INDIAN AFFAIRS
Cabinet Approvals August 16 2017
On August 16, 2017, Union Cabinet chaired by Prime
Minister Narendra Modi approved following bilateral agreements and
initiatives:
Cabinet approves new Metro Rail Policy
Union Cabinet has approved a new Metro Rail Policy that
seeks to enable realization of growing metro rail aspirations of a large number
of cities but in a responsible manner.
Key features of the approvals
1. Cabinet
approves new Metro Rail Policy
2. Cabinet
approves creation of a single non-lapsable corpus fund for Secondary and Higher
education
3. Cabinet
approves MoU between India and Sweden on IPRs
4. Cabinet
approves completion of balance works of North Koel Reservoir Project
5. Cabinet
approves closure of Andaman & Nicobar Islands Forest and Plantation vi.
Development Corporation Limited (ANIFPDCL), Port Blair
6. Cabinet
approves raising Rs.9020 cr for long term irrigation fund.
CCEA approves procedure and mechanism for Strategic
Disinvestment
On August 16, 2017, Cabinet Committee on Economic
Affairs, chaired by the Prime Minister Narendra Modi, approved
following two proposals of Department of Investment and public Asset
Management (DIPAM) for strategic disinvestment:
1. Setting
up an Alternative Mechanism:An Alternative Mechanism (AM) consisting of
the Finance Minister, Minister for Road Transport & Highways and
Minister of Administrative Department will be set up to decide on the
matters relating to terms and conditions of the sale from the stage of inviting
of Express of Interests (Eols) till inviting of financial bid.
2. Empowering
the Core Group of Secretaries (CGD):
CCEA has also given its nod for empowering the core
group of Secretaries to take policy decisions with regard to procedural issues
and to consider deviations as necessary from time to time for
effective implementation of decisions taken by the Cabinet.
GST relief for industrial units in Himalayan, NE region till
2027
On August 16, 2017, Cabinet Committee on Economic Affairs
chaired by the Prime Minister Narendra Modi has given its approval to
the Scheme of providing Budgetary Support under Goods and Service Tax
(GST) Regime for the eligible industrial units located in State of
Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North Eastern States
including Sikkim.
Main features
1. GST
Relief Beneficiaries
2. Rationale
for Providing GST Relief
3. Quick
Facts about Goods and Services Tax (GST)
World Bank pledges $24.64 mn to enhance India’s forest ecosystem
The Finance Ministry and the World Bank has signed
an agreement of $24.64 millionfrom the Global Environment Facility
(GEF) of the World Bank for ecosystem service
improvement project.
Key Points:
1. The
project’s duration is for five years.
2. The project would
be financed entirely by the World Bank out of
its GEF Trust Fund.
3. The objective of
the Project is to strengthen the institutional capacity of the
departments of forestry.
4. The
organisationis to enhance forest ecosystem services and improve
the livelihoods of forest dependent communities in central Indian highlands.
5. Through
Indian Council of Forestry Research and Education under the National Mission
for Green India the Ministry of Environment, Forest and Climate Change will
implement the project in the states of Chhattisgarh and Madhya Pradesh.
6. The
agreement was signed by Department of Economic Affairs Joint Secretary Sameer
Khare and World Bank’s Acting Country Director for India, Hisham AbdoKahin.
7. The
project agreements were signed by officials from Indian Council of Forestry
Research and Education (ICFRE), government of Madhya Pradesh and government of
Chhattisgarh with Kahin.
About World Bank
Formation: July 1945
HQ: Washington D.C. U.S.
President: Jim Yong Kim
Petrol pumps to sell LED bulbs, tubelights, ceiling fans soon
The OMCs( Oil Marketing Companies) and EESL( Energy
Efficiency Services Ltd) was to ink Memorandum of Understanding (MoU)on
August 18,2017 for selling LED bulb for Rs 65, tube light for Rs 230 and
ceiling fan at Rs 1,150.
But it was postponed due to the demise of Environment
Minister Anil Madhav Dave and the new date for signing the MoU would be
finalised soon.
1. The
consumers able to buy these above appliances in mentioned petrol bunk.
