I am delighted to be here in Mexico to address this august gathering at the Bank of Mexico. I am honoured by the invitation extended to me. Governor Ortiz is among the most respected Central Bank Governors. His perceptions and words of wisdom, based on sound understanding of theory as well as compulsions of public policy making, are eagerly sought. In fact, Governor Ortiz heads the Central Bank Governance Group in the Bank for International Settlements of which I am a Member. The talk that he delivered in the Reserve Bank of India in November 2006 on Mexico's experience with Financial Stability is vividly remembered by all of us. Again, his elucidation of "Growth and Stability in Latin America and Asia" in the prestigious Sir Purushothamdas Thakurdas Memorial Lecture in India during the same visit is, in my view, a pioneering piece on the subject.
Mexico has successfully achieved the macroeconomic and financial stability that fosters rapid economic growth. A range of specific reforms implemented in Mexico, which include to improvement in business environment and corporate governance; development of human capital; incentive-based social assistance programs; and broader access for health insurance; have attracted international interest in the Mexican economy. Monetary policy has also been able to achieve and maintain a low inflation regime, which is vital for the social well-being in emerging economies. Mexico provides an appealing development model for many developing countries. I must compliment the leading lights of public policy in Mexico for these impressive outcomes.
Some hold the view that India was a poor country for most part of the human history though there were pockets of prosperity and islands of riches. However, accounts of others, especially global travellers and those who invaded India indicate that India was a prosperous country at least till the 17th century. According to an OECD publication, in 1700 AD, broadly defined, India's gross domestic product (GDP) at US $ 90.8 billion was 24.4 per cent of world GDP (Maddison Angus, 'The World Economy: A Millennium Perspective', OECD, 2001). Lord Meghnad Desai, while delivering the first P.R. Brahmananda Memorial Lecture in Mumbai in September 2004, noted that the story of the 19th century for India is not one of gloom and doom. He added that during the second half of the 19th century, where the data are best available, India was an open economy enjoying an export led growth but there was a drain of the export surplus to pay Home Charges. During the forty year period from 1860 to 1900, the per capita income growth was 0.5 to 1 per cent. According to Lord Desai, the first fifty years of the 20th century were much less favourable for the Indian economy than the last forty years of the 19th century. Further, in a book titled "The National Income of India in the Twentieth Century", Professor Sivasubramonian observed that in the first five decades of the 20th century (1900-01 to 1946-47), before we got our independence in 1947, the per capita GDP in India was stagnant, as the trend growth in GDP during this period was 0.9 per cent with population growing by 0.8 per cent (Sivasubramonian, S., Oxford University Press, 2000).
As compared with near stagnant growth in the first 50 years of the 20th century, it could be seen from Table 1 (Attached), the annual growth averaging around 3.5 per cent during the period 1950 to 1980 was comparatively better, while per capita growth broke out of the long period of inertia and averaged 1.1 per cent until around 1980. The average growth rate of around 6 per cent since the 1980s, while embarking on a higher average growth path of 8.6 per cent in the last four years could be a paradigm shift.
The Indian experience clearly suggests that the mixed-economy model and planned development strategy in the first phase during the 1950s and 1960s, improved growth rate dramatically relative to previous decades, and also provided the essential building blocks and laid the strong foundations of an indigenous industrial base, vibrant entrepreneurial class, knowledge economy, with considerable improvement in vertical, social and economic mobility. However, the inward looking import substitution strategy pursued during the initial decades of the planning period resulted in declining productivity and high cost economy. Realizing this, significant changes in policy were initiated in the early 1980s, taking account of oil shocks in the 1970s and early 1980s. These policy measures took India into a higher growth trajectory in the 1980s but in its wake created some macroeconomic imbalances leading to a crisis in 1991 that triggered more comprehensive and sustainable reforms. The policies since 1991 provided ample opportunities to build on the strong foundations in economic, political and social sphere, laid during the pre-reform period of planned development.
The policy reforms in the 1980s provided impetus for high growth and enhanced competitiveness but the growth process turned unsustainable. It manifested in the growing macroeconomic imbalances over the decade in the form of high fiscal deficit, high levels of current account deficit, and increasing levels of short term external debt, besides a repressive and weakened financial system. The immediate provocation for the crisis in 1991 was also a combination of external events that generated liquidity problems on the external front.
The gulf crisis of 1991 not only affected India's oil imports due to soaring oil prices but also eroded export markets in West Asia, and caused a setback to inward remittances and tourist earnings. The deterioration in exports to Eastern Europe, with the break-up of erstwhile USSR, accentuated the crisis. Around the same time, India's credit rating was lowered, which restricted its access to commercial borrowings and there was unwillingness on the part of normal banking channels to renew short-term credit to Indian banks abroad. Exceptional financing measures became inevitable, and the overall deficit in 1990-91 was financed almost equally by recourse to IMF and drawdown of reserves. The severity of the balance of payments crisis in the early 1990s could be gauged from the fact that India's foreign currency assets depleted rapidly from US $ 3.1 billion in August 1990 to US $ 975 million on July 12, 1991.
I would now narrate the story of our exciting journey from the agony of 1991 to relative comfort in 2007, and conclude by mentioning prospects and challenges ahead of us.
During the crisis period, a conscious decision was taken to honor all debt obligations without seeking rescheduling and several steps, including some unconventional ones, like pledging gold with international institutions, were resorted to tide over the crisis. The immediate steps undertaken included, among others, tightening of non-essential imports and availing credit from the IMF and other multilateral and bilateral donors. A macroeconomic structural and stabilization programme encompassing trade, industry, foreign investment, exchange rate, public finance and the financial sector was put in place creating an environment conducive for the expansion of trade and investment. It was recognized that trade policies, exchange rate policies and industrial policies should form part of an integrated policy framework if the aim was to improve the overall productivity, competitiveness and efficiency of the economic system, in general, and the external sector, in particular.
It may be interesting to enumerate here some of the important features of the economic reform process undertaken by India since 1991.
First, the approach towards reforms in India has been cautious with appropriate sequencing of measures, complementary reforms across sectors (e.g., monetary, fiscal and external sector), and development of financial institutions and markets. The objective has been to progress with some harmony across sectors.
Second, the pace and sequencing of liberalization has been responsive to domestic developments, especially in the monetary and financial sectors, and the evolving international financial architecture. The reforms were debated intensely and designed essentially indigenously.
Third, the approach to reform was 'gradual but steady' rather than a 'big bang' approach. The reforms have generally been viewed as a process and not as an event. In this approach, the pace and sequencing of liberalization could be tempered keeping in view the degree of comfort in moving forward in a credible way.
Fourth, the major thrust driving the reform process was the quest for higher growth and efficiency along with macroeconomic stability. At the same time, the reforms had to be 'inclusive' in the sense that the benefits of reforms are to be demonstrably shared by all sections, in particular, the vulnerable sections. This has easily been a very significant electoral issue in both provincial and national elections.
The major macroeconomic indicators for the last seven years are given in the Table 2 (attached) which broadly summarizes the quantitative achievements.
Over the last four years during 2003-07, the Indian economy has entered a high-growth phase, with the GDP growth averaging 8.6 per cent per annum. The acceleration of growth during this period has been accompanied by a significant moderation in volatility, especially in industry and services sectors. The structure of domestic output has distinctly shifted in favor of the services sector, while growth in industry is also accelerating. Indian industry appears to have responded well to global competition through restructuring and technological upgradation in recent years. India's growth is mainly driven by domestic consumption, which contributed, on an average, to almost two-thirds of the overall demand.
A noteworthy feature of the ongoing structural transformation of the Indian economy is the significant increase in domestic saving and investment rates. Domestic investment rate increased from 24.3 per cent in 2000-01 to 33.8 per cent in 2005-06 and domestic saving rate from 23.7 per cent in 2000-01 to 32.4 per cent during 2005-06. The household sector continued to be the major contributor to gross domestic saving with its saving rate placed at 22.3 per cent in 2005-06, while on account of rise in profit, the saving rate of private corporate sector rose to 8.1 per cent in 2005-06. The public sector, which started posting positive saving beginning 2003-04, recorded a saving rate of 2.0 per cent in 2005-06 on account of continuing fiscal improvement as against a negative saving rate of 1.7 per cent in 2000-01. It may be noted that over 95 per cent of investment is financed by domestic savings. Given the fact that Indian per capita income is increasing rapidly and policy efforts towards financial deepening for achieving a more inclusive growth are underway, savings rate in India could even rise further in the medium to long term. The level of saving rates should help continue to finance the investment needs of the economy domestically, without undue dependence on foreign savings.
