Current Affairs Update – 13 September, 2017



Hello and welcome to exampundit. Here are the Important Current Affairs of 13 September, 2017. These are very important for the upcoming IBPS PO, IBPS RRB, OICL AO, UIIC Assistant & NICL Assistant Exams.

Banking & Financial
News
Rs 600-cr rail training centre for bullet train to come up in Vadodara

  • The Rs 600-crore high-speed rail
    training centre for the first bullet train project will be set up in Vadodara,
    a senior official of the National High-Speed Rail Corporation (NHSRC) said on
    Wednesday.
  • “This centre will come up on
    the five hectares of land inside the National Academy of Indian Railways (NAIR)
    here,” NHSRC Managing Director Achal Khare told PTI.
  • “The training centre will
    have a sample track fitted with the overhead electrical systems to enable
    testing of bullet trains that will run on the Mumbai-Ahmedabad route,”
    said Khare.
  • According to the official, this
    centre is expected to become operational by December 2020.
  • Prime Minister Narendra Modi and
    his Japanese counterpart Shinzo Abe will tomorrow lay the foundation stone for
    the country’s first bullet train project connecting Mumbai and Ahmedabad.
Union Cabinet approves introduction of Payment of Gratuity (Amendment)
Bill, 2017 in Parliament

  • The Union Cabinet chaired by the
    Prime Minister Narendra Modi on 12 September 2017 approved the introduction of
    the Payment of Gratuity (Amendment) Bill, 2017 in the Parliament. The Bill
    amends Payment of Gratuity Act, 1972.
  • The Amendment Bill calls for
    increasing the maximum limit of gratuity of employees in the private sector and
    in Public Sector Undertakings or Autonomous Organizations under Government
    which are not covered under CCS (Pension) Rules, at par with Central Government
    employees.
  • The Payment of Gratuity Act, 1972
    applies to establishments employing 10 or more persons.
  • The main purpose of this Act is
    to provide social security to workmen after retirement, whether retirement is a
    result of the rules of superannuation, or physical disablement..
  • It is an important social
    security legislation to wage earning population in industries, factories and
    establishments.
  • The present upper ceiling on
    gratuity amount under the Act is Rs 10 Lakh.
  • The provisions of gratuity for
    Central Government employees under Central Civil Services (Pension) Rules, 1972
    are similar as that of private sector employees or PSUs.
  • However, with the implementation
    of 7th Central Pay Commission, the ceiling of gratuity has been revised to Rs
    20 Lakhs in case of Government servants.
  • Considering this and keeping in
    mind the inflation and wage increase, Union Government is of the view that
    gratuity should be revised for employees who are covered under the Payment of
    Gratuity Act, 1972.
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Union Cabinet approves release of 1 per cent Dearness Allowance to
Government employees

  • The Union Cabinet chaired by the
    Prime Minister Narendra Modi on 12 September 2017 gave its approval for release
    of additional 1 per cent Dearness Allowance (DA) to Central Government
    employees and Dearness Relief (DR) to pensioners with effect from 1 July 2017.
  • The release of the additional 1
    per cent instalment of DA over the existing rate of 4 per cent of the Basic Pay
    or Pension has been done to compensate for price rise.
  • This increase is in accordance
    with the accepted formula, which is based on the recommendations of the 7th
    Central Pay Commission.
  • With this, the combined impact on
    the exchequer on account of both Dearness Allowance and Dearness Relief will
    amount to be Rs 3068.26 crore per annum and Rs 2045.50 crore respectively in
    the financial year 2017-18.
  • This additional allowance will
    benefit about 49.26 lakh Central Government employees and 61.17 lakh
    pensioners.
CCEA approves implementation of Dairy Processing & Infrastructure
Development Fund scheme

