com Current Affairs July 2014 By Ramandeep Singh (B.com, MBA) All rights reserved with author 6/28/2014
Current Affairs July 2014
By Ramandeep Singh Page 2 Politics Modi scraps ministerial groups PMO says move will ensure swifter decisions with greater accountability Prime Minister Narendra Modi today struck down 30 existing Empowered Group of Ministers (EGoMs)/Group of Ministers (GoMs), the preferred route adopted by the previous coalition regimes. The move is aimed at making swifter decisions and bringing in greater accountability. SC says media stings no basis for dismissal Reinstates Haryana cop who was dismissed after a sting showed him taking bribe The Supreme Court has ordered reinstatement of a police sub-inspector fired by the Mewat Superintendent of Police in 2008, holding that no government servant could be dismissed merely on the basis of any media sting operation showing him accepting bribe. India gets its first tobacco-free village in Nagaland Gariphema village in Nagaland has been declared the countrys first tobacco-free village. The declaration was made by Principal Secretary R Benchilo Thong on the occasion of World No Tobacco Day on Saturday at the Gariphema Village Council hall near Kohima. It was a result of an initiative taken by the Gariphema Village Council, Village Vision Cell and Village Students Union, Thong said. Charges framed against Punjab DGP Sharma A local court today framed kidnapping and murder charges against Punjab Director General of Police (HRD) SK Sharma and three other police officers in a 24-year-old fake encounter case. A shame: Rewari has nations lowest gender ratio Tall claims made by health authorities to improve gender ratio in the district have proved hollow as the birth registration records show the most dismal gender ratio of 674 females per 1,000 males in Rewari district, which is the lowest sex ratio in the country.
Current Affairs July 2014
By Ramandeep Singh Page 3 Sumitra Mahajan is the new LS Speaker Sumitra Mahajan, one of the BJP's most experienced parliamentarians, is all set to be the Speaker of the 16th Lok Sabha. Parliamentary Affairs Minister Venkaiah Naidu confirmed this saying that senior leaders from all parties, including the Prime Minister and Leader of Congress in the Lok Sabha, moved motions proposing her name. 510 Lok Sabha members take oath United colours of India were on display in the Lok Sabha today as 510 newly elected members took oath of office led by Prime Minister Narendra Modi, BJP veteran LK Advani and UPA chairperson Sonia Gandhi. CBI court convicts 18 Uttarakhand cops A CBI court today convicted 18 Uttarakhand policemen for their role in the killing of an MBA student from Ghaziabad in Uttar Pradesh in a fake encounter on July 3, 2009, when the then President Pratibha Singh Patil was visiting the state. Second terror attack on Karachi airport Taliban militants attacked a training camp of the Airport Security Force outside the Karachi international airport, but fled after Pakistani forces repulsed the assault, a day after an all-night siege at the facility left nearly 40 people dead. No transfers for employees with differently abled kids Government employees who have differently abled children to take care of will be exempted from routine transfers and they will not be asked to take voluntary retirement on refusing such postings, the Centre has said. A government employee with a disabled child serves as the main caregiver and any displacement of such employee will have a bearing on the systemic rehabilitation of the child since the new environment or set up could prove to be a hindrance for rehabilitation process, it said.
Current Affairs July 2014
By Ramandeep Singh Page 4 Govt to modify Lokpal rules; more powers for search panel Taking a first step towards appointment of the Lokpal, the government has decided to modify rules to give more powers to the search committee mandated to recommend names for appointment of chairperson and members of the anti-corruption body. 15 killed in AP gas pipeline blast At least 15 people were killed and 18 injured when a massive blaze raged through a village in Andhra Pradesh's East Godavari district following a blast in an apparently leaking gas pipeline this morning. DU finally gives in, scraps FYUP Week-long impasse over admissions to 64 Delhi University colleges ended today with the varsity giving in to academic regulator UGCs directives on rolling back the controversial Four-Year Undergraduate Programme (FYUP) and reverting to the old 10+2+3 format. Paddy MSP up by Rs 50 a quintal The government today announced Rs 50 per quintal increase in the minimum support price (MSP) of paddy to Rs 1,360 to encourage farmers to cultivate rice, but said the decision would not have an impact on inflation. Current Affairs July 2014 By Ramandeep Singh Page 4 Govt to modify Lokpal rules; more powers for search panel Taking a first step towards appointment of the Lokpal, the government has decided to modify rules to give more powers to the search committee mandated to recommend names for appointment of chairperson and members of the anti-corruption body. 15 killed in AP gas pipeline blast At least 15 people were killed and 18 injured when a massive blaze raged through a village in Andhra Pradesh's East Godavari district following a blast in an apparently leaking gas pipeline this morning. DU finally gives in, scraps FYUP Week-long impasse over admissions to 64 Delhi University colleges ended today with the varsity giving in to academic regulator UGCs directives on rolling back the controversial Four-Year Undergraduate Programme (FYUP) and reverting to the old 10+2+3 format. Paddy MSP up by Rs 50 a quintal The government today announced Rs 50 per quintal increase in the minimum support price (MSP) of paddy to Rs 1,360 to encourage farmers to cultivate rice, but said the decision would not have an impact on inflation. Current Affairs July 2014 By Ramandeep Singh Page 4 Govt to modify Lokpal rules; more powers for search panel Taking a first step towards appointment of the Lokpal, the government has decided to modify rules to give more powers to the search committee mandated to recommend names for appointment of chairperson and members of the anti-corruption body. 15 killed in AP gas pipeline blast At least 15 people were killed and 18 injured when a massive blaze raged through a village in Andhra Pradesh's East Godavari district following a blast in an apparently leaking gas pipeline this morning. DU finally gives in, scraps FYUP Week-long impasse over admissions to 64 Delhi University colleges ended today with the varsity giving in to academic regulator UGCs directives on rolling back the controversial Four-Year Undergraduate Programme (FYUP) and reverting to the old 10+2+3 format. Paddy MSP up by Rs 50 a quintal The government today announced Rs 50 per quintal increase in the minimum support price (MSP) of paddy to Rs 1,360 to encourage farmers to cultivate rice, but said the decision would not have an impact on inflation.
