Hello and welcome to exampundit . Here are the important Current Affairs for 9th August, 2016. These are important for the upcoming RBI Grade B Phase I and BMSB & Bank of Maharashtra PGDBF PO Exams 2016.
Highlights of RBI's third bi-monthly monetary policy statement
Following are the highlights of RBI’s third bi—monthly monetary policy statement, 2016-17:
- Repo rate unchanged at 6.50 per cent, Reverse Repo at 6%
- Cash reserve ratio or CRR unchanged at 4%
- Growth forecast at 7.6% for the current fiscal
- Inflation target remains 5% for January 2017; upside risk
- Normal monsoon, 7th Pay Commission award to boost growth
- GST roll out to boost business sentiment, investment
- Timely implementation of GST a challenge
- Premature to talk about inflationary impact of GST
- FCNR(B) redemptions not to disrupt liquidity in market
- Banks have passed on rate cut benefit only modestly
- FAQ on KYC norms on RBI website for easy reference
- Marginal Cost Lending Rate framework for interest rate to be modified
- Forex reserves at USD 365.7 billion on August 5
- Fourth bi—monthly monetary policy on October 4.
NABARD sanctions Rs 26.06 crore to Punjab
- National Bank for Agriculture and Rural Development (NABARD) on Tuesday sanctioned Rs 26.06 crore to the Punjab government.
- The fund has been sanctioned for tackling waterlogging by constructing lift schemes in low-lying areas, village ponds and other allied works, said an official release.
- The project will reclaim 5,913 hectares of land in 87 villages of Muktsar and Fazilka districts.
- Once the project is implemented, farmers will be able to cultivate crops in the previously waterlogged areas after a long gap.
- With this, the total sanctions to the Punjab government under the Rural Infrastructure Development Fund (RIDF), since its inception, stood at Rs 7,826.17 crore, the release said.
- NHAI Signs MOU with IIT- Kharagpur for Research Project on Paneled Cement Concrete Pavements for Highways
- National Highways Authority of India (NHAI) has signed Memorandum of Understanding (MOU) with IIT-Kharagpur for research project on Laboratory and Field investigations on Paneled Cement Concrete Pavements for Highways. The duration of the research project is 3 years and NHAI have paid Rs. 1.25 crore for the project, excluding cost of construction of trial pavement section on NH.
- In India, the highways are generally paved with Bituminous (Asphaltic Concrete) material produced from refineries. However, it has been experienced that these highways are prone to damage and need frequent maintenance due to adverse climatic conditions such as rain and hot weather prevailing in the country.
- Therefore, to overcome this problem, the Government of India has recently announced a policy for the construction of concrete pavements for all major highways due to their longevity and maintenance free life.
TCS ranked 58th most valuable US brand
- Tata Consultancy Services (TCS), leading information technology (IT) services provider from India, was on Tuesday ranked 58th most valuable brands in the US, according to a survey, titled 'Top 500 U.S. Brands', by Brand Finance, a brand valuation firm.
- The Brand Finance study evaluates the financial value of a company's brand name, intellectual assets and trademark as compared to companies across industries.
- TCS is one of the four global IT companies recognised under top 100 brands in the US. The company is the sector's most powerful brand with a score of 78.3 points, earning it an 'AA+' rating. Moreover, TCS' brand value grew 286 per cent from $2.3 billion in 2010 to $9.04 billion in 2016, marking the fastest growth across the IT services sector during this period.
Lok Sabha passes The Constitution (122nd Amendment) (GST) Bill, 2014
- The Lok Sabha on 8 August 2016 passed The Constitution (122nd Amendment) (GST) Bill, 2014. The bill was passed by two-third majority, with 443 members voting in its favour and none against in the final vote.
- Introduced in Lok Sabha in May 2015, the Bill was passed by 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.
Wildlife Institute of India to house India’s first tiger repository
- The Wildlife Institute of India (WII) in first week of August 2016 announced that it will house India’s first repository on tigers, under its new Tiger Cell.
- The Tiger Cell was inaugurated on 6 August 2016. It will be funded by the National Tiger Conservation Authority (NTCA), a statutory body under the Environment Ministry.
- The Dehradun-based WII has about 23000 images of tigers, which will be maintained by the Tiger Cell.
- The Tiger Cell will assist in population assessment of tigers, law enforcement, wildlife forensics, infrastructural development and mitigation, smart patrolling and advisory role in policy formulation.
- If a tiger skin is recovered at a place, then a properly maintained database can be used to check where the tiger might have come from.
- Y.V. Jhala, a wildlife scientist at the WII, will head the Tiger Cell.
Lok Sabha Speaker constitutes Press Advisory Committee for 2016-17
- Lok Sabha Speaker Sumitra Mahajan on Tuesday constituted the Press Advisory Committee for 2016-17, consisting of 29 members, including four office–bearers, a release from the Speaker’s office said.
- D.P. Kamat (Long & Distinguished Service) has been nominated as the Chairperson of the Committee, while Neeraj Bajpai (UNI), Sangita Tewari (ABP News) and Amitabh Sinha (TV-18) have been nominated as Vice-Chairperson, Secretary and Joint Secretary, respectively.
New CEOs appointed for United Bank, Bank of Maharashtra
- United Bank of India has a new Managing Director and Chief Executive Officer (CEO) in Pawan Kumar Bajaj.
- Bajaj, who is currently executive director at Indian Overseas Bank, has been appointed to the post up to September 20, 2018, the date of his attaining the age of superannuation, an order issued by department of personnel and training said.