In tandem with acceleration in the rate of investment in the economy, there has been evidence of a pickup in productivity and efficiency of capital use. Some of the recent studies relating to India have indicated an increase in total factor productivity (TFP) growth in recent years. For instance, Rodrick and Subramanian, in an IMF working paper of 2004, point out that India seems to have a large amount of productivity growth from relatively modest reforms. A more recent paper by Barry Bosworth, Susan Collins, and Arvind Virmani (2007) confirms this trend. They find that output per worker grew only 1.3 per cent annually during 1960-1980, when GDP growth was also at a low of 3.4 per cent. TFP growth was barely above zero, according to their calculations, indicating that growth in output was almost entirely driven by growth in inputs. In contrast, growth in output per worker nearly tripled to 3.8 per cent during 1980-2004, while TFP increased ten-fold to 2 per cent. The evidence of an increase in the growth of labour productivity is also available from other studies (Economic Intelligence Unit, 2007). A Study by Tata Services (2003) found that for the all-India manufacturing sector, labour productivity (output per unit of labour) has increased significantly during the post-reform period, compared with the pre-reform period.
The sustained economic growth since the early 1990s has also been associated with some reduction in poverty. Based on uniform recall period consumption distribution, the proportion of people living below the poverty line declined from 36 per cent in 1993-94 to 27.8 per cent in 2004-05. There is also evidence of pick-up in employment growth from 1.57 per cent per annum (1993-94 to 1999-2000) to 2.48 per cent per annum (1999-2000 to 2004-05). According to some reports and other anecdotal evidence, the benefits of recent surge in growth rate of GDP are not just restricted to large cities, but people in other urban and semi urban areas are also gaining. There is some evidence of reduction in under employment and disguised unemployment in the informal sector.
The high growth in GDP in recent years has been accompanied by some moderation of inflation to an average of 4.9 per cent during 2003-07. Historically, India has not seen very high inflation. The headline inflation rate, in terms of the wholesale price index, has declined from an average of 8.2 per cent during the period 1980-81 to 1990-91 to 6.2 per cent during the post crisis period, i.e., 1992-93 to 2006-07, with a sharper moderation in the recent period.
During 2006-07, money supply (M3) increased by 21.3 per cent on a year-on-year basis and was well above indicative projections for the year. It largely reflected the surge in capital flows in the country. Non-food credit extended by the scheduled commercial banks (SCBs) increased by 28.4 per cent during 2006-07 on top of 31.8 per cent in the previous year. The growth of bank credit has favoured retail lending, particularly housing, real estate, trade, transport and professional services and non-banking financial companies – sectors which hitherto were not significant in the credit market. These developments led to a lively debate on the signs of overheating in the economy but subsequent moderation in inflation has diffused the attention.
As regards the framework of monetary policy, the basic objectives of monetary policy, namely price stability and ensuring credit flow to support growth, have remained unchanged in India. Of late, considerations of macroeconomic and financial stability have assumed an added importance in view of increasing openness of the Indian economy.
In India, broad money (M3) emerged as an intermediate target from the mid-1980s based on the premise of a stable relationship between money, output and prices. In the late 1990s, in view of ongoing financial openness and increasing evidence of changes in underlying transmission mechanism with interest rates and exchange rates gaining in importance vis-à-vis quantity variables, the Reserve Bank adopted a multiple indicator approach in April 1998 whereby interest rates or rates of return in different financial markets along with such data as on currency, credit, trade, capital flows, fiscal position, inflation, exchange rate etc. are juxtaposed with the output data for drawing policy perspectives. The liquidity management in the system is carried out through open market operations (OMO) in the form of outright purchases/sales of government securities and daily reverse repo and repo operations under a Liquidity Adjustment Facility (LAF) and this has emerged as the main instrument for interest rate signalling in the Indian economy. In the context of large capital flows and sterilisation, the availability of policy instruments to manage liquidity has been strengthened further with open market operations through Market Stabilisation Scheme.
While the preferred instruments are indirect, and varied, there has been no hesitation in taking recourse to direct instruments also, if circumstances warrant them. In fact, complex situations do warrant dynamics of different combinations of direct and indirect instruments, in multiple forms, to suit the conditions – especially the transmission mechanism.
Similarly, while there is considerable merit in maintaining distinction between monetary and prudential policies of the central bank, the Reserve Bank did not hesitate to enhance the provisioning requirements and risk weights for select categories of banking assets, namely real estate, housing, consumer finance and capital market exposures. There has also been close monitoring of off-balance sheet exposures of banks. Detailed guidelines have been issued, for consultation, on product, accounting and prudential aspects of credit derivatives. A framework for governing banks' linkages with systemically important deposit taking and non-deposit taking non banking financial companies has also been put in place.
More generally, Reserve Bank's approach has been to recognise the positive contributions that financial innovations make to enhance efficiency of financial intermediation. At the same time, Reserve Bank considers, in a dynamic setting, appropriate safeguards to ensure stability, taking account of the prevailing governance standards, risk management systems and incentive frameworks in the foreign, public, private and cooperative banks as also related non-banks. Overall, these progressive but cautious policies have contributed to both efficiency and stability of the financial system and enables current growth momentum in an environment of macro stability.
Some of the important factors that shaped the changes in monetary policy framework and operating procedures in India during the 1990s were the delinking of budget deficit from its automatic monetization by the Reserve Bank, deregulation of interest rates, and development of the financial markets with reduced segmentation through better linkages and development of appropriate trading, payments and settlement systems along with technological infrastructure. With the enactment of the Fiscal Responsibility and Budget Management Act in 2003, the Reserve Bank has withdrawn from participating in the primary issues of Central Government securities with effect from April 2006. The recent legislative amendments enable a flexible use of the cash reserve and statutory liquidity requirements for banks, without being constrained by a statutory floor or ceiling on the levels of such prescriptions by the Reserve Bank.
The fiscal system prevalent in the beginning of the 1990s was characterised by a sustained high fiscal deficit and mounting debt accumulation giving rise to inflation, financial repression, and overall deterioration in the macroeconomic fundamentals of the economy. The average gross fiscal deficit of the central government as per cent to GDP during the decade of 1980s was 6.8 per cent as against 3.8 per cent in the 1970s. A positive outcome in recent years is the marked improvement in the health of Government finances with the adoption of the Fiscal Responsibility and Budget Management (FRBM) Act, 2003 by the Central Government and Fiscal Responsibility Legislation (FRLs) by several State governments.
Under India's federal system of government, the Constitution allocates the revenue powers and expenditure functions between the Central and State Governments. In general, the functions required to maintain macroeconomic stability and international relations are assigned to the Centre, while provision of public services such as law and order, internal security, public health, sanitation, water supply and agriculture is largely entrusted to the States. Both government layers share responsibility for education, health and infrastructure, though States have a critical role.
In India, borrowing by the State governments is subordinated to prior approval by the national government. This is embodied in Article 293 of the Indian Constitution, under which, any State Government that is indebted to the Central Government, requires prior approval for borrowings. Central approval is embedded in the procedure for sale of State Government securities, and therefore, cannot be violated. Furthermore, State Governments are not permitted to borrow externally, unlike the Centre.
The Reserve Bank plays two crucial roles in relation to the Indian fiscal system, namely as the banker to and the debt manager of both Central and State Governments. The RBI Act allows the RBI by agreement with a State Government to undertake its banking operations and management of its public debt. While undertaking the role of banker for both the Central and State governments, the RBI also provides temporary support to tide over mismatches in their receipts and payments in the form of Ways and Means Advances (WMA).
The Reserve Bank has been organizing a biannual Conference of State Finance Secretaries since November 1997. This Conference, right from its inception, has provided a very useful forum for interaction among all the stakeholders (State Governments, Central Government and the Reserve Bank) on matters related to State finances and arriving at consensual solutions for issues of policy and operational significance. Among the areas that were deliberated, the more important one's relate to fiscal responsibility legislations at State levels; standardisation of budgetary, accounting and transparency practices; cash management; management of Consolidated Sinking Fund and Natural Calamities Fund; evaluation of fiscal guarantees etc. The Reserve Bank is proactive and responds from time to time, to the needs of States, as evident from two recent moves.
Faced with accumulation of large surplus cash balances and a negative spread earned on the investment of such balances, some State Governments had approached the Reserve Bank to arrange for the buy-back of their outstanding State Development Loans (SDLs). Accordingly, the Reserve Bank formulated a general scheme for the buy-back of SDLs with the concurrence of the Government of India. Following the recommendations of the Twelfth Finance Commission, external loans would be passed on to the States (in rupee terms) on a back-to-back basis. Consequently, the State Governments would now have to bear the foreign exchange risk in the context of such loans. Again, at the behest of the State Governments, the Reserve Bank recently organized a workshop on the management of foreign exchange risk, for the benefit of State Government officials.
The Reserve Bank interacts with States on several other fronts especially in regard to lending to agriculture, small industries, weaker sections, depositor protection, financial inclusion, financial literacy, responding to natural calamities etc. mainly through the regional offices.
The aggregate stock of public debt of the Centre and States as a percentage of GDP is high, currently at around seventy five per cent. There are, however, several unique features of management of public debt in India, which are noteworthy. First, States have no direct exposure to external debt. Second, almost the whole of public debt is local currency denominated and held almost wholly by residents. Third, public debt, of both Centre and States is actively and prudently managed by the Reserve Bank of India ensuring comfort to financial markets without any undue volatility. Fourth, the government securities market has developed significantly in recent years in terms of turnover, depth and participants, and significant further improvements are underway.
