Hello and welcome to exampundit . Here are the important Current Affairs of 15 and 16 July, 2016. These are important for the upcoming SBI PO Mains, UBI PO PGDBF Exams 2016.
RBI sets up Sudarshan Sen-headed Inter-regulatory Working Group on Fin Tech and Digital Banking
- The Reserve Bank of India (RBI) on 14 July 2016 constituted an inter regulatory Working Group (WG) to study the entire gamut of regulatory issues relating to Fin Tech (financial technology) and Digital Banking in India.
- It will view the growing significance of Fin Tech innovations and their interactions with the financial sector as well as the financial sector entities.
- The 13-member working group will be headed by Sudarshan Sen, the executive director of RBI. It has been asked to submit its report within six months from the date of its first meeting.
The terms of reference of the Working Group
- To undertake a scoping exercise to gain a general understanding of the major Fin Tech innovations/developments, counterparties/entities, technology platforms involved and how markets and the financial sector in particular, are adopting new delivery channels, products and technologies.
- To assess opportunities and risks arising for the financial system from digitisation and use of financial technology, and how these can be utilised for optimising financial product innovation and delivery to the benefit of users / customers and other stakeholders.
- To assess the implications and challenges for the various financial sector functions such as intermediation, clearing, payments being taken up by non-financial entities.
- To examine cross country practices in the matter, to study models of successful regulatory responses to disruption across the globe.
- To chalk out appropriate regulatory response with a view to re-aligning / re-orienting regulatory guidelines and statutory provisions for enhancing Fin Tech / digital banking associated opportunities while simultaneously managing the evolving challenges and risk dimensions.
- Any other matter relevant to the above issues.
- The Working Group may invite views from representatives from any area relevant to its terms of reference and may also, at its discretion, co-opt entities in the payment, telecom, software and start up ecosystem.
Time schedule for making payments under Income Declaration Scheme 2016 revised
- The Union Government on 14 July 2016 revised the time schedule for making payments under the Income Declaration Scheme 2016.
- As per the revised schedule, a minimum amount of 25 percent of the tax, surcharge and penalty can be paid by 30 November 2016 and further amount of 25 percent by 31 March 2017. The balance amount can be paid on or before 30 September 2017.
- The decision was taken following practical difficulties expressed by various stakeholders that the time period available under the Scheme up to 30 November 2016 for making payment of tax, surcharge and penalty is very short.
Justice Shah headed SIT on black money recommends ban on cash transactions above 3 lakh rupees
- The Supreme Court-constituted Special Investigation Team (SIT) on black money on 14 July 2016 submitted its fifth report to the apex court. The SIT was headed by retired Justice M B Shah.
The SIT in its fifth report recommended the following:
- Cash transactions: It has recommended ban on cash transactions above 3 lakh rupees in a day. It recommended enacting a law to declare such transactions as illegal and punishable.
- Cash holding: It also suggested capping the cash holding of an industry or individual at 15 lakh rupees. In case any person or industry required holding more cash, it may obtain necessary permission from the Commissioner of Income Tax of the area.
- The SIT felt that the cash transaction limit can only succeed if there is a limitation on cash holding.
Tata Advanced Systems signs deal with Bell Helicopter
- Tata Advanced System (TASL) and Bell Helicopter, a Textron Company on 14 July 2016 signed an agreement to work together in support of India’s aviation and defense modernization initiatives. The agreement was inked with an emphasis on ‘Make in India’.
- As per the agreement, TASL and Bell Helicopters will join to develop both commercial and government (including military) rotary wing markets in India in the light utility and reconnaissance segments.
Madhya Pradesh becomes first state to approve setting up of Happiness Department
- Madhya Pradesh Cabinet on 15 July 2016 gave its nod to set up Happiness Department in the state. The department will work as knowledge resource centre on the subject of happiness.
- With this approval, Madhya Pradesh became the first state of the country to set up such a Department.