2. These
appliances would be supplied by the three oil marketing companies (OMCs) such
as Hindustan Petroleum, Indian Oil and Bharat Petroleum from the Energy
Efficiency Services Ltd (EESL).
3. The
EESL has been able to reduce the procurement price of 9 Watt LED bulbs to as
low as Rs38 per unit through bulk procurement.
4. Similar
is the case of LED tube lights and ceiling fans which are selling at a rate of
Rs600-700 and Rs1,700-1,800 respectively in the retail market.
5. The
EESL has recently decided to invest 100 million pounds in the United Kingdom
market through its joint venture in which it has majority stake
North Eastern Cultural and Information Centre to be set up in
Delhi: Dr. Jitendra Singh
On August 16,2017 , Union minister Jitendra Singh confirmed
about the initiation of north eastern cultural and information centre will be
set up in Delhi .
The centre will be a new gift to the people of the northeast and
in line with the priority being given to the region the central government.
1. Delhi
Development Authority (DDA) had allotted a land of 5341.75 sqm.(1.32
acre) at Sector-13, Dwarka, New Delhi, at a cost of approx Rs. 6 crore,
to North Eastern Council (NEC) for the purpose of construction
of North Eastern Cultural and Information Centre.
2. The
centre will act as a cultural and convention, information hub of the north
eastern region in Delhi.
3. It
will be planning to construct with the international standards and will have a
library-cum- reading room with material on North Eastern Region, an art gallery
showcasing the North East.
4. The
project is expected to be completed within 1-2 years and at a cost of
approximately Rs. 50-55 crores.
International Affairs
Emma Stone named as 2017’s highest-paid female actor
Emma Stone has been named Hollywood’s best-paid female
actor in Forbes’ annual list of top earners.
Key Points:
1. Emma
Stone has been named as this year’s highest-paid actress,
taking in $26m in the last 12 months.
2. Jennifer
Lawrence, who was named the highest-paid actress in 2015 and 2016,
has fallen down to third place taking in $24 million.
3. Stone
had earned an Oscar for best actress in La La Land. The film has grossed
more than $445.3m worldwide.
4. Emma
Watson this year’s her starring role in Beauty and the Beast, which
grossed more than $1.26bn worldwide.
5. Watson
is followed by CharlizeTheron, Cate Blanchett, Julia Roberts and Amy Adams.
The United States named Pakistan-based Hizbul Mujahideen (HM) as
a Foreign Terrorist Organisation
The United States has named Hizbul
Mujahideen as a “foreign terrorist” Organisation.
Key Points:
1. The
terror outfit has a strong presence in Jammu and Kashmir, where it has claimed
responsibility for a number of attacks.
2. The
Hizb is one of the two most active Pakistan-based terrorist
groups operating in Jammu and
Kashmir.
3. It
has claimed responsibility for several attacks, including the April 2014
explosives attack in Kashmir that injured 17 people.
4. The
US had named the group’s leader Salahuddin alias Mohammad Yusuf Shah as a
Specially Designated Global Terrorist on 26th June 26.
Banking & Finance
Aadhar must for subsidised farm loans: RBI
Reserve Bank of India (RBI) has made Aadhar linkage
mandatory for farmers who wish to avail short-term crop loans in
2017-18 on 16thAugust 2017.
Key Points:
1. Under
Interest Subvention Scheme, the banks are advised to make Aadhar linkage
mandatory for availing short-term crop loans in 2017-18.
2. The interest
subvention of 2% will be calculated on the crop loan amount from the
date of its disbursement/drawal up to the date of actual repayment of the crop
loan by the farmer or up to the due date of the loan fixed by the banks
whichever is earlier.
3. It
is for a maximum period of one year.
4. RBI
has defined that farmers can avail of short-term crop loans of up to Rs
3 lakh at the subsidised interest rate of 7%that
could go down to 4% on prompt repayment.
5. An
additional interest subvention of 3% will be available
for those who pay their pay dues on time.
6. This
also implies that the farmers paying promptly as above would get short term
crop loans @ 4% per annum during the year 2017-18.
SBI holds home loan utsav in Bengaluru
State Bank of India held two-day Home Loan
Utsav at its local head office in Bengaluru.
(a)The loan Utsav saw title sponsor is GM Infinite.
