1. MAVEN

2. Crisil Report on States Crisil has developed indices of prosperity and equity based on pattern of ownership of consumer durables across various regions in a state using the 2011 census data. Prosperity Index - Punjab followed by Kerala followed by Haryana Equality index - Kerala followed by Punjab Per Capita Income - Maharashtra followed by Haryana and Gujarat Most Prosperous city Gurgaon

3. More ultra mega solar plants on anvilAuthor:Special CorrespondentMUMBAI: With states like Madhya Pradesh making rapid strides in solar energy generation, more than four ultra mega solar power plants can come up in the country, according to Tarun Kapoor, Joint Secretary, Union Ministry of New and Renewable Energy. Our objective is to bring down the cost of solar energy to Rs.5.50 per unit, and this can only be possible through ultra mega solar power plants. We already have finalised plans for four locations, and now with states like Madhya Pradesh coming up rapidly, we can set up more such plants, Mr. Kapoor said. Each of these plants will have capacity of 4,000 MW, and are being implemented under the Jawaharlal Nehru National Solar Mission. He said that the first ultra mega solar plant would come up near Sambhar Lake in Rajasthan, followed by the second one in Gujarat.

Two more such plants would come up at Kargil and Ladhak with a capacity of 2,000 MW and 5,000 MW, respectively. The first phase (1,000 MW) of the Rajasthan ultra mega plant will be ready for commissioning in three years. The basics of this phase are to be in place in three months, and it is being set up through the EPC route through a joint venture of six public sector companies led by BHEL. For the balance 3,000 MW capacity, we will invite tenders from five or six developers who could take up projects of 500 MW each, Mr. Kapoor said at Intersolar India, an industry summit, here.We have not finalised the model for the plant in Gujarat but land has been allotted. We have identified land for the projects in Kargil and Ladhak where solar radiation is the best, he added.Madhya Pradesh, on Monday, announced that the largest solar plant in the country had come up in the state eight months ahead of schedule. From a mere 2 MW capacity in April 2012, the State would reach 2,000 MW capacity by 2015.

Through our unique solar policy, we have attracted developers from all over. Indias largest solar project, the 130 MW AC and 151 MW DC, is now commissioned at Diken village in Neemuch. We wanted to do it and then announce, said SR Mohanty, Principal Secretary, Madhya Pradesh.In the last quarter, a total of 191 MW solar capacity came up. Out of that, 153 MW came up in Madhya Pradesh, thus we had 80 per cent of the share, Mr. Mohanty said.4. Jailed persons can contest pollsAs Supreme Court accepts amended RP Act NEW DELHI:Taking note of the amendment made to the Representation of the People Act treating persons in lawful custody in a criminal case as a voter, the Supreme Court on Tuesday gave a big relief to political parties by allowing them to contest elections.

A Bench of Justices A. K. Patnaik and S. J. Mukhopadhaya dismissed the review petitions filed by the Union government and Ramesh Dalal against a July 10 judgment upholding a 2004 Patna High Court ruling, which held that when a person in custody was disqualified to vote he was disqualified from contesting the elections also.

Section 62 ( 5) of the RP Act says, No person shall vote at any election if he/ she is confined in a prison, whether under a sentence of imprisonment or transportation or otherwise, or is in the lawful custody of the police: Provided that nothing in this subsection shall apply to a person subjected to preventive detention under any law for the time being in force.Subsequent to the July 10 judgment, Parliament amended the RP Act and introduced a proviso to Section 62 ( 5) in the RP ( Amendment and Validation) Act, 2013, which says ... by reasons of the prohibition to vote under this sub- section, a person whose name has been entered in the electoral roll shall not cease to be an elector.

The notification said notwithstanding anything contained in any judgment, decree or order of any court, tribunal or other authority, the provisions of the RP Act, 1951, as amended by this Act, shall have and shall be deemed always to have effect for all purposes as if the provisions of this Act had been in force at all material times.

On Tuesday, during the resumed hearing, Additional Solicitor General L. Nageswara Rao and counsel V. K. Biju, appearing for the Centre, submitted that nothing survived in the petition in view of the amendments to the RP Act.

Accepting the submissions, the Bench dismissed the review petitions as not necessary.

5. Selfie is the 2013 word of the year, Oxford Dictionaries announced . Selfie is defined as a photograph that one has taken of oneself, typically one taken with a smartphone or webcam and uploaded to a social media website.

