Current Affairs Update – 27th October, 2016

Hello and welcome to exampundit . Here are the important Current Affairs of 27th October, 2016. These are important for the upcoming IBPS PO Mains, IBPS Clerk Mains, IBPS RRB OA & OS-I Mains and NICL AO & IPPB PO 2016 Exams.



Current Affairs at a Glance – 27th October, 2016
  1. India has allowed start-ups to raise up to $3 million each in a fiscal year via the external commercial borrowings (ECB) route, the country's central bank said in a statement on Thursday.
  2. India and New Zealand on 26 October 2016 signed three agreements in the areas of double taxation avoidance, food security and sports.
  3. Hewlett Packard Enterprise (HPE) India on Thursday joined hands with Intel to launch a Centre of Excellence (CoE) that would help demonstrate High Performance Computing (HPC) as a service for customers.
  4. Global computer services major IBM on Thursday it has signed a deal to acquire Bengaluru-based cloud recovery and migration software company Sanovi for an undisclosed sum.
  5. State-run trading firm MMTC has tied up with seven banks, including ICICI and HDFC Bank, to sell government minted 'Indian Gold Coin' in order to cash in on the Dhanteras buying rush.
  6. OCARE, India's first independent Insurance Process as a Service (IPAAS) platform, launched its dental insurance product on Thursday in India. A group insurance product, it offers a sum assured of Rs 25,000.
  7. The one-man judicial committee on One Rank One Pension (OROP) submitted its report to the Defence Minister Manohar Parrikar, on 26 October 2016. The committee was appointed under the Chairmanship of Justice L Narasimha Reddy, retired Chief Justice of Patna High Court to look into the anomalies, if any, arising out of implementation of OROP.
  8. India and South Korea on 26 October 2016 signed a revised Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
  9. The Union Agricultural Ministry on 26 October 2016 constituted a High-Level Committee to monitor the bird flu situation and help state governments take steps to contain the disease. The Committee will be headed by Munialappa, Joint Commissioner in the Department of Animal Husbandry, Dairy and Fisheries (DADF).
  10. Senior IPS officer Karnal Singh on 26 October 2016 was appointed the Director of Enforcement Directorate (ED).
  11. Doordarshan DG Supriya Sahu has been appointed as the new Vice President of the Asia-Pacific Broadcasting Union.
  12. Borje Ekholm was on 26 October 2016 appointed as the President and Chief Executive Officer (CEO) of Ericsson, Swedish communication technology firm, with effect from 16 January 2017
  13. World Economic Forum (WEF) on 25 October 2016 released the Global Gender Gap Report 2016. The 2016 report provides Gender Gap scores for 144 countries compared to 145 countries included in 2015 report. Out of the 144 countries surveyed, while Iceland topped the Gender Gap Index for the eighth consecutive year in a row, India stood at 87th position, from the 108th position in 2015.
  14. World Day for Audiovisual Heritage was observed across the world on 27 October 2016



Finance/Banking/Industry –

India allows start-ups to raise up to $3 million each via external commercial borrowing


  • India has allowed start-ups to raise up to $3 million each in a fiscal year via the external commercial borrowings (ECB) route, the country's central bank said in a statement on Thursday.
  • Overseas branches or subsidiaries of Indian banks will not be allowed to lend to start-ups via the ECB framework, the Reserve Bank of India statement (RBI) said.
  • The RBI did not specify the maximum cost at which start-ups can raise money via ECB and said it will be mutually agreed between the borrower and the lender.
  • Typically, the central bank specifies the maximum cost for financial institutions to raise money via ECB.

India, New Zealand sign three pacts including avoidance of double taxation


  • India and New Zealand on 26 October 2016 signed three agreements in the areas of double taxation avoidance, food security and sports.
  • The agreements were inked in New Delhi in presence of New Zealand Prime Minister John Key and Prime Minister Narendra Modi. John Key was on a three-day (25 October to 27 October 2016) visit to India.
List of agreements inked were

  1. Arrangement regarding Food Safety Cooperation: It was inked between the Food Safety and Standards Authority of India and the Ministry for Primary Industries of New Zealand.
  2. MoU for cooperation in the field of Youth Affairs and Sports: It was inked between Union Ministry of Youth Affairs and Sports and Sport New Zealand of the Government of New Zealand.
  3. Third Protocol to the Convention for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income: It was inked between the Union Government and the Government of New Zealand.

