Current Affairs Update – 1-4th July, 2016

Hello and welcome to exampundit. Here are the Important Current Affairs from July 1st to 4th of July, 2016. These are very important for the upcoming SBI PO Mains & UBI PO PGDBF Exams 2016.

Current Affairs at a Glance – 1-4th July, 2016

  1. The Haryana Government on 2 July 2016 announced that it would develop
    an industrial township in the state at an expense of 5 billion dollar
    .
    The new industrial township will spread in over 1500 acres of land in Sohna and
    Manesar areas of Gurgaon.
  2. The
    2016 BRICS Youth Summit held in Guwahati, Assam
    concluded on 3 July 2016. The theme of the 2nd
    youth summit that started on 1 July 2016 was “Youth as bridge for Intra-BRICS
    Exchanges”.
  3. The Central Board of Direct Taxes (CBDT) on 30 June 2016 notified
    rules for calculating Fair Market Value (FMV) of assets located in India

    with regard to indirect transfer provisions as prescribed in Section 9(1) of
    the Income-tax Act, 1961.
  4. The first meeting of the BRICS Working Group on Energy Saving and Energy
    Efficiency commenced on 4 July 2016 in Visakhapatnam
    . The
    meeting will be concluded on 5 July 2016.
  5. The Railways Minister Suresh Prabhakar
    Prabhu on 30 June 2016 launched NIVARAN portal, an online system for redressal of
    service related grievance of serving current and former railway employees.
  6. The first squadron of home-grown Light Combat
    Aircraft (LCA) Tejas
    was inducted into Indian Air Force (IAF)
    at the Aircraft System Testing Establishment in Bengaluru on 1 July 2016.  The squadron has been named ‘Flying Daggers’ 45.
  7. The Union Minister for Human
    Resource Development Smriti Zubin Irani on 30 June 2016 launched the Prashikshak,
    a
    teacher education portal
    , with a vision to strengthen District
    Institutes of Education and Training (DIETs) and bring quality teachers into
    the Indian school education system.
  8. Kerala government on 1 June 2016 banned ‘electronic cigarette’. It was banned in view of studies
    claiming that its use can cause various health issues, including cancer and
    heart ailments.
  9. RBI today said it has
    appointed Sudarshan Sen as an Executive
    Director in place of N S Vishwanathan
    , who has been elevated as Deputy
    Governor at the central bank.
  10. Linda Burney, a former teacher,
    on 2 July 2016 became the first Indigenous woman elected to the House of
    Representatives (lower house) of the Parliament of Australia
    . She
    achieved the fete after claiming victory in the marginal seat of Barton.
  11. Rodrigo Duterte was sworn in as the Philippines’ 16th president on
    30 June 2016 inside the Malacanang presidential palace in Manila.
  12. The Interim Administrative Cell of the International Solar Alliance
    (ISA Cell)
    and the World Bank on 30 June 2016 signed declaration to promote
    solar energy globally. The declaration was signed during the visit of the World
    Bank President Jim Yong Kim to India in June 2016.
  13. Indian shuttler B Sai Praneeth on 3 July 2016 clinched the Canada Open Grand Prix
    Badminton Men’s Singles title at Calgary
    .
  14. Indian footballer Gurpreet Singh
    Sandhu
    in the first week of July 2016 became the first Indian to
    play in Europa League.
  15. The 2016 National
    Doctors’ Day was observed on 1 July
    2016
    across India.
  16. President Pranab Mukherjee on 1
    July 2016 presented the Dr. B. C. Roy National Awards for 2008, 2009
    and 2010.
  17. Michel Rocard, former Prime
    Minister of France, passed away on 2 July 2016 in Paris, France. He was 85.
  18. Renowned Marathi writer Ramchandra
    Chintaman Dhere
    passed away on 1
    July 2016 following prolonged illness. He was 86.
