1.    Govt announces 7th Pay Commission for central employees
i. Ahead of elections, 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. 
ii. "Prime Minister Manmohan Singh approved the constitution of the 7th Pay Commission. Its recommendations are likely to be implemented with effect from January 1, 2016", Finance Minister P Chidambaram said in a statement. 
iii. The setting up of the Commission, whose recommendations will benefit about 50 lakh central government employees, including those in defence and railways, and about 30 lakh pensioners, comes ahead of the Assembly elections in 5 states in November and the general elections next year. 
iv. 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. 
v. As the Commission takes about two years to prepare its recommendations, the award of the seventh pay panel is likely to be implemented from 1st January, 2016, Chidambaram said.
vi. The names of the chairperson and members of the 7th Pay Commission and its terms of reference will be finalised shortly after consultation with major stakeholders, Chidambaram said.

Note: The sixth Pay Commission was implemented from 1st January, 2006, fifth from 1st January, 1996 and fourth from 1st January, 1986. 

2.    Nelson Mandela gets Humanitarian Achievement Award
i. Former South Africa president Nelson Mandela was honoured with the Humanitarian Achievement Award this year.
ii. The anti-apartheid crusader, a global icon for peace and freedom, was given the award Sunday night for his outstanding leadership for human rights and development, reported Xinhua.
iii. His wife, Graca Machel, received a Humanitarian Achievement Recognition award for her tireless advocacy for education, children’s welfare and culture.
iv. At the Sunday ceremony, Costa Rica’s President Laura Chinchilla Miranda, Prime Minister of Bahrain Khalifa bin Saliman Al-Khalifa, and Prime Minister of Fiji Josaia Voreqe Bainimarama were given this year’s Global Governance Leadership award.

3.    RBI bans 0% interest for EMI schemes
i. 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.
ii. The central bank has also said that no additional charges can be levied on payment through debit cards.
iii. RBI said: The very concept of zero per cent interest is non-existent and fair practice demands that the processing charge and interest charged should be kept uniform product or segment wise, irrespective of the sourcing channel, as such schemes only serve the purpose of exploiting vulnerable customers.
iv. In the zero per cent EMI schemes offered on credit cards, the interest element is often camouflaged and passed on to customers in the form of processing fee.
v. The only factor that can justify differential rate of interest for the same product, tenor being the same, is the risk rating of the customer, which may not be applicable in case of retail products where the interest component is generally kept flat, being indifferent to the customer risk profile.

4.    RBI sets up panel to study financial services for small businesses
i. The Reserve Bank of India has set up a committee on comprehensive financial services for small businesses and low-income households.
ii. The committee will be headed by Nachiket Mor, member on the Central Board of Directors, Reserve Bank of India.
iii. 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.
iv. It will review existing strategies and develop new ones that address specific barriers to progress and that encourage participants to work swiftly towards achieving full inclusion and financial deepening, consistent with the design principles.
v. The committee has also been asked to develop a comprehensive monitoring framework to track progress of the financial inclusion and deepening efforts on a nationwide basis.
vi. The committee will submit its final report by December 31.

5.    RBI fixes cut-off price at Rs. 82 for inflation indexed bonds
i. 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.
ii. The RBI received 83 competitive bids for an amount of Rs. 2,102 crore. It accepted 46 bids for an amount of Rs. 960 crore, and the devolvement on primary dealers amounted to Rs. 40 crore.

Special repo auction
i. At the special repo auction held on Tuesday for purchase of securities by the RBI with a fixed rate of 10.25 per cent, the Central Bank did not receive any bids.
ii. The RBI accepted bids for a total amount of Rs. 7,091 crore under the 10-year state development loans of 12 state governments for raising Rs. 9,235 crore. The cut-off yields ranged from 9.65 per cent to 9.94 per cent.

LAF auction
Under the liquidity adjustment facility, the RBI conducted one-day reverse repo auction for sale of securities at a fixed rate of 6.50 per cent. It received two bids for an amount of Rs. 15 crore, and accepted them in full.

6.    White-label ATM Indicash ATMs opened in Mysore
i. Tata Communications Payment Solutions Ltd (TCPSL), a wholly owned subsidiary of Tata Communications Ltd, today inaugurated Indicash ATMs in Mysore.
ii. The company simultaneously launched more than five ATMs across Mysore.
iii. TCPSL is planning to deploy a minimum of 1,000 Indicash ATMs in Karnataka, a region which plays a vital role in the company’s rollout plans of 15,000 Indicash ATMs across India over the next three years.

Note: 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 offers insurance policies in demat form
i. Reliance Life Insurance has launched life insurance policies in electronic demat form across all its products.
ii. 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.
iii.  This green initiative is aimed at complementing the regulator’s efforts to save hundreds of crores spent on printing, dispatching and storing insurance policies by the industry.
iv. This initiative will make it easier for the customers to buy and monitor multiple life insurance policies in a single demat account,” said Anup Rau, Managing Director and Chief Executive Officer of Reliance Life Insurance.

