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Monday, February 29, 2016

Current Affairs Update – 27th to 29th February, 2016

Hello and welcome to ExamPundit. Here are the Important Current Affairs from 27th February to 29th February, 2016. These are Important for the last phase of LIC AAO 2016.


Current Affairs at a Glance – 27th to 29th February, 2016
  1. Union Finance Minister, Arun Jaitley on 29 February 2016 presented Union Budget 2016-17 in the Lok Sabha. This was the second full year Budget of the NDA government and the third budget of Jaitley. The finance minster announced nine pillars of the budget and they are Agriculture and farmers' welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden.
  2. Prime Minister Narendra Modi on 28 February 2016 approved the proposal of the Department of Financial Services for the constitution of the Banks Board Bureau (BBB). The BBB will start functioning from 1 April 2016.
  3. London-listed Vedanta Resources Inc bagged a gold mine in Chhattisgarh that was put up for auction by the state government. The company quoted the highest price to get the Baghmara (Sonakhan) gold mine, which became country’s first mine carrying the yellow metal to be auctioned.
  4. President Pranab Mukherjee on 27 February 2016 inaugurated Kerala Tourism’s Muziris Heritage Project (MHP) at Trissur in Kerala. The project is India’s largest heritage conservation project and Kerala Government’s first green Project.
  5. Punjab government on 28 February 2016 imposed a ban on the sale of army uniforms across the state.
  6. The 88th Academy Awards ceremony, presented by the Academy of Motion Picture Arts and Sciences (AMPAS). Mad Max Fury Road won the most number of awards (6 all total) in the Oscar 2016. Revenant followed it with 3 awards. Best Picture won by Spotlight. Best Director won by Alejandro G. Iñárritu for The Revenant. Best Actor won by Leonardo DiCaprio for The Revenant as Hugh Glassdouble-dagger. Bollywood actress Priyanka Chopra presented the "Best Film Editing Award". Asif Kapadia wins best documentary Oscar for “Amy”.
  7. Actor Ranveer Singh was on 26 February 2016 selected for Pandit Dinanath Mangeshkar award. The award will be bestowed upon Ranveer by Lata Mangeshkar at a function to be held in Pune.
  8. Delhi and Uttar Pradesh Government on 26 February 2016 announced that actress Sonam Kapoor-starrer Neerja will be tax free in the state. The film, released on 19 February, has already been declared tax-free in Gujarat and Maharashtra.
  9. Famous sound designer Resul Pookutty on 27 February 2016 became the first Asian to win the award for Best Sound for documentary India’s Daughter at the Motion Picture Sound Editors’ (MPSE) 63rd annual Golden Reel Awards.
  10. Former Comptroller & Auditor General of India Vinod Rai has been named the first chairman of Banks Board Bureau, which will help the government appoint heads of public sector banks and advice on banking reforms.
  11. Vice-Admiral H C S Bisht took over as the flag officer commanding-in-chief, eastern naval command, from vice-admiral Satish Soni who retired today.
  12. Dinesh Sharma, Additional Finance Secretary and India’s Governor to the International Fund for Agriculture Development (IFAD) was unanimously elected as the Chairperson of the Governing Council of IFAD for a period of two years in its 39th Session held on 17 February and 18 February 2016 in Rome, Italy.
  13. Slovenian high-jumper Rozle Prezelj on 27 February 2016 was elected the Chairman of the International Association of Athletics Federations (IAAF) Athletes' Commission in Monaco.
  14. National Science Day was observed across India on 28 February 2016. The theme for the National Science Day 2016 is Scientific Issues for Development of the Nation.
  15. Gianni Infantino was elected as the President of FIFA (Fédération Internationale de Football Association) after winning a second-round vote at Extraordinary FIFA Congress held in Zurich on 26 February 2016.
  16. Swashbuckling former India opener Virender Sehwag has been roped in by Cricbuzz as its in-house expert analyst for the ICC World T20, which will kick off on March 8th.
  17. Mumbai on 26 February 2016 won the Ranji Trophy with an innings and 21 run victory over Saurashtra. It won the trophy for the first time in three seasons.
  18. India's oldest first-class cricketer BK Garudachar, who represented Mysore (as Karnataka was called till 1974), United Province and Bombay, died on 26 February 2016 in Bangalore. He was 99.

