Satyananda Mishra is the new chairman of Multi Commodity Exchange (MCX)
December 2, 2013
Ex- Chief Information Commissioner (CIC) Satyananda Mishra has been appointed as the chairman of Multi Commodity Exchange of India Ltd (MCX) board.
The Forward Markets Commission (FMC) also approved the appointment of Satyananda Mishra as the independent Director of MCX’s board.
The position of the chairman was vacant since previous chairman, Venkat Chary, resigned in August 2013 on account of the new guidelines of Forward Markets Commission (FMC) which stated that the age limit of people on the board should not be more than 70 years.
About Multi Commodity Exchange (MCX)
The MCX is country’s first listed commodity futures exchange that facilitates online trading, and clearing and settlement of commodity futures transactions, thereby roviding a platform for risk management. It began functioning in November 2003 and operates within the regulatory framework of the Forward Contracts Regulation Act, 1952 (FCRA, 1952).
India’s first “Synthetic Rubber Plant” was unveiled at Panipatin Haryana.
The plant has been set up by Indian Synthetic Rubber Ltd (ISRL) which is a joint venture promoted by Indian Oil, TSRC Corporation, Taiwan, and Marubeni Corporation, Japan.
The plant will be the country’s first unit to produce e-SBR (Styrene Butadiene Rubber) whose output will be 120 kilo tonnes synthetic rubber annually. The rubber produced would be used in industrial units for manufacturing automobile and daily need products. The project, which is estimated to cost Rs. 958 crore, hasbeen financed through debt raised from Japan Bank for InternationalCooperation and Mizuho Corporation Bank.
What is SBR (Styrene-butadiene or Styrene-Butadiene Rubber)?
Styrene-butadiene or Styrene-Butadiene Rubber (SBR) describes families of synthetic rubbers derived from styrene and butadiene. These materials have good abrasion resistance and good aging stability when protected by additives. About 50% of car tires are made from various types of SBR.
Lt General Raheel Sharif promoted and appointed as the new chief ofPakistanarmy.
As per official announcement, President Mamnoon Hussain on the advice of Prime Minister Mr. Nawaz Sharifnamed General Sharif as chief of army staff and General Rashad Mehmood as Chairman Joint Chiefs of Staff Committee(CJCSC). The retiring chief of army staff General Ashfaque Parvez Kayani handed over the charge to the new chief on November 29, 2013.
RBI has decided allow banks decide on the periodicity of interest payment on rupee savings and term deposits keeping in view that the banks are functioning on core banking platform.
Banks are now allowed to pay interest on rupee savings and term deposits at intervals shorter thanquarterly intervals. The step may trigger intense competition among banks to attract deposits.
The central bank has also extended the period for banks to exercise freedom to offer interest rates on incremental NRE (Non-Resident External) deposits with maturity of 3 years and above without any ceiling in order to pass on the benefit of exemption provided on such deposits from CRR (Cash Reserve Ratio) and SLR (Statutory Liquidity Ratio) requirements. The banks could have this freedom till January 31, 2014.
In an attempt to carry out its first ever ‘soft landing’ on moon, China launched its lunar mission-Chang’e-3which is carrying country’s first moon rover marking a major milestone for China’s space programme.
Soft Landing: A landing by a spacecraft on the moon or a planet at a sufficiently low velocity for the equipment or occupants to remain unharmed.
About Chang’e-3 lunar probe
China’s firstlunar rovermission aimed at exploring the Moon’s surface and looking for natural resources such as rare metals.