Current Affairs July 2014
By Ramandeep Singh Page 5 Cabinet of Narendra Modi Prime Minister: Narendra Modi: Personnel, public grievances and pensions, department of atomic energy, department of space, all important policy issues and other portfolios not allocated to any minister. Cabinet ministers: Rajnath Singh: Home affairs Sushma Swaraj: External affairs, overseas Indian affairs Arun Jaitley: Finance, corporate affairs, defence M Venkaiah Naidu: Urban development, housing and urban poverty alleviation, parliamentary affairs Nitin Gadkari: Road transport and highways, shipping D V Sadananda Gowda: Railways Uma Bharati: Water resources, river development and Ganga rejuvenation Najma A Heptulla: Minority affairs Gopinathrao Munde: Rural development, panchayati raj, drinking water and sanitation Ram Vilas Paswan: Consumer affairs, food and public distribution Kalraj Mishra: Micro, small and medium enterprises Maneka Gandhi: Women and child development Ananth Kumar: Chemicals and fertilizers Ravi Shankar Prasad: Communications and information technology, law and justice Ashok Gajapathi Raju Pusapati: Civil aviation Anant Geete: Heavy industries and public enterprises Harsimrat Kaur Badal: Food processing industries
Current Affairs July 2014
By Ramandeep Singh Page 6 Narendra Singh Tomar: Mines, steel, labour and employment Jual Oram: Tribal affairs Radha Mohan Singh: Agriculture Thaawar Chand Gehlot: Social justice and empowerment Smriti Irani: Human resource development Harsh Vardhan: Health and family welfare Minister of states: V K Singh: Development of northeastern region (independent charge), external affairs, overseas Indian affairs Inderjit Singh Rao: Planning (independent charge), statistics and programme implementation (independent charge), defence Santosh Kumar Gangwar: Textiles (independent charge), parliamentary affairs, water resources, river development and Ganga rejuvenation Shripad Yesso Naik: Culture (independent charge), tourism (independent charge) Dharmendra Pradhan: Petroleum and natural gas (independent charge) Sarbananda Sonowal: Skill development, entrepreneurship, youth affairs and sports (independent charge) Prakash Javadekar: Information and broadcasting (independent charge), environment, forest and climate change (independent charge), parliamentary affairs Piyush Goyal: Power (independent charge), coal (independent charge), new and renewable energy (independent charge) Jitendra Singh: Science and technology (independent charge), earth sciences (independent charge), Prime Minister office, personnel, public grievances and pensions, department of atomic energy, department of space Nirmala Sitharaman: Commerce and industry (independent charge), finance, corporate affairs G M Siddeshwara: Civil aviation
Current Affairs July 2014
By Ramandeep Singh Page 7 Manoj Sinha: Railways Nihalchand: Chemicals and fertilizers Upendra Kushwaha: Rural development, panchayati raj, drinking water and sanitation P Radhakrishnan: Heavy industries and public enterprises Kiren Rijiju: Home affairs Krishan Pal: Road transport and highways, shipping Sanjeev Kumar Balyan: Agriculture, food processing industries Mansukhbhai Dhanjibhai Vasava: Tribal affairs Raosaheb Dadarao Danve: Consumer affairs, food and public distribution Vishnu Deo Sai: Mines, steel, labour and employment Sudarshan Bhagat: Social justice and empowerment
Current Affairs July 2014
By Ramandeep Singh Page 8 Economy Current rates Bank Rate 9% Repo rate 8% Reverse repo rate 7% CRR 4% SLR 22.5% Base rate 10-10.25% Saving deposit rate 4% Term deposit 8-9% Kundankulam Nuclear Power Plant achieves full power Becomes Indias first nuclear plant to generate 1,000 MW Kundankulam Nuclear Power Plant (KNPP) today attained its full generation capacity and became the first nuclear plant in the country to generate 1,000 MW of power. Mumbais Metro gets on track After a long wait, the first Metro service in the bustling metropolis was rolled out today with the Chief Minister Prithviraj Chavan flagging off the service even as over 1,00,000 passengers enjoyed the train ride within six hours of its operations. Udhampur-Katra rail line will be launched on 5 July 2014 Railway authorities have successfully carried out a trial run on the newly-constructed railway line between Udhampur and Katra that connects the Kashmir Valley. The trial run was conducted using a departmental and materials train (DMT), which is helping in placing concrete on the track. Vishal Sikka is new Infosys CEO; Murthy to step down Indias second largest software services exporter, Infosys, on Thursday announced Vishal Sikka as its new CEO. The announcement came two days before the companys annual general meeting (AGM) on June 14.
