Urjit Patel: The New RBI Governor

RBI has announced, Urjit Patel as the governor of the Reserve Bank of India. Presently, he is one of the four deputy governors at the RBI. He became the deputy governor in 2013 to replace Subir Gokarn after that in 2016, he was reappointed for another three years. 

He has run the central bank's monetary policy department since 2013 and has worked closely with the Raghuram Rajan during his stint at the central bank.

Let’s have a look at the Profile of the New Governor of RBI

He is a PhD (economics) from Yale University (1990) and MPhil from Oxford (1986).

Prior to his appointment as the deputy governor at the RBI, he was:

1. Advisor (energy & infrastructure), The Boston Consulting Group. 
2. Non-resident Senior Fellow, The Brookings Institution since 2009.
3. Was with the International Monetary Fund (IMF), where he worked on the US, India, Bahamas and Myanmar desks.
4. Was on deputation from the IMF to the RBI.
5. Also served the government in various positions during the NDA-I regime. 
6. Served as a consultant to the ministry of finance, department of economic affairs, New Delhi.

Apart from these, his other assignments include, President (Business Development), Reliance Industries; executive director and member of the management committee, IDFC; member of the Integrated Energy Policy Committee of the Government of India; and member of the Board, Gujarat State Petroleum Corporation Ltd, the RBI site said.

Between 2000 and 2004, Patel has worked closely with several Central and state government high-level committees such as, Task Force on Direct Taxes, Union Ministry of Finance; Advisory Committee (on Research Projects and Market Studies), Competition Commission of India; secretariat for the Prime Minister’s Task Force on Infrastructure; Group of Ministers on Telecom Matters; Committee on Civil Aviation Reforms; Ministry of Power’s Expert Group on State Electricity Boards and High Level Expert Group for Reviewing the Civil & Defence Services Pension System, Government of India.

Patel has authored technical publications, papers and comments in the areas of Indian macroeconomics, public finance, infrastructure, financial intermediation, international trade and the economics of climate change.

Inflation fighter

During his tenure at the RBI Patel was seen as a close lieutenant to Rajan. He headed a committee that introduced landmark changes in the monetary policy formulation of the central bank.
The changes he helped drive are considered to be among the most significant monetary policy reforms since India opened up its economy in 1991.

Goods and Services Tax (GST) Bill

The Constitution (122nd) Amendment Bill comes up in RS, on the back of a broad political consensus and boosted by the ‘good wishes’ of the Congress, which holds the crucial cards on its passage. Here’s how GST differs from the current regimes, how it will work, and what will happen if Parliament clears the Bill.

The Goods and Services Tax (GST), the biggest reform in India’s indirect tax structure since the economy began to be opened up 25 years ago, at last looks set to become reality. The Constitution (122nd) Amendment Bill comes up in Rajya Sabha on 5th Aug 2016, on the back of a broad political consensus and boosted by the ‘good wishes’ of the Congress, which holds the crucial cards on its passage. Here’s how GST differs from the current regimes, how it will work, and what will happen if Parliament clears the Bill. 

Stage 1

Imagine a manufacturer of, say, shirts. He buys raw material or inputs — cloth, thread, buttons, tailoring equipment — worth Rs 100, a sum that includes a tax of Rs 10. With these raw materials, he manufactures a shirt.
In the process of creating the shirt, the manufacturer adds value to the materials he started out with. Let us take this value added by him to be Rs 30. The gross value of his good would, then, be Rs 100 + 30, or Rs 130.
At a tax rate of 10%, the tax on output (this shirt) will then be Rs 13. But under GST, he can set off this tax (Rs 13) against the tax he has already paid on raw material/inputs (Rs 10). Therefore, the effective GST incidence on the manufacturer is only Rs 3 (13 – 10).

Stage 2

The next stage is that of the good passing from the manufacturer to the wholesaler. The wholesaler purchases it for Rs 130, and adds on value (which is basically his ‘margin’) of, say, Rs 20. The gross value of the good he sells would then be Rs 130 + 20 — or a total of Rs 150.
A 10% tax on this amount will be Rs 15. But again, under GST, he can set off the tax on his output (Rs 15) against the tax on his purchased good from the manufacturer (Rs 13). Thus, the effective GST incidence on the wholesaler is only Rs 2 (15 – 13).

Stage 3

In the final stage, a retailer buys the shirt from the wholesaler. To his purchase price of Rs 150, he adds value, or margin, of, say, Rs 10. The gross value of what he sells, therefore, goes up to Rs 150 + 10, or Rs 160. The tax on this, at 10%, will be Rs 16. But by setting off this tax (Rs 16) against the tax on his purchase from the wholesaler (Rs 15), the retailer brings down the effective GST incidence on himself to Re 1 (16 –15).
Thus, the total GST on the entire value chain from the raw material/input suppliers (who can claim no tax credit since they haven’t purchased anything themselves) through the manufacturer, wholesaler and retailer is, Rs 10 + 3 +2 + 1, or Rs 16.

How it would be in a non-GST regime?

In a full non-GST system, there is a cascading burden of “tax on tax”, as there are no set-offs for taxes paid on inputs or on previous purchases.

Thus, if we consider the same example as above, the manufacturer buys raw materials/inputs at Rs 100 after paying tax of Rs 10. The gross value of the shirt (good) he manufacturers would be Rs 130, on which he pays a tax of Rs 13. But since there is no set-off against the Rs 10 he has already paid as tax on raw materials/inputs, the good is sold to the wholesaler at Rs 143 (130 + 13).

With the wholesaler adding value of Rs 20, the gross value of the good sold by him is, then, Rs 163. On this, the tax of Rs 16.30 (at 10%) takes the sale value of the good to Rs 179.30. The wholesaler, again, cannot set off the tax on the sale of his good against the tax paid on his purchase from the manufacturer.

The retailer, thus, buys the good at Rs 179.30, and sells it at a gross value of Rs 208.23, which includes his value addition of Rs 10 and a tax of Rs 18.93 (at 10% of Rs 179.30). Again, there is no mechanism for setting off the tax on the retailer’s sale against the tax paid on his previous purchase.

The total tax on the chain from the raw material/input suppliers to the final retailer in this full no-GST regime will, thus, work out to Rs 10 + 13 + 16.30 + 18.93 = Rs 58.23. For the final consumer, the price of the good would then be Rs 150 + 58.23 = Rs 208.23.

Compare this Rs 208.23 — with a tax of Rs 58.23 — to the final price of Rs 166, which includes a total tax of Rs 16, under GST.

What’s it like in today’s mixed scenario?

Currently, we have Value-Added Tax (VAT) systems both at the central and state levels. But the central VAT or CENVAT mechanism extends tax set-offs only against central excise duty and service tax paid up to the level of production. CENVAT does not extend to value addition by the distributive trade below the stage of manufacturing; even manufacturers cannot claim set-off against other central taxes such as additional excise duty and surcharge.

