CURRENT AFFAIRS 28-29th August, 2014

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CURRENT AFFAIRS 29th August, 2014

1. J&K Legislative Council unanimously passed a resolution urging the government to resume the talks with Pakistan to ensure peace and stability in the sub-continent in general and Jammu and Kashmir in particular. It also urged union government to take effective steps for prevention of LoC firing, which has caused huge loss of life and property in the affected areas.

2. Pradhan Mantri Jan-Dhan Yojana (PMJDY) launched on 28th August has set a record of creating 1.5 crore new bank accounts on the first day. As many as 7.5 crore households would be covered under the comprehensive financial inclusion programme by Republic day, with at least one bank account for each.

3. Government has set up a high-level committee to look into cases arising out of retrospective amendments implemented in 2012. It was formed to allay tax concerns of foreign multinationals regarding offshore transactions of their Indian assets. The committee will examine the case and will give approval for any action in those cases arising out of the implementation of retrospective amendments.

4.The minimum monthly pension of Rs 1,000 and a higher wage ceiling of Rs 15,000 for social security schemes run by retirement fund manager EPFO will be implemented from September 1. The decision will immediately benefit 28 lakh pensioners who get less than this amount at present and enhancing minimum wage ceiling for becoming a subscriber of Employees’ Provident Fund Organisation is expected to bring 50 lakh additional formal sector workers under the ambit of the body.

5. Competition commission of India has asked the Sun pharma and Ranbaxy to make public specific details of their proposed merger within ten days. Sun Pharmaceutical Industries and Ranbaxy Laboratories Ltd had announced a USD 4-billion deal in April this year. This is probably the first instance where the Competition Commission of India (CCI) has ordered a public scrutiny of a proposed merger and acquisition (M&A) deal to ensure compliance to fair trade regulations.

CURRENT AFFAIRS 28th August, 2014

1. To promote cycling as a regular physical activity, Union Health Minister Harsh Vardhan said he would reach out to the Ministries of Road Transport and Highways and Urban Development for creating dedicated cycle tracks along roads.

2. Tainted Ministers cannot take refuge with a mere presumption of innocence. By sending a strong message that politicians facing criminal charges framed by a court should be disqualified from becoming Ministers, the Supreme Court has stepped away from the age-old principle that a “person is presumed innocent unless proven guilty.” Framing of charges in a criminal trial is a “judicial act”, Justice Dipak Misra, , said disposing of a PIL. He said the framing of charges by a judge was not the same as the lodging of an FIR by a probe agency. Charges are framed in a criminal trial after the judge is satisfied there is prima facie evidence against the accused after perusal of the final charge sheet.

3. Prime Minister Narendra Modi has set up a committee to identify obsolete laws which hampers governance by creating avoidable confusion. The committee will submit its report in three months, and a Bill will be introduced in Parliament in the winter session based on its recommendations.

4. Centre plans to re-launch the direct benefits transfer (DBT) scheme in liquefied petroleum gas (LPG) distribution. The petroleum ministry lifted the existing one-cylinder-per-month cap on subsidised LPG sales.

5. Cabinet has approved the proposal for extension of tenure of M.N. Prasad as Executive Director, World Bank till October 31, 2014. The Executive Directors are responsible for the conduct of the general operations of the World Bank.

6. Moody's, the global rating agency predicts Foreign currency bond issuance from Indian companies and financial institutions to reach a record high this year. Cross-border bond issuance from Indian financial and non-financial institutions reached $15.9 billion for the first seven months of 2014, near the record high of $16.4 bn last year.