6. Krishna Tribunal allows Almatti Dam height at 524.26 metresAuthor:Special CorrespondentBANGALORE: In a great relief to the people in the northern parts of Karnataka, the Krishna Water Disputes Tribunal-II has upheld its award of 2010 and raising the height of the Almatti reservoir from 519.60 metres to 524.26 metres. It had asked the Centre to appoint a Krishna Water Decision Implementation Board, giving representation to Karnataka, Maharashtra and Andhra Pradesh as well as the Centre.

Chairman Justice Brijesh Kumar, heading the three-member tribunal, announced the 480-page award on Friday. The tribunal, in its further report on the clarification sought by the riparian States, allowed Karnataka to claim the remaining water and make a suitable application before the competent authority. The award would not come into effect immediately as a case pertaining to the Krishna water dispute was pending before the Supreme Court.

Hails ruling

Meanwhile, Karnataka Law and Parliamentary Affairs Minister T.B. Jayachandra and State Water Resources Minister M.B. Patil made statements in Belgaum on Friday welcoming the final award, but said that the government would discuss the allocation of four tmc of water to Andhra Pradesh from the Tungabhadra dam in the State.

According to sources in the Department of Water Resources, Karnataka could irrigate an additional area of 5.40 lakh hectares. The order was in response to the petitions by Karnataka, Maharashtra and Andhra Pradesh seeking clarification on some aspects of its 2010 award. The further report termed the argument of Andhra Pradesh that the flows into it would be reduced to nil, if the height of the Almatti dam was raised to 524.25 metres, totally incorrect. The A.P. government had argued that the dam height was disproportionate to its requirement and would adversely affect the interest of farmers. Tribunal said that A.P. was unable to indicate the injury to it and the extent of the injury, which may be caused on account of raising the height of the dam, as it did not have in its possession of any relevant documents and material necessary for the purpose. The award had allocated 911 tmc ft, 1,001 tmc ft and 666 tmc ft respectively to the three States.

7. Juvenile Justice ( Care and Protection of Children) Act 2000 amemded in 2006Rehabilitation and social reintegration are primary aims of the act. Constitutional provisions -Article 15(3) , 39(e) and 39(f) JJ Act covers two catagories of children-i. Delinquent juvenile - who have committed crimeii. Neglected children - who are in need of care and protectionAccordingly two bodies made

1. Juvenile Justice Board - for delinquent children - district level or for a group of districts metropolitan magistrate (special knowledge in child psychology or child welfare) + two social workers including minimum one woman. Powers conferred by CPC 1973. Orders may include detention in special homes, probation,community service and most oftenly used " admonish and release". Maximum sentence - remain in observation home for three years or till attaining age of 21a) Issues -b) Determination of age - Either medical evidence or documentary evidence. c) Delay in judgement result in children attaining age of 21 many times, when sentence of detention does not apply.2. Child Welfare Committee - for neglected children - five member district level quasi-judicial body including minimum one woman.

8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 8. Centre to have powers to resolve water-sharing spats in new StatesStates will get two years to arrive at sharing formula in consultation with Centre This will provide a way to resolve ownership and benefit-sharing issues Centre proposes to set up a river management boardAuthor:Nitin SethiNew Delhi: The Centre will have the powers to step in to decide the sharing of water resources and assets in the river basins between Andhra Pradesh and proposed Telangana after the bifurcation, if the two are unable to do so through a mutual agreement within specified time. A highly placed source told The Hindu that under the proposed law which is near finalisation, the Union government will have the power to draw up a water-sharing ratio and the power benefits from projects on the Krishna and Godavari basins to the two States.If the two States, after the bifurcation, are unable to resolve sharing of utilisable water in the river basins within one year, the Centre will be empowered to take the decision unilaterally by the end of the second year. In the case of projects running in these basins, the States would get two years to arrive at the sharing formula in consultation with the Centre failing which, again the Union government would step in to do so unilaterally in the third year after creation of the State. This would provide the way to resolve ownership and benefit-sharing issues that the Centre believes could emerge in case of large, controversial and on-going projects such as the multi-purpose Polavaram irrigation project.

New board

The Centre also proposed to set up a river management board for which it will appoint a chairperson. The board will have one full-time member and two part-time members, nominated by the two States. The Centre will nominate two full-time members besides these.

