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Employment News Paper 3 August 2013

Employment News Paper 3 August 2013
Govt new telecom licence norms

The government unveiled the long awaited Unified Licence norms that provide for delinking of spectrum from operational permits and allows companies to offer services using any technology.

All telecom companies will have to migrate to the new licensing regime upon expiry of their current permits.

They will have to pay a licence fee of eight per cent of annual revenues from telecom services.

Telecom companies would be allowed to offer mobile and fixed-line services using any technology. They can also provide Internet TV services.

The new licences will be valid for 20 years, and will be renewable for another ten years.

Telecom operators opting for Unified Licences will have to pay maximum of Rs. 15 crore for providing all telecom services while there are separate one-time entry fees for firms opting to provide select services like national long distances and Internet services.

Applicants opting for UL will have to provide maximum performance bank guarantee of Rs. 220 crore.

Deutsche Bank raises deposit rates by up to 1.50 per cent

German lender Deutsche Bank today raised deposit rates by up to 1.50 per cent.

interest rate offering on the 100 days and 101 days to 180 days buckets to 8.50 per cent, it said in a statement here.

Revised rates are applicable from July 31, it said. 

The move follows domestic private banks, including Yes Bank, HDFC Bank and Axis Bank which have upped rates by up to 4 per cent because of the tight liquidity conditions.

On July 15, the Reserve Bank put in place measures to restore stability in the foreign exchange market, including raising the Marginal Standing Facility and bank rates to 10.25 per cent and restricting access by way of repo window.


On July 22, the RBI rationalised import of gold by making it incumbent on all nominated banks to ensure that at least one-fifth of the imported metal is exclusively made available for the purpose of exports.

Aakash 4 to be available by January 2014

Government has finalised specifications of next version of low-cost tablet Aakash which would be ready by January 2014.

Final specifications of the new Aakash tablet, however, could not be ascertained. As per proposed specifications, the latest version of Aakash should be capable of supporting 4G services, phone calling features, 4 GB in built storage and bluetooth connectivity.

Government had sourced previous version of Aakash tablet for USD 49.98 which translated in to Rs 2,276.

The minister also said that around 12 manufacturers from around the world are ready to make the tablet in India.

Govt clears interest subvention scheme for farmers

To ensure availability of loans at affordable rates for farmers, the government has approved a scheme for providing short-term crop loans at concessional rate of 7 percent, Information and Broadcasting Minister Manish Tewari said .

This scheme has already been extended to crop loans borrowed from private sector scheduled commercial banks in respect of loans given within the service area of the branch concerned

An additional subvention of 3 percent is being provided to those farmers who repay their loans on time, he said, adding, the effective rate of interest for such farmers, thus, will be 4 percent per annum.

The estimated budgetary implication of this scheme for 2013-14 is Rs 15,385 crore

Govt. will also provide interest subvention at 7 percent to small and marginal farmers having Kisan Credit Card loans against Negotiable Warehouse Receipts for post harvest, on the same rates as those available for crop loan, for another six months.

The estimated additional budgetary implication of this feature would be Rs 264 crore,.

Banks have been consistently meeting the target set for agricultural credit flow in the past years. For the year 2013-14, the target for agricultural credit flow has been raised to Rs 7 lakh crore from Rs 5.75 lakh crore in the year 2012-13.

Rupee at record closing low in nearly 2 years

The partially convertible rupee closed at 61.10/11 per dollar compared with 60.43/44 .
The rupee weakened ahead of key U.S. employment data, which will help shape expectations about when the Federal Reserve will start tapering down its monetary stimulus.

The currency fell 3.4 percent this week, and is below the levels at which it was trading on July 15 when the Reserve Bank of India unveiled its cash tightening steps to defend the currency.

Investors will focus on dollar movements after the U.S. jobs report. 

The monsoon session of parliament is due to start on Monday, with important legislation such as a food security bill pending.


In the offshore non-deliverable forwards, the one-month contract was at 61.66, while the three-month was at 62.56.


PM dedicates two projects of BHEL

Prime Minister Manmohan Singh dedicated two projects of PSU BHEL in Thirumayam at Puthukottai district .

 Dr. Singh dedicated BHEL's Rs 1,000 crore High Pressure Boiler Plant Unit-II, a greenfield initiative, and the Rs 300 crore power plant piping unit.

BHEL has invested Rs 350 crore for the power piping plant, Rs 100 crore for civil works and Rs 250 crore for machinery.

