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Current Affairs
July 2014
By Ramandeep Singh (B.com, MBA)
All rights reserved with author
6/28/2014

Current Affairs July 2014

By Ramandeep Singh Page 2
Politics
Modi scraps ministerial groups
PMO says move will ensure swifter decisions with greater accountability
Prime Minister Narendra Modi today struck down 30 existing Empowered Group of Ministers
(EGoMs)/Group of Ministers (GoMs), the preferred route adopted by the previous coalition regimes. The
move is aimed at making swifter decisions and bringing in greater accountability.
SC says media stings no basis for dismissal
Reinstates Haryana cop who was dismissed after a sting showed him taking bribe
The Supreme Court has ordered reinstatement of a police sub-inspector fired by the Mewat
Superintendent of Police in 2008, holding that no government servant could be dismissed merely on the
basis of any media sting operation showing him accepting bribe.
India gets its first tobacco-free village in Nagaland
Gariphema village in Nagaland has been declared the countrys first tobacco-free village. The declaration
was made by Principal Secretary R Benchilo Thong on the occasion of World No Tobacco Day on
Saturday at the Gariphema Village Council hall near Kohima. It was a result of an initiative taken by the
Gariphema Village Council, Village Vision Cell and Village Students Union, Thong said.
Charges framed against Punjab DGP Sharma
A local court today framed kidnapping and murder charges against
Punjab Director General of Police (HRD) SK Sharma and three other
police officers in a 24-year-old fake encounter case.
A shame: Rewari has nations lowest gender ratio
Tall claims made by health authorities to improve gender ratio in the district have proved hollow as the
birth registration records show the most dismal gender ratio of 674 females per 1,000 males in Rewari
district, which is the lowest sex ratio in the country.

Current Affairs July 2014

By Ramandeep Singh Page 3
Sumitra Mahajan is the new LS Speaker
Sumitra Mahajan, one of the BJP's most experienced parliamentarians, is all set to be the Speaker of the
16th Lok Sabha. Parliamentary Affairs Minister Venkaiah Naidu confirmed this saying that senior leaders
from all parties, including the Prime Minister and Leader of Congress in the Lok Sabha, moved motions
proposing her name.
510 Lok Sabha members take oath
United colours of India were on display in the Lok Sabha today as 510 newly elected members took oath
of office led by Prime Minister Narendra Modi, BJP veteran LK Advani and UPA chairperson Sonia
Gandhi.
CBI court convicts 18 Uttarakhand cops
A CBI court today convicted 18 Uttarakhand policemen for their role in the killing
of an MBA student from Ghaziabad in Uttar Pradesh in a fake encounter on July
3, 2009, when the then President Pratibha Singh Patil was visiting the state.
Second terror attack on Karachi airport
Taliban militants attacked a training camp of the Airport Security Force outside
the Karachi international airport, but fled after Pakistani forces repulsed the
assault, a day after an all-night siege at the facility left nearly 40 people dead.
No transfers for employees with differently abled kids
Government employees who have differently abled children to take care of will be exempted from routine
transfers and they will not be asked to take voluntary retirement on refusing such postings, the Centre has
said. A government employee with a disabled child serves as the main caregiver and any displacement of
such employee will have a bearing on the systemic rehabilitation of the child since the new environment
or set up could prove to be a hindrance for rehabilitation process, it said.

Current Affairs July 2014

By Ramandeep Singh Page 4
Govt to modify Lokpal rules; more powers for search panel
Taking a first step towards appointment of the Lokpal, the government has decided to modify rules to
give more powers to the search committee mandated to recommend names for appointment of chairperson
and members of the anti-corruption body.
15 killed in AP gas pipeline blast
At least 15 people were killed and 18 injured when a massive blaze raged through a village in Andhra
Pradesh's East Godavari district following a blast in an apparently leaking gas pipeline this morning.
DU finally gives in, scraps FYUP
Week-long impasse over admissions to 64 Delhi University colleges ended today with the varsity giving
in to academic regulator UGCs directives on rolling back the controversial Four-Year Undergraduate
Programme (FYUP) and reverting to the old 10+2+3 format.
Paddy MSP up by Rs 50 a quintal
The government today announced Rs 50 per quintal increase in the minimum support price (MSP) of
paddy to Rs 1,360 to encourage farmers to cultivate rice, but said the decision would not have an impact
on inflation.
Current Affairs July 2014
By Ramandeep Singh Page 4
Govt to modify Lokpal rules; more powers for search panel
Taking a first step towards appointment of the Lokpal, the government has decided to modify rules to
give more powers to the search committee mandated to recommend names for appointment of chairperson
and members of the anti-corruption body.
15 killed in AP gas pipeline blast
At least 15 people were killed and 18 injured when a massive blaze raged through a village in Andhra
Pradesh's East Godavari district following a blast in an apparently leaking gas pipeline this morning.
DU finally gives in, scraps FYUP
Week-long impasse over admissions to 64 Delhi University colleges ended today with the varsity giving
in to academic regulator UGCs directives on rolling back the controversial Four-Year Undergraduate
Programme (FYUP) and reverting to the old 10+2+3 format.
Paddy MSP up by Rs 50 a quintal
The government today announced Rs 50 per quintal increase in the minimum support price (MSP) of
paddy to Rs 1,360 to encourage farmers to cultivate rice, but said the decision would not have an impact
on inflation.
Current Affairs July 2014
By Ramandeep Singh Page 4
Govt to modify Lokpal rules; more powers for search panel
Taking a first step towards appointment of the Lokpal, the government has decided to modify rules to
give more powers to the search committee mandated to recommend names for appointment of chairperson
and members of the anti-corruption body.
15 killed in AP gas pipeline blast
At least 15 people were killed and 18 injured when a massive blaze raged through a village in Andhra
Pradesh's East Godavari district following a blast in an apparently leaking gas pipeline this morning.
DU finally gives in, scraps FYUP
Week-long impasse over admissions to 64 Delhi University colleges ended today with the varsity giving
in to academic regulator UGCs directives on rolling back the controversial Four-Year Undergraduate
Programme (FYUP) and reverting to the old 10+2+3 format.
Paddy MSP up by Rs 50 a quintal
The government today announced Rs 50 per quintal increase in the minimum support price (MSP) of
paddy to Rs 1,360 to encourage farmers to cultivate rice, but said the decision would not have an impact
on inflation.