Fifth, contractual savings supplement marketable debt in financing deficits. Finally, direct monetary financing of primary issues of debt has been discontinued since April 2006. Hence, the high stock of public debt relative to GDP has not so far been a matter of concern as far as stability is concerned, while it is recognised that long term sustainability would call for a gradual reduction to prudent levels.
Benefiting from a calibrated and sequenced strategy of liberalisation, India's external sector has become more resilient. Exports have been growing at an average rate of around 25 per cent during the last three years, while imports have grown by around 35 per cent during the same period. The current account remained in surplus during 2001-02 to 2003-04, before turning into a modest deficit since then. There was a significant strengthening in the capital account resulting in continued accretion to the foreign exchange reserves, which was around US$ 228.8 billion as on August 31, 2007. As could be seen from the table 2, there has been considerable improvement in liquidity and sustainability indicators of external debt.
The exchange rate of rupee became market determined from March 1, 1993 and by August 1994 India became current account convertible by accepting Article VIII of the Articles of Agreement of the IMF. There was simultaneously a significant rationalization of the tariff structure in a gradual manner providing opportunity for domestic industry to equip itself to face global competition. For instance, the customs duty on non-agricultural products has come down from 150 per cent in 1991-92 to 10.0 per cent in 2007-08. A qualitative change was brought about in the legal framework for liberalization by the enactment of the Foreign Exchange Management Act (FEMA) in June 2000. With this, the objectives of regulation have been redefined as facilitating trade and payments as well as orderly development and functioning of foreign exchange market in India.
The extent and timing of capital account liberalization is properly sequenced with other concomitant developments such as strengthening of banking sector, fiscal consolidation, market development and integration, trade liberalization, and the changing domestic and external economic environments. It is also recognized that there may be links between the current and capital accounts and hence procedures are in place to avoid capital flows in the guise of current account transactions. Further, a hierarchy is established in the sources and types of capital flows. The priority has been to liberalize inflows relative to outflows, but all outflows associated with inflows have been totally freed. Among the types of inflows, foreign direct investment is preferred for stability while excessive short-term external debt is eschewed. A differentiation is made between corporates, individuals, and banks. Operationally, the process of managing the capital account consists of operating two routes, namely automatic and non-automatic. Consistent rebalancing in the desired direction is done by expanding the automatic route and by moving most of the prohibited transactions to the non-automatic but approval route and at a later stage, to an automatic or deregulated regime.
There has been a significant liberalisation of the policy framework with regard to capital outflows over the past few years. Each country has to design its policy regime for capital outflows keeping in view the specific country context, especially characteristics of the real sector, and not merely the contextual level of inflows and extant absorptive capacity of the economy. First, the current regime of outflows in India is characterised by liberal but not incentivised framework for corporates to invest in the real economy outside India, including through the acquisition route. The regime has served the country well since Indian corporates are increasingly able to establish synergies with overseas units, to make up for lack of scale that has been a legacy problem in India, and to quickly acquire domain knowledge through acquisition. Second, significant liberalisation of outflows by individual households has been implemented following recommendation of the Committee on Fuller Capital Account Convertibility (Chairman: Shri S. S. Tarapore, 2006). Further liberalization here would be done in the light of some international experience which shows that resident individuals often precede overseas investors in initiating outflows when the perceptions in regard to domestic economy's performance or stability appear to turn adverse. Third, as regards the regime for outflows through financial intermediaries, the approach is characterised by caution and quantitative stipulations whereby both prudential considerations and compulsions of management of capital account are relevant.
Major policy measures in the financial sector relate to phased reductions in statutory pre-emption like cash reserve ratio and statutory liquidity requirements and deregulation of interest rates on deposits and lending, except for a select segment. The diversification of ownership of banking institutions is yet another feature which has enabled private shareholding in the public sector banks, through listing on the stock exchanges, arising from dilution of the Government ownership.
The banking sector reform combines a comprehensive reorientation of competition, regulation and ownership in a non-disruptive and cost-effective manner. Indeed our banking reform is a good illustration of the dynamism of the public sector in managing the overhang problems and the pragmatism of public policy in enabling the domestic and foreign private sectors to compete and expand. The regulatory framework in India, in addition to prescribing prudential guidelines and encouraging market discipline, is increasingly focusing on ensuring good governance through "fit and proper" owners and directors of banks. The Reserve Bank has issues detailed guidelines on ownership and governance in private sector banks emphasizing diversified ownership. The Reserve Bank has also provided a significant thrust to implementation of information technology in the banking sector.
Foreign direct investment in the private sector banks is now allowed up to 74 per cent, subject to the prescribed guidelines. Again, 100 per cent foreign direct investment is allowed in 19 activities under the automatic route in Non-Bank Financial Companies (NBFCs). There are minimum capitalisation norms for such investments. Besides, 100 per cent NBFC subsidiary can also be established subject to clearance by Foreign Investments Promotion Board (FIPB), Government of India. There has been noticeable increase in the interest of foreign entities to acquire stakes in NBFCs. Policy initiatives have been taken in recent past to ensure that such NBFCs adhere to regulatory prescriptions spelt out for them.
In the cooperative segment, the urban cooperative banks (UCBs) had been suffering from the problem of multiple supervisory/regulatory authorities, as also the challenge of reconciling the democratic character with financial discipline. Therefore, several structural, legislative and regulatory measures have been initiated in recent years for urban co-operative banks with a view to evolving a policy framework oriented towards revival and healthy growth of the sector. A vision document for their healthy growth has been formulated. Restructuring of the larger weak banks has commenced and is well under way. Similarly, issues relating to rural co-operative banking structures and regional rural banks (RRBs) have been considered actively and comprehensive measures have been planned and some of them are under implementation.
Financial markets in India in the period before the early 1990s were marked by administered interest rates, quantitative ceilings, statutory pre-emptions, captive market for government securities, excessive reliance on central bank financing of fiscal deficit, pegged exchange rate, and current and capital account restrictions. A wide range of regulatory and institutional reforms were introduced in a planned manner over a period to improve the efficiency of financial markets. These included development of market micro structure, removal of structural bottlenecks, introduction/ diversification of new players/instruments, free pricing of financial assets, relaxation of quantitative restrictions, better regulatory systems, introduction of new technology, improvement in trading infrastructure, clearing and settlement practices and greater transparency.
Reforms in financial markets were carefully sequenced ensuring that they were in sync with the real sector. The reforms were also important for developing the environment for effective monetary policy making and monetary transmission mechanisms. A noteworthy feature is that the government securities and corporate debt market is essentially domestically driven since FII and non-resident participation in these markets are limited and subjected to ceilings.
The linkage between the money, government securities and forex markets has been established and is growing. The price discovery in the primary market is more credible than before and secondary markets have acquired greater depth and liquidity. The Reserve Bank has also initiated a number of steps – institutional, procedural and operational – for making the payment systems safe, secure and efficient. For efficiency enhancements and risk reduction, usage of the Real Time Gross Settlement (RTGS) System and other electronic payment mechanisms has been encouraged in a big way.
First, banks were advised to make available a basic banking 'no-frills' account with nil or minimum balances as well as other charges to ensure outreach of such accounts to vast sections of the population. As there are many regional languages in India, banks are required to make available all printed material used by retail customers in the concerned regional language.
Second, banks have also been permitted to utilise the services of non-governmental organizations/self help groups (NGOs/SHGs), micro-finance institutions and other civil society organizations as intermediaries in providing financial and banking services through the use of business facilitator and business correspondent (BC) models.
Third, banks are also entering into agreements with Indian Postal Authorities for using the large and well spread network of post offices as business correspondents, thereby increasing their outreach and leveraging on the postman's intimate knowledge of the local population and trust reposed in him. Similarly, banks in association with insurance companies, are providing innovative insurance policies at affordable cost, covering life disability and health cover.
Fourth, the Reserve Bank has been encouraging the use of ICT solutions by banks for enhancing their outreach with the help of their Business Correspondents (BCs). A multilingual website in 13 Indian languages on all matters concerning banking and the common person has been launched by the Reserve Bank on 18 June 2007.
Several initiatives were also undertaken by the Reserve Bank to improve the delivery of customer services by banks.
First, the recommendations of the Standing Committee on Procedures and Performance Audit on Public Services set up in November 2003 covering an individual customer's dealing with a bank in the areas of foreign exchange, currency and government transactions, including pension, besides the main relationship as an account holder are being implemented.
