The committee will review the existing facilities, the service discharge benefit scheme and other social security benefits of gramin dak sevaks It also has a mandate to examine and suggest any change in the method of engagement, minimum qualification for engagement for these employees and their conduct and disciplinary rules, particularly keeping in view the proposed induction of technology in rural post offices.

 President Pranab Mukherjee gave his assent to the Sugar Cess (Amendment) Bill, 2015, raising the ceiling of the impost from Rs 25 to Rs 200 per quintal, a measure that will help sugarcane growers and cash- starved mills.

 An ordinance to amend the 47-year-old Enemy Property Act was approved by President Pranab Mukherjee to allow custodians to continue to hold sway over such properties. The ordinance amends the provisions of the Act declaring that all "enemy property" vested in the 'custodian' would continue to vest in the custodian irrespective of the death or extinction of the enemy. The custodian of enemy property in the country is an Indian government department that is empowered to appropriate property in India owned by Pakistani nationals.

 The Union Government announced to rollout a LPG-like direct benefit transfer (DBT) scheme for kerosene w.e.f 1 April 2016. In the initial phase, the scheme will be implemented in the states of Chhattisgarh, Haryana, Himachal Pradesh, Jharkhand, Madhya Pradesh, Maharashtra, Punjab and Rajasthan.

ECONOMY & FINANCE

 State Bank of India became the first public sector lender to launch wealth management service, a space dominated by private and foreign players, to cater to fast-growing affluent segment of the country.

 State owed telecom service provider Bharat Sanchar Nigam Limited (BSNL) launched the high speed 4G (Fourth Generation) telecom services at Chandigarh in Punjab circle . thus becoming the fifth telecom service provider in India to launch 4G service after Airtel, Aircel, Vodafone and Reliance in that sequence.

 In a big push to entrepreneurship, the Union cabinet approved 'Stand Up India' scheme and creation of a credit guarantee fund to back the Mudra Yojana. The cabinet also approved conversion of MUDRA Ltd, a non-banking financial company, into MUDRA Small Industries Development Bank of India (SIDBI) Bank, a wholly-owned subsidiary of SIDBI.

 Andhra Bank launched Immediate Payment Service (IMPS) at all its branches in association with the National Payments Corporation of India (NPCI). IMPS makes payments possible within fraction of seconds with all the standards and integrity maintained for security, a release from the bank on Tuesday said. IMPS has been enabled across all branches to provide inter-bank electronic fund transfer service “capable of processing person to account remittances.” IMPS, unlike NEFT, will be available round the clock. Under IMPS, a real time instant fund transfer system for inter-bank remittances, the maximum cap of transaction will Rs. 2 lakh.

 The Global Economic Prospect report published by the World Bank (WB) projected a robust 7.8 per cent growth for the Indian economy in the year 2016. It will grow at a 7.9 per cent growth in the next two years 2017 and 2018.

 Mumbai-based firm IRB Infrastructure bagged Rs 10,050 crore project — considered the largest National Highway project awarded in India — to construct and maintain a 14.8-km tunnel in Jammu & Kashmir.

 India’s largest lender, State Bank of India (SBI) launched a dedicated specialized branch for start-ups called ‘SBI InCube’ in Bengaluru, . The ‘SBI InCube’ branch will cater to the specific financial needs by providing advisory services to the budding entrepreneurs under one roof.

 Reserve Bank imposed a penalty of Rs. 1 crore on an SBI associate bank, State Bank of Travancore, for violation of its instructions including reporting of data to Central Repository of Information on Large Credits (CRILC). RBI set up CRILC to collect, store, and disseminate data on all borrowers’ credit exposures. Banks are required to report all such information here, including classification of an account as SMA (Special Mention Accounts), on all borrowers having aggregate fund-based and non-fund-based exposure of Rs. 5 crore and above.

 National Bank for Agriculture and Rural Development (NABARD) signed a Memorandum of Understanding (MoU) with Hyderabad-based National Remote Sensing Centre (NRSC) for web-based monitoring of watershed projects. Web-based monitoring will be undertaken for India-German Watershed Development (IGWDP) projects in three states viz. Rajasthan, Gujarat and Telangana.