  • The Cabinet Committee on Economic
    Affairs (CCEA) on 12 September 2017 approved implementation of Dairy Processing
    & Infrastructure Development Fund (DIDF) scheme with an outlay of Rs 10881
    crore.
  • The Dairy Processing &
    Infrastructure Development Fund will be set up as a corpus of Rs 8004 crore
    with National Bank for Agriculture and Rural Development (NABARD).
  • The scheme will be implemented
    during the period from 2017-18 to 2028-29.
  • Initiation and setting up of
    Dairy Processing and Infrastructure Development Fund (DIDF) at a total scheme
    outlay of Rs 10881 crore.
  • Out of Rs 10881 crore, Rs 8004
    crore will be loan from NABARD to National Dairy Development Board (NDDB) and
    National Dairy Development Cooperation (NCDC), Rs 2001 crore will be
    contributed by end borrowers, Rs 12 crore will be NDDB/NCDC‘s share and Rs 864
    crore will be contributed by DADF for meeting interest subvention.
  • NABARD will disburse Rs 2004 Cr,
    Rs 3006 Cr and Rs 2994 Cr during the year 2017-18, 2018-19 and 2019-20
    respectively.
  • Allocation of Rs 864 Crore for
    meeting interest subvention will be released to NABARD over a period of 12
    years covering the entire loan repayment period from 2017-18 to 2028-29.
  • The project will focus on
    building an efficient milk procurement system by setting up infrastructure
    & installation of electronic milk adulteration testing equipment, creation
    of processing infrastructure and manufacturing faculties for Value Added
    Products for Milk Producer Companies.
  • The project will be implemented
    by National Dairy Development Board (NDDB) and National Dairy Development
    Cooperation (NCDC) directly through the End Borrowers.
  • The end borrowers will be Milk
    Unions, State Dairy Federations, Multi-state Milk Cooperatives, Milk Producer
    Companies and NDDB subsidiaries meeting the eligibility criteria under the
    project.
  • An Implementation and Monitoring
    Cell (IMC) located at NDDB, Anand, will manage the implementation and
    monitoring of day-to-day project activities.
  • The end borrowers will get the
    loan at 6.5 per cent per annum. The period of repayment will be 10 years with
    initial two years moratorium.
  • The respective State Government
    will be the guarantor of loan repayment.
  • The implementation of DIDF scheme
    will generate direct and indirect employment opportunities for skilled, semi-skilled
    and unskilled manpower.
India to step up cooperation with Egypt in textiles sector

  • India on 12 September 2017 vowed
    to step up its collaboration with Egypt in the textiles sector.
  • The information was shared by India’s
    Ambassador to Egypt, Sanjay Bhattacharyya just ahead of the Fashion and Tex
    Exhibition, which opened in Cairo the same day.
  • Bhattacharyya said that both
    India and Egypt share a long tradition of exchanges in the textiles sector. He
    revealed that talks were on to increase textile machinery supplies to the Arab
    nation, as Indian machinery is very good in quality and it would be very
    suitable for the Egyptian market as like India, Egypt too has a large
    population and labour force.
  • Further, he stated that India
    stands ready to work with Egypt towards attainment of its new textile policy
    goals in production as well as in trade and investments.
CCEA approves survey of Un-appraised Areas of Sedimentary Basins

  • The Cabinet Committee on Economic
    Affairs (CCEA) on 12 September 2017 gave green signal for a significant project
    to acquire 48243 Line Kilometer (LKM) 2D seismic data for appraisal of Indian
    sedimentary basins.
  • The survey project will help in
    increasing the investments in domestic production of oil and gas.
  • The project will be implemented
    by National Oil Companies (NOCs). They are Oil India Limited (OIL) and Oil and
    Natural Gas Corporation (ONGC).
  • The OIL will conduct survey in
    North – Eastern States. The remaining area will be covered by ONGC.
  • The Survey work will be carried
    out in 24 States.
  • The total estimated cost of the
    entire project is Rs. 2932.99 crore spread over five years.
  • Initially, the NOCs will meet the
    fund requirement from their own sources, which will be reimbursed by the Union
    Government.
  • Entire project is likely to be
    completed by 2019-20.
  • The project will be monitored by
    the Directorate General of Hydrocarbons. It will review the progress of the
    project on monthly basis.
News related to India & states
India’s first advanced Homoeopathy Virology lab inaugurated in Kolkata

  • Shripad Yesso Naik, Union
    Minister of State for AYUSH (Independent Charge), on 12 September 2017
    inaugurated India’s first State of art virology laboratory at Dr. Anjali
    Chatterjee Regional Research Institute for Homoeopathy in Kolkata, West Bengal.
  • The laboratory has been
    established to develop new drugs and technologies in homoeopathy to combat emerging
    challenges of viral diseases.
  • Key highlights
  • The laboratory is established at
    a cost of Rs. 8 crore is the only one in India for conducting basic and
    fundamental research in Homoeopathy for viral diseases like influenza, Japanese
    encephalitis, dengue, chikungunya and swine flu.
  • New drugs and technologies would
    be developed at the laboratory to combat emerging challenges of viral diseases.
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Minister of State for Home Affairs to inaugurate Conference on Women
Prison Officers

  • The Minister of State for Home
    Affairs, Kiren Rijiju would be inaugurating a two-day National Conference on
    ‘Uniformed Women in Prison Administration’ on 14 September 2017.
  • The conference is being organised
    for women officers of the rank of Jailors to Deputy Superintendents of Prisons.
    It would include panel discussions, deliberations and syndicate discussions.
The discussions would be on four
main themes:

  1. Are Woman Prison Officers getting
    mainstream duties?
  2. Difficulties in balancing family
    and work environment of Women Prison Officers.
  3. Training needs of Woman Prison
    Officers and Correctional Staff
  4. Is there a need for a change of
    uniform for Woman Prison Officers?

