Current Affairs July 27, 2015

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1. The People's President: A.P.J. Abdul Kalam Passes away: The 11th President of India, widely acclaimed as the "people's President", passed away on July 27, 2015 after collapsing during a lecture at the Indian Institute of Management in Shillong.

2. Nepal may remove 'secularism' from new constitution: The Key term of ‘secularism’ may be dropped in Nepal’s new constitution as it is not considered “appropriate” by many people in the country, according to top Nepalese leaders.

3. IndiaPost’s payments bank licence faces legal hurdle: IndiaPost's application to set up a payments bank has run into legal problems as there's no decision yet on the corporatization of the Department of Posts. Without corporatization, the only way the department can have a banking entity in its fold is through legislation.

4. R.S. Sharma is the new TRAI Chairman: IT secretary R. S. Sharma has been appointed as the Chairman of Telecom Regulatory Authority of India (TRAI) for a period of three years.

5. Jewellery firm Rajesh Exports buys Valcambi for $400 million in cash: Bengaluru-based jeweller Rajesh ExportsBSE -9.59 % has acquired Valcambi, the world's largest precious metal refiner for $400 million in an all-cash deal. This is the first instance of an Indian company taking over an international gold and silver refinery.

6. Modi government overhauling sister-city partnerships to attract foreign investment: The Modi government, with an eye on attracting foreign investment, is overhauling the sister-city arrangement that Indian cities have to add more teeth to the initiative and leverage partnerships for economic gains.

7. Labour reforms amongst most fundamental needs facing economy: India's demographic dividends can only prove beneficial if its strengths are efficiently harnessed and labour reforms are amongst the most fundamental needs facing the economy, a DBS report said.

8. Rs 6,000 crore EPF money to be invested in equities by March 2016: About Rs 6,000 crore of EPF (Employees' Provident Fund) money would be invested in equities by March 2016 with a view to get higher returns, said Union Minister of State for Labour Bandaru Dattatreya.