(b)Subtitle sponsors- Brigade Group, Salarpuria Sattva and DSR
Infra.
Key Notes:
1. The
bank is offering a 0.25% concession in interest rate from the
fourth year of the home loan if it is availed at the SBI Utsav.
2. Those
buying flats in real estate projects for which SBI has extended loans can avail
home loans in four days.
About SBI
Tagline: Pure banking, nothing else.
With You- All the way
A Bank of the common man
Logo: The logo of SBI is a blue circle with a small cut in the
bottom that depicts perfection and the small man the common man-being the
center of the bank’s business. The logo came from National institute of design
(NID), Ahmedabad and it was inspired by Kankaria Lake.
Karur Vysya Bank inaugurates AADHAAR enrolment centre in Chennai
Private sector Karur Vysya Bank hasunveiled
the Aadhaar Enrolment Centre in Chennai.
Key Points:
1. The
Unique Identification Authority of India had advised commercial banks to
provide Aadhaar enrolment and updation facility at various branches.
2. KVB
is the first private sector bank to provide Aadhaar Enrolment Centre
service in the country.
3. Karur
Vysya Bank identified the branches and ensured early implementation of the
service.
4. Unique
Identification Authority of India, Assistant Director General and D M
Gajarehave inaugurated the first Enrolment Centre at the Nelson Manickam Road branch.
5. Customers
need to bring in the approved documents as proof of residence and identity.
6. The
process of enrollment or updating the details in AADHAAR can be completed in
about 15 minutes.
7. Karur
Vysya Bank has planned to expand the service to 75 more branches across the
country.
About Karur Vysya Bank
Founded: 1916
HQ: Karur, Tamil Nadu India
Chairman: B. Swaminathan
NSE to introduce seamless corporate announcement filing
mechanism
NSE has decided to introduce seamless corporate
announcement filing mechanism for information related to change in auditors,
change in directors, and declaration of audit reports with unmodified opinion.
This system will be in effect from 17th August 2017.
Key Points:
1. The
listed companies would be required to file corporate announcements on
reappointment and statement of impact of audit qualifications through the
mechanism.
2. The
announcements filed by listed companies under the mechanism are circulated
directly on the NSE website without the exchange’s intervention.
3. It
would help in dissemination of corporate announcements to investors without
loss of time.
4. Under
this seamless system, the information will get circulated as has been
filed by listed entity.
5. The
registrar and share transfer agent update, strikes/lockouts/disturbances
updates, trading window, code of conduct under SEBI’s insider trading
regulations, can also be filed under this system.
About NSE
The National Stock Exchange of India Limited (NSE) is
the leading stock exchange of India, located in Mumbai
Founded on 1992
MD&CEO: Vikram Limaye
Appointments & Resigns
Sohail Mahmood took charge as Pakistan’s new High Commissioner
to India
Sohail Mahmood Pakistan’s High
Commissioner to India took charge at the High Commission on 16th of
August 2017.
Key Points:
1. Sohail
Mahmood, a career diplomat, joined Pakistan’s Foreign Service in 1985.
2. He
was born in 1962 and holds Masters Degrees in History and International
Relations.
3. His
first posting abroad was in Ankara, where he served at the Pakistan
Embassy from 1991-1994.
4. He
has served in various missions abroad, including Washington, New York and
Ankara.
5. He
was Pakistan’s Ambassador to Thailand from 2009-2013.
6. Mahmood
was Additional Secretary in the Ministry of Foreign Affairs, Islamabad, where
he earlier served as Director General (2005-2009), Director (1995-1998) and
Section Officer (1986-1991).
7. He
is one of the senior most officers of the Pakistan Foreign Service.
GM India appoints Sanjiv Gupta as president, MD
General Motors (GM) India has announced the appointment
of Sanjiv Gupta as the new President and Managing Director of
the company.
1. The current
President and Managing Director Kaher Kazem will hand over the reins
of the company to Sanjiv Gupta, who is Chief Financial Officer, effective
September 1, 2017.
2. Kazem
has been appointed as the President and CEO of GM Korea.
3. Gupta
will combine his role as GM India President and Managing Director with his
finance leadership responsibilities.
