1. Bibek Debroy committee on restructuring of Indian Railways submitted its report
Bibek Debroy Committee on the restructuring of Indian Railways has submitted its final report to the Union Ministry of Railways. The committee has suggested measures for restructuring the Railway Board and its departments so that policy making is separated from day-to-day operations.
Recommendations of Bibek Debroy committee
Establishment of an independent regulator Railway Regulatory Authority of India (RRAI) with a separate budget and to be independent of the Ministry.
RRAI will decide on tariffs to revamp the cash-strapped railways. Railway Budget should be phased out with gross budgetary support to Indian Railways.
There is need to improve the internal resource generation and explore varied methods of financing but also to improve utilisation of available resources.
No privatisation of Indian Railway but allowed participation of private sector in the railway projects. Separation of activities like running of hospitals, schools, real estate development, catering, manufacturing of locomotives, coaches and wagons from the core business of running trains.
State governments should be asked to entirely fund the Government Railway Police (GRP). General Managers should have the freedom to choose between private security guards and RPF for security on trains.
The recommended changes should be implemented only by Union Railways ministry in the first five years including the resolution of the social cost issue
2. World Blood Donor day on 14 June
World Blood Donor Day is being observed across the world on 14 June to raise the public awareness about the need for safe blood donation. The theme of this year’s campaign is Thank you for saving my life. This year’s campaign encourages donors all over the world to donate blood voluntarily and regularly with the slogan Give freely, give often. Blood donation matters.
3. China launches freight train service connecting Europe by linking Harbin and Hamburg
China has launched a freight train service between its northeastern city of Harbin and Europe. The 9,820-km-long distance rail route will open new trade options for Chinese goods in the European Market. It was launched by HAO Logistics Co. Ltd which is a joint venture company that runs the freight service. The train carrying 49 containers of domestic goods such as electronic products and auto parts worth US 3 million dollars started its journey from Harbin capital of Heilongjiang province. The freight train will run once a week. Each single trip will take 15 days and it will transport goods from China, South Korea and Japan as well as goods from European countries such as Poland, Germany, Spain, France and Italy. This train will pass through countries like Russia and Poland to reach its final destination in Hamburg, Germany.
4. V K Singh inaugurates first India-China Yoga College at Yunnan Minzu University, China
Minister of State (MoS) for External Affairs V K Singh inaugurated first India-China Yoga College at Yunnan Minzu University in Kunming, China. This is first Indian government institution related Indian spiritual art form i.e. Yoga in China inaugurated ahead of the first UN Yoga Day to be observed on June 21. The Yoga College was established in lines with the MoU for establishing the Yoga College signed during the Prime Minister Narendra Modi’s visit to China in May 2015. This college seeks to provide certification courses in the Indian spiritual art with them Indian teachers who are going to help in curriculum development and training. Indian Council of Cultural Relations (ICCR) will provide two teachers to the university.
5. Cairn India to merge with Vedanta; share swap at 1:1
The boards of directors of Vedanta Limited and Cairn India Limited, both subsidiaries of UK-listed Vedanta Resources PLC, today announced a merger between the diversified mining and metals company Vedanta Limited and oil and gas explorer Cairn India.
Reverse merger
The merger is in essence a reverse takeover by Vedanta Ltd, since Cairn India is twice the size of Vedanta. The move is intended to help ease Vedanta's crippling debt of Rs. 37,636 crore using cash reserves of over Rs. 16,800 crore of debt-free Cairn India. While the promoter holding in Cairn India is nearly 60 per cent, the merger will still have to be approved by the majority of minority shareholders in Cairn.
This includes a considerable holding by Cairn Plc, the erstwhile Scotland-based parent of Cairn India. The merger will also need to be approved by income-tax authorities, who have a tax notice of nearly Rs. 30,000 crore jointly against Cairn PLC and Cairn India.
Share swap
As part of the merger, minority shareholders of Cairn India will receive for each equity share held: 1 equity share in Vedanta and 1 redeemable preference share in Vedanta Limited with a face value of Rs. 10 with an assured dividend of 7.5 per cent to every year. It will have an tenure 18 months, after which it will be redeemed for cash at face value.
No shares will be issued to Vedanta Limited or any of its subsidiaries for their shareholding in Cairn India.
Vedanta Limited will arrange for a third party facility enabling a cash exit for RPS holders at par within 30 days from issuance.
6. NTPC commissions unit 4 of Koldam hydro project
Country’s largest power producer NTPC today said it has commissioned another 200 megawatt (MW) capacity at its Koldam Hydro Power Project in Himachal Pradesh.
“Unit no. 4 of 200 MW of Koldam Hydro Power Project was commissioned on June 12, 2015, at 1950 hours,” NTPC said in a regulatory filing.
The total installed capacity of the Koldam project now stands at 800 MW, with that of the Group rising to 44,798 MW, the filing said.
The construction of the Koldam project, which started in 2003, was held up because of various environmental and geological issues, leading to a cost overrun of about 20 per cent against the approved investment of Rs. 4,527 crore.
The project will supply electricity to Delhi, Haryana, Punjab, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu & Kashmir and Chandigarh.
