Friday, June 17, 2016

Current Affairs Update – 17th June, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 17th June, 2016. These are important for the upcoming SBI PO Mains exam 2016.

Current Affairs at a Glance – 17th June, 2016
  1. Max Financial Services and Max Life have entered into an agreement for a merger with HDFC Life.
  2. The Reserve Bank on Friday simplified the process of registration of new NBFCS by reducing the application form and the checklist of documents from the existing set of 45 documents to about eight.
  3. India recorded its highest-ever tea production at 1,233 million kilos during 2015-16, while the exports crossed 230 million kilos during the period.
  4. Prime Minister Narendra Modi on 16 June 2016 suggested a mantra, RAPID, to tax officials while inaugurating Rajasva Gyan Sangam, a two-day Annual Conference of Senior Tax Administrators in New Delhi. The mantra, RAPID means R for Revenue, A for Accountability, P for Probity, I for Information and D for Digitization.
  5. The 9 million Euro Indo-EU ‘Water4crops’ project was in news in third week of June 2016 after a review and planning meet on the project was conducted from 15 June to 17 June 2016 in New Delhi. The review meeting was held to mark the completion of 4-year of the project.
  6. Indian-origin diplomat Kamala Shirin Lakhdhir was on 17 June 2016 nominated as the next American Ambassador to Malaysia by US President Barack Obama.
  7. Russia on 16 June 2016 launched the new Project 22220 nuclear icebreaker dubbed ‘Arktika’. It was launched from the Baltic Shipyard in St. Petersburg – the second largest city of Russia.
  8. Baltimore’s National Aquarium on 15 June 2016 announced its plan to create an Oceanside dolphin sanctuary. This will be first of its kind sanctuary for the marine mammals in North America.
  9. Mohun Bagan on 15 June 2016 announced that it will honour country’s only Dronacharya football coach Syed Nayeemuddin with the Mohun Bagan Ratna.
  10. World Day to Combat Desertification (WDCD) 2016 was observed across the world on 17 June 2016.
  11. Manimala Devi, veteran Odia actress, passed away on 16 June 2016 following a prolonged illness at Bhubaneswar, Odisha.



Finance/Banking –

Max Life, Max Financial Services agree to merger with HDFC Life


  • Max Financial Services and Max Life have entered into an agreement for a merger with HDFC Life.
  • In a statement to the stock exchanges, Max Financial Services and Housing Development Finance Corporation (HDFC) said that their respective boards have approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a potential combination through a merger.
  • The agreement provides for a mutually agreed exclusivity period for due diligence and discussions between the parties in relation to a proposed transaction. However, it has not been mentioned as to how much stake the foreign partner of Max Life will hold post the merger. No timeline has been given for the merger.


RBI simplifies registration process for new NBFCs


  • The Reserve Bank on Friday simplified the process of registration of new NBFCS by reducing the application form and the checklist of documents from the existing set of 45 documents to about eight.
  • This has been done to make the process of registration of new Non Banking Financial Companies (NBFCs) "smoother and hassle free", RBI said.
  • "Secondly, from now onwards, there would be two different types of applications for non-deposit taking NBFCs (NBFC-ND) based on Sources of Funds and Customer Interface," it added.
  • The processing of cases for Type I - NBFC-ND applicants would be on fast track mode. As these companies will not have access to public fund and will not have customer interface, they will be subjected to less intensive scrutiny/due diligence.
  • These companies will be prohibited from accessing public funds and having customer interface. In case these companies intend to avail public fund or intend to have customer interface in the future, they are required to take approval from RBI.
  • RBI further advised that the checklists mentioned by it are indicative and not exhaustive.


India records highest-ever tea production in FY16


  • India recorded its highest-ever tea production at 1,233 million kilos during 2015-16, while the exports crossed 230 million kilos during the period.
  • Tea production rose by 3% in 2015-16, up from 36 million kilos in the preceding year, a Tea Board statement said on Friday.
  • Exports during the last fiscal was the highest after 35 years and valued at Rs 4,493 crore, and a 17% rise in terms of quantity, it said.
  • The last time exports crossed the 230 mkg mark was during 1980-81, it added.
  • Increase in exports was mostly in the markets of Russia, Iran, Germany, Pakistan, Bangladesh, UAE and Poland.
  • The increase in production could be attributed to a rise in North India, while south suffered from adverse climatic conditions and labour issues in Kerala.


