Current Affairs Update – 29 August, 2017


Hello and welcome to exampunditHere are the Important Current Affairs of 29 August, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.



Banking & Financial News

DIPP releases Consolidated FDI Policy


  • The Department of Industrial Policy & Promotion (DIPP) on 28 August 2017 released the Consolidated Foreign Direct Investment (FDI) Policy containing all the changes in rules and procedures notified by the Union Government over the past year.
  • The new consolidated document aims to ensure greater ease of doing business in India and an investor-friendly climate for foreign investors so that the country attracts more FDI.
Highlights of the policy

  • The consolidated policy lays down the general conditions on FDI, procedures for government approval and sector specific conditions on FDI.
  • For the first time, the document has included start-ups. As per the norms, start-ups can raise up to 100 per cent of funds from Foreign Venture Capital Investor (FVCI).
  • The start-ups can issue equity or equity linked instruments or debt instruments to FVCI against receipt of foreign remittance.
  • Person residing outside India (other than citizens of Pakistan and Bangladesh) can purchase convertible notes issued by Indian start-up company for Rs 25 lakh or more in a single tranche.
  • Non Resident Indians can also acquire convertible notes on non-repatriation basis.
  • A citizen of Pakistan or an entity incorporated in Pakistan is also barred from investing in defence, space, atomic energy sectors, etc.
  • A start-up company, engaged in a sector that requires government approval for foreign investment, can issue convertible notes to a non-resident only with approval of the Government.
  • The start-up issuing convertible notes will be required to provide reports as prescribed by the RBI.
  • It also said the rule allowing foreign airlines to own up to 49 per cent in Indian carriers do not apply to Air India.

RBI issues new Rs 200, Rs 50 banknotes


  • The Reserve Bank of India recently introduced two new denomination banknotes of Rs 200 and Rs 50 in the Mahatma Gandhi (New) Series, bearing the signature of RBI Governor Urjit Patel.
  • Initially, the new Rs 200 notes will be circulated by select RBI offices and some banks. It may not be available through ATMs as they will have to be recalibrated to accommodate the new note.
  • The demonetisation of higher denomination notes of Rs 500 and Rs 1000 in late 2016 had led to huge currency shortage, as almost 86 percent of the currency in circulation was withdrawn. The shortage backed up by the delay in ATM recalibration had led to full chaos and confusion among the common public.
  • The introduction of the new currency hence is done keeping in consideration various factors like ease of transactions for the common man, replacement of soiled banknotes, inflation and the need for combating counterfeiting.

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India, Germany sign a deal to improve grid integration of renewable energy


  • India and Germany signed an agreement on technical cooperation under the Indo-German Energy Programme – Green Energy Corridors (IGEN-GEC) on 28 August 2017.
  • The agreement was signed between Government of India’s Ministry of New and Renewable Energy (MNRE) and Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH India on behalf of the Government of the Federal Republic of Germany.
  • The IGEN-GEC programme was commissioned in 2013 by the Germany’s Federal Ministry for Economic Cooperation and Development (BMZ) and jointly implemented by India’s MNRE and GIZ.
  • The main objective of this programme is to improve the sector framework and conditions for grid integration of renewable energies with conventional power grids.

Prime Minister Narendra Modi dedicates to nation 11 completed highway projects in Rajasthan


  • Prime Minister Narendra Modi on 29 August 2017 dedicated to the nation 11 completed highway projects in Rajasthan, covering a total length of about 873 kilometres. The projects include six Lane Cable Stayed Bridge across River Chambal at Kota, four laning of Gomati Chauraha - Udaipur section and four laning of Rajsamand - Bhilwara section.
  • During his visit to Udaipur, Modi also laid the foundation stone of national highway projects including the Jaipur Ring Road. The total outlay on these projects is estimated to be over Rs 15000 crore.
  • Speaking on the occasion, Prime Minister Narendra Modi said, Centre is standing shoulder to shoulder with the people of Rajasthan who are battling the floods. He assured all possible support in this connection. The Prime Minister said the number of projects being inaugurated today is a matter of joy for the people of Rajasthan. He said some of the projects being inaugurated today were pending for years. Modi said the focus of his government is a timely completion of projects.
  • During the day-long visit, the Prime Minister will also visit the Pratap Gaurav Kendra to pay his respects to Maharana Pratap. The Kendra provides information through various exhibits, about the life, valour and achievements of Maharana Pratap. In addition, Modi will also address a public meeting.

Ministry of Textiles proposes to hold Pan India camps for weavers and artisans


  • The Ministry of Textiles on 28 August 2017 proposed to organise Pan India camps in handlooms and handicrafts clusters, under the ‘Hastkala Sahyog Shivir’ initiative.
  • According to an official release, the camps will be organized between 7 and 17 October 2017. The initiative is dedicated to Pandit Deendayal Upadhyay ‘Garib Kalyan Varsh’, the birth centenary year of Pandit Deendayal Upadhyay - late senior leader of Bharatiya Jana Sangh, the forerunner of the present day Bharatiya Janata Party.
The following services will be provided to the weavers and artisans in these camps:

  • Issuance of credit facilities through MUDRA scheme
  • Assistance for technological enhancement under Hathkargha Samvardhan Sahayata
  • Distribution of modern tool kits and equipments
  • Issuance of Yarn Pass Book
  • Enrollment under IGNOU/NIOS courses
  • Access to Common Service Centre facilities
  • Buyer-seller meets and expos
Further, the proposed camps will be organized in more than 200 handloom Block Level Clusters and Weavers’ Service Centres and more than 200 handicraft clusters in collaboration with State Governments.