Cost-sharing formula

The board will be funded by the two State governments on the basis of a formula that would be decided on the benefit-sharing ratios. This board, source said, would regulate the implementation of the benefit-sharing agreement struck either between the States or by the Centre either on water supply or on power generated. The board shall hold powers to regulate irrigation, water supply, hydro-power, navigation and terms of industrial use of river resources. The Centre, wishing to avoid any protracted battle between the two States over specific projects or critical water resources, has created space for itself to hold the veto in case dispute arises between the States on the powers of the board.

Bone of contention

The sharing of water resources has been one of the most contentious points in the creation of the Telangana State and the Group of Ministers is still to decide the fate of Penner river, the source said. But, he said the water-resource sharing formula for the two basins was agreed to largely and should remain intact in the finalised Bill.Pasted from Inter-State River Water Disputes Relevant constitutional provisions -a) Entry 17 in State listb) Entry 56 in the Union list, and c) Article 262Inter-State River Water Disputes Act 1956 If a dispute arises out of sharing or distribution of water resource of any inter-state river between two or more states, it has to be tried to resolve through negotiations. If States request to Centre and Centre is of the view that the dispute cannot be settled through negotiation, the Central govt. have to constitute a Water Dispute Tribunal for this purpose within one year of reciept of such applicationTribunal Composition - Chairman + two members nominated by CJI. They must be sitting judges of SC or HC.Term of tribunal - The tribunal will give its decision on matters within 3 years, which can be extended for further 2 years in certain cases.If some clarifications is needed regarding report the Government may refer the report back to tribunal within three months on for which tribunal is given one more year.Decision - The Central Government shall publish thedecisionof the Tribunal in the Official Gazette and the decision shall be final and binding on the parties to the dispute and shall be given effect to by them.The decision of the Tribunal, after its publication in the Official Gazette by the Central Government under sub-section (1) , shall have the same force as an order or decree of the Supreme Court.

9. Not just about the islandsChinas decision to have an Air Defence Identification Zone in the East China Sea could have more to do with bigger maritime security issues than with any dispute over islands administratively controlled by JapanAuthor:Manjari Chatterjee MillerIn late November, China announced that it now had an Air Defence Identification Zone (ADIZ) in the East China Sea. This development led to an immediate spiking of tensions with its neighbours, Japan, South Korea and Taiwan, as well as with the United States. In response, the United States sent two B-52 bombers into the air zone claimed by China. A couple of days later, Japan and South Korea followed suit, sending aircraft into the zone without informing the Chinese authorities. While the U.S. has now at least advised its passenger airlines to follow the rules of the Chinese ADIZ, Tokyo has explicitly refused to do so. For those bemused by Chinas sudden announcement and the flurry of international attention that has accompanied it, here is a handy guide to the issue.

What is an ADIZ?

Its a section of international airspace over which a country declares its right to identify aircraft, ostensibly to protect itself from foreign threat. Its a product of customary international law but its not jurisdictional.

What happens once an ADIZ is established?

A country would use radar to detect unexpected aircraft flying in the ADIZ and observe them. This would sort some, if not most, into the category of being unthreatening. Using radio, it would query those it was concerned about. The country may ask who they are and what they are doing. If they are not a security threat, that would be sufficient. If the country was still not sure, it would launch an aircraft to intercept and observe. The country would not have the authority to do anything else unless it thought the aircraft was a direct threat to the country.

Whats the problem with China declaring an ADIZ?

Well, the problem is that Chinas ADIZ overlaps with the ADIZ that was created by the U.S. after World War-II and transferred to Japan in 1969. Japan sees this as an affront to its sovereignty. The bigger problem is that Chinas ADIZ encompasses the Diaoyu/Senkaku islands claimed by both China and Japan. This is the first time an overlapping ADIZ has been declared in an area where there is a sovereignty dispute. As a result, with China monitoring the space, and the U.S. and Chinas neighbours defying it, there is now an increased risk of either a deliberate or accidental incident involving military aircraft. Some are also concerned that China thinks the ADIZ will strengthen its claim over the Diaoyu/Senkaku islands.Is it Diaoyu or Senkaku? And whats the history issue that crops up in every article?The Chinese call the islands Diaoyudao. The Japanese call them Senkaku. Impartial observers try to get both names in. The history problem (lishi wenti) as China terms it, refers to the history of Japanese colonialism in China. Japan, once a vassal state of imperial China, subjugated and humiliated the Chinese not once but twice in different periods of time in the late 1800s, and again, in the 1930s. Japans domination and exploitation of China, along with the conquests of Western powers, falls under the century of humiliation (bainian guochi) in the Chinese historical narrative. The Diaoyudao islands were considered lost during this period when Japan formally annexed them in 1895. The suffering at the hands of Japan was particularly shocking for China and the issue remains hugely sensitive, not just because Japan was considered an inferior vassal state at the beginning of this tumultuous period, but also because modern Japan is seen as unremorseful of the atrocities it inflicted on China.So why did China suddenly declare the ADIZ? Is it just about controlling Diaoyu/Senkaku?That depends on whom you talk to. Chinese foreign policy decision-making is highly opaque, so all anyone can do is to speculate and there have been a number of speculative theories. First, China could be redefining the status quo. China feels it has a right to an ADIZ to protect its sovereignty over both its territory as well as its claimed maritime spaces. After all, Japan has an ADIZ.

