Current Affairs Update – 14-15 June, 2017



Hello and welcome to exampundit. Here are the important Current Affairs update of 14 and 15 June, 2017. These are important for the upcoming  SBI Clerk 2017, Dena Bank PGDBF, NICL AO Mains and other exams in 2017 July and August.

Current Affairs at a Glance – 14-15 June, 2017

  1. Indians working across the globe
    sent home $62.7 billion last year,
    making India the top remittance-receiving country
    surpassing China,
    according to a UN report.
  2. Exim Bank and its Korean
    counterpart
    have signed an agreement to utilise USD 9 billion export
    credits to support priority sectors investments.
  3. Thomson Reuters and NSDL
    e-Governance
    have joined hands to offer an integrated Goods and Service  Tax (GST) proposition for large and mid-sized
    corporations in India.
  4. The Union Cabinet, presided by
    Prime Minister Narendra Modi, on 14 June 2017 approved the Interest Subvention Scheme (ISS) for farmers for the year
    2017-18
    . The scheme will help farmers getting short term crop loan up to
    Rs. 3 lakh payable within one year at only 4 per cent per annum. The Government
    has allocated a sum of Rs. 20339 crore for the purpose.
  5. Competition Commission of India
    (CCI), also known as India’s antitrust watchdog, on 14 June 2017 imposed a fine of Rs 870 million ($13.6
    million) on automaker Hyundai Motor India Limited (HMIL).
    While imposing
    the fine, the antitrust watchdog accused the South Korean automaker of
    anti-competitive behaviour in its local unit in India.
  6. The Union Cabinet, presided by
    Prime Minister Narendra Modi, on 14 June 2017 gave a green signal to the
    proposal to introduce a Financial
    Resolution and Deposit Insurance Bill, 2017
    . The Bill aims at providing a
    comprehensive resolution framework for specified financial sector entities to
    deal with bankruptcy situation in banks, insurance companies and financial
    sector entities.
  7. The Indian government on 13 June 2017 ratified two fundamental
    Conventions of the International Labour Office (ILO)
    concerning the
    elimination of child labour, the Minimum Age Convention, 1973 (No 138) and the
    Worst Forms of Child Labour Convention, 1999 (No. 182).
  8. The Reserve Bank of India (RBI)
    on 13 June 2017 stated that 12 accounts representing
    about 25 per cent of the gross bad loans in the banking system
    would be
    eligible for immediate reference for bankruptcy proceedings.
  9. The European Union (EU)
    delegation to India on 13 June 2017 announced its decision to release the final tranche of Euro 25 million of its
    euro 80 million grant
    to the Indian government’s Sarva Shiksha Abhiyan and Rashtriya Madhyamik Shiksha Abhiyan (RMSA).
  10. The Union Ministry of Health and
    Family Welfare on 14 June 2017 launched the Intensified Diarrhoea Control Fortnight (IDCF) to intensify efforts
    to reduce child deaths due to diarrhoea.
  11. The Defence Research and
    Development Organisation (DRDO) on 13 June 2017 successfully test fired anti-tank
    Nag’ missile in Rajasthan.
  12. Three Indian warships on 13 June
    2017 sailed into Fremantle to participate in a week-long naval exercise, AUSINDEX17, off the Western Australian coast.
  13. Automobile major Tata Motors on
    13 June 2017 announced the appointment of Girish
    Wagh as the head of its Commercial
    Vehicle Business Unit.
  14. The World Bank on 13 June 2017
    approved a USD 520 million package
    of funding for projects to boost Afghanistan’s
    economy and build critical infrastructure.
  15. World Blood Donors Day (WBDD) was observed on 14 June 2017. The
    theme of the 2017 World Blood Donor Day is Give Blood. Give Now. Give Often.

