7th April 2016

A.Sharad Agarwal appointed as head of Lamborghini India Pvt. Ltd

1.Lamborghini India Pvt. Ltd has appointed Sharad Agarwal as its country head with immediate effect. In his new role, Agarwal will oversee the functions of sales, marketing, after sales and network development of the company. 

2.He was previously the head of Field Force for Audi India. Sharad Agarwal was associated with Audi India since May 2012 as head of corporate sales, fleet and leasing and financial services. 

3.Later in 2015, he had moved as head of Field Force. He has rich experience of 15 years in the automotive industry and was also associated with Zuari Industries, TVS Motor Company and Mahindra First Choice. 

4.Lamborghini India Pvt. Ltd is the Indian arm of Italy-based super luxury sports car maker.

B.Union Cabinet gives nod to Revised Policy on crude oil import for oil PSUs

1.The Union Cabinet has given its approval to replace the existing policy on crude oil import by Oil PSUs and vest the oil PSUs with the power to evolve their own policies. 

2.This decision will provide operational efficiency, commercial flexibility and dynamic policy for crude oil procurement for PSUs based on their commercial requirements that will eventually benefiting the consumers. 

3.However their policies will be consistent with CVC guidelines and approved by the respective Boards. 

4.It will enable Oil PSUs to adopt the most effective procurement practices for import of crude oil with the changing times and changing geo-political environment. 

Background 
1.Under the existing policy for import of crude oil which was approved by the Union Cabinet in 1979, oil PSUs traditionally were allowed to source crude only from national companies of oil-producing nations. 

2.This policy was amended in 2001 by the Union Government and permitted oil PSUs to buy oil from top 10 foreign firms. 

C.India wins 2016 Asian Nations Cup Chess tournament
1.Indian men have won the 2016 Asian Nations Cup Chess tournament by defeating Vietnam in the final round by 3-1 score played in Abu Dhabi. 

2.In the final round match, Indian Grandmasters S P Sethuraman and K Sasikiran won on the 2nd and 4th boards while, B Adhiban and Vidit Santosh Gujrathi drew their respective matches on top and 3rd boards. 

3.With this win India gained 17 points, two more than World and Olympiad champions China. 

4.India drew Mongolia and beat the rest of the teams in a 22-team tournament. It was overall third time, Indian men won the event earlier they had won at Esfahan, Iran in 2005 and Kolkata 2009. 

5.In the women’s section, top seed China won the title with 15 points followed by Uzbekistan (14 points) at second Kazakhstan (13 points) at third position respectively. Indian women finished fourth position with 12 points.

D.Union Cabinet gives nod to implementation of One Rank One Pension Scheme
1.The Union Cabinet has given its ex-post facto approval for implementation of One Rank One Pension (OROP) retrospectively with effect from 1st July, 2014. 

2.Decision in this regard was taken by Union Cabinet meeting chaired by Prime Minister Narendra Modi in New Delhi. 

3.OROP will provide ex-servicemen of same rank and same length of service uniform pension regardless of date of retirement. 

Key facts 

1.The benefits of OROP will be given with effect from 1st of July 2014 and it will benefit ex-servicemen of all three services- Army, Navy and Air Force. 

2.The benefits will also be extended to family pensioners including war widows and disabled pensioners. 

3.All arrears will be paid in four half-yearly instalments. However all widows, family pensioners including those in receipt of Gallantry award will be paid arrears in one installment. 

4.Pension will be re-fixed every five years and future enhancements in rates of pension would be automatically passed to the past pensioners.