Current Affairs July 2014

By Ramandeep Singh Page 5
Cabinet of Narendra Modi
Prime Minister: Narendra Modi: Personnel, public grievances and pensions, department of atomic
energy, department of space, all important policy issues and other portfolios not allocated to any
minister.
Cabinet ministers:
Rajnath Singh: Home affairs
Sushma Swaraj: External affairs, overseas Indian affairs
Arun Jaitley: Finance, corporate affairs, defence
M Venkaiah Naidu: Urban development, housing and urban poverty alleviation, parliamentary affairs
Nitin Gadkari: Road transport and highways, shipping
D V Sadananda Gowda: Railways
Uma Bharati: Water resources, river development and Ganga rejuvenation
Najma A Heptulla: Minority affairs
Gopinathrao Munde: Rural development, panchayati raj, drinking water and sanitation
Ram Vilas Paswan: Consumer affairs, food and public distribution
Kalraj Mishra: Micro, small and medium enterprises
Maneka Gandhi: Women and child development
Ananth Kumar: Chemicals and fertilizers
Ravi Shankar Prasad: Communications and information technology, law and justice
Ashok Gajapathi Raju Pusapati: Civil aviation
Anant Geete: Heavy industries and public enterprises
Harsimrat Kaur Badal: Food processing industries

Current Affairs July 2014

By Ramandeep Singh Page 6
Narendra Singh Tomar: Mines, steel, labour and employment
Jual Oram: Tribal affairs
Radha Mohan Singh: Agriculture
Thaawar Chand Gehlot: Social justice and empowerment
Smriti Irani: Human resource development
Harsh Vardhan: Health and family welfare
Minister of states:
V K Singh: Development of northeastern region (independent charge), external affairs, overseas Indian
affairs
Inderjit Singh Rao: Planning (independent charge), statistics and programme implementation
(independent charge), defence
Santosh Kumar Gangwar: Textiles (independent charge), parliamentary affairs, water resources, river
development and Ganga rejuvenation
Shripad Yesso Naik: Culture (independent charge), tourism (independent charge)
Dharmendra Pradhan: Petroleum and natural gas (independent charge)
Sarbananda Sonowal: Skill development, entrepreneurship, youth affairs and sports (independent charge)
Prakash Javadekar: Information and broadcasting (independent charge), environment, forest and climate
change (independent charge), parliamentary affairs
Piyush Goyal: Power (independent charge), coal (independent charge), new and renewable energy
(independent charge)
Jitendra Singh: Science and technology (independent charge), earth sciences (independent charge), Prime
Minister office, personnel, public grievances and pensions, department of atomic energy, department of
space
Nirmala Sitharaman: Commerce and industry (independent charge), finance, corporate affairs
G M Siddeshwara: Civil aviation

Current Affairs July 2014

By Ramandeep Singh Page 7
Manoj Sinha: Railways
Nihalchand: Chemicals and fertilizers
Upendra Kushwaha: Rural development, panchayati raj, drinking water and sanitation
P Radhakrishnan: Heavy industries and public enterprises
Kiren Rijiju: Home affairs
Krishan Pal: Road transport and highways, shipping
Sanjeev Kumar Balyan: Agriculture, food processing industries
Mansukhbhai Dhanjibhai Vasava: Tribal affairs
Raosaheb Dadarao Danve: Consumer affairs, food and public distribution
Vishnu Deo Sai: Mines, steel, labour and employment
Sudarshan Bhagat: Social justice and empowerment

