India and Russia to boost their economic ties
India and Russia have discussed ways to boost their economic ties to achieve the target of 30 billion dollar in bilateral trade in the next 10 years.
External Affairs Minister Sushma Swaraj and Russia’s Deputy Prime Minister Dmitry Rogozin chaired the 21st India-Russia Inter-Governmental Consultations in Moscow.
They also looked at ways to enhance mutual direct investment to 15 billion dollar by 2025. Both the sides identified various sectors to achieve the commercial targets, agreed upon by Prime Minister Narendra
Modi and Russian President Vladimir Putin during their summit meeting last year. India also reiterated its commitment to work towards having 12 Russian nuclear plants as was agreed between Modi and Putin.
Virender Sehwag announces retirement from international cricket
Veteran batsman Virender Sehwag has formally announced his retirement from international cricket, more than two-and-a-half years on from his last appearance for India.
On his 37th birthday, the ‘Sultan of Multan’ made the announcement via Twitter, with a crisp message that said he would no longer play in the IPL either.
Sehwag had revealed he would be participating in the Masters Champions League, a UAE-based Twenty20 tournament that requires its participants to have retired from all international formats.
The Nawab of Najafgarh also praised the Delhi and District Cricket Association and Arun Jaitley. The Nawab of Najafgarh played 104 Tests, 251 ODIs and 19 T20Is, scoring over 17,000 international runs and picking up 136 wickets with his offspin.
AB de Villiers signs MRF’s brand ambassador
MRF Ltd has signed on cricketer Abraham Benjamin de Villiers as its brand ambassador.
MRF appointed the South African One Day Captain today with MRF’s chairman and managing director MK Mammen formally handing over the agreement in Chennai.
AB de Villiers will endorse the company’s products and services for three years through advertising campaigns and promotional programmes.
The release quoting Mammen said AB de Villiers is a brilliant fielder and adept wicket keeper who have also taken batting to a new level.
Rajnath Singh to inaugurate Indian Police Foundation and Indian Police Institute in New Delhi
Union Home Minister Rajnath Singh will inaugurate the Indian Police Foundation and the Indian Police Institute in New Delhi.
The Indian Police Foundation is a think tank for reforms in the Indian Police.
The Indian Police Institute is a research and training institute for police officers for the pursuit of professional excellence.
The setting up of the institutes is in line with the Prime Minister’s vision of a SMART, professionally competent and people-centric police.
Reliance MF acquires Goldman Sachs India MF
Reliance Capital Asset Management (RCAM) has announced takeover of global giant Goldman Sachs’ mutual fund business in India for Rs. 243 crore in an all-cash deal as yet another foreign player exits the Rs. 13 lakh crore Indian MF market.
The deal, under which RCAM will acquire all 12 onshore mutual fund schemes of Goldman Sachs Asset Management India with total asset under management of Rs. 7132 crore, would also make Reliance MF the exclusive fund manager for the government’s ambitious Central Public Sector Enterprises (CPSE) Exchange Traded Fund.
The transaction has been approved by the boards of the two companies and is expected to be completed in the current fiscal.
Reliance Capital is the financial services arm of Anil Ambani-led business conglomerate Reliance Group and is also present in insurance, brokerage and wealth management among other areas.
Goldman Sachs was given the mandate last year to manage CPSE ETF through which the government has so far raised Rs. 4,000 crore by selling part of its stake in ten central PSUs as part of its disinvestment programme.
Union Cabinet approves bonus hike for industrial workers
The Cabinet has approved increase in bonus ceiling to 7,000 rupees per month for industrial workers.
According to the proposal, the wage ceiling for getting bonus has also been increased from existing 10,000 rupees per month to 21,000 rupees per month.
The decision will make workers eligible for the reward. It also proposes to increase the maximum amount of bonus under the legislation to 7,500 from existing 3,500 rupees.
The Cabinet cleared amendment in the Payment of Bonus Act. The amendment bill will be tabled in the winter session of Parliament likely to start next month.
The amendment in the Act to increase wage ceiling and maximum amount of bonus was one of assurances given by the Centre after 10 Central Trade Unions went on one-day strike.
Justice Reva Khetrapal to be Delhi’s new Lok Ayukta
Former Delhi High Court judge Reva Khetrapal will be Delhi’s new Lok Ayukta, a post which was lying vacant since 2013.
Justice Khetrapal was chosen unanimously for the post by a four-member panel comprising Lt Governor Najeeb Jung, Chief Minister Arvind Kejriwal, Chief Justice of Delhi High Court G Rohini and Leader of Opposition leader in Delhi Assembly Vijender Gupta.
Jung will recommend her name to President Pranab Mukherjee on Wednesday for appointing her as Delhi Lok Ayukta.
The 63-year-old judge’s name was recommended to the Chief Justice of Delhi High Court by the Aam Aadmi Party (AAP) government in July as well as earlier this month.
The other two judges whose names were suggested by the AAP government were retired Chief Justice of Orissa High Court Bilal Nazki and retired Chief Justice of Haryana and Punjab High Court Jasbir Singh.
By the Delhi Lokayukta and Uplokayukta Act, 1995, the term of Lokayukta is for five years.
Reva was additional judge in the Delhi High Court between February 28, 2006 and September 22, 2014.
She was also Additional District and Sessions Judge in 1991 and was posted as Special Judge (Narcotics) in 1994. She was appointed as Secretary, Press Council of India in 1999.
In August, former Law Commission Chairman and former Chief Justice of Delhi High Court A P Shah had turned down the Kejriwal government’s offer to appoint him as the new Delhi Lokayukta.
The last Lokayukta, Justice (Retd) Manmohan Sarin, had relinquished office in November, 2013, following a five-year term. Since then, the post is lying vacant.