News related to India & states

Union Government to launch Deep Ocean Mission


  • M. Rajeevan, secretary, the Union Ministry of Earth Sciences (MoES), on 28 August 2017 announced that the Union Government will soon launch a Deep Ocean Mission to encourage research activities in ocean science and develop technology to harness ocean resources.
  • The Mission aims to explore and harness mineral resources beneath the ocean floor.
  • The proposed inter-ministerial and interdisciplinary project also seeks to create jobs and business opportunities in ocean science.
  • The program on Polymetallic nodules was initiated at CSIR-NIO with the collection of the first nodule sample from the Arabian Sea on board the first Research Vessel Gaveshani on 26 January 1981. India was the first country in the world to have been given the Pioneer Area for exploration of deep-sea mineral viz. Polymetallic nodules in the Central Indian Ocean Basin in 1987. This was based on the extensive surveys carried out by the scientists of CSIR-NIO, on several research ships leading to the allocation of an area of 150000 sq km to the country with exclusive rights under the UN Law of the Sea.

Sports News

Kerala CM Pinarayi Vijayan launches FIFA U-17 World Cup logo for Kochi venue


  • Kerala Chief Minister Pinarayi Vijayan on 28 August 2017 launched the host city logo for Kochi, one of the venues of FIFA U-17 World Cup India 2017.
  • The logo launched by the CM represents Kochi’s identity and will also serve as a valuable tool in linking the local community in a global World Cup.
  • Alongside the FIFA U-17 World Cup India official emblem, the logo for Kochi venue will form a crucial link in the promotions and communications regarding the host city.
  • The tournament will be hosted in the Jawaharlal Nehru Stadium of the city.

World News

INCOIS launches Ocean forecasting system for Comoros, Mozambique and Madagascar


  • The Indian National Centre for Ocean Information Services (INCOIS) of the Union Ministry of Earth Sciences on 25 August 2017 inaugurated the Ocean Forecasting System for Comoros, Madagascar and Mozambique.
  • The system was unveiled at the third Ministerial Meeting of Regional Integrated Multi-Hazard Early Warning System for Asia and Africa (RIMES). The meeting was held at Port Moresby, Papua New Guinea.
  • The INCOIS is already providing these operational services to Maldives, Sri Lanka and Seychelles.
  • Key highlights
  • The Ocean Forecasting System will provide information on high wave, currents, winds, tides, sub-surface ocean conditions.
  • The system will cater to users like fishermen, coastal population, tourism sector, coastal defence officials, marine police, port authorities, research institutions and offshore industries of these countries.
  • These ocean services are aimed towards safety at the sea.

International Atomic Energy Agency opens atomic fuel reserve in Kazakhstan to ensure supply


  • The International Atomic Energy Agency (IAEA) in August 2017 decided to open the Low Enriched Uranium Bank in Kazakhstan.
  • The IAEA opened the bank to ensure the supply of nuclear fuel in the event of disruption due to political or market problems.
  • The reserve, scheduled to open on 29 August 2017, will store 90 tons of Low-Enriched Uranium (LEU), the essential ingredient needed to make the fuel for light-water nuclear reactors, which generate electricity.
  • The LEU is usually purchased on the open market or by bilateral agreement between countries, a system the new bank does not want to disrupt.
  • The IAEA insists that the reserve is a "mechanism of last resort" for situations in which a United Nations member nation cannot access fuel by the usual means.

Days

National Sports Day observed on August 29


  • India celebrated its National Sports Day on 29 August 2017. The day is annually celebrated on this day to mark the birth anniversary of legendary hockey player Dhyan Chand.
  • Various programmes are being conducted across India to celebrate the day. On this occasion, President Ram Nath Kovind will give away the National Sports Awards this evening. A total of 29 players have been selected to receive the honours from President.
  • The President will confer Rajiv Gandhi Khel Ratna Award, Arjuna Award and Dronacharya Award at Rashtrapati Bhawan. The Khel Ratna Award is honoured for the players’ spectacular and most outstanding performance in the field of sports over a period of four years at international level. The Arjuna Awards are given to recognize outstanding achievement in National sports while the Dronacharya Award is sports coaching honour.

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International Day Against Nuclear Tests 2017 observed globally


  • The International Day Against Nuclear Tests was observed across the world on 29 August 2017 with an aim to promote peace and security world-wide.
  • The Day is observed through the coordination of various activities all over the world such as symposia, conferences, exhibits, competitions, publications, instruction in academic institutions, media broadcasts and others.
  • The Day was first celebrated in 2010.

Obituaries

Barefoot footballer Ahmed Khan passes away


  • Veteran footballer Ahmed Khan, India's oldest football Olympian, passed away on 27 August 2017. He was 90. He is survived by his wife, son and daughter.
  • Ahmed was part of the famous 'barefoot' football squad that made its debut in Olympic football at the 1948 London Games.
  • He went on to join Bangalore Muslims team where he won a couple of matches including famous Rovers Cup victory in 1948, where they defeated Mohun Bagan in the final.
  • He played for East Bengal for a decade by joining Kolkata Giants in 1949 and formed part of 'Pancha Pandavas'- Sale, Dhanaraj, Appa Rao and Venkatesh.
  • He guided the club in winning 1949 Durand Cup and IFA Shield double in 1951, followed by several fine performances which earned him the name of 'Forward of the Millennium'.
  • After East Bengal, Ahmed played with Mohammedan Sporting till 1961.


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