Moreover, Japans ADIZ comes within 130 km of Chinas territory; therefore its only fair that Chinas ADIZ extends to within 130 km of Japans territory. Second, it could be a direct challenge to Japans administration of Diaoyu/Senkaku. Japan has administrative control over the islands; this could be Chinas attempt at a different kind of parallel control.

Third, this could be not about Diaoyu/Senkaku but rather about bigger maritime security issues in the East China Sea and asserting Chinese dominance. The New York Times quoted an unnamed adviser to President Obama saying, Its pretty clear this isnt about the islands.

Fourth, it could be a combination of domestic political pressure from Chinese nationalists in the media and the PLA, and President Xi Jinping feeling his way into his new role. Japan is a domestic hot button issue and any move by the government that could be interpreted as pushback against Japan would appeal to a small but highly vocal section of nationalists in the media as well as the PLA, which tends to take stronger stances on Chinese territorial sovereignty than the Ministry of Foreign Affairs. That, combined with President Xis relatively new leadership, could be a way for him to consolidate his authority.

What does this mean for India?

Well, hawks would immediately jump to the conclusion that China is more aggressive in its foreign policy, which does not bode well for its relations with India. Certainly, Chinas announcement of the ADIZ was unexpected. It was done without any consultation with Japan and has thus been seen as very disrespectful. It has also been called unnecessary. Since the ADIZ is not jurisdictional, it makes no legal difference to Chinas claim over Diaoyu/Senkaku.

A more sober look, however, would take into account a few additional facts. First, many countries have an ADIZ and establishing one is not surprising in itself. Its possible the Chinese government did not realise that the establishment of the ADIZ would lead to this strong backlash. In their eyes, they were establishing parity with Japan, not needling it. Second, China backed off from their initial terming of the ADIZ as emergency defensive measures and insisted that they just want notification from aircraft entering the airspace, and are not about to respond with force. Third, as The Diplomat pointed out, China is engaging in lawfare using international institutions to achieve strategic goals. This is indicative of acceptance rather than the rejection of the current international order. Fourth, because China, like all other countries, has a right to an ADIZ, the ADIZ itself should not be the problem. Rather, Chinas actions should be scrutinised.

If Japanese planes flying towards Diaoyu/Senkaku are intercepted on a regular basis that would be more of an issue than the establishment of the ADIZ itself, unexpected though it may have been. Last, unpalatable as this may be to the Indian power elite, given the focus on the China threat, India, currently at least, simply does not factor into Chinas strategic priorities. China is intently focused on the United States. Implicitly, this may actually be a good thing, leading to maintenance of the status quo for the foreseeable future.

(Manjari Chatterjee Miller is?Ass stant Professor of International Relations, Boston University, and author of Wronged by Empire: Post-Imperial Ideology and Foreign Policy in India and China.)10. Mauritius, India agree to LoB clause MUMBAI: Mauritius has agreed to include a limitation of benefits (LoB) clause in its revised tax treaty with India. While specific details of this clause in the India-Mauritius tax treaty are being ironed out, LoB clauses are typically aimed at preventing treaty shopping or inappropriate use of tax pacts by third-country investors. The LoB clause limits treaty benefits to those who meet certain conditions, including those related to business, residency and investment commitments of the entity seeking benefit of a Double Taxation Avoidance Agreement (DTAA).