 India signed a loan agreement with World Bank for the Neeranchal National Watershed Project to support the Pradhan Mantri Krishi Sinchayi Yojana in hydrology and water management, agricultural production systems, capacity building and monitoring and evaluation.

 The Union Cabinet gave its approval for the creation of a Credit Guarantee Fund for Micro Units Development Refinance Agency (MUDRA) loans and to convert MUDRA Ltd. into MUDRA Small Industries Development Bank of India (SIDBI) Bank as a wholly owned subsidiary of SIDBI. The Fund is expected to guarantee more than Rs 1,00,000 crore worth of loans to micro and small units in the first instance.

PEOPLE IN NEWS

Veteran Communist Party of India leader A.B. Bardhan passed away at the age of 92. Mr. Bardhan held the post of general secretary of CPI for over a record number of years from 1996 to 2012. Mr. Bardhan took part in the freedom movement as a member of the All India Students Federation and later associated himself with the trade union movement out of Nagpur, going on to become general secretary of the All India Trade Union Congress. He was a leading figure of the trade union movement.

Alan Rickman, one of the best-loved and most warmly admired British actors of the past 30 years, died at the age of 69. A star whose arch features and languid diction were recognisable across the generations, Rickman found a fresh legion of fans with his role as Professor Snape in the Harry Potter films. He often was praised for his complex antagonist acting for playing numerous roles of villains in films like Die Hard, Robin Hood: Prince of Thieves. He was a recipient of the Golden Globe Award, Emmy Award and BAFTA Award.

Music Legend David Bowie passed away at the age of 69. He was one of the most influential musicians of 1970s and was famously known for his creative musicianship to break pop and rock boundaries.

Devender Kumar Sikri, a former Gujarat cadre Indian Administrative Service (IAS) officer, was appointed as chairman of fair-trade regulator Competition Commission of India (CCI). Sikri will have a tenure of about two and half years, i.e. till he attains the age of 65 years. Sikri, a seasoned bureaucrat, has held various positions in Centre as well as in his cadre state Gujarat.

Senior United Nations (UN) official Filippo Grandi from Italy took the charge as new UN High Commissioner for Refugees (UNHCR). He will have tenure of five years. UNHCR is a United Nations agency mandated to protect and support refugees. It is a member of the United Nations Development Group.

Harpal Singh Kumar, the chief executive of Cancer Research UK (CRUK), and a top Indian-origin cancer research expert was conferred Knighthood by Queen Elizabeth II for being "hugely influential" in his work on prevention and treatment of cancer.

Jacob-Farj-Rafael (Retired Lieutenant General), a key architect in India’s victory in 1971 Bangladesh Liberation War passed away at the age of 92.

Noted Gujarati writer and poet Labhshankar Thakar passed away at the age of 80. He was modernist author of with influence of existentialism challenging traditional literature styles.

Maria Teresa de Filippis, best known for having become Formula 1's first-ever female driver in the 1950s, passed away at the age of 89. She is remembered as a first female pioneer in motor racing, a sport mainly dominated by men after she had participated in the five World Championship Grand Prix for the Maserati team in 1958.

Chief Minister of Jammu and Kashmir Mufti Mohammad Sayeed passed away at the age of 79. Mr Sayeed, a two-time chief minister, started his second tenure on March 1st, 2015 in alliance with the BJP, after having led the State government between 2002-05 previously. He was the founder of the Jammu and Kashmir People's Democratic Party (JKPDP) that he founded in 1999 to persuade "the Indian government into an unconditional

dialogue with the Kashmiri people." In a long career in politics, Mr Sayeed was a Congressman till 1987. He was Minister for Tourism in the Rajiv Gandhi government in 1986, after which he joined former Prime Minister V P Singh's National Front government as Home Minister. His short stint there (1989-90) was marred by the kidnapping by Kashmiri militants of his daughter Rubaiyya Sayeed.

Former Defence Secretary Radha Krishna Mathur was sworn in as the eight Chief Information Commissioner (CIC) of the Central Information Commission.

Noted Hindi writer and journalist Ravindra Kalia passed away at the age of 78.Kalia had been suffering from liver cirrhosis, according to family sources. Known for his works like Nau Saal Chotti Patni and Ghalib Chutti Sharab, the former Bharatiya Jnanpith director was also the editor of several literary magazines, including Naya Gyanodaya.