Second, in order to bring together all activities relating to customer service in banks and the Reserve Bank of India in a single department, the Reserve Bank of India constituted a new department called 'Customer Service Department' on July 1, 2006. The new department has facilitated a sharper focus to customer service issues.
Third, the Banking Ombudsman Scheme, which was introduced in 1995 to provide an expeditious and inexpensive forum to bank customers for resolution of their complaints relating to deficiency in banking services, was last revised in 2006. The Scheme has an enlarged scope now and is applicable to all commercial banks, regional rural banks and scheduled primary cooperative banks. The complainants can file their complaints in any form, including online.
Fourth, recognising an institutional gap in measuring the performance of the banks against codes and standards based on established best practices, RBI set up the Banking Codes and Standards Board of India in 2006. It is an autonomous and independent body, in the nature of a self-regulatory organisation. Banks register themselves with the Board as its members and provide services as per the agreed standards and codes. The Board in turn, monitors and assesses the compliance with codes and standards which the banks have agreed to. The Code of Banks' Commitment to Customers was released on July 1, 2006. The Code covers various aspects of transactions of individuals such as deposit accounts, interest rates, fees and charges, remittances, settlement of claims in respect of deceased account holders, loan products, safety locker, credit cards, guarantees, collection of dues and complaints and grievance redressal. The Reserve Bank has also made it obligatory for banks to display and update, in their offices/branches as also on their websites, the details of various service charges in a prescribed format.
Fifth, as lack of financial education on the part of customers of the bank contribute to rising number of complaints, especially relating to credit card operations, the Reserve Bank is according top priority for financial education which would ensure that the customers of banks take an informed decision. Individual banks have also started taking various steps in this regard such as 'financial education posters', 'short films' and websites, etc.
For monetary policy purposes, the Reserve Bank, in its Annual Policy Statement, placed real GDP growth for 2007-08 at around 8.5 per cent, assuming no further escalation in international crude prices and barring domestic or external shocks. The policy preference for the period ahead is strongly in favour of price stability and well-anchored inflation expectations with the endeavour being to contain inflation close to 5.0 per cent in 2007-08 and to the range of 4.0–4.5 per cent over the medium-term. For the purpose of monetary policy formulation, the Reserve Bank has projected the rate of money supply (M3) growth at around 17.0-17.5 per cent and non-food credit at 24-25 per cent for 2007-08 in consonance with the outlook on growth and inflation. While retaining the stance of the monetary policy, the Reserve Bank has flagged the importance of financial stability in the first quarter review of the Annual Policy Statement issued on July 31, 2007.
Data on recent developments is broadly in consonance with expectations for 2007-08. According to the Central Statistical Organization, during the first quarter of the financial year 2007-08 (April- June, 2007), the real GDP grew by 9.3 per cent on the back of 9.1 per cent in the last quarter of 2006-07 (January March, 2007) and 9.6 per cent in the first quarter of the previous year (April-June, 2006). The wholesale price index, on a year to year basis, decreased to 3.79 per cent during the week ended August 25, 2007 as compared with 5.12 per cent a year ago. As on August 17, 2007, the broad money (M3) supply growth was 20.0 per cent on a year-on-year basis almost same as in the previous year. Though buoyant and broad based, there was a decline in non-food credit growth to 23.6 per cent as on August 17, 2007 as compared with 32.8 per cent a year ago. Exports continued its momentum, however, imports rose sharply, which led to widening of trade deficit to US $ 25.7 billion during the first four months of 2007-08 (April-July) as compared with US $ 15.8 billion during the same period of the previous year.
Available information indicates continuation of the growth momentum during 2007-08 so far at a strong pace with the impulses of growth getting more broad-based. Steady increases in the rate of gross domestic saving and investment, consumption demand, addition of new capacity as well as more intensive and efficient utilisation/capitalisation of existing capacity are expected to provide support to growth during 2007-08. The recent gains in bringing down inflation and in stabilising inflation expectations should support the current expansionary phase of growth cycle. It is, however, necessary to continuously assess the risks to the inflation outlook emanating from high and volatile international crude prices, the continuing firmness in key food prices and uncertainties surrounding the evolution of demand-supply gaps globally, as well as in India.
Risks from global developments continue to persist, especially in the form of inflationary pressures, re-pricing of risks by financial markets and danger of downturn in some asset classes. Excessive leveraging has enhanced the vulnerability of the global financial system. Large changes in liquidity conditions are obscuring assessment of risks, with attendant uncertainty. Given the flux associated with both financial markets and monetary policy settings globally, India cannot be immune to these developments. The policy challenge for Reserve Bank, now, is to manage the current transition to a higher growth path while containing inflationary pressures and focusing on financial stability. Contextually, we in the Reserve Bank are, therefore, maintaining enhanced vigilance to be able to respond appropriately to the prevailing heightened uncertainties in global financial, as well as, monetary conditions.
For a large and diverse economy with low per capita income but undergoing structural transformation in a highly uncertain global environment, challenges for public policy are manifold. I would focus on a few, which we in the Reserve Bank consider to be crucial for enhancing medium term prospects for equitable growth.
First, while over 60 per cent of the workforce is dependent on agriculture, the sector accounts for 20 per cent of the GDP. Further, the GDP growth generated from agriculture is only marginally above the rate of growth of the population, which is not adequate to ensure rapid poverty reduction. Volatility in agricultural production has not only implications for overall growth but also, as the experience of 2006-07 amply demonstrated, for maintaining low and stable inflation. Enhanced growth of the agricultural sector is vital for ensuring food security, poverty alleviation, price stability, overall inclusive growth and sustainability of growth of the overall economy. Recently, our Honourable Prime Minister announced a major scheme to double the growth rate of agriculture to 4.0 per cent over the 11th Plan period. A time-bound Food Security Mission was also announced to counter rising prices of food products and to ensure visible changes in their availability over three years.
Second, the manufacturing sector has recorded robust growth, despite several infrastructure deficiencies. The inadequate availability of modern infrastructure and shortage of skilled manpower are the most critical barriers to the growth of the manufacturing sector. It is essential to augment the existing infrastructure facilities, particularly roads, ports and power, to provide the enabling environment for industry to prosper. The most important issues here are regulatory framework and overall investment climate, which are being addressed by the Government. One other concern has been the cost recovery, which is expected to improve with enlightened public-private partnership.
Third, a salient feature of the fiscal consolidation process in recent years even after accounting for cyclical elements has been significant reduction in the key deficit indicators. Our studies on State finances in the Reserve Bank of India give grounds for optimism in regard to their fiscal health. We recognize two important areas that, if addressed, would result in fiscal empowerment. One is elimination of subsidies, which are inappropriate and not directly targeted to the poor, and elimination of most of the tax exemptions, which are patently distortionary. Moreover, the delivery of essential public services such as education and health to a large section of our population is a major challenge.
Fourth, there is a growing recognition in India that governance reforms are critical to strengthen state capacity and enable it to perform its core functions. The task of improving the institutions of economic governance comprise, among others, many organizations and actions essential for good functioning of markets. It must be recognized that good governance can co-exist only when public sector functions fairly and efficiently, which is achievable by improving and not undermining it. The business community has therefore a vital stake in improving and empowering public institutions. I would like to endorse what Professor Avinash K. Dixit, President-Elect, American Economic Association said in the Second P.R. Brahmananda Memorial Lecture delivered by him in June 2007 in Mumbai.
The Indian economy has some inherent strength, both quantifiable and non-quantifiable, which would facilitate in meeting the challenges ahead. I have already mentioned extensively the quantifiable strengths. Apart from these quantifiable strengths, there are certain 'not easily quantifiable strengths' which our economy possesses and I would like to mention some of them. First, a vast pool of science and technology graduates and the millions of people who are familiar with English language are sources of strength. The familiarity with multiple languages in India prepares the people to adapt better to multi-cultural situations, making it easier for them to fit into international systems smoothly. Second, India also enjoys the distinction of being the biggest democracy of the world. The existence of a free press provides some insurance against excesses and makes Governments at all levels more accountable than otherwise. Third, impressive are the initiatives of many States for empowerment of women which defend their rights and help to gain greater self-esteem and control over their own personal lives and social relationships. Fourth, the political climate is characterised by what may be termed as political system stability, despite the coalition cabinets and periodic elections both at the Centre and in several States. Fifth, India will remain one of the youngest countries in the world in the next few decades. This "demographic dividend" is seen as an inevitable advantage provided prerequisites such as skill-upgradation and sound governance to realize it are put in place. Sixth, in terms of business environment, the impressive growth coupled with market orientation of the economy has been a bottom-up exercise, with a very broad-based growing entrepreneurial class. These tendencies are perhaps reflective of a penchant for innovation among already large and growing entrepreneurial class in India, imbued with professionalism and seeking to be globally competitive.
1 Address by Dr. Y.V.Reddy, Governor, Reserve Bank of India at the Bank of Mexico, Mexico City on September 12, 2007.