Current Affairs July 2014

By Ramandeep Singh Page 8
Economy
Current rates
Bank Rate 9%
Repo rate 8%
Reverse repo rate 7%
CRR 4%
SLR 22.5%
Base rate 10-10.25%
Saving deposit rate 4%
Term deposit 8-9%
Kundankulam Nuclear Power Plant achieves full power
Becomes Indias first nuclear plant to generate 1,000 MW
Kundankulam Nuclear Power Plant (KNPP) today attained its full generation capacity and became the
first nuclear plant in the country to generate 1,000 MW of power.
Mumbais Metro gets on track
After a long wait, the first Metro service in the bustling metropolis was rolled out today with the Chief Minister
Prithviraj Chavan flagging off the service even as over 1,00,000 passengers enjoyed the train ride within six hours of
its operations.
Udhampur-Katra rail line will be launched on 5 July 2014
Railway authorities have successfully carried out a trial run on the newly-constructed railway line
between Udhampur and Katra that connects the Kashmir Valley. The trial run was conducted using a
departmental and materials train (DMT), which is helping in placing concrete on the track.
Vishal Sikka is new Infosys CEO; Murthy to step down
Indias second largest software services exporter, Infosys, on Thursday announced Vishal Sikka as its
new CEO. The announcement came two days before the companys annual general meeting (AGM) on
June 14.

Current Affairs July 2014

By Ramandeep Singh Page 9
Railway fares up by 14.2%
Freight charges hiked by 6.5%
Revision effective from June 25
Biting the bullet in an effort to revive the economy, the Narendra Modi government today approved a
steep hike in railway passenger fare and freight rates, which would also go a long way in reviving the
financial health of the public sector behemoth.
Govt mulls LPG, kerosene price hike in small doses
After diesel, the government is considering raising cooking gas (LPG) and kerosene rates in small doses
of Rs 5 per cylinder and Rs 0.50-1 a litre every month to wipe out Rs 80,000 crore subsidy on the two
fuels.
Union Budget on July 10
The Narendra Modi government will present its first Budget on July 10, three days after the
commencement of the Budget session of Parliament that is expected to last six weeks.
Swiss to give list of Indian accounts
Zurich officials say keen to cooperate with India
SIT chief promises tough action
New Delhi, June 22
The black money debate in India has taken a new turn with Switzerland
reportedly having prepared a list of Indians suspected to have stashed
unaccounted wealth in Swiss banks and the details are being shared with the
Indian government.

Current Affairs July 2014

By Ramandeep Singh Page 10
Sports
Important Sports Events
Year Date(s) Sport Event Location
2014 Jun 12-Jul
13
Soccer/Football FIFA World Cup Brazil
2014 Jun 23-
July 6
Tennis Wimbledon London, England
2014 Jul 5-July
27
Cycling Tour de France France 2014
2014 Jul 17-20 Golf British Open Royal Liverpool Golf Club
2014 Jul 23-Aug
3
Multi-sports Commonwealth Games Glasgow, Scotland
2014 Aug 4-10 Golf US PGA Valhalla GC, Kentucky
2014 Aug 4-17 Rugby Womens World Cup France
2014 Aug 9-16 Multisports Gay Games Cleveland and Akron, USA
2014 Aug 16-28 Multisports Summer Youth Olympics Nanjing, China
2014 Aug 25-
Sep 8
Tennis US Open New York
2014 Sep 16-21 Canoe/Kayak Slalom World
Championships
Deep Creek Lake, MD
2014 Sep 19-Oct
4
Multi-sports Asian Games Incheon, South Korea
2014 Sep 26-28 Golf Ryder Cup Gleneagles Hotel (Auchterarder, Perth

Current Affairs July 2014

By Ramandeep Singh Page 11
& Kinross, Scotland)
2014 Sep 27 AFL Grand Final Melbourne, Australia
2014 Oct 3-13 Gymnastics world championships
(artistic)
Nanning, China
2014 Oct Baseball World Series
2014 Nov 4 Horse Racing Melbourne Cup Victoria, Australia
2014 Nov 29-
Dec 7
Field Hockey FIH Champions Trophy -
women
Argentina
2014 Dec 1321 Field Hockey FIH Champions Trophy -
men
India
Schumacher out of coma
Formula One champion Michael Schumacher was transferred from a French hospital to a facility in
Switzerland on Monday after emerging from a coma following his devastating ski accident in December
last year.
N Srinivasan is new ICC chief
MELBOURNE: N. Srinivasan was on Thursday formally appointed the first Chairman of the ICC after its
52-member council approved a controversial revamp of the bodys administrative structure.
FIFA bans Suarez for 4 months for biting opponent
RIO DE JANEIRO (Brazil): FIFA banned Uruguay striker Luis Suarez from all football activities for four
months on Thursday for biting an opponent at the World Cup, a punishment that rules him out of the rest
of the tournament and the start of the upcoming English Premier League season.
FIFA World Cup 2014
The 2014 FIFA World Cup is the 20th FIFA World Cup, a tournament for the men's football world championship,
which is currently taking place in Brazil.
It began on 12 June, with a group stage, and is scheduled to conclude on 13 July with the final. It is the second
time that Brazil has hosted the competition, the first being in 1950. Brazil was elected unchallenged as host

