News Digest of this week : To be noted in Diary

The Government has decided to increase the foreign Direct Investment (FDI) cap in telecom , insurance , credit Information and asset reconstruction companies. The government also made it easier for foreign investors to invest in single brand retail, petroleum refineries, commodity exchanges, power exchanges, tea and courier services by changing the investment rate to automatic.

The Supreme court has barred persons lodged behind bars from contesting polls to legislative bodies. The disqualification would not be applicable to a person subjected to preventive detention under law.

The Allahabad High Court has ordered immediate end to caste base political rallies in Uttar Pradesh.

Important Union Cabinet Decisions :

1. To set up two National Universities in Raebareli, UP. This includes first - ever National Aviation University and the second will be a University only for Women.

   2. To Setup Civil Aviation Authority.

   3.  To hike the total family income ceiling under its scholarship scheme for             scheduled Tribe students from Rs. 2.00 Lakh to Rs. 4.50 Lakh per annum from its fiscal year. 

• The Reserve Bank of India ( RBI ) has announced a slew of measures to ensure stability in the foreign exchange market. It pushed up the rate at which it lends money to banks by 200 basis points to 10.25 %. RBI also limited the sum banks can borrow at the softer rate of 7.25 percent to Rs. 75,000 crore per day.
• Kudankulam Nuclear power project has attained first critically after getting clearance from Atomic Energy Regulator Board to start nuclear chain reaction in the first 1000 MW of the power plant.
• In Bhutan People's Democratic Party (PDP) has won a landslide victory in country's second national election. It defeated ruling Druk Phuensum Tshogpa (DPT) by winning 32 seats out of the 47 in the national Assembly.
• Pran, Bollywood's most loved villain and Dada Saheb Phalke Awardee passed awayat 93 after prolonged illness.
• Amar G Bose, the Indian American visionary entrepreneur and acoustic pioneer, famous for making Bose Audio Systems and speaker for homes, auditorium has died. He was 83.
• Razia Sultan, a teenager from a village in Uttar Pradesh's Meerut  has been awarded the United Nation's Special Envoy for Global Education's Youth Courage Award for Education. The Award is for her efforts to liberate 48 children from child labour bondage and motivate them to go to school.