Current Affairs July 2014
By Ramandeep Singh Page 9 Railway fares up by 14.2% Freight charges hiked by 6.5% Revision effective from June 25 Biting the bullet in an effort to revive the economy, the Narendra Modi government today approved a steep hike in railway passenger fare and freight rates, which would also go a long way in reviving the financial health of the public sector behemoth. Govt mulls LPG, kerosene price hike in small doses After diesel, the government is considering raising cooking gas (LPG) and kerosene rates in small doses of Rs 5 per cylinder and Rs 0.50-1 a litre every month to wipe out Rs 80,000 crore subsidy on the two fuels. Union Budget on July 10 The Narendra Modi government will present its first Budget on July 10, three days after the commencement of the Budget session of Parliament that is expected to last six weeks. Swiss to give list of Indian accounts Zurich officials say keen to cooperate with India SIT chief promises tough action New Delhi, June 22 The black money debate in India has taken a new turn with Switzerland reportedly having prepared a list of Indians suspected to have stashed unaccounted wealth in Swiss banks and the details are being shared with the Indian government.
Current Affairs July 2014
By Ramandeep Singh Page 10 Sports Important Sports Events Year Date(s) Sport Event Location 2014 Jun 12-Jul 13 Soccer/Football FIFA World Cup Brazil 2014 Jun 23- July 6 Tennis Wimbledon London, England 2014 Jul 5-July 27 Cycling Tour de France France 2014 2014 Jul 17-20 Golf British Open Royal Liverpool Golf Club 2014 Jul 23-Aug 3 Multi-sports Commonwealth Games Glasgow, Scotland 2014 Aug 4-10 Golf US PGA Valhalla GC, Kentucky 2014 Aug 4-17 Rugby Womens World Cup France 2014 Aug 9-16 Multisports Gay Games Cleveland and Akron, USA 2014 Aug 16-28 Multisports Summer Youth Olympics Nanjing, China 2014 Aug 25- Sep 8 Tennis US Open New York 2014 Sep 16-21 Canoe/Kayak Slalom World Championships Deep Creek Lake, MD 2014 Sep 19-Oct 4 Multi-sports Asian Games Incheon, South Korea 2014 Sep 26-28 Golf Ryder Cup Gleneagles Hotel (Auchterarder, Perth
Current Affairs July 2014
By Ramandeep Singh Page 11 & Kinross, Scotland) 2014 Sep 27 AFL Grand Final Melbourne, Australia 2014 Oct 3-13 Gymnastics world championships (artistic) Nanning, China 2014 Oct Baseball World Series 2014 Nov 4 Horse Racing Melbourne Cup Victoria, Australia 2014 Nov 29- Dec 7 Field Hockey FIH Champions Trophy - women Argentina 2014 Dec 1321 Field Hockey FIH Champions Trophy - men India Schumacher out of coma Formula One champion Michael Schumacher was transferred from a French hospital to a facility in Switzerland on Monday after emerging from a coma following his devastating ski accident in December last year. N Srinivasan is new ICC chief MELBOURNE: N. Srinivasan was on Thursday formally appointed the first Chairman of the ICC after its 52-member council approved a controversial revamp of the bodys administrative structure. FIFA bans Suarez for 4 months for biting opponent RIO DE JANEIRO (Brazil): FIFA banned Uruguay striker Luis Suarez from all football activities for four months on Thursday for biting an opponent at the World Cup, a punishment that rules him out of the rest of the tournament and the start of the upcoming English Premier League season. FIFA World Cup 2014 The 2014 FIFA World Cup is the 20th FIFA World Cup, a tournament for the men's football world championship, which is currently taking place in Brazil. It began on 12 June, with a group stage, and is scheduled to conclude on 13 July with the final. It is the second time that Brazil has hosted the competition, the first being in 1950. Brazil was elected unchallenged as host
Current Affairs July 2014
By Ramandeep Singh Page 12 nation in 2007 after the international football federation, FIFA, decreed that the tournament would be staged in South America for the first time since 1978 in Argentina, and the fifth time overall. KKR won IPL7 Manish Pandey helped Shah Rukh Khan-owned Kolkata Knight Riderswin the IPL crown for the second time in three years. Shah Rukh Khan was the man in focus after Kolkata Knight Riders won the IPL crown for the second time in three years at Bangalore's Chinnaswamy Stadium on Sunday.