Senior IAS officer Sailesh was appointed as Registrar General and Census Commissioner (RGCC) of India. The post of the RGCC of India is usually held by a civil servant holding the rank of Joint Secretary to Government of India. It is responsible for conducting the decennial Census.

Well-known telecom engineer and inventor Sam Pitroda was appointed Technical Advisor to the Odisha Government. Dr. Pitroda will have a key role in Vision 2036 for Odisha@100 and will help provide the essential technological blueprint to write the IT story of Odisha. Dr. Pitroda, who was born in Titilagarh in Odisha, will get the rank of a Cabinet Minister. As the State government is making a vision document for 2036 to celebrate the 100 years of State’s formation, the role of IT will be a key factor. Odisha was founded as a separate State in 1936.

The Government has reappointed Dr Urjit Patel as Deputy Governor of Reserve Bank of India (RBI) for a second three-year term. As Deputy Governor of RBI, Dr Patel looks after Monetary Policy, Economic Policy Research, Deposit Insurance, Statistics and Information Management and Right to Information etc.

SPORTS

Indian shooter Apurvi Chandela broke the world record on her way to winning gold in the women's 10 metre air rifle event at the Swedish Cup Grand Prix. Chandela surpassed the feat of Chinese Olympic gold medallist Yi Siling, who held the record.

Arunima Sinha, the amputee mountaineer who set a record by climbing the Mount Everest, added another feather in her cap by conquering Mount Aconcagua in Argentina. Aconcagua is the highest mountain outside Asia, at 6,960.8 metres, and by extension, the highest point in both the Western Hemisphere and the Southern Hemisphere. Arunima had lost her left leg in a train accident in 2011 and she surprised the world by climbing Mt. Everest on May 21, 2013. She was awarded the Padamshree for her achievement.

Former Chief Justice of India, R.M. Lodha, submitted his report on the various aspects of reforms in the BCCI to the Supreme Court. The report culminates the panel’s exhaustive investigations into how the game is run in the country and what could be done to ensure that transparency and accountability is the rule and not the exception in the administration of in India. Some of the recommendations are:-

 Governing Bodies should be separate for Indian Premier League (IPL) and BCCI, with limited autonomy for the IPL Governing Council.

 No Minister or government servant should become a BCCI office-bearer.

 BCCI office-bearer’s tenure should not exceed more than two consecutive terms, and he/she cannot hold two posts at the same time.

 The relevance of different zones should be for the purpose of tournaments and not for the governance of the BCCI and its committees.

 There should be uniformity of structure in the organisation and functioning of state associations on the lines of BCCI

 The BCCI management affairs should be done by professionals led by Chief executive officer (CEO).

Mumbai teenager Pranav Dhanawade scripted history by becoming the first cricketer ever to notch up a four- figure score by smashing an unbeaten knock of 1,009 in an inter-school tournament.The 15-year-old’s knock included 129 fours and 59 sixes during the match at the Union Cricket Academy ground in Kalyan. The effort helped his school declare on 1465/3, which is also a record for the highest ever team score.

Ace Indian tennis player and her Swiss partner Martina Hingis won the 2016 WTA Brisbane International Tennis trophy in the women’s doubles category.

India won the 2015 South Asian Football Federation (SAFF) championship for record seventh time by defeating defending champion Afghanistan in the final match.

World number four Stanislas Wawrinka from Switzerland won the 2016 Open title of tennis after defeating Borna Coric (World No. 33) of Croatia.

MISCELLANEOUS

World

 The World Health Organization (WHO) declared the end of the most recent flare-up of Ebola virus disease in Liberia, saying all known chains of transmission have been stopped in West Africa.

 Sri Lanka and Pakistan agreed to expand their bilateral free trade agreement (FTA) by inclusion of services and investment. The expansion of FTA would help companies of the two nations to form joint ventures (JV) for exports to other nations.

India

 The High Level Committee (HLC) of the National Disaster Management Authority (NDMA) sanctioned 791 crore rupees to the drought affected Telangana.

 Madhya Pradesh and the Singapore government signed four MoUs including one on clean energy providing for setting up a 1000 MW wind energy project in the western part of the central Indian state.

 For speedy trial of cases relating to witchcraft incidents, the Jharkhand Government on 13 January 2016 decided to set up fast track courts in five districts.