Likewise, state VATs cover only sales. Sellers can claim credit only against VAT paid on previous purchases. The VAT also does not subsume a host of other taxes imposed within the states such as luxury and entertainment tax, octroi, etc.

Once GST comes into effect, all central- and state-level taxes and levies on all goods and services will be subsumed within an integrated tax having two components: a central GST and a state GST.

This will ensure a complete, comprehensive and continuous mechanism of tax credits. Under it, there will be tax only on value addition at each stage, with the producer/seller at every stage able to set off his taxes against the central/state GST paid on his purchases. The end-consumer will bear only the GST charged by the last dealer in the supply chain, with set-off benefits at all the previous stages.

What will the Bill in Parliament  do?

It basically seeks to amends the Constitution to empower both the Centre and the states to levy GST. This they cannot do now, because the Centre cannot impose any tax on goods beyond manufacturing (Excise) or primary import (Customs) stage, while states do not have the power to tax services. The proposed GST would subsume various central (Excise Duty, Additional Excise Duty, service tax, Countervailing or Additional Customs Duty, Special Additional Duty of Customs, etc.), as well as state-level indirect taxes (VAT/sales tax, purchase tax, entertainment tax, luxury tax, octroi, entry tax, etc). Once the Bill is passed, there will only be a national-level central GST and a state-level GST spanning the entire value chain for all goods and services, with some exemptions.

WHAT GOES?

Central taxes That The GST will replace

# Central Excise Duty
# Duties of Excise (medicinal and toilet preparations)
# Additional Duties of Excise (goodsof special importance)
# Additional Duties of Excise (textiles and textile products)
# Additional Duties of Customs (commonly known as CVD)
# Special Additional Duty of Customs (SAD)
# Service Tax
# Cesses and surcharges in so far as they relate to supply of goods or services

State taxes That The GST will Subsume

# State VAT
# Central Sales Tax
# Purchase Tax
# Luxury Tax
# Entry Tax (all forms)
# Entertainment Tax (not levied by local bodies)
# Taxes on advertisements
# Taxes on lotteries, betting and gambling
# State cesses and surcharges

Also read | Confident of getting GST passed in Parliament: Rajnath Singh

The GST Council

WILL CONSIST of the union Finance Minister (chairman) and MoS in charge of Revenue; Minister in charge of Finance or Taxation, or any other Minister, nominated by each state
DECISIONS WILL be made by three-fourths majority of votes cast; Centre shall have a third of votes cast, states shall together have two-thirds
MECHANISM for resolving disputes arising out of its recommendations may be decided by the Council itself

The levy of GST

BOTH Parliament, state Houses will have the power to make laws on the taxation of goods and services
PARLIAMENT’S LAW will not override a state law on GST
EXCLUSIVE POWER to Centre to levy, collect GST in the course of interstate trade or commerce, or imports. This will be known as Integrated GST (IGST)
CENTRAL LAW will prescribe manner of sharing of IGST between Centre and states, based on GST Council’s views

What’s Out of GST…

Alcoholic liquor for human consumption
Petroleum crude, high speed diesel, motor spirit (petrol), natural gas and aviation turbine fuel — GST Council will decide until when

… AND What’s In

Tobacco, tobacco products. Centre may impose excise duty on tobacco

The journey so far…

Budget 2006-07: GST by April 1, 2010, announced. Subsequently, Empowered Committee (EC) of state Finance Ministers tasked with drawing up roadmap and design

April 2008: EC, headed by the then West Bengal Finance Minister Asim Dasgupta, submits report to the central government, which offers its views and comments in October and December of that year. Joint working groups are then set up to examine options on exemptions and thresholds, taxation of services and inter-state supplies, etc

November 2009: EC releases its First Discussion Paper

March 22, 2011: The Constitution (115th Amendment) Bill is introduced in Lok Sabha; is referred to Parliamentary Standing Committee on Finance, which submitted its report on August 7, 2013. Bill lapsed as term of the Lok Sabha ended in 2014

December 19, 2014: Constitution (122nd Amendment) Bill introduced in Lok Sabha

May 6, 2015: Constitution Amendment Bill passed by Lok Sabha

May 12, 2015: Bill referred to a 21-member Select Committee of Rajya Sabha headed by Bhupender Yadav

July 22, 2015: Select Committee submits its report

Monsoon and Winter Sessions 2015, Budget Session 2016: Bill not tabled in the face of opposition led by the Congress and persistence of sticking points

…And Ahead

The President shall constitute the GST Council

The GST Council shall make recommendations on:

# Taxes to be subsumed
# Exemptions
# Model GST laws, Principles of Levy, etc.
# Threshold for exemption
# Rates, including floor and bands
# Special rate/rates for specified period
# Date from which GST to be levied on crude, high speed diesel, natural gas, aviation turbine fuel and petrol
# Special provisions for the Northeast, J&K, etc.

Parliament will have to pass legislation on central GST (CGST) and Integrated GST (IGST)

All 29 states and 9 UTs will have to pass their state GST (SGST) Acts

Dates of implementation of CGST, SGST and IGST have to be negotiated and synchronised

TAX GAINS

BIGGEST BENEFIT is that it will disincentivise tax evasion. If you don’t pay tax on what you sell, you don’t get credit for taxes on your inputs. Also, you will buy only from those who have already paid taxes on what they are supplying. Result: a lot of currently underground transactions will come overground.

LOWER TAX RATES will follow from GST covering all goods and services, with tax only on value addition and set-offs against taxes on inputs/previous purchases. Right now, we have more tax on fewer items; with GST, there will be less tax on more items. Ideally, no good or service should be tax-exempt, as this will break the input tax chain.

Daily GK Update : 27th July, 2016

1. Abdul Kalam’s statue unveiled in Rameswaram

i. Union Ministers Venkaiah Naidu and Manohar Parrikar unveiled a life-size statue of Dr APJ Abdul Kalam at Peikarumbu, his burial site in Rameswaram on the occasion of his first death anniversary. 
ii. Kalam passed away on July 27 last year after he suffered a massive cardiac arrest while delivering a lecture at IIM- Shillong in Meghalaya. 
iii. Avul Pakir Jainulabdeen "A. P. J." Abdul Kalam was the 11th President of India from 2002 to 2007.

2. Manipur becomes fourteenth State to join ‘UDAY’ 

i. Manipur has joined the Ujwal DISCOM (distribution company) Assurance Yojana (UDAY) scheme meant for revival of debt-stressed power distribution utilities and will get benefits of around Rs 263 crore.
ii.Manipur is the 14th state to join the UDAY. It is also the first North Eastern state to opt for the UDAY for improving the efficiency of the DISCOM.