RAPID, five-point charter for tax administrators, outlined by Narendra Modi


  • Prime Minister Narendra Modi on 16 June 2016 suggested a mantra, RAPID, to tax officials while inaugurating Rajasva Gyan Sangam, a two-day Annual Conference of Senior Tax Administrators in New Delhi.
  • The mantra, RAPID means R for Revenue, A for Accountability, P for Probity, I for Information and D for Digitization.
  • It will help people to respect the rule of law as well as fear of the long arm of the law for those who evade taxes.
  • During the ceremony, Modi also motivated the revenue officers towards achieving high standards in taxpayer friendly service in view of fast paced changes in the world economy. He is also likely to address some of the challenges faced by these departments.


India –

Review meeting of Indo-EU ‘Water4crops’ project held


  • Water4crops Project: 9 million euro Indo-EU project on water-scarce agricultural sector
  • The 9 million Euro Indo-EU ‘Water4crops’ project was in news in third week of June 2016 after a review and planning meet on the project was conducted from 15 June to 17 June 2016 in New Delhi. The review meeting was held to mark the completion of 4-year of the project.
  • Water4Crops stands for “integrating bio-treated wastewater reuse and valorization with enhanced water use efficiency to support the Green Economy in Europe and India”.




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Appointments –

Indian-origin Kamala Shirin Lakhdhir nominated as US Ambassador to Malaysia


  • Indian-origin diplomat Kamala Shirin Lakhdhir was on 17 June 2016 nominated as the next American Ambassador to Malaysia by US President Barack Obama.
  • She will replace Joseph Y Yun, a career member of the Senior Foreign Service.


Flipkart's Michael Adnani joins Styletag.com as CEO


  • Styletag.com, India's first online women's curated fashion and lifestyle destination has announced the appointment of its new Chief Executive Officer (CEO), Michael Mehran Adnani.
  • Michael Adnani will spearhead the company's operations and helm its evolution as it enters into a new phase of growth and expansion.
  • Michael has joined Styletag from Flipkart, where he was the Vice President of the commerce platform and headed the strategic brand alliances for the e-commerce giant.


World –

Arktika, the most powerful nuclear icebreaker launched by Russia


  • Russia on 16 June 2016 launched the new Project 22220 nuclear icebreaker dubbed ‘Arktika’. It was launched from the Baltic Shipyard in St. Petersburg – the second largest city of Russia.
  • Project 22220 is the world’s largest and most powerful vessel of its kind and it has been built at the Baltic Shipyard of the United Shipbuilding Corporation of Russia.
  • The vessel is 189.5 yards long and 37.1 yards wide.
  • It displaces 33540 metric tons and is fitted with two specifically designed RITM-200 nuclear power reactors.
  • Nuclear fuel for the vessel's RITM-200 nuclear-power reactors is to be produced by the TVEL fuel company by the end of 2016.


North America to have its first sanctuary for dolphins


  • Baltimore’s National Aquarium on 15 June 2016 announced its plan to create an Oceanside dolphin sanctuary. This will be first of its kind sanctuary for the marine mammals in North America.
  • The aquarium will move its colony of eight Atlantic bottlenose dolphins to an outdoor facility with natural seawater by 2020. Of the eight bottlenose dolphins (six female and two male), only one has ever lived in the open ocean.
  • For this purpose of creating a sanctuary, a team is scouting locations in Florida and the Caribbean for the habitat.


Awards & Honors –

Syed Nayeemuddin, former Indian football team coach, to be conferred with Mohun Bagan Ratna


  • Mohun Bagan on 15 June 2016 announced that it will honour country’s only Dronacharya football coach Syed Nayeemuddin with the Mohun Bagan Ratna.
  • Nayeemuddin was chosen for the prestigious award for his overall contribution to the club and the country both as a player and as a coach.
  • He is the only sports-person to win both the Arjuna and Dronacharya Awards for football.


Days –

World Day to Combat Desertification 2016 observed


  • World Day to Combat Desertification (WDCD) 2016 was observed across the world on 17 June 2016. Inclusive cooperation for achieving Land Degradation Neutrality was the theme for the 2016 WDCD.
  • The slogan for the day was Protect Earth. Restore Land. Engage People.
  • The theme focuses on making Land Degradation Neutrality, which is a fundamental solution for achieving Sustainable Development Goals (SDGs).


Obituaries –

Veteran Odia actress Manimala Devi passes away


  • Manimala  Devi, veteran Odia actress, passed away on 16 June 2016 following a prolonged illness at Bhubaneswar, Odisha. She was 86.
  • Manimala ruled the Odia film industry in the 1960s as lead actress with her influential performances in various films.


Assam PCC president Anjan Dutta dies

  • Assam Pradesh Congress Committee (PCC) President Anjan Dutta passed away on 16 June 2016 following cardiac arrest at the AIIMS hospital, New Delhi. He was 64.
  • Dutta donned many hats in his eventful political career.








Regards



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