RBI cancelled Certificate of Registration of four NBFCs. On 10 May 2016 the Reserve Bank of India (RBI) cancelled the certificate of registration of the four Non-Banking Financial Companies (NBFCs). RBI cancelled their certificates in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.
RBI to issue Rs 1000 Banknotes with inset letter 'R'. On 9 May 2016 the Reserve Bank of India (RBI) announced that it will shortly issue Rs 1000 denomination banknotes with the inset letter 'R' in both the number panels. The banknotes will also have on the obverse, all the other security features, including ascending size of numerals, bleed lines and enlarged identification mark. The design of these banknotes notes is similar in all respects to the Rs 1000 banknotes in Mahatma Gandhi Series - 2005 issued earlier.
May 11 observed as National Technology Day. On 11 May 2016 National Technology Day was celebrated across India with the theme "Technology enablers of Startup India". The function on this regard was presided over by the President Pranab Mukherjee in Vigyan Bhawan in New Delhi.
Gilead gets patent for Hepatitis C drug Sovaldi. On 9 May 2016 the Controller General of Patents, Designs and Trademark granted the patent to Gilead Sciences (an American biopharmaceutical company) for its Hepatitis C drug Sofosbuvir (brand name Sovaldi) in India. The drug, which has a list price of 1000 US dollar a pill in the United States, was rejected for a patent by the Indian patent authority in January 2015.
