Daily Current Affairs Update - 1-2 January, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs Update of 1st and 2nd January, 2017. These are important for the upcoming RBI Assistant Mains, IPPB Mains and Other exams.


Daily Current Affairs at a Glance - 1-2 January, 2017
  1. Apple, the American multinational technology company is all set to manufacture iPhones in the Indian city of Bengaluru.
  2. State Bank of India, the country’s largest bank has tied up with online classifieds portal magicbricks.com, to conduct joint marketing activites and help rejuvenate the real estate sector.  To kick start the MOU, SBI and Magicbricks are launching the “Seal the Deal” campaign.
  3. Public sector lender Bank of Baroda has entered into a partnership with CNX Corporation (CNX) with an objective to provide collateral management services towards the loans against warehouse receipt sanctioned to the farmers through the network of the bank's branches across the country.
  4. Kerala has been pegged as a ‘Destination to Watch’ in 2017 by ABTA’s ‘Travel Trends Report 2017’.
  5. India today successfully test-fired its nuclear-capable strategic ballistic missile Agni-IV with a strike range of 4000 km as part of a user trial from a test range off Odisha coast.
  6. In a major ruling, the Supreme Court on Monday sacked Anurag Thakur from the post of Board of Control for Cricket in India President.
  7. Union Sports Minister Vijay Goel in the last week of December 2016 informed that the ministry has suspended the recognition granted to Indian Olympic Association (IOA).
  8. India’s singles player Somdev Devvarman on 1 January 2017 announced retirement from professional tennis.


Finance/Banking News:

Apple to make iPhones in Bengaluru

  • Apple, the American multinational technology company is all set to manufacture iPhones in the Indian city of Bengaluru.
  • The company is going to manufacture the iconic phones in the country in collaboration with Wistron, a Taiwanese original design manufacturer. The move is a part of the company’s efforts to cash in on India’s fast-growing smartphone market.

Key highlights
  • Wistron is planning to set up an iPhone manufacturing plant, especially for the Indian market in Bangalore’s Peenya Industrial Area.
  • The manufacturer would start work with the assembling of the phones.
  • Local manufacturing of the iPhones is expected to help Apple price its products at a rate more suitable to the Indian market.
  • Currently, Apple products attract 12.5% additional duty on imports.
  • The company chose Bengaluru to set up the unit because it has the talent required to create high-quality technology products.


State Bank of India ties up with Magicbricks.com

  • State Bank of India, the country’s largest bank has tied up with online classifieds portal magicbricks.com, to conduct joint marketing activites and help rejuvenate the real estate sector.
  • To kick start the MOU, SBI and Magicbricks are launching the “Seal the Deal” campaign. Under Seal The Deal, SBI and Magicbricks will be hosting a mega online property show for SBI Approved Projects. This will be the first housing carnival in the industry at this scale.
  • Seal The Deal will showcase SBI Approved Projects on the Magicbricks platform. Builders are expected to provide great deals for the same which will in turn provide the much needed fillip to the real estate sector.


Bank of Baroda ties up with CNX Corporation

  • Public sector lender Bank of Baroda has entered into a partnership with CNX Corporation (CNX) with an objective to provide collateral management services towards the loans against warehouse receipt sanctioned to the farmers through the network of the bank's branches across the country.
  • CNX is engaged in providing warehouse management services relating to commodities and inventories which include collateral management services, field warehousing arrangements, inventory audit services, storage and preservation services, procurement services, testing and certification services, inspection services, monitoring services.


Third protocol for amending DTAA signed between India and Singapore

  • India and Singapore on 30 December 2016 signed the 3rd protocol for amending Double Taxation Avoidance Agreement (DTAA). This revisiting of the treaty is important as it will help the government in its efforts to eliminate black money from India.
  • The DTAA was signed or avoidance of double taxation as well as for prevention of fiscal evasion in relation to the taxes on income.
  • During the two years called as transition period (from 1 April 2017 to 31 March 2019) the capital gains on shares will be taxed at half of normal tax rate (in source country), subject to fulfilment of conditions in Limitation of Benefits clause.


Non-Financial News - India & States:

Kerala featured in British agency’s ‘Destinations to Watch’ category

  • Kerala has been pegged as a ‘Destination to Watch’ in 2017 by one of the UK’s largest and most influential body of travel agents and tour operators.
  • ‘God’s Own Country’ is the only Indian entry in the list of 12 tourist hotspots brought out by the Association of British Travel Agents (ABTA).
  • The list, featured in ABTA’s ‘Travel Trends Report 2017’, has Kerala in the eighth spot — higher than premier destinations like the US, South Africa and Vietnam.
  • The rankings consist of locations that are expected to capture travellers’ imaginations over the next year.


Agni-IV ballistic missile successfully test-fired from Balasore

  • India today successfully test-fired its nuclear-capable strategic ballistic missile Agni-IV with a strike range of 4000 km as part of a user trial from a test range off Odisha coast.
  • Supported by a mobile launcher, the surface-to-surface missile was flight tested from launch complex-4 of the Integrated Test Range (ITR) at Dr Abdul Kalam Island, formerly known as Wheeler Island, at about 11.55 hours, Defence Research and Development Organisation (DRDO) sources said.
  • Describing the trial as successful, they said this was the 6th trial of the indigenously developed Agni-IV missile which met the mission objectives. The last trial conducted by the specially formed strategic force command (SFC) of Indian Army on November 9, 2015 was also successful.
  • The sleek missile having 4000 km strike range is a two stage missile. It is 20 meter-long weighing 17 tonnes.


Sports News:

SC sacks Anurag Thakur as BCCI President

  • In a major ruling, the Supreme Court on Monday sacked Anurag Thakur from the post of Board of Control for Cricket in India President.
  • Ajay Shirke was also removed from the post of BCCI secretary.
  • The apex court said the BCCI and state board officials failed to implement its order to bring transparency and accountability in the cricket body.
  • The court also issued contempt notice to Thakur.
  • The court said that no one above 70 years, unsound mind, ministers, government servants, convicted persons and those holding post for cumulative term of 9 years can be office bearer.


Union Sports Ministry derecognises Indian Olympic Association

  • Union Sports Minister Vijay Goel in the last week of December 2016 informed that the ministry has suspended the recognition granted to Indian Olympic Association (IOA).
  • The decision was taken after the appointments of Suresh Kalmadi and Abhay Chautala as life presidents of the national Olympic body.
  • Goel stated that "the day the IOA took this decision to appoint Kalmadi and Chautala as life presidents, the government clarified that they don't agree with it as the decision was against basic ethics. That's why the government has decided to suspend their recognition till it reverses the order."
  • After the suspension, the IOA will not be able to enjoy any kind of assistance from the Union Government.
  • Following the appointment of Kalmadi and Chautala, IOA's assistant vice-president Narinder Batra had resigned from his post in protest over the appointments.


Somdev Devvarman announces retirement from professional tennis

  • India’s singles player Somdev Devvarman on 1 January 2017 announced retirement from professional tennis.
  • Devvarman was India’s star singles player since he first broke into the scene in 2008. However, his career was hampered by a recurring shoulder injury in 2012.
  • He has featured in an ATP Tour final by reaching the championship match of the Chennai Open in 2009 and the South African Open in 2011.


IFFHS names Lionel Messi as World's Best Playmaker for 2016

  • The International Federation of Football History & Statistics (IFFHS) in the last week of December 2016 named Lionel Messi as the World’s Best Playmaker for the year 2016.
  • The footballer won the award for his overall contribution to club and country.
  • Messi beat Andres Iniesta and Toni Kroos to win the prestigious honour for the second consecutive time in his career.







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