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Thursday, November 02, 2017

Current Affairs Update – 2 November, 2017


Hello and welcome to exampundit. Here are the Important Current Affairs of 2 November, 2017. These are important for the upcoming IBPS PO, Clerk Mains, NICL Assistant, OICL AO exams.


Banking & Financial News

Cabinet approves extension of Rashtriya Krishi Vikas Yojana for three years


  • The Union Cabinet Committee on Economic Affairs chaired by the Prime Minister Narendra Modi has approved the continuation of centrally sponsored scheme- Rashtriya Krishi Vikas Yojana (RKVY) as Rashtriya Krishi Vikas Yojana- Remunerative Approaches for Agriculture and Allied sector Rejuvenation (RKVY-RAFTAAR) for a period of three years, from 2017-18 to 2019-20.
  • The government would be allocating Rs 15,722 Cr for the implementation of the plan. The main objective behind the development is to make farming a remunerative economic activity by strengthening the farmer's effort, risk mitigation and promoting agri¬business entrepreneurship.
The funds set aside for the plan would be provided to the states as 60:40 grants between Centre and States and 90:10 in the case of Himalayan and North Eastern states through the following streams:
1. Regular RKVY-RAFTAAR (Infrastructure & Assets and Production Growth) with 70 per cent of annual outlay will be allocated to states as grants based for the following activities:
                - Infrastructure and assets with 50 per cent of regular RKVY-RAFTAAR outlay.
                - Value addition linked production projects with 30 per cent of regular RKVY-RAFTAAR outlay.
                - Flexi-funds with 20 per cent of regular RKVY-RAFTAAR outlay. States can use this for supporting any projects as per the local needs.
2.  RKVY-RAFTAAR special sub-schemes of National priorities – 20 per cent of annual outlay
3.  Innovation and agri-entrepreneur development through creating end-to-end solution, skill development and financial support for setting up the agri-enterprise -10 per cent of annual outlay including 2 per cent of administrative costs.

CCEA approves Special Banking Arrangement for payment to fertilizer companies


  • The Cabinet Committee on Economic Affairs (CCEA)  on 1 November 2017 approved the implementation of Special Banking Arrangement (SBA) of Rs 10000 crore for payment of outstanding claims to fertilizer companies in the year 2016-17.
  • CCEA also permitted that Department of Fertilizers will avail the SBA with the consensus of Department of Expenditure.
  • Under the Special Banking Arrangement, a total loan of Rs 9969 crore for settlement of outstanding subsidy bills with SBI was raised by the Union Government.
  • The loan amount along with interest liability on the part of Union Government amounting to Rs 80.90 crore was paid to SBI.
  • SBA for an amount of Rs 10,00 crore for the year 2016-17 has already been implemented to overcome the liquidity problems of the fertilizer companies.


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PFRDA increases maximum age of joining under NPS-Private Sector to 65 years


  • The Pension Fund Regulatory and Development Authority (PFRDA) on 1 November 2017  increased the maximum age of joining under National Pension System (NPS)-Private Sector (All Citizen and Corporate Model) from the existing 60 years to 65 years of age.
  • The above decision was taken to increase the pension coverage in the country.
  • With this, any Indian Citizen, resident or non-resident, between the age of 60- 65 years can now join NPS and continue up to the age of 70 years in NPS.
  • Moreover, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS.
  • The subscribers joining NPS beyond the age of 60 years will have the same choice of the Pension Fund as well as the investment choice as available for subscribers joining NPS before the age of 60.
  • Subscribers joining NPS after the age of 60 years will have an option of normal exit from NPS after completion of 3 years in NPS. In this case, the subscriber will be required to utilize at least 40 per cent of the amount for purchase of annuity and the remaining amount can be withdrawn.
  • If subscriber wishes to exit from NPS before completion of 3 years in the NPS, he/she will be allowed to do so. However, the subscriber will have to utilize at-least 80 per cent of the corpus for purchase of annuity and the remaining can be withdrawn in lump sum.
  • In case of unfortunate death of the subscriber during his stay in NPS, the entire corpus will be paid to the nominee of the subscriber.
  • This initiative will enables senior citizens to obtain the benefits of NPS and plan for their regular income.

