Current Affairs March 2015

World’s largest and tallest Indian flag unfurled in Faridabad, Haryana 

World’s largest and tallest Indian national flag was unfurled on 3 March 2015 at Town Park in Faridabad, Haryana. 

Features of Flag- 

• It has dimension of 96 feet by 64 feet and weighs 48 kilograms. 
• Flag was hoisted at a height of 250 feet (75 meters). 
• Thus, making it the world’s largest and the highest hoisted Indian flag in the world. 
• It was unfurled by Bhartiya Janta Party President Amit Shah. 
• On this occasion Haryana Chief Minister ML Khattar and Bollywood Actor Ranbir Kapoor were also present. 
• The unfurling event was organised by Nav Chetna Trust which is formed to work on social issues like beti bachao and swachh bharat. 
• Several Ministers of the Haryana state cabinet were also present.

Lok Sabha passes Motor Vehicles (Amendment) Bill, 2015 

The Lok Sabha on 3 March 2015 passed the Motor Vehicles Amendment Bill, 2015 by voice vote. 
The Bill seeks to amend the Motor Vehicles Act, 1988 and replace the ordinance promulgated in this regard. Earlier, bill was not able to pass in the winter session of Parliament 2014, so the ordinance was promulgated in January 2015. 

Key provisions of Amendment Bill 

• It brings e-carts and e-rickshaws under ambit of the parent Act, so they can ply on roads across the country. 
• The Bill defines E-carts and e-rickshaws as special purpose battery powered vehicles with power up to 4000 watts and having 3 wheels. 
• Bill mentions that these vehicles can be used for carrying goods or passengers. 
• It also mentions that these vehicles should be manufactured, equipped and maintained in accordance with specifications as prescribed by Union government. 
• The Bill exempts drivers of e-rickshaw and e-cart from the requirement of learner’s licence to drive. 
• The Bill gives powers to Union government to make Rules on the specifications for e-carts and e-rickshaws, and the conditions and manner for issuing driving licenses.

Lok Sabha passes Mines and Minerals (Development and Regulation) Amendment Bill, 2015

Lok Sabha on 3 March 2015 passed Mines and Minerals (Development and Regulation) Amendment Bill, 2015 to replace ordinance promulgated in this regard. 
The bill amends the Mines and Minerals (Development and Regulation) Act, 1957 in order to regulate the mining sector in the country. 
Key provisions of the bill 

• Addition of a new 4th Schedule in to parent Act in order to include bauxite, iron ore, limestone and manganese ore as notified minerals. 
• Creation of prospecting license-cum-mining lease as a new category of mining license. It is defined as a two stage-concession for the purpose of undertaking prospecting operations followed by mining operations. 

Maximum area for mining- 
increase the area limits for mining, instead of providing additional leases as per parent Act’s area limitation. 

Lease period- 

• Mining leases will be granted for a lease period of 50 years for all minerals other than coal, lignite and atomic minerals. Lease period for coal and lignite remains unchanged. 
• All mining leases granted for such minerals prior to this bill, will be valid for 50 years. While, incase of expiry of the lease it will be put up for auction instead of being renewed. 

Auction of notified and other minerals: 

• State governments will grant mining leases and prospecting license-cum-mining leases for both notified and other minerals. 
• While in case of prospecting license-cum-mining lease for notified minerals will be granted by state with the approval of Union government. 
• Mining leases will be granted through auction by competitive bidding process, including e-auction. 
• The Union government will prescribe the terms and conditions, and auction procedure including parameters for the selection of bidders. 
• In case of mining leases, the Union government may reserve particular mines for a specific end use and allow only eligible end users to participate in the auction. 

Transfer of mineral concessions: 

• The Bill states with the approval of the state government, the mining lease holder may transfer the lease to any eligible person and as specified by the Union government. 
• Transfer shall be considered as approved if state government does not its approval within 90 days of receiving the notice. However, transfer will be not take place if the state government communicates, in writing, that it is not eligible. 
• While, only mineral concessions granted through auction will be allowed for transfer. 

Institutions: 

• Creation of a District Mineral Foundation (DMF) by the state government for the benefit of persons in districts affected by mining related operations. 
• Creation of a National Mineral Exploration Trust (NMET) by the Union government for regional and detailed mine exploration. 
• Licensees and lease holders will pay the DMF an amount one-third of the royalty prescribed by the Union government, and the NMET two percent of royalty.

