Current Affairs Update – 11th May, 2016

Hello and welcome to exampundit. Here are the important Current Affairs of 11th May, 2016. These are important for the upcoming SBI Clerk Mains, SBI PO Mains and UIIC AO 2016.



Current Affairs Update – 11th May, 2016
  1. The Reserve Bank of India (RBI) on 9 May 2016 announced that it will shortly issue 1000 rupees denomination banknotes in the Mahatma Gandhi Series – 2005 with the inset letter 'R' in both the number panels.
  2. India and Mauritius on 10 May 2016 signed a protocol on taxation at Port Louis, Mauritius. The protocol provides for amending the convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains.
  3. The Reserve Bank of India (RBI) on 10 May 2016 cancelled the certificate of registration of the four Non-Banking Financial Companies (NBFCs).
  4. Indian Navy on 11 May 2016 decommissioned its fleet of iconic Sea Harriers. This episode of decommissioning marked the end of an era in India’s naval history, as the country holds an official ceremony phasing out the last of its iconic Sea Harrier jets.
  5. The Supreme Court on 11 May 2016 struck down the regulation of Telecom Regulatory Authority of India (TRAI) which made it mandatory for telecom companies to compensate subscribers for call drops from January 2016.
  6. Madhya Pradesh Tourism (MPT) on 9 May 2016 received the Best Indian Destination for Wildlife Award. The award was presented by the Lonely Planet Group.
  7. Indian-American elementary teacher, Revathi Balakrishnan was honoured by US President Barack Obama at the White House in the first week of May 2016. She was named as 2016 Texas Elementary Teacher of the Year.
  8. National Technology Day was celebrated across India on 11 May 2016. The function on this regard was presided over by the President Pranab Mukherjee in Vigyan Bhawan in New Delhi. The theme for celebrations of the Technology Day 2016 is Technology enablers of Startup India.
  9. A forthcoming book titled India vs Pakistan: Why Can’t we just be Friends? was in the news in the second week of May 2016. The book is authored by former Pakistani Ambassador to the U.S. Husain Haqqani.
  10. The term ‘Social Fridge’ was in news in the second week of May 2016 with Argentina adopting it to feed the needy ones who are facing the hardship due to increase in job cuts and inflation in the country.



Finance/Banking –

RBI to issue 1000 Rupees Banknotes with inset letter 'R'


  • The Reserve Bank of India (RBI) on 9 May 2016 announced that it will shortly issue 1000 rupees denomination banknotes in the Mahatma Gandhi Series – 2005 with the inset letter 'R' in both the number panels.

About the Banknotes
  • The banknotes will also have on the obverse, all the other security features, including ascending size of numerals, bleed lines and enlarged identification mark
  • It will carry the signature of Dr. Raghuram G. Rajan, Governor, Reserve Bank of India on the obverse.
  • These banknotes will also have the year of printing 2016 printed on the reverse.

Ascending size of numerals in numbering panels:
  • Numerals in both the numbering panels of banknotes will be in ascending size from left to right, while the first three alpha-numeric characters will remain constant in size.

Bleed lines:
  • The banknotes of 1000 rupees banknotes will have six angular bleed lines in four sets of 1-2-2-1 lines on the obverse in both, the upper left and right hand edge of the banknotes. These will facilitate identification of these notes by visually impaired persons.

Enlarged Identification Mark:
  • The existing identification mark (diamond shape in 1000 rupees) near the left edge of the banknote has been enlarged.
  • The RBI is committed to continually bring about modifications in the design of banknotes with changing times.


India and Mauritius signed Protocol to Amend Taxation Methods


  • India and Mauritius on 10 May 2016 signed a protocol on taxation at Port Louis, Mauritius. The protocol provides for amending the convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains
  • The Protocol also provides for updation of Exchange of Information Article as per international standard, provision for assistance in collection of taxes, source-based taxation of other income, amongst other changes.

Salient features of the Treaty/Protocol
  • With this Protocol, India gets taxation rights on capital gains. They arise from alienation of shares acquired on or after 1 April 2017 in a company resident in India with effect from financial year 2017-18. Taxation in India at full domestic tax rate will take place from financial year 2019-20 onwards.
  • The benefit of 50 percent reduction in tax rate during the transition period from 1 April 2017 to 31 March 2019 shall be subject to LOB Article.
  • Interest arising in India to Mauritian resident banks will be subject to withholding tax in India at the rate of 7.5 percent in respect of debt claims or loans made after 31 March 2017.


RBI cancelled Certificate of Registration of four NBFCs

  • The Reserve Bank of India (RBI) on 10 May 2016 cancelled the certificate of registration of the four Non-Banking Financial Companies (NBFCs).
  • RBI cancelled their certificates in exercise of the powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934.

