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Friday, August 12, 2016

Current Affairs Update – 12th August, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 10th August, 2016. These are important for the upcoming RBI Grade B Phase I and BMSB & Bank of Maharashtra PGDBF PO Exams 2016.



Current Affairs at a Glance – 12th August, 2016
  1. The Assam Assembly on 12 August 2016 passed a resolution to become the first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014.
  2. The Ministry of Housing and Urban Poverty Alleviation (HUPA) on 11 August 2016 approved construction of 37013 houses for the urban poor in Karnataka and Haryana with an investment of 1491 crore rupees. These houses will be developed with central assistance of 569 crore rupees.
  3. The Cabinet Committee on Economic Affairs (CCEA) on 10 August 2016 approved a proposal of research and development (R&D) project for development of Advanced Ultra Super Critical (AUSC) Technology for Thermal Power Plants.
  4. Rajya Sabha on 11 August 2016 passed the Maternity Benefit (Amendment) Bill, 2016. The Bill seeks to amends the Maternity Benefit Act, 1961. It seeks to raise maternity leave for working women from existing 12 weeks to 26 weeks for two surviving children.
  5. Michael Phelps on 11 August 2016 won his fourth consecutive 200m individual medley Olympic title. With this, he became the first swimmer ever to win four consecutive golds in the same event.
  6. Cipla Ltd has appointed Umang Vohra as the managing director & global chief executive officer of the company effective September 1, 2016.
  7. To honour the legacy of India’s Carnatic music legend M S Subbulakshmi, the UN will issue a stamp to mark her birth centenary next week, coinciding with the celebrations of India’s 70th Independence Day. Rahman will be the second Indian artist after Subbulakshmi to perform at the iconic UN hall, which is the usual platform for global leaders to address the world.




Finance/Banking –

Assam becomes first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014


  • The Assam Assembly on 12 August 2016 passed a resolution to become the first state to ratify The Constitution (122nd Amendment) (GST) Bill, 2014.
  • The bill was passed by the Lok Sabha on 8 August 2016 and by the Rajya Sabha on 3 August 2016.
Provisions of the Bill

  • The GST will have two components keeping in mind the federal structure of India: the Central GST (CGST) and the State GST (SGST).
  • For goods and services that pass through several states, or imports, the Centre will levy another tax, the Integrated GST (IGST).
  • Alcohol for human consumption has been kept out of the purview of GST.
  • It empowers the centre to impose an additional tax of up to 1% on the inter-state supply of goods for two years or more. This tax will accrue to states from where the supply originates.
  • Initially, GST will not apply to (a) petroleum crude, (b) high speed diesel, (c) motor spirit (petrol), (d) natural gas and (e) aviation turbine fuel. The GST Council will decide when GST will be levied on them.
  • Tobacco and tobacco products will be subject to GST. The centre may also impose excise duty on tobacco.
  • Parliament may provide for compensation to states for revenue losses arising out of the implementation of GST for up to 5 years, based on the recommendations of the GST Council.

HUPA approves construction of over 37000 houses for urban poor


  • The Ministry of Housing and Urban Poverty Alleviation (HUPA) on 11 August 2016 approved construction of 37013 houses for the urban poor in Karnataka and Haryana with an investment of 1491 crore rupees.
  • These houses will be developed with central assistance of 569 crore rupees.
  • The project was approved by the inter-ministerial Central Sanctioning and Monitoring Committee, chaired by HUPA Secretary Nandita Mukherjee.
  • The total investment in construction of these houses would be to the tune of about 1491 crore rupees.
City-wise details of houses to be built are:

  • Karnataka: 36254 houses for the economically weaker sections would be constructed in Karnataka with an investment of 1468 crore rupees.
  • 12371 dwelling units will be constructed in eight cities, namely Gadag-3630, Bengaluru (Basavangudi)-1699, Bidar-1500, Mysuru-1355, Bellary-1188, Raichur-1050, Vijaypura-1028, Padmanabhanagar (Bengaluru)-895 and Bagalkot-784.
  • These units will be constructed under Affordable Housing in Partnership component of Pradhan Mantri Awas Yojana (Urban) for rehabilitation of slum dwellers.
  • Another 23883 houses will be built in 207 cities and towns in Karnataka for urban poor under the Beneficiary Led Construction component of PMAY (Urban). Union government will provide a total assistance of 558 crore rupees for construction of these houses for urban poor in Karnataka.
  • Haryana: 759 houses would be built in Haryana at a cost of 23 crore rupees. It will be developed in 11 slum colonies of Yamunanagar-Jagadhari under Beneficiary Led Construction component of PMAY (Urban) at a total cost of 23 crore rupees. Central government will provide an assistance of 11 croroe rupees in this regard.
  • Slums to benefit from construction of these houses are in Harinagar, Lajpat Nagar, Mishra colony, Mukherjee Park, Tirath Nagar, Madhuban colony, Bhagirath colony, Jammu colony, Hamida colony and Burla colony.

