1. RBI relaxed KYC rules for Non-Banking Financial Companies
Know-Your-Customers (KYC) rules for Non-Banking Financial Companies (NBFCs) were relaxed by the Reserve Bank of India (RBI).
The KYC rules were amended for NBFC’s due to practical difficulties and constraints being faced by them in getting KYC documents at frequent intervals.
As per RBI notification, the KYC exercise will be required to be done in three ways and they are
• For high-risk individuals and entities – in at least every 2 years
• For medium risk individuals and entities - in at least every 8 years
• For low risk individuals and entities – in at least every 10 years
These time limits will be adjusted by taking into account whether and when client due diligence measures have previously been undertaken and the adequacy of data were obtained. However, physical presence of clients may not be insisted at such periodic updations.
Previous norms said that the NBFC’s should undertake KYC once in every 5 years for low risk category customers and once in two years for both high and medium risk categories.
Know-Your-Customers (KYC) rules for Non-Banking Financial Companies (NBFCs) were relaxed by the Reserve Bank of India (RBI).
The KYC rules were amended for NBFC’s due to practical difficulties and constraints being faced by them in getting KYC documents at frequent intervals.
As per RBI notification, the KYC exercise will be required to be done in three ways and they are
• For high-risk individuals and entities – in at least every 2 years
• For medium risk individuals and entities - in at least every 8 years
• For low risk individuals and entities – in at least every 10 years
These time limits will be adjusted by taking into account whether and when client due diligence measures have previously been undertaken and the adequacy of data were obtained. However, physical presence of clients may not be insisted at such periodic updations.
Previous norms said that the NBFC’s should undertake KYC once in every 5 years for low risk category customers and once in two years for both high and medium risk categories.
2. Union Government extends AFSPA for another one year in Assam
Union Government has extended the Armed Forces (Special Powers) Act, 1958 for another one year in Assam and has declared the entire ‘state of Assam’ as a ‘Disturbed Area’.
As per government notification, this extension will for another one year beyond 03 November 2014 which is presently in force.
Besides Assam, government has declared the area falling within 20 km wide belt along the border of Assam with Arunachal Pradesh and Meghalaya as Disturbed Area.
In these disturbed areas, Army is empowered to take action for counter Insurgency (CI) operations against the underground (UG) outfits under the provisions of AF (SP) Act, 1958.
3. PM inaugurates 102nd Indian Science Congress 2015 at Mumbai University
Prime Minister Narendra Modi has inaugurated the Indian Science Congress 2015 at the Mumbai University. It is the 102nd edition of this congress and Mumbai is hosting it again after the gap of 45 years.
The theme of 102nd Congress is Science and Technology for Human Development.
The Congress sessions aims to bring together eminent scientists, research scholars to popularize science and foster a scientific temperament.
Union Government has extended the Armed Forces (Special Powers) Act, 1958 for another one year in Assam and has declared the entire ‘state of Assam’ as a ‘Disturbed Area’.
As per government notification, this extension will for another one year beyond 03 November 2014 which is presently in force.
Besides Assam, government has declared the area falling within 20 km wide belt along the border of Assam with Arunachal Pradesh and Meghalaya as Disturbed Area.
In these disturbed areas, Army is empowered to take action for counter Insurgency (CI) operations against the underground (UG) outfits under the provisions of AF (SP) Act, 1958.
3. PM inaugurates 102nd Indian Science Congress 2015 at Mumbai University
Prime Minister Narendra Modi has inaugurated the Indian Science Congress 2015 at the Mumbai University. It is the 102nd edition of this congress and Mumbai is hosting it again after the gap of 45 years.
The theme of 102nd Congress is Science and Technology for Human Development.
The Congress sessions aims to bring together eminent scientists, research scholars to popularize science and foster a scientific temperament.
4. Boxing India (BI) gets nod from Union Sports Ministry
Union Sports Ministry has given nod to Boxing India (BI) as the new governing body for the sport.
In this regard, Ministry of Youth Affairs & Sports (Department of Sports) – Government of India has given the nod as it is a recognised member of the International Boxing Association (AIBA).
It will help BI to expedite the administrative formalities and streamlining the overall functioning and activities boxing.
Boxing India President: Sandeep Jajodia
5. R.K Srivastava takes over as AAI chief
R.K Srivastava today took over as the new chairman of Airports Authority of India (AAI) replacing Sudheer Raheja.
