Current Affairs Today - Current Affairs 2015

Rajiv Mangla appointed as CTO of Snapdeal

Former Adobe executive Rajiv Mangla has been appointed as Chief Technology Officer (CTO) of eCommerce major Snapdeal.

In his new role, Mangla will help to establish Snapdeal’s technical vision and lead all aspects of its technological development of the company.

Prior to this appointment he was serving as VP Engineering, Digital Marketing at Adobe Systems and has spent about 10 years in this company.

Prior to joining Adobe, Mangla had been an entrepreneur for 10 years and founded a couple of companies.

About Snapdeal

  • Snapdeal was started in February 2010 and was founded by Kunal Bahl and Rohit Bansal, both alumnus of IIT Delhi.
  • Since its formation Snapdeal has grown to become the largest online marketplace in India.
  • Presently, it offers an assortment of 4 million+ products across diverse categories from over 50,000 sellers, shipping to 4,000 towns and cities in India.

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Novak Djokovic appointed as UNICEF Goodwill Ambassador

World No. 1 tennis player Novak Djokovic from Serbia has been appointed as a new goodwill ambassador of the United Nations Children’s Fund (UNICEF).

Prior to this appointment he has focused on the issues of vulnerable children and their communities through his own Novak Djokovic Foundation and as a UNICEF Serbia Ambassador.

Tennis Career: Novak Djokovic is considered to be one of the greatest tennis players of all time. Till date, he has won a total of 54 career titles, including 12 men’s single Grand Slam titles. He also had won bronze medal at the 2008 Summer Olympics held in Beijing, China.

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CCEA gives nod to Differential Royalty Payment to states on crude oil production

The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal for payment of differential royalty in respect of 28 discovered fields to the respective State Governments concerned.

These 28 discovered fields were awarded by the Union Government to different companies in states of Arunachal Pradesh, Assam and Gujarat during the years 1994-95, 2001 and 2004.

The royalty payment will be through budgetary allocation from the year 2015-16 onwards instead of Oil Industry Development Board (OIDB) fund.

Financial Implication: The estimated expenditure for the year 2015-16 based on this payment mechanism has been estimated at 56 crore rupees of which 30 crore rupees for Arunachal Pradesh and 26 crore rupees for Gujarat. This expenditure is calculated assuming average crude oil price of 50 US dollars per barrel and one US dollar being equivalent to 60 rupees.

Background

The Standing Committee on Petroleum & Natural Gas (SCPNG) while examining the functioning of OIDB had recommended that differential Royalty to the concerned State Governments should be made through budgetary allocation, rather than OIDB fund in order to ensure proper utilization of the fund.

What is Payment of differential royalty?

In the approved proposal, payment of differential royalty is the difference between the rates of Royalty as per provisions of Production Sharing Contracts (PSCs) and the notified rate of Royalty on crude oil production.

What is current Royalty payment mechanism?

Currently, OIDB pays differential Royalty to respective State Governments based on the Oilfields (Regulation & Development) Act, 1948 and Petroleum & Natural Gas Rules, 1959.

In this case, the differential Royalty is the difference between the Royalty rates as per PSC and the notified rate of Royalty on crude oil production.

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