16th Jan to 31st Jan AWARDS & HONOURS

Three Indian-origin persons were awarded Australia’s highest civilian honour for their contribution in the fields of physics, engineering and medicine. Chennupati Jagadish, an eminent professor at Australian National University (ANU), Jay Chandra, an eye doctor, and Sajeev Koshy, a dentist, received the Order of Australia medal for the year 2016 announced on the Australia Day.

Nitish Kumar was chosen for the K Veeramani Award for Social Justice 2015 for his contribution towards social justice as Chief Minister. The award is given away by Periyar International, a Chicago-based voluntary organisation.

Lance Naik Mohan Nath Goswami from the Army’s elite Para Special Forces was awarded the Ashok Chakra, the country’s highest peacetime gallantry award, posthumously for his role in saving two colleagues during an encounter with militants in Kashmir last year. Another of his colleague, Subedar Mahendra Singh was awarded for his valiant actions in the same operation. These were among the 365 gallantry awards and other defence decorations approved by President Pranab Mukherjee on the eve of the 67th Republic Day Celebrations. These include four Kirti Chakras, 11 Shaurya Chakras, one Bar to Sena Medal, 48 Sena Medals, four Nao Sena Medals, two Vayu Sena Medals in addition to 298 Distinguished Service medals.

Madhya Pradesh was conferred the Union Government’s prestigious Krishi Karman Award in maximum food grains production category for year 2014-15 for the 4th consecutive year.

Superstar Rajinikanth, founder of the Reliance empire late Dhirubhai Ambani, Art of Living founder Sri Sri Ravi Shankar and media baron Ramoji Rao were chosen for , country's second highest civilian award, this year. Moreover, women dominated this year's Padma awards for sports with tennis star Sania Mirza and ace shuttler getting the nod for the , while archer was chosen for the .

Morton Mower (US) and Sir Michael Marmot (UK) won the prestigious 2015 Prince Mahidol Award for their outstanding achievements in the international healthcare sector. Prince Mahidol Award is an annual award of Thailand’s Royal Family bestowed upon persons or organization for their outstanding achievements in medicine and public health worldwide.

At the inaugural ceremony of MIFF (Mumbai International Festival for Documentary, Short and Animation Films) 2016, the veteran wildlife film maker Naresh Bedi was honored with the V Shantaram Life Time Achievement Award. The award comprising a trophy, shawl and a cash prize of Rs 5 lakhs (Rs 500,000) is instituted in memory of legendary film maker V Shantaram, who was head of the Films Division in the past. Naresh Bedi is counted amongst the foremost wildlife documentary makers, being the first Asian to receive the Wildscreen Red Panda award. A graduate of the Film & Television Institute of India, FTII, Pune, Bedi has made films which have been shown on National Geographic, Discovery Channel, BBC, Channel 4 etc.

Nisid Hajari won the 2016 William E. Colby Award for his book, “Midnight’s Furies: The Deadly Legacy of India’s Partition.” Now in its 17 th year, the Colby prize is awarded annually by Norwich University to a first-time author in recognition of a work of fiction or non-fiction that has made a major contribution to the understanding of military history, intelligence operations or international affairs.

BUSINESS & CORPORATE

Cognizant Technology Solutions acquired the privately-held KBACE Technologies Inc, a US-based global consulting and technology services company specialising in cloud strategy, implementation and integration. KBACE, with nearly half of its employees working out of Bengaluru, has one of the largest reference bases of Oracle Cloud Applications customers in the world, and is a leading Oracle Cloud partner. The acquisition expands Cognizant’s digital capabilities, as more clients are moving critical business applications to cloud-based IT infrastructures.

State-owned ONGC got environmental clearance for drilling 45 development wells and other related infrastructure involving a cost of over Rs 53,000 crore in the Krishna-Godavari basin in Andhra Pradesh.

Clean energy firm ReNew Power Ventures announced the commissioning of 40 MW wind power project in Karnataka.

Tata Motors appointed former top official of Airbus Guenter Butschek as its Chief Executive Officer & Managing Director. Mr. Butschek will lead all operations of Tata Motors in India and in international markets including South Korea, Thailand, Indonesia and South Africa.

