09.04.2007

• ANNOUNCEMENT: I did not write notes yesterday, because I did not find much which is worth noting.
• Is judiciary overreaching itself? Look at how subtly the PM has put his views and how measured was the CJI’s response to it. They were sharing their views at a public function recently in Delhi. The comments would have to be seen in the backdrop of some legislations being struck down recently by the Supreme Court – notably the IX schedule and OBC reservation, and High Court ruling on UP Muslims.
• PM: “The dividing line between judicial activism and judicial overreach is a thin one. However, substituting mandamus (a type of judicial writ) with a take-over of the functions of another organ may, at times, become a case of overreach. These are all delicate issues which need to be addressed cautiously. All organs, including the judiciary, must ensure that the dividing lines between them are not breached. This makes for a harmonious functioning.”
• CJI: “The application of judicial review to determine constitutionality of the legislation and to review the executive decision sometimes creates tension between the judge and the legislative and the executive branch. Such tension is natural and to some extent desirable.”
• The CJI noted that judiciary’s independence is essential to the rule of law. Judicial review is an “extraordinary legal invention” that seems “deceptively simple, but it is one of the most baffling legal devices. Sometimes it is described mistakenly as a veto power over legislation.”
• Please note the subtle ways in which the two functionaries gave vent to their feelings.
• Akshaya Tritiya
• It is the day which is considered auspicious for gold purchase. It is going to be observed on April 19^th and 20^th this year.
• For me, it looks more like a sellers’ trick.
• Know Simonyi?
• This Hungarian born software programmer is the person who developed Microsoft Word – the most popular word processing program right now in the world.
• He is the news because, he paid $20 mn for a 13 day trip to the orbiting space station Mir. He is the fifth paying space tourist.
• JJ Irani panel
• It had recommended a separate format of accounts and standard for small companies.
• As per the Micro, small and medium enterprises development Act of 2006, entities with investment of up to Rs. 10 crore in the manufacturing sector and of up to Rs. 5 crore in the services sector, are considered as SME (Small and Medium Enterprises) sector.
• Pension market in India
• It is estimated to be worth about Rs. 56,000 crores as of 2002.
• Only about 10% of the country’s labour force is being covered by government sponsored or mandated schemes at the moment and income generated through existing programmes is inadequate for many retirees.
• Code of Bank’s Commitment to Customers
• It is voluntary and sets the minimum standards of banking practices for banks to follow while dealing with individual customers.
• BCSBI – Banking Codes and Standards Board of India is the body in which all banks take membership and adopt the code for implementation.
• To read more about it follow this link.
• Philippe Richard
• Is the Secretary General of IOSCO – International Organization of Securities Commissions
• Incidentally, you should be aware that the 32^nd IOSCO Annual Conference is being hosted in India from April 9^th to 12^th by SEBI (Securities and Exchange Board of India).
• World diamond industry
• 10 mn people are engaged worldwide in the diamond industry. They produce about 30 tons of industrial diamonds and gemstones each year.
• Africa supplies almost 65% of the total.
• Easter celebrations
• Easter is celebrated to commemorate the resurrection of Jesus Chirst, three days after his death by crucifixion.
• For Christians, it is symbolic of light getting rid of the darkness in their souls.
• ??Easter egg:
• Zardosi
• Is a traditional design work from Adilabad district of Andhra Pradesh.
• Puri Jagannath Temple and tradition
• Gahan Bije: is the private visit allowed to the Queen of Puri. By tradition, it is allowed only once in a life time for the Queen. When the Queen is making this visit nobody else is allowed in the temple premises.
• Swimming record: in Amazon river
• Martin Strel (Slovenia) swam the entire 5,265 km length of the river in 65 days.
• Malaysian Grand Prix
• Won by Fernando Alonso of the McLaren team.
• AIS Open golf tournament at Delhi
• Won by Jyoti Randhawa.
• He also won the Indian Open and BILT Open championships last year.