Banking & Financial News
India tops in remittances, gets over $62 bn in 2016: Report

  • Indians working across the globe
    sent home $62.7 billion last year, making India the top remittance-receiving
    country surpassing China, according to a UN report.
  • The ‘One Family at a Time’ study
    by the UN International Fund for Agricultural Development (IFAD) said about 200
    million migrants globally sent more than $445 million in 2016 as remittances to
    their families, helping to lift millions out of poverty.
  • Remittance flows have grown over
    the last decade at a rate averaging 4.2 per cent annually, from $296 billion in
    2007 to $445 billion in 2016.
  • The study is the first ever of a
    10-year trend in migration and remittance flows over the period 2007-2016. It
    said 80 per cent of remittances are received by 23 countries, led by India,
    China, the Philippines, Mexico and Pakistan.
  • The top 10 sending countries
    account for almost half of annual flows, led by the US, Saudi Arabia and
    Russia.
  • The study said India was the top
    receiving country for remittances in 2016 at $62.7 billion, followed by China
    ($ 61 billion), the Philippines ($30 billion) and Pakistan ($20 billion).
  • In the decade between 2007 and
    2016, India surpassed China to become the top receiving country for
    remittances. In 2007, India was in the second spot, behind China, with $ 37.2
    billion in remittances as compared to $ 38.4 billion for China.
  • The study said Asia is the
    highest originating region with 77 million migrants; with 48 million remaining
    within the region. Over the past decade, remittances to Asia and the Pacific
    increased by 87 per cent, reaching $ 244 billion, while migration grew by only
    33 per cent in comparison.
Exim Bank, Korean counterpart sign MoU for $9 bn investments

  • Exim Bank and its Korean
    counterpart have signed an agreement to utilise USD 9 billion export credits to
    support priority sectors investments.
  • “A memorandum of understanding
    was signed today between Export-Import Bank of India and The Export-Import Bank
    of Korea, to utilise export credits of USD 9 billion to support priority
    sectors, including smart cities, railways, power generation and transmission,
    and other sectors,” Exim Bank said in a note.
  • The MoU was signed by Exim Bank
    managing director (additional charge) David Rasquinha and Jongku Choi, chairman
    & president of Export-Import Bank of Korea in Seoul on the sidelines of the
    Fifth India-Korea finance ministers meet.
  • With this, both the exim banks
    will endeavour to promote projects in India and support the supply of goods and
    services from India and Korea as part of projects in third countries.
Thomson Reuters, NSDL e-Governance ink pact to offer joint solution for
GST

  • Thomson Reuters and NSDL
    e-Governance have joined hands to offer an integrated Goods and Service Tax
    (GST) proposition for large and mid-sized corporations in India.
  • Based on a Memorandum of
    Understanding (MoU) signed today, the solution will enable seamless calculation
    and filing of returns under the new tax regime.
  • Additionally, Thomson Reuters and
    NSDL e-Gov have also agreed to collaborate to leverage Thomson Reuters’
    ONESOURCE Determination solution to provide value-added services, including
    validation services for the Micro, Small and Medium Enterprise (MSME) segment.
  • The MoU was signed by Pradeep
    Lankapalli, Managing Director, South Asia, Thomson Reuters and Gagan Rai,
    Managing Director & CEO, NSDL e-Governance Infrastructure Ltd.
  • The integrated proposition for
    large and mid-sized corporations would address two key areas of concern for
    corporations under the GST regime, namely, efficient and accurate calculation
    of taxes across multiple platforms and the associated filings, returns and
    reconciliation mechanisms.
Union Cabinet approves Interest Subvention to banks on short-term crop
loan to farmers

  • The Union Cabinet, presided by
    Prime Minister Narendra Modi, on 14 June 2017 approved the Interest Subvention
    Scheme (ISS) for farmers for the year 2017-18.
  • The scheme will help farmers
    getting short term crop loan up to Rs. 3 lakh payable within one year at only 4
    per cent per annum. The Government has allocated a sum of Rs. 20339 crore for
    the purpose.
Key highlights of the scheme

  • The Interest Subvention Scheme
    will continue for one year and it will be implemented by NABARD and RBI.
  • The interest subvention will be
    given to Public Sector Banks (PSBs), Private Sector Banks, Cooperative Banks
    and Regional Rural Banks (RRBs) on use of own funds. It will also be given to
    NABARD for refinance to RRBs and Cooperative Banks.
  • The objective of the scheme is to
    make available at ground level, agricultural credit for Short Term crop loans
    at an affordable rate to give a boost to agricultural productivity and
    production in the country. 
  • The Union Government will provide
    interest subvention of 5 per cent per annum to all prompt payee farmers for
    short term crop loan up to one year for loan upto Rs. 3 lakhs borrowed by them
    during the year 2017-18. Farmers will have to effectively pay only 4 per cent
    as interest.
  • In case farmers do not repay the
    short term crop loan in time, they would be eligible for interest subvention of
    2 per cent as against 5 per cent.
  • In order to give relief to small
    and marginal farmers, who would have to borrow at 9 per cent for the post
    harvest storage of their produce, the Union Government has approved an interest
    subvention of 2 per cent i.e. an effective interest rate of 7 per cent for
    loans up to 6 months.

