Current Affairs for IAS Exams - 02 August 2015

Current Affairs for IAS Exams – 02 August 2015

:: National ::

Parliamentary panel for single-window redressal to all investor problems

To ensure a single-window clearancesystem for resolving all investor problems, a Parliamentary panel has suggested bringing the grievance redressal mechanism under the proposed IEPF Authority.
The suggestion comes against backdrop of rising instances of investors getting duped by fraudulent investment schemes and dubious companies.
The panel has also said that setting up of the Investor Education and Protection Fund (IEPF) Authority, under the new companies law, has taken an "unduly long time".
Under the Companies Act, 2013, the Corporate Affairs Ministry is to set up the IEPF Authority but it would not cover redressal of investor grievances in the proposed form.
These observations are part of the Standing Committee on Finance's report on action taken by the government on the recommendations made by the panel on Demands for Grants (2014-15).
According to the panel, excluding investor grievances from the mandate of IEPF Authority "will do no justice to the investors' fraternity".
Regarding the Indian Institute of Corporate Affairs (IICA), the panel said the organisation should redefine itself rather than just being a training institution.

:: International ::

Britain, France Make New Push to Block Migrants

Britain and France said Sunday it was a "top priority" for them to block the onslaught of thousands of migrants seeking passage to England via the Eurotunnel.
In a joint statement published in British and French newspapers, British Home Secretary Theresa May and her French counterpart, Bernard Cazeneuve, called on other European Union countries and the international community to help curb the flow of refugees from Africa to Europe.
The two officials said the thousands of migrants who have sought passage from Calais, France on trains or trucks into Britain in recent weeks have often made their way there after first landing in Italy and Greece via Mediterranean boat trips from Africa.
May and Cazeneuve said the crisis should not be addressed by easing immigration policies, but rather by "reducing the number of migrants who are crossing into Europe from Africa."
At least 10 migrants have died attempting the France-to-Britain passage.
Britain and France say they are bolstering security at the French entry to the Eurotunnel, adding more police and private security guards, more fencing and infra-red detectors and floodlighting.

:: Business ::

Sebi warns to Investors

Ready to regulate commodity trading, Sebi has cautioned small investors against coming for quick gains through speculation in this market, which is "risky" and requires a lot of technical expertise.
"People will come and tell you that with a small margin, you can make a lot of money. Do not fall into the trap," Sebi Chairman U K Sinha said, even as he asserted that the capital markets watchdog was fully prepared to begin regulating commodities trading and all necessary safeguards would be put in place to keep the scamsters and manipulators at bay.
Sebi, which expects the merger of commodities market regulator FMC with it to be completed by next month, will soon put in place a new set of regulations for this segment and the restrictions, including for trading lot sizes, would also be implemented to ensure safety of the small investors.
Announced by Finance Minister Arun Jaitley in his Budget for 2015-16, FMC's merger with Sebi will help streamline regulations and curb wild speculations in commodities market, while facilitating participation of domestic and foreign institutional investors and launch of new products.
Besides, the high-profile NSEL scam has rocked this market in the recent past and the subsequent regulatory and government interventions in this case eventually led to the government announcing FMC's merger with Sebi.
At present, there are three national and six regional bourses for commodity futures in the country. Together, all the exchanges clocked a turnover of nearly Rs 60 lakh crore in 2014-15, from over Rs 101 lakh crore in the previous fiscal.

India’s should worried about CAD

India’s current account deficit (CAD) is likely to widen in the June quarter to 1.8-2.0% of GDP while for the current financial year, it is likely to remain under control, says a DBS report.
According to the global financial services major, though the widening of CAD is likely to raise concerns “briefly” over wider trade imbalances, the full-year CAD is likely to remain within control. “India’s current account deficit is likely to widen anew in the June 2015 quarter, but will not emerge as a flash-point for the full-year FY15/16 (April 2015 to March 2016),” DBS said in a research note.
As per official figures, the CAD, which is the difference between the inflow and outflow of foreign exchange shrank to 1.3% of GDP ($27.5 billion) in 2014-15 from 1.7% ($32.4 billion) in 2013-14.
The Reserve Bank of India and the government have been maintaining that the CAD level is comfortable.
The DBS report said that on quarter-on-quarter basis imports rose 2.8% in the June quarter while exports fell 5%.

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:: Sports ::

Rajat Chauhan wins India's first individual medal in World Archery

Rajat Chauhan created history by winning a silver medal in the World Archery Championships in Copenhagen on Saturday.
This is India's first individual medal in the World event. The 20-year-old marksman, who won the team gold medal in the Asian Games last year, went down fighting to local favourite Stephan Hansen of Denmark 147-143 in the compound individual final event.
The women's recurve team of Deepika Kumari, Chekrovolu Swuro and Laishram Bombayla Devi had won India a silver medal in the World Championship in 2011.
Chauhan started well against Hansen, matching his local rival arrow for arrow to tie the first two sets, both scoring 29 points each.
In the third set, Hansen opened up a handy three-point lead with three perfect 10s to net 30 points. Chauhan could manage only 27 in that third set.