Finance/Industry/Banking –
Haryana to develop new Industrial Township at an expense of $5 billion
  • The Haryana Government on 2 July
    2016 announced that it would develop an industrial township in the state at an
    expense of 5 billion dollar. The new industrial township will spread in over
    1500 acres of land in Sohna and Manesar areas of Gurgaon.
  • For this purpose, the Haryana
    Industrial and Infrastructure Development Corporation (HSIIDC) signed a
    memorandum of understanding (MoU) with China Fortune Land Development (CFLD)
    Company in New Delhi.
  • Under the agreement, HSIIDC and
    CFLD Company would execute the project as a joint venture (JV).
Work of CFLD
  • The Chinese firm would develop
    infrastructural facilities, industrial units and residential and commercial
    projects in the township.
  • Industrial units related to
    automobiles and electronics would be established in the township.
  • The project that would be
    completed in next 10 years will help in generating employment opportunities for
    lakhs of youth.
OYO signs MoU with Uttarakhand Tourism
  • Hotels aggregator OYO has signed
    a Memorandum of Understanding (MoU) with the Uttarakhand Tourism Development
    Board (UTDB) to develop tourism-related hospitality ecosystem in the state, a company
    statement said.
  • OYO will work to make local
    homestays better equipped to suit the need of tourists and the company has
    already standardised 15 homestays registered with UTDB, the statement said,
    adding that the standardization process will be followed by listing and
    marketing these properties by OYO.
BRICS Youth Summit, 2016 held with theme Youth as bridge for
Intra-BRICS Exchanges
  • The 2016 BRICS Youth Summit held
    in Guwahati, Assam concluded on 3 July 2016. The theme of the 2nd youth summit
    that started on 1 July 2016 was “Youth as bridge for Intra-BRICS Exchanges”.
  • The three day summit saw
    participation of officials and youth of the delegation from BRICS nations,
    namely Brazil, Russia, India, China and South Africa.
  • The summit concluded with certain
    recommendations and they are
Recommendations for Skills Development & Entrepreneurship
  • Create and strengthen
    apprenticeship programmes in the existing BRICS institutions
  • Document and disseminate success
    stories among the BRICS nations
  • Facilitate transfer of skills
    between mentors and mentees among the BRICS nations
  • Ensure access to decent jobs for
    youth across the BRICS nations
CBDT notifies Rules for calculating Fair market value of Assets
  • The Central Board of Direct Taxes
    (CBDT) on 30 June 2016 notified rules for calculating Fair Market Value (FMV)
    of assets located in India with regard to indirect transfer provisions as
    prescribed in Section 9(1) of the Income-tax Act, 1961.
  • Under section 9 of the Income-tax
    Act, 1961, any income arising from transfer of any share of or interest in a
    foreign company or entity that derives its value substantially from the assets
    located in India, is deemed to accrue or arise in India.
Purpose behind drafting the Rules for calculating Fair market value
of Assets
  • Manner of computation of FMV of
    Indian and global assets of the foreign company or entity
  • Determination of income
    attributable to assets situated in India, and
  • Information required to be
    maintained and furnished by the Indian concern under section 285 of Income-tax
    Act, 1961
Highlights of the Rules
  • The Fair Market Value of listed
    companies will be computed on the basis of a formula taking into account its
    market capitalisation, book value of liabilities and total number of shares.
  • In case of an unlisted company,
    the FMV would be determined by a merchant banker or accountant as per
    internationally accepted valuation methodology.
  • In case the shares are listed on
    more than one recognised stock exchange, the price will be computed with
    reference to recognised stock exchange which records the highest volume of
    trading in share.
  • The share or interest is said to
    derive it value substantially from assets located in India, if FMV of assets
    located in India comprise at least 50 percent of FMV of total assets of the
    company or entity.
  • A share or interest is to be
    deemed to derive value substantially from assets located in India, if the FMV
    of the Indian asset is more than 10 crore rupees.