Mauritius and India have agreed on the principle of including a limitation of benefits (LoB) clause in the treaty, the island nations Financial Services Commission (FSC) Chairman Marc Hein told PTI. The FSC is Mauritius integrated regulator for global business companies and non-banking financial services sector. This LoB clause will have the effect of bringing even more substance to companies which want to be tax resident in Mauritius, said Mr. Hein, who was here to participate in an international taxation conference. He added that there is already a mechanism to prevent misuse, and the further obligations should alleviate the fears of the Indian authorities. PTI

11. India a rising solar power, says World Bank

National Solar Mission instrumental in bringing down cost of power Author:Sujay MehdudiaNEW DELHI: The Jawaharlal Nehru National Solar Mission Phase-1 (JNNSM) is poised to make India a global leader in the development of solar power as its green growth agenda increased the installed capacity from around 30 MW to more than 2,000 MW, a World Bank report said on Thursday.What is significant is that JNNSM has been instrumental in bringing down the cost of power to a level that is competitive across the world, says the report. It has reduced the costs of energy to $0.15 per kWh, making India amongst the lowest cost destinations for grid-connected solar Photovoltaic (PV) in the world.The report, Paving the Way for a Transformational Future: Lessons from JNNSM Phase1, says solar power can reduce Indias dependence on imports of diesel and coal for power generation, cut greenhouse gas emissions and contribute to energy security. Growth in this sector will help India increase its share of clean energy and meet its target of reducing emissions per unit of its GDP by 20-25 per cent by 2020 over the 2005 levels.

In a short span of three years, India has made impressive strides in developing its abundant solar power potential. With more than 300 million people without access to energy and industry, citing energy shortage as key growth barrier in India, solar power has the potential to help the country address the shortage of power for economic growth, Onno Ruhl, World Bank Country Director in India, said at the release of the report.However, while India is clearly emerging as a global leader in solar power, to achieve its target of adding 20,000 MW of capacity by 2022, it needs to address the key barriers and constraints that could come in the way of scaling up the solar programme, Mr. Ruhl said.

Ashish Khanna, lead energy specialist and one of the authors of the report, said: Building on the success of Phase 1, the programme now needs to focus on promoting financing of solar projects by commercial banks, developing shared infrastructure facilities such as solar parks and identifying comparative advantage of Indian manufacturing across the supply chain.

The report has recommended publicly developed infrastructure such as solar parks to help increase efficiency and lower costs. A solar park in Charanka (Patan district) in Gujarat is now the largest such park in Asia.

Such shared infrastructure facilities helped in developing critical infrastructure, including facilities for power transmission, roads and water, thereby ensuring rapid development of solar projects as well as local employment generation, the report said. In addition, Indias plans to develop ultra-mega solar projects would help showcase the potential for large-scale grid connected solar projects to the entire world, it added.

12. EU bank watchdog warns of Bitcoin risks

LONDON: The European Unions banking watchdog, on Friday, issued a warning over virtual currency trading amid huge swings in the value of Bitcoin, a lack of regulation and money laundering risks.The European Banking Authority (EBA) is issuing this warning to highlight the possible risks you may face when buying, holding or trading virtual currencies such as Bitcoin, a statement said. The EBA added: We recommend that, if you buy virtual currencies, you should be fully aware and understand their specific characteristics.

Bitcoin has become a global phenomenon, with the price rising so much that a Norwegian man was able to buy an apartment with some of the 5,000 Bitcoins he bought for just $24 in 2009.The explosive growth has raised alarm bells, with analysts warning of a potential crash due to a lack of fundamental underpinning. The EBA urged users to exercise the same caution with your digital wallet as you would do with your conventional wallet or purse. The watchdog said people should not keep large amounts of money in their digital wallet for an extended period. The warning comes as Chinese speculators have seen Bitcoin values plunge, soar and plunge again within days. AFPPasted from

BitcoinBitcoin is a digital currency which is distributed peer-to-peer over internet. It is a form of electronic payment system. The Bitcoins can be exchanged with physical currencies at Bitcoin exchanges. Unlike a traditional currency such as the rupee, which has a physical presence in the form of a note or coin, Bitcoin is a virtual currency whichexists only online. The currency is created when computers solve complex mathematical problems. Or, people can buy bitcoins from others who already own them.Some countries such as the U.S., China and Japan now have electronic exchanges like a stock exchange where people can buy or sell bitcoins. Japan-basedMt. Gox, is one of the most active bitcoin exchanges. Advantages of Bitcoin -1. Privacy - sequence of numbers acting as pseudonym for a person without revealing real identity1. Open System - anyone can use just with an internet connection and a bitcoin client1. Decentralised - no entity can directly control the supply of money. This also causes concern because of lack of validation agency from fraudulant transactions. Bitcoin has a decentralised validation mechanism.1. Low inflation risk - Over time all currencies lose purchasing power at a rate of few percents per year mainly because governments keep printing more money.Bitcoin don't have this problem because the system is designed to make Bitcoins to be finite. Only about 21 milion Bitcoins will ever be released (mined).Risks associated with Bitcoin -1. The anonymity that bitcoin offer users also raises the risk that they could also be used for money-laundering and financing of terrorism