3. RBI slaps penalty on UCO Bank, Allahabad Bank, Bank of India and canara bank

i. RBI has imposed penalty of Rs 2 crore each on Allahabad Bank and UCO Bank and Rs 1 crore on Bank of India for violation of anti-money laundering norms.
ii. The Reserve Bank of India (RBI) has imposed an aggregate penalty of Rs. 2 crore on Canara Bank.
iii. On 25th July 2016, RBI had imposed penalties of Rs 5 crore and Rs 3 crore on PSU lenders Bank of Baroda and Punjab National Bank, respectively and also fined private sector HDFC Bank Rs 2 crore for lapses in adhering to anti-money laundering guidelines. 

4. Lok Sabha passes Child Labour Amendment Bill

i. The Child Labour (Prohibition and Regulation) Amendment Bill was passed by Lok Sabha.
ii. which prohibits employment of children below 14 years in all occupations except in family business, with the provision for imprisonment of up to two years for any violation. The Bill was almost unanimously passed by voice vote, defines children between 14-18 years as adolescents and lays down that they should not be employed in any hazardous occupations and processes. 
iii. The Bill provides enhanced punishment for violators. The penalty for employing a child has been hiked up to imprisonment between 6 months and two years or a fine of Rs 20,000 to Rs 50,000 or both.

5. Haryana To Open Yoga Centres At Municipal Level

i. Yoga centres will be opened in all municipal committees, councils and corporations in Haryana.
ii. The announcement was made by Sports and Youth Affairs Minister Anil Vij.
iii. 1 yoga centre would be opened in each municipal committee, two within jurisdiction of each municipal council and four in each municipal corporation.

6. Odisha approves 3 investment projects worth Rs 874 cr

i. The Odisha government has approved three projects involving investment of nearly 870 crore rupees. The projects will generate employment potential of 630 persons.
ii. The projects are expansion of Coca-Cola Beverages Private Limited in Khurda; 2.50 lakh hectolitre capacity brewery plant in Dhenkanal district and Bharat Petroleum Corporation Limited Common User Facility Centre in Jharsuguda district.

7. Brazil free of measles: WHO

i. The World Health Organisation (WHO) has declared Brazil free of measles, after no case of the disease was registered in the last year. 
ii. Brazil saw no domestic cases of measles from 1985 to 2000, although it broke out in 2013 in the northeastern states of Pernambuco and Ceara.
iii. The WHO will issue a certification for the eradication of measles to Brazil. Measles can be transmitted orally, through mucus or saliva and mainly affects children.

8. Centre Approves Rs. 1601 Crore For Skill Development Programme

i. The Union Government has approved nearly 1600 crore rupees for Jammu and Kashmir under skill development initiative 'Himayat'. 
ii. Under it, youths from both rural and urban areas of J&K would be imparted with training in various job-intensive vocational courses over the next three years.
iii. Himayat will be implemented in partnership with private agencies or NGOs who are into placement linked skill training for youth and aims to train 100000 youth in 5 years and provide at least 75% of them with jobs.

9. Bezwada Wilson and T.M. Krishna win Ramon Magsaysay Award

i. Classical singer Thodur Madabusi Krishna and National Convenor of Safai Karmachari Andolan Bezwada Wilson featured in this year's list of winners of the coveted Ramon Magsaysay Award 2016.
ii. The Ramon Magsaysay Award is an annual award established to perpetuate former Philippine President Ramon Magsaysay's.
iii. Apart from the two Indians, four others have been selected for the award—Conchita Carpio-Morales of the Philippines, Dompet Dhuafa of Indonesia, Japan Overseas Cooperation Volunteers and ‘Vientiane Rescue’ of Laos.

10. IOM becomes part of United Nations

i. The UN General Assembly has unanimously adopted a resolution approving an agreement to make the International Organisation for Migration part of the UN as a related organisation. 
ii. IOM, which assisted an estimated 20 million migrants in 2015, is an intergovernmental organisation with more than 9,500 staff and 450 offices worldwide. Founded in the wake of the World War II to resettle refugees from Europe, the organisation celebrates its 65th anniversary in December of this year. 
iii. The headquarters of the United Nations is in Manhattan, New York City, and experiences extraterritoriality. 

11. Leeco acquires Vizio for $2 Billion

i. Chinese electronics firm LeEco is buying American TV manufacturer Vizio for $2 billion. 
ii. As per the deal, VIZIO hardware and software businesses will be owned and operated as a wholly owned subsidiary of LeEco. The transaction is expected to close during the fourth quarter of 2016.

12. Former diplomat Arundhati Ghose passes away

i. Veteran diplomat Arundhati Ghose, who led the Indian delegation at the Comprehensive Nuclear Test Ban Treaty (CTBT) negotiations in Geneva in 1996, passed away here early on Tuesday aged 76.
ii. She served as the Head of the Indian delegation that participated in the Comprehensive Nuclear-Test-Ban Treaty (CTBT) negotiations at the Conference on Disarmament in Geneva in 1996.
iii. She also served as Ambassador to the Republic of Korea and the Arab Republic of Egypt.

13. India's CSIR ranked world's 12th best government institute

i. The Council of Scientific Industrial Research (CSIR) has been ranked world's 12th best government institution. 
ii. The institutes were ranked by a prestigious Scimago Institutions Rankings that ranks institutes based on the research performance, innovation and social impact.
iii. France's National Centre for Scientific Research was ranked first followed by Chinese Academy of Science, China.

14. Muttaiah Muralitharan to enter ICC Hall of Fame

i. Spin legend Muttaiah Muralitharan will be the first Sri Lankan to be included in the ICC's Hall of Fame. 
ii. Australia's Arthur Morris, Karen Rolton and George Lohmann of England are the three along with Muralitharan to share the honours. 
iii. The 3 will be inducted later this year.

15. BCCI chief Anurag Thakur to join Territorial Army 

i. BJP MP Anurag Thakur will be commissioned into the Territorial Army (TA) as a regular officer on 29th July 2016.
ii. Thakur made it to the TA after clearing an exam and a personal interview conducted in Chandigarh.
iii. He will be the first serving BJP MP to join the military force.

Rs 60 lakh bonanza for 6 Rio qualifiers from Odisha

Chief Minister Naveen Patnaik has announced Rs 60 lakh cash special incentive for six sportswomen of the state, who have qualified for the Rio Olympics beginning from August 5.

The six sportspersons—sprinters Dutee Chand and Srabani Nanda and four hockey players Deep Grace Ekka, Namita Toppo, Lilima Minz and Sunita Lakra—would receive Rs 10 lakh each. While directing the Odisha Mining Corporation (OMC) to pay the special incentive to these six sportsmen, the chief minister said the incentive would be of immense help for them to prepare for the mega event.

