Thursday, August 18, 2016

Current Affairs Update – 18th August, 2016

Hello and welcome to exampundit . Here are the important Current Affairs for 18th August, 2016. These are important for the upcoming RBI Grade B Phase I, Bank of Baroda and Bank of Maharashtra PO and IBPS PO VI Mains Exams.


Current Affairs at a Glance – 18th August, 2016
  1. Union Minister for Railways Suresh Prabhu, Deputy Chief minister of Gujarat Nitin Patel and city mayor Ashmitaben Shiroya Wednesday signed an MoU for the development of India’s first multi-modal transportation hub (MMTH) at Surat railway station. The Rs 5,000-cr project would be taken up under the public private partnership model.
  2. Government has slapped an additional penalty of $380 million (around Rs 2,500 crore) on Reliance Industries and its partners for producing less than targeted natural gas from eastern offshore KG-D6 fields.
  3. Taking forward the consolidation agenda, State Bank of India (SBI) board today approved share swap ratio to merge five associate banks and Bharatiya Mahila Bank (BMB) with itself.  The swap ratio approved are as follows. SBI will issue 28 shares (face value of Rs 1) for 10 shares (face value of Rs 10) of SBBJ, 22 SBI shares for 10 shares (face value of Rs 10) of SBM and SBT each.
  4. The Assam Assembly on 13 August 2016 passed the Assam Amusements and Betting Tax (Amendment) Bill, 2016.  This bill will reduce the service charge of cinema tickets with an aim to boost to the local film industry. The government, however, raised the entertainment tax on cinema tickets by up to ten percentile points.
  5. Cricket icon and Rajya Sabha MP Sachin Tendulkar has selected Donja village in Osmanabad district for development under the Sansad Adarsh Gram Yojna.
  6. Indian wrestler Sakshi Malik won bronze in women’s wrestling at the Olympic Games in Rio on Wednesday, bringing home her country’s first medal of the competition — and she did it in dramatic fashion.
  7. The Uttar Pradesh government on Thursday announced to honour Indian wrestler Sakshi Malik who won a bronze at the Rio Olympic Games with the prestigious Rani Laxmi Bai Award.
  8. Power Grid Corp today said K Sreekant has been appointed as Director (finance) for five years by the Power Ministry.



Finance/Banking/Industry –

Railways signs MoU to develop Rs 5,000-crore Surat transportation hub


  • Union Minister for Railways Suresh Prabhu, Deputy Chief minister of Gujarat Nitin Patel and city mayor Ashmitaben Shiroya Wednesday signed an MoU for the development of India’s first multi-modal transportation hub (MMTH) at Surat railway station. The Rs 5,000-cr project would be taken up under the public private partnership model.
  • This is a first- of-its-kind infrastructure development project, where Indian Railway station Development Corporation (IRSDC), Gujarat State Road Transport Corporation Limited (GSRTC) and Surat Municipal Corporation (SMC) have formed a joint venture in giving different modes of facilities to passengers, including train, city bus and long distance bus services, auto rickshaws, taxi and private vehicle services, at one place.
  • The facilities will be given in such a way that the passengers will feel international level of travel comfort.
  • As per the minister, the Railways will also add two to four “Deen Dayalu” coaches to some long-distance trains for unreserved travel to enhance the carrying capacity.


Govt slaps $380 million additional penalty on RIL


  • Government has slapped an additional penalty of $380 million (around Rs 2,500 crore) on Reliance Industries and its partners for producing less than targeted natural gas from eastern offshore KG-D6 fields.
  • With this, the total penalty, which is in form of disallowing recovery of cost incurred, for missing the target in five financial years beginning April 1, 2010, now stands at a cumulative $2.76 billion.
  • The Production Sharing Contract (PSC) allows RIL and its partners BP Plc of the UK and Canada's Niko Resources to deduct all capital and operating expenses from the sale of gas before sharing profit with the government.
  • Disallowing costs will result in government's profit share rising.


SBI board approves share swap ratio for merger with associate banks


  • Taking forward the consolidation agenda, State Bank of India (SBI) board today approved share swap ratio to merge five associate banks and Bharatiya Mahila Bank (BMB) with itself.
  • The board gave approval for scheme of acquisition for five associate banks and BMB, SBI informed stock exchanges.  SBI is targeting to consolidate operations and balance sheets March 2017.
  • Its five associates are State Bank of Bikaner and Jaipur (SBBJ), State Bank of Hyderabad (SBH), State Bank of Mysore (SBM), State Bank of Patiala (SBP) and State Bank of Travancore (SBT). BMB, started in 2013, is a Delhi-based public sector lender.
  • The swap ratio approved are as follows. SBI will issue 28 shares (face value of Rs 1) for 10 shares (face value of Rs 10) of SBBJ, 22 SBI shares for 10 shares (face value of Rs 10) of SBM and SBT each.
  • SBI will issue its 44.2 million shares for 1,000 million shares of BMB.
  • As for two unlisted units – SBP and SBH, where the bank holds 99 per cent stake, it would be line by line merger, its chief financial officer and deputy managing director Anshukla Kant said.