13. Cabinet okays disabilities Bill Author:Special CorrespondentNEW DELHI: The Union Cabinet on Thursday approved the Rights of Persons with Disabilities Bill, a comprehensive measure that covers a whole spectrum of problems from physical disabilities to mental illness and multiple disabilities. It will replace the Persons with Disabilities (Equal Opportunity Protection of Rights and Full Participation) Act of 1995.The Bill provides for five per cent reservation in public sector jobs and makes the private sector more accountable for creating a disabled-friendly environment. It provides incentives for the private sector to take such measures. On political participation, the proposed law says every person with disability who fulfils eligibility requirements is entitled to be registered as a voter. He/she should not be disqualified from exercising the voting right on the grounds of disability, irrespective of any stipulation to the contrary in any law for the time being in force. Any person who is unable to vote in person due to disability or because of admission to hospital for treatment is entitled to opt for postal ballot, says the Bill. It requires the Election Commission to ensure that all polling stations are accessible to persons with disabilities.The proposed law also allows mentally unsound women the right to fertility and prescribes punishment for forced abortion or hysterectomy on them.

14. China probe lands on Moon Third country after the U.S. and the erstwhile Soviet Union to achieve a soft landing.Author:Ananth KrishnanBEIJING: China on Saturday for the first time landed a rover on the Moon the first country to do so since 1976 marking a landmark for the countrys fast-developing space programme. A lunar probe carrying the Jade Rabbit or Yu Tu rover landed in the Bay of Rainbows, or Sinus Iridum, on the Moons surface, 12 days after the Change-3 probe the countrys third major lunar mission blasted off from southwestern China.The Beijing Aerospace Control Center said the probe had landed successfully, with China becoming the third country after the United States and the erstwhile Soviet Union to achieve a soft landing.Chinas mission, the centre said, was more advanced, having designed the suspension and obstacle-avoiding phases to survey the landing area much more precisely through fitted detectors. The rover will spend the next few weeks exploring the lunar surface. The mission highlights the rapid advancements in Chinas space programme, following two lunar missions, in 2007 and 2010, which saw the country carrying out a hard impact landing and mapping the Moons surface. India (Chandrayaan-1 probe) and the European Space Agency have carried out similar hard landings. The landing showed that China now had the ability of in-situ exploration on an extraterrestrial body, Sun Huixian, deputy engineer-in-chief of the space programme, told State media. He downplayed suggestions of a space race between China and any other country, in the wake of global attention on Indias space programme following the recent Mars probe launch, Compared to the last centurys space race between the United States and the former Soviet Union, mankinds current return to the moon is more based on curiosity and exploration of the unknown universe, he said.

15. And now, a desi digital currency in the offing Author:Anuj SrivasBANGALORE: With the curtains surrounding Indias first bitcoin conference set to be drawn on Sunday, one thing is clear the domestic ecosystem surrounding the volatile digital currency is ready to take-off. There is even a laxmicoin, Indias very own digital currency, in the making. Sample this: at least three different companies are in talks with Indian banks and other financial institutions to set up a domestic exchange that will allow the purchase and sale of bitcoins. The most prominent among the companies is U.S.-based Buttercoin, a free bitcoin exchange backed by investors such as Google Ventures.

However, according to a senior banking official, this would require, at the least, a number of approvals and a no-objection certificate from the Reserve Bank of India as well as co-operation from State Bank of India.There is little doubt that India is waking up to bitcoin. The number of queries we are getting regarding the virtual currency has increased exponentially in the last three months, the official said.

