1. M Parrikar : Zero tolerance against terrorism 

(i) Defence Minister Manohar Parrikar while speaking at a conference on, Challenges and Solutions regarding border safety issues on Sunday said that the Government aims at a policy of zero tolerance in matters relating to national safety and security. 

(ii) He added that apart from cyber attacks in the digital era, the use of counterfeit notes can also become a form of economic terrorism resulting in an economic crisis in the country. 

(iii) He further added that Myanmar operations has changed security scenario in the country. 

2.RBI issues guidelines for 6 year and 13 year interest rates futures

(i) The Reserve Bank of India has issued final guidelines for the 6 year and 13 year cash  settled interest rates futures (IRF).

(ii) For the 6 year cash settled IRF contracts, the underlying shall be a coupon bearing government security of face value of Rs.100 and residual maturity between 4 and 8 years on expiry of futures contract. 

(iii) For the 13-year cash settled IRF contracts, the underlying can be a coupon bearing government security of face value of Rs 100 and residual maturity between 11 and 15 years on the expiry of futures contract. 

3. Dr. Bimal Roy sacked by the Government 

(i) Scientist and Padma Shri Awardee Bimal Roy was sacked from his post as the Director of the Indian Statistical Institute (ISI) despite having a month and half left to complete his tenure. 

(ii) He will be replaced by Sanghamitra Bandyopadhyay, who is to take charge of the office from August 1st, 2015.

(iii)The Ministry of Statistics and Programme Implementation had issued an order on June 10th which stated, “There is justified and reasonable apprehension that the current director may indulge in propagation of indiscipline and mischief, including acts of administrative and financial impropriety in the interregnum up to 31st July, before the new director takes charge.”

4.Bibek Debroy committee recommendation on restructuring Indian Railways released

(i) The Bibek Debroy Committee in its interim report on the Indian Railways recommended sweeping changes in the functioning of the Indian Railways.

(ii) The report dwells on all those factors which ail the functioning of the Indian Railways and recommends steps to decentralise its operations, encouraging private players and eliminate railway budgets among others recommendations.

(iii) The report highlights ten key recommendations of the interim report. They are:

(a)Transition to commercial accounting

(b) Streamline recruitment and HR processes

(c) Focus on non-core areas

(d) Decentralisation

(e) Indian Railway manufacturing company

(f)  Encouraging private entry

(g) Independent Regulator

(h) Social costs & Joint Ventures to bear them

(i) Changing relationship between government & Railways

(j) Raising Resources

5. Whole sale price index inflation rose to negative 2.36 % in the previous month

(i) The wholesale price index inflation rose to negative 2.36 % for the month of May as    compared to negative 2.65 in the previous month.

(ii) On account of higher prices of gram, urad, arhar, masur, tea, moong, fish-marine, eggs, Jowar, spices and milk an increase in inflation is observed. 

6. Vedanta ltd. absorbed oil firm Cairn India

(i) India’s largest private miner Vedanta Ltd. is set to absorb oil firm Cairn India in 2.3  billion dollars, an all share deal to create India’s largest diversified natural resources company.

(ii) This merger is expected to help Vedanta reduce some debts. It is reported that Vedanta will use Rs 16,867 crore cash lying with Cairn to pay off part of its Rs 77,752 crore debt.

7. VK Singh inaugurated first India- China yoga college at Yunnan Minzu University, China 

 (i) Minister of State (MoS) for External Affairs V K Singh and the Vice Governor of   Yunnan Province Ding Shaoxiang inaugurated the India-China Yoga College in   Yunnan Minzu University on Saturday.

(ii) This event came ahead of the first UN Yoga Day to be observed on June 21st.

(iii) It will be first such government institution in China devoted to Indian Spiritual Art,  which for the past few years has become popular in the country. 

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