Current Affairs July 2014
By Ramandeep Singh Page 13 Technology Google all set to launch Android One - $100 Smartphone in India In a bid to target price-conscious consumers in emerging markets like India, Google on Wednesday unveiled Android One, a programme that will see the company partner with local phone makers to create and sell affordable yet fully-functional Android phones. Candy Crush' Maker King Files IPO With Listing in New York King Digital Entertainment, the Dublin-based maker of popular smartphone games including Candy Crush Saga and Pet Rescue Saga, is beginning an adventure of its own on a path to becoming a public company via the New York Stock Exchange. Rakuten Drops on $900 Million Deal to Buy Viber Message App Rakuten, the Japanese online retailer controlled by billionaire Hiroshi Mikitani, plummeted in Tokyo trading after announcing it will buy the Viber Internet messaging and calling service for $900 million. The deal came days before Facebook announced its $19 billion purchase of mobile-messaging startup WhatsApp. Budget smartphones mob in India After the massive success of Moto G, Blackberry Launched BB Z3 and HTC launched HTC Desire 516
Current Affairs July 2014
By Ramandeep Singh Page 14 Events Telangana to become a reality on June 2 2014 K Chandrasekhar Rao, Telangana Rashtra Samithi founder president, to take oath as first CM of 29th state Hyderabad, June 1 It is celebration time in Telangana. The region, comprising 10 districts, including Hyderabad, is bracing for its tryst with destiny as the 29th state of India. Carved out of Andhra Pradesh, Telangana will come into existence as a new state on June 2 Rural Development Minister GopinathMunde dies NEW DELHI:Rural Development Minister and the OBC face of BJP in Maharashtra Gopinath Munde died apparently of shock and cardiac arrest suffered during a road accident early this morning.
Current Affairs July 2014
By Ramandeep Singh Page 15 Important lists Authors and their Books A.P.J. Abdul Kalam :- Wings of Fire, Ignited Minds, Target 3 Million, The luminous Spark, India 2020, Mission India, Indomitable Spirit, The Life Tree, India My Dream, Inspiring Thoughts, Thoughts for Change, Spirit of India, Evolution of Enlightened Societies, India Wins Freedom, You are Born to Blossom, Turning Point. Amrita Pritam :- Forty Nine Days Anil Padmanaban :- Kalpana Chawla A Life Anita Desai :- Fasting, Feasting Annie Besant :- Wakeup India Arundhati Roy :- The God of Small Things Barack Obama :- Dreams From My Father Bill Clinton :- My Life C.S. Pandit :- End of the Era Chetan Bhagat :- The 3 Mistakes of My Life, Five Point Someone, Two States, Revolution 2020, One Night at the Call Center Diplomat Pavan K.Varma :- When Loss is Gain Dr. Bimal Jalan :- The Future of India Dr. S. Radhakrishnan :- Indian Philosophy Dr. S. RadhaKrishnan :- Indian Philosophy Dr. Salim Ali :- The book of Indian Birds E K Nayanar :- My Struggle G.D. Khosla :- Last Days of Nethaji Indira Gandhi :- My Truth Jackie Chan :- My Life in Action Jawaharlal Nehru :- Glimpses of World History, The Discovery of India
Current Affairs July 2014
By Ramandeep Singh Page 16 Jonathan Swift :- Gulliver Travels K. R. Malkani :- India First Kalidasa :- Megdoot, kumarasambhava, Swapnavasavadatta, Malavikagnimitra Kautilya :- Arthashastra Khuswant Singh :- We Indians, Train To Pakistan, Women and Men in My Life Koutilya :- Arthashastra L.K. Advani :- My Nation My Life Lala Lajpat Rai :- Unhappy India Leo Tolstoy :- War and Piece Mahatma Gandhi :- My Experiments with Truth Mrs. Indira Gandhi :- Eternal India N.R. Narayan Murthy :- A Better India A Better World Nandan Nilekani :- Imagining India Narendra Modi :- Jyoti punj P. V. Narasimha Rao :- Ayodhya Panini :- Ashtadhyayi R. C. Dutt :- Economic History of India R.K. Narayanan :- My Days, The Guide, Malgudi days, Waiting for the Mahatma, The Dark Room, The Bachelors of Art, The English Teacher, The Financial Expert Rabindranath Tagore :- Lipika, Chandralika, Chitra, Geethanjali, Gora, Ghare, Broken Ties, Malini, Sacrifice, Two Sisters , Bhaire, Chaturanga RBI Governor Raghuram Rajan: Aid and Growth, Fault Lines, Indias Pattern of Development, The Real Effect of Banking Crises Controlled Capital Account Liberalization S.K. Banerjee :- Independence Sarojini Naidu :- Broken Wing, Golden Threshold Shakespeare :- Hamlet, Othello, Macbeth, King Lear Sharat Chandra Chatterjee :- Devdas Shiv Khera :- Living with Honour
