Hello and welcome to exampundit . Here are the Important Current Affairs of 6th July, 2016. These are important for the upcoming SBI PO Mains & UBI PO PGDBF Exams 2016.
Union Cabinet approves Interest Subvention Scheme for farmers
- The Union Cabinet on 5 July 2016 approved the Interest Subvention Scheme for farmers for the year 2016-17.
- The Government has assigned a sum of 18276 crore rupees for the purpose. This scheme will help farmers getting short term crop loan payable within one year up to 3 lakhs rupees at only 4% per annum.
Key features of the scheme
- The Union Government will provide interest subvention of 5% per annum to all farmers for short term crop loan payable within one year. Therefore, farmers will have to effectively pay only 4% as interest.
- In case farmers do not repay the short term crop loan in time, then they will be eligible for interest subvention of 2% as against 5% available.
- The government will give approximately 18276 crores rupees as interest subvention for 2016-17.
- The Union Government has approved an interest subvention of 2% i.e an effective interest rate of 7% for loans up to 6 months to give relief to small and marginal farmers who would have to borrow at 9% for the post harvest storage of their produce.
- The interest subvention of 2% will be provided to banks for the first year on the restructured amount to provide relief to the farmers affected by natural calamities.
Aditya Birla Fashion acquires global clothing brand Forever 21
- Aditya Birla Fashion and Retail (ABFRL) on 5 July 2016 acquired global clothing brand Forever 21 in the Indian market for 26 million US dollars.
- Forever 21 has a network of more than 700 stores worldwide. Its India operations reported a turnover of 262 crore rupees in 2015-16.
- Aditya Birla Fashion executed a business transfer agreement with Diana Retail, Franchise of Forever 21, and DLF Brands for acquisition of the business undertaking of Diana Retail under the Forever 21 brand.
- The transaction involved acquisition of the Forever 21 Undertaking of Diana Retail with effect from 1 July 2016.
- The transaction of 26 million US dollars was an all cash deal through a business transfer agreement and not a share transfer.
- With this, Forever 21 business will form part of ABFRL’s Madura Fashion & Lifestyle division.
Union Cabinet approves setting up of Major port at Enayam in Tamil Nadu
- The Union Cabinet chaired by the Prime Minister Narendra Modi on 5 July 2016 gave in-principle approval for setting up a Major port at Enayam near Colachel in Tamil Nadu.
- In this regard, a Special Purpose Vehicle (SPV) will be formed for development of Port with initial equity investment from three Major Ports in Tamil Nadu- VO Chidambaranar Port Trust, Chennai Port Trust and Kamarajar Port Limited.
Highlights of the Project
- The Enayam project will cost around 27000 crore rupees and will be undertaken in three phases.
- The cabinet cleared an expenditure of 6575 crore rupees for phase one of the project.
- The SPV will develop the port infrastructure including dredging and reclamation, construction of breakwater, ensuring connectivity links, etc.
- Establishing this Major port at Enayam will not only act as a major gateway container port for Indian cargo but it will also become a trans-shipment hub for the global East-West trade route.
- It will also reduce the logistics cost for exporters and importers in South India who currently depend on trans-shipment in Colombo or other ports thus incurring additional port handling charges.
1mg Technologies acquires diagnostic labs aggregator Medd
- Online healthcare start-up 1mg Technologies Pvt. Ltd on 4 July 2016 announced the acquisition of diagnostic labs aggregator Medd.
- The step was taken to boost diagnostic footprint of 1mg Technologies. However, the value of the transaction was not disclosed by the company.
- The deal comes after 1mg raised 100 crore rupees in a Series B round from investors including Maverick Capital Ventures.
India tops domestic air travel growth in 2015 but trails China, US in size
- India is the fastest growing domestic air travel market, but in terms of market size it is still nearly five times smaller than China and nine times smaller than the United States, according to an International Air Transport Association (IATA) report.
- In 2015, domestic airlines in India flew 81 million passengers, registering a 20% growth over 2014. Growth was driven by low fares and average domestic fares were 15-20% lower in 2015.
- In comparison, domestic airlines in China and the United States flew 394 million and 708 million passengers in 2015, with a growth rate of 9.7% and 5.4%, respectively.
- Aviation consultancy CAPA estimates domestic traffic in India to cross 100 million in FY17 with 20% year-on-year growth.
World's largest charkha unveiled at IGI airport, Delhi
- World’s largest Charkha (spinning wheels) was unveiled at Terminal 3 of the Indira Gandhi International Airport (IGI), New Delhi by Union Minister for MSME Kalraj Mishra on 5 July 2016.
- The idea behind displaying the world’s biggest charkha at the country’s busiest airport is to highlight India’s quest to foster an egalitarian society as demonstrated by Mahatma Gandhi, the father of the nation.
- The Charkha was installed at the departure forecourt of the terminal with a belief that it would help in carrying forward the legacy of promoting India’s rich cultural heritage through different artworks at the terminal.
- All the existing artworks at the terminal - Mudras, Regal procession, Elephant statues, Surya Sculpture, Suryanamaskar and Worli Art among others - depict and showcase Indian heritage globally.
SC-appointed Green Panel recommends high pollution cess of 20-22% on diesel vehicles
- The Environment Pollution (Prevention and Control) Authority (EPCA) on 5 July 2016 recommended a green cess of 20-22 percent on diesel vehicles.
- EPCA is a Supreme court-appointed Green Panel for Delhi-National Capital Region (NCR).
Highlights of the recommendations
- The vehicles need to be divided into three categories- up to 1200 cc, up to 2000 cc and 2000 cc and above.