text:
Eugène Ney Terre'Blanche (Ventersdorp, 31 januari 1941 – aldaar, 3 april 2010) was de voorman van de extreemrechtse Zuid-Afrikaanse Afrikaner Weerstandsbeweging (AWB) van 1973 tot 1997 en vervolgens van 2008 tot aan zijn dood in 2010. Terre'Blanche was tevens dichter.

Levensloop
Terre'Blanche werd vernoemd naar Michel Ney (1769-1815), een veldheer van Napoleon Bonaparte. Zijn ouders waren afstammelingen van Franse hugenoten, zijn achternaam Terre'Blanche betekent in het Frans zoveel als blanke aarde en wordt in het Afrikaans uitgesproken als terblans en ook wel zo geschreven.

Terre'Blanche groeide op in Ventersdorp en rondde in 1962 de middelbare school in Potchefstroom af. Al als scholier richtte hij de Jong Afrikanerharte op, een beweging die de belangen van de jonge Afrikaners moest behartigen.

Na zijn middelbare school werkte hij bij de politie en diende als vrijwilliger in Zuidwest-Afrika (het tegenwoordige Namibië), waar hij officier was. Na zijn militaire dienst werd hij lijfwacht van premier John Vorster.

Na vier jaar verliet hij de politie, werd lid van de rechtse Herstigte Nasionale Party (HNP) en was kandidaat voor de kieskring Heidelberg voor de verkiezingen. Op 7 juli 1973 richtte Eugene Terre'Blanche met zes anderen de AWB op. Doel van de AWB was de oprichting van een eigen Volkstaat voor Afrikaners.

In december 1982 werd Terre'Blanche aangehouden wegens verboden wapenbezit. In juli 1983 werd hij vanwege verboden wapenbezit en terroristische activiteiten tot 3 jaar voorwaardelijk veroordeeld. In 2000 kreeg Terre'Blanche hiervoor amnestie.

In 2000 werd Terre'Blanche vanwege verschillende gewelddadige conflicten met zwarte Zuid-Afrikanen veroordeeld tot zes jaar cel. Van april 2000 tot juni 2004 zat hij hiervoor gevangen. Na zijn gevangenisstraf was Terre'Blanche veranderd. Zijn beleving van het christelijk geloof was intenser geworden en hoewel zijn mening over de apartheid en rassenscheiding niet was veranderd, dacht hij wel anders over de manier waarop deze doelen zouden moeten worden verwezenlijkt.

Moord
Op 3 april 2010 werd Terre'Blanche op zijn eigen boerderij vermoord. Zijn hoofd en gezicht waren verwond en bij het lichaam werden een panga en een knopkirie aangetroffen. Volgens Zuid-Afrikaanse media zijn de daders jonge zwarte Afrikanen in dienst op zijn veehouderij. Een van de daders was een vijftienjarige jongen. Als motief voor de moord gaven zij dat ze niet waren betaald voor werk dat ze op Terre'Blanches boerderij hadden gedaan. Op 22 augustus 2012 werd Chris Mahlangu schuldig bevonden aan roofmoord. Zijn medeplichtige, Patrick Ndlovu werd vrijgesproken van moord maar veroordeeld voor inbraak. Terre'Blanche liet een vrouw Martie en één dochter Beya na.

Referenties

Afrikaners
Zuid-Afrikaans activist
Zuid-Afrikaans dichter
Zuid-Afrikaans fascist
Vermoord politicus
Zuid-Afrikaans persoon in de 20e eeuw

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text:
Hindu Undivided Family (HUF) : Taxability and It's Benefits
Meaning of HUF-Registration of HUF-Benefits of HUF, Procedure for HUF-Taxability of HUF-Coverage in HUF-Family Ascendant business -the advantage of huf-members of Huf benefits-Tax benefits of HUF-Home loan repayment benefit for Huf-80c benefit-Medical claim benefit 80D-Additional advantages for Huf-Save Tax in HUF
(Existence) of HUF:-
Meaning of HUF:
Object :
How the Taxability of HUF is calculated?
Benefits or Advantage to make HUF:
A Hindu Undivided Family (HUF) is a group of individuals mainly come only from the Family members.HUF came into existence in 1917 and recognized as a separate entity. And over the years, many families have enjoyed tax benefits because of this. The possibility of maximizing tax benefits, in the long run, is increased in making HUF.
A HUF is automatically created at the time of marriage or family ascendant. As per Income Tax provisions, HUF is taxed separately from its members. The most important thing is that HUF can also be formed by even Buddhists, Jains, and Sikhs. HUF has its own Permanent Account Number (PAN) and has its own separate legal provisions for the Income Tax provisions.
A Hindu family can come together and form an HUF. The main object is to form HUF is to take the benefits of Income Tax benefits such as Deductions like 80C by the Individual in addition to the Income Tax benefits are availed by them in their Individual capacity.
As the HUF has its own PAN number, HUF DEED (that required to be get done) and HUF Bank Account number. So accordingly Income tax returns are filed in the separate capacity of HUF. The following points can be seen to determine the benefits of HUF that are:-
A HUF is taxed at the same Tax slab rates as an individual.
Insurance policy on the life of huf members can be taken by HUF
Deductions under section 80 and other exemptions can be claimed by the HUF in its income tax return.
Investments can be made from HUF's income. Dividends or interest or other income from these investments are taxable in the hands of the HUF.
Salary to its HUF members can be paid, and accordingly, this salary expense is deductible from the HUF income.
Separate tax return HUF along with its own PAN can be now filed by HUF.
Here is how you can avail of the different tax benefits under HUFs.
HUF is recognized as a separate entity as per Income Tax provisions. Here, individual members of the family have PAN cards, and the HUF has its separate PAN card. For the generation of income, Huf can establish its own business. It can also invest in shares and Mutual Funds. HUF get the basic tax exemption slab rate of Rs 2.5 lakh. So accordingly, one thing for the making of HUF, the huge benefit can be even in many tax deductions and exemptions. It is the benefit that is absolutely additional to his Individual capacity.
Owning a house :
As per recent income tax laws, if HUF is having more than one self-occupied property, then only one of them of such residential property can be self-occupied property. The rest 'deemed to be let out' and you have to pay tax on notional rent. Even, a HUF can his own residential house property with no payment of tax. In addition to this, section 80c benefit can also be taken it can on Home Loan so as to purchase a residential property up to a tax benefits up to Rs 1.5 lakh as per Section 80C of the Income Tax Act for loan repayment and up to Rs 2 lakh for interest thereon as per section 24.
Various tax benefits have been given to Individual persons taking into account all the pros and cons of their needs as per daily necessity. Similar benefits are applicable for a HUF. For Instance, HUF can pay Life Insurance premium (depending upon the issuance policy) for individual members, so accordingly they can claim Income tax benefits under Section 80C. The maximum amount that can be claimed as a deduction under this section is Rs 1.5 lakh.
Being a separate entity HUF, it can claim the fit of other Income Tax provisions also namely,
A HUF can make investments in Fixed Deposits (FD OF 5 YEARS OR MORE) and also in Equity Linked Savings Scheme (ELSS) to earn maximum tax benefits with a threshold limit of up to Rs 1.5 lakh in Section 80C. It is important to note here that a Public Provident Fund (PPF) account cannot be opened in the name of HUF, but tax deductions of the deposited amount by the HUF can be claimed in respective PPF accounts of the member of the HUF.
You can claim a deduction of Rs 25,000 per year on premiums paid for Health Insurance for your family under Section 80D. Here's where HUF can come to your rescue. Additional tax benefits of up to Rs 25,000 can be claimed by the HUF on Health Insurance premiums paid during the year for a family. If the person is a senior citizen that is 60 years or more, then the tax benefit limit goes a maximum of up to Rs 50,000.
As a law-abiding citizen, it is important to pay taxes regularly.
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Wales' fairytale run at Euro 2016 ended with Cristiano Ronaldo the architect of Portugal's progress into the final.
The match had been billed in some quarters as a private duel between Real Madrid team-mates Ronaldo and Gareth Bale, and the Portuguese won it hands down after a cagey and scoreless first period.
Ronaldo scored with a bullet header five minutes after the break and then quickly set up Nani as Portugal ran out convincing 2-0 winners in Lyon.
This has been a tournament where Ronaldo has not been at his brilliant best, scoring only twice in five games and throwing the odd tantrum both with his team-mates on the pitch and the media off it.
But he delivered when it mattered and, when he dispatched Raphael Guerreiro's cross, it drew him level with Michel Platini's record of nine goals at the finals of the European Championships.
For Ronaldo, who spoiled his copy book with a second half booking, there would also have been the added pleasure of putting Bale in his place.
The Welshman briefly flickered in the first half, and would have staked a claim for the goal of the tournament if his 50-yard run had ended in the net rather than the arms of Portugal goalkeeper Rui Patricio.
But it was a night when Wales ran out of attacking ideas and Bale constantly found himself crowded by three or four Portugal players at a time.
However, defeat should not detract from what has been a fabulous tournament for Wales, the first time they have reached the last four of a major finals.
Less than five years ago Wales were ranked 117th in the world, yet when the World Cup qualifiers start in September they could be inside the top six.
Both sides had to reorganise after their quarter-final victories with James Collins and Andy King making their first starts of the tournament with influential Welsh pair Ben Davies and Aaron Ramsey both suspended.
Portugal were without midfielder William Carvalho through suspension and the failure of Real Madrid's Pepe to recover in time from a thigh injury saw Bruno Alves drafted into central defence.
Alves was making his first Portugal appearance since being sent off against England in a pre-Euros friendly for a wild kick on Harry Kane.
Bale would have been hoping to get in a foot race with the 34-year-old, while Ronaldo was keen to pull on to Collins at every opportunity.
When he did so in the 10th minute from Cedric's cross Ronaldo was convinced that he should have been awarded a penalty as Collins had his arm around his neck.
Collins was fortunate that Swedish referee Jonas Eriksson took a lenient view of the incident, and Ronaldo's frustration grew during a first half in which he appeared unimpressed by both the service from colleagues and the standard of refereeing.
Bale was at the heart of Wales' best moments when he dropped deep to try and influence the play, although it was a corner kick routine straight off the training ground which gave him his first sight of goal.
Joe Ledley pulled the ball back low towards the 18-yard but Bale, running back, could not quite wrap his foot around it and the shot was wide.
Bale's first run of the evening almost set up King at the near-post before that lung-bursting gallop and shot - the first period's only on-target attempt.
King was breaking into promising positions and Jose Fonte just kept him at bay after the willing Hal Robson-Kanu had shrugged off Alves down the right.
Portugal were neat and tidy in possession without offering a huge goal threat, though Ronaldo gave Wales clear note of his intentions close to half-time when heading wide under pressure from James Chester.
The warning was not heeded and Ronaldo climbed above Chester to give Wayne Hennessey no chance for his 61st goal in 132 Portugal appearances.
Worse was to come for Wales three minutes later when Chester's clearance fell to Ronaldo 25 yards and his shot was touched home by Nani, who had been played onside by Collins.
Portugal might have had more as Ronaldo flashed over a free-kick and Hennessey caught up with Danilo's effort as the ball trickled towards the goal-line.
There was a late flourish from Bale with two powerful attempts from distance, as well as a booking for a high foot on Cedric, but the night belonged to Ronaldo and Portugal as they go forward to meet France or Germany in Paris on Sunday.