1. Bibek Debroy committee on restructuring of Indian Railways submitted its report
Bibek Debroy Committee on the restructuring of Indian Railways has submitted its final report to the Union Ministry of Railways. The committee has suggested measures for restructuring the Railway Board and its departments so that policy making is separated from day-to-day operations.
Recommendations of Bibek Debroy committee
Establishment of an independent regulator Railway Regulatory Authority of India (RRAI) with a separate budget and to be independent of the Ministry.
RRAI will decide on tariffs to revamp the cash-strapped railways. Railway Budget should be phased out with gross budgetary support to Indian Railways.
There is need to improve the internal resource generation and explore varied methods of financing but also to improve utilisation of available resources.
No privatisation of Indian Railway but allowed participation of private sector in the railway projects. Separation of activities like running of hospitals, schools, real estate development, catering, manufacturing of locomotives, coaches and wagons from the core business of running trains.
State governments should be asked to entirely fund the Government Railway Police (GRP). General Managers should have the freedom to choose between private security guards and RPF for security on trains.
The recommended changes should be implemented only by Union Railways ministry in the first five years including the resolution of the social cost issue
2. World Blood Donor day on 14 June
World Blood Donor Day is being observed across the world on 14 June to raise the public awareness about the need for safe blood donation. The theme of this year’s campaign is Thank you for saving my life. This year’s campaign encourages donors all over the world to donate blood voluntarily and regularly with the slogan Give freely, give often. Blood donation matters.
3. China launches freight train service connecting Europe by linking Harbin and Hamburg
China has launched a freight train service between its northeastern city of Harbin and Europe. The 9,820-km-long distance rail route will open new trade options for Chinese goods in the European Market. It was launched by HAO Logistics Co. Ltd which is a joint venture company that runs the freight service. The train carrying 49 containers of domestic goods such as electronic products and auto parts worth US 3 million dollars started its journey from Harbin capital of Heilongjiang province. The freight train will run once a week. Each single trip will take 15 days and it will transport goods from China, South Korea and Japan as well as goods from European countries such as Poland, Germany, Spain, France and Italy. This train will pass through countries like Russia and Poland to reach its final destination in Hamburg, Germany.
4. V K Singh inaugurates first India-China Yoga College at Yunnan Minzu University, China
Minister of State (MoS) for External Affairs V K Singh inaugurated first India-China Yoga College at Yunnan Minzu University in Kunming, China. This is first Indian government institution related Indian spiritual art form i.e. Yoga in China inaugurated ahead of the first UN Yoga Day to be observed on June 21. The Yoga College was established in lines with the MoU for establishing the Yoga College signed during the Prime Minister Narendra Modi’s visit to China in May 2015. This college seeks to provide certification courses in the Indian spiritual art with them Indian teachers who are going to help in curriculum development and training. Indian Council of Cultural Relations (ICCR) will provide two teachers to the university.
5. Cairn India to merge with Vedanta; share swap at 1:1
The boards of directors of Vedanta Limited and Cairn India Limited, both subsidiaries of UK-listed Vedanta Resources PLC, today announced a merger between the diversified mining and metals company Vedanta Limited and oil and gas explorer Cairn India.
Reverse merger
The merger is in essence a reverse takeover by Vedanta Ltd, since Cairn India is twice the size of Vedanta. The move is intended to help ease Vedanta's crippling debt of Rs. 37,636 crore using cash reserves of over Rs. 16,800 crore of debt-free Cairn India. While the promoter holding in Cairn India is nearly 60 per cent, the merger will still have to be approved by the majority of minority shareholders in Cairn.
This includes a considerable holding by Cairn Plc, the erstwhile Scotland-based parent of Cairn India. The merger will also need to be approved by income-tax authorities, who have a tax notice of nearly Rs. 30,000 crore jointly against Cairn PLC and Cairn India.
Share swap
As part of the merger, minority shareholders of Cairn India will receive for each equity share held: 1 equity share in Vedanta and 1 redeemable preference share in Vedanta Limited with a face value of Rs. 10 with an assured dividend of 7.5 per cent to every year. It will have an tenure 18 months, after which it will be redeemed for cash at face value.
No shares will be issued to Vedanta Limited or any of its subsidiaries for their shareholding in Cairn India.
Vedanta Limited will arrange for a third party facility enabling a cash exit for RPS holders at par within 30 days from issuance.
6. NTPC commissions unit 4 of Koldam hydro project
Country’s largest power producer NTPC today said it has commissioned another 200 megawatt (MW) capacity at its Koldam Hydro Power Project in Himachal Pradesh.
“Unit no. 4 of 200 MW of Koldam Hydro Power Project was commissioned on June 12, 2015, at 1950 hours,” NTPC said in a regulatory filing.
The total installed capacity of the Koldam project now stands at 800 MW, with that of the Group rising to 44,798 MW, the filing said.
The construction of the Koldam project, which started in 2003, was held up because of various environmental and geological issues, leading to a cost overrun of about 20 per cent against the approved investment of Rs. 4,527 crore.
The project will supply electricity to Delhi, Haryana, Punjab, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu & Kashmir and Chandigarh.
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