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7th May, 2016

Appointment

Kumar Rajesh Chandra appointed as Chief of

Bureau of Civil Aviation Security
On 5 May 2016 Senior IPS officer Kumar Rajesh Chandra was
appointed as the Chief of Bureau of Civil Aviation Security
(BCAS). His appointment was cleared by the Appointments
Committee of the Cabinet (ACC).
About BCAS;
BCAS acts as regulatory authority for civil aviation security.
The main responsibility of BCAS is to lay down standards and
measures in respect of security of civil flights at international
and domestic airports in India.

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In January 1978, the BCAS was established as a department of

the Directorate General of Civil Aviation. As a result of the 1985
bombing of Air India Flight 182, the BCAS became an
independent agency of the Ministry of Civil Aviation on 1 April
1987.

7th May, 2016

Awards/Honors

President Pranab Mukherjee confers Niryat Shree

and Niryat Bandhu Awards
On 4 May 2016 President Pranab Mukherjee conferred the 15th
set of Federation of Indian Export Organisations (FIEO) Niryat
Shree and Niryat Bandhu Awards in New Delhi. The awards
were presented at the Golden Jubilee celebrations of FIEO.
The awards were conferred to the companies from various
sectors of exports besides service providers, banks, and
various facilitating agencies which are promoting exports
during the year 2015-16.

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The president also unveiled the brand new FIEO Logo

representing
growth,
vibrancy,
innovation
and
entrepreneurship.
About FIEO;
It was set up in 1965 under the aegis of Union Ministry of
Commerce and Industry.

7th May, 2016

Awards/Honors

2016 Commonwealth Short Story Regional Prize

In the first week of May 2016 Indian Parashar Kulkarni won the
Commonwealth Short Story Prize for 2016, for the Asia region.
He was awarded for his politically grounded unpublished short
fiction 'Cow and Company'. The story 'Cow and Company'
narrates the story of four men in search of a cow.
He will receive a cash prize of 2500 pounds.
About Commonwealth short story prize;

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It was set up in 2012 to inspire and connect writers and

storytellers across the world. Commonwealth Writers is the
cultural initiative of the Commonwealth Foundation.

7th May, 2016

Appointment

Vice Admiral Sunil Lanba appointed as Chief of

the Naval Staff
On 5 May 2016 Vice Admiral Sunil Lanba was appointed as the
next Chief of the Naval Staff.
He will assume the charge on 31 May 2016 as the 23rd chief of
Indian Navy and 21st as an Indian.

Lanba (58) will have a full three-year-term in office till 31 May

2019.
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7th May, 2016

Policies/Initiatives

Insolvency and Bankruptcy Code Bill 2016

On 5 May 2016 the Lok Sabha passed the Insolvency and Bankruptcy Code Bill
2016.
The bill is being seen as a transformational legislation that will help in
improving Indias ranking in the World Banks Ease of Doing Business index.
The Bill is based on the recommendations of the Joint Parliamentary
Committee on the Insolvency and Bankruptcy Code, 2015 chaired by
Bhupender Yadav.

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As per the Bill;

The Code creates time-bound processes for insolvency resolution of
companies and individuals.
The resolution processes will be conducted by licensed Insolvency
Professionals (IPs).
Information utilities (IUs) will be established to collect, collate and
disseminate financial information to facilitate insolvency resolution.
The National Company Law Tribunal (NCLT) will adjudicate insolvency
resolution for companies.
The Debt Recovery Tribunal (DRT) will adjudicate insolvency resolution for
individuals.
The Insolvency and Bankruptcy Board of India will be set up to regulate
functioning of IPs, IPAs and IUs.

7th May, 2016

Defence

Offshore patrol vessel ICGS Shaurya launched

On 5 May 2016 Goa Shipyard Limited (GSL), launched Indian
Coast Guard Ship (ICGS) Shaurya at Vasco.
This is the fifth ship of a series of six off-shore patrol vessels
(OPVs) that the Indian Coast Guard had tasked the Vasco
defence public sector undertaking to build.
This 105-metre new generation OPV that was launched by the
Governor of Goa, Mridula Sinha will be delivered to the Coast
Guard after sea trials are completed.
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The ICGS Shaurya will be commissioned into service in early

2017.

7th May, 2016

Economics

NASSCOM inks MoU with Facebook

On 5 May 2016 National Association of Software and Services
Companies (NASSCOM) signed a partnership agreement with
Facebook to build a product design initiative in India.
The agreement focus on assisting the innovation ecosystem
by helping product based companies to build solutions in key
sectors where technology can play a transformational role.
This initiative is aimed towards encouraging Indian
entrepreneurs to become problem solvers and develop
solutions based on innovation and design thinking.
Click Here For Latest Current Affairs
It is a Nasscoms country-wide initiative with an aim to offer
focused programmes to build awareness in product design and
mentorship.

7th May, 2016

Economics

Union government approves proposal of Infosys

to set up IT SEZ

On 28 April 2016 Union inter-ministerial Board of Approval (BoA)

approved the proposal of Infosys to set up an IT/ITeS special
economic zone (SEZ) in Bengaluru in an area spread over 4 hectares.
The Board also granted more time to 20 developers to complete their
projects.
Those that got additional time include Mayar Infrastructure
Development for a biotechnology SEZ in Haryana, Wipro for IT SEZ in
Karnataka and Vedanta for its sector-specific SEZ for manufacturing
and exports of aluminium in Odisha.
The board has also approved application of Unitech Realty Project.

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About SEZs;
SEZs are export hubs that contribute about 23 per cent to the Indias
total exports. It is a specifically delineated duty-free enclave and
deemed to be foreign territory for the purposes of trade operations
and duties and tariffs.

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