Current Affairs July 2014
By Ramandeep Singh Page 17 Sir Arthur Conan Doyle :- The Adventures of Sherlock Holmes Sunil Gavaskar :- One Day Wonders Swami Vivekananda :- Inspired Talks, The Sleeping Giant, Living at the State, Way of the Saint, Jnana Yoga, Raja Yoga, My Master, Women of India, Vedanta Philosophy Tolstoy :- War and Piece V.S Naipoul :- Half a Life V.V. Giri :- My life and Times Valmiki :- Ramayana Veda Vyas :- Bhagwad Gita, Mahabharata Vikram Seth :- Two Lives, The Golden Gate, A Suitable Boy, Arion and The Dolphin, An Equal Music, From Heaven Lake:Travels Vishnu Sharma :- Panchatantra Yann Martel :- Life of Pi
Current Affairs July 2014
By Ramandeep Singh Page 18 List of RBI Governors SL.NO Name of The Governor Joining and Leaving Dates 1 Sir Osborne A. Smith April 1 st 1935 June 30 th , 1937 2 Sir James Braid Taylor July 1 st 1937 February 17 th , 1943 3 Sir Chintaman D. Deshmukh August 11 th 1943 June 30 th ,1949 4 Sir Benegal Rama Rau July 1 st 1949 January 14 th 1957 5 K.G. Ambegaonkar January 14 th 1957 February 28 th 1957 6 H.V.R. Ienger March 1 st 1957 February 28 th 1962 7 P.C. Bhattacharyya March 1 st 1962 June 30 th 1967 8 L.K. Jha July 1 st 1967 May 3 rd 1970 9 B.N. Adarkar May 4 th 1970 June 15 th 1970 10 S. Jagannathan June 16 th 1970 May 19 th 1975 11 N.C. Sen Gupta May 19 th 1975 August 19 th 1975 12 K.R. Puri August 20 th 1975 May 2 nd 1977 13 M. Narasimham May 2 nd 1977 November 30 th 1977 14 Dr. I.G. Patel December 1 st 1977 September 15 th 1982 15 Dr. Manmohan Singh September 16 th 1982 January 14 th 1985 16 A. Ghosh January 15 th 1985 February 4 th 1985 17 R.N. Malhotra February 4 th 1985 December 22 nd 1990
Current Affairs July 2014
By Ramandeep Singh Page 19 18 S. Venkitaramanan December 22 nd 1990 December 21 st 1992 19 Dr. C. Rangarajan December 22 nd 1992 November 22 nd 1997 20 Dr. Bimal Jalan November 22 nd 1997 September 5 th 2003 21 Dr. Y.V.Reddy September 6 th 2003 September 5 th 2008 22 Dr. D. Subbarao September 5 th 2008 September 4 th 2013 23 Dr. Raghuram Rajan September 4 th 2013
Current Affairs July 2014
By Ramandeep Singh Page 20 Important Appointments of 2014 Dinesh Sarraf -ONGC chief Arseny Yatseniuk -Ukraines new prime minister Rashid Latif - Pakistan cricket chief selector Bappi Lahiri - goodwil ambassador in Nepal Metro Man E Sreedharan -Uttar Pradesh governments chief adviser for Lucknow metro rail project. Cheteshwar Pujara -brand ambassador of the Gujarat state Election Commission. Salil Nair - Shoppers Stop CEO Ashok Varadhan -co-head of Goldman Sachs securities Justice Mukul Mudgal appointed as Chief of BCCC Siddharth Das - Flipkart Chief Operating Officer of its online payment solution PayZippy Rakesh Maria -Mumbais new police commissioner Vallabhaneni Venkateshwara Rao - the member of Censor Board. Know Current Affairs 2014 here Kalyan Singh -BJP vice-president Sheila Dikshit Governor of Kerala Published Ibrahim Mahlab Prime Minister of Egypt Matteo Renzi - PM of Italy Edward Snowden- Rector of University of Glasgow Abdul Basit -high commissioner of Pakistan Vinod Sawhny -CEO of Reliance Communications Jatinder Bir Singh -CMD of Punjab and Sind Bank R.K.Tiwari new Chairman of CBDT N Ramachandran- President of IOA Marco Lambertini -Director-General of WWF International
Current Affairs July 2014