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Намгу́ (, новая романизация корейского языка: Nam-gu) — муниципальный район в центрально-восточной части центра городской агломерации Пусан (Республики Корея). Большая часть территории района Намгу выступает в Восточное море, образуя таким образом полуостров, который отделяет залив Пусанман из порта Пусан. Площадь округа составляет 25,91 км², население — 229563 человека. Намгу официально стал районом города-метрополии Пусан в 1975 году. В 1995 году от Намгу была отделена часть территории, образовавшая округ Суёнгу.

Культура и туризм
В Намгу расположены следующие достопримечательности: Пусанский музей, дендрарий Тэён, Пусанский культурный центр, парк Игидэ, парк Синсондэ, мемориальное кладбище ООН (Мемориальный парк ООН). Каждый год в этом районе проводится фестиваль Орюкто. Около Национального университета Пугён и Университета Кёнсон находятся много кафе, баров и ресторанов.

Образование в Намгу
Намгу известен как «Центр образования Пусана», поскольку в округе расположено большое количество университетов и школ.

Университеты и колледжи
 Национальный университет Пугён (부경대학교)
 Университет Тонмён (동명대학교)
 Пусанский колледж искусств (부산예술대학교 или 예술대학교).

Примечания

Районы Пусана


The main difference between Matt Segall and myself, is that he may, as you say, labor under a misunderstanding of the current accomplishments of neuroscience, while I must admit, not just to misunderstanding, but to ignorance. I do not grasp neuroscience, therefore I am an ignoramus (Latin, actually first-person plural, meaning "we are unaware"). Yet I know a few things, enough to know my ignorance and to question convictions and certitudes, mine and your own, which, pardon my bluntness, are more dogmatic than scientific.
I shall indeed take the time to read some of the sources that you indicate, and perhaps they will dispel some of the clouds of ignorance that obfuscate my awareness. In the meantime, I do perceive, in this trying to "convince" people, the evangelical posture of an ardent believer in the fantastic job and the current doing of it. But were I a scientist, I should not be so confident that the job has already been done, and that neuroscience has reached the point at which one can employ the most unscientific of adverbs, "solely": solely in the brain, solely through brain activity.
Science, in my modest understanding, speaks the language of mathematics; scientific knowledge gives us quantities, not qualities. I only ask the scientist not to deny to the knowledge of qualities the title of true knowledge, especially in three areas that are of particular interest to me: music, love, and mysticism. Set aside the third, if you wish, but leave me at least music.
A developing area of study is that of musical cognition, and here neuroscience and evolutionary biology can shed amazing light on the musical experience. Human musical expression has evolved enormously, alongside science and often in dialogue with it. I cannot say that the music of Bach and Mozart is "better" than that of Toru Takemitsu and Sofia Gubaidulina (two favorites of mine), but certainly the music of the latter two has "evolved" in complexity/consciousness from the earlier maestros.
Gubaidulina's concertos show their debt to Mozart's perfection of musical form; she sometimes quotes Bach. Yet she speaks a musical language that addresses my membership in twenty-first-century humanity, although I cannot tell how this is so. I can analyze her forms and her counterpoint (music has, after all, strong affinities with mathematics); you could analyze the firing of my neurons with her music in my ears. But a way of knowing is there for me, which neither my formal analysis nor your brain scans can pin down.
There is an endless excess in human knowing to which scientific measurement can never mark an end-point. All knowledge is approximate; scientists elude this messiness of human knowing and the fuzziness of human logic by reducing observed data to number. I know that "fuzzy logic" is being studied by computer scientists; I am vaguely aware of chaos theory. But both disciplines still need the math.
Music has its math side, like all knowing, but it has another and ultimately inexplicable side that will never be reduced to numbers because it is constantly expanding (I don't say, "progressing"). Gubaidulina's struggle with the interactions of tempered and non-tempered tuning (e.g., her recent orchestral work "Light at the End") starts with Herz-numbers (cycles per second) but takes us into a realm that is numberless and that corresponds with the "potential infinity" of human consciousness, while suggesting that another music, now being written or yet to be written, will go beyond hers, great as it is.
This entry was posted in music, science and tagged cognition, consciousness, music, neuroscience, Sofia Gubaidulina, Toru Takemitsu. Bookmark the permalink.
Berkeley Laboratory, the University of California (Berkeley).
on the "edge," so to speak.
trying to piece together their studies about Consciousness.
Might also want to take a look at Stuart Hameroff's work.
avenues we need take to understand why we know.
Thank you, Beatrix, for these references, especially Sheldrake, whom I have met personally and whose books I have read with great interest. Of course, the neuroscience community have no "place" for the "non-local mind" in their scheme of things.


text:
San Marino is looking for YOU!
Source: SMRTV
ImageEurovision 2018MediaNews
By Nathan Stella	 Last updated Oct 17, 2017
San Marinese broadcaster SMRTV have just held a press conference regarding their plans for the Eurovision Song Contest 2018. They promised something revolutionary and they have indeed come up with something never seen before!
For 2018 the broadcaster joined forces with 1in360 to create a talent show, open to people from any country, singing any style of music and open to you as long as you are 16 years or older.
This is what's gonna happen:
Stage 1: In this stage you can either sing a cover or an original song by you, alone or in a group (as long as it doesn't have more than 6 members). These files can be uploaded on the 1in360-website starting from today and the submissions close on the 30th of November.
Stage 2: When your submissions has appeared on the website, which will be starting from November 1, you can start sharing it on your social media accounts in order to gain likes. A panel will evaluate all of those who either got a minimum of 100 likes or paid a non-refundable fee of €4,99. Those meeting these requirements will be evalued by the 1in360-panel. A total of 10 acts will be invited to the first of seven live shows in January 2018, shows that will be broadcasted online and through satellite TV. Three of the 10 candidates may have been given a wildcard and parts of the show will be filmed and broadcasted in 360° and with the use of virtual reality.
Stage 3: This is the stage of the live shows and the contestants try to reach and win the final in order to become the San Marinese representative for the Eurovision Song Contest 2018. And that is not all: an album will be recorded with you as a bonus!
In the rules it also says: "Songs for the three candidates with the most votes in the live recorded shows will be chosen internally in consultation with the candidates and be submitted to a public vote in the final show at the end of February 2018."
For more information, visit the brand new 1in360-website!
The winner will represent San Marino in the Eurovision Song Contest 2018 in Lisbon in Portugal!
1in360Eurovision Song Contest 2018LisbonPortugalSan MarinoSMRTV
Nathan Stella 745 posts 7 comments
My earliest Eurovision memory is "Hemel en Aarde" representing us in 1998. The first edition I saw in full was 2005 in Kyiv and funny enough the first Eurovision I went to was 2017 in Kyiv as well! A wonderful and unique experience.
To me the most beautiful entry ever is 'Lejla' in 2006 and the best winning song 'Euphoria', but '1944' is a close second!
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Dr. Joseph Parker, MD is a gastroenterology specialist in Nashville, TN and has been practicing for 14 years. He graduated from Medical College Of Ohio in 1999 and specializes in gastroenterology.
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Check the quality of care at hospitals where Dr. Parker treats patients.