India –
BRICS Working Group Meeting on Energy Saving and Energy Efficiency
begins in Visakhapatnam

  • The first meeting of the BRICS
    Working Group on Energy Saving and Energy Efficiency commenced on 4 July 2016
    in Visakhapatnam. The meeting will be concluded on 5 July 2016.
  • The two-day meeting will be
    attended by all 5 members of BRICS (Brazil, Russia, India, China and South
    Africa) countries.
  • The Union Power Ministry is
    hosting the meeting of the Working Group.
  • India assumed the BRICS chair for
    2016 and will accordingly shape and steer the BRICS agenda.
Agenda for BRICS Working Group Meeting on Energy Saving and Energy
Efficiency
  • The BRICS countries will make
    presentations on measures taken by them in the field of energy saving and
    energy efficiency.
  • India will showcase its efforts
    in energy saving, energy efficiency.
  • India, in particular, will
    showcase the LED street lighting programme and Performance Achievement &
    Trade (PAT) programme for Industrial energy efficiency.
  • The Working Group on Energy
    Saving and Energy Efficiency will deliberate on a Work Plan on development of
    cooperation in energy saving and energy efficiency within BRICS.
  • During the meeting, a Joint
    Statement will be agreed upon. The statement will be a guiding tool for the
    BRICS Working Group on Energy Saving and Energy Efficiency.
Railways Ministry launches NIVARAN portal for employees’ grievances
redressal
  • The Railways Minister Suresh Prabhakar
    Prabhu on 30 June 2016 launched NIVARAN portal, an online system for redressal
    of service related grievance of serving current and former railway employees.
  • The Portal is developed by CRIS,
    the IT arm of Indian Railways, on the basis of process designed by
    Establishment directorate of Railway Board which deals with staff matters.
Highlights of the NIVARAN portal
  • This new initiative is a portal
    for the internal Grievance Redressal of Railway Employees & Former Railway
    Employees.
  • It facilitates the employees to
    lodge their grievances and also monitor their progress.
  • The system would also provide
    facility for lodging appeal to the higher authority in case the decision is not
    found satisfactory.
Ministry of Tourism releases data on domestic and foreign tourist
visits to states and UTs
  • The Market Research Division of
    Ministry of Tourism on 30 June 2016 released data on domestic and foreign
    tourist visits to States and Union Territories (UTs) for the year 2015.
  • The Ministry compiled the data received
    from Departments of Tourism of various State Governments and UT
    Administrations.
Domestic Tourist Visits to States and UTs during 2015:
  • The number of Domestic Tourist
    Visits (DTVs) to the States and UTs was 1432 million. The number was 1282.8 million
    in 2014. Therefore, 2015 registered a growth of 11.63% over 2014.
  • The State that topped the list of
    the top ten States in terms of number of domestic tourist visits is Tamil Nadu
    that garnered 333.5 million domestic visits. Uttar Pradesh secured the second
    place with 204.9 million visits, while Andhra Pradesh bagged the third position
    with 121.6 million visits.
  • The contribution of top 10 States
    was about 83.62% to the total number of domestic tourist visits during 2015.
Foreign Tourist Visits to States and UTs during 2015:
  • The number of Foreign Tourist
    Visits (FTVs) to the States and UTs in 2015 registered a growth of 4.4% over
    2014. India garnered 23.3 million visits in 2015 as compared to 22.3 million in
    2014.
  • The State that topped the list of
    the top ten States in terms of number of FTVs during 2015 is Tamil Nadu with
    4.68 million visits. Maharashtra and Uttar Pradesh secured second and third
    place with 4.41 million visits and 3.1 million visits respectively.
  • The contribution of top 10 States
    was about 88.4% to the total number of FTVs in the country during 2015.
Indigenously built LCA Tejas inducted in IAF
  • The first squadron of home-grown
    Light Combat Aircraft (LCA) Tejas was inducted into Indian Air Force (IAF) at
    the Aircraft System Testing Establishment in Bengaluru on 1 July 2016.  The squadron has been named ‘Flying Daggers’
    45.
