Current Affairs Update – 27 July, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 27 July, 2017. These are very important for the upcoming IBPS PO, IBPS RRB  & Other Exams.

Banking & Financial News

Union Cabinet approves revision of guidelines of Sovereign Gold Bonds Scheme

  • The Union Cabinet on 26 July 2017 approved revision of guidelines of Sovereign Gold Bonds (SGB) Scheme. The revision was done with an aim to achieve its intended objectives.
  • Specific changes have been made in the attributes of the scheme to make it more attractive, mobilise finances as per the target and reduce the economic strains caused by imports of gold and reduce the Current Account Deficit (CAD).
  • Flexibility: The Ministry of Finance has been given the flexibility to design and introduce variants of Sovereign Gold Bonds with different interest rates and risk protection or payoffs that will offer investment alternatives to the different category of investors.
  • Ministry of Finance which is the issuer has been delegated the power to amend or add to the features of the Scheme with an approval of the Finance Minister to reduce the time lag between finalising the attributes of a particular tranche and its notification.
  • Such flexibility will be effective in addressing the elements of competition with new products of investment, to deal with very dynamic and sometimes volatile market, macroeconomic and other conditions such as gold price.
Following specific changes in the scheme have been approved:
i. The investment limit per fiscal year has been increased to 4 kg for individuals, 4 Kg for Hindu Undivided Family (HUF) and 20 Kg for Trusts and similar entities notified by the Government from time to time.
ii. The ceiling will be counted on financial year basis and will include the SGBs purchased during the trading in the secondary market.
iii. The ceiling on investment will not include the holdings as collateral by Banks and Financial institutions.
iv. SGBs will be available 'on tap’. Based on the consultation with NSE, BSE, Banks and Department of Post, features of the product to emulate 'On Tap' sale would be finalised by Ministry of Finance.
v. To improve liquidity and tradability of SGBs, appropriate market making initiatives will be devised. Market makers could be commercial banks or any other public sector entity, such as MMTC or any other entity as decided by Government of India.
vi. The Government may, if so felt necessary, allow higher commission to agents.


Cabinet approves new wage code bill to ensure minimum wage across all sectors

  • The Union Cabinet on 26 July 2017 approved the new wage code bill that will ensure a minimum wage across all sectors by integrating four labour related laws.
  • The new Labour Code on Wages Bill will be consolidating the Minimum Wages Act, 1948, the Payment of Wages Act, 1936, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976. The bill was approved by the Cabinet chaired by Prime Minister Narendra Modi.
  • The proposed legislation is expected to benefit over 4 Cr employees across the country.
Key Highlights

  • The new bill seeks to empower the Centre to set a minimum wage across all sectors in the country, which would have to be maintained by the states as well.
  • However, states will be able to provide for a higher minimum wage in their jurisdiction in place of the amount fixed by the central government.
  • The bill is likely to be introduced in the Parliament during the ongoing monsoon session.
  • The new minimum wage norms would be applicable for all workers irrespective of their pay.
  • At present, the minimum wages fixed by the Centre and states are applicable to workers getting up to Rs 18000 per month.
  • The move would ensure a universal minimum wage for all industries and workers including those getting paid higher than Rs 18,000 per month.

News related to India & states

Uttarakhand records second highest tiger count in India

  • The count of tigers in Uttarakhand shot up to 242 with an increase of 63 big cats in the year 2017.
  • The news was announced by Trivendra Singh Rawat, Chief Minister of Uttarakhand.
  • In addition, 11 cubs were also found in the two tiger reserves, the Corbett Tiger Reserve and the Rajaji Tiger Reserve, in the state.
  • While announcing the statistics, the Chief Minister congratulated the forest department for the great work being done for the conservation of tigers and added that in terms of area and tiger population ratio.
  • Uttarakhand is the second state in terms of tiger count behind Karnataka, which has 400 big cats.
  • According to the latest statistics, at least 208 tigers have been identified in Jim Corbett Tiger Reserve, up from last year's 163. Also six cubs were identified there.
  • At least 34 tigers have been identified in Rajaji Tiger Reserve in 2016-17, up from previous year's 16. Five cubs were also found there.


