Hello and welcome to exampundit. Here are the Important Current Affairs from July 1st to 4th of July, 2016. These are very important for the upcoming SBI PO Mains & UBI PO PGDBF Exams 2016.
Haryana to develop new Industrial Township at an expense of $5 billion
- The Haryana Government on 2 July 2016 announced that it would develop an industrial township in the state at an expense of 5 billion dollar. The new industrial township will spread in over 1500 acres of land in Sohna and Manesar areas of Gurgaon.
- For this purpose, the Haryana Industrial and Infrastructure Development Corporation (HSIIDC) signed a memorandum of understanding (MoU) with China Fortune Land Development (CFLD) Company in New Delhi.
- Under the agreement, HSIIDC and CFLD Company would execute the project as a joint venture (JV).
Work of CFLD
- The Chinese firm would develop infrastructural facilities, industrial units and residential and commercial projects in the township.
- Industrial units related to automobiles and electronics would be established in the township.
- The project that would be completed in next 10 years will help in generating employment opportunities for lakhs of youth.
OYO signs MoU with Uttarakhand Tourism
- Hotels aggregator OYO has signed a Memorandum of Understanding (MoU) with the Uttarakhand Tourism Development Board (UTDB) to develop tourism-related hospitality ecosystem in the state, a company statement said.
- OYO will work to make local homestays better equipped to suit the need of tourists and the company has already standardised 15 homestays registered with UTDB, the statement said, adding that the standardization process will be followed by listing and marketing these properties by OYO.
BRICS Youth Summit, 2016 held with theme Youth as bridge for Intra-BRICS Exchanges
- The 2016 BRICS Youth Summit held in Guwahati, Assam concluded on 3 July 2016. The theme of the 2nd youth summit that started on 1 July 2016 was “Youth as bridge for Intra-BRICS Exchanges”.
- The three day summit saw participation of officials and youth of the delegation from BRICS nations, namely Brazil, Russia, India, China and South Africa.
- The summit concluded with certain recommendations and they are
Recommendations for Skills Development & Entrepreneurship
- Create and strengthen apprenticeship programmes in the existing BRICS institutions
- Document and disseminate success stories among the BRICS nations
- Facilitate transfer of skills between mentors and mentees among the BRICS nations
- Ensure access to decent jobs for youth across the BRICS nations
CBDT notifies Rules for calculating Fair market value of Assets
- The Central Board of Direct Taxes (CBDT) on 30 June 2016 notified rules for calculating Fair Market Value (FMV) of assets located in India with regard to indirect transfer provisions as prescribed in Section 9(1) of the Income-tax Act, 1961.
- Under section 9 of the Income-tax Act, 1961, any income arising from transfer of any share of or interest in a foreign company or entity that derives its value substantially from the assets located in India, is deemed to accrue or arise in India.
Purpose behind drafting the Rules for calculating Fair market value of Assets
- Manner of computation of FMV of Indian and global assets of the foreign company or entity
- Determination of income attributable to assets situated in India, and
- Information required to be maintained and furnished by the Indian concern under section 285 of Income-tax Act, 1961
Highlights of the Rules
- The Fair Market Value of listed companies will be computed on the basis of a formula taking into account its market capitalisation, book value of liabilities and total number of shares.
- In case of an unlisted company, the FMV would be determined by a merchant banker or accountant as per internationally accepted valuation methodology.
- In case the shares are listed on more than one recognised stock exchange, the price will be computed with reference to recognised stock exchange which records the highest volume of trading in share.
- The share or interest is said to derive it value substantially from assets located in India, if FMV of assets located in India comprise at least 50 percent of FMV of total assets of the company or entity.
- A share or interest is to be deemed to derive value substantially from assets located in India, if the FMV of the Indian asset is more than 10 crore rupees.
BRICS Working Group Meeting on Energy Saving and Energy Efficiency begins in Visakhapatnam
- The first meeting of the BRICS Working Group on Energy Saving and Energy Efficiency commenced on 4 July 2016 in Visakhapatnam. The meeting will be concluded on 5 July 2016.
- The two-day meeting will be attended by all 5 members of BRICS (Brazil, Russia, India, China and South Africa) countries.
- The Union Power Ministry is hosting the meeting of the Working Group.
- India assumed the BRICS chair for 2016 and will accordingly shape and steer the BRICS agenda.
Agenda for BRICS Working Group Meeting on Energy Saving and Energy Efficiency
- The BRICS countries will make presentations on measures taken by them in the field of energy saving and energy efficiency.
- India will showcase its efforts in energy saving, energy efficiency.