Current Affairs July 2014

By Ramandeep Singh Page 12
nation in 2007 after the international football federation, FIFA, decreed that the tournament would be staged in
South America for the first time since 1978 in Argentina, and the fifth time overall.
KKR won IPL7
Manish Pandey helped Shah Rukh Khan-owned Kolkata Knight Riderswin the IPL crown for the
second time in three years. Shah Rukh Khan was the man in focus after Kolkata Knight Riders won
the IPL crown for the second time in three years at Bangalore's Chinnaswamy Stadium on Sunday.

Current Affairs July 2014

By Ramandeep Singh Page 13
Technology
Google all set to launch Android One - $100 Smartphone in India
In a bid to target price-conscious consumers in emerging markets like India, Google on Wednesday unveiled Android One, a
programme that will see the company partner with local phone makers to create and sell affordable yet fully-functional Android
phones.
Candy Crush' Maker King Files IPO With Listing in New York
King Digital Entertainment, the Dublin-based maker of popular smartphone games including Candy
Crush Saga and Pet Rescue Saga, is beginning an adventure of its own on a path to becoming a public
company via the New York Stock Exchange.
Rakuten Drops on $900 Million Deal to Buy Viber Message App
Rakuten, the Japanese online retailer controlled by billionaire Hiroshi Mikitani, plummeted in Tokyo
trading after announcing it will buy the Viber Internet messaging and calling service for $900 million.
The deal came days before Facebook announced its $19 billion purchase of mobile-messaging startup
WhatsApp.
Budget smartphones mob in India
After the massive success of Moto G, Blackberry Launched BB Z3 and HTC launched HTC Desire 516

Current Affairs July 2014

By Ramandeep Singh Page 14
Events
Telangana to become a reality on June 2 2014
K Chandrasekhar Rao, Telangana Rashtra Samithi founder president, to take oath as first CM of
29th state
Hyderabad, June 1
It is celebration time in Telangana. The region, comprising 10 districts, including Hyderabad, is bracing
for its tryst with destiny as the 29th state of India. Carved out of Andhra Pradesh, Telangana will come
into existence as a new state on June 2
Rural Development Minister GopinathMunde dies
NEW DELHI:Rural Development Minister and the OBC face of BJP in Maharashtra Gopinath Munde
died apparently of shock and cardiac arrest suffered during a road accident early this morning.

Current Affairs July 2014

By Ramandeep Singh Page 15
Important lists
Authors and their Books
A.P.J. Abdul Kalam :- Wings of Fire, Ignited Minds, Target 3 Million, The luminous Spark, India 2020,
Mission India, Indomitable Spirit, The Life Tree, India My Dream, Inspiring Thoughts, Thoughts for
Change, Spirit of India, Evolution of Enlightened Societies, India Wins Freedom, You are Born to
Blossom, Turning Point.
Amrita Pritam :- Forty Nine Days
Anil Padmanaban :- Kalpana Chawla A Life
Anita Desai :- Fasting, Feasting
Annie Besant :- Wakeup India
Arundhati Roy :- The God of Small Things
Barack Obama :- Dreams From My Father
Bill Clinton :- My Life
C.S. Pandit :- End of the Era
Chetan Bhagat :- The 3 Mistakes of My Life, Five Point Someone, Two States, Revolution 2020, One
Night at the Call Center
Diplomat Pavan K.Varma :- When Loss is Gain
Dr. Bimal Jalan :- The Future of India
Dr. S. Radhakrishnan :- Indian Philosophy
Dr. S. RadhaKrishnan :- Indian Philosophy
Dr. Salim Ali :- The book of Indian Birds
E K Nayanar :- My Struggle
G.D. Khosla :- Last Days of Nethaji
Indira Gandhi :- My Truth
Jackie Chan :- My Life in Action
Jawaharlal Nehru :- Glimpses of World History, The Discovery of India