Nitish Kumar takes oath as Bihar Chief Minister, Sushil Modi is his deputy

  • Nitish Kumar, who resigned as Chief Minister of Bihar citing circumstances prevailing in Bihar, was sworn-in as the Chief Minister of the state on 27 July 2017. He took oath as Bihar Chief Minister with Bharatiya Janata Party as a partner of his Janata Dal-United.
  • With this, the JD(U) President Nitish Kumar has sworn-in as the Chief Minister of Bihar for the sixth time.
  • Governor Keshari Nath Tripathi administered the oath of office to Nitish Kumar at the Raj Bhavan in Patna.
  • In addition to this, BJP’s Sushil Kumar was sworn-in as the Deputy Chief Minister of the state. A floor test will take place on 28 July 2017.
  • Earlier on 26 July 2017, Nitish Kumar resigned and dumped his Mahagatbandhan (the Grand Alliance) allies Rashtriya Janata Dal and Congress on 26 July 2017 and sealed a deal with his former rivals BJP-led NDA shortly after his resignation.
  • He snapped ties with the Grand Alliance partners over corruption charges against Deputy Chief Minister Tejashwi Yadav.


World News

International food standard body CAC adopts universal standards for pepper, cumin and thyme

  • The Codex Alimentarius Commission (CAC) adopted three Codex standards for black, white and green pepper, cumin and thyme, paving the way for universal agreement on identifying quality spices in various countries.
  • The decision was taken during the Codex Alimentarius Commission’s 40th session in Geneva during 17 to 22 July 2017.
  • The news was announced by the Union Ministry of Commerce and Industry on 26 July 2017.
  • The step is seen as a major recognition of India’s efforts to benchmark global spices trade.           

Trump bans Transgender individuals from serving in US Military

  • The President of United States, Donald Trump announced on 27 July 2017 that the US government will not accept or allow transgender individuals to serve in any capacity in the U.S. Military.
  • The announcement was made by Trump through a series of tweets on his official Twitter account. He said that the decision was taken after consultation with Generals and military experts.
  • With the move, Trump has reinstated the ban that his predecessor, former Democratic President Barack Obama lifted last year allowing transgender individuals to openly serve in the military.
  • The then Defence Secretary Ashton Carter had argued while announcing the decision on 30 June 2016 that the US Defence Department and the military needed to avail themselves of all talent possible in order to remain the finest fighting force the world has ever known.
  • The reversed decision has hence, put a full stop on the years of efforts that had gone into eliminating barriers to military service based on sexual orientation or gender identity.

Sports News

Somdev Devvarman to head Centre of Excellence at DLTA

  • Somdev Devvarman, former professional Indian tennis player has been roped in to lead a Centre of Excellence at the Delhi Lawn Tennis Association (DLTA).
  • The centre aims to provide coaching to budding players. The search has already begun for coaches, sports psychologist and physios who will work in coordination with each other at the Academy.
  • A comprehensive plan for the same has been submitted by the All India Tennis Association (AITA) to the Sports Ministry for approval under the supervision of Devvarman, India's former number one singles player.


N Dharam Singh, former Chief Minister of Karnataka, passes away

  • N. Dharam Singh, former Chief Minister of Karnataka, passed away on 27 July 2017 Bengaluru following a heart attack. He was 80.
  • Singh had served as the 17th Chief Minister of Karnataka. He headed the Congress-Janata Dal (Secular) coalition government from May 2004 to February 2006.
  • He served as a minister under various Chief Ministers such as Devaraj Urs, R. Gundu Rao, S. Bangarappa, M. Veerappa Moily and S. M. Krishna.
  • He also handled diverse portfolios such as Home, Excise, Social Welfare, Urban Development and Revenue.

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



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