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India’s antitrust watchdog imposes $13.6 mn fine on Hyundai Motor’s
local unit

  • Competition Commission of India
    (CCI), also known as India’s antitrust watchdog, on 14 June 2017 imposed a fine
    of Rs 870 million ($13.6 million) on automaker Hyundai Motor India Limited
    (HMIL). While imposing the fine, the antitrust watchdog accused the South
    Korean automaker of anti-competitive behaviour in its local unit in India.
  • In its order, the Competition
    Commission of India alleged that HMIL contravened competitive practices by
    imposing certain arrangements upon its dealers including monitoring the maximum
    permissible discount level and mandating the use of recommended lubricants and
    oils.
  • The anti-competition watchdog
    said, “The penalty has been levied at 0.3 percent of Hyundai Motor India’s
    average relevant turnover of the preceding three years.”
  • “For the purposes of
    determining the relevant turnover for the impugned infringement, revenue from
    the sale of motor vehicles alone have been taken into account,” the
    watchdog said, adding the final order was passed on the basis of information
    provided by the dealers.
Union Cabinet approves proposal to introduce Financial Resolution and
Deposit Insurance Bill 2017

  • The Union Cabinet, presided by
    Prime Minister Narendra Modi, on 14 June 2017 gave a green signal to the
    proposal to introduce a Financial Resolution and Deposit Insurance Bill, 2017.
  • The Bill aims at providing a
    comprehensive resolution framework for specified financial sector entities to
    deal with bankruptcy situation in banks, insurance companies and financial
    sector entities.
  • Key highlights of Financial
    Resolution and Deposit Insurance Bill, 2017
  • The Financial Resolution and
    Deposit Insurance Bill, 2017 seeks to give comfort to the consumers of
    financial service providers in financial distress.
  • The proposed bill also aims to
    inculcate discipline among financial service providers in the event of
    financial crises by limiting the use of public money to bail out distressed
    entities.
  • It would help in maintaining
    financial stability in the economy by ensuring adequate preventive measures,
    while at the same time providing the necessary instruments for dealing with an
    event of crisis.
India ratifies two ILO Conventions on elimination of child labour

  • The Indian government on 13 June
    2017 ratified two fundamental Conventions of the International Labour Office
    (ILO) concerning the elimination of child labour, the Minimum Age Convention,
    1973 (No 138) and the Worst Forms of Child Labour Convention, 1999 (No. 182).
  • Speaking on the development,
    Union Labour Minister Bandaru Dattatreya said that the ratification of the two
    ILO Conventions reaffirmed India’s commitment to creating a child labour free
    society.
  • The ILO Director-General, Guy Ryder
    welcomed India among the member states party to the two fundamental Conventions
    and stated that the body recognises the great progress India has made against
    child labour in recent years and the major role played by its convergence model
    of coherence between public policies and services.
  • Further, Ryder added that India’s
    recent move is a positive step on the country’s path towards full respect for
    fundamental rights at work.
  • India is the 170th ILO member
    state to ratify Convention No 138 that requires states party to set a minimum
    age under which no one shall be admitted to employment or work in any
    occupation with the exception of light work and artistic performances.
  • It is 181st member state to
    ratify Convention No 182 that calls for the prohibition and elimination of the
    worst forms of child labour, including slavery, forced labour and trafficking,
    the use of children in armed conflict, 
    the use of a child for prostitution, pornography and in illicit
    activities such as drug trafficking and hazardous work.
RBI identifies Accounts for Reference by Banks under Insolvency and
Bankruptcy Code