CCEA approves proposal of R&D project for development of AUSC Technology for Thermal Power Plants


  • The Cabinet Committee on Economic Affairs (CCEA) on 10 August 2016 approved a proposal of research and development (R&D) project for development of Advanced Ultra Super Critical (AUSC) Technology for Thermal Power Plants.
  • The estimated cost of the project is 1554 crore rupees. BHEL will be provided one time budgetary support of 900 crore rupees spread over a period of three years for implementation of the project.
Key Facts

  • This will enable domestic industries to design, manufacture and commission higher efficiency coal fired power plants with indigenously developed technology and manufacturing processes.
  • This will be the first time that large power plant equipment will be manufactured with advanced technologies, but without any technological Collaboration and Licensing Agreement with foreign companies.
Consortium of Proposal for AUSC technology

  • A Consortium of three Government Entities proposed a R&D project for development of AUSC Technology for Thermal Power Plants of future, envisaging reduced coal consumption as well as Carbon Di-Oxide (CO2) emission. The three entities and their contribution includes
  • Bharat Heavy Electricals Limited (BHEL) – 270 crore rupees
  • Indira Gandhi Centre of Atomic Research (IGCAR) - 234 crore  crore rupees
  • National Thermal Power Corporation (NTPC) - 50 crore rupees

India –

Rajya Sabha passed Maternity Benefit (Amendment) Bill, 2016


  • Rajya Sabha on 11 August 2016 passed the Maternity Benefit (Amendment) Bill, 2016. The Bill seeks to amends the Maternity Benefit Act, 1961.
  • The Maternity Benefit Bill amends provisions related to the duration and applicability of maternity leave, and other facilities. The existing Act regulates the employment of women during the period of child birth, and provides maternity benefits. It applies to factory, mines, plantations, shops and other establishments.
Highlights of the Maternity Benefit (Amendment) Bill, 2016

  • Duration of maternity leave: It seeks to raise maternity leave for working women from existing 12 weeks to 26 weeks for two surviving children.
  • Under the existing Act, this maternity benefit should not be availed before six weeks from the date of expected delivery. The Bill changes this to eight weeks.
  • In case of a woman who has two or more children, the maternity benefit will continue to be 12 weeks, which cannot be availed before six weeks from the date of the expected delivery.
  • Maternity leave for adoptive and commissioning mothers: The Bill introduces a provision to grant 12 weeks of maternity leave to:
  • a) A woman who legally adopts a child below three months of age
  • b) A commissioning mother
  • The 12-week period of maternity benefit will be calculated from the date the child is handed over to the adoptive or commissioning mother.


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Sports –

Michael Phelps becomes first swimmer to win four consecutive golds in same event


  • Michael Phelps on 11 August 2016 won his fourth consecutive 200m individual medley Olympic title. With this, he became the first swimmer ever to win four consecutive golds in the same event.
  • Phelps clocked one minute, 54.66 seconds to grab the 200m individual medley Olympic title.
  • Japan’s Kosuke Hagino won the silver medal and China’s Wang Shun took the bronze.
  • Phelps earned his 15th individual Olympic gold, breaking his tie with Soviet gymnast Larisa Latynina for the record.
  • His gold also marks the first time a swimmer earned at least three gold medals in four different Olympic Games.
  • He became the first swimmer to win the same individual event four times, surpassing the previous record of three held by Dawn Fraser and Krisztina Egerszegi.
  • He also became the third Olympian to win the same event four times, after Al Oerter and Carl Lewis.
  • With that 13th individual gold medal, he broke a 2168 year old Olympic Record, set by Leonidas of Rhodes, who had held the most Olympic Individual titles of all time, with twelve.

Appointed –

Cipla names Umang Vohra as MD & Global CEO


  • Cipla Ltd has appointed Umang Vohra as the managing director & global chief executive officer of the company effective September 1, 2016. The current incumbent, Subhanu Saxena will step down from his position on August 31, 2016 to attend to emergent family priorities. Subhanu joined Cipla in February 2013 as CEO.
  • Umang joined the company in October 2015 as the global chief financial & strategy officer and was elevated as the global chief operating officer early this year as part of a planned progression.

Awards & Honors –

UN to issue stamp to mark M. S. Subbulakshmi’s birth centenary


  • To honour the legacy of India’s Carnatic music legend M S Subbulakshmi, the UN will issue a stamp to mark her birth centenary next week, coinciding with the celebrations of India’s 70th Independence Day.
  • The UN Postal Administration will issue the stamp to mark Subbulakshmi’s birth centenary, India’s Permanent Mission to the UN said in a press statement.
  • India’s Independence Day will be commemorated at the world body’s headquarters this year as Oscar-winning composer A R Rahman will enthrall UN diplomats and international dignitaries at a special concert in the UN General Assembly hall on August 15.
  • Rahman will be the second Indian artist after Subbulakshmi to perform at the iconic UN hall, which is the usual platform for global leaders to address the world.
  • Subbulakshmi, the first ever musician to be awarded India’s highest civilian honour the Bharat Ratna, was invited by the then UN Secretary-General late U Thant to perform at the General Assembly in October 1966, becoming the first Indian to perform there.
  • Earlier in March this year, the Pakistani mission to the UN had organised a concert by renowned singer Rahat Fateh Ali Khan to commemorate Pakistan Day at the UN.




Regards



Team ExamPundit

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