- India, in particular, will showcase the LED street lighting programme and Performance Achievement & Trade (PAT) programme for Industrial energy efficiency.
- The Working Group on Energy Saving and Energy Efficiency will deliberate on a Work Plan on development of cooperation in energy saving and energy efficiency within BRICS.
- During the meeting, a Joint Statement will be agreed upon. The statement will be a guiding tool for the BRICS Working Group on Energy Saving and Energy Efficiency.
Railways Ministry launches NIVARAN portal for employees' grievances redressal
- The Railways Minister Suresh Prabhakar Prabhu on 30 June 2016 launched NIVARAN portal, an online system for redressal of service related grievance of serving current and former railway employees.
- The Portal is developed by CRIS, the IT arm of Indian Railways, on the basis of process designed by Establishment directorate of Railway Board which deals with staff matters.
Highlights of the NIVARAN portal
- This new initiative is a portal for the internal Grievance Redressal of Railway Employees & Former Railway Employees.
- It facilitates the employees to lodge their grievances and also monitor their progress.
- The system would also provide facility for lodging appeal to the higher authority in case the decision is not found satisfactory.
Ministry of Tourism releases data on domestic and foreign tourist visits to states and UTs
- The Market Research Division of Ministry of Tourism on 30 June 2016 released data on domestic and foreign tourist visits to States and Union Territories (UTs) for the year 2015.
- The Ministry compiled the data received from Departments of Tourism of various State Governments and UT Administrations.
Domestic Tourist Visits to States and UTs during 2015:
- The number of Domestic Tourist Visits (DTVs) to the States and UTs was 1432 million. The number was 1282.8 million in 2014. Therefore, 2015 registered a growth of 11.63% over 2014.
- The State that topped the list of the top ten States in terms of number of domestic tourist visits is Tamil Nadu that garnered 333.5 million domestic visits. Uttar Pradesh secured the second place with 204.9 million visits, while Andhra Pradesh bagged the third position with 121.6 million visits.
- The contribution of top 10 States was about 83.62% to the total number of domestic tourist visits during 2015.
Foreign Tourist Visits to States and UTs during 2015:
- The number of Foreign Tourist Visits (FTVs) to the States and UTs in 2015 registered a growth of 4.4% over 2014. India garnered 23.3 million visits in 2015 as compared to 22.3 million in 2014.
- The State that topped the list of the top ten States in terms of number of FTVs during 2015 is Tamil Nadu with 4.68 million visits. Maharashtra and Uttar Pradesh secured second and third place with 4.41 million visits and 3.1 million visits respectively.
- The contribution of top 10 States was about 88.4% to the total number of FTVs in the country during 2015.
Indigenously built LCA Tejas inducted in IAF
- The first squadron of home-grown Light Combat Aircraft (LCA) Tejas was inducted into Indian Air Force (IAF) at the Aircraft System Testing Establishment in Bengaluru on 1 July 2016. The squadron has been named ‘Flying Daggers’ 45.
- State-run Hindustan Aeronautics Limited (HAL) handed over the first two Tejas aircraft to the Air Force.
- The aircraft will be operated for nearly two years by the squadron at Bengaluru before it is moved to its designated location at Sulur near Coimbatore in Tamil Nadu.
- According to IAF, the idea is to have a total of six aircraft this financial year 2016-17 and about eight in the financial year 2017-18. Tejas will feature in combat plan of the IAF in 2017 and will be deployed in forward bases also.
- All squadrons of Tejas will have 20 planes in total, including four in reserve. As per the plan, while 20 would be inducted under the Initial Operational Clearance, another 20 will be inducted later with Beyond Visual Range Missile (BVR) and some other features.
Union HRD Ministry launches teacher education portal Prashikshak
- The Union Minister for Human Resource Development Smriti Zubin Irani on 30 June 2016 launched the Prashikshak, a teacher education portal, with a vision to strengthen District Institutes of Education and Training (DIETs) and bring quality teachers into the Indian school education system.
- For now, Prashiskshak Portal works only for DIETs, however it will cover block level institutes in the future and identify gaps at the bottom of the pyramid.
Highlights of the Portal
- Prashikshak is a unique IT initiative, a first of its kind in the country, which will contain a comprehensive database of all DIETs in the country with all relevant performance indicators.
- It will help benchmark DIETs to enable aspiring teachers to make informed choices about their future.
- It will give the opportunity to Union and State Governments to do real time monitoring of the institutions.
- The major users of Prashikshak will be Pre-service teacher educators, DIET principals and faculty, Policy makers at District, State Government and National Level and the General public.