Japanese automaker Toyota Motor Corp. topped in global vehicle sales in 2015 by selling 10.151 million vehicles, beating Volkswagen and General Motors, thus retaining its status as the world’s top-selling automaker for the fourth straight year.

Micro blogging site Twitter appointed Leslie Berland as the Chief Marketing Officer (CMO) of the company.

BILLS / ACTS / COMMITTEES / SCHEMES / POLICIES

 The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, gave its approval for setting up over 5,000 MW of Grid-Connected Solar PV Power Projects on build, own and operate basis. The work will be implemented by Solar Power Developers (SPDs) with Viability Gap Funding (VGF) under Jawaharlal Nehru National Solar Mission (JNNSM).The total investments expected under this scheme is about Rs 30,000 crore.

 The Union Cabinet approved amendments in Power Tariff Policy to ensure 24X7 affordable power for all. The amendments aim at promoting clean energy, better regulation of discoms and faster rollout of investments. The amendments are also aimed at achieving the objectives of Ujwal DISCOM Assurance Yojana (UDAY) with the focus on 4 Es: Electricity for all, Efficiency to ensure affordable tariffs, Environment for a sustainable future, Ease of doing business to attract investments and ensure financial viability.

 Weighing in the environmental perspective for sustained growth, the Ministry of Shipping started ‘Project Green Ports’ which will help in making the Major Ports across India cleaner and greener. ‘Project Green Ports’ will have two verticals - one is ‘Green Ports Initiatives’ related to environmental issues and second is ‘Swachh Bharat Abhiyaan’. The Green Port Initiatives include twelve initiatives which will be implemented under strict time bound fashion in order to achieve the targets. Some of these initiatives are preparation and monitoring plan , acquiring equipments required for monitoring environmental pollution, acquiring dust suppression system, setting up of sewage/waste water treatment plants/ garbage disposal plant, setting up projects for energy generation from renewable energy sources, completion of shortfalls of Oil Spill Response (OSR) facilities (Tier-1), prohibition of disposal of almost all kind of garbage at sea, improving the quality of harbour wastes etc. Under Swachh Bharat Abhiyaan, the Ministry identified 20 activities with certain time-line to promote cleanliness at the port premises. Some of the activities include cleaning the wharf, cleaning and repairing of sheds, cleaning and repairing of port roads, painting road signs, zebra crossing, pavement edges, modernizing and cleanliness of all the toilet complexes in the operational area, placement of dustbins at regular intervals, beautification and cleaning of parks, boards indicating cleanliness messages, cleaning and repairing of all drainages and storm water systems and tree plantation.

 Union Ministry of Finance released the draft report of Justice R V Easwar (Retd) Committee to simplify the provisions of Income-tax Act, 1961. The recommendations contain suggestions to facilitate speedier disposal of tax disputes.

 India and France inked an Inter-Governmental Agreement (IGA) on the sale of 36 French fighter jets, Rafale. This agreement was among the 14 pacts signed between the two countries after extensive talks between Prime Minister Narendra Modi and visiting French President Francois Hollande which focused ways to enhance cooperation in counter- terrorism, security and civil nuclear energy.

 At a time when infant mortality and child marriages are rampant among tribal people, Andhra Pradesh government came out with a novel scheme to support the tribal women in their quest for livelihood. ‘Giriputrika Kalyana Pathakam’ , a scheme designed to provide a onetime financial assistance of Rs.50,000

to each tribal woman who gets married, was announced by the State Government. The amount would be disbursed through District Tribal Welfare Office directly to the bank accounts of the beneficiary.

 The Nai Manzil scheme was launched for the first time in Jammu and Kashmir. Nai Manzil Scheme is an integrated Education and Livelihood Initiative for the Minority Communities. It was announced by the Union Budget 2015-16. Under the scheme, girls from minority communities will be imparted three month skill development training in seven identified sectors relevant to the region. Trainees will also be given stipend of 4500 rupees for the course.

ECONOMY & FINANCE

 As per a UN report, India's economy, which accounts for over 70 per cent of South Asia's GDP, is projected to grow by 7.3 per cent in 2016 and 7.5 per cent in 2017, slightly up from an estimated 7.2 per cent in 2015. The report said South Asia is expected to be the world's fastest-growing region in 2016 and 2017. UN report sees majority of the countries in South Asia to see accelerated growth over the next two years on the back of strong private consumption as the main driver of growth, offsetting relatively tight fiscal policies and sluggish exports.