  • The Reserve Bank of India (RBI)
    on 13 June 2017 stated that 12 accounts representing about 25 per cent of the
    gross bad loans in the banking system would be eligible for immediate reference
    for bankruptcy proceedings.
  • It was concluded by an Internal
    Advisory Committee (IAC) that held its first meeting on 12 June 2017. The IAC,
    in the meeting, agreed to focus on large stressed accounts at this stage and
    accordingly took up for consideration the accounts, which were classified
    partly or wholly as non-performing from amongst the top 500 exposures in the
    banking system.
  • Points made by the Internal
    Advisory Committee in first meeting
  • The IAC arrived at an objective,
    non-discretionary criterion for referring accounts for resolution under
    Insolvency and Bankruptcy Code (IBC).
  • Specifically, the IAC recommended
    for IBC reference all accounts with fund and non-fund based outstanding amount
    greater than Rs 5000 crore, with 60 per cent or more classified as
    non-performing by banks as of 31 March 2016.
  • The IAC also noted that under the
    recommended criterion, 12 accounts totalling about 25 per cent of the current
    gross NPAs of the banking system would qualify for immediate reference under
    IBC.
  • In regard to the other
    non-performing accounts, which do not qualify under the above criteria, the IAC
    recommended that banks should finalise a resolution plan within six months. In
    cases where a viable resolution plan is not agreed upon within six months,
    banks should be required to file for insolvency proceedings under the IBC.
  • The RBI, based on the
    recommendations of the IAC, will accordingly issue directions to banks to file
    for insolvency proceedings under the IBC in respect of the identified accounts.
    Such cases will be accorded priority by the National Company Law Tribunal
    (NCLT).
EU to release remaining 25 mn euros of its grant for primary, secondary
education in India

  • The European Union (EU)
    delegation to India on 13 June 2017 announced its decision to release the final
    tranche of Euro 25 million of its euro 80 million grant to the Indian
    government’s Sarva Shiksha Abhiyan and Rashtriya Madhyamik Shiksha Abhiyan
    (RMSA).
  • An official statement from EU
    said, “This brings to a conclusion the EU’s sector support to school education
    in India, to which it has contributed over euro 520 million (currently valued
    at Rs 3,700 crore) in grant funding.”
  • The EU grants have contributed in
    setting up new schools, improving existing ones, bridging gender and social
    gaps, providing toilets especially for girls, training teachers, and enrolling
    nearly all children in the primary school years.
  • At an event held in Delhi to mark
    the occasion, Tomasz Kozlowski, Ambassador of the European Union to India,
    recalled that the EU was the Indian government’s first development partner in
    education through its participation in the 155 districts initially selected
    under District Primary Education Programme in 1994.
  • The Department for International
    Development (DFID) of the UK and the World Bank joined subsequently as
    partners.
News related to India and states
Union Health Ministry launches Intensified Diarrhoea Control Fortnight

  • The Union Ministry of Health and
    Family Welfare on 14 June 2017 launched the Intensified Diarrhoea Control
    Fortnight (IDCF) to intensify efforts to reduce child deaths due to diarrhoea.
  • Through this initiative, the
    Health Ministry aims to mobilize health personnel, State Governments and other
    stakeholders to prioritize investment in control of diarrhoea.
  • Highlights of the Intensified
    Diarrhoea Control Fortnight (IDCF)
  • It aims to create mass awareness
    about the most effective and low-cost diarrhoea treatment that is a combination
    of Oral Rehydration Salt (ORS) solution and Zinc tablets.
  • During the campaign timeline,
    intensified community awareness campaigns on hygiene and promotion of ORS and
    Zinc therapy will be conducted at state, district and village levels.
  • Nearly 12 crore under 5-children
    will be covered during the program across the country.
  • ASHA worker would undertake
    distribution of ORS packets to households with under-five children in her
    village.
  • ORS-Zinc Corners will be set-up
    at health care facilities and non-health facilities such as Schools and
    Anganwadi centres.
DRDO successfully test-fires anti-tank Nag missile

  • The Defence Research and
    Development Organisation (DRDO) on 13 June 2017 successfully test fired anti-tank
    ‘Nag’ missile in Rajasthan.
  • The anti-tank Nag missile is one
    among the five missile systems developed by DRDO under the integrated guided
    missile development programme (IGMDP). The four other missiles developed under
    this programme are Agni, Akash, Trishul and Prithvi.
  • The Nag missile is a third
    generation “fire and forget” anti-tank missile.
  • It is equipped with highly
    advanced Imaging Infrared Radar (IRR) seeker and has integrated avionics
    technology in its arsenal.
  • It possesses advanced passive
    homing guidance system and has been designed mainly to destroy modern main
    battle tanks and other heavily armoured targets.
Indian warships arrive in Australia for bilateral maritime exercise
AUSINDEX-17