  • All the syndicates would be
    making presentations based on their interactive session with different state
    prison officers, academicians, representatives from NGOs and students.
  • The presentations would be
    followed by an open house interaction, in which participants will be encouraged
    to interact and share their problems, ideas and experiences in connection with
    their day-to- day work in prisons as well as dealing with prison inmates.
  • The conference is expected to
    benefit the participants being in their impressionable stage of service, by the
    implementation of the knowledge gained through the Conference.
Cabinet approves MoU between India and Armenia on Disaster Management

  • The Union Cabinet on 12 September
    2017 approved the signing of a Memorandum of Understanding (MoU) between India
    and Armenia on cooperation in the field of disaster management. The cabinet was
    chaired by Prime Minister Narendra Modi.
  • The agreement would enhance
    cooperation between the two nations in the field of Disaster Management and
    would contribute to the well-being and safety of the people of both the
    countries in the event of a disaster.
  • The pact would also result in
    exchange of information in the relevant fields of disaster management that is
    of mutual interest.
  • The agreement further seeks to
    create a system, by which both India and Armenia will be able to benefit from
    the disaster management mechanisms of the other country and will help in
    strengthening the areas of preparedness, response and capacity building.
Appointments
UN Secretary-General appoints Peter Thomson as 1st Special Envoy for
Oceans

  • United Nations Secretary-General
    Antonio Guterres has appointed Peter Thomson, the outgoing president of the UN
    General Assembly as the first Special Envoy for the oceans.
  • Peter Thomson had played a
    leading role in the first-ever UN conference on oceans, which was held in June
    2017. The conference saw 193 UN member states issue an urgent call for action
    to reverse the decline in the health and productivity of the world’s oceans.
  • Thomson’s appointment was
    announced by UN spokesman Stephane Dujarric on 12 September. Backing the
    decision, Dujarric said that Thomson, who is the former ambassador for Fiji,
    will promote action to implement the conference recommendations.
  • Speaking on the occasion, Thomson
    said that the major challenge facing the oceans currently is the change in
    climate, which not only affects the seas but also affects the air that is
    inhaled by all people.
Trump appoints Indian-American Raj Shah to key position in
Communications team

  • US President Donald Trump on 12
    September 2017 appointed Indian-American Raj Shah to a key position in his
    Communications team.
  • The White House said in a
    statement that Shah will serve as Deputy Assistant to the President and
    Principal Deputy Press Secretary. Formerly, Shah was serving as Deputy
    Assistant to the President and Deputy Communications Director.
  • Trump also appointed Hope Hicks
    as his Communications Director. Earlier, Hicks was serving as Assistant to the
    President and Interim Communications Director.
Indexes
India at 103 rank on Global Human Capital Index, lowest among BRICS
nations

  • India has been placed at a low 103
    rank, the lowest among BRICS economies, on the World Economic Forum’s (WEF’s)
    Global Human Capital Index, which has been topped by Norway.
  • India also ranks “among the
    lowest in the world” when it comes to the employment gender gap, but has
    fared well when it comes to development of skills needed for the future with a
    rank of 65 out of total 130 countries surveyed.
  • The list compiled by Geneva-based
    World Economic Forum (WEF) takes into account “the knowledge and skills
    people possess that enable them to create value in the global economic
    system” to measure the ‘human capital’ rank of a country.
  • India was ranked 105th on this
    list last year, while Finland was on the top which has pushed by Norway to
    second place this year.
  • The WEF said India is ranked lower
    than its BRICS peers, with Russian Federation placed as high as 16th place,
    followed by China at 34th, Brazil at 77th and South Africa at 87th place.
  • Among the South Asian countries
    also, India was ranked lower than Sri Lanka and Nepal, although higher than
    neighbouring Bangladesh and Pakistan.
2017 Global Financial Centres Index places London at the Top; Mumbai
ranked at 60th position

  • Z/Yen group on 11 September 2017
    released its twenty-second Global Financial Centres Index (GFCI 22). The index
    ranks London at the top position with 780 points, while New York was placed at
    the second position with 756 points. The index was published in collaboration
    with the China Development Institute (CDI).
  • India’s financial capital Mumbai
    was placed at the 60th position, which is three positions up from the March
    edition of the Index. 
  • The GFCI is released twice a
    year, in March and September, and ranks 92 financial centres.

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