Current Affairs July 24, 2015

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1. Govt. proposes to strip RBI chief of veto power on monetary policy: At present, the Reserve Bank Governor is singularly empowered by the RBI Act to set interest rates. The revised draft of the Indian Financial Code, put out by the Union Finance Ministry for comments, proposes that the Reserve Bank’s “Chairperson” shall head the committee, with no reference to the Governor.

2. R.K. Pachauri removed as TERI head: Climate scientist R.K. Pachauri was on July 23rd removed as the Director-General of TERI (The Energy and Resources Institute) by its governing council (GC).

3. China on course to shed one-child policy: China could be on course to shed its one-child policy, allowing couples to have a second child, to counter the demographic trend of an aging society and growing labour shortages.

4. Lupin Buys U.S Firm Gavis for $ 800million: Lupin has agreed to buy New Jersey, US-based Gavis for $880 million (over ₹5,600 crore) in a deal billed as the largest foreign acquisition by an Indian drugmaker: The “landmark transaction” will significantly boost Lupin’s growth prospects in the US, said Vinita Gupta, CEO of Lupin.

5. Centre, RBI differ on debt management body: The Reserve Bank has rejected the Union Finance Ministry’s “diluted” proposal for a non-statutory Public Debt Management Authority, and instead proposed a public debt management cell to be headed by the Finance Secretary.

6. Maruti Suzuki launches ‘Nexa’ outlets: As part of its strategy to get more premium car buyers on board, Maruti Suzuki India, which already dominates the compact cars segment in the country launched ‘Nexa’ brand of outlets to sell premium products.

7. Getting into live-in relationship is no crime: SC: The Supreme Court said that live-in relationship has become accepted norm in society and it can not be termed as an offence.

8. Male allays India’s fears on land policy: After New Delhi conveyed its unhappiness about Maldives’ new land law, the President of the island state used an address to the nation to reassure India. The Maldivian government has given assurances to the Indian government and other neighbouring countries as well to keep the Indian Ocean a demilitarized zone.

9. Digital wallet cos face new KYC norms: The Reserve Bank of India (RBI) is set to tighten 'know your customer' norms for issuers of prepaid instruments, which include all the digital wallet companies.

10. Japan’s Nikkei Buys The Financial Times Group From Pearson For $1.3B: Pearson has sold the Financial Times Group of Great Britain to Japan’s Nikkei Inc for £844 million ($1.3 billion) in cash.