CBDT notifies rules for furnishing Master File and Country-by-Country Report


  • The Central Board of Direct Taxes (CBDT) on 1 November 2017 notified the rules for maintaining and furnishing the Master File and Country-by-Country Report.
  • The due date for filing the Country-by-Country report and furnishing the Master File for reportable accounting year 2016-17 is 31 March 2018.
  • The threshold for the Country-By-Country Report is total consolidated revenue of Rs 5500 crore or more.
  • The threshold for the Master File is consolidated revenue exceeding Rs 500 crore and either the aggregate value of international transactions as per the books of accounts exceeding Rs 50 crore or aggregate value of international transactions in respect of intangible property exceeding Rs 10 crore.
  • The report of Master File needs to be submitted in Form 3CEAA and the Country-by-Country Report in Form 3CEAD.
  • An international group having multiple Indian constituent entities can designate one constituent entity to furnish the Master File.
  • Part A of Form 3CEAA is needed to be filled by every constituent entity of an international group. However, the international group having multiple Indian constituent entities can designate one constituent entity to file Part A on its behalf to reduce the compliance burden.
Form 3CEAD for furnishing Country-by-Country Report follows OECD template.


News related to India & states

BRO builds world's highest motorable road in Ladakh


  • The Border Roads Organisation (BRO) has constructed the world's highest motorable road in Ladakh region of Jammu and Kashmir, passing through Umlingla Top at a height of over 19,300 feet.
  • The feat was achieved under 'Project Himank' of the organisation. Congratulating the BRO personnel for completing the herculean task, Chief Engineer, Project Himank, Brigadier D M Purvimath, said that constructing the road at an altitude of over 19,300 feet was filled with life threatening challenges.
  • The 86km long strategic road will connect Chisumle and Demchok villages, located 230 Kms from Leh. The villages lie very close to the Indo-China border in eastern sector.
  • Other high-altitude roads built under Project Himank include Khardangu La at an altitude of 17,900 ft and Changla Pass at 17,695 ft in Leh.

Union Government announces the launch of Food Regulatory Portal and Nivesh Bandhu portal


  • Union Minister of Food Processing Industries Harsimrat Kaur Badal on 1 November 2017 announced the launch of the Food Regulatory Portal and Investor Facilitation Portal “Nivesh Bandhu” while chairing the Press Conference detailing about the World Food India 2017 Expo.
  • World Food India Expo is a mega event which would showcase the entire value chain in the food sector.
'Food Regulatory Portal'

  • MoFPI and FSSAI will jointly launch the 'Food Regulatory Portal', a single interface for food businesses to cater to both domestic operations and food imports.
  • Food Regulatory Portal will be a game changer for effective and transparent implementation of the food safety laws in the country.
  • The portal is strategically aligned with Union Government’s mission of One Nation, One Food Law to create an enabling environment for businesses to operate.

'Nivesh Bandhu'

  • Investor Facilitation Portal “Nivesh Bandhu” will assist investors to make informed investment decisions.
  • It will provide information on Central and State Governments’ investor friendly policies, agro-producing clusters, infrastructure, and potential areas of investment in the food processing sector.

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Goa tops Gender Vulnerability Index, Bihar at bottom


  • The Gender Vulnerability Index (GVI) prepared by Child development NGO Plan India has ranked the state of Goa at the top and Bihar at the bottom.
  • The other two states to occupy the top positions include Kerala and Mizoram, which were ranked 2nd and 3rd respectively. Bihar was joined by Uttar Pradesh at the bottom, while Delhi was placed near bottom at the 24th place
  • The composite index has been developed after analysing the situation of girls and women in the country on the basis of four important dimensions - Health, Education, Protection and Poverty. It will be useful in understanding the situation in states, as it ranks each state in every dimension of gender vulnerability.
  • Kerala, Tamil Nadu and Sikkim were ranked top three as far health of women is concerned and Bihar was ranked the worst.
  • Delhi was ranked as the worst performing state in terms of education for women while Himachal Pradesh, Sikkim and Punjab took up the top three positions.
  • In terms of poverty, Manipur and Mizoram were placed in the top two positions followed by Tamil Nadu while Bihar again was placed at the bottom.
  • In terms of protection and safety, Goa was deemed to be the safest state followed by Himachal Pradesh, and Jammu and Kashmir.  Uttar Pradesh was positioned at the last rank.

Odisha imposes 7-month ban on fishing to protect endangered Sea turtles


  • The state government of Odisha on 1 November 2017 imposed a seven-month ban on sea fishing activity in order to protect the Olive Ridley sea turtles.
  • The move has been brought on, as the breeding season of the endangered marine animals is approaching. The ban will hold until 31 May 2018.
  • The ban on fishing activity was clamped within 20 km off the coastline of Dhamra-Devi-Rushikulya river mouth.
  • Nearly 26,000 marine fishermen in coastal districts of Puri, Kendrapara, Ganjam and Jagatsinghpur are likely to be affected due to the ban.
  • The restriction is imposed in accordance with provisions of Orissa Marine Fishing Regulation Act (OMFRA), 1982 and provisions of Wildlife Protection Act, 1972.
  • Over 300 trawls and vessels were seized and around 2,000 crews arrested during a similar ban in 2016 for defying the OMFRA provisions along the prohibited zones.

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