BHEL Tiruchirapalli’s second unit has an installed capacity of 8 lakh metric ton and manufacturing power equipment of 20,000 Mega Watt annual capacity.

The plant has been set up in one lakh 20,000 square metres at a cost of Rs thousand crore.

The BHEL Tirumayam plant has been set up in 40 acres of land at a cost of Rs 300 crore, the installed capacity of the plant is 80,000 Metric Tonnes of piping equipment at an annual turnover of Rs 2500 crore.

Prime Minister said that one lakh mega watt power was targeted in 12th Five year plan and lauded BHEL’s initiatives to manufacture more power equipment


FDI to increase in Print Media from 26 Percent to 49 Percent

The executive committee of the Indian Newspaper Society (INS) approved a proposal to increase Foreign Direct Investment (FDI) from 26 percent to 49 percent in print media.

The INS will recommend of 49 percent FDI in print through the Foreign Investment Promotion Board (FIPB) route to the Information and Broadcasting Ministry.

In the last few decades, the print media business in India has grown exponentially and the prospects of future growth in the upcoming years appear bright.

To maintain this growth, the print media companies require an inflow of funds to expand and reach every corner of India.


The government will now require the proposal of the Press Council of India to give its go-ahead.

Motorola unveils Moto X, its first Google smartphone

Moto X is the first Motorola smartphone created in collaboration with Google since the Internet titan completed its $12.5 billion purchase of Motorola Mobility in May of last year.

Moto X smartphones are powered by Google's Android software

Moto X will be available in the US by the end of August or early September at a starting price of $199 if bought along with a two-year service contract with a telecom service company.


People can visit an online Moto Maker studio to customize colors, accents, memory capacity and other aspects of handsets, which will be assembled in the United States and delivered free of charge within four days, according to Motorola.

Dadra and Nagar Haveli Celebrated Its 60th Liberation Day

Dadra and Nagar Haveli celebrated its 60th Liberation Day on 2 August 2013.
ii. The Union Territory of Dadra and Nagar Haveli were liberated from the Portuguese rule.

Dadra and Nagar Haveli, the Union Territory of India, is situated between or surrounded by Gujarat and Maharashtra.

500 sq kilometer small area that is mostly under forest cover is celebrated the 60th Liberation Day, the day on which it was freed from the Portuguese rule in 1954.

Indian Nationalist volunteers had librated Dadra and Nagar Havel and it became centrally 
administered Union territory from 11 August 1961.

UP cannot keep IAS officer Durga Shakti Nagpal under suspension for more than 90 days

All India Services (Discipline and Appeal) Rules says that the state can keep the officer under suspension for maximum 90 days, pending disciplinary proceedings.

The Uttar Pradesh government cannot keep the brave IAS officer Durga Shakti Nagpal — who launched a massive crackdown against illegal sand miners in Gautam Budh Nagar district — under suspension for more than 90 days without the Centre's consent.

Under the rule, the state cannot delay the report beyond 90 days (initially 45 days which may be further extended to another 45 days) — that means Uttar Pradesh government cannot put Nagpal under suspension, pending disciplinary proceedings, beyond three months without being conformed by the Centre.

Suspension of IAS officer can continue beyond one year only on the recommendations of the central ministry's review committee. This stage, however, comes only in the case of serious disciplinary charges against an officer.


India revokes GlaxoSmithKline cancer drug patent in latest Big Pharma blow

India has revoked a patent granted to GlaxoSmithKline Plc for breast cancer drug Tykerb, a decision that follows a landmark India court ruling disallowing patents for incremental innovations that was a blow to global pharmaceutical firms.

However, the Intellectual Property Appellate Board (IPAB) upheld a patent granted on the original compound, or active pharmaceutical ingredient, lapatinib, citing innovative merit.

As a result, a GSK spokesman said its medicine would remain subject to patent protection until 2019. The additional patent on the particular salt of lapatinib used in Tykerb, which has now been rejected, would have extended that protection to 2021.

GSK had cut prices of Tykerb by about a third in India as part of a flexible pricing programme designed to make important drugs more affordable in certain emerging markets.

A strip of 10 Tykerb tablets costs about 4,160 rupees in India and a patient is expected to take five tablets a day for 21 days if the cancer is in an advanced stage.

Western pharmaceutical companies, looking to emerging markets such as India to help drive growth, have run into various obstacles recently, ranging from corruption and pricing probes in China to stock management problems in Brazil.

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