The government had announced Srivastava’s appointment on December 19 for five years.
Srivastava is a 1984-batch Jharkhand-cadre IAS officer.
Raheja, a Board member (Planning), was in charge of the post since late August last year.
The post of chairman was lying vacant after the then UPA government terminated midway the six-month extension to the then chairman V.P Aggarwal and gave additional charge to Alok Sinha, who was working as joint secretary in the Civil Aviation Ministry at that time.
Union Sports Ministry has given nod to Boxing India (BI) as the new governing body for the sport.
In this regard, Ministry of Youth Affairs & Sports (Department of Sports) – Government of India has given the nod as it is a recognised member of the International Boxing Association (AIBA).
It will help BI to expedite the administrative formalities and streamlining the overall functioning and activities boxing.
Boxing India President: Sandeep Jajodia
5. R.K Srivastava takes over as AAI chief
R.K Srivastava today took over as the new chairman of Airports Authority of India (AAI) replacing Sudheer Raheja.
The government had announced Srivastava’s appointment on December 19 for five years.
Srivastava is a 1984-batch Jharkhand-cadre IAS officer.
Raheja, a Board member (Planning), was in charge of the post since late August last year.
The post of chairman was lying vacant after the then UPA government terminated midway the six-month extension to the then chairman V.P Aggarwal and gave additional charge to Alok Sinha, who was working as joint secretary in the Civil Aviation Ministry at that time.
6. Indian company IRCON restores Jaffna-Kankasanthurai rail track in Sri Lanka
Indian Railway’s construction company (IRCON) has restored the rail track between Jaffna and Kankasanthurai in North Sri Lanka.
This restored commercial Yal Devi Express service was formally inaugurated by Sri Lanka’s Transport Minister Kumara Welgama.
This 18 kilometer track passes through the high security zone which was freed from the control of Tamil tigers in 2009.
Background
The entire rail line between Colombo and the Northern part of Sri Lanka was destroyed in the late 1980s by the LTTE.
India’s IRCON is playing important role in rebuilding the 252 km railway track on this route. Indian government had provided a line of credit of 800 million dollars for these projects. In 2014, the line upto Jaffna was made operational after it was restored.
Indian Railway’s construction company (IRCON) has restored the rail track between Jaffna and Kankasanthurai in North Sri Lanka.
This restored commercial Yal Devi Express service was formally inaugurated by Sri Lanka’s Transport Minister Kumara Welgama.
This 18 kilometer track passes through the high security zone which was freed from the control of Tamil tigers in 2009.
Background
The entire rail line between Colombo and the Northern part of Sri Lanka was destroyed in the late 1980s by the LTTE.
India’s IRCON is playing important role in rebuilding the 252 km railway track on this route. Indian government had provided a line of credit of 800 million dollars for these projects. In 2014, the line upto Jaffna was made operational after it was restored.
7. Indian-origin man J Y Pillay reappointed as top advisor to Singapore President
Veteran Indian-origin civil servant Joseph Yubaraj Manuel Pillay was reappointed as the Chairman of the Presidential Council of Advisers (CPA) by Singapore President Tony Tan Keng Yam.
He was sworn in as top advisor to Singapore’s President for a period of next four years.
As Chairman of the CPA, he will exercise the functions of the President’s office in the absence of President. If he is unavailable, the Speaker of Parliament would act as the head of state.
8. Former ISRO chief and Renowned Scientist Dr V R Gowarikar passes away
Former ISRO chief and renowned Scientist Dr. Vasant Ranchod Gowarikar passed away in Pune, Maharashtra. He was 81.
9. RBI advances deadline for providing services to unbanked villages
The Reserve Bank of India has advanced the deadline for banks to complete the process of providing banking services in unbanked villages (with population less than 2,000) to August 14, 2015, instead of March 2016.
he Reserve Bank of India has advanced the deadline for banks to complete the process of providing banking services in unbanked villages (with population less than 2,000) to August 14, 2015, instead of March 2016.
Since PMJDY was launched on August 28, banks collectively have opened 10.36 crore basic savings bank deposit accounts and issued 8.38 crore RuPay debit cards up to December 30.
About 73 per cent of the total accounts opened have zero balance.
The remaining accounts have balances aggregating ₹8,044 crore.