 BSE launched an algorithm trading test facility for investors on its equity and derivatives platform. The new service is free-of-cost for market participants. Algorithmic trading or algo trading refers to orders on bourses that are generated using high-frequency, automated execution logic. The new service for algorithm trading test environment has been launched in partnership with Symphony Fintech Solutions Pvt Ltd. This service will enable all market participants to test their trading algorithms in equity, equity derivative and currency derivative segments free-of-cost. The members will be able to test their trading strategies with live market data feed during market hours and historical market data. BSE has also made a provision to generate data analytics reports to check the performance of the strategies. Besides, it would provide individual test session for each member and there is no time slot booking for login sessions for trading members.

 The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2014-15 (with Base Year 2011-12) as per the revised policy. The salient features of the estimates at aggregate level are indicated below:

 Nominal GDP or GDP at current prices for the year 2014-15 is estimated as Rs. 124.88 lakh crore while that for the year 2013-14 is estimated as Rs. 112.73 lakh crore, exhibiting a growth of 10.8 per cent during 2014-15 as against 13.3 per cent during 2013-14.

 Real GDP or GDP at constant (2011-12) prices for the years 2014-15 and 2013-14 stands at Rs.105.52 lakh crore and Rs. 98.39 lakh crore, respectively, showing growth of 7.2 per cent during 2014-15, and 6.6 per cent during 2013-14.

 Nominal Net National Income (NNI) at current prices for the year 2014-15 stands at Rs. 110.08 lakh crore as against Rs. 99.34 lakh crore in 2013-14, showing an increase of 10.8 per cent during 2014-15 as against an increase of 13.2 per cent in the previous year.

 The government approved the hybrid annuity model for building roads to fast-track highway projects, revive the Public-Private-Partnership (PPP) mode and attract more investments in the sector. Under this model, the government will provide 40 per cent of the project cost to the developer to start work while the remaining investment has to be made by the developer. The main objective of the approval is to revive highway projects in the country by making one more mode of of highway projects.

 The Securities and Exchange Board of India (Sebi) panel on Alternative Investment Funds(AIFs) headed by Infosys founder NR Narayana Murthy, proposed creating a favourable tax environment for investors, tweaking of safe harbour rules, unlocking domestic pools of capital, enabling onshore fund management in India and reforming the AIF regulatory regime. AIFs which include venture capital funds, private equity

funds, debt funds, infrastructure funds and social venture funds among others have invested more than $103 billion in Indian companies between 2001 and 2015. These investments were made in over 3,100 companies across 12 major sectors. The committee has recommended several changes in taxation policy for AIFs with two key reforms being introduction of STT (Securities Transaction Tax) for private equity and venture capital investments as it has worked effectively for several years in case of foreign portfolio investors and tweaking of safe harbour norms.

 The union government granted infrastructure status to the shipyard industry in a bid to ease its financial stress. With the infrastructure status, the shipyards will be able to avail flexible long-term funding at lower costs.

 Prime Minister Narendra Modi launched the ambitious ‘Startup India’ Movement to boost digital entrepreneurship at the grassroots level. In a major announcement, he said there will be income tax exemption to startups for the first three years. He also promised faster patent registrations and quicker exits for companies. Norms will be relaxed for public procurement of startups, he added. The Human Resource Development Ministry and the Department of Science and Technology agreed to partner in an initiative to set up over 75 such startup support hubs in the National Institutes of Technology (NITs), the Indian Institutes of Information Technology (IIITs), the Indian Institutes of Science Education and Research (IISERs) and NIPERs (National Institutes of Pharmaceutical Education and Research).

 NITI Aayog and IDFC Institute announced to jointly conduct a survey of manufacturing companies, including startups, across India as part of ease of doing business enabler. The survey will bring out a comprehensive analysis and report on state-level performance. The NITI Aayog-IDFC Institute Enterprise survey will complement the governments Make in India initiative by taking stock of issues faced and providing impetus for state-level reforms that will make it easier to do business in India, while fostering competitive and cooperative federalism.