Top Headlines of the week at a glance

1. DCB Bank launched its first Aadhaar-based ATM in Bengaluru. This ATM accepts Aadhaar number and Aadhaar fingerprint (biometric) to dispense cash and it will not require any ATM/Debit Card and PIN. 

2. Major Technology Company Microsoft and Professional Networking Website LinkedIn have entered into an agreement under which Microsoft will acquire LinkedIn for $26.2 billion. 

3. India and Ghana signed three MoUs including the waiver of visa for diplomatic and official passports,establishment of a joint commission to periodically monitor various aspects of multidimensional relationship, and helping in training of Ghanaian Foreign services. 

4. The Wholesale Price Index (WPI) rose 0.79% in May from 0.34% in April 2016. 

5. Tony Fernandes, group CEO of Malaysia's AirAsia, has been given the "Overseas Citizenship of India" (OCI) status by the Indian Government. 

6. Israel has been elected to head the United Nations' legal committee. It is the first time that Israel will head one of the world body's six permanent committees since joining the U.N. in 1949. 

7. Dell and Shiv Nadar University signed an agreement to collaborate and drive research and innovation. Under this agreement, Dell will engage with faculty members at the university to mentor students and jointly work on technology projects in areas such as big data, cloud computing and Internet of Things. 

8. According to a report of the Stockholm International Peace Research Institute (SIPRI), at present Pakistan have around 110 to 130 Nuclear weapons while India have around 100 to 120 nuclear weapons. The report says that US, Russia, Britain, France, China, India, Pakistan, Israel and North Korea — have 15,395 nuclear warheads in 2016. 

9. The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released theinflation rates based on Consumer Price Index (CPI) for May, 2016. According to Consumer Price Index, retail inflation rate was 5.76 per cent in May, 2016. 

10. The Reserve Bank of India (RBI) unveiled a new scheme for Sustainable Structuring of Stressed Assets (S4A) for reworking the financial structure of big corporate entities facing genuine difficulties. The scheme will be considered if the aggregate exposure (including accrued interest) of all institutional lenders in the account is more than Rs 500 crore.

11. Bariatric surgeon Shashank S Shah has been honoured with the American Diabetes Associations "Vivian Fonseca Scholar Award 2016" for his contribution in the field of gastric bypass surgery for diabetes.

12. According to global financial services firm DBS, recovery in the Indian economy will continue to be 'uneven' and the GDP growth expected to increase from 7.6 per cent to 7.8 per cent in the current fiscal 2016-17.

13. China launched the 23rd BeiDou navigation satellite to support its global navigation and positioning network. The satellite, launched from the Xichang Satellite Launch Center in southwest China's Sichuan Province, was taken into orbit by a Long March-3C carrier rocket.

14. Former England captain Donald Carr died. He was 89.

15. Indian badminton star Saina Nehwal defeated China's Sun Yu to win her second Australian Open Super Series title.

16. Lewis Hamilton won the Canadian Grand Prix title for the fifth time and continuously for the second time.

17. India has created a world record by installing 65000 solar pumps in the wake of Prime Minister Narendra Modi's commitment of making the country a clean energy capital.

18. The Indian men's 4x400m relay team created a new national record, clocking 3:02.17 at the International Sprint and Relay Teams Cup. They bettered the previous record of 3:02.62 set at the 1998 Asian Games in Bangkok.

19. India's Leander Paes will become the only tennis player in the world and the first Indian to makea seventh appearance at the Olympics. Paes won the bronze medal for India in singles tennis at the 1996 Atlanta Olympics. 

20. IT Minister Ravi Shankar Prasad launched a contest, with ₹​50,000 prize money, to design thelogo and come up with the tagline for the newly announced India Post Payments Bank. Users can submit their designs on the MyGov portal before 9 July, 2016.

21. Opening batsman KL Rahul became the first Indian to score a century on his ODI debut, after registering 100*(115) against Zimbabwe in the first ODI of the series on . He is the 11th batsman in ODI history to have achieved the feat.

22. Veteran journalist Inder Malhotra passed away aged 86 at a Delhi hospital, after suffering a cardiac arrest. Malhotra was the resident editor of The Times of India and The Statesman. He authored several books, including a biography of Former Prime Minister Indira Gandhi.

23. Jaipur's Aman Bansal has topped the Joint Entrance Examination (JEE) Advanced 2016. Haryana's Bhavesh Dhingra and Jaipur's Kunal Goyal secured the next two ranks in the exam

24. Russia has honoured Kudankulam nuclear power plant site director R.S. Sundar with "Order of Friendship" for his role in the project being built with Russian assistance in Tamil Nadu.

25. Indian short film "Leeches", starring Sayani Gupta, won the Audience Choice Award at the SeoulInternational Women's Film Festival (SIWFF).

26. In a first, China and Nepal are now connected by a optical fibre network through the Geelong (Keyrong)-Rasuwgadhi border point. The network has ended Nepal's sole dependence on India for connecting it with global telecom services.

27. A 30-year old Indian entrepreneur Umesh Sachdev has been named by Time magazine to its 2016 list of '10 millennials' who are changing the world" for building a phone which can help people to interact and access critical services by communicating in their native languages.

28. Indian-American author Akhil Sharma won the prestigious 100,000-euro International Dublin Literary Award, the world&'s richest award for a single novel, for his second novel 'Family Life'.

29. Jharkhand was adjudged 'top performing state' under the Digital India Programme.

30. Bihar is at the top among all states and Union Territories (UTs) in terms of steps taken to improve the ease of doing business according to a ranking done on a real-time basis by the Department of Industrial Policy and Promotion (DIPP). Bihar is followed by Telangana and Jharkhand in the ranking.

31. Russian President Vladimir Putin awarded United Nations Secretary-General Ban Ki-moon with the 'Order of Friendship' award. He was awarded for strengthening peace, friendship, cooperation and mutual understanding between peoples.

32. Director of movies like 'The Martian', 'Gladiator' and 'Blade Runner', Ridley Scott will be honoured with the 30th American Cinematheque Award.

33. UN Secretary General Ban Ki-Moon has appointed Swedish Major General Per Lodin, a logistics expert, to head the UN Military Observer Group in India and Pakistan (UNMOGIP) that monitors the situation in Kashmir. India does not recognize the UNMOGIP's mandate.

34. Union Home Minister Rajnath Singh launched free Wi-Fi service and other passenger amenities in Lucknow, Uttar Pradesh. He also inaugurated a new mechanized laundry, a water vending machine and integrated security systems and automatic accident relief medical vehicle.

