VIRTUAL CURRENCY-BITCOINS.

              The Financial Action Task Force (FATF),an independent intergovernmental
              Organisation has published a paper looking into the money laundering and
              terrorism financing risks involved with digital currencies.

              Coincidentally, the paper was published just days after the OECD published
              a white paper ' a working paper on bitcoin'.

              The paper points out that ' virtual currency has the potential to improve 
              payment efficiency and reduce transaction costs for payments and fund
             transfers.Bitcoin may potentially provide benefit to existing online 
             payment systems like paypal".

             On the RISK side,FATF concludes digital currencies are "potentially
             vulnerable to money laundering and terrorist finance abuse".

            Source; Global Financial Integrity.

                                                                
                          ISRAELI  FILM FESTIVAL  IN  BENGALURU.                                      .   
                           

               The Consulate General of Israel  announced screening of 9  Israeli films 
               during the first ever official Israeli Film Festival to be held in the city from 
               July,3 to 31st July,2014.

               Mr.Menahem Kanafi,the Consul General of Israel in Bengaluru announced 
               the details of the film festival to the media.He said,"the idea behind such a 
               festival is to expose the various facets of life in Israel and to point out 
               universal connections between Israeli and Indian art-and life.It is a  
               privilege to screen Israeli films in a country like India which is one of the 
               world's leading film producers".

               The festival features some of the best of Israeli cinema including the 2011 
               Oscar nominee in the Best Foreign film category i.e 'FOOTNOTE". The  
               films will be screened at Suchitra Film society,Alliance Francaise,
               Bangalore International Centre and Shanti Road studio and will have  
               35 screenings in total.

               The film festival is open to public at all the four centres and it is FREE. 
               The films will be screened at 6.30 P.M.The films to be screened are 
               ALBUM 61, BY SUMMER's END, 5 HOURS FROM PARIS, THE BAND's
               VISIT, JELLY FISH, SWEET MUD, and BONJOUR MONSIEUR SHLOMI.
               All the films will have English sub titles.
                                                         

BGS GLOBAL HOSPITALS PERFORMS FIRST DUAL ORGAN TANSPLANTATIONS IN KARNATAKA.

BGS Global Hospitals,Bengaluru,performed
the first dual organ (Liver & Kidney) Transpnatation procedure.
Addressing the media,Dr.N.K.Venkataramanaa,Vice Chairman & Chief NeuroSurgeon,BGS Hospitals said,"This is a tribute to all the doctors on the eve of Doctor's day (1.07.2014),the birthday of
Dr.B.C.Roy".He also  said, that the latest problem faced by many is the "fatty Liver' 
due to our food habits.
The dual organ transplantation was performed by a team of multi organ transplant surgeons,Dr.Mathew Jacob,Dr.Sonal Asthana,Dr.Rajiv Lochan,& clinically supported
byDr.Kaiser Raja,consultant,Hepatologist,Dr.Anil Kumar,Consultant,Nephrologist
at BGS Hospitals.

Dr.Mathew Jacob said," It is a rare condition where both Liver & Kidney had failed
simultaneously.Luckily, the family of a brain dead patient came forward to donate 
the organs.After an extensive 4 hour surgery ,organs were retreived carefully for transplantation.
Then the patient was prepared for receiving the transplantation.First,his damaged 
liver was removed and the donated liver was transplanted.Subsequently,kidney was  
also transplanted through a separate incision under the same anaesthesia.It was a  
14 hour marathon surgery and the patient is recovering well,according to the press  
release of the hospital.

VIJAYA BANK- AGM.

The Fourteenth Annual General Meeting of Vijaya Bank was held on 27.06.2014 at its Head Office at Bangalore. The bank has declared final dividend of Rs.1 per share (10%).This is in addition to the interim dividend of Rs.1 /- per share declared earlier in january,2014. 

      INDIA IS CURRENTLY THE WORLD'S LARGEST ARMS IMPORTER.

      According to the Stockholm International Peace Research Institute,India's
     Weapon imports rose by 111% between the year 2004-2008  and in 2009-2013
     period ,India accounted for 14% of all international imports.

    Source : Jeremy Bender,Business Insider & Yahoo Finance,India.

Mr.Merkera Rao with Mr.Sanjiv Patel addressing Media.

USA MEDICAL MANAGEMENT LLC 
H1 VISA FOR DOCTORS.

The medical graduates from India can settle in USA through
H1 visa programme to get into a paid research fellowship position in an ACGME accredited residency program .This will be
with the help of Resident Medical Group(RMG) & USA Medical Management based in Los Angeles .

Addressing the media Mr.Merkera Rao,Executive Vice President USA Medical Management LLC said, the doctors will be working as Research Assistants
for one year with stipend of USD2500.They must undergo USMLE 1&2 prep,ECFMG and so on. Before making any decision they are advised to visit  www.usamedicalmanagement.com & www.residentsmedicalgroup.com for further details. 

