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Tuesday, June 20, 2017

Current Affairs Update – 20 June, 2017


Hello and welcome to exampundit. Here are the important Current Affairs update of 20 June, 2017. These are important for the upcoming  SBI Clerk 2017, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.



Current Affairs at a Glance - 20 June, 2017
  1. Asian Development Bank (ADB) will provide $275 million loan for a piped water supply project for rapidly urbanising small towns, covering 3 lakh households, in Madhya Pradesh.
  2. Axis Bank, India's third largest private sector bank in association with Kochi Metro Rail Corporation (KMRL) has launched KMRL Axis Bank 'Kochi1' Card, India's first open loop EMV contactless metro card that would make travel a convenient and hassle free experience for commuters in Kochi.
  3. Indian messaging app Hike on Tuesday added payments feature that will allow its over 100 million users to transfer money and recharge/pay mobile bills through the messaging platform. The Hike wallet—powered by Yes Bank—will allow free and instant bank-to-bank transfer via unified payments interface (UPI), free and instant money transfer via wallet and recharge right from the app, Hike Messenger founder and CEO Kavin Bharti Mittal told reporters in New Delhi. Hike is the first in India to launch payments facility on a messaging platform.
  4. East Hope Group, one of China's largest private companies, will invest $300 million in setting up manufacturing units at the Mundra SEZ in partnership with Indian infrastructure giant Adani Group.
  5. Union Minister for Science and Technology  Harsh Vardhan on 19 June 2017 launched a mobile app “Celebrating Yoga” to popularize Yoga and encourage people to participate in it for a scientifically healthy living.
  6. Bihar Governor Ram Nath Kovind resigned from his post on 20 June 2017. His resignation came following his nomination as the NDA’s Presidential Candidate. His resignation was accepted by President Pranab Mukherjee.
  7. United Nations Children's Fund (UNICEF) on 19 June 2017 announced the appointment of Muzoon Almellehan, a 19-year-old education activist and Syrian refugee, as its newest and youngest Goodwill Ambassador.
  8. India decided to re-nominate Dalveer Bhandari for another term as the Judge of the International Court of Justice (ICJ).
  9. Taking ahead the bilateral relations between India and Afghanistan, the Afghan President Ashraf Ghani on 19 June 2017 inaugurated the first Afghanistan-India air corridor. The corridor inaugurated at the Kabul International Airport is a direct route that will bypass Pakistan.
  10. Sweden in the second week of June 2017 committed to become a net-zero carbon emission emitter by 2045. The vote makes Sweden the first country to significantly strengthen its climate targets since the Paris Agreement in 2015.
  11. The World Refugee Day was observed across the world on 20 June 2017 to commemorate the strength, courage, and perseverance of millions of refugees.





Banking & Financial News

ADB to provide $275 mn loan for water supply project in MP


  • Asian Development Bank (ADB) will provide $275 million loan for a piped water supply project for rapidly urbanising small towns, covering 3 lakh households, in Madhya Pradesh.
  • The state government will provide a $124 million counterpart support for the project which is estimated to be completed by June 2022, ADB said.
  • The loan agreement for $275 million has been signed between ADB and the central government for the project that aims to improve urban services to about 3 lakh households in 64 small towns in Madhya Pradesh.
  • Urban population in the state is expected to increase from 28% in 2016 to 35% by 2026, ADB said in a release, adding that the project supports the government's priority to develop urban infrastructure.
  • It will develop sustainable, inclusive and climate resilient water supply in 64 small and mid-sized towns, said the Manila headquartered multi-lateral funding agency.
  • It will also provide integrated storm water and sewerage infrastructure in two heritage towns — Khajuraho and Rajnagar.
  • The loan pact was inked by Raj Kumar, joint secretary, Ministry of Finance and L B Sondjaja, deputy country director ADB India Resident Mission. Vivek Aggarwal, secretary, Urban Development Department, Madhya Pradesh inked the project agreement.