Current Affairs July 2014

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Jonathan Swift :- Gulliver Travels
K. R. Malkani :- India First
Kalidasa :- Megdoot, kumarasambhava, Swapnavasavadatta, Malavikagnimitra
Kautilya :- Arthashastra
Khuswant Singh :- We Indians, Train To Pakistan, Women and Men in My Life
Koutilya :- Arthashastra
L.K. Advani :- My Nation My Life
Lala Lajpat Rai :- Unhappy India
Leo Tolstoy :- War and Piece
Mahatma Gandhi :- My Experiments with Truth
Mrs. Indira Gandhi :- Eternal India
N.R. Narayan Murthy :- A Better India A Better World
Nandan Nilekani :- Imagining India
Narendra Modi :- Jyoti punj
P. V. Narasimha Rao :- Ayodhya
Panini :- Ashtadhyayi
R. C. Dutt :- Economic History of India
R.K. Narayanan :- My Days, The Guide, Malgudi days, Waiting for the Mahatma, The Dark Room, The
Bachelors of Art, The English Teacher, The Financial Expert
Rabindranath Tagore :- Lipika, Chandralika, Chitra, Geethanjali, Gora, Ghare, Broken Ties, Malini,
Sacrifice, Two Sisters , Bhaire, Chaturanga
RBI Governor Raghuram Rajan: Aid and Growth, Fault Lines, Indias Pattern of Development, The
Real Effect of Banking Crises Controlled Capital Account Liberalization
S.K. Banerjee :- Independence
Sarojini Naidu :- Broken Wing, Golden Threshold
Shakespeare :- Hamlet, Othello, Macbeth, King Lear
Sharat Chandra Chatterjee :- Devdas
Shiv Khera :- Living with Honour

Current Affairs July 2014

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Sir Arthur Conan Doyle :- The Adventures of Sherlock Holmes
Sunil Gavaskar :- One Day Wonders
Swami Vivekananda :- Inspired Talks, The Sleeping Giant, Living at the State, Way of the Saint, Jnana
Yoga, Raja Yoga, My Master, Women of India, Vedanta Philosophy
Tolstoy :- War and Piece
V.S Naipoul :- Half a Life
V.V. Giri :- My life and Times
Valmiki :- Ramayana
Veda Vyas :- Bhagwad Gita, Mahabharata
Vikram Seth :- Two Lives, The Golden Gate, A Suitable Boy, Arion and The Dolphin, An Equal Music,
From Heaven Lake:Travels
Vishnu Sharma :- Panchatantra
Yann Martel :- Life of Pi

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By Ramandeep Singh Page 18
List of RBI Governors
SL.NO Name of The Governor Joining and Leaving Dates
1 Sir Osborne A. Smith April 1
st
1935 June 30
th
, 1937
2 Sir James Braid Taylor July 1
st
1937 February 17
th
, 1943
3 Sir Chintaman D.
Deshmukh
August 11
th
1943 June 30
th
,1949
4 Sir Benegal Rama Rau July 1
st
1949 January 14
th
1957
5 K.G. Ambegaonkar January 14
th
1957 February 28
th
1957
6 H.V.R. Ienger March 1
st
1957 February 28
th
1962
7 P.C. Bhattacharyya March 1
st
1962 June 30
th
1967
8 L.K. Jha July 1
st
1967 May 3
rd
1970
9 B.N. Adarkar May 4
th
1970 June 15
th
1970
10 S. Jagannathan June 16
th
1970 May 19
th
1975
11 N.C. Sen Gupta May 19
th
1975 August 19
th
1975
12 K.R. Puri August 20
th
1975 May 2
nd
1977
13 M. Narasimham May 2
nd
1977 November 30
th
1977
14 Dr. I.G. Patel December 1
st
1977 September
15
th
1982
15 Dr. Manmohan Singh September 16
th
1982 January 14
th
1985
16 A. Ghosh January 15
th
1985 February 4
th
1985
17 R.N. Malhotra February 4
th
1985 December 22
nd
1990

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18 S. Venkitaramanan December 22
nd
1990 December
21
st
1992
19 Dr. C. Rangarajan December 22
nd
1992 November
22
nd
1997
20 Dr. Bimal Jalan November 22
nd
1997 September
5
th
2003
21 Dr. Y.V.Reddy September 6
th
2003 September
5
th
2008
22 Dr. D. Subbarao September 5
th
2008 September 4
th
2013
23 Dr. Raghuram Rajan September 4
th
2013

Current Affairs July 2014

By Ramandeep Singh Page 20
Important Appointments of 2014
Dinesh Sarraf -ONGC chief
Arseny Yatseniuk -Ukraines new prime minister
Rashid Latif - Pakistan cricket chief selector
Bappi Lahiri - goodwil ambassador in Nepal
Metro Man E Sreedharan -Uttar Pradesh governments chief adviser for Lucknow metro rail project.
Cheteshwar Pujara -brand ambassador of the Gujarat state Election Commission.
Salil Nair - Shoppers Stop CEO
Ashok Varadhan -co-head of Goldman Sachs securities
Justice Mukul Mudgal appointed as Chief of BCCC
Siddharth Das - Flipkart Chief Operating Officer of its online payment solution PayZippy
Rakesh Maria -Mumbais new police commissioner
Vallabhaneni Venkateshwara Rao - the member of Censor Board.
Know Current Affairs 2014 here
Kalyan Singh -BJP vice-president
Sheila Dikshit Governor of Kerala Published
Ibrahim Mahlab Prime Minister of Egypt
Matteo Renzi - PM of Italy
Edward Snowden- Rector of University of Glasgow
Abdul Basit -high commissioner of Pakistan
Vinod Sawhny -CEO of Reliance Communications
Jatinder Bir Singh -CMD of Punjab and Sind Bank
R.K.Tiwari new Chairman of CBDT
N Ramachandran- President of IOA
Marco Lambertini -Director-General of WWF International

