Current Affairs Update – 26 July, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 25 July, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, NABARD Grade A & Other Exams.

Banking & Financial News

Axis Bank likely to acquire Freecharge for Rs 350-400 cr

  • Private sector lender Axis Bank is believed to have finalised a deal to buy Freecharge from Snapdeal for Rs 350-400 crore, according to sources.
  • The deal is almost through and an announcement is likely to be made in the next few days, two people familiar with the development said.
  • They did not wish to be identified as the deal is yet to be announced and they are not authorised to speak on the matter.
  • Interestingly, Axis Bank has sent out an invite for a press conference tomorrow to "announce a strategic business initiative".
  • When contacted, Snapdeal and Axis Bank did not respond to emailed queries.
  • Snapdeal is also looking at selling its e-commerce business and has been engaged in discussions with larger rival Flipkart for the past few months.
  • The city-based firm had bought Freecharge in April 2015, for an estimated USD 400 million. At that time, this was touted as the largest deal in the nascent start-up ecosystem in India.
  • Earlier, Freecharge was reported to be in discussions with Paytm for a sell-off.
  • However, the deal did not go through as the Alibaba- backed company was offering a much lesser price of about USD 15 million, one of the sources said.
  • Acquiring Freecharge's business would give Axis Bank access to about 50 million mobile wallet holders of Freecharge as well as about 150-200 professionals.

GST Council panel to select National Anti-profiteering Authority

  • The Goods and Services Tax (GST) Council in July 2017 constituted a selection committee to identify members and head of the National Anti-Profiteering Authority.
  • The announcement was made by the Union Finance Ministry on 25 July 2017.
  • The selection committee will be chaired by Cabinet Secretary PK Sinha.
  • The National Anti-Profiteering Authority is tasked with ensuring that benefits of lower tax rates under GST are passed on to consumers.
  • It would be headed by a secretary-level officer of the Government of India, and will have four technical members from both the state and central governments.
  • According to anti-profiteering rules, complaints received on not transferring benefits will be examined by a Standing Committee comprising officers from state and central governments and nominated by the GST Council.
  • The Standing Committee is empowered to refer cases requiring detailed enquiry to the Director General of Safeguards, who will then give his recommendations to the National Anti-profiteering Authority.
  • The authority can seek to recover the profiteered amount, the undue profit earned from not passing on gains from lower taxes, along with an 18 percent interest. It can also levy a penalty.
  • If the undue benefit cannot be passed on to the recipient, it can be ordered to be deposited in the Consumer Welfare Fund.
  • In extreme cases the National Anti-profiteering Authority can impose a penalty on the defaulting business entity and even order the cancellation of its registration under GST.


Gadkari approves Rs 200 cr for national highway repair in flood-hit Assam

  • Road Transport and Highways Minister Nitin Gadkari on Wednesday announced grant of Rs 200 crore as first instalment for immediate repair of National Highways damaged due to heavy rains in Assam.
  • Gadkari said that, if needed, further financial assistance will be given after a final report is submitted by an expert-team of the National Highways Authority of India (NHAI).
  • The expert-team, which has been dispatched for on-the-spot assessment of the damage, is expected to submit its report within a week.
  • The Minister's announcement came after Assam Chief Minister Sarbananda Sonowal called on him for a review of the situation following damage to National Highways in the state.
  • A government official said that another Rs 400 crore has been sanctioned for dredging work in the Brahmaputra River to commence from September with the help of six dredgers.

E-commerce sites must disclose food expiry date, MRP under new rule

  • E-commerce companies will now have to display the expiry dates and maximum retail prices of packaged food products under new rule designed to protect consumers from being sold old stuff.
  • Ordering packaged food from e-commerce sites has increased many folds, but the absence of manufacturing and expiry dates on such products often led to the product not being fully utilised.
  • A whooping 96 percent of the participants in a survey had agreed that e-commerce sites should mandatorily disclose manufacturing and expiry dates of such products sold on their sites since many products received by them were due to expire in 15-30 days.
  • In a big win for the consumers, the Department of Consumer Affairs amended the packaged commodity rules 2011 and issued a notification declaring that all e-Commerce sites will have to disclose actual product MRP and the best by date of the product they are listing.
  • The department has also enabled a new online consumer community called MRP, Weights and Measures Enforcement for all consumer grievances related to MRP.