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Assam Assembly passes Assam Amusements and Betting Tax (Amendment) Bill, 2016


  • The Assam Assembly on 13 August 2016 passed the Assam Amusements and Betting Tax (Amendment) Bill, 2016.
  • This bill will reduce the service charge of cinema tickets with an aim to boost to the local film industry. The government, however, raised the entertainment tax on cinema tickets by up to ten percentile points.

Provisions of the Bill
  • The government proposed to make service charge 8 rupees per ticket for the halls without air conditioning system and 12 rupees for the halls with air conditioning system with back-up generator.
  • The government also advised to increase the entertainment tax to 20 per cent from 15 per cent at present for entry charges between 5 rupees and 20 rupees per ticket.
  • There will be no entertainment tax if the entry charge is 5 rupees or less.
  • It raised the government tax to 30 percent on service charge from the existing 20 percent.
  • It proposes to fix the service charge at a maximum of 12 rupees per ticket, which is as high as 40 rupees at present.


India –

Sachin Tendulkar adopts village in Osmanabad under Sansad Adarsh Gram Yojana


  • Cricket icon and Rajya Sabha MP Sachin Tendulkar has selected Donja village in Osmanabad district for development under the Sansad Adarsh Gram Yojna.
  • Sansad Adarsh Gram Yojana, launched in October 2014, is a rural development programme focusing on development of villages which include social and cultural development, and spread motivation among the people on social mobilisation of the village community.
  • Osmanabad has been reeling under a serve drought over the last few years and has also recorded a steep rise in incidents of farmers suicide.
  • Donja is a village in Paranda of Osmanabad. As per 2011 census 582 families residing there. It has a population of 2,863 of which 1,508 are males while 1,355 are females.
  • In the village, population in the age group of zero to six years is 319 which makes up 11.14 per cent of the total population.


U.P. to confer Rani Laxmi Bai award on Sakshi Malik

  • The Uttar Pradesh government on Thursday announced to honour Indian wrestler Sakshi Malik who won a bronze at the Rio Olympic Games with the prestigious Rani Laxmi Bai Award.
  • Ms. Malik (23), who hails from Rohtak in Haryana, became only the fourth woman athlete from India to win an Olympic medal after she clinched a bronze in the 58-kg category.
  • Congratulating her, Uttar Pradesh Chief Minister Akhilesh Yadav said she had made the nation proud, as he decided to honour her with the Rani Laxmi Bai Award, meant to signify bravery and outstanding achievement of women.
  • The award carries a cash prize of Rs 3 lakh. The Samajwadi Party government is deeply involved in the promotion of sports and has constantly provided various kinds of facilities to sportspersons, Mr. Yadav said, at a Raksha Bandhan function at his official residence here.
  • Girls and women from different communities tied rakhi to him on the occasion.


Sports –

India Wins Its First Olympic Medal in Rio as Wrestler Sakshi Malik Gets Bronze


  • Indian wrestler Sakshi Malik won bronze in women’s wrestling at the Olympic Games in Rio on Wednesday, bringing home her country’s first medal of the competition — and she did it in dramatic fashion.
  • Twenty three-year-old Malik defeated Kyrgyzstan’s Aisuluu Tynybekova in the 58-kilogram freestyle in a thrilling bout, making a comeback in the final seconds to win 8-5. At one point early in the match she trailed 5 points to none.
  • After winning, Malik hoisted an Indian flag aloft and jogged around the arena before sinking to the mat in joy. Tynybekova protested a late call and had to be coaxed to the center of the mat to acknowledge the result.


Appointments –

K Sreekant appointed as Director Finance of PowerGrid

  • Power Grid Corp today said K Sreekant has been appointed as Director (finance) for five years by the Power Ministry.
  • "Ministry of Power has vide Order dated August 16, 2016 conveyed the appointment of K Sreekant, General Manager, NTPC to the post of Director (Finance), POWERGRID for a period of five years with effect from the date of his assumption of charge of the post on or after September 1, 2016, or till the date of his superannuation, or until further orders, whichever is the earliest," Power Grid Corp said in a BSE filing today.






Regards



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