  • State-run Hindustan Aeronautics
    Limited (HAL) handed over the first two Tejas aircraft to the Air Force.
  • The aircraft will be operated for
    nearly two years by the squadron at Bengaluru before it is moved to its
    designated location at Sulur near Coimbatore in Tamil Nadu.
  • According to IAF, the idea is to
    have a total of six aircraft this financial year 2016-17 and about eight in the
    financial year 2017-18. Tejas will feature in combat plan of the IAF in 2017
    and will be deployed in forward bases also.
  • All squadrons of Tejas will have
    20 planes in total, including four in reserve. As per the plan, while 20 would
    be inducted under the Initial Operational Clearance, another 20 will be
    inducted later with Beyond Visual Range Missile (BVR) and some other features.
Union HRD Ministry launches teacher education portal Prashikshak
  • The Union Minister for Human
    Resource Development Smriti Zubin Irani on 30 June 2016 launched the
    Prashikshak, a teacher education portal, with a vision to strengthen District
    Institutes of Education and Training (DIETs) and bring quality teachers into
    the Indian school education system.
  • For now, Prashiskshak Portal
    works only for DIETs, however it will cover block level institutes in the
    future and identify gaps at the bottom of the pyramid.
Highlights of the Portal
  • Prashikshak is a unique IT
    initiative, a first of its kind in the country, which will contain a
    comprehensive database of all DIETs in the country with all relevant
    performance indicators.
  • It will help benchmark DIETs to
    enable aspiring teachers to make informed choices about their future.
  • It will give the opportunity to
    Union and State Governments to do real time monitoring of the institutions.
  • The major users of Prashikshak
    will be Pre-service teacher educators, DIET principals and faculty, Policy
    makers at District, State Government and National Level and the General public.
  • It was established through joint
    collaboration between UnionMinistry of Human Resource Development and Central
    Square Foundation.
Rapid Rural Police Response System launched in Punjab
  • A Rapid Rural Police Response
    System was launched across Punjab on 1 July 2016.
  • The system was launched to ensure
    prompt and effective police response in over 12000 villages in Punjab.
Key highlights of Rapid Rural Police Response System
  • The Rapid Rural Police Response
    System was launched by Punjab Deputy Chief Minister Sukhbir Singh Badal.
  • 400 new motorcycles and 220 new
    Bolero jeeps were also flagged off under the new system.
  • Under the system, the police will
    respond to any crime or law and order situation within 20 minutes of it being
    reported.
Kerala government decided to ban ‘electronic cigarettes’
  • Kerala government on 1 June 2016
    banned ‘electronic cigarette’. It was banned in view of studies claiming that
    its use can cause various health issues, including cancer and heart ailments.
  • In this regard, the health
    ministry directed the additional chief secretary (health) to issue an order
    banning the production, sale and advertisement of ‘electronic cigarette’ alias
    ‘e-cigarette’.
  • With this, Kerala became the
    fourth Indian state to ban e-cigarettes. The other three states are Punjab (1st
    state to do so), Maharashtra and Karnataka.
Appointments –
RBI appoints Sudarshan Sen as Executive Director
  • RBI today said it has appointed
    Sudarshan Sen as an Executive Director in place of N S Vishwanathan, who has
    been elevated as Deputy Governor at the central bank.
  • Sen has taken charge from today,
    RBI said in a release.
  • Sen will look after Department of
    Banking Regulation, Department of Co-operative Bank Regulation and Department
    of Non-Banking Regulation.
  • Sen is a career central banker
    and has a long association with bank supervision and regulation. Earlier, he
    was in charge of the Department of Banking Regulation.
Linda Burney becomes first Indigenous woman elected to Australia’s
lower house
  • Linda Burney, a former teacher,
    on 2 July 2016 became the first Indigenous woman elected to the House of
    Representatives (lower house) of the Parliament of Australia. She achieved the
    fete after claiming victory in the marginal seat of Barton.
  • She won the seat as a candidate
    of the centre-left Labour Party in the national polls.