Austempered ductile iron (ADI) materials show a good combination of mechanical properties, with high tensile strength levels (800 - 1600 MPa) and an elongation at fracture of up to 10%. Due to its high fracture toughness as well as high fatigue resistance, ADI is a very attractive material group for applications under cyclic loads. However, the material properties are very sensitive to the applied process conditions during heat treatment. The basis for a substantial increase in the application of ADI materials in the industry requires the establishment of a predictable and robust process design.
Here, an integrated process simulation of the heat treatment process coupled to required information about the as-cast quality of the component would aid in understanding process dependencies and defining a robust process window. For the austenitization step, the simulation can be used to determine the needed treatment times and temperatures.
In the process simulation software MAGMA5, a new fast and efficient algorithm for heat exchange between thermally coupled diffusely radiating interfaces has been implemented and can be used for heat treatment simulation. The accuracy and computational performance of this new radiation model for the heat treatment of ADI is illustrated here for a real industrial suspension part. The steering knuckle is heated in a typical heat treatment box. Surface-to-surface radiation between the parts and with the surrounding furnace results in inhomogeneous temperature distributions.
Integrated capabilities to perform virtual experiments and automatic optimization are used to determine optimal process conditions to meet both the quality requirements and the minimum required treatment time during austenitization.


text:
Pages 26 - 35 - Summer 2014 Florida Golf Magazine ©Copyright 2014, All Rights Reserved
The "New" Blue Monster at Trump National Doral Miami
The layout of the newly redesigned Blue Monster golf course at Trump National Doral Miami.
Donald J. Trump, along with esteemed Olympic course architect Gil Hanse and David Pillsbury, President of PGA TOUR Golf Course Properties, all three hit ceremonial first balls at the official opening ceremony of the world-famous Blue Monster golf course at Trump National Doral Miami, one of the newest additions to THE TRUMP HOTEL COLLECTION™.
Hanse and his business partner Jim Wagner spent a year working with Mr. Trump redesigning and rebuilding the championship course which is now open and receiving rave reviews. They also designed the new Red and Gold courses.
2/6/2014 - Olympic course architect Gil Hanse, Donald J. Trump and David Pillsbury, President of PGA TOUR Golf Course Properties, at the opening ceremony of the newly redesigned Blue Monster.
The Blue Monster, which is known as an icon in the golf industry and a host to the PGA Tour for over 50 years, underwent a total transformation and features all new turf, greens, traps, fairways tees and even lakes that are bigger and better than ever before. In addition to creating a brand new updated course for players, many changes have been implemented to specifically benefit the fans.
Over a million cubic yards of earth was moved in order to not only enhance the strategy and beauty of the course's undulating topography, but also to enhance the views for spectators. So now, every year in March, the fans can easily watch the greatest players in the world at the World Golf Championships - Cadillac Championship.
The Trump Hotel Collection's continued commitment to cater to all of their guests needs, players and spectators alike, is perfectly aligned with their dedication to provide personalized service on every level.
"One of the major changes we implemented on the Blue Monster," said Mr. Trump, "was raising various aspects of the course to make it a better experience for the fans. Before our redesign there would be 25,000 people following Tiger Woods up the fairways, hoping to see him sink a putt, and they couldn't see a thing because the course was so flat. Improving the fan experience was just as much of a priority for us as anything we did, and I think the more course owners and Tour executives put fans first there will be a surge in ticket sales, merchandise sales, sponsorship dollars etc."
Gil Hanse's comments on redesigning The Blue Monster:
When asked about the challenges involved in redesigning The Blue Monster at Trump National Doral Miami, world renowned golf course architect Gil Hanse was quoted as saying, "I think anytime you're dealing with an iconic venue that's been on television for 50-plus years like Doral's Blue Monster has, you've got to look at that with some level of sensitivity as you approach the design changes. And so at first we looked at how we could retain the full value of Dick Wilson's contribution here in the golf course.
"Then as we got further into the project we really began to appreciate the scale of the property. It's a massive 300-plus acres devoted to one 18-hole golf course. And as the scale unfolded, as we started to open the golf course up, Donald Trump came to us and said, "Hey, let's just make this bigger and better." And at that point in time we started to look at a lot of other opportunities that came up.
I think we started with a restoration in mind, but for this one golf course to have so much space provided us with ample opportunities to move some things around.We made some significant changes and alterations within the original corridors of Dick Wilson's routing to the point that now we think of it as a brand new golf course."
Golf course owner, Donald J. Trump, hit the first ball at the official opening ceremony of the redesigned Blue Monster at Trump National Doral Miami on 2/6/2014.
Trump's take on the redesign:
Architect Gil Hanse said, "Donald's vision had a lot to do with the major changes in the redesigning of the Blue Monster. He was the one who suggested we turn the ninth and 18th holes into an amphitheater-type setting."
Trump responded, "Originally, the golf course redesign started out as more of a restoration. "focusing on Dick Wilson's design and what he actually built back in 1962. But as we got more into the scale of this huge project, I said, to Gil, "If you guys want to expand the scope of this, I'm all for it. I'd like to make this golf course as dramatic as possible and all-new would be fine for me."
Donald J. Trump and his daughter Ivanka Trump are seen here on the job site during the renovation and redesigning of The Blue Monster golf course at Trump National Doral Miami.
"Then," said Mr. Trump, "I asked Gil, 'What if we create a stadium effect around nine and eighteen, and if we move it around can we make the driving range much bigger?' And that in turn unlocked a lot of dominoes that just started falling into place. That's how this project went from a golf course restoration to a redesign."
"We knew we already had a great golf hole in the 18th, so our focus was how do we make the theatre bigger. So basically, what Gil and I talked about was, "Okay, we've got the corporate hospitality area and the spectators all around the back side of the 18th green, what if we look at shifting the ninth green over closer to the 18th and therefore open up the possibility of having a huge amphitheater around two greens. So now the stage as you're coming in is not only set for 18, but also for nine, and ten tee."
New Royal Palms line the right side of the teebox of the 614 yard, par five 10th hole of the newly redesigned Blue Monster at Trump National Doral Miami.
"That chain of events opened up a lot of possibilities, said Trump. "By moving the ninth green over next to 18th green, it left enough space to move the 10th tee, thereby making room to expand the practice range for the players and the resort. Plus, now the 10th hole is more like a true Cape hole, allowing the players to bite off as much as they can handle with their tee-shot over water."
"What is a Cape hole," asked Florida Golf Magazine editor, Joe Stine? Trump thought for a moment and then began a lesson in golf course architecture saying, "Legendary architect Charles Blair Macdonald is generally credited with designing the original hole named "Cape" in 1911, which was the 14th at National Golf Links on Long Island, but basically any hole with a diagonal drive over a hazard can be called a Cape-style hole."
Continuing with his impromptu dissertation Trump then said, "Another key component of a Cape hole is usually the fairway width. In general, by choosing the shorter and safer route over the hazard you risk hitting the ball through the fairway, whereas a more direct angle toward the green deepens the effective landing area.
"Obviously, the challenge is deciding how much risk you're willing to take. More risk taken off the tee earns an easier shot to the green, provided you successfully execute the drive. A good Cape-style hole challenges your mind, your heart and your swing. And that's what golf is all about."
"Since the ninth green was shifted over, we started looking at the angle from the ninth tee and then decided to put the ninth tee where the 8th green used to be and shifted the new 8th green to-the-left," said Mr. Trump.
"So essentially, moving the ninth green to make a stadium around the 9th and 18th greens caused a domino effect that also allowed us to improve holes 8, 9 and 10 and the driving range...a sort of miracle."
Hole #1 of The New Blue Monster
Made longer and tougher, the 1st hole of the newly redesigned Blue Monster is a 572 yard par five with a large bunker in the middle of the fairway up toward the green.
When asked about his thought process while redesigning the opening hole of the Blue Monster at Trump National Doral Miami, architect Gil Hanse said, "When Jim Wagner (Hanse' business partner) and I were looking at the golf hole we were talking a lot about making it so difficult that all they're going do is lay up. Nobody wants that. You want to still see that drama. You want to make sure that it has to be what we like to call an exceptional shot.
It was one of the easiest holes on Tour. I think stroke average-wise it was just near 4.1 or 4.2. It was basically a guarantee birdie when the pros stepped on the tee.
So we looked again at the scale of the property and how we could move some things around and it became apparent that there was some ground. We added a little more than 80 yards to the hole, so it can now play well over six hundred yards which downwind for some players will still be reachable.
Here, early morning dew can still be seen around the large fairway bunker that guards the approach of the 572 yard, par five, 1st hole of the Blue Monster.
Just past the huge fairway bunker is this beautiful landing area in front of the green of the 572 yard, par five 1st hole of The Blue Monster at Trump National Doral Miami.
Then we had to reposition new fairway bunkers correctly because they were out of scale and most golfers were driving over them, and then create an interesting thought process for the second shot for the golfers who are going for it. Obviously it's a very challenging green, very long and narrow and set right up against the pond on the right hand side with a bunker on the front left.
For the golfers who are going lay up getting the desired angle to play their shot into the different hole locations is really important. With the penalty to the right side of the green being so harsh, a water hazard, we felt we needed to give a little bit of room to the left and the perceptive golfer will be able to figure out, okay here's my miss I can use this bank if I miss it, it will bounce and maybe kick onto the green. If I miss it wide left now I've got a little perched downhill shot to a green that is running away from me towards the water, so it's not a gimme. As an architect you're always trying to find just the right balance. So we tried to strengthen the golf hole, but still make them have to think about options, and coming out of the blocks on number one we think that golfers will be immediately hit with, wow, okay this is a different ball game."
The Most Exciting Changes To Back Nine!
15 is a par three that now is 20 yards shorter but has a carry over water to a peninsula green, and 16, is still a reachable par four but now 30 yards shorter, with more risk in the form of water down the left side of the hole.
Some of the biggest and most exciting changes made at Trump National Doral's Blue Monster are at the par three 15th hole and the par four, 16th hole. The 15th, a par 3 that now has a carry over water to a peninsula green. The 16th is still a reachable par 4, but with more risk as water can be found down the left side of the hole.
"We basically had those holes designed as they are now as part of our original design proposed to Mr. Trump," said Gil Hanes.
"That was going to be the dramatic corner of the property where we felt like we could make some positive contributions by making the finishing stretch a little bit more exciting.
Where we really started to expand the envelope was up around the clubhouse, eight, nine and ten, the driving range, those areas. That's when the scale of this project really came out."
Hole #15 of The New Blue Monster
Pictured here, the 153 yard par three 15th hole of The Blue Monster is a formidable peninsula green. The new 16th hole can also be seen here in the distant background.
In regard to the 15th hole of The Blue Monster, Hanse said, "This is a short par-3, which we think is important for the overall balance for the golf course. The green actually stayed in the same location as the old green; we just moved the water in and expanded the pond. I think it is a very dramatic part of the finishing stretch. The tiered green itself is almost like three greens within one green, creating a lot of different hole locations.
"In order to create a bit more drama to the finish we brought the water dramatically into play on this hole. It was always off to the side and never really part of the design. And so by pulling it all the way across the golf hole it is definitely part of the overall strategy that players will have to face. So from that standpoint we think we've created a more dramatic piece of property for the golf course, we've created a more dramatic golf hole for the fans, and we think especially on Sunday when that pin gets tucked over to the left, it will be more of a challenge for the golfers as well."
"For short par three it's actually a pretty large putting green," said Gil. "As far as the toughest pin position on the green I think the front left hole location is the most difficult because it juts well out into the lake.
And I think even with a short iron in their hands golfers will be still a little bit jittery to go after that hole location, but when you' do get up on the green you'll see we built something into the contour of the green where they can actually aim away and still funnel or feed the ball down toward that hole location."
"We always looked at the original 15th as a solid golf hole, but nothing spectacular or really that exciting. But now I think it's one of the more exciting parts of the golf course."
The drivable 341 yard, dogleg left, par four 16th hole of The newly re-designed Blue Monster.
Strategic bunkering around the green of the drivable 341 yard, par four, dogleg left 16th hole.
Even though Hanse made the newly redesigned 16th hole 30 yards shorter than it used to be, the water he added on the hole makes it still trickier for the Tour players to drive the green like they used to. Hanse said, "Technology had made this hole more drivable –players were just hitting over the trees even though they couldn't see the green complex. Now it's back to a point where we opened up the hole and brought water into play off the tee if they want to make that carry into the green. If they lay up into the fairway, the wedge shot will be very demanding because we have some dramatic undulations to separate the hole locations. You have to be very precise with that iron shot.
The 17th is sneaky tough. The green is enormously deep (40 yards) and a miss-judged approach shot could very likely cause a three-putt on this hole.
The Forward tees of the 425 yard par four 17th hole of The Blue Monster at Trump National Doral Miami.
The 17th hole of The Blue Monster has been rebuilt as a classic Dick Wilson par 4, touched up with more intricate bunkering by Gil Hanse and Jim Wagner. The 430-yard hole calls for a left-to-right shaped tee shot, followed by a distinctly opposite-shaped right-to-left approach shot. It's a Wilson trademark, and this subtle mix of rewarding different shot shapes within the same hole appeals to those players looking to test all facets of their games. The 17th is sneaky tough. The green is enormously deep (40 yards) and a miss-judged approach shot could very likely cause a three-putt on this hole.
When asked how come the 17th was the only one of the four finishing holes without water in play, architect Hanse said, "Jim Wagner, my design partner, and I think that the 17th really sets the stage for the 18th which is one of the strongest finishing holes on the PGA Tour, and from that standpoint to have a golf hole immediately before it that competes for any sort of attention, I think doesn't really fit into the pace. And I believe Dick Wilson knew that when he designed it. He was setting up the stage for that grand finish.
Seen here is the 17th green of the newly redesigned Blue Monster with the 18th tee and the clubhouse in the distant background.
The 18th has water on the left and a bunker complex and trees on the right, and then an approach over water into a narrow green that slopes toward the hazards.
The par four 18th is Dick Wilson's most famous hole. The closer has always required two perfect shots: a tee shot that avoids water on the left and a bunker complex and trees on the right and then an approach over water into a narrow green that slopes toward the hazards. The Blue Monster's 18th hole has long been known as one of the toughest holes on the PGA Tour.
Comparing the design of the new 18th to Dick Wilson's original design, Gil Hanse said, "I think for the most part, everything is in the same place. But as we went through the entire property we had to look at not only balancing the design and the esthetics, which I think most people notice right away, but also practical aspects of the course, like drainage, and trying to get the soil structure right from a maintenance standpoint."
"So the golf course has basically been lifted up in place," continued Hanse. "I think probably the most noticeable aspect of the 18th is that it feels like it sits a little higher on the ground now. So when you're standing on the tee, that bank on the left hand side that the longer hitters try to carry now looks a little more daunting and a little bit more forceful in its presentation.
Everything else is pretty much still in place. It's a great enough challenge for the Tour players let alone the resort guests. But now I think the fans experience a much better tournament to watch."
Pages 26 - 35 - Summer 2014 Florida Golf Magazine ©Copyright 2014, All Rights Reserved.
In Miami: Florida's #1 Golf Resort Trump National Doral Miami
Trump Golf Commits to Environmental Certification by Audubon International
The Gary Player Villa at Trump National Doral Miami, Gary Player & Trump Family Preside Over Grand Opening
Tiger Woods attends Opening of The Tiger Woods Villa at Trump National Doral Miami
Trump National Doral's Newly Re-imagined Meeting & Event Space
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A firefighter works to put out hot spots on a fast-moving wind-driven wildfire in Orange, California, Oct. 9, 2017.
Thursday's weather forecast for northern California calls for high winds and low humidity - conditions that make it close to impossible to contain the 22 major wildfires burning north of San Francisco.
The fires are raging across nearly 69,000 hectares of several counties, world famous for vineyards and wineries.
The flames have killed 21 people since Sunday with more than 500 reported as missing. But officials believe many of the missing have simply not checked in with friends and family yet.
About 3,500 homes and businesses have been burned to their foundations. All that remains of some neighborhoods are a few blackened chimneys, charred trees and abandoned burned-out cars.
Some people say they no longer recognize streets and surroundings they have seen every day for their entire lives.
Homeowner Phil Rush reacts as he looks at the remains of his home destroyed by wildfire in Santa Rosa, Calif., Oct. 11, 2017. Rush said he and his wife and dog escaped with only some medication and a bag of dog food when flames overtook their entire neighborhood Oct. 9.
California's forestry department fire chief, Ken Pimlott, calls it "a serious, critical, catastrophic event." He is helping oversee the 8,000 firefighters battling the flames.
Pimlott is also pleading with people to be aware that even the tiniest spark can set off new fires in an instant.
Authorities do not know the exact cause of the fires, but say anything from a car backfire to a thoughtlessly tossed cigarette can bring on an inferno.
Strong dry winds called the Santa Ana winds blowing across the valleys from the mountains put northern California at an extremely high risk for wildfires in the late summer and early fall.


