CURRENT AFFAIRS 14-15th August, 2014

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CURRENT AFFAIRS 15th August, 2014

1. Finance Minister Arun Jaitley said the government is scrutinising recent appointments of Public Sector bank heads following the Syndicate Bank chairman's arrest for alleged graft. Usually a panel headed by the RBI governor selects PSB chiefs and is approved by Appointments Committee of Cabinet (ACC).

2. The government will have nodal officers in embassies to facilitate Indian trade and businesses abroad in a time-bound manner. A mechanism will be instituted for increasing interactions between the commerce ministry and the MEA. Indian missions abroad will be identified and their field offices will be used for the benefit of India’s commerce.

3. During his Independence Day speech at Red fort, Prime Minister announced the formation of a new institution to replace Planning Commission to address the new economic challenges within the country and in the global order.

4. Prime Minister Narendra Modi launched ‘Pradhan Mantri Jan Dhan Yojana’ to help the poor open bank accounts. The main features of the scheme include Rs 5,000 overdraft facility for Aadhar-linked accounts, Ru Pay Debit Card with inbuilt Rs 1 lakh accident insurance cover and minimum monthly renumeration of Rs 5,000 to business correspondents who will provide the last link between the account holders and the bank.

5. Rajasthan Chief Minister Vasundhara Raje announced launch of a scheme “Bhamashah scheme” which will empower women and bring a positive change in their lives. Under the scheme bank accounts in the name of women of 1.5 crore families will be opened and benefits are directly transferred to their accounts.

6. Reserve Bank of India (RBI) has decided to push for deputy governor rank for the additional position of a chief operating officer (COO). At present, there are four deputy governors in the RBI: HR Khan and R Gandhi (both promoted from within the RBI), Urjit Patel (economist) and SS Mundra (banker). As per the existing legislation, the RBI cannot have more than four deputy governors

CURRENT AFFAIRS 14th August, 2014

1. Prime Minister Narendra Modi has set up the Expenditure Management Commission, chaired by former RBI governor Bimal Jalan. The committee will recommend measures to improve operational efficiencies in government spending and suggest a roadmap to reduce the subsidy bill. It is expected to submit its interim report before the Budget of 2015-16 and its final report before the Budget of 2016-17.

2. The Supreme Court has asked both the Centre and Reliance Industries to suggest a common neutral arbitrator in place of the former Australian judge Michael Hudson McHugh. Earlier RIL had named former Chief Justice SP Bharucha as its arbitrator and the oil ministry had appointed former Chief Justice VN Khare as its arbitrator. The arbitration is to resolve a dispute between them over reimbursement for developing the gas field in KG basin.

3. The finance ministry has rejected the commerce ministry’s proposal to withdraw the minimum alternate tax (MAT) and dividend distribution tax (DDT) on developers of special economic zones. It was not accepted on the ground that it would result in loss of Rs 15,000 crore every year for the exchequer.

4. Parliament passed the Constitution Amendment Bill that will facilitate setting up of a commission for appointment of judges, replacing the 20-year-old collegium system. National Judicial Appointments Commission will appoint and transfer judges to the Supreme Courts and the 24 High Courts.

5. Rajni Razdan has been selected as chairman of Union Public Service Commission succeeding Prof D P Agrawal. UPSC conducts the prestigious civil services examination to select IAS, IFS and IPS among others.