Indian Current Affairs: 01.10.2007

It is a legal restriction promulgated by government administrative agencies through rulemaking supported by a threat of sanction or a fine. It sets out the boundaries of what’s allowed and what’s not for business.

Its President: Sunil Talati
It is world’s second largest accounting professionals’ body with about 1.40 lakh members. The US has the largest number of accounting professionals.

Under this, exporters are refunded the customs duties and excise duties paid on inputs like raw materials and intermediates after the products are exported.

It neutralizes the incidence of customs duty on the import content of the export product by granting duty credit against the export product.

An inter-ministerial group under the chairmanship of Ashok Chawla has recommended that the dwell time for cargo and passengers at the domestic airports has to be reduced.
Dwell time is the time spent by the cargo or passengers before they exit the airport soon after import/travel.
The recommendation was that there should be a fee levied on the cargo if it is not cleared before the stipulated time. Importers and exporters are up in arms against such a move.

It is the third largest economy in the world
Second fastest growing economy – nearly 9% a year
In the first quarter of 2007, there were 72 foreign takeovers by Indian companies worth nearly $25 bn
India’s airlines have 480 aircraft on order for domestic traffic and there could be a total of 700 aircraft if international traffic is included
All this makes it very attractive for a company like Rolls Royce to look at and understand doing business with India. Hence it flew over 100 of its top executives from across the globe to India to discuss and deliberate its business strategy.

These are the state owned funds. Funds constituted out of the huge foreign reserves accumulated by a country. For example Singapore, China, Russia, India etc.
Such sovereign funds hold about $2.5 trillion between them now.

India is set to ratify this convention. India has about 70 mn disabled people.
It is the first treaty of the 21^st century.
It mandates ratifying countries to pass laws and other measures to improve disability rights, and also eliminate discrimination of disabled persons.
So far 115 countries have signed the convention.

It was the world’s worst nuclear disaster and it happened on April 26, 1986.
A nuclear melt down of one of the four reactors occurred then. It resulted in 4000 cancer deaths in Ukraine, Belarus, Russia and Europe. The other three reactors were shut down in 2000.
The nuclear reactor is to be entombed in a giant steel shelter. This structure will replace the crumbling sarcophagus erected hastily after the 1986 accident.

He just needed a draw in the final with Hungarian Peter Leko to claim his title.
Anand won the world championship earlier in 2000 in Iran. But then the championship was claimed also by Vladimir Kramnik. But this is not the case now.
He is the only winner to win in two different formats. In 2000, it was the 128 player knockout format. This year, it was an eight-man 14-round double round-robin contest.

The 2007 men’s singles was won by Richard Gasquet at Mumbai. He beat Oliver Rochus in the final.

Haile Gebrselassie broke the world record for marathon running by clocking 2:04:26 for the run.
He is from Ethiopia.
Gete Wami, also from Ethiopia won the women’s marathon.

Indian Current Affairs