Government appoints Baldev Sharma as chairman of National Book Trust

•  Union Ministry of Human Resource Development (HRD) has appointed Baldev Sharma as chairman of National Book Trust (NBT). 
• He will succeed veteran Malayalam writer A. Sethumadhavan who had resigned six months earlier before completion his term. 
• Baldev Sharma is former editor of Rashtriya Swayamsevak Sangh (RSS) mouthpiece Panchajanya. 
• It should be noted that Panchajanya was launched in 1948 and its first editor was former Prime Minister Atal Bihari Vajpayee. 

About National Book Trust (NBT) 

• NBT is an Indian publishing house. It is as an autonomous body established in 1957 under Union Ministry of HRD (then Union Ministry of Education). 
• The main activities of the NBT include promotion of books and reading assistance, Indian books abroad, authors and publishers, children’s literature. It also publishes reading material in several Indian languages for all age-groups.

World’s first electric satellites successfully lifted off by SpaceX rocket 

World’s first electric satellites were successfully lifted off by a Space Exploration (SpaceX) Technologies rocket from Cape Canaveral Air Force Station, United States. The rocket was carrying two all-electric commercial satellites built by Boeing. The satellites are owned by the French satellite provider Eutelsat and Asia Broadcast Satellite (ABS). 
Eutelsat’s satellite is part of its 35-member commercial network. It will provide services like mobile, internet, video and other communications services to expand its reach into the Americas. While, ABS new satellite will serve its customers in Africa, Europe and the Middle East. 
Features of electric satellites 

• These satellites are fitted with lightweight, all-electric engines rather than conventional chemical propulsion systems. 
• These electric engines allow satellites to produce electric propulsion in order to reach and remain fixed in particular orbit. 
• Electric propulsion from these satellites consumes less fuel compared with satellite having chemical propulsion. Thus making satellites lighter in weight and further reducing cost of launch.

 Union Government and RBI sign agreement to keep inflation below 6%

 Union Government and the Reserve Bank of India (RBI) have signed an agreement on Monetary Policy Framework in order to move towards the RBI Governor Raghuram Rajan’s view of inflation targeting. 
Presently, Union Government and RBI give inflation estimates and do not set targets. 
But as per this agreement government has set a target for RBI to bring down inflation below 

• 6 per cent by January 2016. 
• 4 per cent for financial year and all subsequent years with band of +/- 2 percent. 
• This agreement mentions that if RBI fails to meet the target, it will Report to the government with the reasons for the failure to achieve the target. 
• Propose remedial actions to be taken. 
• Further estimate the time period within which the failed target would be achieved. 

As per the agreement, this Monetary Policy Framework will be monitored by the RBI and it is binding on Union Government to take proactive measures for price control. 
This agreement will put in place a framework of a modern monetary policy to meet the challenges of an increasingly complex economy. 
Background 
The agreement comes in line with the recommendations of the RBI’s Urjit Patel committee on inflation targeting aiming to smoothen the monetary policy. 
During the budget 2015-16 speech Finance minister Arun Jaitley also had mentioned that government will amend the RBI Act to provide for a Monetary Policy Committee and have a memorandum of understanding with the Reserve Bank. BankingIBPSMinistry of FinanceRBI 

Olacabs acquires TaxiForSure 
Online cab aggregator Olacabs has acquired TaxiForSure for $200 million cash and equity deal. 
After the acquisition both entities are going to operate as a separate entity. 
But as per acquisition deal the leadership and all 1700 employees of TaxiForSure will continue with the company. While, Arvind Singal has been appointed as CEO of TaxiForSure and its founders
Aparmeya Radhakrishna and G. Raghunandan for certain period will contribute as advisory role. 
At present Olacabs as cab aggregator is market leader in the personnel taxi hiring segment with 1 lakh registered vehicles platforms. While, TaxiForSure has 15000 registered vehicles in same platform and is present in 47 cities across India. 

About Olacabs 

• Olacabs was founded in 2010 by two IIT Bombay graduates, Bhavish Aggarwal (CEO) and Ankit Bhati.
•  Its headquarter is located in Bengaluru, Karnataka.