Current Affairs: February 17, 2012

February 27th, 2012

Contents

Over the query from some Chief Ministers opposing the establishment of NCTC (National Counter-Terrorism Centre) will infringe on the states' powers, the Union Govt held that setting up of NCTC is in national interest and thus no need to consult the States anterior to its notification as it is being instituted under the existent laws.
The centre is being shaped for better coordination among agencies to fight terror better.

---------------------------------------------------------

In the latest World Cost of Living Survey for 2012 published by the Economist Intelligence Unit, Zurich in Switzerland replaced Tokyo as the costliest city in the world.
The list computed the cost of living in 130 cities worldwide in which Karachi is placed at the last position i.e. as the least expensive city.
From India, New Delhi ranked fourth last i.e. 128^nd while Mumbai ranked second last i.e. 130^th in the list.

---------------------------------------------------------

Rs 1,250 Crore financial assistance to be provided by the World Bank to the West Bengal Government for minor irrigation projects in the state.
The accord for the minor irrigation schemes was inked with the World Bank in December, 2011.
West Bengal is falling behind in production of food grains and the financial aid from the World Bank will assist in this regard.

---------------------------------------------------------

Shamim Ahmed Khan (74), Sitar maestro, passed away.
Shamim Ahmed Khan was born in 1938 in Baroda into a musical family of the Agra Gharana, which boasts of luminaries like Ustad Faiyaz Khan, Ustad Vilayat Hussain Khan, Ustad Khadim Hussain Khan and Ustad Latafat Hussain Khan.
He was brought into the world of vocal music at a very young age by his father, Ustad Ghulam Rasool Khan, but his love for sitar led him to become a disciple of Pandit Ravi Shankar in 1955.
Khan was one of the leading proponents of the celebrated Senia-Maihar Gharana.

---------------------------------------------------------

Financial Action Task Force (FATF) is an inter-governmental body that sets international standards for combating money laundering and the financing of terrorism.
India became a member of FATF in June 2010.
The plenary Meeting of FATF being held in Paris.
FATF sanctioned the revised recommendations for combating money laundering and financing of terrorism.
In the Meeting was also discussed the 4^th follow-up report on India’s progress with reference to the Action Plan that it had committed to in June 2010.
The actions taken by India and the commitment of India to the international Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) standards, were highly appreciated.

---------------------------------------------------------

Without referring to CBI Director A. P. Singh over the recent statements on Indians being the largest depositors of illegal money in Swiss banks, Switzerland stated that “Switzerland is not a tax haven. There have been several speculations about the amount of wealth held by Indians in Swiss Banks. Such estimates and statistics lack evidence and are uncorroborated”.

---------------------------------------------------------

The US Congress has approved a proposal for covering President B. Obama's Payroll Tax Extension And Unemployment Benefits Package for the rest of the calendar year.
The Republicans also secured partial success in the negotiations by not compromising on Mr. Obama's request to end tax breaks for millionaires.
The decision will probably give a thrust to President Obama’s prospects for the next term.
It will bring Tax relief to over 160 million middle-class Americans.

---------------------------------------------------------

Robert Zoellick, President World Bank has declared that he will step down from at the end of his 5-year-term in June, 2012.
This gave rise to speculations that the Secretary of State US, Ms Hillary Clinton, may replace him.
During his tenure as President WB, Mr. Zoellick transformed bank by playing a historic role during the global economic crisis, utilizing record renewals to furnish more than $247 bn to assist developing nations promote growth and fight poverty.

---------------------------------------------------------

India reconnoitering for deep underground sites to store N-waste

India has started reconnoitering for deep underground sites in order to store nuclear waste generated from its rapidly increasing atomic power programme.
The Department of Atomic Energy to establish an underground laboratory at one of its uranium mines in order to study qualities of the rock at the mine bottom to resolve whether it can be used to store nuclear waste.
Presently, the “Solid Storage Surveillance Facility at Tarapur, near Mumbai”, is utilized to store the high-level waste after it is immobilised in glass matrix by a process called “Vitrification”.

---------------------------------------------------------

China ready to play saviour for debt-hit Europe

China held that it was prepared to participate in a larger role in assisting the debt-hit Europe.
But China didn’t reveal the scale of likely investments or how it would back the proposed bailout funds.
Herman Van Rompuy (European Council President) and Jose Manuel Barroso (European Commission President) sought Chinese assistance in meetings, while Europe considers the creation of a €500 billion European Stability Mechanism bailout fund.
In January 2012, China assured Germany of likely support the EU either via the IMF or via the proposed bailout mechanisms.
China had doubled its investment in European firms over the past year, even as investment in the United States fell.
Europe is China's largest trading partner and a key destination for China's export sector.

---------------------------------------------------------

Last Updated: February 27, 2012