Current Affairs July 2014

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Sanjeev Kulkarni -dean of Princeton University Graduate School (DGH)
Satya Nadella CEO of Microsoft
M Teresa Kho Country Director of ADB
Justice Ashok Kumar Mathur head 7th Central Pay Commission
Poonam Khetrapal Singh Regional Director of SEARO
Vivek Lall -Special Advisor Published
Manoj Vaish MD & CEO of MCX
Harish Rawat -8th Chief Minister of Uttrakhand
Michel Rogers Director of NSA
Arun Gupta CMD of Shipping Corporation of India
Ajoy Misra the CEO and MD of Tata Global Beverages Limited
Manoj Kohli MD&CEO of non telecom businesses of Bharti Enterprises
Gopal vittal MD&CEO of Bharti Airtel
Egypts Army Chief Fattah al-Sisi -Field Marshal
Professor Rakesh Khurana Dean of Harvard College
Kailash Meghwal Speaker of Rajasthan Assembly
Aruna Bahuguna -first woman to be appointed chief of National Police Academy
Catherline Samba-Panza- CARs Interim President (first woman to be elected as the interim president)
Jamila Bayaz -first women to be appointed police chief of Kabul province
Sirajuddin Qureshi President of IICC Published
Morten Sorby new Uninor CEO
Munish Sharda MD and CEO of Future Generali Life
Janet Yellen Chairperson of Federal Reserve
Chandrashekhar President of NASSCOM
Srinivas and Pravin Rao Infosys Presidents
Raj Jain CEO of Bharti Retail

Current Affairs July 2014

By Ramandeep Singh Page 22
Pradhyuman Singh pro-tem speaker of 14th Rajasthan Assembly
S.K.Sharma Chairman and Managing Director of BEL
Ashraf Jehan-first female judge in Paks National Sharia Court
Devendra Kumar Pathak Special DG, BSF
Pradeep Kumar MD Corporate Banking of State Bank of India
J.N.Chaudhary Head of NSG
CISF chief Arvind Ranjan
Ashok Lavasa, the New Civil Aviation Secretary
M. Veerappa Moily new Environment and Forests Minister
Siddarth Birla President of FICCI
Vinod Kumar Duggal the Governor of Manipur
Subrahmanyam Jaishankar ambassador of US
Abdiweli Sheikh Ahmed Prime Minister by Somalian Parliament
Usha Sangwan first woman Managing Director of Life Insurance Corporation.
P.H. Parekh President of Supreme Court Bar Association
S B Nayar -Chairman and Managing Director of India Infrastructure Finance Corp Limited
Puneet Kumar secretary general of AEPC
Harsh Kumar Bhanwala -Chairman of NABARD
CVR Rajendran CMD of Andhra Bank
Krishna Iyer CEO of Wal-Mart India
Lt Gen Dalbir Singh Suhag Vice Chief of Army Staff

Current Affairs July 2014

By Ramandeep Singh Page 23
Persons in News
Lt Gen PR Kumar is appointed as Director General Military Operations (DGMO).
Raunaq- music album written by Mr.Kapil Sibal launched
Turkish president Abdullah Gul approved the bill on restricting the judicial powers
The Vice President of India Mr. M. Hamid Ansari released a book Ambedkar: Awakening
Indias Social Conscience authored by Dr.NarendraJadhav.
Sourav Kothari won the National Billiard Championship title
Indian Navy Chief Mr. DK Joshi resigned after accident on Indian sub Sindhuratna
Mr. Dinesh Sarraf appointed next ONGC chief
Mr. Ibrahim Mahlab: New Prime Minister of Egypt
Eminent painter Mr.Prokash Karmakar passed away
Braigo- a low-cost Braille printer invented by Indian-origin boy Shubham Banerjee
Freedom fighter MaulanaHasratMohanis postage stamp released by Vice President of India
Indian-origin men win Heinz Awards in US
Indian-origin men, Professor Abraham Verghese and Mr.SanjeevArora are among the five
recipients who won the 19th Heinz awards 2013 and will be honoured in Pittsburgh on April 3,
2014. Each winner will receive a cash award of $250,000 each as well as a medallion inscribed
with an image of late US senator John Heinz.
Dr.MadanBabu won the Protein Science Young Investigator Award for 2014
Water, Peace and War Confronting the Global Water Crisis Mr. Brahma Chellaneysbook
launched
Indian- American Scientist Sangeeta Bhatia developed cheap paper diagnostic for cancer
Deputy Chairman of Planning Commission - Motek Singh Ahluwalia
Chairman of the Economic Advisory Council of Prime Minister C.Rangarajan
Japanese Prime Minister Shingo Abe.
Ethiopian Prime Minister - Hailemariam Desalagn.
South Sudanese President - SalvaKiir.