Business
India, Mexico plan to set up CEO Forum to boost trade ties
India and Mexico are planning to set up a CEO Forum to
boost the trade ties. It has been announced on 15th of
August 2017.
Key Points:
1. A
meeting between Commerce & Industry Ministry officials and trade diplomats
from the Mexican Embassy is scheduled this week on promoting exchanges
between the business communities.
2. Mexico
is looking at intensifying its economic partnership with big markets such as
China and Indiabelieves that bilateral trade with India could touch $10 billion
in the next five years from $6.41 billion at present.
3. India,
too, is eager to have closer business relations with the country. Top companies
such as TCS and Infosys already have operations in Mexico.
4. In
the joint communique released by Modi and Nieto after their meeting in 2016,
the two gave emphasis on encouraging cooperation in the infrastructure sector,
among small and medium enterprises, in pharmaceutical products and many other
sectors.
About Mexico
Capital: Mexico City
President: Enrique Pena Nieto
Currency: Peso
Science & Technology
NPPA caps prices of orthopaedic knee implants
The National Pharmaceutical Pricing Authority (NPPA) has capped
the prices of orthopaedic knee implants.
Key Points:
1. The
cobalt chromium knee implant, available at over Rs 1,58,000 at hospitals, will
now be available for a ceiling price of Rs 54,720.
2. At
present, such implants have a market share of 80%.
3. Implants
with special metals like titanium or oxidised zirconium are priced at almost Rs
4,50,000 lakh. The new ceiling price will now be Rs 76,600.
4. Highly-flexible
implants are available at Rs 1,81,728 or more. Now, they will be sold at a
ceiling price of Rs 56,490.
5. Another
category of surgery is revision implants, where a patient goes for a second
surgery.
6. The
average maximum retail price of the revision implants is Rs 2,76,869. Now, they
will be available at a ceiling of Rs 1,13,950.
7. The
government will consider invoking Section 3 (i) of the Drug Price Control Order
if manufacturers do not cooperate in keeping adequate stock.
First power utility to use QR code for bill payment: Tata Power
Tata Power has become the first power
utility to introduce a QR code based bill payments system in
India announced on 17th of August 2017.
Key Points:
1. According
to the statement, the QR code linked to Unified Payments
Interface (UPI) will be printed on the electricity bills.
2. The
customers can scan the QR code with BHIM app or any other UPI linked bank app
and pay their bills without any hassle.
3. Tata
Power has become the first power utility to
introduce QR code service for bill payments in Mumbai.
4. Though
this functionality of bill payments through a QR code has been introduced in
other service industries, it will be launched in the power industry for the
first time in India by Tata Power.
5. The
bill details will be displayed on the app, post which
the customer can authorize the payment within a few seconds and his bill will
be paid instantaneously.
6. All
bill details will be auto captured while scanning the QR code and the consumer
has to pay using a single tap on his smartphone.
7. The
service will provide safer payment options to the consumers and contribute to
the financial inclusion in the country.
All NH toll plazas to have separate lane for FASTag vehicles
from 1st of Sept.
FASTag vehicles set to be operational at all toll
plazas from 1st of September. The Centre has made
arrangements for their online and offline sale.
Key Points:
1. In
order to enable the availability of FASTags for Electronic Toll
Collection, National Highways Authority of India (NHAI) has taken two
steps in consultation with Reserve Bank of India (RBI) and National Payments
Corporation of India (NPCI).
2. It
will include online sale of FASTags and offline sale through Common
Services Centre (CSC) near toll plazas.
3. FASTag
can also be purchased online from Issuer Banks websites, NHAI website and
Indian Highways Management Company Ltd (IHMCL) website.
4. It
will be delivered by courier at the door step of the purchaser.
5. It
is expected that this move will increase the sale of FASTags by improving
availability and access.
6. FASTags
can also be bought sale points of CSC to be set up near toll plazas.
7. It
is expected that the association with CSC will give Electronic Toll Collection
(ETC) ecosystem a further boost.
8. NHAI
has been working on installation and efficient execution of ETC infrastructure
at all the toll plazas.
9. The
work being done by NHAI will provide safe, smooth and seamless journey to
commuters on the national highways.