By Ramandeep Singh Page 21 Sanjeev Kulkarni -dean of Princeton University Graduate School (DGH) Satya Nadella CEO of Microsoft M Teresa Kho Country Director of ADB Justice Ashok Kumar Mathur head 7th Central Pay Commission Poonam Khetrapal Singh Regional Director of SEARO Vivek Lall -Special Advisor Published Manoj Vaish MD & CEO of MCX Harish Rawat -8th Chief Minister of Uttrakhand Michel Rogers Director of NSA Arun Gupta CMD of Shipping Corporation of India Ajoy Misra the CEO and MD of Tata Global Beverages Limited Manoj Kohli MD&CEO of non telecom businesses of Bharti Enterprises Gopal vittal MD&CEO of Bharti Airtel Egypts Army Chief Fattah al-Sisi -Field Marshal Professor Rakesh Khurana Dean of Harvard College Kailash Meghwal Speaker of Rajasthan Assembly Aruna Bahuguna -first woman to be appointed chief of National Police Academy Catherline Samba-Panza- CARs Interim President (first woman to be elected as the interim president) Jamila Bayaz -first women to be appointed police chief of Kabul province Sirajuddin Qureshi President of IICC Published Morten Sorby new Uninor CEO Munish Sharda MD and CEO of Future Generali Life Janet Yellen Chairperson of Federal Reserve Chandrashekhar President of NASSCOM Srinivas and Pravin Rao Infosys Presidents Raj Jain CEO of Bharti Retail
Current Affairs July 2014
By Ramandeep Singh Page 22 Pradhyuman Singh pro-tem speaker of 14th Rajasthan Assembly S.K.Sharma Chairman and Managing Director of BEL Ashraf Jehan-first female judge in Paks National Sharia Court Devendra Kumar Pathak Special DG, BSF Pradeep Kumar MD Corporate Banking of State Bank of India J.N.Chaudhary Head of NSG CISF chief Arvind Ranjan Ashok Lavasa, the New Civil Aviation Secretary M. Veerappa Moily new Environment and Forests Minister Siddarth Birla President of FICCI Vinod Kumar Duggal the Governor of Manipur Subrahmanyam Jaishankar ambassador of US Abdiweli Sheikh Ahmed Prime Minister by Somalian Parliament Usha Sangwan first woman Managing Director of Life Insurance Corporation. P.H. Parekh President of Supreme Court Bar Association S B Nayar -Chairman and Managing Director of India Infrastructure Finance Corp Limited Puneet Kumar secretary general of AEPC Harsh Kumar Bhanwala -Chairman of NABARD CVR Rajendran CMD of Andhra Bank Krishna Iyer CEO of Wal-Mart India Lt Gen Dalbir Singh Suhag Vice Chief of Army Staff
Current Affairs July 2014
By Ramandeep Singh Page 23 Persons in News Lt Gen PR Kumar is appointed as Director General Military Operations (DGMO). Raunaq- music album written by Mr.Kapil Sibal launched Turkish president Abdullah Gul approved the bill on restricting the judicial powers The Vice President of India Mr. M. Hamid Ansari released a book Ambedkar: Awakening Indias Social Conscience authored by Dr.NarendraJadhav. Sourav Kothari won the National Billiard Championship title Indian Navy Chief Mr. DK Joshi resigned after accident on Indian sub Sindhuratna Mr. Dinesh Sarraf appointed next ONGC chief Mr. Ibrahim Mahlab: New Prime Minister of Egypt Eminent painter Mr.Prokash Karmakar passed away Braigo- a low-cost Braille printer invented by Indian-origin boy Shubham Banerjee Freedom fighter MaulanaHasratMohanis postage stamp released by Vice President of India Indian-origin men win Heinz Awards in US Indian-origin men, Professor Abraham Verghese and Mr.SanjeevArora are among the five recipients who won the 19th Heinz awards 2013 and will be honoured in Pittsburgh on April 3, 2014. Each winner will receive a cash award of $250,000 each as well as a medallion inscribed with an image of late US senator John Heinz. Dr.MadanBabu won the Protein Science Young Investigator Award for 2014 Water, Peace and War Confronting the Global Water Crisis Mr. Brahma Chellaneysbook launched Indian- American Scientist Sangeeta Bhatia developed cheap paper diagnostic for cancer Deputy Chairman of Planning Commission - Motek Singh Ahluwalia Chairman of the Economic Advisory Council of Prime Minister C.Rangarajan Japanese Prime Minister Shingo Abe. Ethiopian Prime Minister - Hailemariam Desalagn. South Sudanese President - SalvaKiir.
