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Business and Economic Current Affairs August 08 2013



Saina enters World Championship quarter-final

Third seeded Saina, beat 15th seed Buranaprasertsuk 18-21 21-16 21-14 in a clash which lasted 52 minutes to enter the quarter-finals of the BWF World Badminton Championships consecutively beating her five times before today.
Saina will next take on the winner of other prequarterfinal match between Sayaka Takahashi of Japan and Korea’s Yeon Ju Bae, who has been seeded 13th in the event.

 

RBI transfers Rs 33,000 cr surplus profit to Govt

The Government has received a bounty of Rs 33,010 crore from the Reserve Bank of India.
2012 Surplus was Rs 16,010 crore.
Subbarao, who has not missed an opportunity to emphasise the importance of containing subsidies, re-prioritising expenditure towards plan and capital expenditure and fiscal consolidation, will demit office on September 4.
It is, therefore, important for the Centre to take steps to contain its non-plan revenue expenditure within the limit set in the Union Budget 2013-14 through subsidy reforms.

 

RBI to auction Rs 22,000 cr bonds every Monday

Amid speculation in the foreign exchange market and to put hard check on the slide of the rupee, the Reserve Bank of India, announced further liquidity draining measures by auctionioning Government of India Cash Management Bills (CMBs) for a notified amount of Rs 22,000 crore every Monday.

To Know About Cash Management Bill
Cash Management Bill

Reasons:

1. Since the beginning of the current financial year, the rupee has depreciated by about 12 per cent, making imports costlier. With almost 80 per cent of India’s crude oil requirements being met through imports, the depreciation of the rupee would stoke inflation further.

2. Besides, slowdown in exports has widened the trade deficit (the excess of imports over exports), resulting in the rupee coming under pressure.

Earlier Measures:

RBI had announced liquidity tightening measures, whereby the amount of money that banks can borrow from it has been reduced drastically. The amount of funds that banks need to maintain on an average daily basis with the RBI has also been raised. The RBI’s liquidity draining measures have pushed up short-term interest rates.

 

Raghuram Rajan appointed as next RBI Governor for three years, to succeed Subbarao

The government has appointed Raghuram Rajan as the next governor of the Reserve Bank of India, raising hopes that the former IMF chief economist, who in 2005 famously predicted the financial crisis that hit the developed world three years later, will bring a fresh and perhaps more innovative approach to pull the economy out of the current crisis of slowing growth and a weakening currency.

Rajan, 50, who is currently the chief economic advisor, will take over from D Subbarao on September 4. He is the youngest governor of India's central bank since Sir CD Deshmukh, the first Indian governor whose tenure ran from August 1943 to June 1949.

"Prime Minister Manmohan Singh has approved appointment of Raghuram Rajan as governor of RBI for a term of three years," the finance ministry said in a statement. He will be the 23rd governor of RBI, succeeding Subbarao, whose tenure was marked by visible tension between North Block, the abode of the finance ministry, and Mint Street, as RBI is often referred to.

 


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