  • Apart from this, the two nations also agreed to establish a Bilateral Ministerial Dialogue between two Foreign Ministries. They also agreed for establishment of Annual Foreign Ministry Consultations at Senior Officials Level and cooperation and Dialogue on Cyber Issues.

HPE ties up with Intel to launch Centre of Excellence in Bengaluru


  • Hewlett Packard Enterprise (HPE) India on Thursday joined hands with Intel to launch a Centre of Excellence (CoE) that would help demonstrate High Performance Computing (HPC) as a service for customers.
  • The centre will also enable research institutions and academia to test their applications on the latest HPC platform innovations, enabled by Intel technologies, and accelerate HPC adoption in India.
  • Customers can also access the infrastructure remotely through a cloud-driven model that can be replicated in their data centers, HPE said in a statement here.
  • In India, research institutions and academia are increasingly using HPC to accelerate adoption of big data analytics, simulations of complex processes and large-scale research projects, it noted.

IBM acquires Bengaluru-based Sanovi for an undisclosed sum


  • Global computer services major IBM on Thursday it has signed a deal to acquire Bengaluru-based cloud recovery and migration software company Sanovi for an undisclosed sum.
  • IBM said that the acquisition will help to assure it's clients of business continuity and disaster recovery, when they shift their applications to cloud.
  • IBM did not disclose the financial costs for the acquisition of the Bengaluru firm, which was started in 2003. Chandra Sekhar Pulamarasetti and his co-founder Vinod K began offering such services before cloud was a norm. IBM plans to also license the Sanovi disaster recovery management software as a stand alone platform to customers.

MMTC ties up with banks to sell Indian Gold Coin


  • State-run trading firm MMTC has tied up with seven banks, including ICICI and HDFC Bank, to sell government minted 'Indian Gold Coin' in order to cash in on the Dhanteras buying rush.
  • The coins are currently available at all MMTC outlets across India along with select branches of seven banks - Indian Overseas Bank, Vijaya Bank, Federal Bank, Yes Bank, Andhra Bank, ICICI Bank and HDFC Bank, a finance ministry statement said.
  • The Indian Gold Coin is available in denominations of 5 gm and 10 gm coin and 20 gm bar and is available at about 383 MMTC outlets across India now.
  • Indian Gold Coin was launched by Prime Minister Narendra Modi on November 5, 2015. It is India's first ever sovereign gold offering and only gold coin hallmarked by Bureau of Indian Standards (BIS) for purity.
  • Indian Gold Coin has the National Emblem Ashoka Chakra engraved on one side and Mahatma Gandhi on the reverse side. Its other unique features include 24 Karat 999 fineness purity, positive tolerance both in weight and purity, tamper proof packaging and advanced anti-counterfeit features.

OCARE launches India's first dental insurance product


  • OCARE, India's first independent Insurance Process as a Service (IPAAS) platform, launched its dental insurance product on Thursday in India. A group insurance product, it offers a sum assured of Rs 25,000.
  • Neeraj Sheth, Founder & CEO, OCARE said that this is the first time dental insurance is being offered as an exclusive product in India.
  • Under the general plan, costs of hospitalisation and medicines are covered only in the case of dental emergencies.

Justice Reddy committee on OROP submits report


  • The one-man judicial committee on One Rank One Pension (OROP) submitted its report to the Defence Minister Manohar Parrikar, on 26 October 2016.
  • The committee was appointed under the Chairmanship of Justice L Narasimha Reddy, retired Chief Justice of Patna High Court to look into the anomalies, if any, arising out of implementation of OROP.
Highlights of the Report

  • The judicial committee had held hearings at around 20 cities/towns across the country and interacted with cross sections of Ex-Servicemen as well as their associations.
  • The committee also received 704 representations from individuals and various Ex-Servicemen associations and had held extensive interactions with all stakeholders before submitting its report.