Current Affairs Update – 27th to 29th February, 2016


Finance/Economy/Banking –


Union Finance Minister, Arun Jaitley presented Union Budget 2016-17


  • Union Finance Minister, Arun Jaitley on 29 February 2016 presented Union Budget 2016-17 in the Lok Sabha. This was the second full year Budget of the NDA government and the third budget of Jaitley.
  • The finance minster announced nine pillars of the budget and they are Agriculture and farmers' welfare, rural sector, social sector including healthcare, education, skills and job creation, infrastructure, financial sector reforms, ease of doing business, fiscal discipline, tax reforms to reduce compliance burden.

Highlights of the Union Budget 2015-16
  • Agricultural policy will be reorganised to double farmer income in five years
  • For gas connections, new scheme to be launched for BPL families



Union Government approved Constitution of Banks of Board Bureau


  • Prime Minister Narendra Modi on 28 February 2016 approved the proposal of the Department of Financial Services for the constitution of the Banks Board Bureau (BBB). The BBB will start functioning from 1 April 2016.
  • The Bureau constituted with an aim to improve the Governance of Public Sector Banks (PSBs) will be chaired by former CAG Vinod Rai. In addition to the Chairperson, the autonomous body will have ex-officio members and three expert members. All the Members and Chairman will be part time.
  • The expert members are Anil K Khandelwal (former CMD of Bank of Baroda), Rupa Kudwa (former MD & CEO, CRISIL) and HN Sinor (former Joint MD, ICICI Bank). The three ex-officio members will be Secretary, Department Financial Services, Secretary, Department of Public Enterprises and Deputy Governor, Reserve Bank of India.


Ajay Shankar Committee recommendations on Prior Permission and Regulatory Mechanisms


  • The Government-constituted expert committee to examine the Possibility of Replacing Multiple Prior Permissions with Pre-Existing Regulatory Mechanism submitted its recommendations in the fourth week of February 2016.
  • The Expert Committee was constituted by Department of Industrial Policy and Promotion (DIPP) in April 2015 to examine the possibility of replacing multiple prior permissions with a pre-existing regulatory mechanism with adequate safeguards.
  • The 11 member committee was headed by Ajay Shankar, Former Secretary of DIPP.


Vedanta wins country's first gold mine auction in Chhattisgarh


  • London-listed Vedanta Resources Inc bagged a gold mine in Chhattisgarh that was put up for auction by the state government.
  • The company quoted the highest price to get the Baghmara (Sonakhan) gold mine, which became country’s first mine carrying the yellow metal to be auctioned. The company would be granted the composite licence that includes both prospecting licence and cum-mining lease.
  • The Baghmara mine is spread across an area of 608 hectares in a densely forested pocket of the Balodabazar-Bhatapara district — about 130 km northeast of Raipur. Based on the exploration and available reports, the mine has an estimate reserve of 2,700 kg of gold metal. The bidding went on for nearly 13 hours Friday and concluded late in the night. Over 160 bids were submitted.


India –

Kerala Tourism’s Muziris Heritage Project inaugurated by President Pranab Mukherjee


  • President Pranab Mukherjee on 27 February 2016 inaugurated Kerala Tourism’s Muziris Heritage Project (MHP) at Trissur in Kerala.
  • The project is India’s largest heritage conservation project and Kerala Government’s first green Project.
  • Muziris is the hub of the spice route and the bustling port of the first century BC that drew legions of Arab, Roman, Greek, Chinese and Jewish traders from across the seas. Its launch will unveil the history and heritage of Muziris described by Roman Naturalist Pliny the Elder as India’s first emporium
  • Featuring a host of initiatives including museums and a number of heritage sites, MHP, supported by the Union Government will conserve and showcase the culture of 3000 years or more for posterity.


Punjab imposed ban on sale of Army Uniforms in the state

  • Punjab government on 28 February 2016 imposed a ban on the sale of army uniforms across the state.
  • Any person who wants to buy the uniform would have to submit a self-attested copy of his identity card and phone number with the shopkeeper. This record would be duly maintained along with date of sale in the record register of the shopkeeper.
  • These orders would remain in force till 21 April 2016 and next course of action will be decided afterwards.           


Awards & Honors –

The 88th Academy Awards presented, Leonardo DiCaprio wins Best Actor


  • The 88th Academy Awards ceremony, presented by the Academy of Motion Picture Arts and Sciences (AMPAS).
  • Mad Max Fury Road won the most number of awards (6 all total) in the Oscar 2016. Revenant followed it with 3 awards.

