Top Abbreviations/Terms – January 2017

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07 Feb, 2017

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Following is the listing of the top abbreviations and/or terms that were mentioned during January 2017 in association with some important developments. We are reviewing these terms once again for the benefit of our readers.

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OCM: Operation Clean Money

OCM or ‘Operation Clean Money’ (‘Swachh Dhan Abhiyan’) is the name of the operation launched by the IT Department from 31 January 2017 that seeks to unearth unaccounted money from around 18 lakh persons who deposited amounts of Rs. 5 lakh or more between 9 November and 30 December 2016 but whose income profiles did not match the amounts deposited.

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IPPB: India Post Payments Bank

India Post Payments Bank (IPPB), the payments bank entity of India Post, kicked off its operations by rolling out pilot services in in two cities Raipur (Chhattisgarh) and Ranchi (Jharkhand) from 31 January 2017. IPPB became the third entity to receive payments bank permit after Airtel and Paytm. The bank will offer an interest rate of 4.5% on deposits up to Rs. 25,000; 5% on deposits of Rs. 25,000-50,000 and 5.5% on Rs. 50,000-1,00,000. Also 1,000 ATMs of India Post will be transferred to IPPB.

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UBI: Universal Basic Income

The Economic Survey 2016-17, that was presented on 31 January 2017, has recommended Universal Basic Income (UBI) as an alternative to the various subsidy focused social welfare schemes. UBI is a form of social security in which all citizens or residents of a country regularly receive an unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere.

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NCRTC: National Capital Region Transport Corporation

National Capital Region Transport Corporation (NCRTC), mandated with the responsibility of executing the Regional Rapid Transit System (RRTS) in NCR region, on 2 February 2017 got a new logo and tagline – ‘Gati Se Pragati’ or ‘Progress with Speed’. NCRTC will be responsible for development, implementation and operation of RRTS which is based on suburban public transport system. RRTS will significantly reduce the travel time between important NCR towns. On completion, RRTS will emerge as the fastest, comfortable and safe mode of transport in NCR.

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BHIM: Bharat Interface for Money

BHIM is the name of the new UPI-based mobile app for enabling simpler payments without cash that has been developed by National Payments Corporation of India (NPCI) and was launched on 30 December 2016 by Prime Minister Narendra Modi. It has been positioned to play a big role in the government’s push for digital transactions. All UPI (United Payments Interface)-connected banks accept BHIM. It became the most popular android application in India within its launch.

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SBN: Specified Bank Notes

SBN is a term used for the currency notes in the denominations of Rs.500 and Rs.1000, the legal tender character of which was cancelled by the Union Govt. on 8 November 2016. To give the legal status to this action, the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 was approved by President of India on 30 December 2016.

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BEML: Bharat Earth Movers Limited

BEML came to news as it will become the first major public sector undertaking (PSU) to be sold through the route of strategic disinvestment, as announced during January 2017. Union Government will sell 26% stake in defence equipment manufacturer Bharat Earth Movers Limited (BEML), making it the first major PSU to be sold through strategic disinvestment. The proposed disinvestment is expected to fetch the exchequer over Rs 1,000 crore.

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PKVY: Pravasi Kaushal Vikas Yojana

PKVY is the name of the new skill development scheme aimed at Indian youth wishing to seek jobs abroad that was launched by Prime Minister Narendra Modi on 8 January 2017 on the occasion of 14th Pravasi Bhartiya Divas. The scheme aims to boost the confidence level of the Indian youth so that they did not feel strangers when they land in a country of their choice for vocation and assured.

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India INX:

India INX is the name of India’s first international exchange that was inaugurated by Prime Minister Narendra Modi on 10 January 2017 at Gandhinagar. It has been established at the International Financial Service Centre (IFSC) in GIFT City, Gandhinagar (Gujarat). It is a wholly owned subsidiary of BSE and is expected to compete with similar bourses in Singapore and Hong Kong.

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Mission 41K:

Mission 41K is the name given to an ambitious mission that was unveiled by Union Railway Minister Suresh Prabhu on 17 January 2017. It aims saving up to Rs. 41,000 crore on the Indian Railways’ expenditure on energy consumption over the next 10 years by taking a slew of measures which include moving 90% of traffic to electric traction over diesel. Presently, this is at 50% of the total rail traffic.

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ShaGun:

ShaGun is is the name of the newly launched web portal of the Sarva Shiksha Abhiyan (SSA), the flagship scheme in the field of elementary education sector of India. The name has been coined from the words ‘Shala’ meaning Schools and ‘Gunvatta’ meaning Quality, has been developed with a twin track approach. ShaGun is expected to help monitor progress of implementation of SSA by assessing performance of States and UTs on key parameters. It will thereby serve as a platform for the central government for effective planning and deliver on the promise of providing quality education to all.

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DIPAM: Department of Investment and Public Asset Management

The Union Government during January 2017 transferred the role of advising the government on how to utilise the proceeds from disinvestment from the Department of Investment and Public Asset Management (DIPAM) to Department of Economic Affairs (DEA). During his Budget speech 2016-17, Finance Minister Arun Jaitley had announced renaming the previously known Department of Investment as DIPAM.

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VPBY: Varishtha Pension Bima Yojana

The Varishtha Pension Bima Yojana (VPBY) 2017, a scheme unannounced by the Prime Minster Narendra Modi on new-year eve, was approved by the cabinet on 24 January 2017. One important feature of the scheme will be that it comes with a guaranteed interest of 8% for 10 years of the senior citizens (above 60 years of age). It will be launched by Life Insurance Corporation of India (LIC).

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The Swedish newspaper was recently asked it to delete the reference made by President Pranab Mukherjee to the Bofors scam in an interview to it, as a claim protested by the Indian Government on 27 May 2015. India has expressed disappointment over the disrespect shown to the President, the newspaper has defended its right to publish what was said during the interview.

Know, who is Vijay Kelkar and what is PPP !

Vijay Kelkar is a renowned economist and a former Finance Secretary. He was appointed head of newly constituted committee to give recommendations to recast the model of Public-Private-Partnership (PPP) model in India. India is one of the largest PPP market with over 900 projects. The Kelkar committee will review the PPP policy, suggest a better risk-sharing mechanism between private developers and the government after analysing such projects.

Know, who is Yaduveer Krishnadatta Chamaraja Wadiyar !

Yaduveer Krishnadatta Chamaraja Wadiyar was crowned as the new Maharaja of of Mysuru (Mysore) royal family. He is the 23-year old grandson of Princess Gayathri Devi, who was the eldest daughter of the last Maharaja of Mysore, Sri Jayachamarajendra Wadiyar. The coronation was held at Mysuru’s famous Amba Vilas Palace, which was decked up for the occasion.

Know about Sepp Blatter!

Swpp Blatter, was re-elected as FIFA president for a fifth term at the 65th Annual Congress of FIFA held at Zurich for four year term.

Prince Ali bin al-Hussein of Jordan stood against Blatter in this election. It is worth mentioning that FIFA is going through a major controversy regarding corruption in the organisation with two FIFA vice presidents and a recently elected FIFA executive committee member still in custody.

 


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