35. In a ranking of 163 countries, compiled by global think tank "Institute for Economics and Peace" (IEP), Syria has been named as the least peaceful, followed by South Sudan, Iraq, Afghanistan and Somalia. On the other hand, Iceland was ranked as the world's most peaceful country. India has been ranked at 141st place in this Global Peace Index, making it less peaceful than countries like Burundi, Serbia and Burkina Faso.

36. India has surpassed Japan to become the world's third-largest oil consumer, according to a report of "BP Statistical Review of World Energy". US is first while China is at second place in terms of oil consumption.

37. India, America and Japan will take part in a trilateral maritime exercise Malabar-16, starting from 10 June. The exercise will take place at Sasebo in Japan.

38. In another crucial backing for India's NSG bid, Mexico supported 'positively' and 'constructively' its membership of the 48-nation bloc as the two countries agreed to develop a roadmap to upgrade bilateral ties to a strategic partnership.

39. Before the start of the EURO 2016, Germany and Arsenal's star midfielder Mesut Ozil has been named as the Laureus Sport for Good Ambassador.

40. Maria Sharapova has been suspended for two years by the International Tennis Federation for testing positive for meldonium at the Australian Open.

41. The World Bank has lowered its forecast for the global growth in 2016 to 2.4 per cent, saying that the world economy is facing stronger headwinds.

42. Narendra Modi became the sixth Indian Prime Minister to address the joint session of the US Congress. Before this Jawaharlal Nehru, Rajiv Gandhi, P V Narasimha Rao, Atal Behari Vajpayee and Manmohan Singh have addressed US Congress.

43. Fashion designer and AIDS activist Kenneth Cole has been named as the International goodwill ambassador by the head of the UN's AIDS-fighting organisation.

44. President Pranab Mukherjee will be presented the 'National Order of the Republic of Ivory Coast'. This is the highest Civilian award of Ivory Coast.

45. Eminent Indian-origin professor Lord Kumar Bhattacharyya has been awarded the prestigious Regius Professorship in Manufacturing by Queen Elizabeth II for his outstanding contribution in manufacturing.

46. The Government of India and the Asian Development Bank (ADB) signed a $120 million loan agreement to improve irrigation and water management infrastructure in Odisha.

47. Shri Piyush Goyal, Minister of State (IC) for Power, Coal and New & Renewable Energy launched “Surya Mitra” mobile App at National Workshop on Rooftop Solar Power. This App is a high end technology platform which can handle thousands of calls simultaneously and can efficiently monitor all visits of Suryamitra’s.

48. Arundhati Bhattacharya, the first woman chairperson of the nation's largest bank SBI, has been ranked fifth most powerful women in finance by the Forbes magazine. She is also ranked 25th in Forbes' list of "The World's 100 Most Powerful Women" which includes four Indian Women. Others are Chanda Kochhar of ICICI Bank (40th), Kiran Mazumdar-Shaw of Biocon (77th), and Shobhana Bhartia of HT Media (93rd).

49. Hillary Clinton created history by becoming first woman presidential nominee of America.

50. Brazil will host 2019 Copa America Tournament. Brazil last hosted the Copa America in 1989.

51. The Assam state capital became the first city in the country to have its own City Animal with the Kamrup Metropolitan district administration declaring the Gangetic river dolphin as the mascot.

52. According to the Forbes Magazine, Serena Williams has overtaken Maria Sharapova as the world's highest- paid sportswoman.

53. In line with the government’s Digital India campaign, PC maker Dell has announced the launch of "Aarambh" – a pan-India initiative aimed at spearheading the use of personal computer (PC) for education.

54. Deshauna Barber, Logistic Commander and IT Analyst of United States (US), was crowned as the Miss USA 2016. With this, Barber became the first-ever military member to win Miss USA title.

55. The National Skill Development Corporation (NSDC), a Public Private Partnership (PPP) body under the Ministry of Skill Development and Entrepreneurship, announced the appointment of Manish Kumar as MD and CEO and Jayant Krishna as ED and Chief Operating Officer (COO).

56. The coast guards of India and South Korea will hold a 4-day joint exercise "Sshyog-Hyeoblyeog- 2016" in Chennai from June 8 to 11.

57. In a report, Yes Bank said that Indian economy is expected to grow at 8.1 per cent in the current fiscal year 2016-17.

58. India's two-wheeler manufacturing major Hero MotoCorp Ltd will be the title sponsor of the men's HockeyChampions Trophy 2016 which will be held in London from June 10-17.

59. Switzerland has supported India's membership to the Nuclear Suppliers’ Group. With this Switzerland hasalso agreed to share informations on Money laundering and tax evasion.

Top Headlines - 12th June,2016

1. India, Japan, and the US begin Malabar Exercise near the South China Sea
i. India, Japan, and the US have kicked off the Malabar Exercise, near to  the South China Sea. It aims to achieve deeper military ties and greater interoperability amid rising tensions in the region. 
ii. The 8-day joint exercises will see in action over 100 aircraft and 22 naval ships including a nuclear submarine. The Indian Navy stated that their four ships namely- Satpura, Sahyadri, Shakti and Kirch are participating in the 20th edition of the naval exercise in consonance with India's 'Act East Policy' and growing ties among the three countries.  
iii. In addition, one nuclear-powered submarine, carrier wing aircraft, and long-range maritime patrol aircraft will also participate in the exercise. Last year, it was conducted in Chennai and included the participation of Japan.

2. AAI conferred national award for best performing central PSU for Green Energy initiatives
i. The Airports Authority of India (AAI) has been conferred the National Award for Best Performing Central PSU for Roof Top Solar Power initiatives at a glittering function at Vigyan Bhawan by Minister of State for Power, Coal and Renewable Energy, Piyush Goyal.
ii. It has installed 4.8 megawatt peak power (MWp) rooftop solar plants at 13 airports. Further, 4.9 MWp solar plants are expected to be installed at 14 other airports by December.
iii. The solar energy generation so far is 51 Lakhs units (Approx.) from the completed solar power plants at various airports.

3. Govt forms panel on PSU executives pay revision
i. The government of India has constituted a committee to make recommendations on pay scale revision of executives in PSUs. 
ii. The panel's suggestions will be submitted within six months of its constitution, and the government's decision on them will take effect from January 1, 2017. 
iii. The last pay revision for the executives came into effect in 2007.

4. Union Government Releases The Road Accidents In India 2015: Report
i. The Union Minister of Road Transport and Highways Nitin Gadkari has launched the report titled Road Accidents in India 2015. 
ii. According to the report, road accidents have emerged as a major public health problem in India where almost 5 lakh accidents occurred last year killing 146000 people. The report was compiled by the Transport Research Wing.
iii. The Mumbai city had the highest number of road accidents while Delhi had the highest number of deaths due to road accidents. 

