Abhishek kumar aashish jindal



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CURRENT AFFAIRS



DECEMBER 2013

ABHISHEK KUMAR
AASHISH JINDAL


Cyber Coalition 2013: NATO’s largest-ever cyber-security exercise held in Estonia

December 1, 2013

NATO held Cyber Coalition 2013: Largest-ever cyber-exercises to practise averting large-scale, simultaneous cyber attacks on member states and their allies. The drill was hosted by National Defence College training center in Tartu, Estonia.
Objective: Cyber Coalition an exercise with technical components to give its participants a good learning about NATO’s Cyber Defence capabilities, identify areas for improvement within the NATO-wide Cyber Defence community. It also aims to better the capability, cooperation and information sharing between NATO and NATO nations and partners in cyber defence via mode of education, research and development, lessons learnt.

Who all participated in Cyber Coalition 2013?

Representatives of 27 nations and NATO partners from SwitzerlandAustria,SwedenIreland and Finland participated in the drill. New Zealand and the European Union took part as observers. A total of 400 people participated, including governmentlegal and IT experts. Participants put their skills to the test to show how they would respond to a cyber attack.


About Cyber Defence Exercises

  • Objective: Cyber defence exercises allows its participants to learn and test the skills needed to fend off a real attack.

  • First exercise: 2008, a joint between Swedish and Estonian universities.

  • Second Exercise: Baltic Cyber Shield (2010), organised by Swedish National Defence College (SNDC), various Swedish institutions and the Estonian Cyber Defence League.

  • Since 2012, the exercise series is called Locked Shields.

Locked Shields 2013

  • Took place in the end on April 2013

  • Blue Teams were part of an international coalition forces in unstable country called Boolea.

  • Locked Shields (CDx) is a real-time network defence exercise

  • CDx has a game-based approach which means that no organisation will play their real-life role and the scenario is fictional.

  • Exercise organised by NATO Cooperative Cyber Defence Centre of Excellence together with its partners.

  • Technical support by Cisco, Clarified Networks, Clarified Security and Bytelife.



Medium enterprises to be included under priority sector: RBI


December 1, 2013

As per the Reserve Bank of India, the incremental bank loans to medium service enterprises (as defined in the Micro, Small and Medium Enterprises Development Act, 2006) provided after November 13, 2013, up to the credit limit of Rs 10 crore, would qualify as priority sector advances. This dispensation would remain in force up to March 31, 2013.



How would RBI’s step to treat medium enterprises under priority sector help?

The medium-sized units across various sectors are feeling the heat of ongoing slowdown, as payments from large companies are not being made timely. These enterprises have limited bargaining power and can’t endure dues for long. With lending to medium-sized units set to be treated as priority sector lending, banks would look to give loans to viable units which will in turn help banks in meeting priority sector lending targets. 

Status of Priority Sector Credit

As per a recent report by RBI, priority sector credit had increased in 2012-13, against a decline in overall growth. However, growth in priority sector credit was lower than the growth in overall credit. In 2012-13, credit to priority sectors by public and private sector banks was at 36.3% and 37.5% respectively, against theoverall target of 40%.
For micro and small industries, dues were at Rs 2.84 lakh crore, as of March 2013, growth of 20.3% compared to 2012.



No capital gains tax or stamp duty on foreign banks converting to WoS


December 1, 2013

As per a notification by the Reserve Bank of India (RBI), the conversion of existing foreign bank branches into Wholly-owned Subsidiaries (WoS) in India will not be liable to capital gains tax or stamp duty.

The central bank clarified that Government of India has inserted, by the Finance Act, 2012, a new Chapter XII-BB titled ‘Special Provisions relating to Conversion of Indian Branch of a foreign bank into a subsidiary company’ in Income Tax Act, 1961, inter alia, exempting capital gains arising from such conversion from capital gains tax, with effect from April 1, 2013.

It further added that a new section ‘8E’ had been inserted in Indian Stamp Act, 1899 vide Banking Laws (Amendment) Act, 2012, exempting from stamp duty on any conversion of a branch of a foreign bank into wholly-owned subsidiary or transfer of shareholding of a bank to a holding company in terms of the scheme or guidelines of RBI.

As per RBI, foreign banks with complex structures and which did not provide adequate disclosures would have to operate in India only through WoS in order to regulate and avoid 2008-type crisis.

Although RBI has allowed foreign banks to list their subsidiaries in the local stock exchanges, it has also prescribed that the minimum paid-up equity capital or net worth for a WoS would be Rs. 500 crore. However, foreign banks functioning in India before August 2010 have been given the option to continue their operations in branch model.



Some Facts:

  • State-run banks in the country control about 2/3rd of the aggregate assets of the Indian banking system, whereas, foreign banks manage around 4.3% of total deposits.

  • Citibank is the largest foreign bank operating in India in terms of asset base. Other key foreign banks are StanChart, which has 100 branches, HSBC 50, Deutsche Bank 17 and DBS 12 branches.

  • As of March 2013, there were 43 foreign banks in India with 333 branches.





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