  • With this, she joins first
    Aboriginal MP Ken Wyatt of the conservative Liberal Party who was elected in
    2010. Olympian Nova Peris was the first indigenous woman in the upper house of
    the Parliament.
Rodrigo Duterte sworn in as Philippines’ president
  • Rodrigo Duterte was sworn in as
    the Philippines’ 16th president on 30 June 2016 inside the Malacanang
    presidential palace in Manila. He will have a six-year term.
  • The first Mindanaoan president of
    the country, Duterte succeeds Benigno Aquino III.
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World –
Exercise RIMPAC 2016 begins

  • Exercise RIMPAC 2016, the Pacific
    military exercise, began on 30 June 2016 at Hawaii with 26 nations
    participating in the war games that will cover the Hawaiian Island and southern
    California.
  • The theme of RIMPAC 2016 is
    Capable, Adaptive, Partners. RIMPAC 2016 is the 25th exercise in the series
    that began in 1971.
Highlights of the RIPMAC 2016
  • Twenty-six nations, 45 ships,
    five submarines, more than 200 aircraft, and 25000 personnel will participate
    in the biennial Rim of the Pacific (RIMPAC) exercise that is scheduled from 30
    June to 4 August 2016.
  • This year’s exercise includes
    forces from Australia, Brunei, Canada, Chile, Colombia, Denmark, France,
    Germany, India, Indonesia, Italy, Japan, Malaysia, Mexico, Netherlands, New
    Zealand, Norway, China, Peru, Korea, Philippines, Singapore, Thailand, Tonga,
    the United Kingdom and the United States.
  • Hosted by US Pacific Fleet,
    RIMPAC 2016 will be led by US Vice Adm Nora Tyson, commander of the US 3rd
    Fleet (C3F), who will serve as the Combined Task Force (CTF) commander.
International Solar Alliance Cell and World Bank sign Declaration for
promoting Solar Energy
  • The Interim Administrative Cell
    of the International Solar Alliance (ISA Cell) and the World Bank on 30 June
    2016 signed declaration to promote solar energy globally. The declaration was
    signed during the visit of the World Bank President Jim Yong Kim to India in
    June 2016.
  • The declaration was signed by Upendra
    Tripathy, Secretary of Union Ministry of New and Renewable Energy and
    Chairperson, ISA cell and Onno Ruhl, India Country Director of the World Bank.
Major areas identified in the Declaration for working jointly
  • Developing a roadmap to mobilize
    financing
  • Developing financing instruments
    including credit enhancement, reduce hedging costs/currency risk, bond raising
    in locally denominated currencies etc. which support solar energy development
Benefits arising out of this Declaration
  • The Joint Declaration will help
    in accelerating mobilization of finance for solar energy.
  • The World Bank will have a major
    role in mobilizing more than 1000 billion US dollars in investments that will
    be needed by 2030 for the massive deployment of affordable solar energy.
Sports –
B Sai Praneeth wins 2016 Canada Open Grand Prix Badminton Men’s Singles
title
  • Indian shuttler B Sai Praneeth on
    3 July 2016 clinched the Canada Open Grand Prix Badminton Men’s Singles title
    at Calgary.
  • Praneeth defeated Lee Hyun II of
    Korea 21-12, 21-10.
  • On the other hand, men’s doubles
    pair of Manu Attri and B Sumeeth Reddy also grabbed Men’s doubles title at the
    tournament.
  • Top seed doubles pair Attri and
    Reddy defeated Adrian Liu and Toby Ng 21-8 21-14 in a lop-sided final. The pair
    of Attri and Reddy is the first Indian men’s doubles pair to qualify for the
    Rio Olympics.
Gurpreet Singh Sandhu becomes first Indian to play in Europa League
  • Indian footballer Gurpreet Singh
    Sandhu in the first week of July 2016 became the first Indian to play in Europa
    League.