Veteran Indian-origin civil servant Joseph Yubaraj Manuel Pillay was reappointed as the Chairman of the Presidential Council of Advisers (CPA) by Singapore President Tony Tan Keng Yam.
He was sworn in as top advisor to Singapore’s President for a period of next four years.
As Chairman of the CPA, he will exercise the functions of the President’s office in the absence of President. If he is unavailable, the Speaker of Parliament would act as the head of state.
8. Former ISRO chief and Renowned Scientist Dr V R Gowarikar passes away
Former ISRO chief and renowned Scientist Dr. Vasant Ranchod Gowarikar passed away in Pune, Maharashtra. He was 81.
9. RBI advances deadline for providing services to unbanked villages
The Reserve Bank of India has advanced the deadline for banks to complete the process of providing banking services in unbanked villages (with population less than 2,000) to August 14, 2015, instead of March 2016.
he Reserve Bank of India has advanced the deadline for banks to complete the process of providing banking services in unbanked villages (with population less than 2,000) to August 14, 2015, instead of March 2016.
Since PMJDY was launched on August 28, banks collectively have opened 10.36 crore basic savings bank deposit accounts and issued 8.38 crore RuPay debit cards up to December 30.
About 73 per cent of the total accounts opened have zero balance.
The remaining accounts have balances aggregating ₹8,044 crore.
10. PK becomes highest grossing Bollywood film
Even as protests against the film continued, the producers of the
Even as protests against the film continued, the producers of the
Aamir Khan-starrer PK said on Friday that the film has broken Dhoom 3 record to become the biggest earner in Bollywood by collecting Rs. 278.52 crore since its release on December 19.PK has faced criticism from right-wing organisations which said the Rajkumar Hirani-directed film disrespects Hindu religion, an allegation rejected by its makers.
Hirani, 52, said the film’s word-of-mouth performance has been overwhelming.
It is the second film by both Aamir and Hirani after 3 Idiots (Rs. 202 crore) to be a part of the highest-earning club.
The Aamir-starrer Dhoom 3 is the second biggest earner with Rs. 271.82 crore followed by the Salman Khan-starrer Kick (Rs. 244 crore) and Shah Rukh Khan’s Chennai Express (Rs. 228 crore).
1. RBI relaxed KYC rules for Non-Banking Financial Companies
Know-Your-Customers (KYC) rules for Non-Banking Financial Companies (NBFCs) were relaxed by the Reserve Bank of India (RBI).
The KYC rules were amended for NBFC’s due to practical difficulties and constraints being faced by them in getting KYC documents at frequent intervals.
As per RBI notification, the KYC exercise will be required to be done in three ways and they are
• For high-risk individuals and entities – in at least every 2 years
• For medium risk individuals and entities - in at least every 8 years
• For low risk individuals and entities – in at least every 10 years
These time limits will be adjusted by taking into account whether and when client due diligence measures have previously been undertaken and the adequacy of data were obtained. However, physical presence of clients may not be insisted at such periodic updations.
Previous norms said that the NBFC’s should undertake KYC once in every 5 years for low risk category customers and once in two years for both high and medium risk categories.
Know-Your-Customers (KYC) rules for Non-Banking Financial Companies (NBFCs) were relaxed by the Reserve Bank of India (RBI).
The KYC rules were amended for NBFC’s due to practical difficulties and constraints being faced by them in getting KYC documents at frequent intervals.
As per RBI notification, the KYC exercise will be required to be done in three ways and they are
• For high-risk individuals and entities – in at least every 2 years
• For medium risk individuals and entities - in at least every 8 years
• For low risk individuals and entities – in at least every 10 years
These time limits will be adjusted by taking into account whether and when client due diligence measures have previously been undertaken and the adequacy of data were obtained. However, physical presence of clients may not be insisted at such periodic updations.
Previous norms said that the NBFC’s should undertake KYC once in every 5 years for low risk category customers and once in two years for both high and medium risk categories.
2. Union Government extends AFSPA for another one year in Assam
Union Government has extended the Armed Forces (Special Powers) Act, 1958 for another one year in Assam and has declared the entire ‘state of Assam’ as a ‘Disturbed Area’.
As per government notification, this extension will for another one year beyond 03 November 2014 which is presently in force.
Besides Assam, government has declared the area falling within 20 km wide belt along the border of Assam with Arunachal Pradesh and Meghalaya as Disturbed Area.
