1) Vedanta Group acquired 60% of Cairn Energy's Indian operations for $9.6 billion, making it the fourth largest oil and gas firm in India. 2) The Environment Ministry rejected Vedanta's proposal to mine bauxite in Niyamgiri Hills, Orissa and cancelled the environmental clearance for its Lanjigarh refinery due to violations. 3) The RBI communicated its employees' pay revision details to the Ministry in advance, raising concerns about central banks' autonomy being compromised. 4) Pension plans were assessed to have better long-term returns than mutual funds due to their lower fund management charges, though they have withdrawal restrictions. 5

1. TOP NEWS OF THIS WEEKEND (23rd Aug. to 27th Aug, 2010) Presented By:-SupriyaNayyarMBA 2C

3. Cairn India is the fourth biggest oil gas firm in India and it has a market capitalization of 14 billion dollars.

4. The Environment Ministry is rejecting its proposal to mine Bauxite in the Niyamgiri Hills of Orissa in Kalahandi.

5. The refinery has allegedly violated the Environment Protection Act by increasing its capacity to 6 million tonnes per year (mtpa) from 1 mtpa without getting the requisite clearance.

7. The violations of various Legislations especially the Forest Conservation & Rights Act 1980, the Environment Protection Act 1986 & the Scheduled Tribes & Traditional Forest Dwellers Act 2006 appear too egregious to be glossed over.

8. The Forest Clearance is being rejected, the Environment Clearance for this mine is inoperable.

10. The terms & Conditions & the appraisal process for the expansion project has been suspended by the ministry.

11. Thus, the decision to abandon the Project does not mean that the government is against development…..,Development means that every citizen of India develops.

13. In a recent communication, RBI has informed the Ministry the structure of the Pay revision even before it has told the staff.

14. The Central Bank is yet to issue the circular on Pay revision nor has it entered into any agreement with the employees but the letter has gone to the Ministry.

16. RBI should seek the government’s approval only on such matters where the legislation mandates that there should be government approval.

17. RBI said that the recent enactment of the Securities & Insurance Laws Bill-popularly known as the Ulip Bill- had raised concern over RBI’s autonomy & Independence.

19. It does not have death benefit attached to it and hence has no mortality charges.

21. Fund Management Charges in the ULPP is 0.80% per year. Administration charges is Rs.240 pa from the second year onwards & Premium allocation charge is 2.5% pa.

22. On maturity , one-third of the corpus is given as Tax-free lumpsum, while the rest is used to but annuity. The income drawn from annuity is taxable.

23. Assuming a 10% rate of growth, the Investments will grow to approx. Rs.15,83,494. Total charges will come to Rs.1,14,266.

25. The FMC is decreasing over a long term period of time. It is 2% for the first 5 years, 1.75% for the next 5 years & 1.5% for the remaining period thereafter.

26. Assuming 10% growth, the Investments would grown to approx. Rs.14,87,868. Total charges will come to Rs.1,97,646, which is almost Rs.83,000 higher than ULPP.

28. The arrangement with Bandhan, which is the largest micro-lender in the east, will help Western Union expand its money transferring business in this region.

29. Western hope to reinforce its rural presence through Bandhan’s extensive network of over 1,500 rural locations across India.