- It was established through joint collaboration between UnionMinistry of Human Resource Development and Central Square Foundation.
Rapid Rural Police Response System launched in Punjab
- A Rapid Rural Police Response System was launched across Punjab on 1 July 2016.
- The system was launched to ensure prompt and effective police response in over 12000 villages in Punjab.
Key highlights of Rapid Rural Police Response System
- The Rapid Rural Police Response System was launched by Punjab Deputy Chief Minister Sukhbir Singh Badal.
- 400 new motorcycles and 220 new Bolero jeeps were also flagged off under the new system.
- Under the system, the police will respond to any crime or law and order situation within 20 minutes of it being reported.
Kerala government decided to ban 'electronic cigarettes'
- Kerala government on 1 June 2016 banned 'electronic cigarette'. It was banned in view of studies claiming that its use can cause various health issues, including cancer and heart ailments.
- In this regard, the health ministry directed the additional chief secretary (health) to issue an order banning the production, sale and advertisement of 'electronic cigarette' alias 'e-cigarette'.
- With this, Kerala became the fourth Indian state to ban e-cigarettes. The other three states are Punjab (1st state to do so), Maharashtra and Karnataka.
RBI appoints Sudarshan Sen as Executive Director
- RBI today said it has appointed Sudarshan Sen as an Executive Director in place of N S Vishwanathan, who has been elevated as Deputy Governor at the central bank.
- Sen has taken charge from today, RBI said in a release.
- Sen will look after Department of Banking Regulation, Department of Co-operative Bank Regulation and Department of Non-Banking Regulation.
- Sen is a career central banker and has a long association with bank supervision and regulation. Earlier, he was in charge of the Department of Banking Regulation.
Linda Burney becomes first Indigenous woman elected to Australia's lower house
- Linda Burney, a former teacher, on 2 July 2016 became the first Indigenous woman elected to the House of Representatives (lower house) of the Parliament of Australia. She achieved the fete after claiming victory in the marginal seat of Barton.
- She won the seat as a candidate of the centre-left Labour Party in the national polls.
- With this, she joins first Aboriginal MP Ken Wyatt of the conservative Liberal Party who was elected in 2010. Olympian Nova Peris was the first indigenous woman in the upper house of the Parliament.
Rodrigo Duterte sworn in as Philippines’ president
- Rodrigo Duterte was sworn in as the Philippines' 16th president on 30 June 2016 inside the Malacanang presidential palace in Manila. He will have a six-year term.
- The first Mindanaoan president of the country, Duterte succeeds Benigno Aquino III.
Exercise RIMPAC 2016 begins
- Exercise RIMPAC 2016, the Pacific military exercise, began on 30 June 2016 at Hawaii with 26 nations participating in the war games that will cover the Hawaiian Island and southern California.
- The theme of RIMPAC 2016 is Capable, Adaptive, Partners. RIMPAC 2016 is the 25th exercise in the series that began in 1971.
Highlights of the RIPMAC 2016
- Twenty-six nations, 45 ships, five submarines, more than 200 aircraft, and 25000 personnel will participate in the biennial Rim of the Pacific (RIMPAC) exercise that is scheduled from 30 June to 4 August 2016.
- This year's exercise includes forces from Australia, Brunei, Canada, Chile, Colombia, Denmark, France, Germany, India, Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Norway, China, Peru, Korea, Philippines, Singapore, Thailand, Tonga, the United Kingdom and the United States.
- Hosted by US Pacific Fleet, RIMPAC 2016 will be led by US Vice Adm Nora Tyson, commander of the US 3rd Fleet (C3F), who will serve as the Combined Task Force (CTF) commander.
International Solar Alliance Cell and World Bank sign Declaration for promoting Solar Energy
- The Interim Administrative Cell of the International Solar Alliance (ISA Cell) and the World Bank on 30 June 2016 signed declaration to promote solar energy globally. The declaration was signed during the visit of the World Bank President Jim Yong Kim to India in June 2016.
- The declaration was signed by Upendra Tripathy, Secretary of Union Ministry of New and Renewable Energy and Chairperson, ISA cell and Onno Ruhl, India Country Director of the World Bank.
Major areas identified in the Declaration for working jointly
- Developing a roadmap to mobilize financing
- Developing financing instruments including credit enhancement, reduce hedging costs/currency risk, bond raising in locally denominated currencies etc. which support solar energy development
Benefits arising out of this Declaration
- The Joint Declaration will help in accelerating mobilization of finance for solar energy.
- The World Bank will have a major role in mobilizing more than 1000 billion US dollars in investments that will be needed by 2030 for the massive deployment of affordable solar energy.
