Current Affairs Update – 7th December, 2015

Hello and welcome to ExamPundit. Here are the Important Current Affairs Update of 7th December, 2015. These are Important for the upcoming IBPS Clerk V Mains 2015.

Finance/Economy –

Singapore replaced Mauritius as top source of FDI into India

  • Singapore replaced Mauritius as top source of Foreign Direct Investment (FDI) into India during April-September of 2015-16 financial year. An announcement in this regard was made by the Department of Industrial Policy and Promotion of Ministry of Commerce and industry in the first week of December 2015.
  • As per the data, between 15 April and 15 September 2015, India received 43096 crore rupees as FDI from Singapore. In the same period FDI from Mauritius was 23490 crore rupees.
  • In the same period, While Netherlands was at number three with 7017 crore rupees of investment, the USA stood at the stood fourth with 5435 crore rupees.

Arvind Subramanian-led panel recommended standard rate for GST at 17-18 %

  • The Chief Economic Advisor Arvind Subramanian led panel on 4 December 2015 submitted its report on Possible Tax rates under Goods and Services Tax (GST) to Finance Minister Arun Jaitley.
  • The commission recommended standard rate for GST at 17 to 18 percent, the rate at which most products would likely be taxed. The Committee has suggested doing away with a proposal to levy a one percent inter-state tax on transfer of good.
  • The committee excluded real estate, electricity and alcohol and petroleum products while calculating tax rates but has suggested bringing them under the ambit of GST soon.

Highlights of Recommendations
  • It recommended a range of 12 to 40 percent for various products and services.
  • Revenue Neutral Rate (RNR) proposed at 15-15.5% (Union and states combined).
  • Include petroleum and alcohol in GST regime.
  • Impact on inflation expected to be minimal.

India –

Ministry of Railways flagged off first double decker Goa-Mumbai train

  • Railways Minister Suresh Prabhu on 6 December 2015 flagged off the first Goa to Mumbai double-decker Shatabdi train through video conference from Panaji, Goa.
  • The fully air-conditioned double-decker train is the first-of-its-kind in India.
  • The train will run thrice a week between Margao and the Lokmanya Tilak Terminus (LTT) in Mumbai.
  • The double decker train will cover the distance in around 12 hours.

Commemorative coins of Rs 125, Rs 10 released in honour of Babasaheb Bhim Rao Ambedkar

  • Prime Minister Narendra Modi on 6 December 2015 released two commemorative coins of 125 rupees and 10 rupees, as part of the 125th birth anniversary year celebrations of Dr. Babasaheb Bhim Rao Ambedkar.
  • The coins were issued on his death anniversary, which is observed as Mahaparinirvan Divas of Babasaheb Ambedkar. He breathed his last on 6 December 1956.

Cochin Shipyard launches fast patrol vessels ICGS Atulya for Coast Guard

  • The public sector Cochin Shipyard Ltd has launched the nineteenth of the 20 Fast Patrol Vessels being built for Indian Coast Guard. The vessel was named “ICGS Atulya” and launched by Hema Subramaniam, wife of Commodore K. Subramaniam, Chairman & Managing Director, CSL.
  • As on date, 15 ships out of 20 have been handed over to the Indian Coast Guard. Cochin Shipyard has successfully delivered 15 ships in a span of just 25 months with an average delivery interval of 1.6 months, against the contractual commitment of 3 months interval.
  • The last vessel of the order is to be delivered by Mar 2017 as per the contract with ICG. However, with the current pace of construction, the yard is targeting to accomplish this by mid of 2016, much ahead of schedule.
  • The yard also paid a dividend of 16.99 crore to Government of India. The company is paying dividend for the seventh consecutive year, a release said.

India received first consignment of uranium from Canada

  • India on 4 December 2015 received its first uranium consignment of about 2730 tonnes from Canada. The uranium is shipped to India for the country’s nuclear power reactors.
  • The consignment consists of uranium mined and milled at Cameco's McArthur River and Key Lake operations in northern Saskatchewan.

