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  1. RBI launches portal to curb illegal money

The Reserve Bank of India (RBI) has launched a website (sachet.rbi.org.in) to curb illegal and unauthorised pooling of funds by unscrupulous firms. The website was launched by RBI Governor Raghuram Rajan in Mumbai, Maharashtra. It will help people obtain information about entities allowed to collect deposits.

Key features of Portal

Facilitate filing, tracking of complaints relating to illegal and unauthorised pooling of funds by unscrupulous firms.

  • Provide information about whether any particular entity is registered with any regulator or is permitted to accept deposits.
  • Help to enhance coordination among regulators and state government agencies to curb instances of unauthorised acceptance of deposits by unscrupulous entities.
  • Incorporates regulations prescribed by all financial regulators that different entities have to follow.
  1. Gujarat HC quashes 10% quota for economically backward classes

The Gujarat high court has quashed 10 percent reservation quota for the economically backward classes (EBCs). In this regard, the Court has declared The Gujarat Unreserved Economically Weaker Sections (Reservation of Seats in Educational Institutions in the State and of Appointments and Posts in Services under the State) Ordinance, 2016 unconstitutional.

Key Facts

  • The ordinance was termed as unconstitutional as the total reservation exceeds in the state exceeded the 50 percent cap set by the Supreme Court.
  • The ordinance had provided 10 percent quota for EBCs in higher educational institutions and government jobs.
  • Moreover, the HC also stated that there was no survey conducted to grant this ECB quota.
  1. D K Gayen assumes charge as General Manager of East Central Railway.

D K Gayen on 4 August 2016 assumed charge of General Manager of East Central Railway (ECR) with headquarters at Hajipur in Bihar. Gayen succeeds Rajeev Mishra, GM of Eastern Railways, who was holding additional charge of ECR.

Gayen is a 1979 batch officer of Indian Railway Service for Mechanical Engineers (IRSME). Gayen was earlier working as Chief Mechanical Engineer of South Eastern Railway at Kolkata.

About East Central Railway Zone

  • East Central Railway is one of the 16 railway zones in India and is headquartered at Hajipur.
  • ECR comprises of five divisions — Danapur, Dhanbad, Mughalsarai, Samastipur and Sonepur.
  • The zone came into existence on 8 September 1996 and is fully operational since 1 October 2002.
  • This zone is spread over states of Bihar, Jharkhand, Uttar Pradesh and Madhya Pradesh.
  1. Youssef Chahed appointed as Prime Minister of Tunisia.

Tunisia’s President Beji Caid Essebsi on 3 August 2016 named Youssef Chahed as the Prime Minister of the country. Chahed’s appointment came after parliament ousted Habib Essid in a vote of no-confidence because of his handling of economic reforms and security.

Prior to this, Chahed was Minister for Local Affairs of Tunisia. He is an agricultural sciences specialist and academic who has taught in France and Tunisia.

About Youssef Chahed

  • Born in Tunis on 18 September 1975, Chahed entered politics after initially establishing himself as an academic.
  • Professionally, Chahed’s first post was as Professor of Agricultural Economics at the Higher Institute of Agriculture in France from 2003 to 2009.
  • He is also part of the Nidaa Tounes secular party. Nidaa Tounes and the Islamist Ennahda party, both form part of the ruling coalition.
  • He was also involved in the conception and delivery of capacity building systems between Tunisia and the United States.
  • Prior to his role as Minister for Local Affairs, Chahed served as the Secretary of State for Fisheries.
  1. IOC agrees to add five sports in 2020 Tokyo Olympics.

The International Olympic Committee (IOC) on 3 August 2016 agreed to add five new sports to the progaramme for 2020 Tokyo Olympics. The sports to be added include Baseball/Softball, Karate, Skateboard, Climbing Sports and surfing in the 2020 Tokyo Olympics.

The decision was taken by the 129th IOC session being held in Rio de Janeiro.

The Organising Committee for the Tokyo 2020 Games proposed the five new sports in response to the new flexibility provided by Olympic Agenda 2020. Tokyo 2020, the first Organising Committee able to take advantage of the change, submitted its proposal for the five new sports to the IOC in September 2015.

The additional sports in Tokyo will not impact the athlete or event quotas of existing Olympic sports or be binding on future host cities. The inclusion of the new sports will add 18 events and 474 athletes.

  1. Vinod Rai steps down from IDFC Bank’s board.

Former Comptroller and Auditor General (CAG) of India Vinod Rai on 1 August 2016 stepped down from private sector lender IDFC Bank’s board.

However, Rai will continue to be the non-executive independent chairman of IDFC Ltd.

The decision was taken to avoid conflict of interest as Rai is also the chairman of Bank Board Bureau (BBB). THE BBB will not only select board members of public sector banks but will also devise strategies for them.

Rai was on IDFC Bank board since its inception in October 2015. He was appointed as the Chairman of Bank Board Bureau on 28 February 2016.

About Vinod Rai

  • Vinod Rai was the 11th Comptroller and Auditor General of India.
  • He assumed office on 7 January 2008 till 22 May 2013.
  • He is the current chairman of UN Panel of External Auditors and Honorary Advisor to the Railways.
  • He is also a member of the Railway Kaya Kalp Council.
  • He obtained a master’s degree in Economics from the University of Delhi, and Masters in Public Administration from Harvard University.
  • He is widely considered as symbol of the anti-corruption movement.
  • He is credited with having turned the office of CAG into a powerful force for accountability and transparency in contemporary India.

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