Current Affairs July 2014

By Ramandeep Singh Page 24
Keniyan President - Uhuru Kenyatta.
Union ministerfor Road Transport and Highways Oscar Fernandez.
Union Minister of state for Home Mullappally Ramachandran.
Air Chief Marshal of India Arup Raha
Union Minister of state for Communication, Information & Technology and Shipping
Milind Deora.
Italian President - Giogio Napolitano.
Egypts Foreign Minister Nabil Fahmy.
Cubas President Raul Castro.
Chairman of the Securities and Exchange Board of India (SEBI) UK Sinha
Finance Minister of India -P.Chidambaram.
Petrolium Minister of India - M.Veerappa Moily.
Civil Aviation Minister of India Ajith Singh.
Food Minister of India K.V.Thomas.
Union Minister of State for Finance Namo Narain Meena
UnionRural Development Minister-Jairam Remesh.
Chief Minister of Mizoram- Lal Thanhawla.
Chief Minister of Chhattisgarh- Raman Singh.
Lieutenant Governor of Delhi- Najeeb Jung.
AfghanistanPresident -hamidkarzai
United Nations Secretary General-Ban Ki-moon
BiharChief Minister -Nitish kumar
Chief MInister ofMadya Pradesh-Shivaraj Singh Chouhan
ThripuraChief Minister -Manik Sarkar.
Head of Financial Sector Legilative Reforms Commission (FSLRC) -Justice B.N.Srikrishna.
External Affairs Minister of India -Salman Khurshid.
Dy.Chairman ofRajyaSabha-P.J.Kurien.

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Commerce and IndustryMinister of india -Anand Sharma.
Union Minister for New and Renewable Energy -Farooq Abdulla
Union Labour Minister -Sis Ram Ola
Chief Justice of India -P.Sathasivam

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Important Financial Terms
Interest Rate Swaps: An interest rate swap is the transfer of contractually agreed between two
counterparties of their respective interest rate obligation. Interest rate swaps are commonly used as a
means of converting fixed rate to floating rate debt and vice versa.
Operating Ratio: A ratio that shows the efficiency of a companys management by comparing operating
expense to net sales. Calculated as
Operation ratio = Operating expense/net sales
Wholesale Price Index (WPI): WPI is taken into consideration while calculating the inflation. A change
has recently been made in the WPI. Its present base year will be taken as 2004-05 earlier it was 1993-34.
Base year mean (2004-05 = 100). Total articles taken into consideration will be 676 earlier these were
435.676 include 102 Primary Articles, 19 fuel & power, and 555 of Manufacturing Products. Earlier WPI
was calculated on Weekly basis but now it is calculated on Monthly Basis. First time inflation was
calculated in August 2010 (on new system).
Consumer Price Index (CPI) : Most advanced nations base their policies on retail price inflation but
India uses wholesale price inflation, CPI is largely a segmental and is superior to the WPI, CPI capture
consumption price both at urban and rural centers, as in WPI 676 items are covered and base year is taken
as 2004-05 and for macroeconomic policies. Whereas in CPI 320 items are taken from (CPI-IW) CPI
industrial workers and 260 items are taken from both CPR rural laborers and CPI agricultural laborers and
the base year for calculation is taken as 2010.
Coupon Rate: Specified interest rate on a fixed maturity security fixed at the time of issue. The coupon
rate of a bond is the amount of interest paid per year as a percentage of the face value or principal.
NRO (Non Resident Ordinary a/c) : In this account , a person cannot repatriate income without RBI
approval but can remit Interest thereof.
NRNR (Non Resident Non Repatriable A/c ) : Under this account Principal amount in not permissible
to repartriate but interest can be.
NRE (Non Resident External) : In this account Funds and interest both can be remitted without RBI
permission. On NRE deposits the maximum ceiling is Libor rate + 175 basis points (Now there is no such
Ceiling).
NPA (Non Performing Assets) : Interest or Installment of Principal remains overdue for a period of
more than 90 days in respect of a Term Loan/ overdraft/ Cash credit.
Teaser Rate of Interest : This rate is typical low then the prevalent rate in the market. This is just to
allure the customer. This rate is charged only for a little time. And after that it gradually touch the index
rate or even more than that. This is a technique to attract customers.