B Sai Praneeth wins 2016 Canada Open Grand Prix Badminton Men’s Singles title
- Indian shuttler B Sai Praneeth on 3 July 2016 clinched the Canada Open Grand Prix Badminton Men’s Singles title at Calgary.
- Praneeth defeated Lee Hyun II of Korea 21-12, 21-10.
- On the other hand, men's doubles pair of Manu Attri and B Sumeeth Reddy also grabbed Men’s doubles title at the tournament.
- Top seed doubles pair Attri and Reddy defeated Adrian Liu and Toby Ng 21-8 21-14 in a lop-sided final. The pair of Attri and Reddy is the first Indian men's doubles pair to qualify for the Rio Olympics.
Gurpreet Singh Sandhu becomes first Indian to play in Europa League
- Indian footballer Gurpreet Singh Sandhu in the first week of July 2016 became the first Indian to play in Europa League.
- Sandhu was named in Norwegian club Stabaek FC's squad for their Europa League qualifying match against Welsh Premier League side Connah's Quay Nomads FC.
Sameer emerges fastest athlete of 56th National Inter-state Athletics
- Sameer Mon, the veteran sprinter of India, on 30 June 2016 won gold in 100 meter dash in 10.60 seconds at the 56th National Inter-state Senior Athletics Championships in Hyderabad.
- With this, Sameer, representing Manipur, also became the fastest athlete in the country.
- 32-year-old Sameer was a member of the bronze winning Indian 4x100m relay quartet in Delhi Commonwealth Games. He had earlier won the Inter-state titles in 2008 and 2011.
Other results of 56th National Inter-state Senior Athletics Championships are
- Women's 100 metre dash: Reena George of Karnataka won Gold by clocking 11.99 seconds. Earlier, she switched from 400 meter dash to 100 meter dash.
- Women's pole vault: Khyati Vakharia of Karnataka won Gold by clearing the season’s best 3.80 metre.
National Doctors’ Day 2016 observed across India
- The 2016 National Doctors’ Day was observed on 1 July 2016 across India.
- The day is observed to honour legendary physician, Dr Bidhan Chandra Roy whose birth and death anniversary falls on the same day.
- Dr Roy was honoured with the Bharat Ratna on 4 February 1961.
- The National Doctors’ Day gives an opportunity to raise the awareness about the doctor’s role in daily life.
Awards & Honors –
President Pranab Mukherjee presents B C Roy National Awards for 2008, 2009 and 2010
- President Pranab Mukherjee on 1 July 2016 presented the Dr. B. C. Roy National Awards for 2008, 2009 and 2010.
- The awards were presented at Rashtrapati Bhavan, New Delhi on the occasion of Doctors' Day.
- The B.C. Roy Awards were instituted by the Medical Council of India in 1976.
- The award was instituted in memory of renowned physician and former West Bengal Chief Minister Dr. Bidhan Chandra Roy.
Former French Prime Minister Michel Rocard dies
- Michel Rocard, former Prime Minister of France, passed away on 2 July 2016 in Paris, France. He was 85.
- Rocard served as Prime Minister under President Francois Mitterrand from 1988 to 1991.
Eminent Marathi literary scholar Ramchandra Chintaman Dhere dies
- Renowned Marathi writer Ramchandra Chintaman Dhere passed away on 1 July 2016 following prolonged illness. He was 86.
- Dhere was known for his exhaustive research in folk literature and bhakti tradition of Maharashtra.
Holocaust survivor and Nobel Peace Prize winner Elie Wiesel dies
- Elie Wiesel, a Holocaust survivor and Nobel Laureate passed away on 2 July 2016 in New York, U.S. He was 87.
- In his first book, Night, Wiesel gave an account of his family being sent to the Nazi concentration camps.
Writer and futurist Alvin Toffler dies
- Alvin Toffler, the author of Future Shock, passed away on 27 June 2016 in Los Angeles, United States. He was 87.
- Toffler’s book Future Shock outlines people's anxiety at the pace of social change in the 1960s.
- His other famous works are The Third Wave, Powershift: Knowledge, Wealth and Violence at the Edge of the 21st Century and Revolutionary Wealth among others.
Michael Cimino, director of film The Deer Hunter, died
- Michael Cimino, the director of the Vietnam War classic The Deer Hunter, died on 2 July 2016 at his Los Angeles home. He was 77.
- Cimino was best known for directing, producing and co-writing the 1978 Academy Award-winning film The Deer Hunter. The film won five Oscars, including Best Director and Best Picture for Cimino.
- He was also remembered for writing and directing Heaven's Gate, which proved to be a financial failure.