  • Three Indian warships on 13 June
    2017 sailed into Fremantle to participate in a week-long naval exercise,
    AUSINDEX-17, off the Western Australian coast.
  • Indian Naval Ships Jyoti,
    Shivalik and Kamorta are on a port visit to Freemantle, Australia from 13 June
    to 17 June 2017.
  • The Royal Australian Navy is
    represented by HMA Ships Newcastle, Waller and Clearance Diving Team Four.
  • The visit of the Indian Naval
    Ships seeks to highlights India’s peaceful presence and solidarity with
    friendly and harmonious countries towards ensuring good order in the maritime
    domain.
  • It also aims to strengthen
    existing bonds between India and Australia.
Appointments
Tata Motors appoints Girish Wagh as Commercial Vehicle Business Head

  • Automobile major Tata Motors on
    13 June 2017 announced the appointment of Girish Wagh as the head of its
    Commercial Vehicle Business Unit.
  • Wagh will take charge of his new
    responsibilities with immediate effect.
  • On 5 June 2017, Tata Motors had
    informed that Director of its associated companies and Executive Director
    (Commercial Vehicles) Ravindra Pisharody has resigned due to personal reasons.
World News
World Bank grants Afghanistan $520 Million to boost economy

  • The World Bank on 13 June 2017
    approved a USD 520 million package of funding for projects to boost
    Afghanistan’s economy and build critical infrastructure.
  • The funding also seeks to support
    Afghan refugees sent back from Pakistan.
  • The Work Bank stated that the six
    cash grants, including donor money from Denmark, Germany and Japan, will help
    the Afghan government “at a time of uncertainty when risks to the economy
    are significant.”
The six grants of USD 520 million consist of:

  • USD 205.45 million in additional
    financing from International Development Association (IDA), donors and the
    Afghanistan Reconstruction Trust Fund (ARTF) to the Citizens’ Charter
    Afghanistan Project to support communities with internally displaced persons
    and returnees from Pakistan.
  • USD 100 million from IDA to the
    Inclusive Growth Development Policy Grant to support reforms that expand access
    to economic opportunities for the vulnerable and promote private sector
    development.
  • USD 20 million from IDA to the
    Urban Development Support Project to strengthen urban policy-making in national
    agencies, and strengthen management and service delivery in five provincial
    capital cities.
  • USD 60 million from IDA to the
    Herat Electrification Project to provide access to electricity to households,
    institutions and businesses in selected areas of Herat Province.
  • USD 29.45 million from IDA and
    donors to the Afghanistan Strategic Grain Reserve Project to finance
    establishing strategic wheat reserves and improve the efficiency of grain
    storage management.
France, UK announce action plan to stop terror propaganda on internet

  • The leaders of France and Britain
    have announced an anti-terror action plan to crack down on radicalisation
    through social media.
  • The announcement was made by
    French President Emmanuel Macron after having talks with British Prime Minister
    Theresa May. Both the countries agreed that social networks were not
    contributing enough to weed out extremist elements and put a stop to terror
    propaganda.
  • One of the key measures of the
    action plan would be to prevent the incitement of “hate and terrorism” on the
    internet.
  • Both France and UK agreed that
    more should be done to tackle the terrorist threat online.
  • The main objective of the action
    plan is to ensure the internet cannot be used to host the radicalising material
    that leads to much harm.
Awards & Honors
NASA confers Exceptional Public Service Medal to Michael A’Hearn
posthumously

  • NASA conferred the Exceptional
    Public Service Medal to Michael A’Hearn, one of the world’s leading comet
    scientists, posthumously on 12 June 2017. A’Hearn passed away on 29 May 2017 at
    his home in University Park, Maryland. He was 76.
  • A’Hearn, astronomer and
    Distinguished University Professor at the University of Maryland (UMD), was
    awarded posthumously at the Small Bodies Assessment Group (SBAG) meeting at the
    Goddard Space Flight Center in Greenbelt, Maryland.
  • The exceptional service medal is
    for his fundamental work on comets and small bodies of the solar system,
    leadership in space missions and ensuring public access to data from NASA
    missions and related projects.
Days
World Blood Donors Day 2017 observed

  • World Blood Donors Day (WBDD) was
    observed on 14 June 2017. The theme of the 2017 World Blood Donor Day is Give
    Blood. Give Now. Give Often.
  • This year’s campaign focuses on
    blood donation in emergencies.  The World
    Health Organisation (WHO) via the theme is emphasizing on the role that every
    individual can play in preparing for the next unforeseen emergency by giving
    blood now.

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Regards

Team ExamPundit