Awards and Winners:
  1. Best Picture – Spotlight
  2. Best Director – Alejandro G. Iñárritu – The Revenant
  3. Best Actor – Leonardo DiCaprio – The Revenant as Hugh Glassdouble-dagger
  4. Best Actress – Brie Larson – Room as Joy "Ma" Newsome
  5. Best Supporting Actor – Mark Rylance – Bridge of Spies as Rudolf Abel
  6. Best Supporting Actress –  Alicia Vikander – The Danish Girl as Gerda Wegener
  7. Best Foreign Language Film – Son of Saul (Hungary) in Hungarian – László Nemesdouble-dagger
  8. Best Animated Feature Film – Inside Out – Pete Docter and Jonas Riveradouble-dagger


Bollywood actress Priyanka Chopra presented the "Best Film Editing Award".

Asif Kapadia wins best documentary Oscar for “Amy”


  • Indo-British filmmaker Asif Kapadia won the best documentary Oscar for “Amy”, a poignant examination of singer Amy Winehouse’s life and her tragic death at the age of 27.
  • Kapadia, who has already won the Golden Globe and Bafta awards for the documentary, paid tribute to Winehouse, who died in 2011 following a battle with drug and alcohol that was gleefully captured by tabloids.
  • The film has been critics favourite since making its premiere at the Cannes Film Festival last year. However, the singer’s father Mitch distanced himself from the documentary calling it a disappointment.
  • Kapadia, 44, is known for directing “Senna” in 2012 and Irrfan Khan-starrer “The Warrior” in 2003.


Ranveer Singh selected for Dinanath Mangeshkar award


  • Actor Ranveer Singh was on 26 February 2016 selected for Pandit Dinanath Mangeshkar award. The award will be bestowed upon Ranveer by Lata Mangeshkar at a function to be held in Pune.
  • The award is annually conferred on artists on 24 April to commemorate Pandit Dinanath Mangeshkar’s death anniversary.


'Neerja' declared tax free in Delhi, Uttar Pradesh


  • Delhi and Uttar Pradesh Government on 26 February 2016 announced that actress Sonam Kapoor-starrer Neerja will be tax free in the state.
  • The movie is based on the life of young flight attendant Neerja Bhanot, who died trying to save the lives of 350-odd passengers on a hijacked Pan Am aircraft in 1986.
  • Libya backed Abu Nidal Organization's tried to highjack Pan Am Flight 73 in Karachi, Pakistan on 5 September 1986 but Bhanot thwarted the hijack attempt by preventing the plane from taking off.
  • The film, released on 19 February, has already been declared tax-free in Gujarat and Maharashtra.


Resul Pookutty became first Asian to win Golden Reel Award


  • Famous sound designer Resul Pookutty on 27 February 2016 became the first Asian to win the award for Best Sound for documentary India’s Daughter at the Motion Picture Sound Editors’ (MPSE) 63rd annual Golden Reel Awards.
  • The competing films/ television documentaries in the list included Beware Baltimore, Chef’s Table, Deadliest Catch, and The Undrafted, Mad Max: Fury Road, The Martian, Star Wars: The Force Awakens and The Revenant among others.


Appointments –

Vinod Rai appointed first Chairman of Banks Board Bureau


  • Former Comptroller & Auditor General of India Vinod Rai has been named the first chairman of Banks Board Bureau, which will help the government appoint heads of public sector banks and advice on banking reforms.
  • The appointment has raised some eyebrows, especially after Rai was given Padma Bhushan this year. Under Article 148 (4) of the constitution, the Comptroller and Auditor General shall not be eligible for further office either under the Government of India or under the Government of any State after he has ceased to hold his office. It is likely that the provision will not apply as this is a part time job post and there is no compensation.
  • The Bank Board Bureau (BBB), announced by the NDA government to improve governance at public sector banks, will become operational on April 1, the finance ministry said in a statement on Sunday.


Vice-Admiral HCS Bisht assumes Eastern Naval Command


  • Vice-Admiral H C S Bisht took over as the flag officer commanding-in-chief, eastern naval command, from vice-admiral Satish Soni who retired today.
  • Bisht inspected the ceremonial guard and reviewed platoons of the naval personnel drawn from various ships and establishments of the Command (ENC) at the parade held at naval base here.
  • Soni, who served Navy 40 years, was accorded farewell by traditional 'pulling out' ceremony wherein flag officers and commanding officers of ships and naval establishments pulled his jeep by ropes.
  • Bisht had served as Executive Officer of ASW corvette 'INS Ajay', commander work-up in Indian Naval Work Up Team (INWT) at Kochi, fleet gunnery officer of the Eastern Fleet at Visakhapatnam, commissioning commanding officer of the missile corvette INS Kora and also commanded stealth frigate, INS Tabar.