  • Sandhu was named in Norwegian
    club Stabaek FC’s squad for their Europa League qualifying match against Welsh
    Premier League side Connah’s Quay Nomads FC.
Sameer emerges fastest athlete of 56th National Inter-state Athletics
  • Sameer Mon, the veteran sprinter
    of India, on 30 June 2016 won gold in 100 meter dash in 10.60 seconds at the
    56th National Inter-state Senior Athletics Championships in Hyderabad.
  • With this, Sameer, representing
    Manipur, also became the fastest athlete in the country.
  • 32-year-old Sameer was a member
    of the bronze winning Indian 4x100m relay quartet in Delhi Commonwealth Games.
    He had earlier won the Inter-state titles in 2008 and 2011.
Other results of 56th National Inter-state Senior Athletics
Championships are
  • Women’s 100 metre dash: Reena
    George of Karnataka won Gold by clocking 11.99 seconds. Earlier, she switched
    from 400 meter dash to 100 meter dash.
  • Women’s pole vault: Khyati
    Vakharia of Karnataka won Gold by clearing the season’s best 3.80 metre.
Days –
National Doctors’ Day 2016 observed across India
  • The 2016 National Doctors’ Day
    was observed on 1 July 2016 across India.
  • The day is observed to honour
    legendary physician, Dr Bidhan Chandra Roy whose birth and death anniversary
    falls on the same day.
  • Dr Roy was honoured with the
    Bharat Ratna on 4 February 1961.
  • The National Doctors’ Day gives
    an opportunity to raise the awareness about the doctor’s role in daily life.
Awards & Honors –
President Pranab Mukherjee presents B C Roy National Awards for 2008,
2009 and 2010
  • President Pranab Mukherjee on 1
    July 2016 presented the Dr. B. C. Roy National Awards for 2008, 2009 and 2010.
  • The awards were presented at
    Rashtrapati Bhavan, New Delhi on the occasion of Doctors’ Day.
  • The B.C. Roy Awards were
    instituted by the Medical Council of India in 1976.
  • The award was instituted in
    memory of renowned physician and former West Bengal Chief Minister Dr. Bidhan
    Chandra Roy.
Obituaries –
Former French Prime Minister Michel Rocard dies
  • Michel Rocard, former Prime
    Minister of France, passed away on 2 July 2016 in Paris, France. He was 85.
  • Rocard served as Prime Minister
    under President Francois Mitterrand from 1988 to 1991.
Eminent Marathi literary scholar Ramchandra Chintaman Dhere dies
  • Renowned Marathi writer
    Ramchandra Chintaman Dhere passed away on 1 July 2016 following prolonged
    illness. He was 86.
  • Dhere was known for his
    exhaustive research in folk literature and bhakti tradition of Maharashtra.
Holocaust survivor and Nobel Peace Prize winner Elie Wiesel dies
  • Elie Wiesel, a Holocaust survivor
    and Nobel Laureate passed away on 2 July 2016 in New York, U.S. He was 87.
  • In his first book, Night, Wiesel
    gave an account of his family being sent to the Nazi concentration camps.
Writer and futurist Alvin Toffler dies
  • Alvin Toffler, the author of
    Future Shock, passed away on 27 June 2016 in Los Angeles, United States. He was
    87.
  • Toffler’s book Future Shock outlines
    people’s anxiety at the pace of social change in the 1960s.
  • His other famous works are The
    Third Wave, Powershift: Knowledge, Wealth and Violence at the Edge of the 21st
    Century and Revolutionary Wealth among others.
Michael Cimino, director of film The Deer Hunter, died
  • Michael Cimino, the director of
    the Vietnam War classic The Deer Hunter, died on 2 July 2016 at his Los Angeles
    home. He was 77.
  • Cimino was best known for
    directing, producing and co-writing the 1978 Academy Award-winning film The
    Deer Hunter. The film won five Oscars, including Best Director and Best Picture
    for Cimino.
  • He was also remembered for
    writing and directing Heaven’s Gate, which proved to be a financial failure.

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