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Thursday, July 06, 2017

Current Affairs Update – 6 July, 2017

Hello and welcome to exampundit. Here are the Important Current Affairs of 6 July, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, NABARD Grade A & Other Exams.

Banking & Financial News

Customers should report fraud in 3 days to avoid losses: RBI

  • In a major step to protect customers from large financial losses on account of frauds, Reserve Bank of India has capped the customer liability at Rs 25,000 if they report unauthorised transactions within seven working days.
  • RBI said customers can’t be made liable at all if they notify the bank within three working days of the transaction.
  • These rules will be applicable for third party breach -- where the deficiency lies neither with the bank nor with the customer but lies elsewhere in the system.
  • The banking regulator has revised the guidelines on customer liability given the recent surge in grievances relating to unauthorised transactions.
  • It has however given banks the freedom to determine customer liability if such transaction is reported after seven working days. The RBI has placed the onus of informing about the fraud on the customers, but the burden of proving it lies with the bank.

CGST won't apply on items not registered under trademark law

  • The Union Finance Ministry on 5 July 2017 stated that the Central Goods and Services Tax (CGST) rate of 5 per cent will not be applicable on the supply of goods unless the brand name or trade name is actually on the Register of Trade Marks and is registered under the Trade Marks Act, 1999.
  • Certain goods such as chena or paneer, natural honey, wheat, rice and other cereals, pulses, flour of cereals, pulses and other goods except those put up in unit container and bearing a registered brand name, attract no CSGT.
  • However, supply of such goods, when put up in unit container and bearing a registered brand name, attracts 2.5 per cent CGST rate.
  • The Registered Brand Name is defined as the brand name or trade name, which is registered under the Trade Marks Act, 1999. In this regard, Section 2 (w) of the Trade Marks Act, 1999 provide that a registered trade mark means a trade mark which is actually on the Register of Trade Marks.
  • Accordingly, unless the brand name or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999, CGST rate of 5 per cent will not be applicable on the supply of such goods.

EPFO inks agreement with 5 banks to collect PF dues

  • The Employees’ Provident Fund Organisation (EPFO) on 5 July 2017 inked an agreement with four private banks and Bank of Baroda for collection of provident fund dues from employers and payments to its subscribers.
  • It is the first time that the EPFO has tied up with private banks. These four banks are ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank.
  • Before, only State Bank of India was authorised to collect contributions from employers and make payment to employees.
  • The agreement will help the EPFO save about Rs 300 crore annually as the five banks have agreed to zero transaction charges.
  • Bandaru Dattatreya, Union Labour and Employment Minister, stated that “With today’s agreement, we have tied up with 10 banks now to collect provident fund contribution and pay dues to the workers. EPFO settles around 1.16 crore claims every year and collects Rs 75000 crore annually from establishments under the EPF Act.”
  • In December 2016, the EPFO had tied up with five other banks, Punjab National Bank, Allahabad Bank, Indian Bank and Union Bank of India, for online collection of dues.
  • In addition, the EPFO is also in talks with seven more banks to sign a similar agreement. These banks are IDBI Bank, Bank of India, Corporation Bank, Indian Overseas Bank, Canara Bank, Central Bank of India and Bank of Maharashtra.


News related to India and states

India, Israel signed seven Agreements including National Campaign for Water Conservation in India

  • India and Israel on 5 July 2017 signed seven agreements in different areas of mutual benefit including agriculture, technology and space. These agreements were signed in Tel Aviv during Prime Minister Narendra Modi’s visit to Israel.
  • Narendra Modi, who was in Israel from 4 July to 6 July 2017, is the first Prime Minister of India to visit Israel in 70 years. His visit also marked 25 years of establishment of diplomatic relations between the two nations.  The diplomatic relations between India and Israel was established in 1992, during Narasimha Rao government.
  • After this establishment of the diplomatic relations, the Israeli President and Prime Minister visited India more than a decade ago and those visits were reciprocated by the visits of President Pranab Mukherjee in 2015 and Prime Minister Modi in 2017.
List of MoUs/Agreements signed during the visit of Prime Minister to Israel

  1. MoU for setting up of India-Israel Industrial R&D and Technological Innovation Fund (I4F): It was signed between the Department of Science & Technology, India and National Technological Innovation Authority, Israel
  2. MoU on National Campaign for Water Conservation in India: It was signed between the Union Ministry of Drinking Water and Sanitation and the Ministry of National Infrastructure, Energy and Water Resources of the State of Israel.
  3. MoU on State Water Utility Reform in India: It was signed between UP Jal Nigam, Government of Uttar Pradesh and the Ministry of National Infrastructure, Energy and Water Resources of the State of Israel.
  4. India-Israel Development Cooperation - Three Year Work Program in Agriculture 2018-2020
  5. Plan of Cooperation regarding cooperation in Atomic Clocks: It was signed between the Indian Space Research Organisation (ISRO) and the Israel Space Agency (ISA).
  6. MoU regarding cooperation in GEO-LEO Optical Link: It was signed between the Indian Space Research Organisation (ISRO) and the Israel Space Agency (ISA).
  7. MoU regarding cooperation in Electric Propulsion for Small Satellites: It was signed between the Indian Space Research Organisation (ISRO) and the Israel Space Agency (ISA).
Besides, the two nations, namely India and Israel also elevated their ties to a strategic partnership as India identified Tel Aviv as a major development and technological partner.
India, Israel resolves to fight menace of terrorism and radicalism
Both nations agreed to combat growing radicalization and terrorism and expand co-operation in cyber security.
In addition, Prime Minister Narendra Modi called upon the industrialists from Israel to come and invest in the defence sector as India has opened up and has now allowed 100 per cent FDI in this sector.