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Appropriation Bill : It is presented to parliament for its approval, so that the government can withdraw
from the Consolidated fund the amounts required for meeting the expenditure charged on the
Consolidated Fund. No amount can be withdrawn from the Consolidated Fund till the Appropriation Bill
is voted is enacted.
Call Money: Itner Bank call market is a part of the domestic money market from where banks borrowed
and lent for one day called as Money at call and for a period more than 1day & upto 14days is called
Short notice or Notice money without any collateral security. Money lend for 15days or more is called
Term money.Normally funds are borrowed for 1 day and upto 3 days on weekends just to balance the
Cash Reserve Ratio.
Nostro Account: When national bank is opened in foreign with currency is known as Nostro a/c. e.g.
State bank india branch in USA.
CIBIL {Credit Information Bureau (India) Limited} : An effective mechanism for exchange of
information between banks and Financial Institutions for curbing the growth of NPAs.
Currency War: This is the other form of Protectionism. In this the tendency of every nation is that the
value of their currency should not appreciate. The big example of this is CHINA that is holding their
currency since 2008. It could be a cause of future Trade war.
Capital Budget: It consists of capital receipts and payments. It also incorporates transactions in the
Public Account. It has two components Capital Receipts and Capital Expenditure.
Repo Rate: Repo rate means a purchase and sale of agreement. It is a contract to buy securities and then
sell them back at an agreed future date and price. It is thus revenue for short term investment of surplus
funds. From RBI point of view it is called a short term lending and from banks point of view it is called
short term borrowing.
Reverse Repo rate : Reverse Repo Rate is an instrument of borrowing funds for a short period and
involves selling a security and simultaneously agreeing to repurchase it at a stated future date for slightly
higher price. From RBI point of view it is called a short term borrowing and from banks point of view it
is called a short term lending.
Group Company : As per RBI for the purpose of FDI, two or more enterprise which , directly or
indirectly , are in position to exercise 26% or more of voting rights in other enterprise or appoint more
than 50% of the members of the board of directors in the other enterprises.
Branch Vs Subsidiary: A subsidiary is a separate legal entity from the parent company, although owned
by parent company, has a same legal identity as its parent company , from liability , on the other hand
branch is not a separate legal entity of the parent company and liability wise there is no limit to the
parents companys liability , RBI has permitted to Foreign Banks to change from Branch Mode to the
Wholly Owned Subsidiaries.
NFS (National Financial Switch): It facilitates interconnectivity between banks switches and interbank
payment Gateway for authentication & routing the payment details of various E-commerce & E-Govt.

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activities (Retail Banking). Now NFS has been overtaken by NPCI (National Payment Corporation of
India).
SLR (Statutory Liquidity Ratio): This is a minimum Reserve which every bank has to maintain with
itself in the most liquid form to meet any demand of the depositors. Normally Government securities are
purchased to maintain SLR.
Prime Lending Rate (PLR): The term originally indicates the rate of interest at which a bank lends to
favored customers, i.e. those with high credibility, though this is no longer always the case. Some variable
interest rates may be expressed as a percentage above or below prime rate.
Sub Prime Rate: In India when money is lent below the PLR is known as Sub Prime Rate whereas in
USA when money is lent at rate above the PLR is known as Sub Prime rate.
Base Rate: As per recommendation of Mr. Deepak Mohanty of RBI to bring a complete transparency in
Banks lending system, in Indian Banking system the loan were sanctioned to the large corporate houses
even below the PLR and some time it were fixed very low without any justification. A Base rate
recommends that no bank will lend any money below the base rate. With this there shall be no extra
benefits to the large corporate houses. Base rate will be beneficial for the regulator RBI. Now all Banks
will either lend at Base rate or will park money with RBI, under LAF system. Base rate has been
implemented from 1
st
july, 2010.
GDRs (Global Depository Receipts): It is a dollor denominated instrument, an easy way of raising funds
from foreign countries. It is a mechanism that allows foreign investor to invest in Indian Companies.
Represents a certain number of equity shares on Indian companies. GDRs are issued by depository
usually American Banks & Indian shares are held by custodian in India (like ICICI). Traded in stock
exchanges in Europe or in US or both.
IPO (Initial Public Offer): 1
st
sale of stock by a company to the public .IPOs offer issued by smaller
younger co. seeking the capital to extend. It can also be done by large company.
FPO (Follow on Public Offer ) : A public company already listed on an exchange, a supplementary
shares made by a company that is already publicly listed & has gone thru the IPO process, it is also called
as secondary public offering subsequent to the companys IPO.
Zero Liability Protection: It is a bank guarantee. If your card is lost or stolen you may not be
responsible for unauthorized purchases made with your card if you report the theft promptly. The Zero
liability protection facility is free & automatically available on all bank consumer Credit Cards.
Vostro Account: When a foreign Bank is opened in the India with Indian Currency is known as Vostro
account e.g. Standard Chartered Bank in India.
SWAPS: It is a transaction where the bank purchases or sells the foreign currency simultaneously, for
different maturities, say purchases of spot and sale of forward or vice versa. Swap contracts obligate 2
parties to swap or exchange certain specified intervals. Swaps are not the instruments for raising funds
rather they allow better management of existing funds.

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