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01. IT dept launches e-portal to fast track taxpayers grievances: A separate and dedicated window for grievance redressal has been launched recently in the Income Tax Business Application (ITBA), the new smart electronic platform for the regular operations of the department. The facility is called e-nivaran (electronic solution) and acts to integrate all online and physical complaints gathered by the department at this platform which will be monitored by the Assessing Officer of the case upto the supervisory officers in a paperless environment. "The new system is called unified grievance management system and is acronymed e-nivaran. The system not only records the origin of the grievance on the electronic platform it works on, but it also keeps tracking it till it reaches its logical conclusion for final resolution," a senior IT official said. 02. Sebi orders three companies to refund investor money: Markets regulator Sebi has ordered three companies and their directors to refund investors money, which they illegally raised by issuing securities without complying with the public issue norms. Moreover, the firms — Bishal Distillers, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects — have also been barred from the capital markets for four years. A Securities and Exchange Board of India (Sebi) probe found the firms had mobilised funds by issuing redeemable preference shares (RPS) to more than 49 persons without complying with the public issue norms. While Bishal Distillers had raised funds to the tune of Rs 4 crore, Bishal Agri-Bio Industries and Bishal Horticulture and Animal Projects had mobilised Rs 3 crore and Rs 2.84 crore, respectively. 03. Punjab National Bank posts worst loss in Indian banking history, posts Q4 net loss of Rs 5,367 cr: Punjab National Bank (PNB) reported a net loss of Rs 5,367.14 crore for the fourth quarter ended March 2016 against net profit of Rs 306 crore in the same quarter a year ago. Provisions of the bank jumped nearly 3 times, 173 per cent, to 10,485.23 crore for the quarter under review from Rs 3834.19 crore in the same quarter last year. The asset quality of Punjab National Bank deteriorated as gross non-performing assets rose to 12.90 per cent of gross advances during the quarter, from 6.55 per cent in the year-ago period. In absolute terms, gross NPAs were Rs 55,818.33 crore in the quarter against Rs 25,694.86 crore last year. 04. RBI launces new bill payment platform Bharat Bill Payment System: In coming months, the ability to pay bills at ones convenience will be available to most Indians irrespective of whether they are digitally connected or not. This has been made possible by the launch of the Bharat Bill Payment System (BBPS) -a billing platform conceived by the RBI . Over the weekend, the RBI authorised the first round of 33 BBPS operating units. These include wallet companies like Oxigen and Paytm and aggregators like Bill Desk and Techprocess, along with 26 banks such as SBI, ICICI, HDFC Bank, Axis Bank, Kotak and Ratnakar Bank. AP Hota, MD & CEO, NPCI, said, "The payments system was already interoperable, the billing information system was not. Now with the BBPS, the billing information system gets interoperable." Oxigen plans to open up its two lakh retail outlets to bill payments as they have the basic requirement of a networked point-of-sale device. 05. Authorities release Rs.570 cr cash claimed by SBI: State Bank of India on 18th May 2016, announced that police and tax authorities have released Rs. 570 crore cash seized by the Election Commission four days ago, putting an end to all speculation surrounding the source of the money. SBI would like to confirm that the same has been duly released by the police and tax authorities after all verifications were made," an official statement said. Both the police escort team and the representative from SBI presented all the necessary ID and documents whenever demanded by the State Surveillance Team (SST) officials during the entire process of verification. Upon requests by the RBI and SBI, various authorities including the local and central observers of the Election Commission, district administration and income tax thoroughly examined all aspects as per due process of law and released the treasure after satisfying themselves about the genuineness of the transaction, it added. 06. Odisha to launch Green Passage Scheme for orphan students: The Odisha government decided to launch Green Passage scheme for orphan students to ensure that they get free of cost higher education in the state. A proposal of the higher education department in this regard, was approved by Chief Minister Naveen Patnaik . As per the scheme, orphan students pursuing higher education from Plus-II level to post-graduation level, will no longer have to bear the education expenses. As many as 16,382 orphan students lodged in 272 institutions across the state, will be exempted of admission fee, tuition fees and laboratory fees for higher studies. "Even they will be provided free hostel facilities and food," said a senior official quoting provisions of the Green Passage Scheme. 07. Indian-American teen wins Intel Young Scientist Award: A 15-year-old Indian-American boy has won the prestigious Intel Foundation Young Scientist Award for developing a low-cost electronically-aided knee brace that allows a person with a weakened leg to walk more naturally. Syamantak Payra, a Texas resident, won the $50,000 award along with 17-year-old Kathy Liu. The award was given by Intel Corporation and the Society for Science and the Public (SSP) at the 2016 Intel International Science and Engineering Fair in Arizona last week. "Our top winners this year, Syamantak and Kathy, clearly demonstrate that age has no bearing on your ability to conduct research and come up with solutions to important problems," said Maya Ajmera, SSP president and chief executive. 08. Driverless train rolls out to a green future: "We have come to a situation where water has to be transported in trains to affected areas," Union urban development minister M Venkaiah Naidu said while flagging off the trial run of the countrys first driverless train at Delhi Metros Mukundpur depot. Chief minister Arvind Kejriwal was also present. The train travelled up to the Majlis Park metro station of the Majlis Park-Shiv Vihar corridor under phase III. The power requirements of the trains on this corridor will be met through a green receiving substation. "Metro officials told me that this substation was a green structure with features such as solar power plant, rainwater harvesting and sewage treatment facility. This is good and I want all future buildings to have such components for water conservation," he added. The urban development ministry, the minister said, also plans to make the process of building clearance online. 09. Delhi: 22,000 children went missing in last 3 yrs, 9,000 still untraced: Data tabled at the Lok Sabha recently revealed that in the past three years, more than 22,000 children went missing in Delhi. 9,000 are yet to be traced. Every year, more than 7,000 children go missing and 1,500 of them remain untraced in Delhi, the second highest in the country after Maharashtra. Many of them are never found. Activists say that most of the missing children are trafficked by organised gangs which push them into a life of bonded labour in big cities or in Gulf countries. Girls are mostly forced into prostitution, many of them sent to villages with poor sex ratio and married off to men twice their age. 10. Maggi effect: FSSAI plans specific regulations for noodles: In the wake of Maggi controversy, food safety regulator FSSAI is working on new regulations for quality standards of instant noodles to better regulate the quality of taste-maker and other ingredients. The new regulations by the Food Safety Standards Authority of India (FSSAI) is aimed at brining in more clarity in the quality standards, sources said. This will be the first time that FSSAI would come up with quality standards specifically for instant noodles. So far, there have been one common standard for various kinds of ready-to-cook products including noodles. The new norms would clearly set the permissible limits of Monosodium Glutamate ( MSG ) and Ash content and also state the specific standards for taste maker, a key ingredient in the instant noodles, sources said.

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