National Book Trust launches Har Haath Ek Kitaab

  • The National Book Trust (NBT) recently launched the Har Haath Ek Kitaab (One Book for Every Hand) scheme.
  • The scheme allows the people to make donations to children, between the ages of six and 12, in the form of books with a simple method.
  • People who wish to donate can transfer money to online shopping site Snapdeal with which the Trust, an autonomous organisation under the Ministry of Human Resource Development (MoHRD), has formally tied up.
  • The money will then be transferred to the National Book Trust.
  • The Non-Governmental Organisations that are in touch with local communities choose the books to be distributed to children from within NBT's catalogue of children's books.
  • The NBT is also subsidising the cost of the books by about 23.5 per cent. As of now, 3726 children's books have been sent out under the scheme.

Union Government launches student-scientist connect programme JIGYASA

  • The Union Government on 6 July 2017 launched JIGYASA programme, a student- scientist connect programme. In this regard, a Memorandum of Understanding was signed by Union Ministry of Science & Technology and Union Ministry of Human Resource Development.
  • For the implementation of the programme, the Council of Scientific and Industrial Research (CSIR) tied-up with Kendriya Vidyalaya Sangathan (KVS).
  • 'JIGYASA' would inculcate the culture of inquisitiveness on one hand and scientific temper on the other, amongst the school students and their teachers.
  • The Programme is expected to connect 1151 Kendriya Vidyalayas with 38 National Laboratories of CSIR targeting 100000 students and nearly 1000 teachers annually.
  • The focus is on connecting school students and scientists to extend student’s classroom learning with a well planned research laboratory based learning.
  • It will also enable the students and teachers to practically live the theoretical concepts taught in science by visiting CSIR laboratories and by participating in mini-science projects.

India declares itself free from Highly Pathogenic Avian Influenza H5N1 and H5N8

  • India on 6 July 2017 declared itself free from Highly Pathogenic Avian Influenza (H5N1 and H5N8) and notified the same to World Organisation for Animal Health (OIE),  an intergovernmental body that coordinates, supports and promotes animal disease control.
  • India had reported outbreaks of Highly Pathogenic Avian influenza at various epicenters in Delhi, Gwalior (Madhya Pradesh), Rajpura (Punjab), Hissar (Haryana), Bellary (Karnataka), Allappuzha and Kottayam (Kerala), Ahmedabad (Gujarat), Daman (Daman) and Khordha and Angul (Odisha).
  • These outbreaks were reported during October 2016 to February 2017. All these outbreaks of Avian Influenza (HPAI) were notified to OIE. Subsequently, control and containment operations were carried out as per the 'Action Plan on Preparedness, Control and Containment of Avian Influenza'.
  • After the proper execution of control and containment operations including culling, disinfection and clean-up, surveillance was carried out throughout the country and around the areas of the outbreaks.


Sanjay Kumar appointed as DG of National Disaster Response Force

  • Himachal Pradesh DGP Sanjay Kumar was on 5 July 2017 appointed as the Director General (DG) of the National Disaster Response Force (NDRF).
  • The post of Director General (DG) of NDRF fell vacant after incumbent R K Pachnanda was appointed as the DGP of the Indo-Tibetan Border Police (ITBP), the Sino-Indian border guarding force.
  • Kumar, who is presently serving as the Director General of Police in Himachal Pradesh, is set to retire in December 2018. Kumar is a 1985-batch Indian Police Service (IPS) officer.
  • He has earlier served in central deputation with the CISF, the vigilance wing of the Railway Ministry and the Railway Protection Force.

World News

SpaceX successfully launches heavy communications satellite Intelsat 35e

  • SpaceX on 6 July 2017 launched a commercial communications satellite Intelsat 35e into space using Falcon 9 rocket. The rocket blasted off from Kennedy Space Center in Florida, delivering the satellite into a geostationary transfer orbit. The satellite was deployed about 32 minutes after launch.
  • This was the third flight of the Falcon 9 rocket within just 12 days. On 23 June 2017, SpaceX launched a Bulgarian communications satellite into space from launch complex 39A, using a pre-flown first stage booster while, the second launch took place on 25 June when SpaceX launched 10 communications satellites into orbit from Vandenberg Air Force Base in California.
  • SpaceX tried launching the Intelsat 35e satellite previously on 2-3 July, but stopped twice in the final seconds of countdown.

Italy passes bill making ‘Torture’ crime under national law

  • Italy has finally passed a bill making torture a crime under national law, after years of parliamentary back-and-forth.
  • The bill was passed on 5 July 2017 with 198 lawmakers backing the legislation, 35 opposing it and 104 abstaining. It aims to make torture punishable by four to 10 years in prison and 12 years for members of the security forces.
  • Rome signed the UN Convention against Torture in 1984 but had never transferred it into national legislation. Torture is defined under the law as intense physical suffering or psychological trauma verifiably caused by violence, grave threats or cruel actions.

Sports News

Indian national team rises to 96th in FIFA rankings; second highest ever

  • Indian national football team climbed four places to sit on the 96th position in the latest FIFA rankings updated on 6 July 2017. It is the second highest ranking for the country ever.
  • In addition, it is India’s highest FIFA ranking under coach Stephen Constantine.
  • The rankings were updated following India’s 2-0 win against Nepal in a friendly match. The national team also emerged victorious against Kyrgyzstan in AFC Asian Cup 2019 qualifiers group match held in June 2017.
  • India currently scores 341 points, seven points behind 95th placed Cyprus.
  • Earlier in May 2017, the Indian football team had made into the top 100 of the FIFA World Rankings for the first time in 21 years.
  • It was in February 1996 that India was placed on the 94th spot, which is the country's best ever FIFA ranking.

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