Current Affairs: August 9, 2011

Term of RBI Governor D Subbarao extended by 2 years

Government extended the term of RBI Governor D Subbarao by 2

more years

Mr. Subbarao was first appointed as the RBI Governor in

September 2008

His term was to expire in September this year

Under Subbarao’s leadership, the RBI recently doubled the

frequency of monetary policy reviews from quarterly to eight times in a year. The

move helped tame inflation and spur growth of Indian economy

“mchip”: $1 tiny chip tests blood, detects HIV in 15 min

Scientists at the Columbia University developed a $1 plastic chip

that can diagnose HIV and syphilis in 15 minutes

The chip named the “mChip”, a credit-card-sized piece of plastic

that is made applying a plastic injection molding process

Examines multiple diseases with just one pinprick of blood

Nothing moves inside the chip, and the microfluidics-based chip

can be examined with assist from a cheap visual sensor

The chip detects 100% of cases when utilized to test HIV or syphilis and human

immunodeficiency virus together, with a 4% to 6% false positive rate.That’s

same to what is ascertained with common laboratory exams in the developed

world

‘mChip’ can diagnose prostatic adenocarcinoma

It has already been authorized for use in Europe

DD Direct Plus, Doordarshan’s DTH Service

DD Direct Plus: Doordarshan’ DTH Service

DD Direct Plus to have 150 channels

Prasar Bharati Board approved its expansion

There are no frequent changes in the frequencies of channels

being shown through DD Direct Plus

SEBI issues Show Cause Notice to NSE over Client Code Modifications by Brokers

The capital market regulator, the Securities and

Exchange Board of India (SEBI) issued a show-cause

notice to the country’s leading stock exchange, National Stock Exchange,

following a probe into alleged client code modifications by its broker

members

NSE was asked to explain the large number of client code modifications

NSE also to justify why action should not be taken against it for not exercising

caution over such transactions

SEBI was alerted about the dealings by the CBDT (Central Board of Direct Taxes),

which noticed that a large number of trades were reversed by changing client

codes for tax evasion

The tax department came across several instances where brokers transferred

gains or losses from one individual to another by modifying client codes in the

guise of rectifying an error

SEBI independently verified the information given by the income-tax authorities and found it to be true

A show-cause notice is not an indictment; it however contains allegations of violation. A showcause

notice requires the entity to which it is served to explain its side of the story.

National Intelligence Grid (NATGRID)

The Government to set up a National Intelligence Grid or NATGRID to access

all intelligence data

National Intelligence Grid (NATGRID) is Union Home Minister P. Chidambaram’s

ambitious project

The NATGRID will pool information from 21 categories of database such as railway

and air travel, income tax, bank account details, credit card transactions and visa

and immigration records

As per the initial plan, access to the combined data will be given to 11 agencies,

including the Research and Analysis Wing, the Intelligence Bureau, the

Enforcement Directorate, the National Investigation Agency, the Central Bureau of

Investigation, the Directorate of Revenue Intelligence and the Narcotics Control

Bureau

CEO of NATGRID: Captain Raghu Raman

Government extended the services of NATGRID Chief Executive Officer Raghu

Raman for 6 months from June 1, 2011

Functions of NATGRID:

1. To function as a tool for strengthening the capability of the existing Intelligence

and Law enforcement agencies

2. Improving access to information and it’s sharing

3. To link databases for Inputs to combat terrorism

4. To improve India’s capability to counter threats to its internal security by flagging

potential Terrorist threats