Scientists developed highly sensitive blood test to detect
cancer
Stanford scientists have developed a low-cost and highly
sensitive blood test that may quickly detect cancer growth and spread.
Key Points:
1. The
test called single colour digital PCR can detect
genetic mutations in minute amounts of DNA released from cancer cells into the
blood.
2. The
highly sensitive test requires only a fraction of a tube of blood and can detect
as few as three mutation-bearing molecules in a single reaction.
3. It
has the potential to recognise mutations unique to any individual
cancer.
4. For
monitoring patient tumours, only a handful of blood tests are available which
are limited to only several types of cancers.
5. This
test is simple enough to set up and analyse without extensive training, and
therefore, it can be implemented by anyone, making it highly accessible to any
laboratory.
6. Researchers used the test
to analyse samples from six patients. Five patients were previously
diagnosed with colorectal cancer and one with cholangiocarcinoma or bile duct
cancer.
7. After
generation of customised mutation detection assays, the researchers were able
to identify tumour-derived circulating DNA from three out of six patients.
8. In
one patient, the assay was able to show the presence of three different
mutations.
9. The
three patients, whose samples did not show elevated cancer DNA, were undergoing
active treatment at the time of collection.
10. The
main advantage is that the new technique does not rely on pre-amplification,
which can introduce errors and biases.
Uber Introduces ‘Uber for Business’ with customised travel
options
Ridesharing app Uber has announced a new
feature called ‘Uber for Business’ in India with an aim
to give organizations a more efficient way to manage their business travel and
improve employees’ experience.
About Uber for Business’:
· Uber for Business’ includes
features such as ‘Set-and-forget travelprogrammes’ that
will allow managers to set up automated programmes for
commuting, business travel, airport rides and any other mobility
need.
· Companies can now set rules for
employees, customers and clients around the type of car that they can use, how
much they can spend and the location from which a trip needs to begin or end.
· Businesses can also provide
customised levels of Uber access depending on each person’s needs.
Quick Facts about Uber:
Founded in: 2009
Founded by: Travis Kalanick, Garrett Camp
Headquarters: California, US
Environment
India has 27,312 elephants, Karnataka has highest: Census
Estimation
According to preliminary results from the first-ever
synchronised all-India Elephant Population Estimation released
by the Ministry of Environment, Forests and Climate Change on World
Elephant Day (August 12, 2017), India is home to 27,312 Asian
elephant population.
About All-India Elephant Population Census:
· The census was conducted
from March 2017 to May 2017.
· It covered 1.10 lakh
square kilometresand spanned four regions of the country: the
northeast, east-central, south and north….
Highlights of
All-India Elephant Population Census:
· Karnataka has the highest
number of elephants (6,049), followed by Assam (5,719) and Kerala
(3,054).
· In Karnataka, the protected forests
of Nagarhole, Bhadra and Bandipur have the maximum elephant density.
Sports
Real Madrid won 2017 Spanish Super Cup
Real Madrid won the Spanish Super Cup for the 10th
time with a 2-0 win over Barcelona.
Key Points:
1. The
Spanish Super Cup held at Santiago Bernabeu on 16th of
August 2017 and Real Madrid has won by 5-1 on aggregate points.
2. MarcoAsensio
and KarimBenzemascored for Real Madrid to secure a 2-0 win
over Barcelona in the Spanish Super Cup.
3. Real
Madrid achieved the feat without Cristiano Ronaldo, who was slapped with a
five-game ban for pushing the referee after he was sent-off in the first leg.
About Spanish Super Cup
The Supercopa de Espana or the Spanish Super
Cupis a Spanish football championship
Founded on 1982
All-time top scorer: Lionel Messi has scored the most
goals in the Supercopa de España history, a total of 13 goals.
Obituary
Former Advocate General of Kerala MK Damodaran passes away
Former Kerala advocate general M K Damodaran passed away
in Kochi. He was 77.
Key Notes:
1. Damodaran
had worked as an Advocate General during the LDF regime headed
by E K Nayanar from 1996-2001.
2. The
present LDF government had last year initiated steps to appoint Damodaran as
the legal advisor to the Chief Minister.
3. Damodaran
was imprisoned during the Emergency in 1975-77.
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