AAI signs MoU with Uttarakhand government for development of civil aviation sector

  • The Airports Authority of India (AAI) has signed a MoU with the Uttarakhand government and Uttarakhand Civil Aviation Development Authority (UCADA) to develop the state’s civil aviation sector
  • The agreement is a part of the body’s effort to create, upgrade, maintain and manage the civil aviation infrastructure in the country.
  • The main aim of the deal is to identify relevant factors influencing the development of civil aviation infrastructure in Uttarakhand and to assess commercial potential of various airports of the state.
  • The deal also includes identifying considerations for airport operations in the state and evaluating site related technical and engineering parameters for development of projects.
  • The AAI would also help in making an estimate of the capital outlay for future projects and in the development of master plan for existing and future civil aviation infrastructure in the state.

Union Government plans to open over 100 new post offices by 2018

  • The Union government is planning to open 81 sub-post offices and 100 branch post offices during the 2017-18 fiscal year under the " Rural Business & Access to Postal Network " scheme.
  • The same was notified to the Parliament on 26 July 2017. The Communications Minister, Manoj Sinha in a written reply in the Lok Sabha said that under the scheme, the Department of Posts plans to open 66 new branch post offices during the current fiscal year by creation of new post offices in 32 worst affected Left Wing Extremism (LWE)-hit districts in the country.
  • Sinha also stated that among the existing 25350 post offices in the country, at least 25,348 are computerised. He added that the department takes action from time to time to induct technology and upgrade the system to cater to the growing market requirements and to increase its revenue earnings.
  • Further, Sinha said that the increase or revision of rates of postal products and services is an ongoing exercise, which is carried out from time to time and that there is no proposal to increase the rates of premium business development products at present.

News related to India & States

Nitish Kumar resigns as Bihar CM

  • Amid political standoff Bihar Chief minister Nitish Kumar has resigned.
  • Mr. Kumar met Governor Keshari Nath Tripathi at the Raj Bhavan.
  • Party sources had earlier told The Hindu that Mr. Kumar may resign from his post as alliance partner Rashtriya Janata Dal chief Lalu Prasad Yadav earlier in the day had asserted that his son and Deputy CM Tejaswi Yadav would not resign from his post over corruption charges made against him.
  • Earlier, Mr. Kumar held a meeting with party legislators and leaders at his official residence and later drove to Raj Bhawan.
  • Ruling alliance partner RJD too had held meeting with party legislators and leaders in the day and asserted their stand that Tejaswi Yadav would not resign from his post.
  • The RJD leaders also charged BJP for orchaestering rift between grand alliance government in Bihar
  • The JD(U)'s and Mr. Kumar have been insisting that Mr. Yadav come clean on the accusations in public which are politically being construed as the JD(U)’s demand for his resignation.

Right to Education is Right to Quality Education: Supreme Court

  • The Supreme Court on 25 July 2017 quashed the regularisation of 1.78 lakh Shiksha Mitras as teachers in Uttar Pradesh (UP) for not holding adequate qualifications as fixed under Right of Children to Free and Compulsory Education Act, 2009.
  • A bench of Justices AK Goel and UU Lalit ruled that their jobs could not be regularised at the cost of fundamental right of children to free quality education by duly qualified teachers. It ruled that Right to Education means right to quality education.
  • The court held that appointment of Shiksha Mitras was not as per qualification prescribed for a teacher and they could not be regularized as teachers.
  • However, it ruled that they should be given opportunity to be considered for recruitment as teachers if they have now acquired the requisite qualification. It also allowed the UP government to continue them as Shiksha Mitras on same terms on which they were working.
  • These teachers were appointed for imparting free and compulsory education to all children aged between 6 to 14 years.


RDEL launches two NOPVs Shachi and Shruti at Pipavav

  • The Reliance Defence and Engineering Limited (RDEL) on 25 July 2017 launched the first two Naval Offshore Patrol Vessels (NOPVs) Shachi and Shruti at their shipyard in Pipavav, Gujarat.
  • These vessels are part of a five ship project being constructed for the Indian Navy.
  • The main aim of NOPVs is to undertake surveillance of the country’s vast Exclusive Economic Zone (EEZ).
  • Their operational tasks include anti-piracy patrols, fleet support operations, maritime security of offshore assets, coastal security operations, and protection of shipping lanes.
  • The NOPVs would help in enhancing the ocean surveillance and patrolling capabilities of the Indian Navy.

