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Saturday, April 01, 2017

Current Affairs Update – 1 April, 2017

Hello and welcome to exampundit. Here are the important Current Affairs of 1 April, 2017. These are important for the upcoming SBI PO mains, BOB Manipal 2017, NICL AO 2017 and NIACL Assistant 2017.



Current Affairs at a Glance – 1 April, 2017 - Tap to show
  1. President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns.
  2. The State Bank of India has merged its five Associate Banks - State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore besides Bharatiya Mahila Bank - with itself with effect from April 1.
  3. The Chief Minister of Bihar Nitish Kumar announced on 31 March 2017 that the state government would be providing a subsidy on power bill to the consumers instead of power companies from the 2017-18 fiscal year.
  4. India on 30 March 2017 declared its 'Association' status with the International Energy Agency (IEA).  In this regard, Union Minister of Power & Renewable Energy Piyush Goyal handed over the formal letter to Fatih Birol, Executive Director of IEA.
  5. Justice Indira Banerjee, currently a judge of the Delhi High Court, has been appointed by the President as the Chief Justice of Madras High Court. Ms. Justice Banerjee would be the second woman after Justice Kanta Kumari Bhatnagar (June-November 1992) to head the charted court.





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Financial and Banking News –

Finance Bill gets presidential assent, takes effect from today


  • President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns.
  • "The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here.
  • With this, the provisions of the Finance Bill come into effect from today, he said.
  • This is the first-time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year.
  • Scrapping a colonial-era tradition of presenting the Budget at the end of February, Finance Minister Arun Jaitley had for the first time in the history of independent India presented the annual accounts on February 1.
  • The legislative process of getting approvals for demands for grants or spending, general Budget as well as taxation proposals contained in the Finance Bill 2017 were all completed by March 30. President's assent was taken the very next day.
  • This will give the government more time to implement welfare spending programmes and taxation plans.


Post-merger, SBI joins global league of top 50 banks


  • The State Bank of India has merged its five Associate Banks - State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore besides Bharatiya Mahila Bank - with itself with effect from April 1.
  • With this six-way mega merger, the SBI has joined the league of top 50 banks globally in terms of assets.
  • The total customer base of the bank is now expected to reach 370 million with a branch network of around 24,000 and nearly 59,000 ATMs across the country.
  • The merged entity will have a deposit base of more than Rs. 26 lakh crore and advances level of 18.50 lakh crore.
  • Post merger, all customers of Associate Banks will enjoy the benefits of a wide array of digital products and services offered by the SBI.


Bihar to pay power bill subsidy to consumers

  • The Chief Minister of Bihar Nitish Kumar announced on 31 March 2017 that the state government would be providing a subsidy on power bill to the consumers instead of power companies from the 2017-18 fiscal year.
  • The announcement was made in the state assembly in the presence of Energy minister Bijendra Prasad Yadav. The move comes six days after Bihar Electricity Regulatory Commission (BERC) introduced an unprecedented hike of 55 per cent in power tariff that sparked protests all across the state.
  • The basic aim is to help the consumers understand at which rate electricity has been made available to them and how much subsidy is being given to them by the state government for their consumption.
  • The subsidy amount would be spelled out clearly in order to ensure that the consumer understands it properly.
  • According to the state’s CM, the state with this move has become the first one to experiment this policy of providing power subsidy straight to the consumers.


News related to India and states –

India declares its Association status with International Energy Agency

  • India on 30 March 2017 declared its 'Association' status with the International Energy Agency (IEA).  In this regard, Union Minister of Power & Renewable Energy Piyush Goyal handed over the formal letter to Fatih Birol, Executive Director of IEA.
  • India as an Association member of IEA will serve as a bridge and platform for deeper cooperation and collaboration between IEA Member and Association countries.
  • India and IEA have an MoU since 2011 under which both are working on capacity building to respond to an oil emergency situation.


Pranab Mukherjee inaugurated Namami Brahmaputra Festival

  • The President Pranab Mukherjee on 31 March 2017 inaugurated the Namami Brahmaputra festival in Guwahati, Assam.
  • The event took off in the form of a spectacular opening ceremony at the riverfront of Bharalumukh, Guwahati.
  • The Namami Brahmaputra festival was conceived by the Government of Assam to strengthen the bonds among various communities of the State.
  • The festival will be celebrated in 21 districts of the State that are located along the Brahmaputra in its entire stretch from Sadiya to Dhubri.
  • During the festival, Assam’s potential in trade, tourism and cultural opportunities will be showcased to the outside world.


Appointments –

Indira Banerjee appointed CJ of Madras High Court


  • Justice Indira Banerjee, currently a judge of the Delhi High Court, has been appointed by the President as the Chief Justice of Madras High Court. Ms. Justice Banerjee would be the second woman after Justice Kanta Kumari Bhatnagar (June-November 1992) to head the charted court.
  • Born on September 24, 1957, Ms. Justice Banerjee enrolled as an advocate in 1985 and practised both in the original and appellate sides of the Calcutta High Court. She was appointed as permanent judge of the Calcutta High Court on February 5, 2002, and was transferred to the Delhi High Court on August 8, 2016.


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