On the consumer-facing side of the ecosystem, a small beauty salon in Chandigarh has the distinction of becoming what may be the first merchant in India to start accepting bitcoins officially.Nisha Singh, owner of CastleBloom Beauty Bar, pointed out that it was about giving her customers another payment option, even if no customers had yet come in to pay with the currency.Nevertheless, the exact popularity of bitcoins amongst the average Indian consumer is a question that is still hotly debated. According to digital currency research firm, The Genesis Block, Indian bitcoin client software downloads increased 17.23 per cent in the third quarter compared with the previous quarter.In fact, Jonathan Stacke, an analyst at The Genesis Block, has pointed out that the bitcoins ability to be transferred at almost no cost is a potentially powerful tool for remittance markets such as India.With the RBI placing restrictions on the amount of capital individuals can invest overseas bitcoin may serve as an opportunity to send investment offshore without having to clear through any intermediary bank, he wrote, in a recent note on Bitcoin in India: drivers and barriers to adoption.And, it isnt just bitcoin, which has caught the fancy of investors and consumers. Other digital currencies are on the rise, each with their unique crypto code. In fact, a team of engineers and professionals are working to bring out laxmicoin, a digital currency engineered specifically for use in India. Deepak Mantwal, a founding member of the laxmicoin team, is expected to speak on laxmicoin at the conference here on Sunday, where enthusiasts, venture capitalists, and bank officials will meet, and perhaps provide details regarding its launch.

16. RBI outlines action plan to tackle NPAs

Will set up a central repository of data that lenders can accessInvites comments on the paper, which should reach it by January 1, 2014 Banks will have to furnish credit information to CRILCAuthor:Special CorrespondentMUMBAI: The Reserve Bank of India, on Tuesday, outlined a corrective action plan to minimise rising non-performing assets (NPAs). The plan would include incentivising early identification of problem cases, timely restructuring of accounts, which are considered to be viable, and taking prompt steps by banks for recovery or sale of unviable accounts. In a discussion paper on Early recognition of financial distress, prompt steps for resolution and fair recovery for lenders: framework for revitalising distressed assets in the economy, the RBI?said it would set up a Central Repository of Information on Large Credits (CRILC) to collect, store, and disseminate credit data to lenders. The credit information would also include all types of exposures as defined under RBI Circular on exposure norms, and will include data on lenders investments in bonds/debentures issued by the borrower/obligor, said the RBI, in the paper.

The RBI invited comments on the paper, which should reach it by?January 1, 2014.Banks will have to furnish credit information to CRILC on all their borrowers having aggregate fund-based and non-fund based exposure of Rs.5 crore and above. While all scheduled commercial banks will mandatorily contribute their credit information on their borrowers/customers as proposed, the RBI said that systemically important non-banking financial companies (NBFC-SI) would also be asked to furnish such information.In addition, banks would have to furnish details of all current accounts of their customers with outstanding balance (debit or credit) of Rs.1 crore and above. The RBI said that before a loan account turns into an NPA, banks should identify incipient stress in the account by creating a new sub-asset category, Special Mention Accounts (SMA). Within the SMA category, there should be three sub-categories: SMA-NF non-financial (NF) signals of incipient stress; SMA-1 principal or interest payment overdue between 31-60 days; SMA-2 principal or interest payment overdue between 61-90 days. Banks will be required to report, among others, the SMA status of the borrower to the CRILC. Individual banks will have to closely monitor the accounts reported as SMA-1 or SMA-NF as these are the early warning signs of weaknesses in the account. They should take up the issue with the borrower with a view to rectifying the deficiencies at the earliest.The RBI also said that reporting of an account as SMA-2 by one or more lending banks/NBFC-SIs will trigger the mandatory formation of a joint lenders forum (JLF) and formulation of corrective action plan (CAP). Further, with a view to limiting the number of JLFs to be formed, it is proposed that JLF formation would be made mandatory for distressed corporate borrowers, engaged in any type of activity, with aggregate fund based and non-fund based exposure of Rs.100 crore and above. The RBI said that the lenders in the JLF would sign an inter creditor agreement (ICA) and also require the borrower to sign the debtor creditor agreement (DCA), which would provide the legal basis for any restructuring process. The decisions agreed upon by a minimum of 75 per cent of creditors by value and 60 per cent of creditors by number in the JLF would be considered as the basis for proceeding with the restructuring or recovery action of the account, and will be binding on the lenders under the terms of the ICA. The RBI further said that wilful defaulters will normally not be eligible for restructuring. Pasted from

NPA: Aloanorleasethat is not meeting its statedprincipalandinterestpayments.Banksusuallyclassifyas nonperformingassetsanycommercial loanswhich are more than 90 daysoverdueand anyconsumer loanswhich are more than 180 days overdue. More generally; an asset which is notproducingincome. As of June, the gross NPA of nationalised banks was 3.89 per centof the total advances. Now, every bank is required to provision for NPAs.Now, NPAs are measured in two ways gross and net. Gross NPAs is just the total assets that youve lent out that you cannot recover. Net NPAs are gross NPAs less provisioning.