5. Telangana to set up 12,500-acre Pharma City near Hyderabad
i. Mr. K. Chandrashekhar Rao, the Chief Minister of Telangana state has ordered to setting up a 'Pharma City' on 12,500 acres of land in Rangareddy and Mahbubnagar districts. 
ii. For this project, Telangana State Industrial Infrastructure Corporation (TSIIC) will send a detailed project proposal (DPR) to the government on modalities for implementation and execution of the project. The state already has been the drugs capital of the country with almost one-third of the total production in value terms.
iii. The proposed park will have components and other related activities with regard to antibiotics, fermentation products, synthetic drugs, large volume chemical synthesis, vitamins, nutraceuticals, herbal medicinal products, specialty chemicals, cosmetics among others.

6. Machilipatnam Town-Sanctioned For Development Under AMRUT Scheme
i. The Union Urban Development Ministry has sanctioned 37.5 crore rupees for development of Machilipatnam town under the Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme.
ii. According to, K. Ravindra, the minister of Andhra Pradesh Excise and BC Welfare, the funds under the scheme should be used for development of amusement parks and beautification of the town, apart from the development of cemeteries. 
iii. The AMRUT scheme was launched by Prime Minister Narendra Modi in June 2015 with the focus of the urban renewal projects is to establish the infrastructure that could ensure adequate robust sewerage networks and water supply for urban transformation. 

7. FICCI to be national partner at 8th Vibrant Gujarat Summit
i. The summit, which will be organised by the Gujarat government's industrial promotion body, iNDEXTb during January 10-13, 2017, at Mahatma Mandir, Gandhinagar, will have the Federation of Indian Chambers of Commerce & Industry (FICCI) as its national partner.
ii. The core theme of the eighth edition of the biennial industrial extravaganza, Vibrant Gujarat Global Summit 2017, will be 'Connecting India to the World'.
iii. The focus of this summit is to go beyond Gujarat and make it an all-India focused event for the world at large with the central theme of ‘Connecting India to the World.

8. India Post launches logo and tagline design contest for IPPB on MyGov 
i. The Department of Posts has launched a logo and tagline design contest for the soon to be set up India Post Payments Bank on the MyGov website. 
ii. The Department of Post wants to connect with and involve the people of India in designing the DNA of the India Post Payments Bank. The present contest is the first step towards this ongoing engagement. 
iii. The contest is open to all Indian citizens, institutions, agencies and entities for a period of one month, until 9th July 2016. The best entry will be awarded Rs 50,000. A panel of eminent designers will help shortlist 20 best entries which will thereafter be put up for voting on the MyGov platform for the final selection of the winner. 

9. SBI, CaixaBank ink pact to fund Indo-Spanish joint ventures
i. State Bank of India (SBI) and Spain's CaixaBank have inked pact to provide loans to Indo-Spanish joint ventures and local enterprises. Both have signed the Mou to enhance business synergies. The banks also cooperate through an introduction of business opportunities and partnering on possible infrastructure funds. 
ii. The agreement was signed by CaixaBank's Executive Vice-President, International Banking, Victoria Matia and SBI's Chief General Manager Sujit Kumar Varma.
iii. Under this JV, the banks will collaborate in areas of mutual interest such as syndicated loan business, guarantee transactions, trade finance and export credit agency finance, infrastructure finance and networking services, among others. Besides, Both bank's clients will be able to use the vast combined network to expand their businesses abroad and through this agreement, both SBI and CaixaBank will gain direct access to their respective markets of operation. 

10. 'Sansad Ratna' awards conferred on 5 MPs
i. Four first time Lok Sabha MPs were among five Parliamentarians who were honoured with the 'Sansad Ratna' Awards by the Former RBI governor C Rangarajan, for their performance in Parliament. 
ii. The award was instituted by the Prime Point Foundation and emagazine PreSense, were given to five Lok Sabha MPs and one former Rajya Sabha member . 
iii. BJP's PP Chaudhary, Heena Vijaykumar Gavit, Shrirang Appa Barne, Raajeev Shankarrao Satav, Shivaji Adhalrao Patil and P Rajeev leader from Kerala have been honoured for their work.

11. V Vaithialingam elected unopposed as Speaker of Puducherry Assembly
i. Congress leader and former Chief Minister V Vaithialingam has elected as the Speaker of the legislative Assembly. 
ii. While, Pro-tem Speaker VP Shivakozhuthu was declared elected unopposed as the Deputy Speaker.
ii. The newly elected Speaker and Deputy Speaker were led to their respective seats by Chief Minister V Narayanasamy and leaders of other political parties. 

12. Ragesh Chandra Appointed Secretary To Puducherry CM
i. G Ragesh Chandra has been designated as Secretary to Puducherry Chief Minister V Narayanasamy.
ii. He has taken charge with an immediate effect.
iii. Mr. Chandra would hold additional charge of the departments and would continue  to subjects which already looked after by him.

13. Karnataka Bank former chairman MS Krishna Bhat passes away
i. The former Chairman of Karnataka Bank Mr. M.S. Krishna Bhat has passed away in Mangaluru. He was 78 years old. 
ii. He had joined the bank in 1970 and was elevated to the position of General Manager in 1989. He became the Chief General Manager of the bank in 1994 and took over as Chairman on July 12, 1995, for a period of two years, which was extended for another three years up to July 2000.
iii. He was known for his straightforwardness, foresight, and quick decision-taking capacity. 

14. Legendary Canadian ice hockey player Gordie Howe dies
i. Canada's hockey icon Gordie Howe has passed away after a lengthy illness. He was 88 years old. 
ii. He was commonly known as Mr. Hockey and is considered as one of the greatest ice hockey players of all time and an iron man in many respects both on and off the ice. 
iii. Howe was born in Floral, Saskatchewan, in March 1928 and spent most of his career with the Detroit Red Wings, winning the Stanley Cup four times. He was in the top 10 of scorers for 21 consecutive years and was named most valuable player six times before finally retiring in 1980. Howe was also named an NHL All Star 23 times and was inducted into the hockey Hall of Fame in 1972. He was the inaugural recipient of the NHL Lifetime Achievement Award in 2008.

15. Veteran journalist Inder Malhotra passes away
i. Veteran journalist Inder Malhotra has passed away in Delhi. He was 86 years old. 
ii. Mr. Malhotra, one of the most respected journalists of India, had worked with The Statesman and then The Times of India, in New Delhi. He began his career at the United Press of India which he joined immediately after graduating from the Punjab University. 
iii. He also wrote for The Guardian (1965-95). His publications include Indira Gandhi: A Personal & Political Biography (1989), Dynasties of India And Beyond (2003), and a fresh biography of Indira Gandhi (2006). He was working on a book on Indian Security: Past, Present and Future.