India, South Korea sign revised Double Taxation Avoidance Agreement


  • India and South Korea on 26 October 2016 signed a revised Double Taxation Avoidance Agreement (DTAA) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income.
  • The Provisions of the new DTAA will have effect in India in respect of income derived in fiscal years beginning on or after 1 April 2017.
  • The earlier Double Taxation Avoidance Convention between India and Korea was signed on 19 July 1985 and was notified on 26 September 1986.
Salient features of revised DTAA

  • It provides for source based taxation of capital gains arising from alienation of shares comprising more than 5 percent of share capital.
  • In order to promote cross border flow of investments and technology, the revised DTAA provides for reduction in withholding tax rates from 15 percent to 10 percent on fees for technical services and from 15 percent to 10 percent on interest income.
  • It expands the scope of dependent agent Permanent Establishment provisions in line with India’s policy of source based taxation.
  • It provides for exclusive residence based taxation of shipping income from international traffic under Article 8 of revised DTAA.
  • It provides recourse to the taxpayers of both countries to apply for Mutual Agreement Procedure (MAP) in transfer pricing disputes as well as apply for bilateral Advance Pricing Agreements (APA).

Cairn India to invest $100 mn in Rajasthan gas fields


  • The capital investment is estimated for this financial year, with 80 per cent focus for development of the Raageshwari Deep Gas (RDG) project and completion activities of the Mangala field's enhanced oil production, a company spokesperson said.
  • A contract for augmentation of the existing facility will be awarded shortly. That for enhancement of the existing pipeline capacity should be awarded in the current quarter, he said.
  • Completion of Phase-1 is expected to increase the gas production to 40-45 mscfd by the end of the first half of 2017. For Phase-2, tendering activity for a new gas processing terminal and drilling rig is on. Completion of Phase-2 will increase production upwards of 100 mscfd and condensate production to about 5,000 boepd (barrels of oil equivalent per day).

Dr Reddy's Lab announces strategic deal with Gland Pharma in US market


  • Pharmaceutical giant Dr Reddy's Laboratories Ltd on 26 October 2016 announced that it entered into a strategic collaboration with Gland Pharma. The companies entered into the deal to market and distribute a diverse portfolio of eight injectable Abbreviated New Drug Applications (ANDAs).
  • The portfolio is a mix of filed ANDAs pending approval by the US Food and Drug Administration (USFDA) and ANDAs that will be filed imminently. The portfolio comprised of generic injectables administered in hospitals and clinics in the US.




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India –

Union Government constitutes Munialappa Committee to monitor bird flu situation


  • The Union Agricultural Ministry on 26 October 2016 constituted a High-Level Committee to monitor the bird flu situation and help state governments take steps to contain the disease.
  • The Committee will be headed by Munialappa, Joint Commissioner in the Department of Animal Husbandry, Dairy and Fisheries (DADF).
Terms of reference of the committee

  • Munialappa will be the nodal officer and will be available to provide advice and help round the clock.
  • A control room, with telephone numbers 011-23384190 and 09448324121, will provide advice and help round the clock.
  • Besides monitoring the situation, the committee will assist the state governments in taking steps to contain the spread of avian influenza.
  • The committee will have representatives from Ministry of Health, Ministry of Environment, Forests and Climate Change, Department of Agriculture Research and Extension (DARE) and the Delhi government.

Haryana to observe 2017 as Garib Kalyan Varsh


  • Haryana Government has decided to observe 2017 as the “Garib Kalyan Varsh”. The announcement was made by Chief Minister Manohar Lal on 26 October 2016.
  • During the observation period of Garib Kalyan Varsh, the government would lay emphasis on welfare of poor people and generating employment opportunities for the youth.
  • Khattar, who completed two years in office, also said that the outgoing year (2016) was dedicated to Pt. Deendayal Upadhyaya, which coincided with the Golden Jubilee of the state. Haryana was carved out of Punjab on 1 November 1966 on a linguistic basis.