In these disturbed areas, Army is empowered to take action for counter Insurgency (CI) operations against the underground (UG) outfits under the provisions of AF (SP) Act, 1958.
3. PM inaugurates 102nd Indian Science Congress 2015 at Mumbai University
Prime Minister Narendra Modi has inaugurated the Indian Science Congress 2015 at the Mumbai University. It is the 102nd edition of this congress and Mumbai is hosting it again after the gap of 45 years.
The theme of 102nd Congress is Science and Technology for Human Development.
The Congress sessions aims to bring together eminent scientists, research scholars to popularize science and foster a scientific temperament.
Union Government has extended the Armed Forces (Special Powers) Act, 1958 for another one year in Assam and has declared the entire ‘state of Assam’ as a ‘Disturbed Area’.
As per government notification, this extension will for another one year beyond 03 November 2014 which is presently in force.
Besides Assam, government has declared the area falling within 20 km wide belt along the border of Assam with Arunachal Pradesh and Meghalaya as Disturbed Area.
In these disturbed areas, Army is empowered to take action for counter Insurgency (CI) operations against the underground (UG) outfits under the provisions of AF (SP) Act, 1958.
3. PM inaugurates 102nd Indian Science Congress 2015 at Mumbai University
Prime Minister Narendra Modi has inaugurated the Indian Science Congress 2015 at the Mumbai University. It is the 102nd edition of this congress and Mumbai is hosting it again after the gap of 45 years.
The theme of 102nd Congress is Science and Technology for Human Development.
The Congress sessions aims to bring together eminent scientists, research scholars to popularize science and foster a scientific temperament.
4. Boxing India (BI) gets nod from Union Sports Ministry
Union Sports Ministry has given nod to Boxing India (BI) as the new governing body for the sport.
In this regard, Ministry of Youth Affairs & Sports (Department of Sports) – Government of India has given the nod as it is a recognised member of the International Boxing Association (AIBA).
It will help BI to expedite the administrative formalities and streamlining the overall functioning and activities boxing.
Boxing India President: Sandeep Jajodia
5. R.K Srivastava takes over as AAI chief
R.K Srivastava today took over as the new chairman of Airports Authority of India (AAI) replacing Sudheer Raheja.
The government had announced Srivastava’s appointment on December 19 for five years.
Srivastava is a 1984-batch Jharkhand-cadre IAS officer.
Raheja, a Board member (Planning), was in charge of the post since late August last year.
The post of chairman was lying vacant after the then UPA government terminated midway the six-month extension to the then chairman V.P Aggarwal and gave additional charge to Alok Sinha, who was working as joint secretary in the Civil Aviation Ministry at that time.
Union Sports Ministry has given nod to Boxing India (BI) as the new governing body for the sport.
In this regard, Ministry of Youth Affairs & Sports (Department of Sports) – Government of India has given the nod as it is a recognised member of the International Boxing Association (AIBA).
It will help BI to expedite the administrative formalities and streamlining the overall functioning and activities boxing.
Boxing India President: Sandeep Jajodia
5. R.K Srivastava takes over as AAI chief
R.K Srivastava today took over as the new chairman of Airports Authority of India (AAI) replacing Sudheer Raheja.
The government had announced Srivastava’s appointment on December 19 for five years.
Srivastava is a 1984-batch Jharkhand-cadre IAS officer.
Raheja, a Board member (Planning), was in charge of the post since late August last year.
The post of chairman was lying vacant after the then UPA government terminated midway the six-month extension to the then chairman V.P Aggarwal and gave additional charge to Alok Sinha, who was working as joint secretary in the Civil Aviation Ministry at that time.
6. Indian company IRCON restores Jaffna-Kankasanthurai rail track in Sri Lanka
Indian Railway’s construction company (IRCON) has restored the rail track between Jaffna and Kankasanthurai in North Sri Lanka.
This restored commercial Yal Devi Express service was formally inaugurated by Sri Lanka’s Transport Minister Kumara Welgama.
This 18 kilometer track passes through the high security zone which was freed from the control of Tamil tigers in 2009.
Background
The entire rail line between Colombo and the Northern part of Sri Lanka was destroyed in the late 1980s by the LTTE.
India’s IRCON is playing important role in rebuilding the 252 km railway track on this route. Indian government had provided a line of credit of 800 million dollars for these projects. In 2014, the line upto Jaffna was made operational after it was restored.