Top Headlines - 3rd June,2016

1. BSE gets RBI nod to start online bidding platform for SGBs

i. BSE, Asia’s oldest bourse, has received the Reserve Bank approval to start an online bidding platform for Sovereign Gold Bond scheme.
ii. The exchange plans to offer an online bidding platform for collecting bids from members and their clients for the SGB issue.
iii. This bidding platform is part of the iBBS (Internet-based Book Building System) — exchange’s existing web-based online bidding platform for IPO, Offer for Sale, and offer to buy issues.
iv. SGBs — government securities denominated in grams of gold — offer an alternative to holding gold in physical form.
v. The bond is issued by RBI on behalf of government and investors can apply for the bonds at the price as disseminated by the central bank.

2. CPI (M) nominee Sreeramakrishnan elected Kerala Speaker

i. P Sreeramakrishnan of the CPI (M) that leads the Left Democratic Front (LDF) was elected Speaker of the Kerala Assembly.
ii. He polled two additional votes even as the Opposition Congress-led United Democratic Front (UDF) candidate V.P. Sajeendran secured one vote less in a pattern that indicated interesting alignments.
iii. Pro tem Speaker S Sarma did not vote while that of Independent PC George was invalidated due to technical reasons.

3. India and Tunisia sign MoUs for co-operation in IT, handicrafts sector

i. India and Tunisia have signed two MoUs for co-operation in Information Technology and promotion of traditional handicrafts.
ii. The MoUs were signed after the delegation level talks between the two countries in the presence of Vice President Mohammad Hamid Ansari and Tunisian Prime Minister Habib Essid in Tunis.
iii. The two sides also discussed the issue of spreading tide of terrorism and decided to enhance co-operation in counter terrorism. Mr. Ansari also invited 350 Tunisian citizens to India for training in different institutes over the next five years. 

4. India joins The Hague Code of Conduct

i. India has joined the Hague Code of Conduct against Ballistic Missile Proliferation (HCoC) to further strengthen global non proliferation.
ii. However, India has made it clear that it will not have any impact on the national security as well as country’s missile programmes. 
iii. The HCoC is a voluntary legally non-binding multilateral body aimed at preventing the spread of ballistic missiles that can deliver weapons of mass destruction (WMD).

5. India-US ink MoU to boost energy security, clean energy cooperation

i. India and United States have signed an MoU to enhance cooperation on energy security, clean energy and climate change in New Delhi with an aim to promote sustainable growth.
ii. It was signed by India's Power Secretary P.K. Pujari and US Ambassador to India Richard Verma.
iii. Under the MoU, the priority initiative are - US-India Energy smart Cities Partnership, greening the grid, promoting Energy Access through Clean Energy (PEACE) expansion. It also includes energy efficiency including space cooling, energy security, renewable energy, clean energy finance and US-India partnership for Climate Resilience etc.

6. NK Chari is MD of State Bank of Mysore

i. Mr. NK Chari has been appointed Managing Director of the State Bank of Mysore (SBM) with an immediate effect from 30th May. 
ii. Prior to his new position, he was the Deputy Managing Director of State Bank of India. He has joined State Bank of India as a Probationary Officer in September 1978 and also served as the Chief Operating Officer in National Banking Group, the retail branch network of State Bank of India.
iii. This development comes on the back of the proposed merger of SBM with SBI.

7. Dr. R Seetharaman conferred with 2016 Green Economy Visionary Award

i. A Qatar-based Indian banker Dr. R Seetharaman has been awarded with the 2016 ‘Green Economy Visionary award’.
ii. He has been awarded with this award for his contribution in environment-friendly activities and thereby promoting green economy for nearly two decades. 
iii. He received the award from Mohammed Jarrah Al-Sabah, Chairman of Union of Arab Banks at the 2016 Union of Arab Banks (UAB) International Banking Summit held in Rome.

8. Actor-director Balu Anand dies of heart attack

i. Tamil actor and director Balu Anand died following a massive heart attack at his house in Kalampalayam. He was 62 year old.
ii. Anand has acted in some 100 films and directed a few Tamil movies.
iii. Sathyaraj-starrrer 'Annanagar First street' and Vijayakant-starrer 'Nane Raja Naane Mantri,' were some of his hit films.

9. Argentina retain top spot in FIFA rankings

i. Argentina (1st) and Belgium (2nd) continue to hold on to the top two spots in the latest FIFA rankings, with Colombia rounding up the top three.
ii. World champions Germany are fourth in the table with European Championship holders Spain now sixth. 
iii. India have fallen down one spot to 163, while England have been replaced in the top 10 by Austria.

Top Headlines of the week at a glance

1. The Union HRD Minister, Smt Smriti Irani launched the multilingual Bharatvani portal (www.bharatvani.in) and mobile app at Lucknow. Bharatavani is the first knowledge portal of its kind in India which focuses on becoming a single point source for multiple language learning, content and technology. 

2. ICICI Bank has introduced a "Positive Pay" feature in its mobile banking application which allows customers to transfer images of the cheques they have issued to the bank. 

3. Government has finally enforced the decision of retirement fund body EPFO to almost double the maximum sum assured under its insurance scheme to 6 lakh. In September, Employee Provident Fund Organisation's apex decision making body Central Board of Trustees (CBT) had decided to increase benefits under the Employees' Deposit Linked Insurance (EDLI) scheme from Rs 3.6 lakh to Rs 6 lakh. 

4. The Cabinet Committee on Economic Affairs (CCEA) gave ex post facto approval to increase the foreign investment limit in YES Bank to 75 percent. Bank's present foreign equity is 41.87 percent. 

5. According to a joint study by Assocham-KPMG, India, which is has emerged as world's second largest mobile market, is also the fifth largest producer of e-waste, discarding roughly 18.5 lakh metric tonnes of electronic waste each year. 

6. The Union Cabinet gave its ex post facto approval to amend the Institutes of Technology Act, 1961 to incorporate 6 new Indian Institutes Technology (IITs) at Tirupati, Palakkad, Bhilai, Goa and Jammu and conversion of Indian School of Mines (ISM), Dhanbad to an IIT. 

7. Minister of State (Independent Charge) for AYUSH Shri Shripad Yesso Naik launched the new website of theMinistry of AYUSH and a web portal for International Day of Yoga (IDY) in New Delhi. 

8. Renowned Chinese writer Yang Jiang died. She was 104. 

9. Newborns may soon start getting Aadhaar as part of the Narendra Modi government's efforts to provide the unique identification number to all residents by March 2017. 

10. Indian-American students have swept the prestigious national bee competitions, securing the first threepositions for this year's National Geographic Bee championship finals. Rishi Nair from Florida took top honours at the 28th annual National Geographic Bee while Saketh Jonnalagadda and Kapil Nathan held the second and third positions respectively. This is the fifth consecutive year that an Indian-American has won the prestigious national tournament. 