text:
SPEAKER BITE ME DK
Find the artist
Danish arty noise rock pioneers are back with full force!
Denmark's perhaps most important noise rock band is back.
Speaker Bite Me have been on a hiatus for a while. It has been 11 years since their last album (Action Painting). But they have secretly been nursing new songs for quite a while, and in 2018 the result finally saw the light of day.
Future Plans is the title of the arty rockers' sixth album, and many fans have waited impatiently for the release. The album jumped straight to no. 1 on the Danish vinyl album chart. When listening to the songs, it becomes obvious that something is still at stake with Speaker Bite Me. Something serious, something smouldering and something ominous. Speaker Bite Me's latest output is a rager about things falling apart and how the intimacy between people slowly fades away. It's a call for change.
Few bands know how to express the aesthetics of noise in a tonic language as exquisitely as this Copenhagen-based four piece. Speaker Bite Me constructs a gritty and groovy universe of sound so impressive that you understand why Future Plans have received numerous star-studded reviews.
If you love the dissonance and crunchy distortion build-ups from the kings and queens of noise rock, Sonic Youth, you will absolutely love this. Speaker Bite Me add their own colours to the canvas with special skills in retained drama and expressive releases – and if you flick through their discography you will find plenty of ambitious, arty interpretations on what rock can also do.
Experiencing Speaker Bite Me live is like stepping into a cloud of sound and noise. It shrouds you like a soft-yet-hard-edged pillow. Intuitive rock forces are at work, and they function on special frequencies that will stun you. But don't worry, you will step out of the haze again with an experience that has truly moved you.
The speaker plays loud and remains both sensitive and aggressive at once.


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