Current Affairs July 2014
By Ramandeep Singh Page 24 Keniyan President - Uhuru Kenyatta. Union ministerfor Road Transport and Highways Oscar Fernandez. Union Minister of state for Home Mullappally Ramachandran. Air Chief Marshal of India Arup Raha Union Minister of state for Communication, Information & Technology and Shipping Milind Deora. Italian President - Giogio Napolitano. Egypts Foreign Minister Nabil Fahmy. Cubas President Raul Castro. Chairman of the Securities and Exchange Board of India (SEBI) UK Sinha Finance Minister of India -P.Chidambaram. Petrolium Minister of India - M.Veerappa Moily. Civil Aviation Minister of India Ajith Singh. Food Minister of India K.V.Thomas. Union Minister of State for Finance Namo Narain Meena UnionRural Development Minister-Jairam Remesh. Chief Minister of Mizoram- Lal Thanhawla. Chief Minister of Chhattisgarh- Raman Singh. Lieutenant Governor of Delhi- Najeeb Jung. AfghanistanPresident -hamidkarzai United Nations Secretary General-Ban Ki-moon BiharChief Minister -Nitish kumar Chief MInister ofMadya Pradesh-Shivaraj Singh Chouhan ThripuraChief Minister -Manik Sarkar. Head of Financial Sector Legilative Reforms Commission (FSLRC) -Justice B.N.Srikrishna. External Affairs Minister of India -Salman Khurshid. Dy.Chairman ofRajyaSabha-P.J.Kurien.
Current Affairs July 2014
By Ramandeep Singh Page 25 Commerce and IndustryMinister of india -Anand Sharma. Union Minister for New and Renewable Energy -Farooq Abdulla Union Labour Minister -Sis Ram Ola Chief Justice of India -P.Sathasivam
Current Affairs July 2014
By Ramandeep Singh Page 26 Important Financial Terms Interest Rate Swaps: An interest rate swap is the transfer of contractually agreed between two counterparties of their respective interest rate obligation. Interest rate swaps are commonly used as a means of converting fixed rate to floating rate debt and vice versa. Operating Ratio: A ratio that shows the efficiency of a companys management by comparing operating expense to net sales. Calculated as Operation ratio = Operating expense/net sales Wholesale Price Index (WPI): WPI is taken into consideration while calculating the inflation. A change has recently been made in the WPI. Its present base year will be taken as 2004-05 earlier it was 1993-34. Base year mean (2004-05 = 100). Total articles taken into consideration will be 676 earlier these were 435.676 include 102 Primary Articles, 19 fuel & power, and 555 of Manufacturing Products. Earlier WPI was calculated on Weekly basis but now it is calculated on Monthly Basis. First time inflation was calculated in August 2010 (on new system). Consumer Price Index (CPI) : Most advanced nations base their policies on retail price inflation but India uses wholesale price inflation, CPI is largely a segmental and is superior to the WPI, CPI capture consumption price both at urban and rural centers, as in WPI 676 items are covered and base year is taken as 2004-05 and for macroeconomic policies. Whereas in CPI 320 items are taken from (CPI-IW) CPI industrial workers and 260 items are taken from both CPR rural laborers and CPI agricultural laborers and the base year for calculation is taken as 2010. Coupon Rate: Specified interest rate on a fixed maturity security fixed at the time of issue. The coupon rate of a bond is the amount of interest paid per year as a percentage of the face value or principal. NRO (Non Resident Ordinary a/c) : In this account , a person cannot repatriate income without RBI approval but can remit Interest thereof. NRNR (Non Resident Non Repatriable A/c ) : Under this account Principal amount in not permissible to repartriate but interest can be. NRE (Non Resident External) : In this account Funds and interest both can be remitted without RBI permission. On NRE deposits the maximum ceiling is Libor rate + 175 basis points (Now there is no such Ceiling). NPA (Non Performing Assets) : Interest or Installment of Principal remains overdue for a period of more than 90 days in respect of a Term Loan/ overdraft/ Cash credit. Teaser Rate of Interest : This rate is typical low then the prevalent rate in the market. This is just to allure the customer. This rate is charged only for a little time. And after that it gradually touch the index rate or even more than that. This is a technique to attract customers.