Dinesh Sharma elected as Chairperson of Governing Council of IFAD


  • Dinesh Sharma, Additional Finance Secretary and India’s Governor to the International Fund for Agriculture Development (IFAD) was unanimously elected as the Chairperson of the Governing Council of IFAD for a period of two years in its 39th Session held on 17 February and 18 February 2016 in Rome, Italy.
  • The Governing Council Session of IFAD was marked by special focus on inclusive growth and on the investments required to meet the sustainable development goals in the realm of eradicating poverty and hunger.


Gianni Infantino elected FIFA President


  • Gianni Infantino was elected as the President of FIFA (Fédération Internationale de Football Association) after winning a second-round vote at Extraordinary FIFA Congress held in Zurich on 26 February 2016.
  • He was elected as the ninth FIFA President after the second ballot in which he secured 115 of 207 total votes. He will serve FIFA for the remainder of current term of office (until 2019).
  • Infantino, the 45-year-old general secretary of European governing body UEFA, succeeded the 79-year-old Sepp Blatter, who held the position since 1998.



Rozle Prezelj elected Chairman of IAAF Athletes’ Commission


  • Slovenian high-jumper Rozle Prezelj on 27 February 2016 was elected the Chairman of the International Association of Athletics Federations (IAAF) Athletes' Commission in Monaco.
  • Prezelj took over as Chairman of the commission from Frank Fredericks with immediate effect.
  • On the other hand, Britain’s marathon world record-holder Paula Radcliffe was nominated Vice Chairwoman of the commission.


Days –

National Science Day observed with theme Scientific Issues for Development of the Nation


  • National Science Day was observed across India on 28 February 2016. The theme for the National Science Day 2016 is Scientific Issues for Development of the Nation.
  • The day is observed annually to mark the discovery of the Raman Effect (phenomenon of scattering of photons) by Indian physicist Sir Chandrasekhara Venkata Raman on 28 February 1928.
  • Raman was awarded with the Nobel Prize in Physics in 1930 for his discovery and this was the first Nobel Prize for India in the field of Science.


Sports –

Cricbuzz signs Virender Sehwag as its expert for ICC World T20


  • Swashbuckling former India opener Virender Sehwag has been roped in by Cricbuzz as its in-house expert analyst for the ICC World T20, which will kick off on March 8th.
  • Sehwag, who has appeared as a panelist on several television-based cricket shows, will be making his first appearance on a wraparound show for a website.
  • As part of this engagement, Sehwag will provide his expert opinion for the World T20 matches and will also answer questions from Cricbuzz users around the world.


Wawrinka won Dubai ATP Tennis title

  • Stanislas Wawrinka on 28 February 2016 won his ninth straight final to clinch the Dubai ATP Tennis title. In the final played in Dubai, Wawrinka defeated Marcos Baghdatis in straight sets with a 6-4, 7-6(13).
  • This was the third time that Wawrinka has played in Dubai. In his previous two visits, the Swiss star never won a match.


Mumbai won Ranji Trophy for the 41st time


  • Mumbai on 26 February 2016 won the Ranji Trophy with an innings and 21 run victory over Saurashtra. It won the trophy for the first time in three seasons.
  • With this, they have 41 titles in 45 finals with 10 of them being an innings victory. Karnataka stands second in the overall Ranji standings with eight titles.
  • It was a repeat of the 2012-13 final where Mumbai had made short work of Saurashtra with an innings and 125-run victory.
  • Mumbai made 371 runs in 82.2 overs in their first innings and in reply Saurashtra managed 235 and 115 runs in first and second innings respectively.


Obituaries –

BK Garudachar, India's oldest first-class cricketer, died


  • India's oldest first-class cricketer BK Garudachar, who represented Mysore (as Karnataka was called till 1974), United Province and Bombay, died on 26 February 2016 in Bangalore. He was 99.
  • A right-hand batsman and a leg-break bowler, Garudachar made 1126 runs at an average of 29.63 from 27 matches in first-class cricket between 1935 and 1946.



Former Maharashtra Minister Nihal Ahmed Maulavi Mohammed Usman died

  • Socialist leader Nihal Ahmed Maulavi Mohammed Usman died on 29 February 2016 in Nashik. He was 90.
  • He was popularly known as Nihalbhai and was the first mayor of the Malegaon Municipal Corporation.
  • He was the state president of Janata Dal (Secular). He was a former Minister of technical and higher education of Maharastra.
  • He was elected as legislator in the state Assembly for nearly three decades.







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