Madras HC makes Vande Mataram mandatory in schools, private and government offices

  • The Madras High Court on 25 July 2017 ruled that Vande Mataram should be sung in all schools and colleges across Tamil Nadu at least once in a week and in government and private offices at least once in a month.
  • While issuing order, Justice MV Muralidharan said that to instil a sense of patriotism in each and every citizen of Tamil Nadu, the national song ‘Vande Mataram’ shall be played and sung in all educational institutions at least once a week, preferably on Monday and Friday.”
  • He also said that the song should be played and sung in all government and private offices/factories and industries at least once a month.

Madhubala to join Bollywood brigade at Delhi’s Madame Tussauds

  • Madhubala, who is known as one of the most iconic female celebrities in Hindi cinema, is the latest to join the ranks of Bollywood celebrities, who will have their wax figures at Madame Tussauds, which is scheduled to open later this year in Delhi’s iconic Regal Building.
  • The yesteryear actress’s wax figure will be styled based on her character of the doomed courtesan, Anarkali from the magnum opus, Mughal-E- Azam. The role of Anarkali is said to be the greatest one that Madhubala has ever played, at a time when her health was deteriorating rapidly.
  • Speaking on the development, Anshul Jain, General Manager and Director Merlin Entertainments India Pvt Ltd, said, "We are glad to have the figure of Madhubala at Madame Tussauds Delhi. She continues to rule the hearts of billions of fans in the nation and we are sure that her magnetic beauty will attract her fans to click a selfie and relive a special moment with her and be transported back to the golden era of cinema.”
  • Madhubala was regarded to be one of the most beautiful actresses to have worked in the Indian film industry. In fact, her beauty was recognized globally when she was featured in one of the popular American Magazines, Theatre Arts in 1952.


Kargil Vijay Diwas celebrated across India to honour Kargil Martyrs

  • The 18th anniversary of Kargil Vijay Diwas was celebrated across India on 26 July 2017. The day is commemorated every year to mark the success of Operation Vijay and to remember the supreme sacrifice of the brave Indian soldiers who lost their lives during the 1999 India-Pakistan Kargil War.
  • The Defence Minister of India, Arun Jaitley along with the three Chiefs of Services honoured the martyrs with floral tributes at Amar Jawan Jyoti, India Gate in New Delhi. Kargil Prakram Rally was also organised at India Gate in the week preceding the day to recall the valour of the brave soldiers who courageously fought to protect the territorial integrity of India.
  • Similarly, various programmes were held at the Dras War Memorial in Jammu and Kashmir to commemorate the historic win and to honour those who lost their lives. The memorial was fully lit on the eve of the day.
  • The army too paid homage to the martyrs through events held in all stations across the seven states under the area of responsibility of the Central Command of the Indian Army.
  • These functions were followed by felicitation of participants of Kargil War, ‘veer naris’, parents of the martyrs, veterans and widows.

World News

Michael Kors buys Jimmy Choo for USD 1.5 billion

  • Global fashion luxury brand Michael Kors on 25 July 2017 announced to buy global luxury footwear and accessories brand Jimmy Choo for approximately USD 1.2 billion. With this, Micheal Kors aims to this coveted global brand to its lot as its own handbag and accessories sales suffer.
  • The transaction was approved by the Boards of Directors of both Michael Kors and Jimmy Choo.
  • Under the terms of the transaction, Jimmy Choo shareholders will receive 230 pence per share, with an enterprise value of approximately USD 1.350 billion.
  • Pierre Denis will continue in his role as Chief Executive Officer of Jimmy Choo. He has led the company since 2012.
  • Additionally, Creative Director Sandra Choi will continue to lead the creative and design teams at the company.

Sports News

Kylie Masse wins 100m backstroke world gold in record time

  • Canada’s Kylie Masse on 25 July 2017 won the women's 100m backstroke gold by creating a new world-record time at the world aquatics championships in Budapest, Hungary.
  • The 21-year-old, Masse, clocked 58.10 seconds breaking Gemma Spofforth’s previous mark of 58.12 seconds from 2009 world championships in Rome, in the era of the now-banned neoprene suits.
  • With this title Masse, who won a bronze at the 2016 Rio Olympics, also became Canada’s first ever woman world champion swimmer.
  • She followed her bronze in Rio with silver medals in the 100 backstroke and the 4x100 relay at the 2016 short-course world championships in Windsor, Ontario, Canada.
  • Kathleen Baker of the United States took silver, at 0.48 seconds back, while Emily Seebohm of Australia brushed off a cold to claim bronze, 0.49 seconds behind.

All of  the news were already published in our Current Affairs Portal.



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