17. ICA gives go ahead to Kishenganga project Author:Gargi ParsaiNEW DELHI: The Hague-based International Court of Arbitration has allowed India to go ahead with construction of the 330-MW Kishenganga hydro-electric project in North Kashmir which was in dispute with Pakistan.In its final order delivered on Friday, the court upheld Indias right under the bilateral Indus Waters Treaty to divert waters from the Kishenganga for power generation in Jammu and Kashmir. The court, however, decided that India release a minimum flow of nine cubic metres per second (cumecs) into the Kishenganga River (known as Neelam in Pakistan) downstream of the project at all times to maintain environmental flows.

Although the decision is binding on both parties and cannot be appealed, the court, chaired by Judge Stephen M. Schwebel (United States) decided that either India or Pakistan may seek reconsideration of the final order through the bilateral Permanent Indus Commission and the mechanisms of the Indus Waters Treaty after seven years of the first diversion of waters from the Kishenganga/Neelam. On India seeking a clarification on the drawdown flushing technique for clearing sedimentation in the run-of-the river project, it is understood that the country may have to adopt a different technique for flushing in future projects. Pakistan had apprehended that the drawdown flushing technique involving depletion of storage levels will affect flows at its downstream Neelam project. In 2010, Pakistan moved for arbitration against India under the provisions of the Indus Waters Treaty 1960 that regulates the use of waters in the shared rivers.The Rs. 3600-crore project is designed to generate power by diverting water from a dam site on the Kishenganga to the Bonar Nallah, another tributary of the Jhelum, through tunnels. Pakistan challenged the project saying it was in violation of the treaty. However, the Arbitration Court has finally rejected Islamabads objections on this count. The Ministry of External Affairs confirmed on Saturday that India had received the final award and the courts decision on Indias request for clarification on Friday night. The quantum of 9 cumecs of natural flow of water that must be maintained in the Kishenganga at all times is much lower than the 100 cumecs of natural flow that Pakistan wanted India to ensure, the Ministry said in a statement. In its Partial Award delivered in February this year, the Court of Arbitration already upheld Indias main contention that it has the right to divert waters of the western rivers, in a non-consumptive manner, for optimal generation of power, the statement said.

17. Indigenous device that can detect early cervical cancer launchedAuthor:Aarti DharNEW DELHI: The Union Health and Family Welfare Ministry on Monday launched an indigenous device that can detect early cervical cancer and be used even by healthcare workers with basic training. AV Magnivisualizer, which was developed by the Institute of Cytology and Preventive Oncology under the Indian Council of Medical Research (ICMR), has 95 per cent accuracy for detecting pre-cancerous lesions. Randomised clinical control trials have confirmed its efficacy in reducing incidence and mortality. It can be made available in remote rural areas. This is a user-friendly device which costs about Rs 10,000 as against the present devices which cost between Rs 8 lakh and Rs. 10 lakh and are beyond the reach of most people. The device has a white light source with variable, interchangeable magnification and can be operated on a 12- volt battery in rural and semi-urban areas where electric supply is not regular. Magnivisualizer has been found to pick up 1.5 times more high-grade pre-cancerous lesions than the ordinary tungsten light.The ICMR is initiating studies to assess its applicability even for oral pre-cancerous and cancerous lesions, V.M. Katoch, Director General, said.

Cervical cancer is the most common malignancy among Indian women, particularly those who marry early. Current estimates indicate that approximately 1.32 lakh new cases are diagnosed and 74,000 deaths occur annually in India, accounting for nearly one-third of global cervical cancer deaths. Launching the device, Union Health and Family Welfare Minister Ghulam Nabi Azad said it would be available in the market within the next 8-9 months and efforts would be made to provide it to Community Health Centres in the initial phase. In the next phase it would be made available in the Primary Health Centres (PHC), where cervical cancer cases go undetected. We are aware of the shortage of human resource at the PHC level, Mr. Azad said, adding that efforts would be made to train the available manpower at both levels until the device reaches them. Cervical cancer takes about a decade to fully develop and is often detected when it has spread substantially. It starts from a pre-cancer stage called dysplasias and early detection and appropriate treatment at this stage can halt its progression, resulting in decreased incidence or mortality.