The NBFCs whose certificate of registration were cancelled include
  1. M/s Neelanjali Engineering Private Limited
  2. M/s Novoflex Tradecom Private Limited
  3. M/s Guide Investments and Trading Co. Pvt. Ltd
  4. M/s Enol Ventures Private Limited


India –

Indian Navy decommissions fighter planes Sea Harriers


  • Indian Navy on 11 May 2016 decommissioned its fleet of iconic Sea Harriers. This episode of decommissioning marked the end of an era in India’s naval history, as the country holds an official ceremony phasing out the last of its iconic Sea Harrier jets.
  • They were replaced with new generation MIG-29 K fighters in a ceremony on INS Hansa near Vasco.
  • Wing Commander Shikhu Raj, a Sea Harrier Pilot himself and the commander of the squadron handed over the command of the squadron to Captain KHV Singh in an historic ceremony and bid adieu to the Sea Harriers.
  • The function was presided over by the Chief of Naval Staff Admiral RK Dhowan.



Sponsored




Supreme Court struck down TRAI’s regulation on telecom companies over call drops


  • The Supreme Court on 11 May 2016 struck down the regulation of Telecom Regulatory Authority of India (TRAI) which made it mandatory for telecom companies to compensate subscribers for call drops from January 2016.
  • The court struck the regulation calling it as arbitrary, unreasonable and non-transparent.
  • The apex bench comprising Justices Kurian Joseph and R F Nariman passed the judgement on the appeals filed by Cellular Operators Association of India (COAI).
  • COAI is a body of Unified Telecom Service Providers of India and 21 telecom operators, including Vodafone, Bharti Airtel and Reliance, challenging the Delhi High Court.


Awards & Honors –

MP Tourism wins Best Indian Destination for Wildlife Award


  • Madhya Pradesh Tourism (MPT) on 9 May 2016 received the Best Indian Destination for Wildlife Award. The award was presented by the Lonely Planet Group.
  • Actress Amy Jackson presented the award to MPT at a function held in Mumbai.
  • On behalf of MPT Chairman, his Officer on Special Duty (OSD), Vinod Kumar Amar received the award.
  • As per the estimates of Forest Survey of India published in the State of Forest Report (SFR) 2003, the total forest cover of M.P. is 24.79% of the land area.
  • One third of the state is forested and offers an exciting panorama of wildlife.


Indian-American Revathi Balakrishnan named as 2016 Texas Elementary Teacher of the Year


  • Indian-American elementary teacher, Revathi Balakrishnan was honoured by US President Barack Obama at the White House in the first week of May 2016. She was named as 2016 Texas Elementary Teacher of the Year.
  • She received the honour for her excellent work in the field of education at Patsy Sommer Elementary School in Texas.
  • With this honour, she will represent Texas in the National Teacher of the Year competition.


Days –

National Technology Day observed on May 11


  • National Technology Day was celebrated across India on 11 May 2016. The function on this regard was presided over by the President Pranab Mukherjee in Vigyan Bhawan in New Delhi.
  • The theme for celebrations of the Technology Day 2016 is Technology enablers of Startup India.
  • Nation celebrates this day as a tribute to our scientists for their numerous accomplishments and innovations that have boosted National growth and identity.
  • The day commemorates the anniversary of first of the five tests of Operation Shakti (Pokhran-II) nuclear test which was held on 11 May 1998 in Pokhran, Rajasthan.


Books & Authors –

India vs Pakistan: Why Can’t we just be Friends? by Husain Haqqani

  • A forthcoming book titled India vs Pakistan: Why Can’t we just be Friends? was in the news in the second week of May 2016. The book is authored by former Pakistani Ambassador to the U.S. Husain Haqqani.
  • The book on India-Pakistan relations stirred a controversy because it exposed Pakistan's role in the 26/11 terror attacks.
  • The book recounts the visit by ex-ISI chief General Pasha to Washington on 24 and 25 December 2008, where he made the startling admission. During the visit, General Pasha had admitted to the author that the planners of the 26/11 attacks were “our people” but it was not “our operation”.


World –

Social fridges scheme of Europe adopted by Argentina as poverty rises


  • The term ‘Social Fridge’ was in news in the second week of May 2016 with Argentina adopting it to feed the needy ones who are facing the hardship due to increase in job cuts and inflation in the country.
  • The genesis of ‘social fridge’ or ‘solidarity fridge’ lies in the recent economic crisis of Europe during which countries like Spain and Germany saw the mushrooming of such fridges.
  • It is called so because people leave food in outdoor "social fridges" for those who need it. The fridges typically stand on the sidewalk outside restaurants.
  • As of now some 57 “social fridges” are operating in Argentina.


Scientists unveiled HoloFlex, world's first holographic flexible smartphone


  • A group of researchers at the Human Media Lab at Queen’s University on 5 May 2016 announced that they have developed the world’s first holographic flexible smartphone named HoloFlex.
  • The device is capable of rendering 3D images with motion parallax and stereoscopy to multiple simultaneous users without head tracking or glasses.

Key highlights of HoloFlex
  • The device features a 1920x1080 full high-definition Flexible Organic Light Emitting Diode touchscreen display.
  • Images are rendered into 12-pixel wide circular blocks rendering the full view of the 3D object from a particular viewpoint.
  • It produces 160 x 104 resolution image that allows users to inspect a 3D object from any angle simply by rotating the phone







Regards



Team ExamPundit

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