E-Insurance Account
i. As per the process, a policy holder can choose to open an E-Insurance Account with any one of the five approved insurance repositories by providing their (KYC) documents, which include address and identity proof etc.
ii. Thereafter, the policy holder would be allotted a unique EI Account number and will have the choice to dematerialise the existing policies in the EI Account.

Note: i. This initiative follows the inauguration of the Insurance Regulatory and Development Authority's Insurance Repository System by Finance Minister P. Chidambaram in Hyderabad last week to enable and encourage policy holders to hold their insurance policies in demat form.
ii. IRDA has approved five companies — Database Management Ltd, Central Insurance Repository Ltd, SHCIL Projects Ltd, CAMS Repository Services Ltd and Karvy Insurance Ltd — as insurance repositories.
iii. “The electronic insurance account will eliminate repetitive KYC requirements and provide one view of policies, premium paid and claim history and nominee details and bring in all the benefits of demat to the life insurance business, including automatic reminders for premium.

8.    First-ever India International Bullion Summit to be held in Mumbai
i. The Bombay Bullion Association, the apex body of all bullion and jewellery associations in India, on Tuesday said it would host the first-ever India International Bullion Summit, IIBS in Mumbai on October 5th.
ii. BBA President Mohit Kamboj said in a release that IIBS is likely to see participation of more than 2,000 delegates from India and abroad.
iii. 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 appointed India's Ambassador to Germany
i. Vijay Keshav Gokhale has been appointed as India's next Ambassador to Germany.
ii. Gokhale, a 1981- batch officer of the Indian Foreign Service, has been India's High Commissioner to Malaysia since 2009.
iii. He was previously Joint Secretary ( China and East Asia).

10.  Ruchira Kamboj named new Permanent Representative to UNESCO
i. 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. 
ii. The 1987-batch IFS officer, Kamboj will succeed V S Oberoi, an External Affairs Ministry release said. 

11.  A.J. Tharakan New SEAI President
i. A.J. Tharakan has been elected national president of the Seafood Exporters Association of India.
ii. Elias Sait will continue as the secretary general. Other functionaries are: V. Padmnanabham and Kenny Thomas, vice-presidents; and Norbert Karikkassery, treasurer.

12.  Aircel ties up with Micromax
i. Mobile telephony and data services provider Aircel has tied up with handset maker Micromax for integrated device sales and activation.
ii. 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.
iii. Similar offers with some variations are also being offered on the data-enabled 2G phones and dongles.

13.  R.M. Premkumar is MCX interim Chairman
i. Multi Commodity Exchange of India Ltd (MCX) has an interim Chairman in R.M. Premkumar, a retired Indian Administrative Service (IAS) officer.
ii. He will hold this post till the reconstitution of the board in accordance with the Forward Markets Commission (FMC) guidelines on board composition, MCX said in a filing with the stock exchanges today.
iii. Ravi Kamal Bhargava, a retired IAS officer, has been appointed as Chairman of the Audit Committee till the reconstitution of the board. Bhargava is currently FMC-nominated independent director on the MCX board.
iv. Meanwhile, Joseph Massey, Managing Director and CEO of MCX-SX, has withdrawn his request for re-appointment as director of MCX. Massey is expected to vacate his office as director of MCX with effect from the close of business hours on September 30.

14.  Ramlubhya appointed Raj State Election Commissioner
i. Retired IAS officer Ramlubhaya has been appointed Commissioner of Rajasthan State Election Commission.
ii. Ramlubhaya, who will succeed incumbent A K Pandey, will take over the post from October 1 for a five-year tenure, a government release issued yesterday said.
iii. He was previously working in the capacity of Additional Chief Secretary in the Water Resources department, the release said.
iv. Elections to the state legislative assembly are scheduled for the end of this year.

15.  ONGC to explore shale gas in Cambay Basin
i. 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.
ii. On Tuesday, the Government unveiled a policy allowing ONGC and Oil India to explore shale gas in the blocks they own.
iii. The public sector explorer would spread its shale gas exploration programme across several blocks located in the Cambay Basin.
iv. ONGC Videsh Ltd, the overseas subsidiary of the public sector explorer, would raise $4 billion through bonds and loans in the international market to part fund its two recent acquisitions in Mozambique, said ONGC Group Chairman Sudhir Vasudeva.

16.  4G Identity Solutions wins Red Herring 2013 top 100 Asia Award 
i. 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.
ii. The company, which is into providing large scale ikdentity management solutions, has played a significant role in bringing biometric technologies to civil ID, especially for social inclusion programmes.
iii. 4Gid has helped deploy several global projects including Aadhaar-UID Project of India, a press release said. Sreeni Tripuraneni Chairman and CEO of 4G Identity Solutions, said the recognition will spur the company to implement more projects based on biometric technologies on a larger scale.

