Current Affairs India - 4 August 2016

1. Rajya Sabha has passed the long pending GST (Constitution 122nd amendment) bill yesterday after getting support from all the political parties except AIADMK. Once implemented completely, this will pave the way for what is popularly referred to as the concept of -one nation, one tax.- This is considered to be the biggest reform after liberaisation policy reform in 1991 and expected to boost GDP growth, consumption, ease of doing business and overall taxing process in India.

2. The Reserve Bank of India (RBI) has formed a committee, headed by Dr. Tarun Ramadorai, Professor of Financial Economics, University of Oxford, to look at the various facets of household finance in India and to benchmark India-s position compared to other peer and advanced countries. The Committee will have representation from financial sector regulators, namely, Securities and Exchange Board of India (SEBI), Insurance Regulatory and Development Authority of India (IRDAI), Pension Fund Regulatory and Development Authority (PFRDA) apart from Reserve Bank of India (RBI).
3. Four Indian-American have been named among America's top wealth advisors by Forbes on a list of 200 members who collectively manage USD 675 billion. Raj Sharma and Ash Chopra, working in Merrill Lynch - Private Banking and Investment Group, have been ranked 17th and 129 respectively while Sonny Kothari of Merrill Lynch Wealth Management has been ranked 176, Raju Pathak of Morgan Stanley Wealth Management has been ranked at 184 in the same list.
4. Nimesh Kampani has resigned as the Managing Director of JM Financial Ltd with effect from 30th September 2016. He will be succeeded by his son Vishal Kampani as the Managing Director of JM Financial.
5. The advisory committee of the Rajiv Gandhi National Sadbhavana Award has chosen Shubha Mudgal for the 23rd Rajiv Gandhi National Sadbhavana Award for her outstanding contribution towards the promotion of communal harmony, peace and goodwill.