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Insights Daily Current Events, 28 November 2015

Insights Daily Current Events, 28 November 2015


Paper 2 Topic: Statutory, regulatory and various quasi-judicial bodies

Govt panel to evaluate candidates for RBI Deputy Governor post

The union government has appointed a panel to interview candidates for the post of Deputy Governor of the Reserve Bank of India.

  • The term of Urjit Patel, the central bank’s incumbent in charge of monetary policy, expires in January. He was appointed for a three-year term by the previous United Progressive Alliance government and took charge in January 2013.

About Deputy Governors of RBI:

  • The RBI has four deputy governors and typically two are from the outside, of which traditionally one is a commercial banker and the other an economist. The two others are promoted from within the central bank’s ranks.
  • A central bank Deputy Governor can be appointed for a term with a maximum of five years or till the age of 62, whichever is earlier.

sources: the hindu.


Paper 3 Topic: indigenization of technology and developing new technology.

LRSAM Successfully Flight-Tested

Long Range Surface to Air Missile (LRSAM), jointly designed and developed by Israel Aerospace Industries and DRDO, has been successfully flight tested from an Israeli Naval Platform.

  • The missile successfully engaged and destroyed the incoming air target.
  • All the subsystems of the missile performed as predicted and achieved the desired goal of hitting the incoming target.
  • Further Operational Flight Trials (O.F.T) will be conducted shortly from Indian Naval Platform before induction into the service.

About the missile:

  • LRSAM is also called Barak 8 missile in Israel which in Hebrew language means Lightning.
  • The missile configuration is same for both LRSAM/MRSAM.
  • For the LRSAM, DRDO has designed and developed Dual Pulse Propulsion System and other safe arm mechanisms for Solid Propulsion system.
  • The missile is designed to defend against any type of airborne threat including aircraft, helicopters, anti-ship missiles, and UAVs as well as cruise missiles and combat jets.
  • Both maritime and land-based versions of the system exist.

The LRSAM programme consists of Missiles, MFSTAR (Radar), Weapon Control System, Vertical Launcher unit and Two- way data link.

sources: the hindu, wiki.


Paper 3 Topic: conservation.

NHAI approves pilot project for developing greenbelts along highways

NHAI has approved a pilot project submitted by National Environmental Engineering Research Institute (NEERI), Nagpur for undertaking scientific studies on designing greenbelts along national highways.


  • The project will be implemented on a 5 km stretch on NH-7 between Jam and Hinganghat in Nagpur region at an estimated cost of Rs 11.80 crore.
  • Around 20,000 trees of scientifically chosen species have been proposed to be planted on both sides of the stretch in multiple rows.
  • The work activities have been delineated considering two major factors — highway requirement and objectives as well as plant characteristics to fit in the site requirement.
  • The project will run for five years and during this period various experiments will be conducted in NEERI laboratory to record the impact of greenbelt development.
  • Besides developing greenbelt, the project will also assist in developing relevant research infrastructure that may be used for similar studies in future.

sources: et.


Paper 2 Topic: Statutory, regulatory and various quasi-judicial bodies.

CBDT signs 11 new unilateral APAs; total 31 so far

The Central Board of Direct Taxes (CBDT) has entered into 11 more unilateral Advance Pricing Agreements (APAs). With this, CBDT has so far signed 31 APAs (30 unilateral and one bilateral) with Indian subsidiaries of foreign companies operating in various segments.

  • Out of the 11 new APAs, while seven have rollback provisions contained in them, the other four are for future five years.
  • The CBDT aims to finalize another 30 to 40 APAs before the end of this fiscal to provide stability and confidence to foreign enterprises operating in India.

The Advance Pricing Agreements (APA) programme was introduced in the Income-tax Act, 1961 in 2012.

What is an advance pricing agreement?

An APA, usually for multiple years, is signed between a taxpayer and the tax authority (CBDT) on an appropriate transfer pricing methodology for determining the price and ensuing taxes on intra-group overseas transactions.

About CBDT:

The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963.

  • It is a part of the Department of Revenue in the Ministry of Finance, Government of India.
  • It provides essential inputs for policy and planning of direct taxes in India and is also responsible for administration of the direct tax laws through Income Tax Department.
  • It is also India’s official Financial Action Task Force unit.
  • The CBDT Chairman and Members of CBDT are selected from Indian Revenue Service (IRS) whose members constitute the top management of Income Tax Department.

sources: et, cbdt.