- An Environment Compensation Charge (ECC) of 10 percent of the vehicle's cost be imposed on diesel cars with engines up to 1200cc.
- EPCA recommended ECC of 20 percent tax on diesel vehicles with engines smaller than 1500cc in size.
- It recommended a cess of 22 percent on vehicles with engines over 1500cc.
- It also recommended high pollution cess of up to 25 percent on the cost of diesel cars above 2000 cc.
- The authority’s recommendation of 20 per cent (for less than 1500 cc) and 22 per cent (for over 1500 cc) green cess stands at 179766 rupees and 215883 rupees respectively.
- Diesel car users cannot pay less tax per litre of fuel compared to petrol car. This needs to be equalised to control growing use of low tax diesel fuel in cars that have cleaner substitutes.
Union Cabinet approves The High Courts (Alteration of Names) Bill, 2016
- The Union Cabinet, presided by Prime Minister Narendra Modi, on 5 July 2016 gave green signal to introduce The High Courts (Alteration of Names) Bill, 2016 in Parliament.
- The High Courts (Alteration of Names) Bill, 2016 will facilitate the changing of the names of Bombay High Court as Mumbai High Court, Calcutta High Court as Kolkata High Court and Madras High Court as Chennai High Court respectively.
- The bill is the proposal of the Department of Justice in the Law Ministry.
Union Cabinet approves National Apprenticeship Promotion Scheme
- The Union Cabinet on 5 July 2016 approved the National Apprenticeship Promotion Scheme to train 50 lakh apprentices by 2019-20. The Scheme involving an outlay of 10000 crore rupees will catalyze the entire apprenticeship ecosystem in the country.
- It will offer a win-win situation for all stakeholders and is expected to become one of the most powerful skill-delivery vehicles in the country.
- It provides for incentivizing employers to engage apprentices.
- 25% of the total stipend payable to an apprentice would be shared with employers directly by Union Government.
- It also supports basic training, which is an essential component of apprenticeship training.
- 50% of the total expenditure incurred on providing basic training would be supported by Union Government.
- It is for the first time a scheme has been designed to offer financial incentives to employers to engage apprentices.
Union Cabinet approves redevelopment of seven GPRA colonies in Delhi
- Union Cabinet on 5 July 2016 approved redevelopment of seven General Pool Residential Accommodation (GPRA) colonies in the national Capital, Delhi. The project will be completed in five years in a phased manner.
- Sarojini Nagar, Netaji Nagar and Nauroji Nagar will be redeveloped through National Buildings Construction Corporation Limited (NBCC).
- Kasturba Nagar, Thyagraj Nagar, Srinivaspuri and Mohammadpur will be developed through Central Public Works Department (CPWD).
- This approval will help in replacing the existing housing stock of 12970 dwelling units of Type I to IV with Build Up Area (BUA) of approx. 7.49 lakh sq meter with approx. 25667 dwelling units of Type II to VI with BUA of approx. 29.18 lakh sq meter with supporting social infrastructure.
- The project will also develop Government office accommodation for nearly 2.42 lakh sq meter at Netaji Nagar.
R Thiruppathi Venkatasamy appointed as Accountant General of Tamil Nadu
- R Thiruppathi Venkatasamy was on 6 July 2016 appointed as the Accountant General of Economic and Revenue Sector Audit of Tamil Nadu with immediate effect. His appointment was approved by the Union Government.
- Venkatasamy is a 2000 batch officer of Indian Audit and Accounts Service.
- Prior to this appointment, he was serving as the Senior Deputy Accountant General in the organisation of Comptroller and Auditor General Agartala, Tripura.
Mahendra Nath Pandey takes over as MoS for HRD
- Mahendra Nath Pandey on Tuesday took charge as Minister of State for Human Resource Development, an official statement said.
- Interacting with the media persons, he stressed on the priority of making quality education accessible to all the citizens of India.
- Pandey is a Lok Sabha MP from Chandauli constituency in Uttar Pradesh. Previously, he has also been a member of Standing Committee on Rural Development and Consultative Committee for Ministry of Steel and Mines. He was also a member of Business Advisory Committee and Parliament Committee on Official Language.
Zee Learn appoints Debshankar Mukhopadhyay as CEO
- Education player Zee Learn has appointed Debshankar Mukhopadhyay as their new Chief Executive Officer (CEO). Mukhopadhyay has taken charge of the company from July 2016.
- Prior to this, he was the Head of Educational Sales-Financial Services & Insurance, at Manipal Global Education Services. His previous stints have been with Max Life Insurance Co. Ltd, Western Union, Scholastic India, Zee Interactive Learning Systems Ltd and DHL Worldwide.
NASA's Juno Spacecraft successfully enters Jupiter’s orbit
- Juno spacecraft of the National Aeronautics and Space Administration (NASA) on 4 July 2016 successfully entered Jupiter’s orbit.
- Confirmation of a successful orbit insertion was received from Juno tracking data monitored at the navigation facility at NASA's Jet Propulsion Laboratory (JPL).
- Juno's main aim is to understand the origin and evolution of Jupiter. The spacecraft will also investigate the existence of a solid planetary core, map Jupiter's intense magnetic field, measure the amount of water and ammonia in the deep atmosphere and observe the planet's auroras.
Acclaimed Iranian director Abbas Kiarostami dies
- Abbas Kiarostami, the critically acclaimed Iranian director died on 4 July 2016 following a prolonged illness in Paris. He was 76. Kiarostami is survived by two sons.
- His 1997 film Taste of Cherry won the prestigious Palme d'Or Award at the Cannes Film Festival.