- Apart from the department, the cabinet also decided to establish a state Happiness Institute under the Happiness Department. Initially it will have a budget of three crore 60 lakh rupees.
Functions of the Happiness Department
- It will prepare guidelines for coordination between different departments for propagating happiness in the state.
- It will identify and define the parameters of happiness and efficiency.
- It would also prescribe action plan and activities for experiencing happiness.
- The department will assess mind-set of state's people from time to time.
- It would compile and publish survey reports pertaining to status of happiness.
Dabur signs MoU with DRDO to promote cultivation of rare medicinal plants
- Ayurveda company Dabur India signed a Memorandum of Understanding (MoU) with Defence Research and Development Organization's (DRDO) Defense Institute of High Altitude Research (DIHAR) to promote sustainable cultivation of rare medicinal plants in the most difficult terrain in the world, Ladakh.
- Under this agreement, both the organisations will educate farmers in the Leh-Ladakh about high altitude medicinal plant species and also help enhance the livelihood of villagers in the cold desert area by involving them in cultivation of medicinal plants. The farmers will also be provided free saplings of rare medicinal plants and herbs.
- The initiative will focus on development of a self-sustainable system by creation of a value chain for the targeted endangered species and sustainable management of bio-resources by implying scientific agronomy practices and thereby ensuring biodiversity conservation.
HRD Ministry signs ADDENDUM X to MoU with Shastri Indo-Canadian Institute (SICI)
- Ministry of Human Resource Development, Government of India and Shastri Indo-Canadian Institute (SICI) have signed on 15.07.2016 an ADDENDUM X to the Memorandum of Understanding providing for the details of Programme of Co-operation.
- Earlier, the Union Cabinet in its meeting held on 29th June, 2016 approved MHRDs proposal for further continuation of MoU up to 31st March 2021.
- Shastri Indo-Canadian Institute, a bi-national organization, was created by a joint announcement of Governments of India and the Government of Canada in 1968 for promoting understanding between India and Canada through facilitation of academic exchange between the two countries.
- Extension of MoU will facilitate SICI to continue with promotion of knowledge and understanding between Canada and India in the areas identified earlier and in the new areas as identified by the Government of India which include Faculty-in-Residence Programme, Faculty Development Programme for vocational Education, Facilitation cum information services etc. SICI is also expected to promote and identify eminent academicians from Canada for the Global Initiative for Academic Networks (GIAN) programme, a new initiative of the Ministry, aimed at bridging the faculty gaps in frontier areas of knowledge and forging research partnerships between educational institutions in India and Canada.
WHO declares India as Maternal and Neonatal Tetanus free
- The World Health Organization (WHO) on 14 July 2016 declared India as Maternal and Neonatal Tetanus free. In this regard, WHO presented certificates to the Union Health and Family Welfare Minister J P Nadda.
- Previously in May 2016, WHO certified India yaws-free after a team of experts verified interruption of disease transmission in the country. India is the first country under the 2012 WHO neglected tropical diseases (NTD) roadmap to eliminate yaws.
- Yaws is a chronic bacterial infection that affects the skin, bones and cartilages.
Misbah-ul-Haq becomes oldest captain to score Test hundred
- Pakistan captain Misbah-ul-Haq on 14 July 2016 scored 110 against England at Lord's.
- With this, the 42 years and 47 days old cricketer became the oldest captain to score Test hundred.
- Misbah is also the oldest visiting player to play a Test on English soil in the last 31 years.
- The previous oldest was Somachandra de Silva of Sri Lanka, who was 42 years & 73 days old when he played against England at Lord's in 1984.
Harika Dronavalli wins Fide Women’s Grand Prix trophy in China
- India's Grand Master Harika Dronavalli on 14 July 2016 won the Fide Women’s Grand Prix trophy in Chendu, China. This was the first Grand Prix Chess title for the Grand Master from Guntur.
- Harika defeated Russia’s Olga Girya to win the title.