- Meanwhile, the Centre has appointed Ravindra Prabhakar Marathe as Managing Director and CEO of Bank of Maharashtra.
- Marathe, who is currently Executive Director at Bank of India, will assume charge on or after October 1, 2016 and remain in the post till November 30, 2019, the date of his retirement.
- These two appointments had the nod of the Appointments Committee of Cabinet.
Former RBI Deputy Governor Anand Sinha appointed to the IDFC Bank board
- Former RBI Deputy Governor Anand Sinha was on 6 August 2016 appointed to the Board of IDFC Bank. Sinha will join Bank as an Additional Director in the category of Independent Director on the board with effect from 1 August 2016.
- His appointment came after Vinod Rai resigned after serving on the board for a year. Rai is a former Comptroller and Auditor General of India who served as a Nominee Director representing IDFC Limited on the board of IDFC Bank.
- However, Rai will still continue to be non-executive independent chairman of IDFC Limited.
Pawan Munjal reappointed Hero MotoCorp CMD & CEO
- Two-wheeler market leader Hero MotoCorp on Tuesday reappointed Pawan Munjal as its chairman, managing director and chief executive for a period of five years and also elevated its head of operations and supply chain Vikram Kasbekar as a director on the company's board.
- Munjal's current tenure comes to an end on September 30 this year. He has been leading the company over the past several years in a highly competitive and volatile market, not to just consolidate market leadership but also expand global footprint across continents, the company said in a statement.
- The company said Kasbekar's elevation to the board of directors is a part of its initiative aimed at consolidation of leadership at home and accelerate global expansion.
- Besides, Hero MotoCorp said it has appointed Neerja Sharma as the Company Secretary and Chief Compliance Officer.
Sandeep Kumar appointed as Transport Commissioner of Delhi
- Sandeep Kumar was on 8 August 2016 appointed as the Transport Commissioner of Delhi. He succeeded Sanjay Kumar, who was appointed as the commissioner a few months ago.
- Sandeep will take on the role of the Commissioner as an additional charge. He is also the Managing Director of Delhi Khadi and Village Industries Board.
- Sandeep is a 1997-batch Indian Administrative Service officer.
Australia wins gold in first-ever Olympic Women's Rugby Sevens Championship
- Australia on 8 August 2016 clinched the gold medal as the first-ever Olympic champion in the Women's Rugby Sevens category.
- The Australian team defeated New Zealand by 24-17.
- The bronze medal was won by Canada that defeated Britain by a score of 33-10.
- The 2016 Summer Olympics marks the debut for rugby sevens at the Summer Olympics, though rugby union was last played at the 1924 Summer Olympics.
Swimmer Katie Ledecky sets world record to win gold in 400m freestyle
- American swimmer Katie Ledecky on 7 August 2016 set a new world record to fetch gold in the women's 400 metres freestyle at the Rio Olympics.
- Ledecky clocked 3 minutes 56.46 seconds to beat Britain's Jazmin Carlin who clocked 4 minutes 01.23 seconds at the Olympic Aquatics Stadium, Rio de Janeiro. America's Leah Smith clocked 4 minutes 01.92 seconds to grab the bronze.
- With this win, Ledecky broke her previous record she set in 2014 by almost two seconds.
International Day of the World's Indigenous Peoples observed with theme Right to Education
- International Day of the World's Indigenous Peoples was observed on 9 August 2016 with theme Indigenous Peoples' Right to Education.
- The day was founded by the United Nations General Assembly (UNGA) on 23 December 1994 with adoption of resolution 49/214 proclaiming that the International Day of the World's Indigenous People shall be observed annually on 9 August. The date marks the day of the first meeting, in 1982, of the UN Working Group on Indigenous Populations of the Sub-Commission on the Promotion and Protection of Human Rights.
Awards & Honors –
M S Subbulakshmi to be honoured at UN on Independence Day
- Legendary carnatic vocalist M S Subbulakshmi will be honoured at the United Nations next week on India's 70th Independence Day by a performance by Oscar-winning composer A R Rahman at the world body's iconic General Assembly.
- Commemorations to mark Subbulakshmi's birth centenary also include a photo exhibition at the UN headquarters by India's Permanent Mission besides the cultural extravaganza here to coincide with the country's Independence Day.
- The Indian mission is gearing up to celebrate India's 70th Independence Day at the UN with the cultural extravaganza featuring Rahman who will become only the second Indian artist after Subbulakshmi to perform at the UN after she was invited for a performance 50 years ago.
- The world body's iconic General Assembly hall, from where world leaders address the globe, will reverberate with Rahman's music on the evening of August 15.
Kalikho Pul, former Chief Minister of Arunachal Pradesh, dies
- Kalikho Pul, who briefly served as Arunachal Pradesh Chief Minister, died on 9 August 2016 in Itanagar, Arunachal Pradesh. He was 47.
- Pul allegedly committed suicide. He was found hanged from the ceiling fan in his bedroom at the Chief Minister’s official residence. However, the circumstances behind the death are still not clear.
- Kalikho Pul was the acting Chief Minister of the north-eastern state of Arunachal Pradesh for a brief time.
Yoga guru TKV Desikachar passes away
- Renowned Yoga Guru TKV Desikachar passed away on 8 August 2016 following a brief illness in Chennai. He was 78. He was known for transforming the way yoga was practised and turned it into both a wellness concept and a therapy.
- In 1976, he founded the Krishnamacharya Yoga Mandiram where today about 1000 students visit every month to learn yoga.