DAILY INDICATORS:

                                                      Nasdaq :    4337.23     +16.13     0.37%
                                                      S&P 500:   1941.99     +  4.21     0.22%
                                                      Crude Oil:  $106.72     -   0.18
                                                      Dollar        Rs 60.23.
                                                      Gold          Rs.27,309.
                                                      Silver        Rs.41,931.
 Source:Rediff moneywiz. 

        EDITORIAL.

                                                    DELHI POWER CRISIS.


                   The acute Power crisis in Delhi is due to the inefficient handling of 
                   power supply and distribution by the Delhi government headed by
                  the then Chief Minister Ms. Sheila Dixit for three terms and 
                  Mr.Arvind Kejriwal,who was the Chief Minister of Delhi for 49 days.
                  In reality, we understand there is no dearth of power in Delhi but the
                  main problem lies in distribution.The then government has not done
                  anything to take corrective and timely action as Power is in concurrent 
                  list and the Congress party was in power both at the centre and in state.

                  We wish the new government headed by Mr.Narendra Modi and 
                  the Power Minister Mr.Piyush Goyal take immediate action and relieve
                  the people of Delhi from their problems.


                                                              

Prime Minister Narendra Modi Releasing the Book" Getting India Back on Track-An Action Agenda for Reform.

This book has been published by Carnegie Endowment for International Peace.The foreword has been written by Ratan Tata.The book contains insightful essays by eminent academicians and public policy experts.This book is edited by Bibek Debroy,Ashley J Tellis  & Reece Trevor. The papers in the book deals with subjects like macro economy,fiscal,agricultural,manufacturing ,defence,law & order and  foreign policy.

Courtesy: Yahoo News India & photo- PIB.

                                             
                    Internal Revenue Service(USA) nets Offshore Data from 77,000 banks.

                     77,000 banks & Financial Institutions-even some in Russia  have 
                     registered under FACTA ( The Foreign Account Tax Compliance Act).
                     America's Global tax law requires foreign banks to reveal American 
                     accounts holding over $50,000. Non Compliant institutions could be 
                     frozen out of US markets,so every one is complying.As 77,000 banks                                                    have registered and about 70 countries are providing   
                    government help to the IRS means almost no foreign account is secret.

                    FACTA is making banking transparent virtually worldwide.Infact,
                    with the help of the US Congress and the US Department of Justice,                                                 arguably the IRS should have a new slogan
                    "TODAY SWITZERLAND,TOMORROW THE WORLD'.

                    The government has set up the SIT under Supreme Court monitoring.
                     Hence, the Indian tax authorities should be in touch with their  
                    counterparts in US to know their approach to make the foreign banks                           comply with their request.
                    It is reported that as per GFI research that India lost $343.9 billion to 
                    iilicit outflows from 2002 to 2011.It is laudable that India was the first
                    G20  country to call for automatic exchange of financial  information,  
                    a position that has pledged to adopt by the end of 2015. 

                    Source: Global Financial Integrity & Forbes.
                 
                    

 EDITORIAL.

                                                    INDIAN RUPEE WEAK AGAINST DOLLAR.

                        
                         The Minister of Finance, the economists,RBI Governor and others 
                          give various reasons why the rupee is weak against the US Dollar. 
                          But the common man still wonders why our rupee is weak against 
                          US dollar since independence and even after 66 years.There are 
                          small countries like Phillipines ,Israel,Singapore,Malaysia,Thailand
                          New Zealand,Egypt,Norway,and even Mauritius whose currencies  
                           fetch better value against US dollar.Afterall, it is India's pride that 
                           our currency fetch good value against other International 
                           currencies like USD,GBP,Euro etc.Of course,our currency,the rupee  
                           is not fully convertible and hence we donot know the real value of                                                      our rupee against other currencies.         
                         

                          As a common man one wonders, inspite of having about  320 billion
                          US dollar reserves,why the rupee should be kept weak.Is it to protect 
                          the Exporters or and to incentivise Indians who have kept money 
                          abroad?.Or is it the high inflation in our country  a major reason 
                          for this weak rupee?.

                          How we compare against  China in various parameters.
                          
                                               Currency value      Inflation    Public Debt   Reserves
                                               vis-a-vis 1USD         rate(%)      (%) of GDP    in USD.

                         1. China           6.2486 Yuan            3.1                   31.7         3.341 
                                                                                                                            trillion.

                         2. India             59.00 Rupees          6.70                 49.6          320.00 
                                                                                                                            billions.   


                          Data Source: Collected from various  sources.               

                        

THE NEW RAILWAY MINISTER'S PRESS MEET.

Mr.D.V.Sadanada Gowda,the  
new Railway Minister said that any step he takes must help the common man.Safety,Security & Service are his mantra.Later ,he will think of speeding up the trains.He wants to have a Coal 
Corridor linking Chennai,Bangalore &  Mangalore.He said Port connectivity is important for development.

Addressing the media,the minister said that 
the ministry may constitute an expert committee to advise the ministry on safety & 
Security and they are open to invite Mr.E.Sreedharan,an expert to head the committee.