- Harika finished on 7 points in the round robin tournament featuring the world’s top 12 players to be crowned the champion.
- Other Indian Grand Master Koneru Humpy defeated Antoaneta Stefanova to catch up with her compatriot Harika Dronavalli on the shared first place with 7/11 points each. Harika, however, was declared winner for finishing with a better tie-break record in the tournament.
K V R Murthy appointed as CMD of Jute Corp of India
- The Jute Corporation of India Limited on 12 July 2016 announced that K V R Murthy has taken over as its Chairman-cum-Managing Director. He took over the position from 2 July 2016.
- Murthy’s appointment is for a period of five years or till the date of his superannuation, whichever is earlier.
- Murthy was earlier associated with Eastern Railways in the capacity of Chief Commercial Manager.
Rajesh Kumar Chaturvedi appointed as Chairman of CBSE
- Rajesh Kumar Chaturvedi was on 14 July 2016 appointed as the Chairman of the Central Board of Secondary Education (CBSE) for a five-year term. The post had been lying vacant since December 2014.
- Until now, Joint Secretary of the Union Human Resource Development Ministry Y S K Seshu Kumar was holding the additional charge of Chairman of the CBSE.
- Chaturvedi was appointed after the Appointments Committee of the Cabinet (ACC) decided that CBSE Chairperson will be appointed through Central Staffing Scheme and not through Search-Cum-Selection Committee method.
Rohit Bhasin named new ED of Air India (Eastern Region)
- Captain Rohit Bhasin has taken over as Executive Director of the Eastern Region of Air India.
- A distinguished pilot with a rich experience of corporate administration, Captain Bhasin had joined Air India in 1986 as pilot. He succeeds A Rane.
- Capt. Bhasin has been one of the youngest pilots to train in and operate the Boeing 747 and regularly commands the VVIP flights. He was one of the first Commanders of the ultra long-haul Boeing 777 aircraft and amongst the first to commandeer the Boeing 787 Dreamliners, Air India said in a press release.
Books & Authors –
Who Moved My Interest Rate? authored by Duvvuri Subbarao
- A book titled Who Moved My Interest Rate? authored by Duvvuri Subbarao, the former Governor of Reserve Bank of India (RBI), will be released on 27 July 2016.
- The book gives an account of the dilemmas Subbarao confronted while leading the Reserve Bank through the extraordinary economic and political challenges India and world faced from 2008 to 2013.
- The book is a chronicle of Subbarao’s attempts to demystify the RBI and explain to the public its impact on their everyday lives.
- Subbarao’s term as the Governor of the RBI from 2008 to 2013 saw a turbulent period for the world and for India. The global financial crisis erupted within a week of his assuming office.
Courage & Commitment authored by Margaret Alva
- A book titled Courage & Commitment: An Autobiography by Margaret Alva was in news in the second week of July 2016.
- Via this book, Alva narrates her forty-year career under four Prime Ministers, namely Indira Gandhi, Rajiv Gandhi, PV Narasimha Rao and Manmohan Singh. It also tells about her transition from politician to Governor.
- In the book, the Alva narrates her trials and triumphs and controversies that rocked her career as a politician leading to expulsion from Congress Party in 1979. She provides details of her spats with Sanjay Gandhi, her role in framing Rajiv Gandhi’s last campaign tour and her involvement with the Jain Hawala investigation when in charge of the CBI.
World Youth Skills Day 2016 observed globally
- The World Youth Skills Day (WYSD) was on 15 July 2016 observed globally with the theme Skills Development to Improve Youth Employment.
- On the occasion, United Nations organised the event facilitated by the UN Envoy on Youth Ahmad Alhendawi. The event was co-organized with the Permanent Missions of Portugal and Sri Lanka to the United Nations, UNESCO and the International Labour Organization (ILO).
- The day is observed to create more awareness and a discussion on training and the development of skills for the youth of today, in hopes of creating a better opportunity for them when it comes to employment.