17.  Australia unveils its most powerful super computer Raijin
i. Australia's most powerful super computer, Raijin, was today unveiled in Canberra.
ii. 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.
iii. The super computer, unveiled at Australian National University (ANU), is said to be the 27th most powerful computer in the world, it said.

18.  India enter semi-finals of Asia Cup hockey
i. India defeated hosts Malaysia 2-0 to qualify for the semi-finals of the eighth women's Asia Cup hockey tournament on Tuesday.
ii. Poonam Rani (39th) and Lily Chanu (46th) scored two second half goals at the Stadium Hoki Nasional to seal India's place in the last-four stage of the eight-nation tournament.
iii. With six points in their kitty, the Indian eves finished their Pool A engagements on second position behind China (nine points).
iv. India will now face Pool B toppers Korea in the first semi-final on Thursday, while China will take on Japan in the second last-four match.

Note: i. Veteran midfielder Ritu Rani is the Captain of the Indian women's hockey team in the eighth Asia Cup.
ii. Aisa Cup is going on Kuala Lumpur, Malaysia.

19.  BCCI imposes life ban on Lalit Modi from any of its activities
i. The Board of Cricket Control of India, BCCI, today imposed a life ban on former IPL Comissioner Lalit Modi from any of its activities.
ii. The decision to this effect was taken at the special general meeting under the chairmanship of BCCI President N.Srinivasan at Chennai.
iii. The meeting which was attended by 30 members of the Board, discussed the findings of the disciplinary committee and found Modi guilty on eight charges including financial irregularities, indiscipline and misconduct.
iv. The official statement issued by the BCCI after the meeting, proclaimed the resolution taken by the Board. The Board members will again meet on the 29th of this month for the annual general meeting to elect its Chairman.
v. Earlier, Mr. Lalit Modi had appealed to the Supreme Court to issue a stay on today’s meeting. The case was dismissed by the Court, saying that the meeting was an internal affair of the BCCI.

20.  India lose to Russia in opening tie of junior Davis Cup finals
i. India have suffered a 0-3 defeat at the hands of top seeded Russia in their opening tie of the junior Davis Cup finals. ii. At San Luis Potosi, Mexico, yesterday, India lost both the Singles and the Doubles in the Group A Tie.
iii. Garvit Batra began the Indian campaign and lost the opening singles 3-6, 3-6 to Andrey Rublev. In the second Singles, Sumit Nagal was defeated by Roman Safiullin 3-6, 1-6.

21.  U-21 Johor Cup Hockey: India take on Pak in third round robin match
i. India will take on Pakistan in their third round-robin match of the Under-21 Sultan of Johor Cup Hockey tournament at Johor Bahru, Malaysia today. 
ii. With 2 wins in as many games, India is currently third in the points table with 6 points.
iii. In their opening fixture, the Indian colts had defeated England, 2-1, while they beat Argentina, 3-2 in their second match on Monday.
iv. In today's other matches, hosts Malaysia will clash with England, and Argentina will meet Korea.
22.  China's Liu Shiwen wins her third TT World Cup
i. Chinese paddler Liu Shiwen clinched her third women's table tennis World Cup after beating team-mate Wu Yang in four sets.
ii. The world No.1 ranked player triumphed 11-3, 11-7, 11-7, 11-2 Monday, reports Xinhua. She won the World Cup in Guangzhou in 2009 and in Huangshi one year ago.
iii.She has never lost a match in the Women's World Cup at her two previous appearances, in2009 and 2012. 
iv.  Currently, Liu Stands at No.1 on the Women;s World ranking in T.T.

23.  Harry Goodwin, a former Top Of The Pops photographer, 
i. Harry Goodwin, an ace photographer who snapped some of pop music's biggest names including The Beatles and Jimi Hendrix, has died. He was 89.
ii. Goodwin, who died on Monday after a short illness, was resident photographer at BBC's Top of the Pops from 1964 to 1973.
iii. Stars he captured included The Beatles, Bob Dylan, Jimi Hendrix, The Rolling Stones and Michael Jackson. "Harry had a wonderful talent and was a truly great photographer," Goodwin's agent Stuart Littlewood reportedly said.
iv. In 1964 he became in-house photographer for Top Of The Pops when it was filmed in Manchester at its studio on Dickenson Road. 
v. Tim Burgess lead singer of The Charlatans tweeted, "Sad to hear of the death of Harry Goodwin - a true unsung hero of music photography."

24.  No service tax for school buses, hostels
i. 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.
ii. “By virtue of the entry in the negative list and by virtue of the portion of the exemption notification, it will be clear that all services relating to education are exempt from service tax,” the Central Board of Excise and Customs (CBEC) said.
iii. It further said there were many supplementary services or ‘auxiliary educational services’, which have been defined in the exemption notification
iv. Such services, the CBEC said, provided to an educational institution were exempt from service tax.