Axis Bank, Kochi Metro launches India's first single-wallet contactless, Open Loop Metro Card


  • Axis Bank, India's third largest private sector bank in association with Kochi Metro Rail Corporation (KMRL) has launched KMRL Axis Bank 'Kochi1' Card, India's first open loop EMV contactless metro card that would make travel a convenient and hassle free experience for commuters in Kochi.
  • Axis Bank has partnered with National Payments Corporation of India (NPCI) in developing this transit EMV contactless specification on interoperable open standards.
  • The prepaid card has integrated benefits and offers a plethora of services to commuters such as:
  • Shopping experience at merchant outlets: No hassle of carrying multiple cards.
  • Instant issuance of Personalized Cards: The commuter will receive a completely personalized (with name) KMRL Axis Bank 'Kochi1' Card across the counter in a matter of minutes.
  • Convenience of recharge: The commuter can easily top up the card through cash or debit or credit card.
  • Additionally, the bank has also launched a mobile app which can be used by commuters to manage their card and also to get QR tickets on the go for travel in the metro.

Hike launches wallet, UPI payment


  • Indian messaging app Hike on Tuesday added payments feature that will allow its over 100 million users to transfer money and recharge/pay mobile bills through the messaging platform.
  • The Hike wallet—powered by Yes Bank—will allow free and instant bank-to-bank transfer via unified payments interface (UPI), free and instant money transfer via wallet and recharge right from the app, Hike Messenger founder and CEO Kavin Bharti Mittal told reporters in New Delhi.
  • Hike is the first in India to launch payments facility on a messaging platform. It has also improved the user interface as well as added new features to the camera on the app.
  • Hike’s larger rival, WhatsApp is also working on making a foray into digital payment services, starting with India. The Facebook-owned messaging app has about 200 million users in India. Post demonetisation, there has been a massive growth in digital transaction volumes in India, including credit/debit cards, mobile banking/m-wallets and UPI.




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Top Chinese firm signs MoU with Adani group to invest $300 million


  • East Hope Group, one of China's largest private companies, will invest $300 million in setting up manufacturing units at the Mundra SEZ in partnership with Indian infrastructure giant Adani Group.
  • The memorandum of understanding (MoU) signed by the two firms proposes to set up manufacturing units in Mundra Special Economic Zone (SEZ) in Gujarat to produce solar power generation equipment, chemicals, aluminium and animal feed, a statement by the Indian Consulate in Shanghai said.
  • It will also put in place East Hope Group's engineering and industrial integration chain to recycle and economise the product cost at Mundra SEZ, it said.
  • The MoU was signed between Amit Uplenchar, President of Adani Ports and Special Economic Zone and Meng Changjun, President of East Hope Group (Investment) in the presence of Consul General Prakash Gupta yesterday.
  • The MoU is proposed to convert into a definitive agreement within a period of 180 days and would cover areas of specific cooperation outlined as per agreement between the two sides, the statement said.
  • An estimated investment of more than $300 million is expected to be made by the East Hope Group in India, as part of the proposed cooperation between the two companies.

CBDT notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961


  • The Central Board of Direct Taxes (CBDT) on 15 June 2017 notified the Rule 10CB for operationalising the provisions of Secondary Adjustment under Section 92CE of Income Tax (IT) Act, 1961.
  • The provision prescribes the time limit of 90 days for repatriation of excess money. This time limit will begin when the primary adjustments exceeding Rs 1 crore made in the year 2017-18 or later, attains finality.
  • In cases where the transfer pricing order is appealed against by the taxpayer, the time limit for repatriation will begin only after the appeal is finalised by the appellate authority.
  • The provision also prescribe the rate of interest for computing the income in case of failure to repatriate the excess money within the prescribed time limit.
  • Separate rates of interest are also prescribed for international transactions denominated in Indian currency and in foreign currency. The rates of interest are applicable on an annual basis.

News related to India and states

Union Government launches 'Celebrating Yoga' mobile app


  • Union Minister for Science and Technology  Harsh Vardhan on 19 June 2017 launched a mobile app “Celebrating Yoga” to popularize Yoga and encourage people to participate in it for a scientifically healthy living.
  • The mobile app was developed by Department of Science and Technology (DST) on the occasion of International Yoga Day 2017 that is held on 21 June every year. 
  • Celebrating Yoga provides a platform to share information and insights about peoples’ participation in Yoga activities on the occasion of the International Yoga Day.
  • It aims to create awareness about Yoga and encourage a scientifically healthy living.
  • It will enable in capturing mass events being organized in public places, schools and office complexes across the country and individual enthusiasts who are performing yoga.
  • It will be connected with Google Map where shared information can been seen by the users.
  • The information posted on the app will also be visible on DST website through a social wall.

