General Awareness for MBA : 26 August – 1 September

Get to know the most important news and happenings of the week (26 August – 1 September). It will help you in your preparation for General Awareness.

Created On: Sep 3, 2014 12:35 IST


  1. Goods and Services Tax (GST) Panel on 20 August 2014 decided to lower the threshold limit for imposing GST on entities to 10 lakhs rupees from the proposed 25 lakhs rupees. This was decided at the Empowered Committee of State Finance Ministers on GST meet headed by Chairman Abdul Rahim in New Delhi. Abdul Rahim is the Finance Minister of Jammu & Kashmir.
  2. Union Textiles Ministry on 25 August 2014 signed MoU with Flipkart to provide online marketing platform to handloom weavers. The MoU was signed in New Delhi to boost the sector and empower the weavers and boost manufacturing in the country. Flipkart is a leading online market service provider.
  3. Indian Railway Catering and Tourism Corporation (IRCTC) on 28 August 2014 launched a new application to book train tickets for Black Berry smartphone users. The application was launched with an eye on the growing usage of mobile applications.
  4. The Securities and Exchange Board of India (SEBI) on 30 August 2014 allowed sharing of Know-your-Client details with entities regulated by other financial sector watchdogs.
  5. India on 29 August 2014 signed loan agreement with World Bank for Mizoram State Roads Project (MSRP II). As per the agreement, soft loan window of World Bank, International Development Agency (IDA) will provide assistance of 107 million US dollars for the Project.
  6. The Reserve Bank of India (RBI) on 1 September 2014 issued guidelines on implementation of Basel III Capital Regulations. The issued guidelines are to facilitate raising of non-equity regulatory capital instruments by banks under Basel III framework.
  7. Union Government on 1 September 2014 relaxed the import norms of Onion by allowing fumigation in India. The fumigation has been allowed up to 30 November 2014. The norms were relaxed in light of public concern over high prices of onion in the market.


  1. Tessy Thomas and V. Ravindranath on 1 September 2014 became first Women directors in IIT council. The appointment was confirmed by Union HRD Ministry. 
  2. KPMG-FICCI on 1 September 2014 released a study on medical tourism destinations titled Medical Value Travel in India. The study has ranked India among top three medical tourism destinations in Asia.
  3. Indian Telugu Actor, Akkineni Nageswara Rao became the first Indian actor to be honoured with a postage stamp by the US Post Service (USPS). It was announced by the Akkineni Foundation of America (AFA) on 30 August 2014.


  1. Tata Value Homes tied up with e-commerce major Snapdeal on 26 August 2014 to sell houses online through the online marketplace model. There are 1000 apartments across Mumbai, Talegaon, Pune, Ahmedabad, Bangalore, Chennai and Kolkata.
  2. Travel Company Cox & Kings Limited on 26 August 2014 got the outsourcing contract of Deccan Odyssey for five years. Deccan odyssey is the luxury train service of the Maharashtra Tourism Development Corporation (MTDC).
  3. Reliance Jio Infocomm (RJIL) on 26 August 2014 signed a deal with Bharat Sanchar Nigam Limited (BSNL) for sharing around 4000 mobile towers. 
  4. C.S.Verma on 26 August 2014 was elected as First President of Indian Steel Association (ISA). Other members of the ISA were Sajjan Jindal, Chairman & Managing Director, JSW, Mr. TV Narendran, MD, Tata Steel, , P Madhusudan, CMD, RINL.
  5. United Bank of India on 1 September 2014 declared debt-ridden Kingfisher Airlines and its owner Vijay Mallya as wilful defaulters. Three Kingfisher Airlines Ltd directors A.K. Ganguly, Subhash Gupte and Ravi Nedungadi  were also declared as wilful defaulters. 
  6. Pharmaceutical firm Venus Remedies tied up with Israel-based generic drug maker Teva on 1 September 2014 for selling an anti- cancer drug in the Canadian market.
  7. US Food and Drug Administration (USFDA) on 31 August 2014 granted Qualified Infectious Disease Product (QIDP) status to two drugs of Wockhardt, an Indian firm. The two drugs that received the QIDP are WCK 771 and WCK 2349.
  8. Baba Kalyani was re-nominated as the Co-Chairman of the India-Japan Business Leader’s Forum (IJBLF.) The Ministry of Commerce and Industry appointed Kalyani as chairman of IJBLF on 26 August 2014. He is Chairman and Managing Director of Bharat Forge Ltd.
  9. Adani Enterprises on 29 August 2014 agreed to pay 145 million US dollar to Singapore-listed Linc Energy to buy the royalty rights of the Australian firm Carmichael coal project.
  10. State-owned Oil and Natural Gas Corp (ONGC) on 29 August 2014 announced to invest 5219 crore rupees for the production of Daman gas fields in the Arabian Sea.


  1. Libyan Government on 1 September 2014 lost its control over state offices in Tripoli to Militants. Tripoli is the capital of Libya.
  2. US actor and singer Harry Belafonte was named for  honorary Jean Hersholt Humanitarian Oscar Award on 29 August 2014. Jean Hersholt Humanitarian Oscar Award is one of the three Governor's Award given by the Academy of Motion Pictures Arts and Sciences for lifetime achievement.


  1. The revived Nalanda University on 1 September 2014 started its first session with 15 students in its makeshift campus at the Buddhist pilgrim town of Rajgir, about 100 km from Patna. 
  2. Noted historian Bipan Chandra died on 30 August 2014 at his residence in Gurgaon after prolonged illness. He was 86.
  3. Shah Rukh Khan on 27 August 2014 became the Ambassador of Turn Back Crime campaign of Interpol. 
  4. Prime Minister Narendra Modi on 27 August 2014 set up a Ramanujam committee to identify obsolete laws. The committee will identify the laws which they believed hamper governance by creating avoidable confusion.


  1. Hockey Player Manpreet Singh on 31 August 2014 named Junior Men Player of the Year by Asian Hockey Federation. 
  2. The President of India Pranab Mukherjee presented the National Sports Awards to eminent sportsperson on 29 August 2014 at Rashtrapati Bhavan, New Delhi.  The awards were presented on the occasion of National Sports Day. 
  3. World Badminton Championships was held in Copenhagen, Denmark from 25 - 31 August 2014. China topped the Championship with a total of 7 medals which includes 3 Gold, 3 Silver and Bronze medal. South Korea and Spain occupied second and third place respectively.


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