2 JULY 2016

Ø  In a bid to strengthen India-Africa ties, Prime Minister Narendra Modi, will undertake his first visit to the “African mainland” between July 7 and 11, covering four countries. The Prime Minister’s visit reflects India’s desire to further strengthen and reinvigorate bilateral ties with our African partners which were renewed at the successful IAFS-III in October last year. The visit will provide opportunities to build on close contacts at the highest political level. Since taking charge in May 2014, Prime Minister Modi has visited Seychelles and Mauritius that are members of the African Union. Mr Modi will leave on July 7 for Mozambique, where he will hold bilateral talks with President Felipe Nyusi. The next stop will be South Africa where Mr Modi will meet President Jacob Zuma and other senior African leaders. Mr Modi will visit Tanzania on July 10 where he will hold bilateral meeting with President John Pombe Joseph Magufuli. On July 11, Mr Modi will be in Nairobi, Kenya, where he will address the University of Nairobi. A source connected to Prime Minister’s travel plans has confirmed Mr Modi will address two major meetings with members of Indian diaspora in Johannesburg and Nairobi on July 8 and 10.

Ø  Comptroller and Auditor General of India Shashi Kant Sharma said there is a need to consider whether financial regulators such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI) need to be audited. “In the light of the growing incidence of financial frauds, it is a thought for consideration as to whether, in future, our audit should look into the risks and vulnerabilities facing our financial sector as well as the ability and effectiveness of regulators to mitigate such risks,” Mr. Sharma said while speaking at an Assocham conference on corporate and financial frauds. “In India, CAG does not audit the RBI, whose auditors are appointed by Central Government under the provisions of the RBI Act. CAG conducts audit of other financial sector regulators like SEBI, IRDA and PFRDA but does not conduct performance audits,” “The Audit Committee of the Board headed by a Deputy Governor and a few independent directors meets at least once in every quarter to consider the reports of the various audits and also initiate any measures for enhancing the audit function,”

Ø  The government has invited merchant bankers to help divest 12.03 per cent of its stake in India Tourism Development Corporation (ITDC), which could fetch Rs. 256 crore.