Appointments –

Karnal Singh appointed as Director of Enforcement Directorate


  • Senior IPS officer Karnal Singh on 26 October 2016 was appointed the Director of Enforcement Directorate (ED).
  • The Appointments Committee of Cabinet approved the appointment of Singh till 31 August 2017, which is the date of his superannuation.
  • Singh was already holding the post as additional charge for over a year. His regular posting was Special Director, ED, for the northern region.

Doordarshan DG Supriya Sahu appointed as new Vice President of ABU


  • Doordarshan DG Supriya Sahu has been appointed as the new Vice President of the Asia-Pacific Broadcasting Union.
  • An official statement released by the public broadcaster said that it participated in the53rd annual Asia-Pacific Broadcasting Union General Assembly, hosted by the Indonesian public broadcaster RRI, which concluded in Bali, Indonesia on 25th October.
  • Ko Dae-young, President and CEO of Korean Broadcasting System (KBS) was elected as as new President and Sahu joins the other two Vice Presidents of ABU, Hikaru Doumoto, Executive Vice President of NHK-Japan and Senol Goka, Director General of TRT- Turkey, the statement said.

Borje Ekholm appointed as President and CEO of Ericsson


  • Borje Ekholm was on 26 October 2016 appointed as the President and Chief Executive Officer (CEO) of  Ericsson, Swedish communication technology firm, with effect from 16 January 2017. Until then, Jan Frykhammar will remain interim CEO.
  • Ekholm will also remain a member of the Board of Directors of Ericsson. Presently, Ekholm is working as CEO of Patricia Industries.

Reports –

World Economic Forum released Global Gender Gap Report 2016


  • World Economic Forum (WEF) on 25 October 2016 released the Global Gender Gap Report 2016. The 2016 report provides Gender Gap scores for 144 countries compared to 145 countries included in 2015 report.
  • More than a decade of data has revealed that progress is still too slow for realizing the full potential of one half of humanity within our lifetimes. Out of the 144 countries surveyed, while Iceland topped the Gender Gap Index for the eighth consecutive year in a row, India stood at 87th position, from the 108th position in 2015.
  • As per the report, the global gender gap across health, education, economic opportunity and politics will take another 83 years across the 107 countries covered since the inception of the Report to close this gap completely.
Report in context of India

  • India which was ranked at 87th position had succeeded in closing the gender gap with regard to wage equality and across all indicators of the Educational Attainment sub-index, fully closing its primary and secondary education enrolment gender gaps.
  • However, it also sees some regression on women’s estimated earned income and continues to rank third-lowest in the world on Health and Survival, remaining the world’s least-improved country on this sub-index over the past decade.
  • Economic Participation and Opportunity: India was ranked at 136th position with 0.408 score. In this segment, India’s performance was one of the lowest among the surveyed countries. In 2015, India was placed at 139th position.
  • Educational attainment: India was ranked at 113rd position with 0.950 score.
  • Health and survival: India was ranked at 142nd position with 0.942 score.
  • Political empowerment: India was placed at 9th position with 0.433 score.

Days –

World Day for Audiovisual Heritage 2016 observed globally


  • World Day for Audiovisual Heritage was observed across the world on 27 October 2016. The theme for the day was It's Your Story - Don't Lose It.
  • The World Day for Audiovisual Heritage aims to raise general awareness of the need for urgent measures to be taken to safeguard audiovisual document. It also focuses on acknowledging the importance of audiovisual documents as an integral part of national identity.

Sports –

Punjab Directorate wins NCC National Games


  • Punjab Directorate on 27 October 2016 won the 2016 National Cadet Corp (NCC) National Games. Subhash Bhamre, Minister of State for Defence, presented trophies to the winners at the closing ceremony at Delhi Cantonment.
  • The NCC Games aim to provide the talented sportsmen among the cadet exposure of a major sporting event while preparing them with the requisite matching temperament towards furthering their sporting careers.

Obituaries –

Legendary Kashmiri singer Raj Begum dies


  • Celebrated Kashmiri singer Raj Begum passed away on 26 October 2016 in Srinagar, Jammu & Kashmir. She was 89.
  • Begum was one of the most recognized female singers in the Kashmir Valley. She had rendered thousands of songs from Radio Kashmir in Srinagar and in live concerts at other places in India and abroad.



Regards



Team ExamPundit

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