2. The government on Wednesday announced constitution of the Seventh Pay Commission, which will go into the salaries, allowances and pensions of about 80 lakh of its employees and pensioners. The government constitutes Pay Commission almost every ten years to revise the pay scales of its employees and often these are adopted by states after some modification. The sixth Pay Commission was implemented from 1st January, 2006, fifth from 1st January, 1996 and fourth from 1st January, 1986.
3. The RBI on Wednesday banned zero per cent interest rate scheme for purchase of consumer goods; a move intended to protect customers, which may however dampen the festive spirit.
4. The Reserve Bank of India has set up a committee on comprehensive financial services for small businesses and low-income households. The committee will be headed by Nachiket Mor, member on the Central Board of Directors, Reserve Bank of India. The committee has been asked to come out with a set of design principles that will guide the development of institutional frameworks, and regulation for achieving financial inclusion and financial deepening.
5. The Reserve Bank of India set the cut-off price at Rs. 82 on inflation-indexed bonds (yield-to maturity 3.6624 per cent) for a notified amount of Rs. 1,000 crore at the bond auction held on Tuesday.
6. Tata Communications Payment Solutions Ltd (TCPSL), a wholly owned subsidiary of Tata Communications Ltd, today inaugurated Indicash ATMs in Mysore. The company’s first white-label ATM was launched at Chandrapada village in Thane district on June 27. This is in keeping with the Reserve Bank of India’s vision to accelerate growth and improve ATM penetration across the country.
7. Reliance Life Insurance has launched life insurance policies in electronic demat form across all its products. Reliance Life Insurance is among the first few private insurers to offer policy holders the option to hold their insurance policies in electronic demat form.
8. The Bombay Bullion Association, the apex body of all bullion and jewellery associations in India, would host the first-ever India International Bullion Summit, IIBS in Mumbai on October 5th. The IIBS would serve as a platform for industry experts, suppliers and buyers to converge and address concerns of the industry.
9. Vijay Keshav Gokhale has been appointed as India’s next Ambassador to Germany. Gokhale, a 1981- batch officer of the Indian Foreign Service, has been India’s High Commissioner to Malaysia since 2009. He was previously Joint Secretary ( China and East Asia).
10. Ruchira Kamboj, currently the Chief of Protocol, has been appointed as the next Permanent Representative of India to UNESCO, Paris, with the rank of Ambassador. The 1987-batch IFS officer, Kamboj will succeed V S Oberoi.
11. A.J. Tharakan has been elected national president of the Seafood Exporters Association of India. Elias Sait will continue as the secretary general. Other functionaries are: V. Padmnanabham and Kenny Thomas, vice-presidents; and Norbert Karikkassery, treasurer.
12. Mobile telephony and data services provider Aircel has tied up with handset maker Micromax for integrated device sales and activation. As part of the tie-up, customers who purchase Micromax handsets in the retail networks of both the companies would be eligible for a host of bundled offers including Rs 10,000 worth entertainment content free for over three months on 3G phones.
13. Retired IAS officer Ramlubhaya has been appointed Commissioner of Rajasthan State Election Commission. Ramlubhaya, who will succeed incumbent A K Pandey, will take over the post from October 1 for a five-year tenure.
14. ONGC is to explore shale gas in the Cambay Basin. It will spend nearly Rs 150-Rs 200 crore to drill the first set of wells starting next month, N. K. Verma, Director (Exploration) of India’s largest explorer, said on Wednesday.
15. 4G Identity Solutions Private Ltd (4Gid) has won the Red Herring 2013 top 100 Asia Award, one of the industry’s prestigious awards recognising the year’s most promising private technology ventures from the Asian business region.
16. Australia’s most powerful super computer, Raijin, was today unveiled in Canberra. Raijin, named after the Japanese God of thunder and rain, has cost $45.2 million to build and will cost USD 10.85 million a year to run, the Australian Broadcasting Corporation (ABC) reported.
17. The Finance Ministry, on Friday, clarified that ‘auxiliary educational services’ such as hostels, canteen and school buses will not attract 12 per cent service tax.
18. India defeated hosts Malaysia 2-0 to qualify for the semi-finals of the eighth women’s Asia Cup hockey tournament on Tuesday.
19. The Board of Cricket Control of India, BCCI, today imposed a life ban on former IPL Comissioner Lalit Modi from any of its activities. The decision to this effect was taken at the special general meeting under the chairmanship of BCCI President N.Srinivasan at Chennai.
20. India BEAT Pakistan 4-0 at Sultan of Johor Cup Under-21 hockey tournament in Malaysia.
21. India have suffered a 0-3 defeat at the hands of top seeded Russia in their opening tie of the junior Davis Cup finals.
22. Chinese paddler Liu Shiwen clinched her third women’s table tennis World Cup after beating team-mate Wu Yang in four sets.
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