CURRENT AFFAIRS 7-8th September, 2014

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CURRENT AFFAIRS 8th September, 2014

1. RBI Governor Raghuram Rajan said that the government and the Reserve Bank of India will formulate a monetary framework for the central bank with more emphasis on inflation. He also indicated about creating a bankruptcy system to deal with stress and recent measures of labelling 'wilful defaulters' and 'non cooperative defaulters' to deal with borrowers who default on repaying their loans.

2. Central government’s advisory group on power distribution reforms favours state-specific plans, instead of one model for the country. The panel, headed by Prabhu has recommended debt recovery, rate rationalisation and addressing of distribution losses.

3. According to Moody's investor service, United States is to become the world's biggest marketplace for public-private partnerships as infrastructure needs in the country soar while traditional funding for bridges, courthouses and other projects have decreased.

4. Government is planning to bring in changes to ease fund raising which includes relaxation in the depository receipt framework and reforming equity derivatives, currency & commodities segments and liberalising the ECB framework. Centre had recently accepted the M S Sahoo (ex-Sebi whole-time director) panel report that reviewed the depository receipts scheme framed in 1993.

5. India has signed the free trade agreement (FTA) in services and investments with 10-member ASEAN. The agreement will allow free movement of professionals and further opening opportunities for investments. India has already implemented FTA in goods with the Association of South East Asian Nations (ASEAN) in 2011.

6. Government is working on its first policy on intellectual property rights which will help modernise IP administration and offices; commercialisation of IP; encourage innovation and enhance domestic filing of patents. It will also set up a think tank on IPR to strengthen the country's patent regime.

CURRENT AFFAIRS 7th September, 2014

1. Sania Mirza and Brazil's Bruno Soares won the US Open Mixed Doubles by defeating Abigail Spears from the USA and Santiago Gonzalez from Mexico. This success takes one step closer to winning a career Grand Slam in tennis for Sania mirza.

2. According to a study by Assocham, five states - Maharashtra, Andhra pradesh Tamil Nadu, Odisha and Uttar Pradesh attracted about half of the total investment of Rs 5.5 lakh crore by central public sector enterprises (CPSEs) between 2008-09 and 2012-13. The bottom of the investment destinations include some of the developed states like Gujarat, Karnakata and Haryana.

3. First ever South Africa Week will happen in India from September 9,2014. South Africa will showcase its advanced agriculture and food processing techniques at the South Africa week which aims to promote bilateral trade between the two nations.

4. According to an annual Global competitiveness report by World Economic Forum, India's ranking has improved to 49th place in terms of favouritism shown by government officials to influential corporates. India ranks below china and major BRICS economies. Qatar has replaced Singapore as the top ranked country with least probability of such favouritism and Venezuela continues to remain the worst place on this front.

5. Department of Telecommunications has set up a committee to revive Communications Convergence Bill. The bill seeks to have a regulator for telecom and broadcasting sectors with defined powers, procedures and functions for regulatory and licensing functions and an Appellate Tribunal.