 Hailing India’s Aadhaar digital ID, the World Bank said the initiative is estimated to be saving the government about $1 billion annually by curbing corruption as it underlined that digital technologies can promote inclusion, efficiency and innovation. India’s Aadhaar digital identification system has already reached close to one billion people enabling many of the poor to access services more easily and making it possible for government to deliver welfare services more easily. India is on track to register its entire 1.25 billion population using its Aadhaar digital ID, the World Bank said. This, it said, would help the government to promote the inclusion of disadvantaged groups in its welfare schemes.

 A Protocol to amend the existing Double Taxation Avoidance Convention was signed by the Government of India and the Government of Armenia. The Protocol amends the Double Taxation Avoidance Convention between India and Armenia that has been in existence since 9th September, 2004. The Protocol amends the Article on Exchange of Information for tax purposes to bring it in line with the updated provisions in the OECD Model. The Protocol will enable the two countries to exchange information related to financial and banking transactions under the Double Taxation Avoidance Convention, and thereby facilitate them in addressing tax evasion. It is also expected to further strengthen the efforts of Government of India in curbing generation of black money.

 In its latest World Economic Outlook report, the International Monetary Fund (IMF) projected that India will grow 6.5 per cent in 2016, overtaking China which, it projected, will slowdown to 6.3 per cent. For 2015, the IMF forecast India will grow at 6.3 per cent, up from 5.8 per cent in 2014. China’s 2014 growth

rate was 7.4 per cent. In a separate forecast, the United Nations World Economic Situation and Prospects UN WESP report too predicted a smart recovery for India during 2015.It pegged its 2015 India growth forecast lower than the IMF’s –at 5.9 per cent. At 6.3 per cent, the UNWESP 2016 India growth forecast is, however, closer to that of the IMF. The IMF said that global growth will receive a boost from lower oil prices, which reflect to an important extent higher supply. But this boost is projected to be more than offset by negative factors, including investment weakness as adjustment to diminished expectations about medium-term growth continues in many advanced and emerging market economies.

PEOPLE IN NEWS

American Actor Abe Vigoda, known for his work on The Godfather and on the television series Barney Miller , died at the age of 94. Vigoda earned Emmy Award nominations three straight years for his portrayal of the world-weary detective Phil Fish on the 1970s ABC sitcom Barney Miller .

Noted filmmaker Anil Ganguly passed away at the age of 82.

Aparna Kumar, a 2002-batch IPS officer from Uttar Pradesh cadre, became the first officer of the All India Services to have successfully scaled Antarctica’s highest peak Mount Vinson Massif. Senior journalist and scholar Aroon Tikekar, who authored over 20 books, including The cloister’s pale: A Biography of the University of Mumbai , passed away at the age of 72.

Senior Indian Revenue Service Officer Atulesh Jindal was appointed chairman of Central Board of Direct Taxes (CBDT), the apex policy making body of Income Tax department in India.

Renowned Kannada filmmaker and lyricist Geethapriya passed away at the age of 84.

Glenn Frey, the Grammy-winning Eagles guitarist and co-founder of the band, known for hits including “Tequila Sunrise” and “Heartache Tonight,” died at the age of 67.

Gurdeep Singh, managing director of Gujarat State Electricity Corporation Limited (GSEC), was appointed as chairman and managing director of central PSU National Thermal Power Corporation (NTPC). Mr. Singh was instrumental in GSEC's turnaround, the power generation entity of the Gujarat government.

Former Jammu and Kashmir governor and retired chief of Army staff, General K V Krishna Rao, passed away at the age of 93. He also served as the Governor of Nagaland, Manipur and Tripura. He was awarded the Param Vishist Seva Medal for displaying outstanding leadership and courage during Jammu and Kashmir war.

Marvin Minsky, a mathematician, computer scientist, and pioneer in the field of artificial intelligence, died at the age of 88. Minsky, a professor emeritus at the MIT Media Lab, was a pioneering thinker and the foremost expert on the theory of artificial intelligence. His 1985 book “The Society of Mind” is considered a seminal exploration of intellectual structure and function, advancing understanding of the diversity of mechanisms interacting in intelligence and thought.

Reputed social worker and one of the leading lights of the Sindhi community, Nirmala Gajwani, passed away at the age of 87.

Eminent tabla player Pandit Shankar Ghosh passed away at the age of 80. The legendary classical exponent was awarded the prestigious Sangeet Natak Akademi Award in 2000.