Current Affairs July 2014
By Ramandeep Singh Page 27 Appropriation Bill : It is presented to parliament for its approval, so that the government can withdraw from the Consolidated fund the amounts required for meeting the expenditure charged on the Consolidated Fund. No amount can be withdrawn from the Consolidated Fund till the Appropriation Bill is voted is enacted. Call Money: Itner Bank call market is a part of the domestic money market from where banks borrowed and lent for one day called as Money at call and for a period more than 1day & upto 14days is called Short notice or Notice money without any collateral security. Money lend for 15days or more is called Term money.Normally funds are borrowed for 1 day and upto 3 days on weekends just to balance the Cash Reserve Ratio. Nostro Account: When national bank is opened in foreign with currency is known as Nostro a/c. e.g. State bank india branch in USA. CIBIL {Credit Information Bureau (India) Limited} : An effective mechanism for exchange of information between banks and Financial Institutions for curbing the growth of NPAs. Currency War: This is the other form of Protectionism. In this the tendency of every nation is that the value of their currency should not appreciate. The big example of this is CHINA that is holding their currency since 2008. It could be a cause of future Trade war. Capital Budget: It consists of capital receipts and payments. It also incorporates transactions in the Public Account. It has two components Capital Receipts and Capital Expenditure. Repo Rate: Repo rate means a purchase and sale of agreement. It is a contract to buy securities and then sell them back at an agreed future date and price. It is thus revenue for short term investment of surplus funds. From RBI point of view it is called a short term lending and from banks point of view it is called short term borrowing. Reverse Repo rate : Reverse Repo Rate is an instrument of borrowing funds for a short period and involves selling a security and simultaneously agreeing to repurchase it at a stated future date for slightly higher price. From RBI point of view it is called a short term borrowing and from banks point of view it is called a short term lending. Group Company : As per RBI for the purpose of FDI, two or more enterprise which , directly or indirectly , are in position to exercise 26% or more of voting rights in other enterprise or appoint more than 50% of the members of the board of directors in the other enterprises. Branch Vs Subsidiary: A subsidiary is a separate legal entity from the parent company, although owned by parent company, has a same legal identity as its parent company , from liability , on the other hand branch is not a separate legal entity of the parent company and liability wise there is no limit to the parents companys liability , RBI has permitted to Foreign Banks to change from Branch Mode to the Wholly Owned Subsidiaries. NFS (National Financial Switch): It facilitates interconnectivity between banks switches and interbank payment Gateway for authentication & routing the payment details of various E-commerce & E-Govt.
Current Affairs July 2014
By Ramandeep Singh Page 28 activities (Retail Banking). Now NFS has been overtaken by NPCI (National Payment Corporation of India). SLR (Statutory Liquidity Ratio): This is a minimum Reserve which every bank has to maintain with itself in the most liquid form to meet any demand of the depositors. Normally Government securities are purchased to maintain SLR. Prime Lending Rate (PLR): The term originally indicates the rate of interest at which a bank lends to favored customers, i.e. those with high credibility, though this is no longer always the case. Some variable interest rates may be expressed as a percentage above or below prime rate. Sub Prime Rate: In India when money is lent below the PLR is known as Sub Prime Rate whereas in USA when money is lent at rate above the PLR is known as Sub Prime rate. Base Rate: As per recommendation of Mr. Deepak Mohanty of RBI to bring a complete transparency in Banks lending system, in Indian Banking system the loan were sanctioned to the large corporate houses even below the PLR and some time it were fixed very low without any justification. A Base rate recommends that no bank will lend any money below the base rate. With this there shall be no extra benefits to the large corporate houses. Base rate will be beneficial for the regulator RBI. Now all Banks will either lend at Base rate or will park money with RBI, under LAF system. Base rate has been implemented from 1 st july, 2010. GDRs (Global Depository Receipts): It is a dollor denominated instrument, an easy way of raising funds from foreign countries. It is a mechanism that allows foreign investor to invest in Indian Companies. Represents a certain number of equity shares on Indian companies. GDRs are issued by depository usually American Banks & Indian shares are held by custodian in India (like ICICI). Traded in stock exchanges in Europe or in US or both. IPO (Initial Public Offer): 1 st sale of stock by a company to the public .IPOs offer issued by smaller younger co. seeking the capital to extend. It can also be done by large company. FPO (Follow on Public Offer ) : A public company already listed on an exchange, a supplementary shares made by a company that is already publicly listed & has gone thru the IPO process, it is also called as secondary public offering subsequent to the companys IPO. Zero Liability Protection: It is a bank guarantee. If your card is lost or stolen you may not be responsible for unauthorized purchases made with your card if you report the theft promptly. The Zero liability protection facility is free & automatically available on all bank consumer Credit Cards. Vostro Account: When a foreign Bank is opened in the India with Indian Currency is known as Vostro account e.g. Standard Chartered Bank in India. SWAPS: It is a transaction where the bank purchases or sells the foreign currency simultaneously, for different maturities, say purchases of spot and sale of forward or vice versa. Swap contracts obligate 2 parties to swap or exchange certain specified intervals. Swaps are not the instruments for raising funds rather they allow better management of existing funds.