Facts related to the shipment
  • The consignment was shipped by Canada’s Cameco Inc, which entered into a contract with India’s Department of Atomic Energy during Prime Minister Narendra Modi’s visit to Ottawa in 2015.
  • The first consignment of uranium from Cameco arrived more than four decades after Canada protested strongly about India’s first nuclear test in 1974. Afterwards, Canada had completely banned exports of uranium and nuclear hardware to India.

Sports –

India won four-match Test series against South Africa, 3-0

  • India on 7 December 2015 won the four-match Test series against South Africa 3-0. In the fourth and final match played at Feroz Shah Kotla, Delhi, India defeated South Africa by 337 runs.
  • Chasing a mammoth 481, the Proteas, despite their best efforts to block every delivery, failed in their attempt to save the Test. The visitors lost their last five wickets within a span of seven runs.
  • Ashwin claimed his 15th five wicket haul of his Test career to send the Proteas on the backfoot. Team India skipper Virat Kohli has now won both his first two Test series.
  • The test series between India and South Africa was named as Freedom Trophy. The trophy was dedicated to Mahatma Gandhi and Nelson Mandela who won independence for their country with nonviolence.
  • Man of the Series: Ravichandran Ashwin for his brilliant bowling in the entire series.

Australia defeated Belgium to win Hockey World League Final

  • Australia on 6 December 2015 defeated Belgium by 2-1 to win 2014-2015 Men’s Hockey World League Final, which was held at Sardar Vallabh Bhai Patel Stadium, Raipur.
  • India defeated world number two and defending champions Netherlands by 3-2 in the penalty shoot-out, and clinched the bronze medal in the tournament.

Days –

Armed Forces Flag Day observed across India

  • Armed Forces Flag Day was observed across India on 7 December 2015. The Day is celebrated all over India in order to collect the funds from people all around the country for the wellbeing of the staff of the Indian Armed Forces.
  • On the occasion of Flag Day, the Indian Army, the Indian Air Force and the Indian Navy arrange a variety of shows, carnivals, dramas and other entertainment programmes to showcase the efforts of their personnel to ensure national security.

Appointments –

Kaher Kazem appointed General Motors India head

  • General Motors (GM) has appointed Kaher Kazem as President and Managing Director of its India operations, effective January 1.
  • Kazem, who is currently chief operating officer (COO) of GM India, will be replacing Arvind Saxena who has decided to retire after leading the company since early 2014, the carmaker said in a statement.
  • Kazem joined GM Holden in Australia in 1995 as a senior engineer. He later held several leadership positions at GM Holden Manufacturing Operations.
  • In 2009, he was appointed vice president of Manufacturing and Quality for GM Thailand/Asean.

World –

Atlas V rocket lifted off with Cygnus Cargo Spaceship to ISS

  • A United Launch Alliance Atlas V (401 configuration) rocket carrying the OA-4 Cygnus cargo spacecraft with much needed supplies blasted off towards the International Space Station (ISS) on 6 December 2015.
  • The rocket lifted off from Space Launch Complex 41, Cape Canaveral Air Force Station after three days of delay due to poor weather.
  • The current Cygnus mission would be the first US delivery of cargo since April, the last time SpaceX’s Dragon capsule reached the station. A Cygnus last reached the station in July 2014.

World’s first biologically powered chip created

  • In a major breakthrough, researchers at Columbia Engineering have harnessed the molecular machinery of living systems to power an integrated circuit.
  • They achieved this by integrating a conventional solid-state complementary metal-oxide-semiconductor (CMOS) integrated circuit with an artificial lipid bilayer membrane containing adenosine triphosphate (ATP)-powered ion pumps.
  • In living systems, ATP is used to transport energy from where it is generated to where it is consumed in the cell.


Team ExamPundit


Books For 2015 Banking/Insurance Exams