Noted environmentalist Ravi Chellam took charge as the Executive Director of Greenpeace India, a Non- Government Organisation (NGO).

Recalling its earlier order appointing Justice Virendra Singh as Uttar Pradesh Lokayukta, the Supreme Court selected former judge of Allahabad HC Sanjay Mishra as the new Lokayukta.

Tsai Ing-wen of Taiwan's main opposition party became the island's first female president in a landslide victory over the ruling Kuomintang.

Former Sikkim Governor and senior Bharatiya Janata Party (BJP) leader Ventrapragada Rama Rao passed away at the age of 81.

SPORTS

Angelique Kerber of Germany won the 2016 Australian Open women’s singles tennis title when she defeated the world number 1 ranking Serena Williams of the USA in the finals.

India reclaimed the top spot in the International Cricket Council’s (ICC) Test rankings after a gap of almost four- and-a-half years. India had previously held the No. 1 Test position from December 2009 to August 2011. With only 11 points separating top ranked India from sixth-ranked New Zealand, there is potential for further changes before the April 1 annual cut-off date. Australia is ranked second with 109.4 points and the third-placed South Africa has 108.9.

Indian Formula Car driver and Sahara Force India Academy racer, Jehan Daruvala won the 2016 Lady Wigram Trophy, New Zealand’s most prestigious race event held annually.

Navneet Kaur of Punjab clinched the honours in the women’s single sculls in the 34th Senior national rowing championship. The 20-year-old Navneet, in her maiden single sculls race in the Nationals, clocked 8:26.83 to win comfortably, warding off the challenge of Chandigarh’s Pooja and former Asian championship medallist Dittymol Varghese.

Ace Indian Shuttler Pusarla Venkata Sindhu (World No.12) won the 2016 Malaysia Masters Grand Prix Gold Badminton title when she defeated Scotland’s Kirsty Gilmour (World No.20) in the finals.

Ace Indian tennis player Sania Mirza and her Swiss partner Martina Hingis won the 2016 Australian Open title of tennis in the women’s doubles category.

World No. 22 Viktor Troicki from Serbia won the 2016 WTA Apia International title of Tennis in the men’s single category when he defeated Grigor Dimitrov from Bulgaria in the final match.

MISCELLANEOUS

 In long-pending reforms that came into effect in January 2016, emerging and developing economies gained more influence in the governance architecture of the International Monetary Fund (IMF). India’s voting rights increase to 2.6 per cent from the current 2.3 per cent, and China’s, to six per cent from 3.8, as per the new division. Russia and Brazil are the other two countries that gain from the reforms. More than six per cent of the quota shares will shift to emerging and developing countries from the U.S. and European countries. The combined quotas — or the capital countries contribute — doubles to about $659 billion from about $329 billion. IMF Managing Director Christine Lagarde said that greater representation will help the institution better meet the needs of its members.

 Eritrea’s Department of Religious Affairs made it mandatory for men of the nation to marry at least two wives. Failing to adhere by the orders will lead to life imprisonment with hard labour.

 The 1st Ministerial Meeting of Arab-India Cooperation Forum was held on 24 January 2016 in the Bahraini capital Manama. The meeting reviewed the achievements of the Arab-Indian cooperation since the establishment of the Arab-Indian Co-operation Forum in New Delhi in 2008 and adopted the Manama Declaration.

 Japan lifted sanctions on Iran after the United Nations atomic energy agency confirmed on 16 January 2016 that Tehran has fully taken steps to curb its disputed nuclear programme.

 Lt Governor of Puducherry AK Singh launched the MITRA mobile application to ensure safety and security of women in the Union Territory.

 The Union Cabinet approved the imposition of President Rule in Arunachal Pradesh after expiration of six month deadline under which the Assembly was supposed to meet. A Congress-led government was in power in the state, but following defections, when 21 out of 47 legislators had rebelled against the chief minister, the governor had advanced the session of the Assembly. The Congress had gone to court and obtained a stay on the proceedings.

 The first solar power operated mini-water supply plant of Maharashtra was commissioned in Hingna village of Mouda Taluka in Nagpur district. The major objective of the plant is to facilitate villagers to get pure water supply for a very low cost which can easily be borne by the Gram Panchayat.