11. CPI-M leader Pinarayi Vijayan sworn in as the 22nd Chief Minister of Kerala.

12. India signed a $100 million (about Rs 677 crore) loan agreement with multilateral lending agency World Bank for Karnataka Urban Water Supply Modernisation Project. 

13. The government announced the names of 13 more cities to be developed as smart cities, taking the total count to 33. Lucknow in Uttar Pradesh has topped this list and the other selected cities are Warangal in Telangana, Dharmashala in Himachal Pradesh. 

14. Islamic Development Bank (IDB) of Saudi Arabia will set up its first branch in Gujarat, India. IDB will also give 30 medical vans to Gujarat. IDB's main objective is to foster the economic development and social progress of member countries as well as the Muslim community in accordance with principles of Shariah. The bank has 56 Islamic countries as its members. 

15. Tech Mahindra announced dropping of its plans to start a payment bank. TechM became the third license winner to pull out of their plans to set up a payments bank in the country. 

16. BJP MLA Leader of Assam, Sarbananda Sonowal sworn in as the chief minister of Assam. 

17. The Department of Empowerment of Persons with Disabilities (Viklangjan Sashaktikaran Vibhag) will now beknown as "Divyangjan Sashaktikaran Vibhag" in Hindi as per a change in the Government of India (Allocation of Business) 1961 rules now approved by President Pranab Mukherjee. 

18. Newly-elected AIADMK legislator from Thiruparankundram in Tamil Nadu, S.M. Seenivel died. He was 65. 

19. Subhash Chandra has resigned from the post of Director and Non-Executive Chairman of Zee Media.

20. Renowned scientist S K Sharma was appointed the Chairman and Managing Director (CMD) of Nuclear Power Corporation of India Limited (NPCIL). 

21. Uttarakhand Governor K K Paul released a book "Visual Disability - a resource book for teachers". The book has been prepared by the National Institute for the Visually Handicapped (NIVH) in collaboration with experts on the matter. 

22. Tyre Maker Apollo Tyres and Wildlife Trust of India have entered into a partnership to restore a critical mangrove project in Kerala's Kannur district. 

23. Minister of Railways Shri Suresh Prabhakar Prabhu inaugurated five new activities namely (i) New AC Weekly Express train between H. Nizamuddin-Pune, (ii) Expansion of VIKALP Scheme of Alternate Train Reservation to Delhi-Howrah, Delhi- Chennai, Delhi-Mumbai and Delhi-Secunderabad Circuits, (iii) Pilot Project of Sale of Unreserved Tickets through Hand Held Terminals, (iv) Launching of Ergonomically Redesigned & Optimised Tools for Track Gangs, Keymen & Patrolmen and (v) Pilot Project for Improving Safety at Unmanned Level Crossing. 

24. The Aam Aadmi Party (AAP) government notified its policy for app-based Premium Bus Service. As per the policy, bus aggregators will have individual apps — like Ola, Uber — and will be allowed to decide their fares, determine the routes and schedule of trips, which will be uploaded on their app; operators will have to freeze bookings and display a list of passengers five minutes before departure on each trip. 

25. The country’s third-largest private sector lender, Axis Bank, has hit the international debt markets with its maiden green bond issue to raise $500 million. 

26. Mohamed Nasheed, the former president of the Maldives, has been granted refugee status in Britain. 

27. Barcelona lifted its 28th Copa Del Rey title by defeating Sevilla by 2-0 in the final match. 

28. Louis van Gaal has been sacked as manager of Manchester United, with former Chelsea boss Jose Mourinho set to be named as his replacement. 

29. Markus Kattner, acting Secretary General of International Governing body of football, FIFA has been sacked.

30. India successfully tested its first indigenously made reusable launch vehicle (RLV) from Sriharikota Space Centre in Andhra Pradesh. 

31. Sikkim Chief Minister Pawan Chamling was conferred the "Yug Kavi Siddhicharan Award" by Nepal Prime Minister K P Sharma Oli for his commendable contributions in promoting Nepali literature in India. 

32. BJP leader and former IPS officer Kiran Bedi was appointed as lieutenant governor of Puducherry, a post which was under the additional charge of Lt Governor of Andaman and Nicobar Island for nearly two years. 

33. Ken Loach won his second Palme d’Or award for "I, Daniel Blake" at the 69th Cannes Film Festival and the Indian film "The Cinema Travellers", a documentary on the traditional art of travelling cinema in Maharashtra, has won the documentary award. 

34. Lieutenant General S K Saini took over as the new commandant of the Indian Military Academy (IMA). 

35. J Jayalalithaa sworn in as the Chief Minister of Tamil Nadu. With this she has created history by becoming the Chief Minister of Tamil Nadu for the second time. 

36. Iran and India signed four agreements for the development on the southern coast of Chabahar port, to establish aluminum smelter plant and rail-related agreements. 

37. Veteran sports photo journalist Bikash Sandhu died. He was 64. 

38. India's star cueist Pankaj Advani created history in Abu Dhabi by clinching the Asian 6-Red Snooker title. Advani thus became the first in the world to hold both world and continental titles in 6-red snooker at the same time. 

39. Anurag Thakur was unanimously elected as the second youngest BCCI President, while Ajay Shirke was chosen as Secretary.

40. The 41-year- old Anurag Thakur replaced Shashank Manohar who quit the position to take up the ICC chairman's job, he was unanimously elected as the youngest BCCI President post-Independence, taking up the most high-profile position in Indian cricket. 

41. Aparna Kumar IPS of Uttar Pradesh cadre conquered the world's highest peak Mount Everest hereby hoisting flag of India and making history. 

42. Prime Minister Narendra Modi’s first visit of Iran shall be for enhancing connectivity, trade, investment andenergy partnership. 

43. AIADMK leader J. Jayalalithaa will take the oath of Tamil Nadu chief minister for the second time. A total of 28 ministers in the cabinet, including his trusted O Pannirselvm shall take oath. 

44. Turkey's Transport Minister Binali Yildirim will be appointed as head of the ruling party and as the new PM,strengthening the grip on power of President RecepTayyip Erdogan. 

45. Major global technology company Apple chief Tim Cook, met Prime Minister Narendra Modi. During that hediscussed about the Apple products manufacturing in India and the possibility of connecting with the skilled youth. 

46. On May 13, the country's foreign capital reserves reduced to$ 96.8millionto become361.0267 billion (23982.3 billion rupees) Because of this country's special drawing rights (SDRs) down by $ 69 were recorded, 1.5038billion dollar. 

47. Sachin Tendulkar launched Smash Sachin Virat cricket Carnival at smash center located in Noida DLF mall .Sachin is smash’s brand ambassador. The company was started by Smash Entertainment Pvt Ltd. -smash game is a world-class entertainment center, where games offered are of unrivaled range.