Bihar Governor Ram Nath Kovind resigns


  • Bihar Governor Ram Nath Kovind resigned from his post on 20 June 2017. His resignation came following his nomination as the NDA’s Presidential Candidate. His resignation was accepted by President Pranab Mukherjee.
  • Subsequently, West Bengal Governor Keshari Nath Tripathi was assigned the responsibility to serve as the Governor of Bihar, in addition to his own duties.
  • Ram Nath Kovind was on 19 June 2017 declared as the NDA candidate for upcoming Presidential Elections as Mukherjee will complete his five-year term as the President on 24 July 2017.
  • If elected, Kovind, a two-term BJP Rajya Sabha member, will only be second Dalit to occupy the Rashtrapati Bhavan after K R Narayanan.

Appointments

In a first, UNICEF appoints Syrian refugee Muzoon Almellehan as Goodwill Ambassador


  • United Nations Children's Fund (UNICEF) on 19 June 2017 announced the appointment of Muzoon Almellehan, a 19-year-old education activist and Syrian refugee, as its newest and youngest Goodwill Ambassador.
  • The appointment makes Muzoon the first person with official refugee status to become an Ambassador for UNICEF
  • It was during her 18 months in the Za’atari refugee camp in Jordan that she began advocating for children’s access to education, particularly for girls.

India re-nominates Dalveer Bhandari to the International Court of Justice


  • India decided to re-nominate Dalveer Bhandari for another term as the Judge of the International Court of Justice (ICJ).
  • The nomination papers of Bhandari were filed on 19 June 2017 in New York.
  • The decision came after the Indian nominee, Neeru Chadha, won the election to one of the seven vacant seats to the International Tribunal for the Law of the Sea.
  • The signatures from all four members of India’s national group at the Permanent Court of Arbitration were acquired on 18 June 2017. As per ICJ statutes, the national group has to submit nominations to the ICJ.
  • The current members of the Indian national group are former Chief Justice H.L. Dattu, retired Supreme Court Judge Girish Thakorlal Nanavati, Attorney General Mukul Rohtagi and senior lawyer Harish Salve.

World News


Afghan President inaugurates first Afghanistan-India air corridor


  • Taking ahead the bilateral relations between India and Afghanistan, the Afghan President Ashraf Ghani on 19 June 2017 inaugurated the first Afghanistan-India air corridor. The corridor inaugurated at the Kabul International Airport is a direct route that will bypass Pakistan.
  • The corridor is meant to improve commerce in Afghanistan.
  • On the occasion, Ghani said that the aim of the route is to create more opportunities and make Afghanistan an exporter country. Afghan President's adviser Sediqullah Mujadedi said Afghan agricultural products will for the first time head to India on cargo planes.
  • In addition, Mujadedi also said that the first India-bound flight on 19 June included 60 tonnes of natural plants. The second flight will follow, with 40 tonnes of dry fruits, which will be sent form Afghanistan’s southern Kandahar province.
  • Afghanistan is a mountainous landlocked country and all imports and exports depend on neighbouring countries. Relations between Kabul and Islamabad have become strained over accusations of harbouring militants.

Sweden pledges to reach net-zero carbon emissions by 2045


  • Sweden in the second week of June 2017 committed to become a net-zero carbon emission emitter by 2045.
  • On 15 June 2017, Swedish lawmakers bound the country to reach net-zero greenhouse-gas emissions by 2045. Only one out of country’s eight political parties did not support the Climate Act in parliament.
  • Lawmakers voted 254 to 41 in favour of the proposal, accelerating the nation’s previous target to become carbon neutral by 2050.
  • The vote makes Sweden the first country to significantly strengthen its climate targets since the Paris Agreement in 2015.
  • The legislation will come into force from the 1 January 2018, and will also see the establishment of an independent Climate Policy Council in addition to a four-yearly cycle for updating the nation’s climate action plan.

Days

World Refugee Day 2017 observed globally


  • The World Refugee Day was observed across the world on 20 June 2017 to commemorate the strength, courage, and perseverance of millions of refugees.
  • The Day also marks a key moment for the public to show support for families that are forced to flee for their lives each day.
  • The UN Refugee Agency launched the #WithRefugees petition in June 2016 to send a message to governments that they must work together and do their fair share for refugees.











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