Indian Railway’s construction company (IRCON) has restored the rail track between Jaffna and Kankasanthurai in North Sri Lanka.
This restored commercial Yal Devi Express service was formally inaugurated by Sri Lanka’s Transport Minister Kumara Welgama.
This 18 kilometer track passes through the high security zone which was freed from the control of Tamil tigers in 2009.
Background
The entire rail line between Colombo and the Northern part of Sri Lanka was destroyed in the late 1980s by the LTTE.
India’s IRCON is playing important role in rebuilding the 252 km railway track on this route. Indian government had provided a line of credit of 800 million dollars for these projects. In 2014, the line upto Jaffna was made operational after it was restored.
7. Indian-origin man J Y Pillay reappointed as top advisor to Singapore President
Veteran Indian-origin civil servant Joseph Yubaraj Manuel Pillay was reappointed as the Chairman of the Presidential Council of Advisers (CPA) by Singapore President Tony Tan Keng Yam.
He was sworn in as top advisor to Singapore’s President for a period of next four years.
As Chairman of the CPA, he will exercise the functions of the President’s office in the absence of President. If he is unavailable, the Speaker of Parliament would act as the head of state.
8. Former ISRO chief and Renowned Scientist Dr V R Gowarikar passes away
Former ISRO chief and renowned Scientist Dr. Vasant Ranchod Gowarikar passed away in Pune, Maharashtra. He was 81.
9. RBI advances deadline for providing services to unbanked villages
The Reserve Bank of India has advanced the deadline for banks to complete the process of providing banking services in unbanked villages (with population less than 2,000) to August 14, 2015, instead of March 2016.
he Reserve Bank of India has advanced the deadline for banks to complete the process of providing banking services in unbanked villages (with population less than 2,000) to August 14, 2015, instead of March 2016.
Since PMJDY was launched on August 28, banks collectively have opened 10.36 crore basic savings bank deposit accounts and issued 8.38 crore RuPay debit cards up to December 30.
About 73 per cent of the total accounts opened have zero balance.
The remaining accounts have balances aggregating ₹8,044 crore.
Veteran Indian-origin civil servant Joseph Yubaraj Manuel Pillay was reappointed as the Chairman of the Presidential Council of Advisers (CPA) by Singapore President Tony Tan Keng Yam.
He was sworn in as top advisor to Singapore’s President for a period of next four years.
As Chairman of the CPA, he will exercise the functions of the President’s office in the absence of President. If he is unavailable, the Speaker of Parliament would act as the head of state.
8. Former ISRO chief and Renowned Scientist Dr V R Gowarikar passes away
Former ISRO chief and renowned Scientist Dr. Vasant Ranchod Gowarikar passed away in Pune, Maharashtra. He was 81.
9. RBI advances deadline for providing services to unbanked villages
The Reserve Bank of India has advanced the deadline for banks to complete the process of providing banking services in unbanked villages (with population less than 2,000) to August 14, 2015, instead of March 2016.
he Reserve Bank of India has advanced the deadline for banks to complete the process of providing banking services in unbanked villages (with population less than 2,000) to August 14, 2015, instead of March 2016.
Since PMJDY was launched on August 28, banks collectively have opened 10.36 crore basic savings bank deposit accounts and issued 8.38 crore RuPay debit cards up to December 30.
About 73 per cent of the total accounts opened have zero balance.
The remaining accounts have balances aggregating ₹8,044 crore.
10. PK becomes highest grossing Bollywood film
Even as protests against the film continued, the producers of the
Even as protests against the film continued, the producers of the
Aamir Khan-starrer PK said on Friday that the film has broken Dhoom 3 record to become the biggest earner in Bollywood by collecting Rs. 278.52 crore since its release on December 19.PK has faced criticism from right-wing organisations which said the Rajkumar Hirani-directed film disrespects Hindu religion, an allegation rejected by its makers.
Hirani, 52, said the film’s word-of-mouth performance has been overwhelming.
It is the second film by both Aamir and Hirani after 3 Idiots (Rs. 202 crore) to be a part of the highest-earning club.
The Aamir-starrer Dhoom 3 is the second biggest earner with Rs. 271.82 crore followed by the Salman Khan-starrer Kick (Rs. 244 crore) and Shah Rukh Khan’s Chennai Express (Rs. 228 crore).
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